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financial
The
VOL. 133.
r.lirtmide
SATURDAY,DECEMBER 12 1931.
financial Chronicle
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The Financial Situation.
The event of the week has been the convening in
regular session of Congress, and the submission to
it by President Hoover of a series of messages on
the condition of the country and of the national
finances. There have been three of these messages,
one the regular annual message and two supplementary messages, one the budget message, which has
also become a regular thing, and a third message dealing with the country's foreign relations. The two
supplementary messages involve much repetition of
what is said in the annual message, but considerable
elaboration of the same, with many additional details. For all practical purposes perusal of the
annual message will suffice for the ordinary individual. We print the whole three on subsequent
pages, and also large portions of the report to Congress of the Secretary of the Treasury, Mr. Mellon,
the broad general features of which are also outlined in the President's annual message.
The President is not easily discouraged,ever ready
to spring to the relief of every one in apparent need
of relief, never daunted by the obstacles in the way
and indeed prepared to jump hurdles, figuratively
speaking, in the endeavor to surmount them. He
writes in a most hopeful way, as is his wont, but has
a most unfortunate state of things to deal with.
Accordingly, a plain recital of the facts in the case,
embodying so many distressing and unfavorable
features, is not calculated to revive drooping spirits.
His utterances are marked by the same contradictions and inconsistencies which have been characteristic of his whole Presidential career. He warns
against abandoning private and local initiative,
while at the same time championing all-embracing
schames for Government interference and intervention on a scale never before dreamed of. He justifies this, it is easy to see, on the theory that the dismal times through which the country has been pass-
NO. 3468
ing constitute merely an emergency period and thal
there is no deep-seated trouble which must be eradicated before business can be expected to revive and
once more proceed in normal fashion. On this idea
most of the remedial measures proposed by him are
to have merely a definite and limited tenure. Thus,
according to his recommendations, the high schedule
of income taxes and the various special taxes are to
terminate definitely two years from July. In like
manner the proposed Emergency Reconstruction
Corp.,in the nature of the former War Finance Corp.,
recommended by him "should be placed in liquidation
at the end of two years." There is obvious menace
in such a limited perspective,but still greater danger
inheres in a number of other proposals of changes
which are to be enduring in character.
The new schedule of income taxes appears to please
nobody. It involves a return to the income tax schedules of 1924, which, notwithstanding all that Mr.
Hoover says to the contrary, were onerous indeed,
though disappointment is natural, since these taxes
were very high and, at a time like the present, would
surely prove a handicap to business. But the most
unfortunate feature of all is that even with the laying
of these additional taxes the budget cannot be made
to balance until the fiscal year beginning July 1 1934.
Part of the deficiency will have to be met by the
issuance of new Government obligations, that is, the
Government will have to resort to additional borrowing to the extent of the difference. The President says:
"During the fiscal year ending June 30 last we
incurred a deficit of about $903,000,000, which included the statutory reduction of the debt and represented an increase of the national debt by $616,000,000. Of this, however, $153,000,000 is offset by
increased cash balances.
"In comparison with the fiscal year 1928 there is
indicated a fall in Federal receipts for the present
fiscal year amounting to $1,683,000,000, of which
$1,034,000,000 is in individual and corporate income
taxes alone. During this fiscal year there will be
an increased expenditure, as compared to 1928, on
veterans of $255,000,000, and an increased expenditure on construction work which may reach 020,000,000. Despite large economies in other directions,
we have an indicated deficit, including the statutory
retirement of the debt, of $2,123,000,000, and an indicated net debt increase of about $1,711,000,000.
"The budget for the fiscal year beginning July 1
next, after allowing for some increase of taxes under
the present laws and after allowing for drastic reduction in expenditures, still indicates a deficit of
$1,417,000,000. After offsetting the statutory debt
retirements this would indicate an increase in the
national debt for the fiscal year 1933 of about
$921,000,000.
"Several conclusions are inevitable. We must have
insistent and determined reduction in Government
expenses. We must face a temporary increase in
3826
FINANCIAL CHRONICLE
taxes. Such increase should not cover the whole of
these deficits or it will retard recovery. We must
partially finance the deficit by borrowing. It is my
view that the amount of taxation should be fixed so
as to balance the budget for 1933, except for the
statutory debt retirement. Such Government receipts would assure the balance of the following
year's budget, including debt retirement. It is my
further view that the additional taxation should be
imposed solely as an emergency measure terminating
definitely two years from July 1 next."
Not only will the large deficit here indicated remain even after the imposition of the high taxes proposed, but it is certainly open to question whether
these high taxes will yield what the President and
Mr. Mellon calculate they will. It should not be
forgotten that these 1924 tax schedules, which are to
supplant the present income taxes, are inordinately
high. The sur-taxes are to run to a maximum of 40%
on incomes over $500,000 instead of a maximum of
20% as at present and applying to incomes over
100,000. This will be in addition to a normal tax of
6%, making 46%, and in addition to a corporation
tax of 121 2% where the income is derived from the
/
profits of corporations, in which latter event the
total tax levied by the Federal Government on
/
amounts over $500,000 will be 521 2%. But there are
the State income taxes also to be taken into account.
In this State there is a corporation income tax of
41 2% and a graded personal income tax to a maxi/
mum of 3% on amounts of income over $50,000. In
other words,there is 71 2 to be added for State taxes
/%
in addition to the 52 % which the Federal Govern/
1
2
ment proposes to take, making no less than 60%,
entirely independent of any real estate and/or other
taxes that the individual or the corporation may
have to pay.
Some Congressmen would levy even higher surtaxes. We do not believe many persons will be
obliged to pay these inordinate taxes, if for no other
reason than that there will be mighty few persons
blessed with any such incomes in this period of stress
and trial. In the current period of depression it is
the persons of large income that have been especially
hard hit. The dividend reductions and omissions
which have become such an unpleasant feature during the whole of 1931 furnish striking testimony to
that effect. The income of these people is being
pared down to an extent never before witnessed in
any previous period in the history of the country.
As the result of these dividend omissions and dividend reductions, hosts of persons formerly in a state
of affluence are now close to penury. Congress may
impose a sur-tax as high as 100%, but what does
100% of nothing produce?
Entirely apart from all this, however, we do not
believe thatthe income taxes, personal and corporate,
are ever again going to yield any such sums as they
did when the country indulged in joy-riding until
the inevitable collapse in 1929, even when business
again gets back to a normal state of activity. This
follows from the fact that the margin of profit was
large and wide in the sales of all classes of goods
and commodities during 1928-1929, whereas in the
future, we may be certain, the margin will be narrow,
though business should again become extremely good.
We are inclined to think that the income taxes in
the future are going to be a decidedly poor dependence, and that some other source of revenue will
have to be found in order to provide the large sum
that must be raised for the conduct
Government.
[VoL. 133.
Some doubt of that kind' appears to run in the mind
of Mr. Hoover himself,for we find him saying,in the
extract above quoted: "Rightly or wrongly, our tax
system is very largely based on the business profits,
and in consequence is subject to great variables." A
way out of the dilemma could be found if the prohibition amendment to the Federal Constitution
were eliminated and the Government, through high
liquor and license taxes, could appropriate to its
own use the profits which now, by illegitimate means,
go to the'bootleggers. But the President in his message makes no allusion to repeal of the Prohibition
Amendment, and the prospect in that regard is not
assuring.
At such a time, when the country is beset with
shrinking revenues and budget deficits running into
billions, there seems something strange and incongruous in the suggestion which the President makes
in his message dealing with the country's foreign
relations. He not only asks Congress to give approval to the agreement he entered into with the other
governments for a one-year moratorium on German
reparations and intergovernmental debt payments,
but has further concessions of the same kind in
mind,'saying:
"As we approach the new year it is clear that a
number of the governments indebted to us will be
unable to meet further payments to us in full, pending recovery in their economic life. /t is useless to
blind ourselves to an obvious fact. Therefore it Will
be necessary in some cases to make still further temporary adjustments.
"In order that we should be in position to deal
with the situation I recommend the re-creation of
the World War Foreign Debt Commission, with
'authority to examine such problems as may arise in
connection with these debts during the present economic emergency and to report to the Congress its
conclusions and recommendations."
While Congress is bound' to approve the one-year
moratorium entered into by the President, it should
vigorously oppose any propositions involving further concessions upon the part of the United States,
for the simple reason that the country is now in such
desperate straits that it cannot forego any further
payments to us. The President, in one part of his
message, states that because of the one-year moratorium $254,000,000 of debt moneys which would
have come to the United States have been cut off,
impairing the condition of the United States Treasury to that extent. There should be .no repetition
of anything of the kind in the future. The interAllied debt payments to the United States were all
arranged on the basis of ability to pay, and all
involved large concessions on the part of the United
States and all the debt agreements were cast on very
liberal lines. In the case of France they were far
too liberal. In no case, with the possible exception
of Great Britain, do they involve payments which
the debtor countries cannot pay much more readily
than we can forego payments of the amounts involved. In the case of France, which is so strongly
fortified with gold, and in addition holds such large
foreign balances abroad it bprders on the absurd to
suggest any reduction, even temporarily, in the debt
payments to the United States. In her case, if there
is to be any revision it should be in the direction of
higher payments instead of lower payments, and the
•difference, whatever it might be, used to lower the
British payments. But we all know that France will
not consent to anything of the kind, and, indeed, the
DEC. 12 1931.]
FINANCIAL CHRONICLE
French Government on Thursday of this week served
formal notice on the United States that reparations
revision must be accompanied by a corresponding
scaling down of war debt payments on the part of the
Allied governments. And there the matter ought to
be allowed to rest. The United States is not in such
a flush condition that it can remit payments of
a quarter of a billion dollars a year.
Much the same remark is to be made with reference
to the various recommendations for extending aid
of one kind or another to embarrassed classes of our
own population. Though the United States Treasury
is in an extremely depleted condition, and it is
planned to levy income taxes which, together with
State income taxes, run to a maximum of 60%, the
President is not only willing, but actually advocating
huge further payments out of the Treasury. Thus
he urges the creation of what he terms, "an Emergency Reconstruction Corp., with the Government
furnishing the initial capital for the purpose. The
language of the message on that point is as follows:
"In order that the public may be absolutely assured
and that the Government may be in position to meet
any public necessity,I recommend that an emergency
reconstruction corporation of the nature of the former War Finance Corp., should be established. It
may not be necessary to use such an instrumentality
very extensively. The very existence of such a bulwark will strengthen confidence. The Treasury
should be authorized to subscribe a reasonable capital to it, and it should be given authority to issue its
own debentures. It should be placed in liquidation
at the end of two years."
On Tuesday of this week companion bills, designed
to give effect to the recommendations of President
Hoover, and providing for the creation of a "Reconstruction Finance Corp.," were introduced in the
Senate by Senator Walcott of Connecticut and in. the
House by Representative Strong of Kansas. News
dispatches tell us that this corporation will have
an initial Government subscribed capital of $500,000,000. Authority would also be given the body
to issue debentures,or like obligations,to a maximum
of $1,500,000,000. It deserves to be noted that the
President in his recommendation for the creation of
the body has in mind endowing it with authority of
such a wide scope that it would be in position to
extend aid in almost any direction, he defining its
functions as follows:
Its purpose is that by strengthening the weak
spots to thus liberate the full strength of the nation's
resources. It should be in position to facilitate exports by American agencies; make advances to agricultural credit agencies where necessary to protect
and aid the agricultural industry; to make temporary advances upon proper securities to established
industries, railways and financial institutions which
cannot otherwise secure credit, and where such advances will protect the credit structure and stimulate employment. Its functions would not overlap
those of the National Credit Corp.
In the same freehand way the President's Home
Loan Discount Banks would be established. On that
point the daily papers tell us that on Dec. 9 Representative Robert Luce, Republican, of Massachusetts,
introduced a bill providing for the creation of 12
Home Loan Discount Banks, and that the measure
embraces the principal features of the program outlined by the President in which he described the proposed home banks as "the necessary companion on
our financial structure of the Federal Reserve banks
3827
and the Federal Land banks." Capital stock, we are
told, supplied by an appropriation of $150,000,000,
but which would ultimately be returned to the Federal Treasury as private investors' purchased the
stock is provided in the bill. Early establishment of
the home loan system, Mr. Luce told the newspaper
men, would relieve many banks and building and
loan companies, which now have difficulty in meeting requests for withdrawal of funds,for renewal of
mortgages, loans, and new mortgages. With the
opening subscription by the Government of $150,000,000 capital stock,the 12 banks,it is argued,could
finance from $1,500,000,000 to $2,000,000,000 for the
borrowing institutions, raising funds by means of
bond or note issues.
Then further aid is to be extended to the Federal
Land Banks. "I recommend," says the President,
"that the Congress authorize the subscription by
the Treasury of further capital to the Federal Land
Banks to be retired as provided in the original act,
or when funds are available,'and that repayments of
such capital be treated as a fund available for further subscriptions in the same manner. It is urgent
that the banks be supported so as to stabilize the
market values of their bonds and thus secure capital
for the farmers at low rates, that they may continue
their services to agriculture, and that they may meet
the present situation with consideration to the
farmers."
The President does not appear concerned as to
where all this will lead, but to the ordinary man the
very immensity of the new credit agencies thus to
be created, with the draft on the public Treasury
they will involve,is bewildering in the extreme, making the average man sceptical as to whether they will
really prove beneficial in restoring confidence, which
is the real thing needed rather than the creation of
new credit facilities. Will not these new credit
agencies in the end do more harm than good since
their main purpose is to bolster up tottering concerns, and since it is also intended to give eligibility
to the new securities which the underlying collateral
does not now possess?
Altogether the President's messages have not
served as stimulating agencies in the mercantile and
financial world. At the same time there have been
various developments of an unfavorable nature
which have acted to intensify the prevailing feeling
of gloom. The steel industry is again retrograding
instead of embarking upon an upward course as had
been so fondly hoped. The steel mills of the country
/
1
2
are now engaged to only 26 % of capacity instead
of 28% the previous week. The unfilled orders on
the books of the subsidiary companies of the United
States Steel Corp. during November were further
reduced in amount of 185,541 tons, bringing the
total Nov. 30 down to 2,933,981 tons, the lowest figure reported at any time since Dec.31 1910, when the
back log was 2,674,750 tons. Grain prices have again
taken a sharp turn downward, and some other commodity prices have taken a similar downward course,
though the price of silver has once more developed
a rising tendency, influenced by the reports of some
contemplated arrangements with India for improving the market value of the metal, though subsequently declining again. The railroad situation continues very precarious. The action of the Inter-State
Commerce Commission, after the close of business
on Monday, in accepting the modification of its
3828
FINANCIAL CHRONICLE
arrangement for pooling earnings derived from the
increase in rates permitted by it, so that the aid extended to the weaker roads shall be in the nature of
loans rather than of outright gifts was a favorable
event, but, on the other hand, the labor situation
with regard (to the railroads continued extremely
dubious. The labor chiefs to the number of over
1,500 were in session at Chicago to pass on the action
of the railway labor executives in declining to agree
to a voluntary reduction in the wages of all union
labor on the railroads,'but last night (Friday) it was
decided to propose to the roads that they appoint a
committee with full powers to negotiate a settlement.
But worst of all was the succession of dividend
reductions and dividend suspensions which have
marked the course of the week, especially among the
railroads. These have been more numerous and more
important, and came in more rapid succession than
in any other week of the year. On Tuesday, particularly, they came in a perfect flood. On that day the
New York New Haven & Hartfort RR. decided to
omit the quarterly dividend usually paid about Jan.1
on the common stock; the Boston & Maine decided to
/
pass the dividend due Jan. 1 of 114% on the 5%
cum. first pref. stock class A; of the 2% on the 8%
cum. first pref. stock class B; of 13
4% on the 7%
cum. first pref. stock class C; of 2 % on the 10%
/
1
2
cum. first pref. stock class D, and the 1 % on the
/
1
2
4y cum.first pref. stock class E. The usual quar2%
terly dividend of 12 on the6% noncum,plain pref.
/
1
%
stock was also omitted. Only the regular quar. divident of 13
4% on the 7% cum. prior preference stock,
payable Jan. 2, was declared. On Dec. 8 also the
Colorado & Southern Railway voted to omit the
annual dividend on the common stock of The company. On the same day the Missouri Pacific passed
the dividend on the 5% cum. cony. pref. stock.
The Texas & Pacific Railway on Dec. 8 omitted
action on the quarterly dividend on the common
shares, but declared the usual quarterly dividend on
the noncum. pref. stock. On Dec. 8 likewise the
Virginian Railway declared a quarterly dividend of
1 % on the common stock, payable Dec.31,this com/
1
2
paring with an annual dividend of 8% in 1930 and
also at the end of 1929. On Dec. 9 the New York
Central omitted the declaration of the usual quarterly dividend on its capital stock and announced
that until business conditions improve the directors
will consider the declaration of dividends semiannually at the May and November meetings of the
Board instead of quarterly as heretofore; these dividends, if declared, to be payable June 20 and Dec. 20.
The quarterly dividend on the New York Central on
Nov.2 was 1%,and on Aug.1 it was 112%,and previ.
/
ously 2% each quarter, or a basis of 8% per year.
On Dec. 9 the Great Northern Railway declared a
semi-annual dividend of 1% on its capital as against
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1
2
a semi-annual distribution of 1 % on Aug. 1, prior
to which the stock was on a basis of 5% per year.
On Dec. 10 the Chicago Indianapolis & Louisville
passed the dividend on both common and pref.shares.
On the same day the Southern Railway voted to omit
dividends on both common and preferred stocks, and
the Mobile & Ohio passed the dividend ordinarily payable at this time on its Stock after having passed the
previous half-yearly dividend payable the previous
June. The Western Union Telegraph on Dec. 8 reduced its quarterly dividend from 2% tol %. This
/
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was in line with a recommendation of the Executive
[VoL. 133.
Committee, made on Oct. 13, when a cut of 10% was
made in wages. Remington Rand, Inc., on Dec. 8
omitted dividends due Jan. 1 on the cum. 1st pref.
and the cum. 2nd pref. stock. The Eastern Steamship Lines declared a quarterly dividend of only 25c.
a share on the no par value common stock payable
Jan.2. Three months previously a dividend of 37 c.
/
1
2
a share was paid as compared with 50c. a share each
quarter from April 1 1930 to and including July 1
1931. Several of the copper companies also made
further reductions in their dividends, the Kennecott
(Copper Co.reducing its quarterly dividend from 25c.
a share to 1212c.; the Nevada Consolidated Copper
/
from 20c. a share to 10c., and the Utah Copper Co.
from $1.50 a share to $1.00 a share, all these being
quarterly payments. The Erie RR.on Dec. 11 omitted the semi-annual dividend on the 1st pref. stock
after having six months previously omitted the dividend on the 2nd pref. The International Tel. & Tel.,
after having in the previous quarter reduced its dividend from 50c. a share to 25c.,further reduced to 15c.
a share. The St. Regis Paper Co. omitted the quarterly dividend on its common stock.
The United States Treasury had no difficulty the
present week in carrying out its December program
of financing. This was due to the customary cleverness displayed by Andrew W. Mellon, the Secretary
of the Treasury, in distributing his offerings among
different classes of obligations and different maturities, and all the issues being of short-term type. The
program embraced total offerings of $1,300,000,000.
Of this total,$600,000,000 consisted of one-year 3 %
/
1
4
Treasury notes dated and bearing interest from
Dec. 15 1931. The offering also included two issues
of Treasury certificates of indebtedness, one for
amount of $300,000,000 running for six months and
bearing 24% interest, and the other for amount of
3
$400,000,000 due in nine months and carrying 3%
interest. It will be seen that the issues all consisted
of short-term obligations, running for six months,
nine months and 12 months. It was necessary for
the Secretary to proceed with considerable caution,
inasmuch as the $800,000,000 3% Treasury bonds
offered as part of the September financing, with a
maturity date of Sept. 15 1955, but redeemable at the
option of the United States on and after Sept.15 1951,
almost immediately after the offering dropped
heavily below par and closed on the Stock Exchange
yesterday at 8823/32. Even the United States Treasury 31ss of 1946-49 closed yesterday no higher than
/
9026/32. The Treasury's problem was to sell $600,/
1
4
000,000 of one-year 3 s at par, but these 3 % notes
/
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4
run for only a year, and hence fell within the shortterm class, and short-term obligations sell at a much
lower interest cost, as is known. Besides,in limiting
the notes to a year the Secretary was able to offer
them as exempt from the sur-taxes as well as from
the normal income taxes, exemption from which
longer term issues do not enjoy. In addition, there
was the further advantage that th'e new offering
really called for little new money, the greater part
of the whole $1,300,000,000 being intended to take
up old issues maturing. Six months ago the Treasury
called for redemption on Dec. 15,one year in advance
of maturity, the 3 % Treasury notes of series C
/
1
2
1930-32, of which $452,000,000 remain outstanding.
In addition, about $543,000,000 of old Treasury certificates of indebtedness became due and payable on
Dec. 15 1931.
DEC. 12 1931.]
FINANCIAL CHRONICLE
It was provided in this week's offerings that the
Treasury would accerOt in paymentfor the new Treasury notes and the new certificates of indebtedness
the 3 % Treasury notes called for redemption
/
1
2
Dec. 15 and the Treasury certificates of indebtedness maturing on the same date. Furthermore that
subscriptions for which the maturing Treasury notes
or the maturing certificates of indebtedness were
tendered in payment would be given preferred allotment up to the amount of the offering. Moreover,
any qualified depository was permitted to make payment by credit for notes allotted to it for itself and
its customers up to any amount for which it shall be
qualified in excess of existing deposits when so notified by the Federal Reserve Bank of its district.
Thus payment was to a great extent by credit on the
bank, involving little transfer of cash. The effect
of such credits is to establish a large line of Government deposits and as against Government deposits,
as our readers know, the banks are not required to
keep any reserves while against ordinary deposits
the customary legal reserves are obligatory. Thus
there were special considerations calculated to induce subscriptions even though other considerations
might serve to repel subscriptions. At all events,
while the subscription books were not opened until
Monday morning,the Treasury Department was able
to report subscription books closed at the close of
business on Thursday. To be sure, the rates of interest in the certificates were much higher than in
the September offering, the present rates having
been, as already stated, 234 for the six months
/%
issue and 3% for the nine months issue, while the
September offering included a 12 months issue of
certificates for $300,000,000 bearing only 1 % in/
1
2
terest. Since then, however, money market conditions have completely changed, and in face of that
fact this week's achievement and the ease with which
it was accomplished must be considered notable even
though the over-subscriptions were not heavy. Mr.
Mellon on Friday reported aggregate subscriptions
of $703,703,000 for the $600,000,000 34% Treasury
notes;$619,715,500 subscriptions for the $300,000,000
six months certificates bearing 23
/
4%, and $460,650,000 subscriptions for the $400,000,000 nine
months certificates and bearing 3%.
This week's returns of the Federal Reserve banks
are along the same lines as those of previous weeks
and must be regarded as displaying a continued favorable trend in that they show a further contraction
in the volume of Reserve credit outstanding, while
the other changes revealed must also be regarded as
of a favorable nature. The holdings of acceptances
bought in the open market show a further decrease
during the week of over $34,000,000—the total holdings having declined from $423,407,000 Dec. 2 to
$389,219,000 Dec. 9. Unfortunately, there is no way
of telling whether this reduction reflects the taking
up of foreign bills in repayment of credits granted
foreign banks like the Bank of England or is a decrease in the holdings of domestic bills, since no
information on that point is furnished. It can be
affirmed, however, that foreign central banks are
continuing to add to their holdings of domestic bills,
acquiring bills which the Federal Reserve Bank otherwise would have to absorb. This appears from the
fact that the Federal Reserve banks report an increase during the week from $134,053,000 to $168,486,000 in "contingent liability on bills purchased
3829
for foreign correspondents." It may be also noted,
as confirming this view, that foreign bank deposits
held by the 12 Reserve institutions have declined
during the week from $137,136,000 to $117,674,000.
The discount holdings of the 12 Reserve banks are
somewhat larger at $725,182,000 Dec. 9 as against
$717,567,000 on Dec. 2. Holdings of Government
securities remain virtually unchanged at $717,193,000 against $717,021,000, and holdings of other
securities are slightly lower at $29,972,000 as against
$30,232,000. The result altogether is that total bill
and security holdings, which constitute a measure of
the volume of Reserve credit outstanding, stand at
$1,861,566,000 this week as against $1,888,227,000
last week. Gold reserves have further increased during the week, rising from $2,941,570,000 to $2,968,118;000, with the result that there is a slight further
increase in the ratio of reserves to deposit and Federal Reserve note liabilities combined, this ratio
working out the present week at 66.1% against 65.6%
a week ago, and 59.9% back on Oct. 28. The volume
of Federal Reserve notes in circulation, however,
still continues to increase week by week, and the
present week is reported at $2,484,892,000 as against
$2,478,130,000 a week ago and comparing with only
$1,175,745,000 12 months ago on Dec. 10 1930, indicating an expansion considerably in excess of a billion dollars in the interval. Apparently what is
taking place is that the Reserve banks in order to
strengthen their position are withdrawing gold certificates from circulation and replacing them with
Federal Reserve notes.
Cotton production figures for this year's crop have
again been raised by the Department of Agriculture.
The increase this time is small. The harvest is now
indicated at 16,918,000 bales, which is only 15,000
bales over the last previous estimate issued a month
ago. The probable output for 1931 is so much nearer
the bumper crop of 1926, when the yield was
17,977,370 bales, and places the 1931 production
securely as the second to the largest crop on record.
There is no certainty, however, at this time, that
the final production from the crop of 1931 will not
be even larger than that now indicated; it is within
the range of possibility that it may exceed the crop
of 1926. Ginnings are running well ahead of other
years. The total to Dec. 1 was 15,023,451 bales,
which is considerably in excess of any preceding time
up to that date for many years past. Ginnings this
year have been even larger than those of 1926. Up
to Dec.1 of that year ginnings amounted to 14,644,070
bales; to Dec.I 1931 they are 380,000 bales in excess
of those figures. Between Dec. 1 1926 and the final
return on ginnings for that year's yield, 3,333,300
bales were ginned, making the total production for
1926 17,977,370 bales. With a crop of 16,918,000
bales from this year's growth, which is the present
estimate, there now remains 1,895,000 bales to be
ginned up to the close of the season. To exceed the
1926 crop, about 3,000,000 more bales would have
to be added to the present ginnings. In the years
following 1926, with considerably smaller production, ginnings were also reduced. From the growth
of 1927 and 1928 they approximated 1,700,000 bales,
following the November ginning return for
those
years. For the crop of 1925, when the yield was
the
second largest, ginnings after Dec. 1 of that
year
(1925) amounted to 2,738,200 bales. Weather
conditions in the cotton growing districts
during the
•
•
3830
FINANCIAL CHRONICLE
(VOL. 133.
185,541 tons to 2,674,750 tons, or the lowest level
reached since Dec.31 1910, a period of 21 years. On
Friday the market again reversed its course and
touched new low levels. United States Steel was
under great pressure and declined to a new record
%. General Electric also gave
low for the year at 453
/,
way under heavy selling and dropped to 241 2 a new
low point for the year. In contrast to the reaction
in the security markets, commodity prices were
stronger, with wheat recovering over a cent a bushel
for the day. On the Stock Exchange list 431 stocks
touched new low levels for the year during the week.
The call loan rate on the Stock Exchange again re/2%.
mained unchanged at 21
Trading, relatively light the early part of the week,
increased its downward course. At the half-day
session on Saturday the sales on the New York Stock
Exchange were 872,400 shares; on Monday they were
1,457,085 shares; on Tuesday, '1,597,128 shares; on
Wednesday,2,263,447 shares; on Thursday,2,664,173
shares, and on Friday,2,354,197 shares. On the New
York Curb Exchange the sales last Saturday were
a dismal week on the Stock Ex- 134,512 shares; on Monday,259,125 shares; on TuesIt has again been
change. At the half-day session on Saturday last day, 255,400 shares; on Wednesday, 347,344 shares;
the market displayed an improved tone and prices on Thursday, 507,212 shares, and on Friday, 456,282
were inclined to rally after the weakness of the day shares.
As compared with Friday of last week, prices are
before, 'but on Monday it again weakened, the dequite generally lower, notwithstanding the upward
pressing influences on that day being a further recession in sterling exchange to a new low level since rebound Thursday afternoon. General Electric
%
1920 for the British pound sterling, attended also closed yesterday at 243 against 26% on Friday of
dividend reductions in the Kennecott last week; Warner Bros. Pictures at 2% against 3;
by further
/
group of copper companies. On the other hand,satis- United Corp. at 878 against 11; North American at
2
1
/
was expressed with the terms of the December 31% against35%;Pacific Gas& Elec. at33 against
faction
/
3478; Standard Gas & Elec. at 29%'against 33; Confinancing of the United States Treasury. On Tues/
day, however, the market again tumbled very badly solidated Gas of N. Y.at 6278 against 66; Columbia
Gas & Elec. at 16 against 19; Brooklyn Union Gas
2
1
/
owing to the suspension of dividends by the New
York New Haven & Hartford RR., and a long list at 81 against 85%; Elec. Power & Light at 10%
/
of other dividend reductions and omissions as enu- against 15; Public Service of N. J. at 541 2 against
2
1
/
the early part of this article. On the 59 ; International Harvester at 25 against 26½;
merated in
1
same day the grain markets again suffered a decline J. I. Case Threshing Machine at 37% against 37%;
against 36%;Montgomery
and cotton and sugar prices were also lower; in Sears,Roebuck & Co.at34
2
1
/
2
1
/
addition the Stock Exchange firm of Palmer & Co. Ward & Co. at 7 against 9; Woolworth at 41
/
Safeway Stores at 431 8 against 48;
was suspended from the Exchange for insolvency. against 45%;
On Wednesday, the market suffered a further severe Western Union Telegraph at 45 against 44; Amerbreak, influenced by the tax increases contained in ican Tel. & Tel. at 122% against'126½; Int. Tel. &
at 60% against
the message of the President and further numerous Tel at8%'against 11; American Can
/
/
and omissions. New low figures 6278; United States Industhial Alcohol at 271 8
dividend reductions
81% against
the year in many different stocks against 28%; Commercial Solvents at
were reached for
against 10%, and Corn
under the pressure of persistent liquidation, the de- 9%; Shattuck & Co. at 9%
against 44%.
clines running from 1 to 4 points, and with the bond Products at 40%
/
Allied Chemical & Dye closed yesterday at 6878
market also again breaking badly, and with Governagainst 73% on Friday of last week; E. I. du Pont
ment securities selling lower. The steel statistics
de Nemours at 51% against 54%; National Cash
showed that steel ingot production had still further
4
had been Register at 101 against 14; International Nickel at
decreased instead of the improvement that
1
/
2
1
/
now reported 7 against 8%; Timken Roller Bearing at 182
looked for,the steel mills of the country
%
/
% of capacity. The against 207 ; Mack Trucks at 14 against 161 ; Yel2
1
/
as being engaged to only 26
/
2
1
/
low Truck & Coach at 3 against 378; Johns-Manrailroad list was again under special pressure, and
Central in changing the ville at 17% against 19; Gillette Safety Razor at 12
the action of the New York
/
against 1318; National Dairy Products at 22%
dividend period from quarterly to semi-annually,and,
2
1
/
against24%;Associated Dry Goods at 6 against 9;
accordingly, omitting the quarterly dividend, which
2
1
/
Texas Gulf Sulphur at 22 against 2518; American
/
otherwise would have been declared at the present
2
1
/
& Foreign Power at 6 against 8/ ; General Amer78
time, and leaving dividend action therefor pending
/
ican Tank Car at 3478 against 38%; United Gas
until next May,accelerated the downward movement.
Improvement at 19% against 21; National Biscuit at
New York Central itself touched a new low of 24%,
/
391 8 against 41; Coca Cola at 107% ex-div. against
lower than ever before in the history of the property.
it. 111%; Continental Can at 32% against 34%; EastThis carried the whole railroad list down with
man Kodak at 82 against 9114; Gold Dust Corp. at
On Thursday there was a dip to still lower figures,
/
/
unfilled 161 2 against 1818; Radio-Keith-Orpheum class A at
but a sharp rally in the afternoon. The
in the state- 11/2 against 1%; Standard Brands at 12% against
orders of the United States Steel Corp.
2
1
/
at 7 against 9;
2
1
/
ment for Nov. 30 showed a further reduction of 14 ; Paramount Publix Corp.
next two or three months will determine what this
year's production is to be.
The estimated yield this year is based on a production of 200.1 pound per acre. Last year the final
estimate was 147.7 pounds. Not since the cotton
crop of 1914, when the yield per acre was 209.2
pounds, has it been as high as is now indicated for
1931. Some revision of the production by States
has been made by the Department of Agriculture in
their December report. Something has been added
to the earlier estimate of yield for Texas; also for
South Carolina, Georgia, Alabama, Tennessee and
Missouri. On the other hand, the November estimate for North Carolina, Arkansas, Louisiana and
Mississippi has been reduced. The Sept. 1 estimate
this year was for a crop of 15,685,000 bales, the latest
report being 1,233,000 bales larger than the September figures. In 1930 there was a reduction in the
estimate of yield of 97,000 bales, in the estimates
covering the same period, but in 1926 the increase
was about 3,000,000 bales.
4
DEC. 12 1931.]
FINANCIAL CHRONICLE
3831
sterling exchange also was of great interest, with
satisfaction general over the halt in the precipitate
decline of the currency. Trade reports remain unsatisfactory in all countries, and it is said that even
in Britain revival is not preceding at nearly the rate
expected in view of the advantages conferred by the
depreciated pound sterling.
Exceptionally significant was the report from London,Thursday,that the Cunard Steamship Company
had decided to suspend building operations on its
new 73,000-ton vessel under construction at a Clyde
shipyard. The estimated cost of the ship is £6,400,000,and it is stated that about £1,000,000 has already
been expended. The 3,000 men engaged in the construction were thrown out of work yesterday. The
Cunard directors made known their decision in
the interim report to stockholders, which foreshadows a heavy adverse balance for the year and asserts
that plans to recapture the blue ribbon of the Atlantic must be postponed as a proper precaution.
"The current estimate for this year's results in the
profit and loss account is a comparatively small cash
surplus after providing for full debenture interest
and the half-year's preference dividend in July, but
before providing for depreciation," the report said.
The London Stock Exchange.was soft at the opening Monday,and prices continued to move downward
despite a very modest volume of liquidation. Unsettlement in sterling exchange caused' additional
selling of British Government securities, which
moved fractionally lower. British industrial stocks
were also in supply, but Anglo-American trading favorites improved a little. Tuesday's session at London witnessed further declines in the gilt-edged list,
and British funds closed at the lowest levels of the
day.
Industrial stocks were somewhat steadier, but
most issues again showed losses. Although sterling
exchange improved Wednesday, British funds continued to move downward in the session, and British
industrial stocks also lost more ground. Home rails
were slightly better on traffic returns that proved
less unfavorable than counted upon. Recovery in
British funds finally took place Thursday, the gains being sufficient to offset the losses of the previous
session. Industrial stocks were quiet and generally
lower. Cunard shares fell on the rumors, later verified, that work would be suspended on the huge new
liner under construction. British funds improved
yesterday, 'but industrial stocks were 'unchanged.
Shipping Stocks lost ground.
Trading on the Paris Bourse began with a favorable tone, Monday, owing largely to the proposal of
the French Government to make up the losses of the
Bank of France on its sterling exchange holdings.
A favorable dividend announcement by the Suez CaStock prices moved irregularly this week on the nal Company also stimulated the market. Bank of
securities exchanges in the important European fi- France shares gained 350 points, while other stocks
nancial centers. The trend on the London Stock showed smaller advances. The tendency Tuesday
Exchange was almost uniformly downward. On the was again firm, Bank of France shares rising 700
Paris Bourse several favorable sessions were reported points on authoritative indications that the customearly in the week, but these were succeeded by a re- ary half-yearly dividend would be paid. Prices adactionary tendency. The Berlin Boerse remains vanced generally and all groups of issues showed
closed at the instance of the German Government material gains at the close. A slump developed on
and the Reichsbank authorities, and there is no indi- the Bourse Wednesday, all securities falling sharply
cation of early resumption of trading. Much atten- under the leadership of Government rentes. Utility
tion was directed in all markets to the series of inter- stocks were especially weak, but other groups also
national financial conferences which started early in suffered. The opening Thursday was firm, but stock
the week in the endeavor to achieve a revision of repa- prices soon weakened and liquidation continued until
rations and intergovernmental debts. The course of the end. Utility issues were again heavily sold,
while
Kreuger & Toll at 5% against 4/8; Westinghouse
Elec. & Mfg. at 271 against 301 2; Drug, Inc., at
/
4
49% against 53; Columbian Carbon at 34% against
36%; Amer. Tobacco at 7078 against 78; Liggett &
/
Myers class B at 46% against 50%; Reynolds To%
bacco class B at 351 against 36%;Lorillard at 13%
against 15, and Tobacco Products class A at 7
against 8%.
The steel shares have continued depressed. United
4
States Steel closed yesterday at 453 against 51%
week; Bethlehem Steel at 215
on Friday of last
/s
against 251 8;Vanadium at 13 against 151 8; Crucible
/
/
Steel at 25% against 27, and Republic Iron & Steel
at 478 against 6%. In the auto group Auburn Auto
/
closed yesterday at 112% against 110% on Friday of
18
last week; General Motors at 22/ against 231 8;
/
Chrysler at 13 against 14; Nash Motors at 15%
against 16%; Packard Motors at 4% against 4%.
Hudson Motor Car at 101 8 ex-div. against 111 8
/
/,
and Hupp Motors at 4% against 4%. In the
rubber group Goodyear Tire & Rubber closed
/
yesterday at 1678 against 17% on Friday of last
week; B. F. Goodrich at 4% against 5%; United
States Rubber at 4 against 43 and the preferred
4,
at 734 against 9%.
The railroad shares have been conspicuously weak
owing to the numerous dividend reductions and omissions. Pennsylvania RR. closed yesterday at 20%
against 22 on Friday of last week; Atchison & Topeka & Santa Fe at 86% against 91; Atlantic Coast
Line at 33% ex-div against 39%; Chicago Rock
Island & Pacific at 101 against 9%; New York Cen4
tral at 26% against 31%; Baltimore & Ohio at 1918
/
against 23; New Haven at 19% against 25%; Union
4;
Pacific at 73 against 793 Southern Pacific at 3114
/
against 33%; Missouri-Kansas-Texas at 5% against
6%;Missouri Pacific at 7% against 10%; Southern
Railway at 9% against 9%; Chesapeake & Ohio at
27% against 28%; Northern Pacific at 1778 against
/
17%, and Great Northern at 20% against 21.
The oil shares moved lower with the rest of the
market. Standard Oil of N. J. closed yesterday at
2978 against 31% on Friday of last week; Standard
/
Oil of Calif. at 28% against 2978; Atlantic Refining
/
/
at 1018 against 11%;Freeport-Texas at15% against
1678; Sinclair Oil at 5% against 6; Texas Corp. at
/
14% against 16%; Phillips Petroleum at 5 against
578 and Pure Oil at 4% against 5%.
/,
The copper stocks have also continued weak. Anaconda Copper closed yesterday at 10% against 12 on
Friday of last week; Kennecott Copper at 10 against
11%; Calumet & Hecla at 3% against 4; Phelps
Dodge at 6% against 7; American Smelting & Refining at 19% against 20%, and Cerro de Pasco Copper at 11% against 13%.
3832
FINANCIAL CHRONICLE
[VOL. 133.
French bank stocks also declined sharply. The trend United States had declined the honor. Other members are Sir Walter Layton of Great Britain, Charles
was slightly favorable yesterday.
Rist of France, Carl Melchior of Germany, Emile
In a special message to Congress on the foreign Francqui of Belgium and Mr. Nohara of Japan. The
affairs of the United States, submitted Thursday, right of the committee to name four additional memPresident Hoover as noted in the earlier portion of bers was exercised and the body was increased to 11
this article discussed in detail his 'moratorium pro- members through the addition of E. Bindschaedler
posal of last June and requested that a law be passed of Switzerland, H. Colijn of Holland, Otto Rydbeck
before next Tuesday authorizing the postponement of Sweden, and George Bunch of Yugoslavia. The
of payments due the Treasury from foreign govern- co-operation of the four additional members is exments in the year ending June 30 1932, and providing pected to speed up the work.
Examination was promptly begun by the commitfor their payment over a ten-year period beginning
July 1 1933. As a majority of the Congress leaders tee, Monday, of documents placed in the hands of
are committed to this legislation, it will doubtless the delegates by Dr. Melchior to show the position
be forthcoming, although it is apparent that a delay of Germany. Dr. Melchior launched upon an expo
and placed
will occur beyond the date suggested by the Execu- salon of the Reich's situation Tuesday,
tive. Mr. Hoover already indicates, in his message, before the committee an important new estimate of
that the one year of suspended payments will not the amount of short-term foreign credits "frozen" in
suffice, and that "a number of the governments in- Germany under the standstill agreement. Official
debted to us will be unable to meet further payments figures gathered by the Reichsbank, he said, show
to us in full pending recovery in their economic life." that on Aug. 18 last such credits amounted to
We have already dealt with this suggestion in our 12,000,000,000 marks as against the 8,000,000,000remarks further above. The message, reprinted in mark estimate placed before the bankers' committee
full in subsequent pages of this issue, refers briefly on private debts headed by Albert H. Wiggin. Reto the forthcoming general disarmament conference, paymentssince Aug.18 amount to about 1,000,000,000
the recent visits oX Premier Laval of France and marks, Dr. Melchior added, leaving a present total
Foreign Minister Grandi of Italy, events in Nic- of about 11,000,000,000 marks of such credits outaragua and Haiti, and the foreign treaties still before standing. Despite the favorable German trade balthe Senate. Among the latter are the protocols pro- ance, the actual gold coverage of the Reichsbank has
viding for adherence by the United States to the decreased since last summer from 30% to 12%, he
Permanent Court of International Justice. The deep stated. Germany has every intention,the Reich dele.
concern of the United States Government over the gate declared, of remaining on the gold standard.
The committee meeting was continued Wednesday
Manchurian situation also is treated at some length
and Thursday with a careful examination by the
in the document. Mr. Hoover remarks that when
this controversy arose it "seemed both wise and other delegates of the German figures and contenappropriate rather to aid and advise with the League tions, and' a sharp attack on the German position by
of Nations and thus have unity of world effort to Charles Rist of France. A subcommittee which
maintain peace rather than to take independent studied the short-term debt figures made compariaction!' It is specifically stated, however, that in all sons of the totals with those supplied by the reprothe negotiations the State Department has main- sentatives of the various creditor countries. Figures
tained complete freedom of judgment and action cited by Mr. Stewart to show the German indebtedas to participation in any measures which the League ness to the United States were said to correspond
with the German totals, in so far as they covered
might finally be determined upon.
the same fields. "It was clearly established by the
Financial interest throughout the world centered Germans that the discrepancies between the Wiggin
on Germany this week, as a fresh examination of report figures and the new figures now submitted
the reparations question was started at Basle by the were due to the fact that additional information,
special advisory committee of the Bank for Inter- mostly derived from private individuals in a meticunational Settlements, while the "standstill" commit- lous nation-wide census of German industry, had
tee representing the Reich's private foreign creditors been obtained by the German authorities," a Basle
resumed its deliberations at Berlin. The Basle com- report to the New York "Times" said. The French
mittee gathered at the request of the German Gov- rejoinder to the German case was started late
ernment, Monday, to investigate the capacity of Wednesdey by M.Rist,who declared that the German
Germany to resume reparations payments after ex- contentions were invalidated by the very evidence
piration of the Hoover year of suspended payments submitted by Dr. Melchior. Germany is in the throes
on intergovernmental debts. The formal request of of great uncertainty, he declared, and this justified
the Berlin Government was made Nov. 19, and the the belief that the present is not the proper time to
B.I. S. officials acted on it with the greatest possible evaluate the country's capacity to pay reparations.
Representatives of the banking interests of the
dispatch. German authorities also took steps on
Nov. 19 for a reconvening of the banking conference United States, Britain,France, Holland,Sweden and
on the private debts of the Reich, in order to secure Switzerland began their consideration of the extenan extension of the freezing agreement covering sion of the "stillhaltung" agreement on German prishort-term debts which expires Feb. 29 1932. The vate short-term credits at Paris, Monday, at a meetbankers began their discussions in Berlin Thursday. ing that was preliminary to the scheduled conference
Members of the special advisory committee on at Berlin, which began Thursday. In a statement
reparations began arriving at Basle last Sunday, and issued in Paris, Tuesday, Mr. Wiggin, as Chairman
some preliminary exchanges of views took place that of the group, announced that the informal discusday. When the formal meeting began, Monday, Pro- sions had disclosed harmony among the creditor
fessor Alberto Beneduce of Italy was promptly representatives. Mr. Wiggin declined to make any
named 'Chairman, after Walter W. Stewart of the further comments in advance of the Berlin confer-
DEC. 12 1931.]
FINANCIAL CHRONICLE
ence called at the instance of a German bankers' committee. The impression was created at Paris, an
Associated Press report said, that the existing
agreement on the private debts would be modified
and tightened at Berlin. In a Paris dispatch to the
New York "Journal of Commerce" it was suggegted
that the rate of repayment of the credits is to be
made dependent upon the reparations settlement to
be reached as a result of the Basle meeting and the
conference of creditor Governments which is scheduled to follow that meeting.
Official British views on the present world economic situation and some of its requirements were
set forth at some length in the House of Commons
this week by Prime Minister Ramsay MacDonald and
Chancellor of the Exchequer Neville Chamberlain.
Mr. MacDonald informed the Commons, Wednesday,
that it would be madness to attempt stabilization of
sterling before adjustment of the international factors which control exchange values. He referred
hopefully to the conference of governments which
is to follow the current Basle meeting of the Bank
for International Settlements Advisory Committee.
"We regret the delay in bringing the nations together
at a conference table to settle the question of international debts that lies at the basis of our currency
position," the Prime Minister said. "We are convinced that any move to hasten the matter on our 6wn
initiative would be fruitless. But we are sure the
able experts now sitting at Basle are fully aware of
the urgency of their task and -will produce a report
with the greatest expedition possible. Thereafter a
conference of governments will be held, and in the
opinion of this Government immediate action should
be taken after the report of the experts is received.
That conference must approach its task in a spirit
of realism, examine all the facts and reach an agreement not merely to tide over the difficulties temporarily but to link the whole world in a hopeful effort."
Mr. Chamberlain stated Thursday, in an address
before the Commons, that the National Government
intends not only to keep the budget balanced, but
to make every provision for full redemption of debt.
No serious deficit is looked for this year,and none at
all next year, he declared. While admitting some
uneasiness regarding the recent fall in sterling, Mr.
Chamberlain expressed the view that the drop need
not occasion serious apprehensions. "This Government will pursue the policy of maintaining as steady
as possible the internal purchasing value of the
pound," he added. "The stability of currency in this
country is essential to healthy trading throughout
the world. While it is not possible for obvious reasons now to say when or even at what level we shall
ultimately stabilize the pound, it is the declared
object of the Government to effect stabilization, and
we are prepared to take any steps which are practicable to bring about stabilization at the earliest
possible moment."
Losses suffered by the Bank of France in consequence of the depreciation in the value of the institution's holdings of sterling exchange are to be made
good by the French Government, according• to a
decision taken by the Laval Cabinet last Saturday.
The French central bank held, it is understood,
approximately £80,000,000 when the gold standard
was abandoned by the Bank of England,and it is now
considered that one-third of the amount has been
3833
lost. The holdings were accumulated over a period
of several years prior to the stabilization of the
franc in 1928 at one-fifth of its former parity. "The
situation of the Bank of France for the past several
weeks has been subject to a good deal of public criticism," a Paris dispatch of last Saturday to the New
York "Times" stated. "Its losses on sterling were
known to be far in excess of the declared capital of
the bank, a situation which in French law calls for
liquidation. It is understood that the cover scheme,
proposed by Finance Minister Flandin and approved
to-day by the Cabinet, will be similar to that employed to compensate the bank for the loss of the
gold seized in its branches in Russia at the time of
the Bolshevist revolution. The bank, as in that case,
will receive Treasury bonds." It is also stated that
the bank has consistently refrained, since the British
gold swpension was announced, from seeking to
realize on its sterling holdings, in the belief that the
effect of any massive offer on the market would be
catastrophic.
Measures of extreme gravity were announced at
Berlin, Tuesday, by the Government of Chancellor
Heinrich Bruening, with a number of objects in view,
not the least important being that of setting the German financial house in order as a preliminary to the
reparations discussion which has now begun. In a
sweeping emergency decree signed by President Paul
von Hindenburg under the now famous Article 46
of the Weimar Constitution, new taxes are imposed
in order to achieve a balanced budget. The decree
provides also for severe price and rent reductions and
for lowered interest rates throughout Germany, as
it is believed that the nation will thus be enabled
to cope to better advantage with the effects of the
current world-wide economic depression and compete
in foreign markets for orders. It aims, moreover,
at a more rigorous rule in order to meet the rising
tide of Fascism, which is clearly making great progress under the leadership of Adolph Hitler. Some
of the provisions of this fourth general emergency
decree of the Bruening regime were, indeed, obviously provoked by a series of statements made by
Herr Hitler over the last week-end on German politics and international relations.
In explaining the decree to the press,'Chancellor
Bruening emphasized the importance of balancing
the hational budget in view of the reparations negotiations. "In the past," he said, "we entered negotiations without the backing of strong finances at
home,but I did not feel thatI could bear the responsibility of international negotiations in this historic
hour before the public treasuries were safe, even if
they could be safeguarded only by stringent measures. The moment has finally come when even the
closest examination of our budget fails to afford
evidence for criticism abroad. The budgets now are
scaled down to such an extent that, disregarding the
expenditures on war cripples, it can well stand comparison with the smallest pre-war budgets."
The Chancellor discussed the measures broadly in
a radio address to the German nation Tuesday evening, and in this address he also replied to some of the
previous declarations of Herr Hitler on German
policy. He denounced bitterly what he called the
attempt of the National-Socialist, or Fascist, leader
to "create the impression abroad that Germany was
not only divIded within herself, but that there was
in Germany a Government of to-morrow that
3834
FINANCIAL CHRONICLE
assumed to speak for the German people." Hereafter, as heretofore, the conduct of the Reich and
The representation of its interests abroad will rest
exclusively in the hands of the Reich's President
and the Constitutional Government, he declared.
"While the leader of the National-Socialists proclaims his adherence to legality, his responsible aides
are allowed to go forth preaching subversive doctrines and scattering schisms and distrust in the
ranks of the people," Chancellor Bruening continued.
"However widely they may spread among the people,
the Government must not and will not shrink from
opposing them with iron energy. The Government
admits no power save the Constitutional one. The
Reich's President and the Reich's Government alone
control the power of the State, and this will be used
with relentless severity—if need be through declaring a state of siege—against any attempt to interfere
with the Constitutional authorities." The popularity of Hitlerism was explained by the Chancellor
as a natural inward protest against Germany's fall
from her former heights and against her harsh fate
to-day. "Growing numbers of our people are taking
refuge in dream visions," he said, "but these constitute no political program. Germany's salvation will
be possible only if those responsible for her policy
do not also enter the realm of illusion, but on the
contrary remain governed by sober reflection and
clear consideration of available ways and means."
In his discussion of "The President's Fourth Decree for safeguarding economic life and finances and
for the protection of domestic peace," the Chancellor
added little to his press statement. The measures,
he said, marked the conclusion of the post-war period
when the billions in gold flowing into Germany temporarily prevented the people from realizing that
they had lost the war. He described them as representing the last stages in the process of deflation and
added that the program of economic measures now
completed after weary months of searching must
also be viewed as a prelude to the Government's
preparations for the impending international financial negotiations. "As the Basle negotiations have
just begun,I must refrain from discussing the reparations question," he said, "but once more I most fervently appeal to all the interested governments to
allow the principle of understanding and the solidarity of co-operation so often proclaimed on all sides
to be translated into concrete action at this eleventh
hour." Enforcement of the measures,the Chancellor
stated, would make possible the maintenance of German currency on a gold basis and insure the solvency
of the Reich through permanent budgetary equilibrium.
The emergency decree, which covers 46 pages of
the federal legal gazette, is a truly remarkable document that will affect intimately the lives of all Germans. In order to balance the budget, it provides
for a reduction of 9% to 10% in the salaries and
wages of all Government employees, whether of the
Reich or the States and municipalities. For the
Reich Government alone this step, which is effective
Jan.1, will mean a saving estimated at $20,000,000 a
year. In addition the 'turnover tax is raised from
0.85% to 2%, and this will bring in an estimated
*40,000,000 for the remainder of the current fiscal
year.
Numerous economic provisions are contained in
the decree, and these, to be effective Jan. 1, are intended to bring about a 10% reductior in the general
[VOL. 133.
price level within Germany. The office of a Reich
Price Commissioner is created for this purpose, and
it is indicated that Mayor Carl Goerde,ler of Leipzig
will probably be appointed to the post. Wages in
industry are to be reduced to the level prevailing
Jan. 1 1927, while salaries of corporation officials
receiving 15,000 marks or more yearly also are liable
to reduction. Physicians'fees are to come down with
other forms of compensation, while house rents are
to be cut 10% in the case of buildings put up before
the war, and 15% in the case of newer structures.
Prices charged by cartels are to be lowered 10%,and
iron, coal, gas, water and electricity prices are to be
reduced similarly. Railway rates are to come down
approximately 10%, although in the case of some
goods the reduction will be as much as 26%.
Of exceptional gravity is a provision for the lowering of interest rates on virtually all classes of fixedinterest bearing obligations, whether Government,
State or municipal securities, industrial obligations
or mortgages. In an Associated Press report it is
stated that the rate will be lowered (to 6% where it
was as high as 8%, while levels above the 8% figure
will be cut from one-quarter to one-half. German
bonds floated abroad are specifically exempted from
this provision. The rate on Lombard loans was
ordered lowered from 10% to 9%, while the Reichsbank followed Wednesday with an 'announcement of
a reduction in the discount rate from 8% to 7%. The
decree also strengthens measures against the flight
of capital by providing various degrees of confiscation. Issuance of new 4-pfennig coins is provided for,
and Germans living abroad are enjoined to deliver
to the Government 25% of their funds invested in
Germany. Landowners are protected against forced
auction sales by a provision that no bid under 70%
of the value of property need be accepted at such
sales.
In order to insure domestic peace the decree prohibits the wearing of political uniforms and emblems
throughout the Reich. The States, moreover, are empowered to enact legislation compelling the registration of all firearms sold to private citizens. Imprisonment up to three months is 'ordained for all who
defame public officials. All political meetings and
outdoor demonstrations are forbidden until
Jan. 2 1932.
Predictions of a political crisis resulting in (the
overthrow of the Bruening Cabinet were general in
Germany,as the first reaction to the decree, a Berlin
dispatch to the New York "Herald Tribune" said.
Trades unionists were especially indignant over the
enforced reductions of wages, it was said, and this
brought up the possibility that organized labor in
Germany may compel the Socialist party to abandon
its course of Parliamentary "toleration" of the
Bruening regime. Something of a test of the Government will be afforded next week, when the steering
committee of the Reichstag will consider a Communist motion calling for immediate convocation of
the Reichstag, instead of waiting for the scheduled
resumption on Feb. 23. It is not believed, however,
that the Communist move will be successful. In a
Berlin report of Wednesday to the Associated Press
it was remarked that Chancellor Bruening's decree
and pronouncements took Germany's breath. The
press comment indicated, however, it was said, that
the Chancellor's measures will be accepted quietly,
as they gained far more commendation than condemnation.
DEC. 12 1931.]
• FINANCIAL CHRONICLE
3835
The statements by Adolph Hitler, the Fascist assistance of one Chinese and one Japanese assessor.
leader, which occasioned such energetic remarks by Reservations were made both by Kenkichi Yoshizawa
the Chancellor, were made late last week to foreign of Japan and Dr. Alfred Sze of China, when the
press correspondents in Berlin. Assuring the corre- acceptances of a League resolution embodying the
spondents that his party was coming to power, he plan were made known, but it is not believed that
pledged his 15,000,000 followers to the payment of these will materially affect the working of the
Germany's private debts and the repudiation of all scheme. This task accomplished, the Council held a
reparations. "We repudiate reparations," he de- final session late Thursday, in which Aristide
clared, "and if France insists that political debts Briand, as President, expressed the hope that "no
must have priority over commercial obligations, then further incident" will take place between Japan and
the issue becomes one of our ability to pay, not our China and that "cessation of hostilities will conwill to pay." The extirpation of Communists from tinue." 'United States Ambassador Charles G.
Germany, and the maintenance of the policy of Dawes, who remained in Paris during the League
"legality" pursued by the National-Socialists also Council consideration of the Manchurian matter, rewere promised by Herr Hitler. "My will is law for turned to his post at London yesterday. The Council
the party," he said,"and with the possible exception will reassemble for its regular session Jan.25 next.
While this arrangement was under discussion in
of Russia and Italy, there is no political organization
anywhere which is so completely answerable to its Paris, much uneasiness was caused by further reports
leader." Among other policies to be followed by the of menacing military movements in Manchuria. A
Fascists, he cited revision of the Polish corridor, not Foreign Office spokesman in Tokio informed press
by force but through agreement with France. In a representatives last Saturday that unless the Chinese
further interview last Saturday, the "Nazi" leader agreed to withdraw their troops from Chinchow, the
stated that he would not seek election to the Presi- last Manchurian city in Chinese hands, it would be
dential office in Germany. A questioner was in- "difficult for the Japanese Government to restrain
formed that in the event his party came into power its army." The danger of a further clash between
foreign holders of German bonds would be protected. the military forces of the two countries was increased
In further statements, Sunday, Herr Hitler scoffed by indications of the same day from Mukden that
at rumors of a Fascist "march on Berlin," and indi- Chinese bandits were swarming over the area between
cated that his forces intended to gain power by the Chinchow and the South Manchuria Railway. A
election of Reichstag members. Recent municipal Chinese determination to retain the military hold
elections in Germany have indicated that the Fascists on Chinchow was announced last Saturday at Paris
are, indeed, making great gains. An election in 'by Dr. Sze, who declared that China "will fight and
Stuttgart, Sunday, illustrated the trend: The die there if necessary." It was made known at Tokio,
"Nazis,"in this voting, almost doubled their strength, Monday, that Baron Kijuro Shidehara, Foreign
as they polled 44,599 votes against the 46,810 of the Minister, had instructed the Japanese Legation at
Social Democrats and the 41,840 of the Communists. Peiping to give final warning to Marshal Chang
Hsueh-liang to withdraw his troops from Chinchow.
Final steps in the development of a completely If the demand is not complied with, Tokio dispatches
republican form of government in Spain were taken said, the Japanese army will take matters into its
by the National Assembly in Madrid,this week. The own hands. In Shanghai, Nanking and other leadConstitution which has been under discussion for ing centers of China, meanwhile, thousands of Chithe last six months came up for a vote, Wednesday, nese students protested vigorously to the authorities
and was approved in its entirety by a vote of 368, against the passive attitude of the Government and
with no opposition. There were 98 absentees, includ- demanded that Chinese militarists fight to save
ing 23 Agrarians and 15 representatives of the Manchuria for China.
Basque Provinces, who are unwilling to accept all
The Council resolution which is expected to provide
the provisions of the basic law. The Assembly fook a means for settling the Manchurian conflict was
an expected step Thursday, when it met to select the accepted unanimously Thursday. It reaffirms the
first Constitutional President of the Spanish Re- resolution passed Sept. 30, and calls upon the two
public. Niceto Alcala Zamora, who was the first Governments to take all necessary steps for its execuProvisional President, was chosen by 362 votes out tion, so that the withdrawal of Japanese troops
of a possible 466. Senor Alcala Zamora held the within the railway zone may be effected as speedily
post of Provisional President from April 14 to as posible. China and Japan were also urged to
Oct. 14, when he resigned in protest against the in- adopt measures necessary to avoid any further aggracorporation of features in the new Constitution which vation of the situation, and to refrain from any inwere antagonistic to the established Church. He was itiative which might lead to renewed fighting and
succeeded by Manuel Azana, who retired yesterday loss of life. With the aim of contributing to a final
on the formal inauguration of Senor Alcala Zamora and fundamental solution by the two Governments
as President. The Constitution provides for a six- of the questions at issue between them, the Council
year term of office for the President.
decides, the resolution continues,"to appoint a commission of five members to study on the spot and to
Formal acceptance by both the Japanese and report to the Council on any circumstance which,
Chinese Governments was announced at Paris, Thurs- affecting international relations, threatens to disday, of the plan for ending the Manchurian dispute turb peace between China and Japan or the good
formulated by the Council of the League of Nations understanding between them on which peace dein its protracted sessions at the French capital. pends." One assessor is to be named by each GovThe plan is based, in general, upon maintenance of ernment to assist the Commission. Negotiations
the status quo, pending the completion of a report between the two Governments would not fall within
on the Manchurian situation which is to be made by the terms of reference of the Commission,it is stated,
a League Commission of five members, with the nor would that body have the right to interfere with
3836
FINANCIAL CHRONICLE
[Vol,. 133.
the military arrangements of either party. The eign Affairs are still to be filled. Funds were placed
President of the Council is instructed to follow up at the disposal of the military junta Sunday by the
Bank of Commerce and Agriculture, while a similar
the question and submit it afresh if necessary.
Gov- offer by the Bank of Salvador was declined. LieuIn announcing the acceptance of the Chinese
ernment,Dr.Alfred Sze stated, Thursday,that China tenant Joaquin Castro Canizales, a member of the
would hold to its treaty rights. "China understands military directorate, stated Sunday that the group
and expects," he said, "that the inquiry commission will remain in power only as long as circumstances
will make it its first duty to inquiry into and report require. The question of recognition of the new
with recommendations on the withdrawal of Japa- regime was considered at Washington, Monday.
nese forces, if such withdrawal has not already been Secretary of State Stimson said that the United
completed when the commission arrives on the States would proceed slowly in this matter, as the
ground." Ambassador Yoshizawa presented a verbal State Department would need full information in
reservation in behalf of the Japanese Government. order to decide whether recognition could be acReferring to the "bandit problem," he said his Gov- corded under the terms of the Central American
ernment understood that the resolution "is not in- treaty of 1923, by which the United States is morally
tended to preclude Japanese forces from taking such bound, along with the Central American republics,
action as may be rendered necessary to provide not to recognize any Government among them that
directly for protection of Japanese lives and property came into power as a result of a revolutionary overthrow.
in Manchuria."
In a formal statement issued Thursday, Secretary
The Bank of Germany on Dec. 10 reduced its disof State Stimson expressed gratification over the
resolution count rate from 8% to 7%, and its Lombard rate
adoption by the League Council of the
designed to conciliate the Chinese and Japanese from 10% to 8%. Rates are 8% in Austria and
Governments. "The ultimate solution of the Man- Hungary; 7% in Germany, Portugal and Italy;
/
1
2
churian problems must be worked out by some process 6 % in Spain and Ireland;6% in Norway, Sweden,
of agreement between China and Japan themselves," Denmark, Danzig and in England; 3% in Holland;
/
1
2
/
Mr. Stimson said. "This country is concerned that 2 % in Belgium, and 212% in France and Switzerthe methods employed in this settlement shall, in land. In the London open market discounts for short
/
harmony with the obligations of the treaties to which bills yesterday were 534@6%,the same as on Friday
/
we are parties, be made in a way which shall not of last week, and for three months' bills 534@6%,
endanger the peace of the world and that the result the same rates as the previous Friday. Money on call
14%. At Paris the open
shalr. _,ot be the result of military pressure." It was in London on Friday was 3/
/
added, however, that the United States, as one of the market rate continues at 178%, but in Switzerland
signatories of the Kellogg-Briand pact and the Nine- the rate has been reduced 1/16 of 1%,to 1 13/16%.
Power Treaty, cannot disguise its concern over the
The Bank of England statement for the week ended
events which have occurred in Manchuria. "The
Dec. 9 shows a loss of £82,104 in gold holdings, and
American Government will continue to follow with
solicitous interest all developments in this situation as this was attended by an expansion of £393,000 in
In the light of the obligations involved in the treaties circulation reserves increased £475,000. Gold holdto which this country is a part," the Secretary ings now aggregate £121,517,240, compared with
declared.
£152,448,776 a year ago. Public deposits rose £2,The difficult position in which the civilian govern- 080,000 and other deposits fell off £11,789,348. The
ment of Japan has been placed by the military group latter consists of bankers' accounts and other accounts
in that country was reflected, yesterday, in reports which decreased £11,036,228 and £753,120 respecfrom Tokio that Premier Reijiro Wakatsuki and his tively. The reserve ratio increased to 30.28% from
Minseito Party Cabinet would resign. The decision, 28.44% a week ago. Last year it was 43.03%.
which was considered inevitable, was reached in a Loans on Government securities decreased £9,400,000
Cabinet meeting which began Thursday night and and those on other securities increased £200,543.
continued until early yesterday, dispatches said. "A Other securities include discounts and advances,
significant fact," a report to the New York "Times" which rose £206,581 and securities which fell off
said,"was the absence of Kenzo Adachi,the Minister £6,038. The discount rate remains 6%. Below we
of the Interior, and leader of the Minseito party, furnish a comparison of the different items for five
whose efforts to form a national ministry able to years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
control the army had been responsible for the crisis."
1928
1929
1931
1930
1927
Dec. 11.
Dec. 12.
Dec. 9.
Dee, 10.
Dec. 14.
£
£
2
£
£
Circulation a
358,851,000 364,473,686 365,158,000 374,821,061 137,248,625
Public deposits
10,673,000 5.891,396 8,860,000 7,628,750 8,721,037
Other deposits
113,683,074 105.595.839 94,471,617 104,146,132 101,841,787
Bankers' accounts 75,139,775 72,112,383 58.072,562
Other accounts— 38,543,299 33,483,456 36.399,055
Gov't securities-- 60,615,906 54.291,247 60,663,855 59,106,855 41,348,992
Other securities__ 43.951,487 27,102,711 28,297,956 28,195,160 54,744,306
Disc.& advances_ 12,550,675 4,911.422 8,827.605
Securities
31,400,812 22,191,289 19,470,351
Res've notes & coin_ 37,666,000 47,975,090 32,274,000 42,369,995 32,410,069
Coln and bullion_121,517,240 152,448,776 137,434,418 157,191,056 149,908,694
Prop,of res. to llab_
30.28%
43.03%
31.23%
37%
295-16%
Bank rate
3%
6%
5%
4;4%
4%
Revolutionary activities in the Central American
Republic of El Salvador, which resulted in the overthrow of the Government headed by President Arturo
Araujo, Dec. 3, proved completely successful. Senor
Araujo resigned his office on the following day and
fled to Guatemala, leaving the military directorate
that engineered the coup in control of the situation.
General Max H. Martinez, who was Vice-President a On Nov.29 1928 the fiduciary currency was amalgamated with Bank of England
and Secretary of War in the Araujo Administration, note issues, adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
was chosen to succeed the deposed President, and a
new Cabinet was named last Saturday. It includes
The Bank of France statement for the week ended
Colonel Joaquin Valdes 'as Secretary of War, Gen- Dec. 4, records an increase in gold holdings of 109,eral Salvador Castaneda as Secretary of the Interior, 442,390 francs, raising the total of the item up to
and Pedro S. Fonseca as Assistant Secretary of the 67,953,568,393 francs. Gold at the corresponding
Treasury. The portfolios of the Treasury and Forweek last year stood at 52,351,980,490 francs and the
DEC. 12 1931.]
FINANCIAL CHRONICLE
3837
4
1
/
$600,000,000 in one-year Treasury notes with 3 %
coupons. Closing of the books was announced on
Thursday, and the different issues were moderately
oversubscribed. One year notes were offered rather
than certificates with a similar maturity, because
notes are eligible for purchase by the Treasury for
sinking funds. No great strain on the market will
result from this financing, it is stated, as the money
is needed chiefly for refunding of $995,000,000 in
certificates and notes due Dec. 15.
Call loans on 'the New York Stock Exchange were
again quoted all week at the undeviating figure of
2
1
/
2 %,both for renewals and new loans. In the outside market funds were available at 2% Monday and
Tuesday, but there were no offerings at a concession in the three subsequent sessions. Withdrawals
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
Thursday were estimated at more than $25,000,000,
Dec.4 1931.
Dec. 5 1930.
for Week.
Dec.6 1929.
Francs.
Francs.
Francs.
Francs.
this being the first occasion in some time on which
Gold holdings--- -Inc. 109,442,390 67,953,568,393 52,351,980,490 41,131,408,572
loans were unCredit bale. abr'd- Inc.219,000,000 16,159,708,515 6,912,167,374 7.167,641,236 they were more than nominal. Time
a French nommen
bills discounted_Dec.1473000,000 6,292,011,239 7,106,556,190 8,405,623,305 changed. Brokers' loans against stock and bond
Willis bought abedDec. 46,000,000 8,286,684,689 19,141,701.645 18,752,063,114
Adv.agst.secure_Inc. 113,000,000 2,844,676,136 3,000,147,422 2,669,886,719 collateral were down $30,000,000 for the week to
Note circulation_ _Inc. 479,000,000 83,021,657,275 75,838,195,445 67,291,168,395
Cred. curs. acc'ta_Dee.1604000,000 29,737,291,573 22,421.267,039 20,028,210,547 Wednesday night, according to the usual statement
Propos. of gold on
hand to sight Mof the Federal Reserve Bank of New York. Gold
60.26%
Willies
0.69%
47.10%
Inc.
53.28%
movements for the same period consisted of imports
a Includes bills purchased In France. b Includes bills discounted abroad.
of $4,901,000, exports of $1,747,000, and a net decline of $2,202,000 in the stock of the metal held
The Bank of Germany statement for the first week
earmarked for foreign account.
of December shows a gain in gold and bullion of 188,000 marks. Total gold holdings are now 1,005,116,Dealing in detail with call loan rates on the Stock
000 marks, which compares with 2,190,277,000
2
1
/
Exchange from day to day, 2 % was again the
marks a year ago and 2,244,643,000 marks two years
through the week, both for reruling quotation all
ago. Increases appear in reserve in foreign currency
newals and for new loans. Transactions in time
of 196,000 marks, in silver and other coin of 14,988,money the present week have again been small, and
000 marks, in notes on other German banks of 2,it is practically impossible to get bids. No quota974,000 marks, in investments of 4,000 marks and
tions are available on loans for 30 to 60 days. Rates
in other liabilities of 23,592,000 marks. Notes in
2
1
/
for all other dates remain at 3@3 %. Prime comcirculation reveals a reduction of 49,027,000 marks
mercial paper continued in good demand this week,
bringing the total of the item down to 4,591,576,000
but there is still an inadequate supply of paper.
marks, as compared with 4,439,589,000 marks the
Rates remain unchanged. Quotations for choice
same time last year and 4,684,044,000 marks the year
names of four to six months' maturity are 34@
before. A decrease is shown in bills of exchange and
2
1
/
Names less well known are 4 %. On some
checks of 53,218,000 marks,in advances of 63,392,000 414%.
class 90-day paper occasional transactions
high
marks, in other assets of 17,311,000 marks and in very
2
1
/
at 3 % continued to be noted.
other daily maturing obligations of 90,136,000 marks.
The item of deposits abroad shows no changer The
The market for prime bankers' acceptances has
—
proportion of gold and foreign currency_to note shown moderate activity this week. The supply of
circulation stands this week at 25. %,compared with bills has been good and the demand has been some6
61.4% a year ago and 56.4% two years ago. A com- what better than last week. Rates remain unchanged
parison of the various items for three years is shown from last week. The quotations of the American
below:
4
1
/
Acceptance Council for bills up to 90 days are 3 %
REICHSBANK'S COMPARATIVE STATEMENT.
/
Changes.
bid, 3% asked; for four months' bills, 314% bid, 3%
Dec. 7 1931. Dec. 6 1930. Dec. 7 1929.
for Week.
/
Assets—
Reich:marks.
Rekhsmarks. Reichsmark,,. Reichsmark.. asked; for five and six months, 37
8%
/ bid and 358%
Inc.
188.000 1,005,116,000 2,190,277,000 2,244,643,000
Gold and bullion
Unchanged
Of which depos.abed.
84,458,000 222.017.000 149,788,000 asked. The bill buying rate of the New York Reserve
196,000 170,466,000536,922.000 398.784,000
Reeve In torn curs-- Inc.
Bills of exch. & checksDec. 53,218,000 3,903,847,000 2.014866:255292..000000 2,289,877,000 Bank remains unchanged at 3% on maturities up to
Silver and other coin_ _Inc. 14,988,000 122,246,000
94,138,000
Notes on oth.Ger.blia_Inc. 2,974,000
5,145,000
/
12,346.000
12,352,000 45 days and at 31 8% on maturities of 46 to 90 days.
Advances
Dec. 63,392,000 190,882.000
75.733,000
57.082,000
Investments
Inc
4,000 102,889,000 102,474,000
92,558,000 The Federal Reserve banks show a further decrease
Other assets
Dec. 17,311,000 853,754,000 405,700,000 665,230,000
Liabilities-this week in their holdings of acceptances, the total
Notes In circulation_ _Dec. 49,027,000 4,591,576,000 4,439,589,000
Oth.dally matur.oblig.Dec. 90,136,000 415.950,000 344,410,000 4,684.044,000
438,732,000
fallen from $423,407,000 'to $389,219,000.
Other liabilities
Inc. 23,692,000 904,488,000 320,307,000 189,502,000 having
Prop. of gold and torn
Their holdings of acceptances for foreign correspondourr,to note circTn.Inc.
25.6%
0.3%
61.4%
56.4%
ents further increased from $134,053,000 to $168,486,000. Open market rates for acceptances are as
Money market interest centered, this week, in the
new Treasury offering of $1,300,000,000 in certifi- follows:
SPOT DELIVERY.
cates and notes due from six months to one year.
—180 Days— —150 Dans— —120 Days—
Bid. Asked.
Bid. Asked.
Bid. Asked.
Satisfaction was general over the decision of the Prime eligible bills
394
834
3
394
314
814
Days-- —SO Dayt-—90Days-- —60
Treasury to raise needed funds by means of shortBid. Asked.
Bid. Asked.
814. Asked.
3
334
3
1134
term issues rather than long-term bonds, and rates Prime eligible bills DELIVERY WITHIN THIRTY DAYS. 334 3
FOR
also were considered good. The offering comprised Eligible member banks
314 bid
banks
3%
$300,000,000 in six months certificates of indebted- Eligible non-meinber
ness with 2%% coupons;$400,000,000 in nine months
There have been no changes this week in the rediscertificates of indebtedness with 3% coupons, and count rates of the Federal Reserve Banks. The
year before at 41,131,408,572 francs. French commercial bills discounted and creditor current accounts
declined 1,473,000,000 francs and 1,604,000,000
francs, while advances against securities went up
113,000,000 francs. Notes in circulation reveal an
increase of 479,000,000 francs, raising the total of the
item up to 83,021,657,275 francs. Total circulation
last year was 75,838,195,445 francs and the year
before 67,291,168,395 francs. Credit balances
abroad show a gain of 219,000,000 francs, while bills
bought abroad fell off 46,000,000 francs. The proportion of gold on hand to sight liabilities this week
is 60.26%, which compares with 59.57% a week ago
and 53.28% a year ago. Below we furnish a comparison of the various items for three years:
3838
FINANCIAL CHRONICLE
[VoL. 133.
following is the schedule of rates now in effect on Saturday stating that-it seems probable that the
for the various classes of paper at the different Bank of England may decide to pay off the balance
Reserve Banks:
of its Federal Reserve and Bank of France credits in
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES gold next January, and that if this decision is taken
AND MATURITIES OF ELIGIBLE PAPER.
the Bank of England will be obliged to increase its
fiduciary issue by the amount of such payments. The
Raft in lifTea
Dais
Pratfalls
Federal Ramie Ranh.
on Dec. 11.
Rale.
Established.
market was informed that the decision would probably
Boston
214
314
Oct. 17 1931
New York
be made on Dec. 14 in order to take care of the
214
334
Oct. 16 1931
Philadelphia
a
314
Oct. 22 1931
Cleveland
3
834
Oct. 24 1931
seasonal increase in circulation and that the fiduRichmond
a
4
Oct. 20 1931
Atlanta
a
Nov. 14 1931
334
ciary circulation increase would continue until such
Chicago
Oct. 17 1031
1134
234
St. Louis
214
334
Oct. 22 1931
time as the bank purchases more gold.
Minneapolis
1930
4
334
Sept. 12
Kansas City
3
334
Oct. 23 1931
London dispatches would have us believe that the
Dallas
3
4
Oct. 21 1981
San Francisco
834
214
Oct. 21 1931
question at issue is merely a technical device and
does not involve any inflation either way, but this
Sterling exchange is under more severe pressure does not deceive anyone and the "psychological effect
than at any time since the suspension of gold payments upon nervous European bankers" is certainly bad.
by London. The range this week has been from 3.233 The market is still very much in doubt as to what
%
to 3.33h for bankers' sight bills, compared with 3.29 course the Bank of England may take on Dec. 14
to 3.54 last week. The range for cable transfers has regarding the fiduciary issue. Opinion on the subbeen from 3.243 to 3.3332, compared with 3.293/ to ject is further divided in view of the fact that this
3.543 last week. The most severe break in sterling week's statement of the Bank of England shows con4
took place in Monday's trading, when the rate broke siderable improvement. There can be hardly any
into new low ground of 3.241 1, a decline of 6 cents doubt that the Bank will extend the present fiduciary
/
from Saturday's close. This compares with the post- issue, which amounts to £275,000,000, but doubt
war low of 3.18, touched on Feb. 4 1920. There is arises as to whether or not it will increase the issue
really nothing new in the sterling situation. Some temporarily in order to take care of the seasonal
weeks ago it was stated here that the London market expansion in circulation due at the end of the year.
was then expecting the rate to go lower and it would Were it not for the fact that the Bank of England
seem that London is rather indifferent to the fluctua- has credits outstanding with the Bank of France and
tions of the pound. All important factors bearing on the Federal Reserve Bank, it is believed in important
sterling are apparently unchanged since the middle of quarters that there would be no necessity for increasSeptember. Aside from the fact that this is the season ing the fiduciary issue. The present reserves of
of greatest pressure on sterling, exchange is lower this 07,667,000 are sufficient, it is stated, to provide
week because the pound was sold in all markets when- for a temporary increase in circulation. If the Bank
ever possible, as many large holders of sterling show decides to retire its credits by a gold payment, an
themselves anxious to realize even at a great loss. increase in the fiduciary issue will undoubtedly be
This attitude is probably intensified at the present necessary some time in the near future. Gold contime owing to the necessity which many bankers and tinues to sell at a high price in London. On Saturothers are under to realize in order to meet year-end day last gold was quoted at 124s. id., on Monday
settlements. The pressure on sterling is also intensi- at 126s. 2d., on Tuesday at 126s. 10d., on Wednesfied owing to large imports of foodstuffs and raw day at 126s. 6d., but dropped on Thursday to 125s.
materials in England and imports of many classes of 3d., and on Friday to 125s. This week the Bank of
goods in excessive amounts to anticipate higher England shows a decrease in gold holdings of £82,104,
British tariff charges. Since gold is not exported auto- the total standing at £121,517,240 on Dec. 9, which
matically to ease this condition such seasonal imports, compares with £152,448,776 on Dec. 10 1930.
together with dumping of foreign goods in the British
At the Port of New York the gold movement for
market, exert an unusual influence on the exchange the week ended Dec. 9, as reported by the Federal
rate.
Reserve Bank of New York, consisted of imports of
figures just published show the effect $4,901,000, of which $2,035,000 came from Colombia,
British trade
of the dumping in November. A preliminary report $1,994,000 from Canada, $373,000 from England,
of the British Board of Trade shows that total $161,000 from Mexico, $136,000 from Straits Settleimports for November amounted to £83,231,000, ments, and $202,000 chiefly from Latin American
compared with £80,684,000 for October and £68,- countries. Gold exports totaled $1,747,000, of which
317,000 for September. Part of the October increase $800,000 was shipped to France, $720,000 to Holwas due to seasonal factors and part to dumping, but land, $198,000 to Italy, and $29,000 to other Eurothe November increase is believed to be attributable pean countries. There was a decrease of $2,202,000
entirely to dumping in anticipation of the tariff. in gold earmarked for foreign account. In tabular
Imports during November normally show a decline form the gold movement at the Port of New York
from October. Exports followed seasonal trends, for the week ended Dec. 9, as reported by the Federal
declining to £31,863,000 from £32,832,000 in October, Reserve Bank of New York, was as follows:
while re-exports dropped to £4,967,000 from £5,- GOLD
-DEC. 9, INCL.
MOVEMENT AT NEW YORK, DEC. 3
276,000. Decline in these two items came as no
Importe.
Exports
surprise to banking circles. An eventual increase in $2,035,000 from Cclombia
8800,000 to France
exports is hoped for by British traders through lower 1,994.000 from Canada
373.000 from England
720,000 to Holland
Mexico
production costs in England made possible by the ,161,000 from Straits Settlements 198,000 to Italy European counfrom
136,000
29,000 to other
drop in sterling, but it has been pointed out repeatedly
202,000 chiefly from Latin
tries
American countries
that the benefit to the export trade, should it really
31,747,000 total
develop, will take some months to become effective. $4,901,000 total
Probably one circumstance causing pressure on sterlNet Change in Gold Earmarked for Foreign Account.
ing during the week was found in London dispatches
Decrease: $2,202,000
DEC. 12 1931.]
FINANCIAL CHRONICLE
3839
On Thursday $2,254,200 in gold was received from from New York to Paris have again begun. It may be
England and $240,900 from India. There were no recalled that mark cable transfers closed on Friday of
shipments of the metal or change in gold earmarked last week at 23.50, a sharp drop from the previous
for foreign account on that day. Yesterday gold ex- week, when they closed at 23.78. The market was
ports totaled $2,450,600, of which $2,015,600 was shocked on Saturday last when the mark dropped to
shipped to France, $235,000 to Holland, $150,000 to 23.25. The rate was off again on Monday to 23.00.
Belgium and $50,000 to Switzerland. There were no The range on Tuesday was from 22.95 to 23.25. On
imports or change in gold earmarked for foreign ac- Wednesday the rate moved up to between 23.60 and
count. During the week, approximately $1,811,000 23.65, around which it continued steady. It must be
of gold was received at San Francisco from Japan.
remembered in examining these quotations that the
Canadian exchange this week has been at a more market for German currency is largely nominal. The
severe discount than at any time since Great Britain attention of the foreign exchange market is turned
went off the gold standard in September. On Satur- almost entirely toward Germany due to the two conday last Montreal funds were at a discount of 153%, ferences which are now taking place affecting reparaon Monday at 16%, on Tuesday at 16/%,on Wed- tions and private debts. Cable advices regarding the
1
nesday at 163%, on Thursday at 16%%, and on preliminary discussions on the short-term German
Friday at 174%. As noted above, $1,994,000 gold debts indicate that harmony exists among the Ameri3
was received from Canada on Tuesday, which repres- can, British, French, Dutch, and Swiss bankers who
ents another shipment for service of Government have proceeded to Berlin for actual negotiations.
debts in the United States. On October 19 Premier Local bankers are firm in the belief that another exBennett through an Order in Council prohibited the tension, at least of the "standstill agreement," must
export of gold from Canada except under Federal be effected. The present agreement expires on Feblicense. It was explained at the time that interest on ruary 29 and it is obvious that measures must be
federal, provincial, and municipal issues and on gov- taken to safeguard Germany against another great
ernment guaranteed issues in the United States would withdrawal of foreign credits. The German governbe paid in gold. This metal, it is understood, is ob- ment and bankers have given every indication of
tained through receipts of newly mined gold from the their desire to meet their foreign obligations, it is said
Canadian mines, the output of which is estimated at here, but complete repayment of the short-term debt
about $5,000,000 a month. Thus far this month immediately is an impossibility and must be spread
Canada has shipped $2,092,100 to New York. The over a period of time.
amount sent in November was $6,089,000 and in
The task of the present committee will be largely
October was $5,264,000. Sir Charles Gordon, Presi- that of formulating a procedure of gradual liquidadent of the Bank of Montreal, said at the annual tion which will best meet the requirements of both
meeting of the stockholders of the bank on Monday debtor and creditor. Chancellor Bruening's governthat Canada's problems had been small when com- ment has issued a new series of decrees having an
pared with those which have beset other nations in important bearing on the business and economic
the general depressed economic conditions of the past affairs of Germany, such as cuts in rents, commodity
year. At the same time he said it was necessary for prices, wages, salaries, interest rates. The new defederal, provincial, and municipal authorities to cur- crees are given in greater detail in another column.
tail expenditures. Canada's large foreign obligations, As a result of the decrees or in keeping with their
he said, tended to prevent an early return of the spirit the Reichsbank has reduced its rediscount rate
Canadian dollar to par.
from 8% to 7%. The private banks have reduced
Referring to day-to-day rates, sterling exchange on overdraft charges from 12% to 10%, and credit
Saturday last was under pressure. Bankers' sight interest from 5% to 4%. The Lombard rate, interest
was 3.2891@3.303; cable transfers, 3.294@3.314. on security loans, is reduced by decree from 10% to
1
1
1
On Monday there was heavy selling of sterling in 9%. A decree also provides for the issuance of new
most markets. The range was 3.23%@3.263 for 4-pfennig coins, worth approximately 1 cent. A new
1
bankers' sight and 3.24W @3.263/ for cable transfers. German coinage program calls for the minting of
On Tuesday the pressure eased slightly. Bankers' 100,000,000 marks of silver coin requiring 8,000,000
4
sight was 3.251 @3.26; cable transfers, 3.25Y)@, ounces of metal. The silver is already in hand. Since
3.26/. On Wednesday sterling displayed a better August 1 approximately 6,500,000 ounces have been
3
1
tone. The range was 3.27@3.32Y for bankers' shipped to Germany from New York and it is undersight and 3.27%©3.32% for cable transfers. On stood that London has supplied about 2,000,000
3
Thursday exchange was steady. The range was ounces. The Reichsbank statement for the week end1
3.28yCO3.31% for bankers' sight and 3.294@3.32 ing December 7 shows some improvement. Gold coin
1
3
for cable transfers. On Friday the range was 3.313' and bullion increased 188,000 marks, while reserves in
et3.333 for bankers' sight and 3.31@3.333 for foreign currency increased 196,000 marks. Total gold
cable transfers. Closing quotations on Friday were holdings are now 1,005,116,000 gold marks. The
3.329i for demand and 3.33 for cable transfers. ratio of reserves held against outstanding notes is
.
Commercial sight bills finished at 3.31; 60 day bills 25.6%. The present reserve ratio compares with
at 3.27; 90 day bills at 3.25; documents for payment 25.3% a week ago, with 30.1% two months ago, and
(60 days) at 3.27, and seven day grain bills at 3.31. with 31.2% on September 30.
Cotton and grain for payment closed at 3.31.
French francs have been steady the greater part
of the week and in Thursday's trading French cable
Exchange on the Continental countries presents transfers were carried up to 3.93U, thus approachseveral conflicting trends this week. German marks ing the gold export point of 3.93. According to
fluctuated widely and moved down to extremely low foreign exchange brokers there were practically no
levels in the early part of the week but recovered con- offers in the future market for francs and the only
siderably later. Meanwhile French francs have quotations available were bid prices. Three-months
firmed up to a point where renewed exports of gold francs were bid 13( points premium. Many bankers,
3840
FINANCIAL diERONICLE
however, doubt the probability that the franc will
in the immediate future reach a point where it will
be profitable to send gold from New York to Paris.
Now that confidence in the dollar is restored in all
European centers there is a very evident tendency
for European funds to seep into the New York
market for investment opportunities. This week the
Bank of Prance shows an increase in gold holdings
of 109,442,390 francs, the total standing at record
high figure of 67,953,568,393 francs on Dec. 4, which
compares with 52,351,980,490 francs on Dec. 5 1930,
and with 28,935,000,000 francs in June 1928, following stabilization. The Bank's ratio also stands at
the record high figure of 60.26%, which compares
with 59.57% on Nov. 27, with 53.28% a year ago,
and with legal requirement of 35%.
Italian lire are steady. Italian circles report that
the banking position of their country has been considerably improved through the recent formation of
the Institute Mobiliare Italian°, or Italian Security
Institute. This is a semi-official body designed to
relieve the banks of security holdings which had rendered the banking position somewhat unliquid. It
has been explained that the Italian public does not
favor industrial issues as investments, regardless of
the soundness of the individual issues. A ready
market is to be found, however, for government
issues, such as the recent 5,000,000,000 lire internal
loan, which was heavily oversubscribed. Under the
new system instead of companies attempting to float
industrial issues through the medium of the banks
as heretofore, a concern in need of long-term funds
for example, will apply to the Mobiliare, which will
then issue its own securities to the market. The
plan is likely to meet with popular favor as the securities will be in a sense government securities.
The London check rate on Paris closed at 84.68
on Friday of this week, against 85.31 on Friday of
last week. In New York sight bills on the French
centre finished on Friday at 3.92 13-16, against
3.91 11-16 on Friday of last week; cable transfers at
3.92% against 3.913 , and commercial sight bills at
4
3.92% against 3.91%. Antwerp belgas finished at
13.903/b for bankers' sight and at 13.91 for cable
transfers, against 13.883/i and 13.89. Final quotations for Berlin marks were 23.73 for bankers' sight
bills and 23.75 for cable transfers, in comparison
with 23.48 and 23.50. Italian lire closed at 5.15%
for bankers' sight bills and at 5.16 for cable transfers,
4
against 5.123 and 5.13. Austrian schillings closed
at 14.15 against 14.15; exchange on Czechoslovakia
at 2.963' against 2.963/2; on Bucharest at 0.593/
against 0.593/2; on Poland at 11.22, against 11.22,
and on Finland at 1.72 against 1.75. Greek exchange
closed at 1.28% for bankers' sight bills and at 1.2
83/i
for cable transfers, against 1.28% and 1.28%.
Exchange on the countries neutral during the war
presents no new features of importance. Holland
guilders and Swiss francs are steady and both units
are ruling well above par. These two currencies might
be ruling still higher with respect to the dollar, as they
are in demand in all markets to secure anchorage for
foreign funds, but for the fact that there is an outflow
of Swiss and Dutch funds to this side for purposes of
investment. This movement is more conspicuous in
guilder funds than in Swiss. The Scandinavian currencies have fluctuated rather widely and are generally much easier as they move in response to the swings
in sterling. Owing to the low points touched in sten.
[Vor.. 133.
ling the Scandinavians went to record lows on the
present movement.
Bankers' sight on Amsterdam finished on Friday
at 40.44, against 40.31; cable transfers at 40.45,
against 40.32, and commercial sight bills at 40.25,
against 40.10. Swiss francs closed at 19.48 for
checks and at 19.483' for cable transfers, against
19.463/ and 19.47. Copenhagen checks finished at
18.30 and cable transfers at 18.35, against 18.35
and 18.40. Checks on Sweden closed at 18.02 and
cable transfers at 18.07, against 18.35 and 18.40,
while checks on Norway finished at 18.30 and cable
transfers at 18.35, against 18.35 and 18.40. Spanish
pesetas closed at 8.283 for bankers' sight bills and
2
.
at 8.29 for cable transfers, against 8.34 and 8.343/
Exchange on the South American countries shows
no new factors from the past several months. Practically all are held steady through the operations of
exchange control committees instituted by the various Governments. In many cases the foreign exchange market is nominal and largely non-existant
due to moratorium decrees. Argentine business
houses complain that their export operations have
been hampered and general business injured by the
artificial control of exchange. Rising or improved
prices in other world markets, decreased value of
sterling and official forecast of smaller crops in Argentina at the next harvests, and the fact that the corn
stock is almost depleted, all bullish factors, have
failed to affect the abnormal situation in Argentine
grain markets. Short speculators are favored in
their successful efforts to depress prices by the absence
of export demand. This absence is reported to be
traceable to the continued artificial control of exchange. Peruvian exchange has not been quoted
for some time past. This week the Institute of
International Finance, conducted by the Investment Bankers' Association, issued a bulletin on
Peru, setting forth the economic and financial position of that country and discussing in detail its recent political history, from which it is concluded that
little progress can be made towards a definite solution of Peru's debt problem until the political conditions become more stable, the Government succeeds
in reducing expenditures and the market prices of
Peru's principal export commodities improve sufficiently to provide the necessary foreign exchange.
Argentine paper pesos closed on Friday at 25 15-16
for bankers' sight bills, against 25 15-16 on Friday of
last week, and at 26.00 for cable transfers, gaainst
26.00. Brazilian milreis are nominally quoted 5.95
for bankers' sight bills and 6.00 for cable transfers,
against 5.95 and 6.00. Chilean exchange is nominally quoted 123' against 123/s. Peru not quoted.
Exchange on the Far Eastern countries is quiet and
on the whole steady. In all important respects these
units have been unchanged for several months past,
at least since September. This week the Chinese units
have been steady, corresponding to the tone of the
silver market. Japanese yen are exceptionally steady
considering the many commercial and financial problems which Japanese business men have been called
upon to face since mid-September-the drop in
sterling, the stagnation of both domestic and foreign
trade, the Manchurian complications, the extensive
Chinese boycott and the excessively large gold exports
representing flight of the yen to other fields where
interest rates are more attractive. There have been
DEC. 121931.]
FINANCIAL CHRONICLE
repeated rumors that Japan might be forced off the
gold basis but these have been frequently denied in
official quarters. On Saturday of last week Junnosuke
Inouye, Japanese Minister of Finance replied to a
United Press correspondent, "I do not believe Japan
is going to abandon the gold standard. Our finances
have been put upon a secure basis by the retrenchment policy we adopted, and in the past three years
we have cut down our expenditures by some 328,000,000 yen, or about $164,000,000." At present a
cabinet crisis threatens and it appears possible that
the finance minister may be forced out. Hitherto his
stern financial policies have been hailed as the country's salvation but they now seem to be much less
popular. The slump in sterling brought the issue into
sharp relief. Many business concerns seem to be short
of yen exchange and a strong element is clamoring for
a gold embargo. According to Osaka dispatches an
embargo is possible before the end of the year.
Closing quotations for Japanese yen checks yester4
4
day were 48 7-16 © 493 against 49.60 @ 493 .
1
closed at 2534 @ 25 7-16 against 24W
Hongkong
24 7-16; Shanghai at 333' © 34.00, against 31% ©
A
321 ; Manila at 494, against 49%; Singapore at
8
,
41 8, against 42%; Bombay at 253/ against 25.95,
and Calcutta at 253/8, against 25.95.
3841
-The Annual MesMr. Hoover's Diagnosis
sage and Financial Proposals.
Any one who reads attentively Mr. Hoover's annual message to Congress is likely to note the
emphasis given to two propositions, one of which,
while doubtless an accurate representation of his
own opinion, is open to serious question as a piece
of diagnosis, while the other points to a situation
quite different in practice from what it is in theory.
The first is the assumption that the business and
financial plight in which the United States unhappily finds itself at the present moment is due primarily to events abroad. "The chief influence
affecting the state of the Union during the past
year," Mr. Hoover declares,"has been the continued
world-wide economic disturbance. Our national concern has been to meet the emergencies it has created
for us and to lay the foundations for recovery."
"Although some of the causes of our depression," he
remarks later, "are due to speculation, inflation of
securities and real estate, unsound foreign investments and mismanagement of financial institutions,
yet our self-contained national economy, with its
matchless strength and resources, would have enabled us to recover long since but for the continued
from abroad. . . .
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE dislocations, shocks and set-backs
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
financial resources to work and
If we can put our
DEC. 5 1931 TO DEC. 11 1931, INCLUSIVE.
can ameliorate the financial situation in the railNoon Buying Rate for Cable Transfers in New York,
ways, I am confident we can make a large measure
Value in Untted Stales Money.
Country and Monetary
9. Dec. 10. Dec. 11.
of recovery independent of the rest of the world. A
Dec. 5. Dec. 7.1 Dec. 8. Dec.
8
$
strong America is the highest contribution to world
$
$
$
$
EUROPE138821 .189364 .139521 .139507 .139568 .193478
Austria, schilling
stability."
138368 .133984 .138983 .139028 .139068 .139166
Belgium, beige
007150 .007150 .007162 .007120 .007150 .007150
Bulgaria. ley
Czechoslovakia, krone .029622 .029628 .029627 .029625 .029625 .029629
It is strange that Mr. Hoover, in pursuance of his
.181705 .179676 .179588 .181005 .181138 .182452
Denmark, krone_
constitutional duty to lay before Congress informaEngland, pound
3.296071 3.257023 3.255535 3.281964 3.299285 3.315773
sterling
.017937 .017912 .017925 .017875 .017644 .017394
Finland, markka
tion regarding the state of the Union, should have
.039161 .039158 .039149 .039186 .039280 .039290
France, franc
Germany, relchsmark .230872 .229750 .229740 .234626 .235831 .236745
approached the task with what stands out as a singu.
.012877 .012884 .012891 .012880 .012883 .012883
Greece, drachma
Holland, guilder._ -- .402645 .402815 .403347 .403147 .403545 .404025
lar confusion of thought. No one will question that
174560 .174383 .174400 .174683 .174642 .174608
Hungary. pengo
.050988 .050907 .051101 .051400 .051505 .051501
Italy, lira
economic and political disturbances during the past
.181629 .179408 .179235 .180511 .180250 .180205
Norway, krone
.111792 .112000 .112028 .111957 .111957 .111881
Poland, zloty
year in other parts of the world have operated to
.033375 .032800 .031400 .031750 .031875 .031875
Portugal, escudo
005954 .005954 .005958 .005955 .005953 .005948
Rumania,leu
intensify and prolong the business depression here.
.083270 .082740 .082265 .082640 .082732 .083089
Spain, peseta
182012 .179823 .179629 .181147 .181350 .182511
Sweden, krona
The chastening truth of the matter is, however,that
Switzerland, franc.- .194402 .194200 .194395 .194395 .194592 .194802
Yugoslavia. diner-----017797 .017783 .017777 .017800 .017810 .017817
it was the United States, and not Europe, Asia,
ASIAOblnii--1
.327083 .332500 .329791 .330625 .333958 .341668
Africa or South America,that started the great ball
,
Chola teal
322187 .325937 .321406 .322031 .326093 .334062
Hankow teal
318035 .323302 .320089 .318482 .323125 .330357
Shanghai tadl
rolling down hill. The future historian of the world.
328750 .335000 .331458 .332291 .335625 .343333
Tientsin tael
.244107 .244821 .242142 .245535 .250178
Hong Kong dollar.- .241428
wide crisis through which we are passing will have
Mexican dollar- -_. .226875 .230000 .231875 .228750 .231875 .237500
or PelYani:
Tientsin
no choice save to point out that it was the frenzied
.230333 .235000 .236666 .234166 .237500 .242500
dollar
.227500 .231666 .233333 .230833 .234166 .239166
Yuan dollar
speculation in this country in securities and real
.248833 .244833 .244791 .245833 .248000 .247500
India, rupee
.495593 .495343 .495368 .495471 .495396 .487281
Japan, yen
estate, the systematic inflation of the currency, the
(8.8.) dollar .382500 .381875 .375625 .381250 .381250 .381250
Singapore
NORTH AMER.excessive building, the stupendous increase of State
847352 .842867 .834921 .834595 .833970 .832720
Canada, dollar
.999750 .999750 .999750 .999593 .999562 .099562
Cuba, peso
and municipal debts, the heated expansion of proMexico. peso (sliver) .379916 .379416 .380900 .381433 .333233 .385200
Newfoundland dolly' .844750 .839750 .832125 .830750 .831250 .830000
duction, the maintenance of excessive wage scales in
SOUTH AMER.Argentina, peso (gold) .584334 .586328 .585315 .585208 .585686 .583504
important industries, and the general artificial
.062093 .062168 .061787 .062144 .062207 .062118
Brazil, milreis
.120750 .120750 .120750 .120750 .120750 .120750
Chile, peso
stimulation of business in every form that not only
.446000 .446000 .446000 .444333 .444333 .441000
Uruguay, peso
.965700 .965700 .965700 .965700 .965700 .965700
Colombia, peen
paved the way for, but directly encouraged, the collapse of values, the catastrophic shrinkage of manuThe following table indicates the amount of bullion facturing and trade demand, the impairment of
in the principal European banks:
sound banking, the currency disorders, and the vast
unemployment from which the whole world now sufDec. 11 1930.
Dec. 101931.
Banks of
fers. Mr. Hoover's message would have made a far
Gold.
Gold.
Silver,
Silver.
Total.
Total.
better impression if, instead of treating rather incis
.£
England__ 121,517.240
152,448,776
121,517,240 152,448,776
Franco a-- 519,628,547
519,828.547418,815.843
d
418,815,843 dentally the obvious effect of adverse conditions
Germany b 46.032,900 c994,600 47,027,500 102,024.450
994,600 103,019,050
Spain ---- 89.874.000 20.917,000 110,791,000 98.315.000 28,241,000 126,556,000 abroad,in the second year of a great depression which
60,241.000
Italy
60.241.00057,243,000
57,243,000
Nethilands 75,096,000 2,292.000 77,388.000 35.514,000 2.069,000 37.583.000 the United States began, in retarding American reNat. Bldg_ 73,085.000
37,059,000
73,085,000 37,059, II
Switzland. 59.181.000
25,619,000 covery, he had put his finger firmly on the taproot
59,181,000 25,619,000
Sweden_ 11,433.000
13,422.000
11,433.000 13,422,000
9,121,000
Denmark
9,560,000 of the whole difficulty, and made his exposure of a
9,121,000 9,560.000
6,559,000
Norway
8,135,000
6.559,000 8,135,000
regrettable truth the basis of a ringing call to the
Total week 10717686871 24,203.600 1095972 287958,156 069 3l,304,600989,460.669
Prey. week 1090932552 24,179,600 1115112 152958,689:312 31,214,600989,903,912 country to mend its ways.
a These are the gold holdings of the Bank of France as reported in the new form
Nor can Mr. Hoover's allusion to "our self-conof statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £4,229,900. c AP of oet. 7 1924.
tained national economy, with its matchless strength
Is now reported at only a trifling
d Silver
3842
FINANCIAL CHRONICLE
[VOL. 133.
and resources," and "our currency and bank deposits formed very closely to the standard which
he sets up.
. . . protected by the greatest gold reserve in the The message itself enumerates a
considerable list of
world," be regarded as altogether happy. Doubtless things in which the Federal Government
has enthe United States, in comparison with other coun- croached either upon the authority of State
or local
tries,is in an exceptional measure self-contained and communities, or upon the individual
initiative and
the gold reserve an important element of strength. responsibility which Mr. Hoover rightly
points to as
The country might well have been more self-contained inseparable from personal freedom and
liberty. The
and independent, and thus in a better position to Federal unemployment agencies, to
whose "expanhasten its own financial and business recovery, if sion" approving reference is made, have
largely disthe policy of mixing in European affairs which the placed the agencies formerly maintained
by the
Administration seems to favor had not been so per- States. The Federal Farm Board, the most
costly
sistently followed. Mr. Hoover's message seems to and disastrous invasion of individual initiative
and
give a blanket'approval to all the financial negotia- responsibility that the country has yet known, is
tions and operations which have involved the United praised for its services in saving many farm co-operaStates deeply with European Governments and insti- tives from bankruptcy through the grant of credits,
tutions. Referring again to the difficulties of the for enabling them "to cushion the fall in prices of
past year "which have plainly originated in large farm products in 1930 and 1931" by securing higher
degree" from foreign sources, "any effort to bring prices to the farmer "than would have been obtained
'about our own recuperation," he affirms, "has dic- otherwise," and for incidentally averting "'the failure
tated the necessity of co-operation by us with other of a large number of farmers and of country banks."
nations in reasonable effort to restore world confi- Farm Board and banking co-operation in the South
dence and economic stability." Not only has "co- has "materially assisted" the cotton planters by the
operation of our Federal Reserve System and our creation of a pool "for the better marketing of accubanks with the central banks in foreign countries mulated cotton."
. . . contributed to localize and ameliorate a
Instead of leaving the credit situation to be dealt
number of serious financial crises or moderate the with by the banks,a National Credit Association has
pressure upon us and thus avert disaster which would been promoted by Mr.Hoover to support sound banks
have affected us," but "of highest importance," in against withdrawals and hoarding, and it is now
view of the threat of collapse in Germany and Cen- proposed to appropriate further millions for Treastral Europe last June, "was the necessity of co- ury subscriptions to the capital of the Federal Land
operation on our part to relieve the people of Ger- Banks, to set up a system of home-loan discount
many from imminent disasters and to maintain their banks, and to launch an Emergency Reconstruction
important relations to progress and stability in the Corporation, similar to the former War Finance Corworld." The latter part of this declaration is posi- poration, with the capital subscribed by the Treastively startling,implying as it does nothing less than ury, and empowered to "facilitate exports by Amerian obligation, in Mr. Hoover's mind, on the part of can agencies; make advances to agricultural credit
the "self-contained" United States to step in when- agencies where necessary to protect and aid the agriever there is a crisis and help other nations to keep cultural industry; to make temporary advances upon
going. The "matchless strength and resources" of proper securities to established industries, railways
the country have already been seriously undermined and financial institutions which cannot otherwise
by this policy, and they will continue to weaken as secure credit, and where such advances
will protect
long as the policy is followed.
the credit structure and stimulate employment;" in
The second proposition has to do with Mr. Hoover's short,"by strengthening
the weak spots to thus liberfamiliar insistance upon local initiative and indi- ate the full strength of the nation's resources." And
vidual responsibility as against Federal interposi- yet Mr. Hoover,in prefacing his specific recommention. "It is inevitable," he says in the concluding dations to Congress, insists that while the recomportion of his message, "that in these times much of mendations are designed to meet the national needs
the legislation proposed to the Congress and many "by strengthening financial, industrial and agriculof the recommendations of the Executive must be tural life through the medium of our existing institudesigned to meet emergencies. In reaching solutions tions," 'they are nevertheless "to avoid the entry of
we must not jeopardize those principles which we the Government into competition with private busihave found to be the basis of the growth of the nation. ness."
The Federal Government must not encroach upon
The particular recommendations of the message,
nor permit local communities to abandon that supplemented or elaborated as some of them are in
precious possession of local initiative and responsi- the budget message and The annual report of the
bility. Again,just as the largest measure of responsi- Secretary of the Treasury, are, with some exceptions,
bility in the government of the nation rests upon curiously lacking in definiteness. The country was
local self-government, so does the largest measure already prepared for a substantial increase in taxaof social responsibility rest upon the individual. If tion, and while no one can be expected to relish any
the individual surrenders his own initiative and re- of the increases or revivals which Mr. Mellon outsponsibility, he is surrendering his own freedom and lines, some of the changes were probably inevitable.
his own liberty. It is the duty of the national Gov- The chief criticism,in view of the enormous Treasury
ernment to insist that both the local governments deficit that has to be faced, is that the basis of taxaand the individual shall assume and bear these re- tion has not been still further broadened and that
sponsibilities as afundamental of preserving the very some appalling outlays are not to be stopped. We
basis of our freedom."
must still,'apparently, go on wasting tens of millions
This is sound doctrine, worthy of all acceptation, on the farce of prohibition enforcement, meantime
and Mr. Hoover does well to reiterate it whenever losing the hundreds of millions annually that any
occasion offers. Unfortunate]y, neither Mr. Hoover's rational system of liquor regulation would bring in,
record nor that of the Federal Government has con- while the Emergency Reconstruction Corporation, if
DEC. 121931.]
•
FINANCIAL CHRONICLE
3843
it lives up to its opportunities, may turn out to rival others, the House and Senate convene without very
the Farm Board as an agency of lavish expenditure. specific directions from the people at large.
True, if we allow politics to become a guide, there
The banking recommendations are vague; it is not
made clear how "an extension during emergencies of is what the politicians are wont to consider an inthe eligibility provisions of the Federal Reserve Act" struction, in the increase in Democratic membership
is to be harmonized with the admonition that "noth- in both the bodies. An off-year election is, however,
ing should be done which would lower the safeguards a poor criterion. Issues are usually intensely local.
of the system," and the proposals for "an enlarge- At such a time, if ever, public opinion is not clearly
ment of branch banking under proper circumstances" defined. A nebulous feeling pervades the country,
and for "enlarged membership in the Federal Re- and in the intensified local issues the elected officials
serve System" carry no precise indication of what are only too apt to assume that what they see is that
'Mr. Hoover has in mind'. The railways "should have which the people desire. The new Congress meets,
more effective opportunity to reduce operating costs therefore, mainly uninstructed.
Conditions of depressed business and unparalleled
by proper consolidation" and "their rates must be
unemployment naturally engage the forefront of the
regulated in public interest," but Congress, apparently, must discover how either or both of these re- minds of the Congressmen. Here arises one of the
sults can be attained. "Some change" is demanded anomalies of our general government—that it is the
in the anti-trust laws, but their repeal is not favored, purpose of law-making, especially, to correct the
and a position of flat opposition is rightly taken "to evils of these untoward conditions. This feeling has
any direct or indirect government dole" for relief of long been fostered by class appeal, and is now precipitated upon Congress by the socialistic and
unemployment.
Mr. Hoover's appeal to Congress to 'approve with- bureaucratic ideas and theories that have crept into
out delay the war debt moratorium should,of course, the popular mind and have found unconscious lodgmeet with a prompt response. The far-reaching ben- ment there. Constitutionally we may say, and conefits which were expected from the moratorium have clude—despite this running to Congress and the Govnot, indeed, been realized, but the arrangement has ernment for relief from every form of economic, combeen nominally in force too long, and too much has mercial and financial evil, this present Congress
happened in connection with it to permit of repudiat- was never elected and instructed to deliver the people
ing or modifying it now. On the other hand, the from depression and unemployment.
We realize the futility of saying this—but if it be
suggestion that the World War Foreign Debt Commission be revived, on the ground that "as we ap- accepted as truth and acted upon, ft should soften
proach the new year it is clear that a number of the the fierceness with which the Congress plunges into
governments indebted to us will be unable to meet the swift enactment of untried remedial legislation.
further payments to us in full pending recovery in In this first week of the session many more than 5,000
their economic life," and that "therefore it will be bills have been introduced, many of them what are
necessary to make still further temporary adjust- known as of a "private" nature, it is true, but suffiments," would be more ominous than it is were it not cient of them dealing (especially in a financial way)
for Mr. Hoover's inclusion in his foreign affairs mes- with our "hard times" to justify the charge that our
sage of his statement of last June that "I do not ap- Congresses have come to the belief that they are
prove in any remote sense of the cancellation of the constituted to relieve the people of all their troubles.
Not a single panacea offered for the relief of our
debts to us." Even if cancellation is not in sight, the
Commisssion clearly foreshadows a re- burdens has been adopted by the consensus of all the
revival of the
opening of the debt controversy, with reduction or people. Not one has been adopted' by a majority of
postponement as the ultimate aim of the debtor na- the people, by a majority of the classes of the people.
tions. What is said in the message about Manchuria They are preferred by theorists alone, or by classes,
sheds no further light upon the relations of the State or organizations. The farmers want something that
Department with either China, Japan or the League will lift prices of grains, but do not know what.
Council. It is to be hoped that Mr. Hoover's desire Divided on a continuance of the Federal Farm Board
for disarmament reduction may be gratified, al- (some deem it a failure; other think, perhaps, it
though at the moment the feeling in favor of post- raised prices for a time by the buying of its Stabilizaponing the disarmament conference appears to be tion Corp.), farmers still want help but do not know
what it ought to be. Union labor organizations want
gathering headway in Europe.
a five-day week and a six-hour day and numerous
smaller measures they have long demanded, such as
The New Congress.
anti-injunction laws, but they are in such throes of
Congress, now beginning its trepidation over the natural and economic "reduction
Assuming that the
work, is fresh from the people, and thus fortified of wages" that they are not pressing in the usual way.
with knowledge of the people's needs, is, unfortu- Bankers tremble over possible laws that will curtail
nately for our system of government,not quite a valid and restrict their usual credit operations that they
assumption. It is, in reality, a little more than a cannot unite on reforms that might tend to prevent
year old. Yet it is a partially continuous body; failures. And so it goes. The masses, of course,
committees have been at work on proposed legisla- do not want increased taxation, if it must fall upon
tion during the intervening months since the closing the masses, and are more amenable to uninstructed
of the last session; and the Representatives and Sen- methods if they fall upon the classes. In all these
ators-elect, have, presumably, been conferring with major issues, if they may be so called, there is to the
their constituencies as to what they desire done in Congress as a whole no unity or uniformity of dethe way of law-making. But "times have changed" clared public opinion. Congress must rely on the
since the last election, and the Chief Executive has press. It must feel the undercurrent of mobile and
promulgated several important "plans" that require conflicting desire, and only know that help is needed.
On the part of the Government itself help is needed.
legislative endorsement. For these reasons, among
3844
FINANCIAL CHRONICLE
[VoL. 133.
There is a prospective deficit of two billions of dol- have some check-rein put upon his efforts. He should
lars staring the people in the face for the next fiscal let "business" serve more its own needs and use more
year. Boosting measures to aid industry cannot its own remedies. There is not, after all, so much
obviate this; there is not time enough for restoration difference'between inducing, by spectacular devices,
to produce enough normal taxes. Taxes must be in- business to help itself, and The doing of the same
creased—how and on what? President Hoover and thing by Government in the shape of new credit
Secretary Mellon have presented their ideas on the agencies and new committees and bureaus. The imsubject, but, as was to be expected, it meets with portant feature is the rushed-up thing itself.
many objections. There is great "unemployment,"
Congress should steer wide and clear of the oftbut we still feel the numbers are exaggerated. The repeated "fight" between the Legislative and Execu"dole" in England shows that many are willing to tive Departments. While vetoes properly come after
live without work, or work part time only, because the fact, there is no sense in running against the exof it. The very prospect of help from the mysterious, pressed judgment of the President. This may be
far-off, omnipotent Government increases the unem- said with the reservation that successive encounters
ployed. Three,five billions, various extravagant and in the past warrant it. Dispatch in whatever is done
burdensome sums are proposed (bills are being intro- is imperative, but only with caution. Certain duties
duced to this effect) for public works to increase cannot be avoided, such as taxation measures. But
labor opportunities, public works, if not unneeded, to plunge into the reforms(?) of banking,exchanges,
at least ahead of time. The bold, flat question must currencies, while we are trying to escape the enervatbe asked—is Congress constituted, has it been specifi- ing influences of depression may, be jumping from
cally instructed, to find work for idle men whether the frying pan into the fire.
the idleness be forced or voluntary? "Alms" and
Looking over the scene as well as we can in its
labor—these two tremendous questions are deStined entirety, it is our opinion that the people will depreto play havoc with industry and with normalcy of cate any long-drawn-out consideration of so-called
Government if they are not settled right. The "foreign affairs." Let us stay at home and attend
responsibility of the new Congress is enormous. strictly to our own affairs is a commonly expressed
Through cloudy ways and forms it must pursue its sentiment. To do justice to our internal tax problem
deliberations.
of a just and equitable income tax will require the
How to legislate for the people, this is the question. solemn application of our best brains.
How to legislate, nor for labor or capital, organized
industrial, commercial or economic bodies, but for
the "plain people" we hear so much about and seldom
What Reserve Banks Say of Themselves.
see How to turn the Government awayfrom bureau
FIRST ARTICLE.
cracy back to old-fashioned democracy! InflaPublication has recently been made of a set of facts comtionary schemes, extravagant living, following the piled from statements made
by the Federal Reserve banks,
infernal war of 1914-1918, have produced complica- in reply to a set questionnaires sent them by the Senate
of
tions that threaten the very continuance of business Subcommittee on Banking and Currency. The document
as normally pursued. Prosperity, prices, possibili- thus placed before
the community (Part Six, Hearings under
ties of initiative and enterprise, have all gone down Senate Resolution
No. 71, Seventy-first Congress) reveals
in the crash. They produce an emotional cast of a remarkable situation
which deserves the closest study
mind, perhaps warranted on the outside, but cer- on the part of the
American public.
tainly not within the walls of a "deliberative" body,
While there is an immense array of details in the docusaid to be the greatest in the world. The emergency ment—so many that
the average reader can hardly be exin which we live, now, has never been paralleled. A pected to cover
the whole ground understandingly—the
wise Congress will "go slow and comprehend." This significant items
cluster closely around four different matis no time for experimental fanciful law-making.
ters: (1) the discount policy of the Federal Reserve System,
The danger our present Congress confronts is contemporaneously and currently considered, as well as in
doing too much. All sorts of plans will be presented its recent historical relationships; (2) the open market
by all sorts of self-constituted committees for the policy of these banks; (3) the present state of things as to
alleviation of"distress" and the restoration of "pros- bankers' acceptances, and (4) the policies and current bankperity." It is well to measure well the actual dis- ing situation as regards the treatment of Government securitress. Communities are at work actively, earnestly, ties, both long- and short-term.
raising funds, and succeeding. We accept too easily
It is not possible to discuss any one of these matters
the dictum that what charity the people cannot wholly independently of the others, and yet some distinction
furnish, the Federal Government should advance. between them has to be maintained, as a question of orderly
In some minds "Government" is a vast bottomless analysis. This becomes more evident when the situation of
purse, to be used freely whenever there is extra want. the banks is studied from the historical standpoint, and it
Already there is a taint of socialism on our govern- stands out most clearly when we begin to consider their
mental functions. This Congress should so deliber- present position, in the light of what has hitherto been
ate as to save us from augmenting the evil.
attempted and of what has been accomplished by way of
Ahead of us lies the 1932 general election. Politics contrast. Incidental to the treatment of these questions,
will play its part in the unfolding session. There there are of course many significant and urgent topics,
will be a 'cer'tain sparring between the "two ends of such, for instance, as foreign policy, upon which some new
the Avenue." But we cannot believe there will be light is thrown.
continuous and open warfare. The Democratic
In this, and a following article, it is intended to discuss
position that this party will support such suggested discount rates and open market policies, while in two subsemeasures as appeal to its sense of the best interests quent articles attention will be given to the effects of acceptof the people is the correct one. With all respects, ance policies as revealed by these questionnaires; and to
whether it be due to finesse or over-zeal in the heat the outcome of operations in Government obligations. The
of our temporary "depression," the President should first topic of interest is discount policy.
DEc. 12 1931.]
FINANCIAL CHRONICLE
CONSIDERATIONS INFLUENCING CHANGES IN DISCOUNT
RATES.
Id.
cc,i6Aitt
For a long time past there has been the gravest of doubt
on two points: (1) What was the true discount rate policy of
Reserve banks at any given time; and (2) by what means
was it sought to put that policy into operation? On both
points the present compilation affords data. All Reserve
banks were asked in the investigation to respond to the
following request: "List the various more important considerations which induced your Board of Directors on the
occasion of each change in rates of rediscount since January 1924 to vote for such changes." The Banking and
Currency Committee has condensed the replies to this categorical question so far as relates to advances of rate as
follows:
1.—A rise in open-market rates.
2.—A decline in gold reserves, particularly below the level of those
for the entire system.
3.—A decline in deposits and an expansion in the loans of member
banks.
4.—Increases in rates of rediscount in other Federal Reserve districts.
5.—Increased member bank borrowings.
8.—An increase in security loans with no increase in commercial loans.
7.—The growth of speculation.
8.—An absence of seasonalliquidation in credit.
9.—Misapplication of Federal Reserve credit.
10.—A more rapid increase in credit volume than in business.
11.—A preference on the part of member banks to continue to rediscount rather than to sell securities or call loans.
12.—A use of local funds on brokers' loan market.
13.—The presence of higher rates of interest in the East, which shifted
the borrowing demand to interior banks.
Among the reasons given for rate reductions were:
1.—Decline in member bank borrowings.
2.—A reduction of rates of interest in other Federal Reserve districts.
3.—The ability of large member banks to borrow from banks in financial centers at a lower cost.
4.—To bring policy in line with action of open-market investment
committee.
5.—A desire to adjust rates of rediscount to market rates of interest.
6.—Declining business, employment and commodity prices.
7.—The liquidation of member bank credit.
8.—To remove all obstacles to business recovery.
9.—To repel gold imports and relieve tension in the international
money markets.
10.—To encourage use of credit facilities.
11.—To stimulate a growth in credit equal to the Nation's needs.
12.—To meet the request of the Federal Reserve Board.
These answers evidently may be still further grouped in a
small number of major classes, applicable to both increases
and reductions, as follows: (a) Desire to adjust discount
to open market rates; (h) excessive speculation and brokers'
loans; (c) changes in the portfolios of member banks, and
(d) variations in rates among Reserve banks tending to
shift funds between districts in undesirable ways. These
now call for study, in detail.
NO CONSISTENT DISCOUNT POLICY.
The fair conclusion to be drawn from this group of unrelated answers is, of course, that there has been no consistent
discount policy whatever at Reserve banks. Moreover, there
has been practically no uniformity on the part of the banks
themselves in their treatment of the discount question. At
times they have endeavored to stimulate business by changes
in discount rates, usually, of course, by reductions; and, at
other times, they have acted without much reference to the
needs or requirements of business. There has, in other
words, been lacking any general policy; and apparently the
only periods when there has been practical uniformity of
any policy have been those when either one or more of the
Reserve banks, or the Board at Washington, had determined upon some special project which they were determined to carry through. This is another way of saying that
the System has had, and apparently has to-day, no definite
plan of action; its experience since the close of the war has
not, in other words, enabled it to agree upon a policy.
DISCOUNT RATES NOT GENERALLY EFFECTIVE.
This rather generalized conclusion may be considered in
the light of various general considerations, of which the
first, and probably the most important, is the question
whether the discount rates and their changes are considered
to have been generally "effective." On this point there is
fairly common agreement that they have not. The Boston
3845
bank says that it is "difficult to measure the effect" of the
rates. Atlanta says they were "not fully effective." Cleveland says that "in the main" the changes in rates have met
expectations, but apparently these expectations were not
very great. Dallas answers in the affirmative, but qualifies its answer by the words "In so far as Federal Reserve
discount rates are influential in this district." New York
describes the rates as "reasonably effective." In the St.
Louis district changes in rates "made little difference,"
except in the City of St. Louis itself. Other banks point out
that changes in the current call money rates were far more
influential, as a rule, than anything the Reserve banks did
(or perhaps could do) in the direction of public rate changes.
In brief, there is an attitude of uncertainty, and a feeling
that there is, after all, comparatively little difference in
result, no matter what discount rates may prevail at Federal Reserve banks.
TREATMENT OF COUNTRY BANKS.
One would naturally wonder whether the admitted failure
of Reserve bank discount rates, and of changes therein, to
produce any of the extensive results ascribed by writers
along classical lines to such alterations in the cost of credit,
would arouse, in the minds of Reserve bankers, a query as
to why so serious a lack of "effect" was thus observed.
Was it because of lack of intelligent and timely application?
As to this, there is evidently a feeling in a number of quarters, that the trouble lay in the fact that, for some reason,
the rates themselves lost their application and effectiveness
outside the city in which the Reserve bank was located.
This suggests that there is a serious fault in the method
of treating country banks in the System, and that, since the
latter always pay the "going rate" in about the same way,
owing to the great difference between their regular rates and
those of the Reserve bank, they are not affected directly
by the policies of the System so far as rates are concerned.
Here is a good warrant for the current discontent of country
bankers. Another evident feeling is that the failure to take
action sufficiently soon (ascribed either to interference by
the Reserve Board or unwillingness to get out of line with
other Reserve banks) has operated to render changes of rate
ineffectual in stopping or moderating over-speculation, or
in shortening or rendering unavailable the credit that is
needed at given moments. This whole aspect of the situation may plainly be summed up by stating that the Reserve
System has quite confessedly neither developed a clear-cut
and uniform philosophy of discount rates nor a technique
which will permit of the prompt application of any given
change at a time that will result in making it effective
throughout the country. What this surprising situation,
attained after 16 years' operation, means to the nation as a
whole, it needs no demonstration to develop. But the case
is clearly made out in this document.
CHANGES IN DISCOUNT RATES NOT PASSED ON TO THE
PUBLIC—CHANGES INFLUENCE CHIEFLY SECURITY
LOANS AT LARGE BANKS.
Some reference has already been made to the difference
of result on the part of the Federal Reserve System in so
far as city and country banks are concerned. This point
was noticed in the remarks, already set out above, in commenting upon the effectiveness of discount rates. There is,
however, a practical phase of this matter that calls for
attention from the public standpoint, namely, the extent to
which changes of rates were actually passed on to the public. Did, or do, lower rates mean lower prices for money
to borrowers, or decrease in charges of interest? On this
point, also, the Reserve banks have been carefully interrogated. Their answer is unmistakably clear on the issue—
borrowers get no benefit from changes of rate. Kansas City
Is positive in saying that in general "changes . . . In
rate are not passed on." Minneapolis testifies that "city
3846
FINANCIAL CHRONICLE
banks do, country banks do not" pass on the changes. New
York asserts that there is "no effect on rates of interest
charged on the bulk of agricultural loans"; that there is
"probably" no effect on rates of interest charged by banks
outside of large cities on business loans," and no effect of
like kind on loans anywhere as made to the "smaller business concerns." Even on security loans there is no effect
at the smaller banks. The changes of rate influence chiefly
security loans at large banks in financial centers. Philadelphia testifies that, outside the city, where there is a
qualified influence, changes of rates affect customers at
banks "scarcely any." Richmond finds that "generally no"
is the reply to the question regarding changes. The same
attitude prevails throughout the System at large.
[VoL. 133.
rates of discount in the several Reserve districts, that would
be more adapted to their needs, and hence more likely to be
"effective" in the technical sense than the nearly uniform
rates that have been the order of the day for many years
past. As to this, Reserve banks have likewise expressed
themselves. They are nearly unanimous in feeling that
rates should conform to the needs of the district in which
they are to be applied, and in saying that this situation dictates a difference in rates between districts. The question
Is, accordingly, to be pointedly asked: "Why, then, have
rates been kept at so nearly uniform a level since the war;
and why has the Reserve Board so often refused, or failed,
to act favorably upon changes in rates requested because of
conditions within a given district?" There is no
special4
answer to this irreverent question, save what is suggested
in a remark of the New York Bank to the effect that: "In
a number of instances a differential in rates between districts has caused so large a flow of funds between districts
that it has become important to equalize the discount
rates. . . ." Put this in different language, and it may
amount to a statement that at times Reserve banks have
been able to draw the funds of their own districts away from
the centers where stock market activity has been great,
and that in such cases an "equalization" of rates (for which
read refusal of the authorities to permit local Reserve banks
to raise their local rates) has been "important," in order
to prevent shortage of funds in the stock market.
RESERVE SYSTEM HAS BECOME LARGELY A STOCK
MARKET SYSTEM.
Here there is another remarkable pieec of testimony on
the part of Reserve banks with regard to their operations—
that the public at large feels little or no effect, or at all
events feels only a qualified effect, in a very few places, in
consequence of Reserve banks' changes. That being the
case, it is obvious why the answers to the first questions
about the effectiveness of Reserve rates were so pessimistic. The changes of rates are manifestly not influential,
because the Reserve System has become so largely a stock
market system—its changes of rate making themselves felt
most directly through alterations in conditions of security
borrowing, while the general public feels no direct effect
DIFFERENCES OF OPINION AS TO WHETHER REDISCOUNT
of such changes of rates. In these circumstances, why should
RATES SHOULD STAND ABOVE MARKET RATES ON
Reserve banks have much effectiveness
a change of rate at
PRIME LOANS.
except in a psychological way? It can indeed have such an
Of course all this leads the reader or outside student, as
effect only by influencing the use of funds for speculative well as the Reserve bank which is studying these matters,
purposes, as is now so freely recognized.
up to the crucial question: "What should be the relation
RATES DOES NOT INFLUENCE VOLUME OF of a Reserve bank rate to the rate on the paper presented
MOVEMENT OF
MEMBER BANK BORROWING.
for rediscount, if any?" This subject was cleverly withheld
And yet there is another phase of this matter that needs till toward the end of the inquiry by those who prepared
to be considered before a conclusion is definitely made up the questions. When Reserve banks were asked flatly:
from this testimony. This Is: Do changes of rates have the "Should rates of rediscount stand above market rates of
effect of altering the tendency of the banks themselves to interest on bank loans to prime customers in your district?"
borrow more or less (and hence presumably to make funds the vast differences of opinion, the lack of single-minded
more or less available to the public)? The banks were theory in the System, the absurdities of reasoning prevalent
directly queried on this point and the substance of their in many banks, at once became apparent. About half of the
replies is most instructive. Atlanta testified that the banks were inclined to reply
in the negative, and possibly
movement of rates has had "little effect" on the volume of half or a little less in the affirmative; but most of the banks
member borrowings. Boston finds only that members "tend" qualified their replies to
such an extent as to indicate that
to increase, or cut, their borrowings, as rates fall or rise. nearly all were "on the fence." Some favored the idea of
Cleveland claims the same or a similar effect for high and higher rates in theory, but found It impracticable in fact;
low rates, "except in 1928 and 1929." Dallas says the effect others were inclined to offer speculative or philosophical
on volume has been "slight." Kansas City reports "very disputation about what is meant by prime customers; and
little noticeable effect." Minneapolis finds that there Is still others found various other loopholes. In short, the
"usually" an increase (sic.) In borrowings "as the rate goes System evidently has no opinion on the question which, of
up." New York does not find it possible to dissociate effects all others, has most engaged the attention of European
of discount changes from those of open market transactions central bankers, and has most widely of all been brought
In this regard. Philadelphia finds that, in the larger cities, close to an affirmative. There is no consensus on this fundathere is a "tendency" to exert an influence, "if conditions are mental in the System; and when Reserve banks were finally
normal." Richmond finds "no material effect." St. Louis, asked why there should be differences between our prac"very little, if any"; and San Francisco notes only a "tend- tice and that of central banks in Europe, there was every
ency" of high rates to lessen borrowing in metropolitan sort of answer save the correct or true one. The answers
centers. How, in these circumstances, it could ever appeal ranged from a statement that the new and "undeveloped"
to a Reserve bank to cut rates in order to help "business," state of the country, or Its great extent, or some similar
It would be hard to say. In short, the testimony of the factor, exempts us from the necessity of following European
Reserve banks is all but unanimous that, in this respect of practice, to
the statement that we are, in actual effect, folaiding or discouraging the growth of the volume of member
lowing it. The truth of the matter—that ours continues to be
bank borrowing, there is as much impotence on the part of
the discount rate system as there is on all other accounts a system of investment or stock market banking, seems to
occur to none, or, if it occurs, is kept in the background.
in connection with Reserve bank discounting and lending.
DIFFERING DISCOUNT RATES IN DIFFERENT DISTRICTS—
EQUALIZATION OF RATES CLAIMED TO BE ESSENTIAL
TO PREVENT UNDUE FLOW OF FUNDS BETWEEN
DISTRICTS.
It has unquestionably occurred to many persons to wonder
whether it might not be possible to put into effect varying
PROGRESSIVE RATES OF REDISCOUNT FROWNED UPON.
On the other hand, progressive rates of discount, as well
as of rates which are varied according to maturities, are
frowned upon by most of the banks; and there is apparently
a general feeling that present conditions are good enough—
DEC. 12 1931.]
FINANCIAL CHRONICLE
3847
a feeling also reflected in the general statement that no
changes in eligibility should be made, and that the present
system of discounting notes secured by Government bonds,
without reference to the rate borne by the bonds ought to
be maintained. In these circumstances, it is worth while to
recall the statement issued by the Reserve Board itself in
February 1929, in which that organization perhaps came
nearer to a statement of policy on this and allied subjects
than at any other time. The Board then said (as recalled in
the document before us)
:
at its Federal Reserve bank when it borrows either for the purpose of
making speculative loans or for the purpose of maintaining speculative
loans.
"The Board has no disposition to assume authority to interfere with
the loan practices of member banks so long as they do not involve the
Federal Reserve banks. It has, however, a grave responsibility whenever there is evidence that member banks are maintaining speculative
security loans with the aid of Federal Reserve credit. When such is the
case the Federal Reserve bank becomes either a contributing or a sustaining factor in the current volume of speculative security credit. This
is not in harmony with the intent of the Federal Reserve Act nor is It
conducive to the wholesome operation of the banking and credit system
of the country."
Minneapolis.—Very few such cases have arisen in the Ninth Federal
Reserve District and these have been adjusted readily by our suggestion
of the impropriety of such borrowing.
The United States has during the last six years experienced a most
remarkable run of economic activity and productivity. The production, distribution, and consumption of goods have been in unprecedented
volume. The economic system of the country has functioned efficiently
and smoothly. Among the factors which have contributed to this result,
an important place must be assigned to the operation of our credit system
and notably to the steadying influence and moderating policies
of the
Federal Reserve System.
During the last. year or more, however, the functioning of the Federal
Reserve System has encountered interference by reason of the excessive
amount of the country's credit absorbed in speculative security loans.
The credit situation since the opening of the new year indicates that
of the factors which occasioned untoward developments during thesome
year
1928 are still at work. The volume of speculative credit is still growing.
Coming at a time when the country has lost some 8500,000,000 of
gold,
the effect of the great and growing volume
of speculative
already produced some strain, which has reflected itself in credit has
advances of
from 1 to
% in the cost of credit for commercial uses. The matter
is one that concerns every section of the country and every
business
interest, as an aggravation of these conditions may be
expected to have
detrimental effects on business and may impair its future.
The Federal Reserve Board neither assumes the right
nor
disposition to set itself up as an arbiter of security speculationhas it any
or values.
It is, however, its business to see to it that the Federal
Reserve banks
function as effectively as conditions will permit. When
it finds that
conditions are arising which obstruct Federal Reserve
effective discharge of their function of so managing the banks in the
credit facilities
of the Federal Reserve System as to accommodate
commerce and business, it is its duty to inquire into them and to take such
be deemed suitable and effective in the circumstances measures as may
to correct them;
which, in the immediate situation, means to restrain the
directly or indirectly, of Federal Reserve credit facilities in use, either
aid of the
growth of speculative credit. In this connection, the
Board, under date of Feb. 2, addressed a letter to the Federal Reserve
Federal Reserve
banks, which contains a fuller statement of its position:
"The firming tendencies of the money market which
have been in
evidence since the beginning of the year—contrary to the
usual trend
at this season—make it incumbent upon the Federal
give constant and close attention to the situation in Reserve banks to
order that no influence adverse to the trade and industry of the country shall
be exercised by the trend of money conditions, beyond what
may develop
as inevitable.
"The extraordinary absorption of funds in speculative
security loans
which has characterized the credit movement during the
past year or
more, in the judgment of the Federal Reserve Board,
deserves
attention lest it become a decisive factor working toward a particular
firming of money rates to the prejudice of the country's still further
commercial
Interests.
"The resources of the Federal Reserve System are
ample for meeting
the growl of the country's commercial needs for
credit, provided they
are competently administered and protected against
seepage into uses
not contemplated by the Federal Reserve Act.
"The Federal Reserve Act does not, in the opinion
Reserve Board, contemplate the use of the resources of the Federal
of the Federal
Reserve banks for the creation or extension of speculative
credit. A
member bank is not within its reasonable claims for
rediscount facilities
Yet this statement, full of application as it is to the question raised by queries regarding the relation between Reserve banks and rates charged for various kinds of paper at
such banks has apparently had little effect in forming
opinion among the latter institutions during the past two
or three years.
SUMMARY OF CONCLUSIONS.
The questionnaires of the Senate subcommittee, in so far
as they relate to discount and rediscount rates, have thus
had a remarkable answer. They disclose that the System
has not reached a consensus of opinion either among the
banks or between them (or a majority of them) and the
Board, as to the fundamental conditions and questions which
affect all central banking; and they reveal that the rates of
the several banks are being made and passed upon without
the use of any general principles, but simply on a hand-tomouth basis. They indicate that the chief effect of the
System's changes of rates is found in the stock market, and
not In commercial credit, and that its influence upon business, whatever it may be, is exerted through that market
and not upon business itself, directly. They note that European experience is neither observed nor thought applicable
here, and that the banks, in most cases, are content with the
present channels of speculative application to Reserve banks
for funds to be used by member banks. They entirely dispose of the belief that there Is an expressed (or probably
any actual) desire among the Reserve banks for a change of
policy, and they point clearly to the fact that the System
Is in a rut of ineffectualness, so far as discount policies are
concerned. They conclusively prove, by the direct testimony
of all 12 banks, that the country banks receive no direct
results from the system's operations, and it may fairly be
inferred that they are not expected to get any, save through
routine operations, such as check clearance and the like.
Gross and Net Earnings of United States Railroads for the
Month of October
4.
The earnings of United States railroads are getting poorer rather than better as the returns come
in month by month. This is atrikingly illustrated by
the compilations which we present to-day for the
month of October. For that month the comparisons
with the corresponding month a year ago shows a
falling off of no less than $120,136,900 in the gross
earnings from operations (24.87%), and though this
was attended by a reduction of $64,914,373 in operating expenses, not including taxes (19.63%).
This
left a loss in net earnings in amount of $55,222,527,
or 35.14%. In amount the falling off is the largest
of any month of the current calendar year to date,
both in the case of the gross revenues and in that of
the net ,revenues. And additional significance
attaches to this result owing to the fact that comparison is\ with figures in October 1930, themselves
heavily reduced. Accordingly, we have a cumulative
record of losses which is startling by reason of its
magnitude. In other words, the loss in the gross
of $120,136,900 in October the present year follows
a $125,569,031 loss in October 1930, and this last, in
turn, came after a decrease of $9,890,014 in October
1929, while this year's shrinkage in the net earnings
of $55,222,527 is in addition to $47,300,393 decrease
in October 1930 and $12,183,372 decrease in October 1929. As a result of these successive reductions
the total of the gross for October the present year
is the smallest of any October since 1916, and the
total of the net is the smallest of any October
since 1914.
1931.
1930.
Inc. (4-) or Dec. (—).
Motah of October—
242,745
242,174
+571 +0.24%
Miles of road (170 roads)---1362,647.702 5482.784.602 —5120.136.900 24.87%
Gross earnings
260,728,674 325,643,047 —64.914.373 19.63%
Operating expenses
67.47%
72.17%
54.03%
Ratio of expenses to earningsNet earnings
8101,919,028 5157,141,555 —$55,222,527 85.14%
The explanation of the huge contraction in revenues is the same as that in all other recent months,
namely, continued trade depression of the intensest
kind. Evidence of this, and the part played in reduc-
3848
FINANCIAL CHRONICLE
lug traffic and revenues, is to be found in current
statistics of every kind and description. No class
of roads and no kind of freight was exempt from the
general shrinkage. The iron and steel statistics
furnish perhaps the most striking instances of the
presence of bad times. In October the present year
the make of iron in this country was only 1,173,283
tons against 2,164,768 tons in October 1930;3,588,118
tons in October 1929,and 3,373,806 tons in October
1928. The production of steel ingots was no more
than 1,592,376 tons in the month the present year
against 2,692,539 tons in October 1930; 4,534,326 tons
in October 1929, and 4,649,968 tons in October 1928.
The output of automobiles, which in October last
year reached a low ebb, the present year dropped to
a still lower level. In brief, the October factory sales
of motor vehicles fell to 80,142 as against 154,401
cars in October 1930; 380,017 in October 1929, and
397,284 in October 1928—from which it will be seen
that the output in this instance was less than onefourth of what it was three years ago. No doubt the
automobile industry has suffered beyond all others
from the prevailing industrial collapse, but the statistics of output in its case furnish a telling illustration
going to show the extent of the setback in that field
of activity and indirectly furnish some idea of the
part played by it in intensifying the general breakdown of industrial activity.
The statistics regarding the mining of coal,in their
turn, also offer testimony to the all-pervading character of the industrial depression. The quantity of
bituminous coal mined in the United States footed
up only 35,700,000 tons in October 1931 as against
44,150,000 tons in October 1930 and 52,174,000 tons
in October 1929. The output of Pennsylvania anthracite was 6,551,000 tons in October1931 in comparison
with 7,443,000 tons in October 1930; 8,026,000 tons
in October 1929, and 8,532,000 tons back in October 1923. Building activity was of course on a very
restricted scale. Building permits in 572 cities and
towns of the United States, according to statistics
compiled by S. W.Straus & Co.,in October 1931 provided for an outlay of $87,757,344 against $148,598,453 in October 1930 and $253,680,960 in October 1929. The statistics compiled by the F. W.Dodge
Corp. tell the same story, showing that the construction contracts awarded in the 37 States east of the
Rocky Mountains provided for expenditures of $242,094,200 in October 1931 against $336,706,400 in October 1930 and $445,642,300 in October 1929.
In addition to all this, the Western grain movement suffered a further reduction the present year
on top of quite a notable contraction in both October
1930 and October 1929. We deal in detail with the
Western grain movement in a separate paragraph
further along in this article, and will note here only
that for the five weeks ending Oct. 31 the present
year the receipts of wheat, corn, oats, barley and rye
combined at the Western primary market aggregated
only 67,117,000 bushels as against 70,299,000 bushels
in the corresponding five weeks of 1930; 87,434,000
bushels in the same five weeks of 1929, and 145,232,000 bushels in 1928. There was quite a notable
recovery in the market value of grain the latter
part of October, but it did not serve to stimulate
shipments to market, while the export demand for
grain was by no means keen besides. Then also the
spring wheat crop in the Northwest is very short the
present year, reducing shipments to Minneapolis and
Duluth.
[VOL. 133.
Finally, as the most conclusive evidence of all of
the general falling off in railroad traffic, we have
the statistics dealing with the loading of revenue
freight on the railroads of the United States. These
figures cover all classes of freight and all sections
of the country,and they show total loading of revenue
freight for the five weeks ending Oct. 31 of only
3,813,456 cars the present year against 4,751,359 cars
in the corresponding five weeks of 1930 and 5,751,645
cars in the same five weeks of 1929. In other words,
1,938,189 cars less were moved in the period the
present year than in 1929.
Dealing now with the exhibits of the separate
roads, their record necessarily is the same as that
of the general totals, which means that the losses
in earnings both gross and net are heavy all around.
The Pennsylvania RR. and the New York Central
stand at the head of the list for extent of falling off,
but Southwestern systems and those in the Northwest do not fall far behind. And these losses follow
very heavy losses in the preceding year. The Pennsylvania RR. reports $12,742,659 falling off in gross
and $4,470,084 in nit. This comes after $15,175,896
decrease in gross and $5,489,038 decrease in net in
the preceding year. The New York Central for the
entire system reports a decrease of $10,129,287 in
gross and of $4,440,296 in net. This is in addition
to $14,443,713 diminution in gross and $4,637,663 in
net in October of the previous year.
In the Southwest,the Atchison reports a reduction
of $5,858,367 in gross and of $3,788,345 in ndt the
present year, following a reduction of $5,918,627 in
gross and of $3,084,737 in net in October 1930, while
the Southern Pacific has suffered a decrease of
$7,665,193 in gross and of $4,418,031 in net in October 1931 in addition to $5,482,685 decrease in gross
and $1,487,089 decrease in net in October last year.
In the Northwest the Chicago Milwaukee St. Paul &
Pacific reports $3,314,130 decrease in gross and
$1,083,917 decrease in net, on top of $3,510,595 decrease in gross and $1,781,704 decrease in ndt in 1930.
In the same section, the Northern Pacific falls
$2,424,642 behind in gross and $1,335,954 in net in
addition to $1,644,710 decrease in gross and $938,709
decrease in net last year, while the Great Northern
has suffered a loss of $4,060,044 in gross and of
$2,676,872 in net in addition to $1,832,722 loss in
gross, but $170,899 gain in net in the previous October. Somewhat lower down in the Western half of
the country the Union Pacific reports $6,293,470
decrease in gross and $3,170,203 decrease in
net the present year following $2,683,845 reduction
in gross and $1,234,556 in net in October last
year.
In the South the Southern Railway has $2,133,531
loss in gross and $1,260,822 loss in net, which comes
after $2,903,706 loss in gross and $1,196,421 loss in
net the previous year, while 'the Louisville & Nashville has suffered $2,311,213 loss in gross and
$1,091,904 loss in net in addition to $2,757,571 loss
in gross and $748,566 loss in net in October 1930.
In the table below we show all changes for the separate roads, or systems, for amounts in excess of
$100,000, whether increases or decreases, and in both
gross and net. It will be observed that the New York
Ontario & Western is the only road having an increase in gross in excess of the amount stated, and
the Reading Co. and the Los Angeles & Salt Lake the
only roads having an increase in net in that sum
or above.
DEC. 12 1931.]
FINANCIAL CHRONICLE
3849
District and Region.
-Gross Earning
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
Month of October1931.
1930. Inc. (-I-) or Dec.(-).
01' OCTOBER 1931.
Western District$
3
3
%
Increase.
Decrease.
43,345,833
Northwestern region (17
NY Ontario & Weste,rn. $135,979 Grand Trunk Western-- $611,206 Central Western region roads)..... 64,735,544 61,538,603 -18,192,770 29.55
90.386,464 -25,650,920 28.89
(25 roads).
Chic St P Minn & Omaha
554,972 Southwestern region(30 roads)--- 32.544,157 43.960,621
-11,416,464 23.46
Total (1 road)
Central of Georgia
469,218
$135,979,Decrease. Long Island
448.832
Total(72 roads)
140,825,534 195.885,688 -55,260,154 28.15
$12,742,659 Chicago & East IllinoisPennsylvania RR
446,218
New York Central
a9,144,279 Cin NO & Texas Pacific..
427.222
Total all districts (170 roads)-362,647,702 482.784.602 -120.136.900 24.87
Southern Pacific (2 rds)- 7,665,193 Union By of Pa
416.718
Union Pacific(4 roads)-- 6,293,470 N 0Tex & Mex (3 roads)
415,533
Net Earnings
District and Region.
-----Atch Top & SF(3 rds)... 5,858,367 Nash Chatt & St Louis....
402,035
1930. Inc4+)or Dee.(-)
1931.
Month of October. -Mileage-Baltimore & Ohio
4.889,276 MaineCentral
393,869
$
1931.
Eastern District1930.
Great Northern
4,060,044 Chicago Great Western.
391.780 New England region__ 7,277 7,329 4,854,251 6,804,554 -1,950,303 28.67
Chic Milw St Paul & Pan 3.314,130 Mobile& Ohio
387.220 Great Lakes region___ 27,909 27,941 14,868,280 23,163,873 -8,295.593 35.80
Chicago & North West'n 3,229,031 Los Angeles & Salt Lake..
378,413 Central Eastern region 25,004 25,030 21.290,249 29,213,452 -7,923,203 27.15
3,213,397 ChicInd & Louisville
Chicago Burl & Quincy
377,191
2,776,657 Minneapolis & St Louis..
Missouri Pacific
376.193
Total
60,190 60,300 41,012,780 59,181,879 -18169,099 80.71
2,609,852 StLouis Southwestern
Illinois Central
358,298
Southern District
-2,510,387 Kansas City Southern-Chic R I & Pac (2 rds)
353,848
40,017 40,063 6,983,107 14,214,003 -7,230,896 50.88
region
2,424,642 Yazoo & Mississippi Vail
323,440 Southern
Northern Pacific
9,814,767 -1,298.141 13.23
Louisville & Nashville- 2.311,213 Detroit Toledo & Ironton
288.212 Pocahontas region-- 6,115 6,030 8,516.626
2,133.531 Wheeling & Lake Erie-Southern Ry
275,269
46,132 46.093 15,499,733 24,028,770 -8,529,037 35.52
Total
St Louis
-San Fran (3 rds) 1,843.892 Internal & (It Northern242.738
1,834,094 Colo & Southern (2 rds).
Erie (3 roads)
238.026
Western District
NY N H &Hartford..... 1,704,920 Term RR Assn of St L...
235,041 Northwestern region 48,824 48,965 12,101,974 21,939,801 -9,837.827 44.83
1,585,030 Western Maryland
Atlantic Coast Line
233,945 Central Western reg n 52,211 51,640 23,256,395 36,669.636 -13413.241 36.58
Lines 1,464,020 Buff Rochester & PittsbChesapeake & Ohio
228,941 Southwestern region
35,388 35.176 10,048,146 15,321,469 -5.273.323 34.47
1,456,050 Illinois Terminal
Minn - Paul & 88 M
St
197,834
1,352,832 Spokane Portl & Seattle.
Wabash
180,552
136,423 135,781 45,406,515 73.930,906 -28524,391 38.60
Total
1,294,011 GulfMobile & Northern..
Norfolk & Western
177.570
1,288,186 Indiana Harbor BeltReading Co
175,440 Total all districts-_242,745 242,174 101,919,028 157.141,555 -55222,527 35.14
1,284.646 Northwestern Pacific_ -..
Central RR of NJ
164.458
1,270,600 Alabama Great Southern
-We have changed our grouping of the roads to conform to the classifiBoston & Maine
NOTE.
.157.961
1,225,746 Norfolk Southern
Del Lack & Western
157,309 cation of the Inter-State Commerce Commission, and the following indicates the
1,169,570 Belt Ry of Chicago
-Texas
Missouri-Kansas
154,928 confines of the different groups and regions:
1,124,431 Mann Fred & Potomac..
Seaboard Air Line
148,840
1,095,408 AnnArbor
Duluth Missabe & Nor
141,055
EASTERN DISTRICT.
1,034,035 Virginian
Lehigh Valley
140,726
949,121 Monongahela
Denver & Rio Gr West135,103
New England Region -This region comprises the New England States.
936,104 Lehigh & New England..
NY Chicago & St Louis134.295
Great Lakes Region -This region comprises the section on the Canadian boundary
917,308 FloridaEast Coast
Western Pacific
132,631
809,568 Denver & Salt Lake......
Pittsburgh & Lake Erie..
131 695 between New England and the westerly shore of Lake Michigan to Chicago, and
774,804 Bangor& Aroostook_-_
Hudson--Delaware &
125.739 north of a line from Chicago via Pittsburgh to New York.
769,141 Central Vermont
Pere Marquette
120,881
-This region comprises the section south of the Great
Bessemer & Lake Erie
759,446 Atlanta Birm & Coast_..
Central Eastern Region.
110.262
Elgin Joliet & Eastern
758,058 Can Nat Rys in New Eng
106.234 Lakes Region. east of a line from Chicago through Peoria to St. Louis and the
628,550
Alton RR
Mississippi River to the mouth of the Ohio River, and north of the Ohio River to
Total(98 roads)
Texas & Pacific
625,992
$117,199,582
Parkersburg, W. Va., and a line thence to the southwestern corner of Marylan
a These figures cover the operations of the New York Central and the
and by the Potomac River to Its mouth.
leased lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central.
Cincinnati Northern and Evansville Indianapolis 5c Terre Haute. IncludSOUTHERN DISTRICT.
ing Pittsburgh St Lake Erie and the Indiana Harbor Belt, the result is a
decrease of $10,129.287.
-This region comprises the section east of the Mississippi River
Southern Region.
and south of the Ohio River to a point near Kenova, W. Va., and a line thence
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH following the eastern boundary of Kentucky and the southern boundary of Virginia
OF OCTOBER 1931.
to the Atlantic.
Increase.
Decrease.
-This region comprises the section north of the southern
Pocahontas Region.
$446,148 Erie (3 roads)
Reading Co
$ 472,459 boundary of Virginia. east of Kentucky and the Ohio River north to Parkersburg;
114,763 Norfolk & Western
Los Angeles & Salt Lake471,568
Central of New Jersey
W.Va..and south of a line from Parkersburg to the southwestern corner of Maryland
453,635
$560,911 Grand Trunk Western_
Total(2 roads)
437,982 and thence by the Potomac River to its mouth.
Decrease. Denver & R G Western....
400,562
Pennsylvania$4.470,084 Pittsburgh & LakeLouis__
Erie
WESTERN DISTRICT
391,142
Southern Pacific (2 rds)- 4,418.031 N Y Chicago & St
382,973
-Kansas-Texas....
New York Central
Northwestern Region.-Thls region comprises the section adjoining Canada lying
a3.968,918 Missouri
371.083
3,788.345 Central of Georgia
Atch Top & SF(3 rds)
370.771 west of the Great Lakes Region, north of a line from Chicago to Omaha and thanes
Union Pacific(4 roads).... 3,170,203 Pere Marquette
342,221 to Portland and by the Columbia River to the Pacific.
2,676,872 Elgin Joliet & Eastern__
Great Northern
247,634
Chicago & North Western 2,218,413 Yazoo & Missippi Valley
-This region comprises the section south of the NorthCentral Western Region.
241,296
1,728,698 Chicago Great Western....
Illinois Central
240,141 western Region, west of a line from Chicago to Peoria and thence to St. Louts, and
1,597,453 Cin N 0& Texas Pacific.
Baltimore & Ohio
234,039 north of a line from Si. Louis to Kansas City and thence to El Paso and by $he
1,533,645 Long Island
ChicagoBurl & Quincy
231,773
1,335,954 Delaware & Hudson......
Northern Pacific
211,202 Mexican boundary to the Pacific.
1,260,822 Texas & Pacific
Southern Ry
207,611
-This region comprises the section lying between the MisSouthwestern Region.
Chic R I & Pac (2 rds)-- 1,256,415 Mobile & Ohio
203,590
1,235,923 Minneapolis & St Louis._
Missouri Pacific
202,152 sissippi River south oft.Louis and a line from St. Louis to Kansas City and:then°,
Louisville & Nashville
1,091,904 NO Tex & Mex (3 rds)__
195,507 to El Paso and by the Rio Grande to the Gulf of Mexico.
Wabash
1.088.147 Lehigh Valley
190,947
Chic Milw St P & Pacific 1,083,917 Chic & Eastern Illinois...
190,207
StLouis-San Fran (3 rds) 1,064.915 Nash Chatt & St Louis-129,879
& Hartford-NYN
889,769 Alton RR
125,075
Minn St Paul & S S M...
826,011 Norfolk & Southern
119,649
Atlantic Coast Line
773,173 Chic Ind & Louisville
114,251
Duluth Missabe & Nor...
732,604 Union RR of (Pa)
108.470
Western Pacific
719,876 Kansas City Southern..
104.612
673,665 Bangor & Aroostook
Chesapeake& Ohio
102,368
655,927 Denver & Salt Lake
Boston & Maine
101.506
618,189 Alabama Great Southern
Seaboard Air Line
100,835
533,173
Del Lack & Western
473,349
Total(72 roads)
Bessemer & Lake Erie
$53,581.533
a These figures cover the operations of the New York Central and the
Cincinnati Chicago & St. Louis, Michigan Central
-Cleveland
leased lines
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie and the Indiana Harbor Belt, the result is a
decrease of $4,440,296.
INNIIIII
When the roads are arranged in groups or geographical divisions according to their location, we
have a repetition of last year's experience in that
all the different districts, as well as'all the different
regions within those districts, record heavily diminidhed earnings, both gross and net, as was to be
expected from our analysis further above. The
shrinkage is heavy, too, in all cases almost without
exception. Our summary by groups is given below.
As previously explained, we group 'the roads to conform with the classification of the Inter:State Commerce Commission. The boundaries of the different
groups and regions are indicated in the footnote to
the table.
SUMMARY BY GROUPS.
District and Region.
Gross Earnings
Month of October1931.
1930. Inc.(+) or Dec.
Eastern District$
New England region (10 roads)...- 16,799,764 20,717.596 -3,917,832
18.93
Great Lakes region (31 roads)
70,294.773 89,952,927 -19,658,154
Central Eastern region (23 roads).- 73.763.393 98,702,738 -24,939,345 21.85
25.32
Total(64 roads)
160.857,930 209,373,261 -48,515,331 22.65
Southern District
Southern region (30 roads)
40.733,046
54.046,864 -13,313,818
20,431,192 23.478,789 -3,047,597 24.63
Pocahontas region (4 roads)
12.95
61.164,238 77.525,653 -16,361,415 21.07
Total(34 roads)
(-).
Western roads in October the present year, as we
have already indicated, suffered a further reduction
of their grain traffic, following the 'heavy reduction
in October of the previous year. The short spring
wheat yield in the Northwest, however, is mainly
responsible for this. While the receipts of wheat at
the Western primary markets were heavier than last
year-36,459,000 bushels against 34,081,000 bushels
-the receipts at Minneapolis and Duluth,the spring
wheat points, were heavily reduced, having been only
5,621,000 bushels at Duluth against '10,504,000 and
6,446,000 bushels at Minneapolis against 9,990,000.
At the winter wheat points, on the other hand, receipts ran much larger than in 1930. In addition, the
movement of all the other cereals in greater or lesser
degree was on a diminished'scale. Thus, the receipts
of corn at the Western primary markets for the five
weeks ending Oct. 31 1931 were only 15,429,000
bushels against 16,895,000 bushels in the same five
weeks of 1930; the receipts of oats, 7,703,000 bushels
against 10,566,000 bushels; of 'barley, 5,966,000
bushels against 6,125,000 bushels, and of rye, only
1,560,000 bushels against 2,632,000 bushels. For the
five cereals combined the receipts it the Western
primary markets for the five weeks of October 1931
aggregated only 67,117,000 bushels as compared with
70,299,000 bushels in the corresponding five weeks
of 1930, and with 87,434,000 and 145,232,000 bushels,
respectively,in the same five weeks of 1929 and 1928.
In the subjoined table we give the details of the
Western grain movement in our usual form:
3850
WESTERN FLOUR AND GRAIN RECEIPTS.
5 Wks.End Flour.
Barley.
Wheat.
Oats.
Corn.
Oct. 31. (bbls.)
(bush.)
(bush.)
(bush.)
(bush.)
Chicago
1931 ___ 1,243,000 2,606,000 8,042,000 2,396,000
789,000
1930 ___ 1,225,000
1,172,000 5,985,000 1,879,000 1,199,000
Minneapol0s1931 ___
6,446,000
864,000 1,333,000 2,319,000
1030 _
9,990.000
661.000 1,714,000 2,114,000
Duluth
215,000
1931 _
144,000
5.621.000
14,000
638,000
1930 --129,000 1.413,000
10,504,000
Milwaukee
130,000 1,884,000
1931 - _ 192,000 2,474,000
466,000
1930 -__
933,000
710,000 1,378,000
65,000
267,000
Toledo
12,000
97,000
738,000
1931 875,000
2.000
134,000
850,000
1930
700,000
Detroit
74,000
256.000
31,000
1931 --149,000
14.000
84,000
25,000
1930170,000
Omaha & Indianapolis
11,000
1931 ___
3,360,000 2,486,000 1,852,000
1,417.000
1.786,000 3,190,000
1930
St. LOWS
123,000
490,000
949,000
1931 -_. 781,000 4,488,000
310.000
2,394.000 1,934,000 1,027,000
1930 -__ 664,000
Peoria
184,000
325,000
1,127,000
118,000
1931 ___ 239,000
368,000
1,584,000
442,000
183,000
1930 ___ 291,000
Kansas Cit1i719,000
200,000
46,000 6,880,000
1931 -__
4,647,000 1,362,000
388.000
1930 St. Joseph
270,000
133.000
659,000
1931 _
4,000
545,000
300,000
927.000
1930 Wichita
7,000
2,000
2,661,000
31,000
1931
30,000
84.000
1,104,000
26,000
1930 Mawr City
-27,000
337,000
122,000
1,000
1931 _
383.000
316,000
14,000
237,000
1930 -
Rye.
(bush.)
WESTERN FLOUR AND GRAIN RECEIPTS.
Wheat.
Corn.
Oats.
Barley.
Jan. 1 to Flour.
(bush.)
(bush.)
(bush.)
(bush.)
Oct. 31. (bbls.)
Chicago
52,629.000 48,493,000 15,490,000 3.770,000
1931 ___ 8,823,000
1930 ___ 9,679,000 24.967, 00 65,816,000 27,207,000 6,317.000
Minneapolis
67,437,000 7,141,000 9,327,000 11,750,000
1931 _
80,355,000 9,377,000 15,543,000 17,089,000
1930 _
Duluth
41,852.000 1,420,000 1,934,000 1,759,000
1931 64,425,000 1,265,000 6,401.000 5,446.000
1930 Mtlwaukee1931 _-. 784,000 20,125,000 5,950,000 3,013,000 8,490,000
1930 -_- 868.000 3,668,000 10,603,000 8,390,000 10,699,000
Toledo
10,023,000
797,000 5.834.000
1931 _
50,000
11,635,000 1,081,000 5.002,000
1930 23.000
Detroit
1,184,000
215.000
628,000
612,000
1931 1,539,000
366.000
669,000
57,000
1930 Omaha & Indianapolis
37.668,000 30,990,000 12,430,000
41,000
1931 _
41,620,000 42,857.000 16,955,000
10,000
1930 St. Louts
1931 _- 5,711,000 35,944,000 16,867,000 12,841,090 1.562,000
1930-6.160,000 42,208,000 23,581,000 15,632,000 1,333,000
Peoria
1931- 2,354,000 2,798,000 8,432,000 3,275,000 2,980,000
1930 -- 2,094,000 2,082,000 19,446,000 5,828.000 3,525.000
Kansas City
73,000 102,277.000 20,854,000 2,763,000
11.000
1931 _-78,126,000 25,370,000 5,275,000
1930 St. Joseph
11,392,000 8,241,000 2,066,000
5,000
1931 4,000
11,720,000 9,215,000 2,114,000
1930 Wichita
26,560,000 1,432,000
143,000
143,000
1931 217,000
101,000
21,092,000 3,302.000
1930 Siouz City
68.000
2.488.000
2,041,000 1,315,000
1931 219,000
2,107,000 5,314,000 2,784,000
1930 -
RECEIPTS OF COTTON AT SOUTHERN PORTS IN OCTOBER AND FROM
JAN. 1 TO OCT.31 1931, 1930 AND 1929.
Since Jan, 1.
Month of October.
927,000
854,000
483.000
948.000
85,000
488.000
7,000
23,000
8,000
1,000
39,000
17,000
4,000
28,000
5,000
18.000
2,000
255,000
Total All
1931 _ 2,501,000 36,459,000 15,429,000 7,703,000 5,966,000 1,560,000
1930 --- 2,235,000 34,081,000 16,895.000 10.568.000 6,125,000 2,632,000
Rye.
(bush.)
1,873,000
3.569,000
3,697,000
8.555,000
498,000
4.090.000
125,000
543,000
16,000
34,000
199,000
192,000
16,000
157,000
75,000
274,000
2,394,000
709,000
2,000
2,000
6,000
34.000
Total All
1931 -17,755.000 412,377,000 152,872,000 71,059,000 81,241,000 8,903,000
1930 -19,001,000 385,544,000 217.593,000 112,017,000 44,823,000 18,157,000
The Western livestock movement, too, was on a
reduced scale as compared with October 1930. At
Chicago the receipts comprised only 17,602 carloads
as against 19,350 carloads in October last year; at
Kansas City, 7,930 carloads as against 10,122, and at
Omaha,6,900 as compared' with 7,654 cars.
Coming now to the cotton movement in the South,
while gross shipments overland of the staple did not
quite equal those in October 1930, the receipts at
the Southern outports were slightly larger than in
the month last year. Gross shipments overland during October 1931 aggregated 74,219 bales as against
78,670 bales in October 1930; 84,965 bales in October
1929; 91,536 bales in 1928; 61,212 bales in 1927, and
253,309 bales in October 1926. Receipts of cotton
at the Southern outports during October 1931 were
2,149,633 bales as compared with 2,090,822 bales in
October 1930; 2,314,730 bales in October 1929;
2,421,886 bales in October ,1928, and 1,764,018 bales
in October 1927. The details of the cotton receipts
at the Southern outports for the last three years are
set out in the following table:
[VOL. 133.
FINANCIAL CHRONICLE
Pons-
1931.
Galveston
Houston, aro
Corpus Christi
Beaumont
New Orleans
Mobile
Pensacola
Savannah
Jacksonville
Charleston
Wilmington
Norfolk
Lake Charles
New port News
Brunswick
Port Arthur
Total
1930.
1929.
1931.
1930.
1929.
491,037 401,592 584,111 991,950 933,623 1,456,701
1,046,054 838,213 929,145 1,931,786 2,113,380 2,065,663
35,381 372,434 566,358 397,135
97,976
54,219
10,867
9,438
5,469
4,522
219,792 319,454 423,124 759,810 984,073 1,245,491
74,404 115,366 114,557 327,682 298,387 283,534
69,758
44,814
41,779
24,502
8,999
97.170 345,762 538,457 406,481
74,182 140,628
316
17,962
681
69
244
9,370
63,903 120,590 262,293 144,587
38,181 100,320
41,695
40,360
60,933
28,082
18,075
21,847
79,899
70,679 123,139
24,382
35,707
55,283
26,350
5,603
35,068
16,287
21,241 • 3,481
37
46,760
9,922
9,922
8,894
9,217
2,149,633 2,090,822 2,314,730 5,105,965 5,987,746 6.197,741
RESULTS FOR EARLIER YEARS.
As indicated above, the 1931 shrinkage in earnings,
amounting to $120,136,900 in gross and to $55,222;527 in
net, follows $125,569,031 loss in gross and $47,300,393 loss
in net in October 1930. It likewise comes after $9,890,014
loss in gross and $12,183,372 loss in net in 1929. On the
other hand, these losses followed very notable improvement in October 1928, when our tabulations registered no
less than $36,755,850 gain in gross and $35,437,734 gain
in net. But these gains, in turn, came after decreases in
the previous year, our tabulations for October 1927 having
shown a falling off of $23,440,266 in gross and of $13,364,491
In net as compared with 1926. Carrying the comparisons
further back, we find that the 1927 decreases followed increases in 1926 not materially different from the 1927 losses,
the 1926 gains having been $18,043,581 in gross and $13,361,419 in net. In the year before, too, that is, in 1925, the
record was one of increases in gross and net alike-$18,585,008 in gross and $12,054,757 in the net; this was notwithstanding the heavy losses then suffered by the anthracite
carriers on account of the strike then carried on in the
anthracite regions, but at least, as far as the gross earnings
are concerned, the 1925 gain was little more than a recovery
of the loss sustained in October 1924, a year when industrial
activity was at a low ebb because of the then pending Presidential election. In other words, in October 1924 there was
a loss in gross of $15,135,757 as compared with 1923. In the
net there was no falling off in October 1924, but rather an
Improvement in the considerable sum of $26,209,836, due to
the great curtailment of operating expenses then effected as
a result of increasing efficiency of operations.
As a matter of fact, improvement in net results was a distinctive feature of the returns in virtually all the years (barring only 1927 and 1929) since the abandonment of Government operations and the return of the roads to private control, Just as in the period preceding net results had been
growing steadily worse, year by year. In October 1923 our
compilations showed $37,248,224 gain in gross, and $20,895,378 gain in net. It is true that if we go back still another
year, to 1922, we find that gross earnings then increased only
$13,074,292,following a tremendous loss in the year preceding
(1921), when trade was extremely depressed, and this was
attended by an augmentation in expenses of $30,758,244,
leaving, therefore, an actual loss in the net for the month in
that year of $17,683,952. On the other hand, however, the
fact should not escape attention that in October 1921 a
prodigious saving in expenses had been effected-dire need
having forced the utmost economy and compelled the elimination of every item of outlay that could be seared or deferred
for the time being. Owing to this great saving in expenses
there was a substantial addition to the net in 1921 in face
of the enormous contraction in the gross revenues. In
brief, the decrease in the gross in October 1921 reached
the huge sum of $105,922,430, but this was attended at the
time by a saving in expenses in amount of no less than $128,453,510, yielding a gain in the net of $22,531,080. Of course,
a genuine basis for the great cut in expenses in 1921 existed
In the huge antecedent increases in expenses. In addition,
also, the carriers had the advantage of a 12% reduction in
the wages of railroad employees made by the Railroad Labor
Board, effective July 1 1921.
As indicating the extent of the antecedent rise in operating
costs, it is only necessary to say that expenses kept mounting
in very pronounced fashion for a number of successive years,
owing to repeated advances in wages and the growing cost of
DEC. 12 1931.]
FINANCIAL CHRONICLE
3851
operations generally. So much was this the case that even should naturally be welcomed
into the agreement, while
the big advances then made in railroad rates—passenger and of bringing the Bank of Spain and kindred institutions the importance
into these deliberations should not be lost sight of.
freight—did not suffice to absorb the constant additions to
"2.—That if it be true a scarcity of gold is expected,
the expenses. The experience in that respect of the carriers impossible to alleviate the scarcity to a certain extent by it would not be
the use of silver.
in October 1920 furnishes a capital illustration of the truth That if any government found it impossible to secure a sufficient supply
of gold, it might consider the purchase of an amount
of silver against
of this remark. The roads had then just been favored with which notes of low denominations, covered
by silver to almost the full
a new advance in rates, calculated to add $125,000,000 a val ue of the gold coin which it substitutes would be issued. These notes
would
month to their gross earnings, and accordingly our tabula- coveredcirculate concurrently with the paper currency, which is partly
by gold.
tions then showed an increase in gross earnings in amount
"3.—The Committee also considered the feasibility of the
International
Chamber
of $130,570,938, or 25.94%; but, unfortunately, $115,634,417 sidiary using its good offices to urge governments to restore their subcoinages to pre-war fineness, within the limits of their
national laws.
of this was consumed by augmented expenses, leaving only
"4.—The Committee recommended those interested in the
sale of silver
$14,936,521 gain in the net earnings, or 14.49%. This might, with advantage, emulate the example set in other industries by the
establishment of research institutes for the purpose of
devising new uses
growth in the expenses had added significance in view of the and expanding present uses of
the product."Magille
arieflagliall
huge rise in operating costs in preceding years. Thus in
October 1919 our tables showed $18,942,496 increase in gross,
India Informed of Silver Export Sales Plan of
accompanied by $21,136,161 increase in expenses, leaving
United States Chamber of Commerce.
actually $2,193,665 loss in net. In October 1918, owing to
Associated Press advices from Bombay, India, Dec.
the first great advance in passenger and freight rates made
7,
by the Director-General of Railroads under Government were given as follows in the New York "Evening Post":
The Government of
control, gross earnings registered a gain in the large sum gestion with regard to aIndia has been informed of the American sugsilver export sales agreement, but there has
been
of $106,956,817, or 28.30%, but expenses moved up in amount no official comment thus far.
It was said in authoritative quarters the Government
of $122,450,404, or 47.97%--causing a loss in net
undoubtedly
of $15,- prepared to co-operate in any plan which seems practicable, but it is is
in493,587, or 12.63%. In October 1917 the situation
was clined tolbelleve the problem seems primarily one for the producers.
much the same. The gross at that time increased $43,937,3
32,
but expenses ran up in amount a $50,267,176, leaving
net Senator Pittman Holds Impossible of Accomplishment
smaller by $6,329,844. In the following we furnish
a sumProposed Silver Sales Agreement With India.
mary of the October comparisons of gross and net
for each
Associated Press advices from Washington, Dec. 5, said:
year back to 1906. For 1910, 1909 and 1908 we
use the
Senator Key Pittman wired the President of the Silver Associatio
n of
Inter-State Commerce totals, but for the preceding
years we the United States at Spokane to-day that an agreement between silver
producers and India for stabilizing the price of silver "is
give the results just as registered by our own tables each
impossible of
year accomplishment."
—a portion of the railroad mileage of the country being
The Nevada Democrat urged W. Mont Ferry, President of the
then
Associaunrepresented in the totals because of the refusal
tion, to oppose
at that only through anadoption of such a move. Stabilization can be reached
international agreement to stop debasing or
time of some of the roads to report monthly figures
melting up
for circulating silver coin, he said.
publication.
"Any price fixing proposition is unsound in my opinion and
of confirmation."
Gross Earnings.
Year:
Year
Given.
Year
Inc.(÷)or
Preceding. Dec. (—).
impossible
Net Earnings.
Year
Given.
Year
Inc.(+) or
Preceding. Doe, (_).
Oct.
$
$
$
$
8
$
1900 _ 143,336,728 128,494.525 +14,842,203 51,685,226
1907_ 154,309,199 141,032,238 +13,276,961 46,983,608 46,826.357 +4,858,869
1908 - 232,230,451 250,426,583 —18,196,132 88,534,455 50,847,903 —3,864,297
1909. 261,117,144 232,558,223 +28,560,921 104,163.774 83,358,002 +5,176.453
1910. 263,484,605 260,821,546 +2,643,059 93,612,224 88,803,236 +15,360,538
1911.260,482,221 259,111,859 +1,370,362 93,836,492 104,101,228 —10,489,004
1912. 293,738.091 258.473,408 +35,264,683 108,046,864 91,725,725 +2,101,767
1913 299,195,006 300.476.017 —1,281,011 97,700,506 93,224,776 +14,282,028
.
1914 _ 269.325,262 298,066,118 —28,740,856 87,668,694 110.811,359 —13,110,853
1915. 311.179,375 274,091,434 +37,087.941 119,325.551 95.674,714 —8,014,020
1916 345,790,899 310,740,113 +35.050,786 130,861,148 89,244,989 +30,079,562
1917 389,017,309 345,079,933 +43.937,332 125,244.540 119.063,024 +11,798,120
1918 484,824,750 377.867,933 + 106956817 107,088,318 131,574,384 —6,329,844
1919 608,023.854 489,081,358 +18.942.496 104,003,198 122,581,905 —15.493,587
1920 633.852,508503.281,630 + 130570938 117,998,825 106,196,863 —2,193.664
1921 534,332,833 040,255,263 —105922430 137,928,648 103,062,304 +14,936,521
1922 545,759.206532,684.914 +13,074.292 120,216,296 115,397,560 +22,531,081
1923 586.328,886549,080,662 +37,248,224 141,922,971 139,900.248 —17,683,951
1929 571,405,130 586,540.887-15,135,757 168,750,421 121,027,593 +20,895,371
1925 590,161,046 571,576,038 +18,585,008 180,695,428 142,540.585 +26.209.831
1926 604.052,017586,008.436 +18,043,581 193,990.813 168.640,671 +12,054,751
1927 - 581.802,973 604,967,265 —2 .104,292 180.600,126 180,629,394 +13,381,411
193,701,962 —13,101.831
1928 _ 616,710,737 579,954,887 +36,755.850216,552.015181,084,
281 +35,437,73,
1929. 607,584,997 617,475,011 —9,890.014 204.335,941
216,519,313 —12,183.37:
1930. 482 712 524 608,281,555 —125569031 157.115,95
.
2A2 A47 702 422 784.602 —120136900 101.919.028 204,416,346 —47,300,39:
187
American Mining Congress Urges Curb on Production
of Silver.
Resolutions were adopted in Washington on Dec. 4
at
the second group conference of members of the American
Mining Congress, and referred to the board of directors for
action by the organization, in favor of measures to stabilize
silver and for modification of the anti-trust laws, in the
hope of allowing the natural resource industries to reduce
production to the level of consumption. A Washington
dispatch to the New York "Times" said:
The silver resolution pledged support "to such acceptable and
practical methods as may be presented for the stabilization of silver so as
tO
permit its employment wherever needed as money and as a
monetary
and credit base and enable silver-using peoples to participate under equitable conditions in trade with peoples that employ gold for such purposes.
"
It was adopted following an address by Senator Oddie of Nevada. Chairman of the Senate Committee on Mines and Mining, who expressed
opposition to bimetalism or fixed ratios of gold and silver, favoring
restoration of silver to its pre-war price and inviting from the instead
mining
industry suggestions for dealing with the problem.
141 RSC _MK non En
"Solution of the silver problem by restoration of its pre-war price
Note.—In 1906 the number of roads Included for the month of
will
October was 91; In improve conditions in the Orient, increase the purchasing power of
1907, 88: In 1908 the returns were based on 231,721 muse; In 1909
India
on 238,955 miles: and China and advance American commerce
In 1910 on 241,219 miles; In 1911 on 236,291 miles: iti.1912 on
," he said.
237,217 miles; In 1913
on 243.690 miles; In 1914 on 244,017 miles; In 1910 on248,072
Directors elected were S. L. Mather of Cleveland, R. E. Tally of New
246,683 miles; In 1917 on 247.048 miles; in 1918 on 230,184 miles: miles: In 1916 on York, F. H. Crockard
In 1919 on 232,192
of Birmingham, C. J. Ramsburg of Pittsburgh
miles; In 1920 on 231,429 miles: In 1921 on 235,228 miles: In
1922 on 233,872 miles: and Charles G. Berwind of Philadelphia.
In 1923 on 235,608 miles; In 1924 on 235,189 miles: In 1925
1926 on 238,654 miles; In 1927 on 238,828 miles; In 1928 on on 236,724 miles; in
on 241,622 miles: In 1930 on 242,578 miles, and in 1931 on 240,661 miles; in 1929
242,745 miles.
Shanghai Restricts Foreign Silver Sale—Short Selling
in London Probably Stopped.
of United States Chamber of Commerce Says Plans for Export Sales Agreem
The following is from the New York "Journal of Coment
Between United States Silver Producers and merce" of Dec. 7:
India Is Expected to Increase Price.
The normally sizable exports of silver from China are henceforth to
be stopped and no exports or foreign sales of silver will be permitted without
Silas H. Strawn, President of the United States
Chamber special permit, dispatches from Shanghai indicate. This Is to be expected
of Commerce, announced at Spokane, Wash.,
on Dec. 5 in financial quarters to have the immediate effect of stopping short sales
plans for an export sales agreement between
in the London silver market and should eventually be
American silver sening of the supply of free silver available for world reflected in a lestrading. A price
producers and the Government of India to increase
the price rise would follow, it was said.
of silver. Associated Press accounts on that
A sharp curtailment of the trading supply of the metal would result
date from from adoption of the same action
by India, an event which Is considered
Spokane said:
President Strewn
Mr. Strewn told the Western division conventio
n of the United States
Chamber of Commerce that the plans
were worked out by the Experts'
Committee of the International Chamber
of Commerce and will be submitted to the International Chamber Council when
it meets on March 1
at Paris. Ile intimated he expected favorable action
on the program at
Paris, with agreement by American silver
men and the Government of
India also.
Mr. Strewn is Chairman of the American Committee
of the International
Chamber. He said the Committee realized
governments involved would
prefer to treat silver as subsidiary in a general scheme
for rehabilitation,
and planned accordingly.
The Committee recommendations included:
"1.—American producers and refiners of sliver
to enter into a sales
agreement with the Government of India. Of course,
on account of the
Inhibitions of the anti-trust laws, such an agreement could
be made only
with respect to export sales. Other producers of any substantia
l quantity
in trade circles to be possible in the near future.
No official reason for the move of the Chinese was given, but the
continuance of a hostile attitude between China and Japan was
suggested
in some quarters as a basis for the restriction. Silver is the medium
of
exchange in China, and retention of the available supplies for
currency
and internal settlements may have been decided to be necessary.
This was the first definite move made by any nation in the
direction
of improving silver prices. Recently financial observers in many countries have suggested that something be done to stabilize silver prices
and
reinstitute the metal as a money basis.
Silver prices here rose on the news Saturday, with commercial
bar silver
up 3c. to 29c., and prices for futures on the National Metal
Exchange
somewhat higher.
The December contract closed at 20.40c. to 29.50c., compared
with the
previous close of 28.90c., while March silver was 30.25c. to
30.28c., against
29.60c. May silver advanced to 30.65c. to 30.75c., against
30.10c. Trading totaled 450,000 ounces.
3852
FINANCIAL CHRONICLE
[VOL. 133.
AnnualMessage of President Hoover to Congress—Declares for Insistent Reduction
in Government Expenses—New Taxation for Two-Year Period Proposed—
Reconstruction Corporation Similar to War Finance Corporation Recommended—Also Establishment of Home Loan Discount Banks—Extension of
Rediscount Provisions of Federal Reserve Act Urged—Opposed to Dole—
Would Stimulate Employment and Agriculture Through Voluntary Measures.
In his annual message submitted to Congress on Dec. 8
President Hoover recommended for enactment measures
which he had previously indicated would be proposed by
him. Some of these were outlined in a statement which he
issued Oct. 6, at which time his plans for the mobilization
of the country's banking resources (through the National
Credit Corporation since created) were made known. In
his recommendations this week to Congress the President
urges the establishment of "an emergency Reconstruction
Corporation of the nature of the former War Finance
Corporation." "Its functions," he says,"would not overlap
those of the National Credit Corporation." With regard
to the Reconstruction Corporation and its functions, the
President says:
000. After offsetting the statutory debt retirements this would indicate
an increase in the national debt for the fiscal year 1933 of about
$921,000,000.
Several conclusions are inevitable. We must have insistent and determined reduction in government expenses. We must face a temporary increase in taxes. Such increase should not cover the whole of
these deficits or it will retard recovery. We must partially finance the
deficit by borrowing.
It is my view that the amount of taxation should be fixed so as to
balance the budget for 1933 except for the statutory debt retirement.
Such government receipts would assure the balance of the following
year's budget including debt retirement. It is my further view that
the additional taxation should be imposed solely as an emergency measure
terminating definitely two years from July 1 next.
should be placed in liquidation at the end of two years. Its purpose is
that by strengthening the weak spots to thus liberate the full strength
of the nation's resources. It should be in position to facilitate exports
by American agencies; make advances to agricultural credit agencies
Where necessary to protect and aid the agricultural industry; to make
temporary advances upon proper securities to established industries,
railways and financial institutions which can not otherwise secure credit,
and where such advances will protect the credit structure and stimulate
employment.
Reading of Message Delayed.
The reading of the President's message was delayed for an hour and
a quarter in the Senate and an even longer time in the House. The
parliamentarian in the latter body ruled that the message could not be
read until after rules had been adopted. In the Senate the delay was
caused by discussion of Senator Rey Pittman of the admissibility of
Mr. Barbour.
Vice-President Curtis made no effort to have the message presented
and read and did not ask Senator Pittman to defer his remarks pending
its reading, as is the custom. The White House messenger waited
outside the main entrance to the Chamber while the tedious discussion
went on inside.
The message was presented by the President at the First
Session of the 72nd Congress on Dec. 7, following the convening of Congress Dec. 6. As to the delivery of the message, we quote the following from the Dec. 7 Washington
The Treasury should be authorized to subscribe a reasonable capital account to the New York "Evening Post":
to it, and it should be given authority to issue its own debentures. It
"The establishment of a system of home-loan discount
banks as the necessary companion in our financial structure
of the Federal Reserve Banks and our Federal Land Banks"
is also among the President's recommendations to Congress.
Details of the President's proposals regarding the home-loan
discount banks were given in our issue of Nov. 21, page
3358. An extension, "during emergencies," of the rediscount provisions of the Federal Reserve Act is also one of the
proposals to Congress which the President had heretofore
announced he would make.
The President states that the need of a sounder banking
system "is plainly shown by the extent of bank failures."
He adds:
'I recommend the prompt improvement of the banking laws. Changed
financial _conditions and commercial practices must be met. The
Congress should investigate the need for separation between different
kinds of banking; an enlargement of branch banking under proper restrictions, and the methods by which enlarged membership in the Federal
Reserve system may be brought about.
The message in full follows:
To the Senate and House of Representatives:
It is my duty under the Constitution to transmit to the Congress
information on the state of the Union and to recommend for its consideration necessary and expedient measures.
The chief influence affecting the state of the Union during the past
year has been the continued world-wide economic disturbance. Our
national concern has been to meet the emergencies it has created for us
and to lay the foundations for recovery.
If we lift our vision beyond these immediate emergencies we find
fundamental national gains even amid depression. In meeting the
problems of this difficult period, we have witnessed a remarkable development of the sense of co-operation in the community. For the first time
in the history of our major economic depressions there has been a notable
absence of public disorders and industrial conflict. Above all there is an
enlargement of social and spiritual responsibility among the people.
The strains and stresses upon business have resulted in closer application, in saner policies, and in better methods. Public improvements
have been carried out on a larger scale than even in normal times. The
country is richer in physical property, in newly discovered resources,
and in productive capacity than ever before. There has been constant
gain in knowledge and education; there has been continuous advance in
science and invention; there has been distinct gain in public health.
Business depressions have been recurrent in the life of our country and
are but transitory. The Nation has emerged from each of them with
Increased strength and virility because of the enlightenment they have
brought, the readjustments and the larger understanding of the realities
and obligations of life and work which come from them.
The recommendation is also made in the message that
Congress authorize the subscription by the Treasury of
further capital to the Federal Land Banks to be retired as
provided in the original act, or when funds are available,
and that repayments of such capital be treated as a fund
available for further subscriptions in the same manner.
The message observes that "the railways present one of
National Defense.
Both our Army and Navy have been maintained in a high state of
our immediate and pressing problems." In part the Presiefficiency. The ability and devotion of both officers and men sustain the
dent also says:
Reductions and postponements in
highest
of the
traditions
service.
expenditure of these departments to meet the present emergency are
being made without reducing existing personnel or impairing the morale
of either establishment.
The agreement between the leading naval powers for limitation of
naval armaments and establishment of their relative strength and
thus elimination of competitive building also implies for ourselves the
gradual expansion of the deficient categories in our Navy to the parities
provided in those treaties. However, none of the other nations, parties
to these agreements, is to-day maintaining the full rate of construction
The President renews his recommendation of a year ago which the treaty size of fleets would imply.
Although these agreements secured the maximum reduction of fleets
for a "Congressional inquiry into the economic action of the which it was at that time possible to attain, I am hopeful that the naval
In expressing his opposition to "any powers, party to these agreements, will realize that establishment of
anti-trust laws."
for
without
relative strength
direct or indirect Government dole" the President had the Injury to any ofin itself offers opportunity further reduction pending
them. This would be the more possible if
say in part on unemployment:
following to
negotiations are successful between France and Italy. If the world is to
We must avoid burdens upon the Government which will create more regain its standards of life, it must further decrease both naval and other
private industry than can be gained by further ex- arms. The subject will come before the General Disarmament Conferunemployment in
pansion of employment by the Federal Government. We can now ence which meets in Geneva on Feb. 2 next.
stimulate employment and agriculture more effectually and speedily
Foreign Affairs.
through the voluntary measures in progress, through the thawing out
We are at peace with the world. We have co-operated with other
of credit, through the building up of stability abroad, through the home
The rights of our citizens abroad have been
loan discount banks, through an emergency finance corporation and nations to preserve peace.
proTthee
protected.
the rehabilitation of the railways and other such directions.
economic depression-has continued and deepened in every part
While the President dealt with the Government's finances of the world during the past year. In many countries political instability,
in his Budget message, issued later in the week, and given excessive armaments, debts, governmental expenditures, and taxes have
monetary collapse
resulted in revolutions, in unbalanced budgets
on another page in this issue of our paper, he made a brief and financial panics, in dumping of goods upon and markets, and in
world
the diminished consumption of commodities.
reference thereto in his annual message. Indicating
Within two years there have been revolutions or acute social disorders
necessity of an emergency taxation measure, he said:
population of the world.
The budget for the fiscal year beginning July 1 next, after allowing in 19 countries, embracing more than half the external obligations. In
countries have been unable to meet their
for some increase of taxes under the present laws and after allowing for Ten
the world's population, former
drastic reduction in expenditures, still indicates a deficit of $1,417,000,- 14 countries, embracing a quarter of
of
The well-maintained and successful operation and the stability
railway finances are of primary importance to economic recovery. They
by
should have more effective opportunity to reduce operating costs
proper consolidation. As their rates must be regulated in public inbe applied to competing
terest, so also approximate regulation should
services by some authority. The methods of their regulation should be
revised. The Inter-State Commerce Commitsion has made important
and far-reaching recommendations upon the whole subject, which I
commend to the early consideration of the Congress.
DEC. 121931.]
FINANCIAL CHRONICLE
monetary standards have been temporarily abandoned. In a number of
countries there have been acute financial panics or compulsory restraints
upon banking. These disturbances have many roots in the dislocations
from the World War. Every one of them has reacted upon us. They
have sharply affected the markets and prices of our agricultural and industrial products. They have increased unemployment and greatly
embarrassed our financial and credit system.
As our difficulties during the past year have plainly originated in large
degree from these sources, any effort to bring about our own recuperation
has dictated the necessity of co-operation by us with other nations in
reasonable effort to restore world confidence and economic stability.
Co-operation of our Federal reserve system and our banks with the
central banks in foreign countries has contributed to localize and ameliorate a number of serious financial crises or moderate the pressures upon
us and thus avert disasters which would have affected us.
The economic crisis in Germany and Central Europe last June rose
to the dimensions of a general panic from which it was apparent that
without assistance these nations must collapse. Apprehensions of such
collapse had demoralized our agricultural and security markets and so
threatened other nations as to impose further dangers upon us. But of
highest importance was the necessity of co-operation on our part to
relieve the people of Germanyfrom lminent disasters and to maintain their
Important relations to progress and stability in the world. Upon the
Initiative of this Government a year's postponement of reparations and
other intergovernmental debts was brought about. Upon our further
initiative an agreement was made by Germany's private creditors providing for an extension of such credits until the German people can
develop more permanent and definite forms of relief.
We have continued our policy of withdrawing our marines from Haiti
and Nicaragua.
The difficulties between China and Japan have given us great concern,
not alone for the maintenance of the spirit of the Kellogg-Briand Pact,
but for the maintenance of the treaties to which we are a party assuring
the territorial integrity of China. It is our purpose to assist in finding
solutions sustaining the full spirit of those treaties.
I shall deal at greater length with our foreign relations in a later
message.
The Domestic Situation.
Many undertakings have been organized and forwarded during the
past year to meet the new and changing emergencies which have constantly confronted us.
Broadly the community has co-operated to meet the needs of honest
distress, and to take such emergency measures as would sustain confidence in our financial system and would cushion the violence of liquidation in industry and commerce, thus giving time for orderly readjustment of costs, inventories, and credits without panic and widespread
bankruptcy. These measures have served those purposes and will
promote recovery.
In these measures we have striven to mobilize and stimulate private
Initiative and local and community responsiblity. There has been the
least possible Government entry into the economic field, and that only
In temporary and emergency form. Our citizens and our local governments have given a magnificent display of unity and action, initiative
and patriotism in solving a multitude of difficultues and in co-operating
with the Federal Government.
For a proper understanding of my recommendations to the Congress
It is desirable very briefly to review such activities during the past year.
The emergencies of unemployment have been met by action in many
directions. The appropriations for the continued speeding up of the
great Federal construction program have provided direct and indirect
aid to employment upon a large scale. By organized unity of action,
the States and municipalities have also maintained large programs of
public improvement. Many industries have been prevailed upon to
anticipate and intensify construction. Industrial concerns and other
employers have been organized to spread available work amongst all
their employees, instead of discharging a portion of them. A large
majority have maintained wages at as high levels as the safe conduct
of their business would permit. This course has saved us from industrial
conflict and disorder which have characterized all previous depressions.
Immigration has been curtailed by Administrative action. Upon the
basis of normal immigration the decrease amounts to about 300,000
individuals who otherwise would have been added to our unemployment.
The expansion of Federal employment agencies under appropriations by
the Congress has proved most effective. Through the President's organization for unemployment relief, public and private agencies were
successfully mobilized last winter to provide employment and other
measures against distress. Similar organization gives assurance against
suffering during the coming winter. Committees of leading citizens are
now active at practically every point of unemployment. In the large
majority they have been assured the funds necessary which, together
with local government aids, will meet the situation. A few exceptional
localities will be further organized. The evidence of the Public Health
Service shows an actual decrease of sickness and infant and general
mortality below normal years. No greater proof could be adduced that
our people have been protected from hunger and cold and that the sense
of social responsibility in the nation has responded to the need of the
unfortunate.
To meet the emergencies in agriculture the loans authorized by Congress for rehabilitation in the drouth areas have enabled farmers to
produce abundant crops in those districts. The Red Cross undertook
and magnificently administered relief for over 2,500,000 drouth sufferers last winter. It has undertaken this year to administer relief to
100,000 sufferers in the new drouth area of certain Northwest States.
The action of the Federal Farm Board in granting credits to farm cooperatives saved many of them from bankruptcy and Increased their
purpose and strength. By enabling farm co-operatives to cushion the
fall in prices of farm products in 1930 and 1931 the Board secured higher
prices to the farmer than would have been obtained otherwise, although
the benefits• of this action were partially defeated by continued world
overproduction. Incident to this action the failure of a large number of
farmers and of country banks was averted which could quite possibly
have spread into a major disaster. The banks in the South have cooperated with the Farm Board in creation of a pool for the better marketing of accumulated cotton. Growers have been materially assisted
by this action. Constant effort has been made to reduce over production in relief of agriculture and to promote the foreign buying of agricultural products by sustaining economic stability abroad.
To meet our domestic emergencies in credit and banking arising from
the reaction to acute crises abroad the National Credit Association
was set up by the banks with resources of 8500,000,000 to support sound
banks against the frightened withdrawals and hoarding. It is giving
aid to reopen solvent banks which have been closed. Federal officials
have brought about many beneficial unions of banks and have employed
other means which have prevented many bank closings. As a result of
3853
these measures the hoarding withdrawals which had risen to over
8250,000,000 per week after the British crisis have substantially ceased.
Further Measures.
The major economic forces and weaknesses at home and abroad have
now been exposed and can be appraised, and the time is ripe for forward
action to expedite our recovery.
Although some of the causes of our depression are due to speculation,
Inflation of securities and real estate, unsound foreign investments, and
mismanagement of financial institutions, yet our self-contained national
economy, with its matchless strength and resources, would have enabled
us to recover long since but for the continued dislocations, shocks, and
setbacks from abroad.
Whatever the causes may be, the vast liquidation and readjustments
which have taken place have left us with a large degree of credit paralysis,
which, together with the situation in our railways and the conditions
abroad, are now the outstanding obstacles to recuperation. If we can
put our financial resources to work and can ameliorate the financial
situation in the railways, I am confident we can make a large measure
of recovery independent of the rest of the world. A strong America is
the highest contribution to world stability.
One phase of the credit situation is indicated in the banks. During
the past year banks, representing 3% of our total deposits have been
closed. A large part of these failures have been caused by withdrawals
for hoarding, as distinguished from the failures early in the depression
where weakness due to mismanagement was the larger cause of failure.
Despite their closing, many of them will pay in full. Although such
withdrawals have practically ceased, yet 81,100,000,000 of currency
was previously withdrawn which has still to return to circulation. This
represents a large reduction of the ability of our banks to extend credit
which would otherwise fertilize industry and agriculture. Furthermore,
many of our bankers, in order to prepare themselves to meet possible
withdrawals, have felt compelled to call in loans, to refuse new credits,
and to realize upon securities, which in turn has demoralized the markets.
The paralysis has been further augmented by the steady increase in
recent years of the proportion of bank assets invested in long-term
securities, such as mortgages and bonds. These securities tend to lose
their liquidity in depression or temporarily to fall in value so that the
ability of the banks to meet the shock of sudden withdrawal is greatly
lessened and the restriction of all kinds of credit is thereby increased.
The continuing credit paralysis has operated to accentuate the deflation
and liquidation of commodities, real estate, and securities below any
reasonable basis of values.
All of this tends to stifle business, especially the smaller units, and
finally expresses itself in further depression of prices and values, in
restriction on new enterprise, and in increased unemployment.
The situation largely arises from an unjustified lack of confidence.
We have enormous volumes of idle money in the banks and in hoarding.
We do not require more money or working capital—we need to put what
we have to work.
The fundamental difficulties which have brought about financial
strains in foreign countries do not exist in the United States. No external
drain on our resources can threaten our position, because the balance
of international payments is in our favor; we owe less to foreign countries than they owe to us; our industries are efficiently organized; our
currency and bank deposits are protected by the greatest gold reserve
In history.
Our first step toward recovery is to re-establish confidence and thus
restore the flow of credit which is the very basis of our economic life.
We must put some steel beams in the foundations of our credit structure.
It is our duty to apply the full strength of our Government not only to
the immediate phases, but to provide security against shocks and the
repetition of the weaknesses which have been proven.
The recommendations which I here lay before the Congress are designed to meet these needs by strengthening financial, industrial, and
agricultural life through the medium of our existing institutions, and
thus to avoid the entry of the Government into competition with private
business.
Federal Goya rnment Finance.
The first requirement of confidence and of economic recovery is
financial stability of the United States Government. I shall deal
with fiscal questions at greater length in the Budget message. But
I must at this time call attention to the magnitude of the deficits which
have developed and the resulting necessity for determined and courageous policies. These deficits arise in the main from the heavy decrease in tax receipts due to the depression and to the increase in
expenditure on construction in aid to unemployment,aids to agriculture,
and upon services to veterans.
During the fiscal year ending June 30 last we incurred a deficit of
about 8903,000,000, which included the statutory reduction of the debt
and represented an increase of the national debt by 8818,000,000. Of
this, however, $153,000,000 is offset by increased cash balances.
In comparison with the fiscal year 1928 there is indicated a fall in
Federal receipts for the present fiscal year amounting to 81,883,000,000,
of which 81,034,000,000 is in individual and corporate income taxes
alone. During this fiscal year there will be an increased expenditure,
as compared to 1928, on veterans of 8255,000,000, and an increased
expenditure on construction work which may reach 8520,000,000.
Despite large economies in other directions, we have an indicated deficit,
including the statutory retirement of the debt, of 82,123,000,000, and
an indicated net debt increase of about $1,711,000,000.
The Budget for the fiscal year beginning July 1 next, after allowing
for some increase of taxes under the present laws and after allowing for
drastic reduction in expenditures, still indicates a deficit of 81,417,000,000. After offseting the statutory debt retirements this would indicate
an increase in the national debt for the fiscal year 1933 of about $921,000,000.
Several conclusions are inevitable. We must have insistent and determined reduction in Government expenses. We must face a temporary
increase in taxes. Such increase should not cover the whole of these
deficits or it will retard recovery. We must partially finance the defidt
by borrowing. It is my view that the amount of taxation should be
fixed so as to balance the Budget for 1933 except for the statutory debt
retirement. Such Government receipts would assure the balance of
the following year's budget including debt retirement. It is my further
view that the additional taxation should be imposed solely as an emergency measure terminating definitely two years from July 1 next. Such
a basis will give confidence in the determination of the Government
to stabilize its finance and will assure taxpayers of its temporary character. Even with increased taxation, the Government will reach the
utmost safe limit of its borrowing capacity by the expenditures for which
we are already obligated and the recommendations here proposed. To
go further than these limits in either expenditures, taxes, or borrowing
will destroy confidence, denude commerce and industry of its resources,
3854
FINANCIAL CHRONICLE
jeopardize the financial system, and actually extend unemployment
and demoralize agriculture rather than relieve it.
Federal Land Banks.
I recommend that the Congress authorize the subscription by the
Treasury of further capital to the Federal Land Banks to be retired
as provided in the original act, or when funds are available, and that
repayments of such capital be treated as a fund available for further
subscriptions in the same manner. It is urgent that the banks be
supported so as to stabilize the market values of their bonds and thus
secure capital for the farmers at low rates, that they may continue their
services to agriculture and that they may meet the present situation with
consideration to the farmers.
Deposits in Closed Banks.
A method should be devised to make available quickly to depositors
some portion of their deposits in closed banks as the assets of such
banks may warrant. Such provision would go far to relieve distress
in a multitude of families, would stabilize values in many communities, and would liberate working capital to thousands of concerns.
I recommend that measures be enacted promptly to accomplish these
results and I suggest that the Congress should consider the development of such a plan through the Federal Reserve banks.
Home-Loan Discount Banks.
I recommend the establishment of a system of home-loan discount
banks as the necessary companion in our financial structure of the
Federal Reserve banks and our Federal Land banks. Such action will
relieve present distressing pressures against home and farm property
owners. It will relieve pressures upon and give added strength to
building and loan associations, savings banks, and deposit banks,
engaged in extending such credits. Such action would further decentralize our credit structure. It would revive residential construction and employment. It would enable such loaning institutions more
effectually to promote home ownership. I discussed this plan at some
length in a statement made public Nov. 14, last. This plan has been
warmly endorsed by the recent National Conference upon Home Ownership and Housing, whose members were designated by the Governors of
the States and the groups interested.
Reconstruction Finance Corporation.
In order that the public may be absolutely assured and that the
Government may be in position to meet any public necessity, I recommend that an emergency Reconstruction Corporation of the nature of
the former War Finance Corporation should be established. It may not
be necessary to use such an instrumentality very extensively. The
very existence of such a bulwark will strengthen confidence. The
Treasury should be authorized to subscribe a reasonable capital to it,
and it should be given authority to issue its own debentures. It should
be placed in liquidation at the end of two years. Its purpose is that
by strengthening the weak spots to thus liberate the full strength of the
nation's resources. It should be in position to facilitate exports by
American agencies; make advances to agricultural credit agencies where
necessary to protect and aid the agricultural industry; to make temporary advances upon proper securities to established industries, railways, and financial institutions which can not otherwise secure credit,
and where such advances will protect the credit structure and stimulate
employment. Its functions would not overlap those of the National
Credit Corporation,
Federal Reserve Eligibility.
On Oct. 6 I issued a statement that I should recommend to the Congress an extension during emergencies of the eligibility provisions in
the Federal Reserve act. This statement was approved by a representative gathering of the members of both Houses of the Congress, including members of the appropriate committees. It was approved by
the officials of the Treasury Department, and I understand such an
extension has been approved by a majority of the Governors of the
Federal Reserve banks. Nothing should be done which would lower
the safeguards of the system.
The establishment of the mortgage-discount banks herein referred
to will also contribute to further reserve strength in the banks without
inflation.
Banking Laws.
Our people have a right to a banking system in which their deposits
shall be safeguarded and the flow of credit less subject to storms. The
need of a sounder system is plainly shown by the extent of bank failures.
I recommend the prompt improvement of the banking laws. Changed
financial conditions and commercial practices must be met. The
Congress should investigate the need for separation between different
kinds of banking; an enlargement of branch banking under proper restrictions; and the methods by which enlarged membership in the Federal
Reserve system may be brought about.
Postal Savings Banks.
The Postal Savings deposits have increased from about $200,000,000
to about $550,000,000 during the past year. This experience has raised
important practical questions in relation to deposits and investments
which should receive the attention of the Congress.
[VOL. 133.
dustries founded upon natural resources, especially where destructive
competition produces great wastes of these resources and brings great
hardships upon operators, employees and the public. In recent years
there has been continued demoralization in the bituminous coal, oil and
lumber industries. I again commend the matter to the consideration
of the Congress.
Unemployment.
As an aid to unemployment the Federal Government is engaged
in the greatest program of public-building, harbor, flood-control,
highway, waterway, aviation, merchant and naval ship construction
in all history. Our expenditures on these works during this calendar
year will reach about $780,000,000 compared with $260,000,000 in
1928. Through this increased construction, through the maintenance
of a full complement of Federal employees, and through services to
veterans it is estimated that the Federal taxpayer is now directly contributing to the livelihood of 10,000,000 of our citizens.
We must avoid burdens upon the Government which will create
more unemployment in private industry than can be gained by further expansion of employment by the Federal Government. We
can now stimulate employment and agriculture more effectually and
speedily through the voluntary measures in progress, through the
thawing out of credit, through the building up of stability abroad,
through the home loan discount banks, through an emergency finance
corporation and the rehabilitation of the railwaysand other such
directions.
I am opposed to any direct or indirect Government dole. The
breakdown and increased unemployment in Europe is due in part to
such practices. Our people are providing against distress from unemployment in true American fashion by a magnificent response to
public appeal and by action of the local governments.
Genera/ Legislation.
There are many other subjects requiring legislative action at this
session of the Congress. I may list the following among them:
Veterans' Services.
The law enacted last March authorizing loans of 50% upon adjustedservice certificates has, together with the loans made under previous
laws, resulted in payments of about $1,260,000,000. Appropriations
have been exhausted. The Administrator of Veterans' Affairs advises
that a further appropriation of $200,000,000 is required at once to
meet the obligations made necessary by existing legislation.
There will be demands for further veterans' legislation; there are
inequalities in our system of veterans' relief; it is our National duty
to meet our obligations to those who have served the Nation. But
our present expenditure upon these services now exceeds $1,000,000,000
per annum. I am opposed to any extension of these expenditures
until the country has recovered from the present situation.
Electrical-power Regulation.
I have recommended in previous messages the effective regulation
of Inter-State electrical power as the essential function of the reorganized Federal Power Commission. I renew the recommendation.
It is urgently needed in public protection.
Muscle Shoals.
At my suggestion, the Governors and Legislatures of Alabama and
Tennessee selected three members each for service on a committee to
which I appointed a representative of the farm organizations and two
representatives of the War Department for the purpose of recommending a plan for the disposal of these properties which would be
in the interest of the people of those States and the agricultural industry
throughout the country. I shall transmit the recommendations to the
Congress.
Re-organization of Federal Departments.
I have referred in previous messages to the profound need of further
re-organization and consolidation of Federal administrative functions to
eliminate overlap and waste,and to enable co-ordination and definition of
Government policies now wholly impossible in scattered and conflicting
agencies which deal with parts of the same major function. I shall lay
before Congress further recommendations upon this subject, particularly
in relation to the Department of the Interior. There are two directions
of such re-organization, however, which have an important bearing
upon the emergency problems with which we are confronted.
Shipping Board.
At present the Shipping Board exercises large administrative functions
independent of the Executive. These administrative functions should
be transferred to the Department of Commerce, in keeping with that
single responsibility which has been the basis of our governmental structure since its foundation. There should be created in that department
a position of Assistant Secretary for Merchant Marine, under whom this
work and the several bureaus having to do with merchant marine may be
grouped.
The Shipping Board should be made a regulatory body acting also
in advisory capacity on loans and policies, in keeping with its original
conception. Its regulatory powers should be amended to include
regulation of coastwise shipping so as to assure stability and better
service. It is also worthy of consideration that the regulation of rates
and services upon the inland waterways should be assigned to such a
reorganized board.
Re-organization of Public Works Administration.
I recommend that all building and construction activities of the
Government now carried on by many departments be consolidated into
an independent establishment under the President to be known as the
"Public Works Adminsitration" directed by a Public Works Administrator. This agency should undertake all construction work in service
to the different departments of the Government (except naval and
military work). The services of the Corps of Army Engineers should be
delegated in rotation for military duty to this administration in continuation of their supervision of river and harbor work. Great economies, sounder policies, more effective co-ordination to employment.
and expedition in all construction work would result from this consolidation.
Law Enforcement.
I shall present some recommendations in a special message looking
to the strengthening of criminal-law enforcement and improvement in
judicial procedure connected therewith.
Railways.
The railways present one of our immediate and pressing problems.
They are and must remain the backbone of our transportation system. Their prosperity is interrelated with the prosperity of all industries. Their fundamental service in transportation, the volume of
their employment, their buying power for supplies from other industries, the enormous investment in their securities, particularly their
bonds, by insurance companies, savings banks, benevolent and other
trusts, all reflect their partnership in the whole economic fabric. Through
these institutions the railway bonds are in a large sense the investment
of every family. The well-maintained and successful operation and
the stability of railway finances are of primary importance to economic
recovery. They should have more effective opportunity to reduce
operating costs by proper consolidation. As their rates must be regulated
in public interest, so also approximate regulation should be applied to
competing services by some authority. The methods of their regulation
should be revised. The Inter-State Commerce Commission has made
important and far-reaching recommendations upon the whole subject,
which I commend to the early consideration of the Congress.
Antitrust Laws.
In my message of a year ago I commented on the necessity of conInland Waterway and Harbor Improvement.
gressional inquiry into the economic action of the antitrust laws. There
is wide conviction that some change should be made especially in the
These improvements are now proceeding upon an unprecedented
procedure under these laws. I do not favor their repeal. Such action scale. Some indication of the volume of work in progress is conveyed
would open wide the door to price fixing, monopoly and destruction of by the fact that during the current year over 380,000,000 cubic yards of
healthy competition. Particular attention should be given to the in- material have been moved—an amount equal to the entire removal in
DEC. 12 19311
FINANCIAL CHRONICLE
the construction of the Panama Canal. The Mississippi waterway
system, connecting Chicago, Kansas City, Pittsburgh, and New Orleans,
will be in full operation during 1933. Substantial progress is being made
upon the projects of the upper Missouri, upper Mississippi, &c.
Negotiations are now in progress with Canada for the construction
of the St. Lawrence Waterway.
The Tariff.
Wages and standards of living abroad have been materially lowered
during the past year. The temporary abandonment of the gold standard
by certain countries has also reduced their production costs compared
to ours. Fortunately any increases in the tariff which may be necessary
to protect agriculture and industry from these lowered foreign costs, or
decreases in items which may prove to be excessive, may be undertaken
at any time by the Tariff Commission under authority which it possesses
by virtue of the tariff act of 1930. The Commission during the past year
has reviewed the rates upon over 254 items subject to tariff. As a result
of vigorous and industrious action, it is up to date in the consideration
of pending references and is prepared to give prompt attention to any
further applications. This procedure presents an orderly method for
correcting inequalities. I am opposed to any general congressional
revision of the tariff. Such action would disturb industry, business,
and agriculture. It would prolong the depression.
Immigration and Deportation.
I recommend that immigration restriction now in force under administrative action be placed upon a more definite basis by law. The deportation laws should be strengthened. Aliens lawfully in the country
should be protected by the issuance of a certiifcate of residence.
Public Health.
I again call attention to my previous recommendations upon this
subject, particularly in its relation to children. The moral results are *
of the utmost importance.
Conclusion.
It is inevitable that in these times much of the legislation proposed to
Congress and many of the recommendations of the Executive must
the
be designed to meet emergencies. In reaching solutions we must not
3855
jeopardize those principles which we have found to be the basis of the
growth of the Nation. The Federal Government must not encroach upon
nor permit local communities to abandon that precious possession of
local initiative and responsibility. Again, just as the largest measure
of responsibility in the Government of the Nation rests upon local selfgovernment, so does the largest measure of social responsiblity in our
country rest upon the individual. If the individual surrenders his own
initiative and responsibilities, he is surrendering his own freedom and
his own liberty. It is the duty of the National Government to insist
that both the local governments and the individual shall assume and bear
these responsiblities as a fundamental of preserving the very basis of our
freedom.
Many vital changes and movements of vast proportions are taking
place in the economic world. The effect of these changes upon the future
can not be seen clearly as yet. Of this, however, we are sure: Our
system, based upon the ideals of individual initiative and of equality
of opportunity, is not an artifical thing. Rather it is the outgrowth of
the experience of America,and expresses the faith and spirit of our people.
It has carried us in a century and a half to leadership of the economic
world. If our economic system does not match our highest expectations at all times, it does not require revolutionary action to bring it into
accord with any necessity that experience may prove. It has successfully adjusted itself to changing conditions in the past. It will do so
again. The mobility of our institutions, the richness of our resources,
and the abilities of our people enable us to meet them unafraid. It is a
distressful time for many of our people, but they have shown qualities as
high in fortitude, courage, and resourcefulness as ever in our history.
With that spirit, I have faith that out of it will come a sounder life, a
truer standard of values, a greater recognition of the results of honest
effort, and a healthier atmosphere in which to rear our children. Ours
must be a country of such stability and security as can not fail to carry
forward and enlarge among all the people that abundant life of material
and spiritual opportunity which it has represented among all nations
since its beginning.
HERBERT HOOVER.
The White House,
Dec. 8 1931.
Budget Message of President Hoover—Increased Taxation As Provided in 1924
Revenue Act Recommended for Two-Year Period—Deficit for 1932 Estimated
at $2,122,683,685.
The outstanding recommendation in the message of
President Hoover, transmitting to Congress the budget for
1933, is his recommendation that Congress provide for a
two-year period an increase in taxation, upon the general
plan which existed under the Revenue Act of 1924. This
plan, it is estimated, said the President, "will realize $920,000,000 next year and thus meet the above conditions of
balancing the budget for the fiscal year 1933 except for the
statutory debt retirement. It would balance the budget
including debt retirement in the fiscal year beginning
July 1 1933. It would provide about $390,000,000 for the
current year, leaving us with the necessity of borrowing an
amount which will represent a net increase in the public
debt by about $1,320,000,000."
In accordance with the President's recommendations,
Secretary Mellon, in his annual report, has submitted to
Congress details of increased taxation proposed to meet the
declining revenues. Secretary Mellon's report is given at
length elsewhere in our issue to-day.
In his budget message, presented on Dec. 9 to Congress,
the President says:
For the fiscal year ending June 30 1932, the receipts, originally estimated at $3,956,000,000, are now expected to fail of realization because
of the severity of the depression, and will fall below the estimates by
$1,717,000,000. The principal elements entering into this decline in
revenues are income tax receipts, $1,140,000,000; customs receipts,
$202,000,000; miscellaneous internal revenue receipts, $132,000,000,
and postponement of payments of principal and interest on the foreign
debt, $247,000,000.
Expenditures are expected to increase over the original estimates by
$437,000,000.
The deficit estimated by the President for the fiscal
year ended June 30 1932 is $2,122,683,685; for the fiscal
year 1933, it is estimated at $1,416,949,448 and for 1931 at
$902,716,845. In full we give the budget message herewith:
.
To the Congress of the United States:
I have the honor to transmit herewith the budget of the United States
for the fiscal year ending June 30 1933. The receipts and expenditures
shown in detail in the budget are summarized in the following statement:
Summary of Receipts and Expenditures (Exclusive of Postal Revenues and
Postal Expenditures Paid from Postal Revenues).
1932.
1933.
1931.
General fund receipts
$2,473,515,772.00 $2,204,257,200.00 $3,103,338,105.18
Special fund receipts
103,014,430.00
34,821,800.00
88,303,975.14
Tet.gen.& spec.fund rec.$2,578,530,202.00 $2,238,878,800.00 $3,189,840,080.30
General fund expenditures..$3,889.223,050.00 $4,284,411,800.00 $3,987,148,133.52
Special fund expenditures
107,449,400.00
77,428,000.00
104,515,774.89
Tot.gen.& spec.fund exp.53,998,672,450.00 $4,381,839,800.00 $4,091,883,908.41
Excess of gen. & spec, fund
expend. over gen. & spec.
fund receipts
$1,420,142,248.00 $2,122,981,000.00 8902,023,828.11
Excess of trust fund rec.
over trust fund expends..3,192,800.00
277,315.00
Excess of trust fund expends.
over trust fund receipts_
893,018.98
Total excess of expends-51,418,949,448.00 $2,122,883,685.00
$902,718,845.07
From this statement it will be seen that, in spite of an estimated
increase of over $337,000,000 in receipts for next year and an estimated reduction in expenditures of more than $365,000,000, a large
excess of expenditures is still indicated for the fiscal year 1933 under
present laws. This condition requires that I make, in accordance with
Section 202 of the Budget and Accounting Act, recommendations to
Congress for new taxes, loans, or other appropriate action to meet the
estimated deficiency. My recommendations appear later in this
message.
1932.
For the fiscal year ending June 30 1932 the receipts, originally estimated at $3,956,000,000, are now expected to fail of realization because
of the severity of the depression and will fall below the estimates by
$1,717,000,000. The principal elements entering into this decline in
revenues are income tax receipts, $1,140,000,000; customs receipts,
$202,000,000; miscellaneous internal revenue receipts, $132,000,000.
and postponement of payments of principal and interest on the
foreign debt, $247,000,000.
Expenditures are expected to increase over the original estimates by
$437,000,000. This is the net difference between many items of increase
and decrease. The principal increases, in part due to subsequent
legislation, include added benefits to veterans, $135,000,000; speeding
up of public works to aid unemployment, $160,000,000; Federal Farm
Board revolving loan fund, $80,000,000; interest on the public debt,
$24,000,000; postal deficit, $81,000,000; and settlements under the
War Claims Act, $37,000,000. There are many other individual items
of increase over the expenditures estimated a year ago which would
materially swell the total of increases. Rigid reduction of expenses
elsewhere supplemented by decreases in public debt expenditures on
account of the moratorium and smaller tax refunds than were originally
estimated serve to offset the total increases. These changes in receipts
and expenditures indicate a deficit of $2,123,000,000, which includes
statutory debt retirement, or a probable net debt increase of $1,711,000,000.
1931.
For the fiscal year ending June 30 1931 the actual receipts fell short
of those estimated a year ago by $516,000,000. The principal elements
in this falling off were internal revenue and customs receipts, which,
together, account for $506,000,000. The actual expenditures exceeded
those estimated for the year by $207,000,000, and may be attributed
to the special legislation calling for emergency drouth relief and increased
public works to relieve unemployment, coupled with the advance payment of $112,000,000 to the adjusted-service certificate fund, offset
in part by reductions and economies in other directions. The net result
was a deficit of $902,000,000, which included $440,000,000 for statutory
debt retirement, or a net increase in the debt of $462,000,000, plus
additional cash in the Treasury of $153,000,000, or a total debt increase
of $615,000,000.
Taxes.
We are now face to face with a situation where for a time the current
revenues of the Government under our existing laws have fallen below
the amounts required to meet the absolutely necessary expenses. This
brings the question directly before us of the course that shall be pursued. As already stated, the deficit for the fiscal year 1931 is $902,000,000 and the estimated deficits for $932, $2,123,000,000, and 1933,
$1,417,000,000, or a total of $4,442,000,000, which, after deducting
statutory debt redemptions and increased cash in the Treasury, show
for these three fiscal years a total probable net increase in the national
debt of $3,247,000,000. Rightly or wrongly, our lax system is very
largely based upon business profits and in consequence is subject to
great ysri no esm
vire eanablt .
aintain public confidence nor stability of the Federal
Government without undertaking some temporary tax increases. It
is obviously impossible to impose a degree of taxation which will balance
the budget for the current fiscal year. We should endeavor by increase
of taxes and rigid curtailment of expenditures to balance the budget
FINANCIAL CHRONICLE
3856
for the next fiscal year except to the extent of the amount required for
statutory debt retirements. We should assure its balance, including
statutory debt retirements, for the fiscal year following.
I recommend that Congress provide for an increase in taxation for
a definite limited period and upon the general plan of taxation which
existed under the Revenue Act of 1924, with such changes as may be
appropriate in the light of altered conditions. The Secretary of the
Treasury has prepared recommendations along these lines which he will
present at the proper time. It is proposed that this increase shall be
definitely terminated in two years from next July. This plan, it is
estimated, will realize $920,000,000 next year and thus meet the above
conditions of balancing the budget for the fiscal year 1933 except for
the statutory debt retirement. It would balance the budget, including
debt retirement, in the fiscal year beginning July 1 1933. It would
provide about $390,000,000 for the current year, leaving us with the
necessity of borrowing an amount which will represent a net increase
in the public debt by about $1,320,000,000.
The plan of approximately re-enacting the Revenue Act of 1924 has
the great advantage that the Government is equipped by experience
with similar legislation for its systematic and economical collection.
The public has paid such taxes in the past and has found them not intolerable and has found that they do not prevent increased prosperity.
By providing a definite date for termination of the temporary increase
it will allow taxpayers to look forward to definite relief.
I further recommend that Congress Inquire into the economic effect
of the provisions of the present law relating to capital gains and losses.
Appropriations.
The estimates of appropriations recommended in this budget for the
fiscal year 1933, to carry out the financial program recommended above,
are summarized in the fol owing statement showing increases or decreases as compared with actual appropriations for the current fiscal year.
Estimates, 1933.
Increases.
Legislative Establishment:
Senate
House of Representatives
Architect of the Capitol
Botanic Garden
Library of Congress
Government Printing Office.- Miscellaneous
$3,241,564.00
8,177,374.00
4,257,415.00
231,022.00
2,489,777.00
3,274,000.00
185,050.00
957,140.00
Total, legislative establishm t
$21,856,202.00
$57,140.00
Decreases.
$7,728.00
6,238.00
5,401,007.00
72,305.00
20,000.00
3,000.00
85,510,278.00
$429,380.00
Executive office
$43,000.00
Independent Establishments:
400,000.00
$95,750.00
Amer. Battle Monument Comm
1,000.000.00
Arlington Memor.Bridge Comm
169,865.00
Board of Mediation
18,320.00
635,000.00
Board of Tax Appeals
18,640.00
199,940.00
Bureau of Efficiency
330.00
1,542,720.00
Civil Service Commission
115,622.00
9,775.00
Commission of Fine Arts
4,986,926.00
255,946.00
Employes'Compensation Comm
10.285,405.00
199,425.00
Fed. Board for Vocat'l Educat'n
1,880,000.00
Federal Farm Board
100,020,000.00
17,500.00
Federal Oil Conservation Board
2,500.00
43,550.00
Federal Power Commission_ _
362,020.00
431,360.00
Federal Radio Commission_ _- 34,020.00
1.692,800.00
83,600.00
Federal Reserve Board
Federal Trade Commission_ _
1,266,500.00
495,266.00
4,290,620.00
6,800.00
General Accounting Office
500,000.00
Geo. Rogers Clark SeSQUI• Corn.
300,000.00
452,230.00
114,035.00
G.Washington 13Icenten. Comm
9,661,410.00
2,251,063.00
Interstate Commerce Comm_
25,000.00
25,000.00
Mt.Rushmore Nat. Mem.Corn.
1,012,310.00
Nat. Advis. Comm.for A oron'tic
38,760.00
Nat. Capital Park & Plan. Corn.
4,000,000.00
195.116.00
Personnel Classification Board_
23,734.00
Porto Rican Flurric. Relief Coro.
1,000,000.00
Protecting interests of the U. S.
in oil leases 8, oil lands- _. _
60,000.00
Public buildings & public parks
4,701,575.00
of the National capital_ _ _
.
1,092,042.00
125,000.00
Public Buildings Commission_ _
1,259,964.00
44,540,00
Smithsonian Institution
2,000.000.00
Supreme Court Bldg. Comm_ _ _
1,750,000.00
1,150,500.00
Tariff Commission
89,500.00
11,678.00
1,000.00
U. S. Geographic Board
(7.8 Shipping Board & Merch.
423,270.00
Fleet Corp
36,982,730.00
1,072,064,527.
00 124,624,649.00
Veterans' Administration
[Vou 183.
message and shows that the expenditures for 1933 are estimated at $365,000,000 less than those fc,r the current fiscal year.
In framing this budget, I have proceeded on the basis that the estimates for 1933 should ask for only the minimum amounts which are
absolutely essential for the operation of the Government under existing
law, after making due allowance for continuing appropriations. The
appropriation estimates for 1933 reflect a drastic curtailment of the
expenses of Federal activities in all directions where a consideration of
the public welfare would permit it. Even with such reductions in the
estimates of appropriations, the anticipated receipts under existing
law, as stated above, will be $1,417,000,000 short of the amount needed
to meet Federal expenditures, Including statutory debt retirement.
In viewing our financial requirements for 1933 the fact should not
be overlooked that of the total of $3,942,000,000 of the estimates of
appropriations payable from the Treasury contained in this budget,
$1,285,000,000 is represented by permanent definite and indefinite
appropriations which by law are automatically made each year without
further action by the Congress. Taking into consideration that in
addition to this sum of $1,285,000,000 of permanent definite and indefinite appropriations there are other expenditures of the nature of
fixed charges amounting to approximately $1,000,000,000 for which
annual estimates of appropriations must be submitted, there is in reality
an area of only about $1,700,000,000 of the total of $3,942,000,000 presented in this budget which is available for consideration in seeking
means to curtail our expenditures.
Shipping Board.
The estimates for the Shipping Board for 1933 show a decrease from
the appropriations for 1932 of $36,972,000. This is due mainly to thefact that no further appropriation is needed at this time for the construction loan fund for which $35,000,000 was appropriated in 1932,
it being contemplated that the unexpended balance of that appropriation, together with repayments of loans and sales receipts transferred
to the fund, will be sufficient to meet expenditures from the fund during
1933. For the shipping fund for which $1,970,000 was appropriated In
1932, no estimate for a further appropriation is being presented, as
it is expected that the operating loss for 1933, which is estimated at
about $5,250,000, can be met by utilizing cash balances and reserves.
Veterans' Administration.
There is requested in this budget a total of slightly more than $1,072,000,000 for the veterans' administration, compared with a total appropriation for 1932 of approximately $947,000,000. About $21,000,000'
of each of these amounts pertains to the Civil Service retirement and
disability fund and is not properly chargeable to the annual cost of caring
for our veterans, which thus becomes $926,000,000 for 1932 and $1,051,000,000 for 1933. Comparison of these amounts indicates on its face
a net increase of $125,000,000 for 1933. However, it is now known
that additional appropriations will be required for the fiscal year 1932
to the approximate amount of $260,000,000, of which $200,000,000 is
to meet obligations due to the increase in the loan value of adjustedservice certificates and $60,000,000 to meet the requirements for military
and naval compensation, army and navy pensions, and aid to State
and territorial homes for disabled veterans.
Taking these supplemental requirements for 1932 into consideration,
the above indicated net increase of $125,000,000 becomes a net decrease
of approximately $135,000,000. This net decrease, however, is due
largely to the adjusted-service certificate fund requirements, which are
$162,000,000 less for 1933. If the adjusted-service certificate fund be
excluded from both 1932 and 1933, the estimates for 1933 represent
an ultimate net increase over 1932 of $27,000,000. This amount is the
net difference between several items of increase and decrease. The
principal item of increase is found in military and naval compensation,
which is up $42,000,000. Resulting from the increase in hospital and
domiciliary facilities, the cost of administration, medical, hospital and
domiciliary services shows an increase of $4,460,000, and there is a
further increase of;$1,527,000 in the item for hospital and domiciliary
facilities. Offsetting these increases is a decrease of $9,000,000 in
army and navy pensions, $4,500,000 in military and naval insurance
and $7,762,000 in the Government life insurance fund.
Agriculture.
The estimates for the Department of Agriciilture for 1933 carry
approximately $49,800,000 less than the appropriations for 1932. This
decrease is accounted for in part by the fact that the 1932 appropriations
contained $22,000,000 for seed loans and agricultural relief, for which
no estimate is required for 1933. There is a further reduction of $20,000,000 in the 1933 estimates from the 1932 appropriations for Federalaid roads and forest roads and trails, as the regular programs for these
works under existing authorizations were advanced to that extent in
1931 and 1932 by the funds made available in the emergency construction
appropriations. The balance of the decrease is reflected in a reduction
of $1,750,000 in the estimate for the acquisition of additional forest
lands and $4,800,000 for other activities of the Department.
Total Executive office & indt
pendent establishments_ _ _ 31,233,182.591.00 $125,487,495.00 $148,342,327.00
197,454,976.00
49,828,154.00
Department of Agriculture_ _ _ _
44,719,304.00
9,615,926.00
Department of Commerce
70,627,152.33
14,667,954.40
.
Department of the Interior_ - _
2,671,163.00
53,900,364.00
Department of Justice
14,488,397.00
505,803.00
Department of Labor
343,000,000.00
Navy Department
17,101,593.00
Postoffice Department:
Postal Service, payable from
658,724,487.00 12,240,710.00
postal revenues
Treasury Department.
Postal deficiency, payable
The estimates for practically all of the organization units in the
155,000,000.00
40,000,000.00
from Treasury
16,714,071.89
1,792,234.45 Tressury Department for the fiscal year 1933 are less than the approState Department
293,735,857.00 24,798,440.00
Treasury Department
priations for 1932, the notable exception being an increase of $57,400,000
36,138,348.00 in the
War Dept., incl. Panama Canal 423,940,302.00
items for the construction of new Federal buildings authorized
47,331,919.00
1,640,719.00
District of Columbia
and now in some stage of development and for the operation and main93,464,675,623.22 $165,254,948.00 5325,143,336.85 tenance of completed buildings. The principal items of decrease are
Total,ordinary,incl. Postal..
$26,000,000 for refunding internal-revenue taxes illegally collected,
Reduction in prin. of public debt
funds now available for this purpose being considered sufficient for the
$426,489,600.00 $14,718,300.00
Sinking fund
fiscal year 1933, $3,200,000 for the Coast Guard, clue principally to
70,313.878.00 70,138,878.00
Other redemptions of debtthe completion of its programs for the construction of buildings and
$496,803,478.00 $84,857,178.00
Principal of the public debt
vessels; $934,000 for customs' administration, as a result of falling
640,000,000.00 35,000,000,00
Interest on the public debt_ _
receipts, and $512,000 for the Public Health Service, due principally
to non-recurring expenditures for equipping new hospitals and quaranTotal, incl. Postoffice Dept.
and Postal Service
$4.601,479,101.22 3285,112,126.00 5325,143,336.85 tine stations.
Deduct Postal Service payable
The prospective operations under permanent indefinite appropriation
from postal revenues
658,724,487.00 12,240,710.00
items in the fiscal year 1933 will be largely in excess of the current year.
Total payable from Treasury. 53,942,754,614.22 $272,871,416.00 5325,143,336.85 To provide for interest on our enlarged public debt, $35,000,000 additional will be required. Public-debt retirements required to be made
Annual appropriations
85 from ordinary
5156,807,584.
52,657,011,886.22
receipts will require $85,000,000 additional for the purPermanent appropriations
1,285,742,728,00 104,535,664.00
poses of the cumulative sinking fund, receipts from foreign governments
Total
$3.942,754,614.22 $104,535,664.00 9156,807,584.85 to be applied to debt retirements, and retirements from franchise-tax
receipts from Federal Reserve banks.
The bare comparison between appropriations proposed for the next
Buildings,
fiscal year and those made for the current fiscal year, as shown in the
The Federal public building program authorized by the act of May 25
above statement, fails to present a true picture of government operations to the extent that in neither year do these appropriations repre- 1926, as amended, is being advanced in a marked degree in furtherance
sent the full amount available for expenditure, due largely to continu- of the movement for the relief of the unemployed. The total authoriing appropriations from previous years. It Is necessary to consider zations now amount to $620,000,000 in addition to the amounts authortotal expenditures in order to arrive at a true comparison between the ized for certain old projects specifically brought into the program by the
two years. That comparison is given in the opening paragraph of this original act and amounting to upward of $9,000,000. Of the total
DEC. 12 1931.]
FINANCIAL CHRONICLE
amount authorized $190,000,000 is for land and buildings in the District
of Columbia. Moreover, at places where abandoned sites and buildings
are sold the proceeds are to be applied against the cost of the new project.
The estimated sale value of sites and buildings to be so replaced amounts
to approximately $69,000,000 and about $6,700,000 has been realized
from such sales up to the present time.
In accordance with the provisions of the legislation above referred to
specific authorizations have been made for 817 projects at limits of cost
aggregating $466,800,000. Under authority of these authroizations
obligations have been incurred, up to June 30 1931, amounting to $175,560,000, of which $73,633,000 were incurred in the fiscal year 1931.
It is expected that obligations to be incurred in the fiscal year 1932 will
amount to $155,000,000, and if this is brought about there will be a
balance of over $136,000,000 available for obligation in the fiscal year
1933. It is apparent, therefore, that specific authorizations for individual projects already made are sufficient to carry the construction
program through the fiscal year 1933.
To finance the projects which have been specifically authorized, on
the basis of providing for maturing obligations, appropriations aggregating $207,030,000 have been made. The total expenditures thereunder
to the close of the fiscal year 1931 amounted to $117,890,000, leaving
an unexpended balance of $89,140,000, and it is estimated that $140,000,000 additional will be required to meet payments which will become
due up to the close of the fiscal year 1933. To provide the additional
funds which will be necessary to meet payments to the close of the fiscal
year 1932 a supplemental estimate for $20,000,000 will be transmitted
to Congress for consideration in connection with the first deficiency bill,
and $120,000,000 is included in this budget for payments to be made in
the fiscal year 1933.
In addition to the building program referred to above, additional
appropriations aggregating $28,680,000 have been made for the purchase
of land in the District of Columbia. The expenditures thereunder to the
close of the fiscal year 1931 amounted to $22,569,000, leaving an unexpended balance of $6,111,000 available for subsequent purchases.
Additional appropriations under this authorization are not required at
this time.
The War Department is also carrying forward a building program for
the housing of military personnel, for hospitals, utilitiies, and
administration activities, and for technical buildings for the Air Corps made
necessary by the needs for replacing World War temporary construction
and to provide generally for the increase in the pre-war strength
of the
regular army, including the expansion of the Air Corps. There has
already been appropriated $89,311,000 which, with the contract authorization of not to exceed $3,000,000 contained in the War Department
appropriation act for 1932, practically exhausts the authorizations so far
granted by law for continuing the program. The estimates for 1933
carry $2,250,000 to meet obligations under the contract authorization
of $3,000,000. For the Panama Canal the estimates for 1933 provide
$700,000 for new buildings and structures.
For the veterans' administration this budget provides $12,877,000 for
additional hospital and domiciliary facilities. Of this amount $10,877,000 is covered by the authorization of $20,877,000 provided by the
act
approved March 4 1931, leaving $5,000,000 yet to be appropriated
and $2,000,000 is for completing the authorizations contained in the
acts
approved June 211930, and July 3 1930,for the erection of two national
soldiers' homes, one in the South and one in the Northwest.
For the Navy Department, estimates aggregating $4,337,000 are
included in the budget to provide for hospitals, barracks, shop
buildings,
hangars, storehouses, d:c.
For the Interior Department, a total of $1,815,200 is provided
for new
buildings, of which $642,510 is for the Indian Service, $312,700 for
the
National Park Service, and $860,000 for Howard University.
The estimates for the District of Columbia provide $3,818,500
for
various buildings, including $1,600,000 for continuing the
construction
of the municipal center, $1,491,000 for school buildings,
$490,000 for
hospitals and $237,500 for other purposes.
The estimates for the Department of Justice provide
$962,000 for
construction at the various penitentiaries and the industrial
reformatory;
for completion of the United States Southwestern
Reformatory at El
Reno, Okla., and the United States Hospital for Defective
Delinquents
at Springfield, Mo.; $1,850,000 and $1,250,000, respectively;
for Federal
jails, $100,000, and for the National Training School for Boys, Washington, D. C., $124,000; a total of $4,286,000.
For the Department of State, $450,000 is provided to continue
the
acquisition of sites and buildings and the initial furnishing of buildings
for tile use of diplomatic and consular establishments and other
agencies
of the United States in foreign countries.
The total amount provided in this budget for the procurement of
sites and the construction of buildings is, therefore. $150,534,000—a
very large increase over normal activities in this direction.
National Defense.
The estimates for national defense under the War and Navy Departments for 1933 aggregate $644,650,000 as compared with the appropriations for 1932 for this purpose totaling $695,691,000, a decrease of $51,041,000. These amounts exclude all items of a non military nature.
The net decrease for the War Department amounts to $33,952,000.
This is due mainly to the fact that owing to lowered commodity costs
there will be carried forward into 1933 large stocks of
subsistence,
clothing and other supplies, and to a decrease in the present
estimates
from the appropriations for 1932 of funds to carry forward the
army
building program. The postponement of other projects where
practicable
without serious detriment to the maintenance operation and
training
of the army has also been a material factor in effecting
reductions in
the estimates for 1933.
Provision is made in these estimates for average active
strengths of
12,000 commissioned officers, 924 warrant officers and
118,750 enlisted
men of the regular army, and 6,500 enlisted men of
the Philippine
Scouts; for an actual average strength of 185,000 officers
and men of
the National Guard; for the training of 20,722 members of
the
Reserves for varying periods; for the enrollment and instruction organized
of 127,565
students in Reserve Officers' Training Corps units in schools
and colleges
and the training of 7,200 of this number In 42 camps, and
for 30 days'
attendance at citizens' military training camps of
37,500 trainees.
With one or two very minor exceptions these strengths are
the same as
those provided for 1932.
For the Navy Department the items contained in the estimates for
purposes of national defense for 1933 amount to $342,606,000. The
comparable amount appropriated for 1932 is $359,694,000. This
indicates a decrease under 1932 of $17,088,000. This decrease includes
$15,000,000 for ordinary maintenance and operating expenses of the
fleet and the shore establishment, $8,000,000 for shore projects and
$7,150,000 for construction of new ships. It provides an increase of
$15,000,000 for modernization of battleships. The items for ordinary
3857
maintenance and operation of the fleet and shore establishments provide
for maintaining during 1933 an average of 79,700 enlisted men of the
navy, the same as provided for 1932, and an average of 15,348 enlisted
men of the Marine Corps as against 17,500 men provided for 1932.
Under these estimates no fighting vessels will be decommissioned and no
navy yards or training stations will be closed. Other decreases in requirements are due in part to the continuation of the so called "rotation
plan" for the employment of vessels, recently adopted by the Navy
Department, which lends itself to both economy and efficiency in fleet
operations, and in part to reduced costs of supplies and materials.
The estimates of $31,400,000 for the construction of new vessels, compared with the appropriation of $38,550,000 for 1932,indicates a decrease
of $7,150,000. This, however, is a facial decrease only. When the cash
balances to be carried forward from prior years, and the amount to be
made available by transfer from the naval supply account fund, are taken
into consideration, the total that will be available for ship construction in
1933 is estimated at $57,000,000. The availability for 1933 exceeds in
amount the expenditures for ship construction in any one of the last
10 years. The expenditures in 1923 were $46,682,000; 1924. 141,697,000; 1925, $34,022,000; 1926, $25,250,000; 1927, $27,430,000; 1928,
$36,935,000; 1929, $46,760,000; 1930, $49,872,000; 1931. $37,944,000,
and for 1932 are estimated at $53,000,000. The amount available for
1933 will provide for normal progress in construction of every vessel
now authorized by law and permitted under treaty restrictions except
six destroyers, the laying down of which has been postponed and, in
addition,for beginning construction of one more eight-inch gun cruiser
in January 1933, which is the earliest date permitted under the terms
of the London treaty.
Rivers and Harbors and Flood Control.
The estimate for the annual appropriation for the maintenance and improvement of existing river and harbor works contained in this budget
Is in the same amount as was appropriated for 1932, namely,$60,000,000.
The emergency appropriations made last December for public works with
a view to increasing employment contained $22,500,000 for rivers and
harbors, which is in addition to the annual appropriations of $55,000,000
for 1931 and $60,000,000 for 1932. Viewed alone this advance in the
program would indicate that some reduction from $60,000,000 would be
justified in the estimate for 1933. This, however, is not the case, as the
Government has given tentative assurances as to early dates of fulfillment which will require the full amount of the appropriation requested
for 1933.
For flood control the 1933 estimates of annual appropriations are $3,000,000 less than the appropriations for 1932, this difference being the
amount of the emergency appropriation made last December.
The total of the estimates contained in this budget for rivers and
harbors (including maintenance and operation of Dam 2, Muscle Shoals)
and flood control is $104,182,000, of which $70,142,000 is for rivers and
harbors and $34,040,000 for flood control. The total of $104,182,000
includes $10,537,000 to meet the requirements under authorizations of
law covering permanent specific and indefinite appropriations, advances and contributions, for rivers and harbors and flood control work.
Retirement Funds.
Pending a revaluation of the Civil Service retirement and disability
fund, the estimate contained in this budget for the financing of the
Government's liability to the fund calls for the same amount as was
appropriated for 1932, $20,850,000. For the foreign service retirement
and disability fund, however, the estimate contained in this budget is
$416,000, as against an estimate and appropriation of $215,000 for 1932.
This increase is based upon an actuarial valuation recently made by the
Bureau of Efficiency and clearly indicates that the Government's liability to the fund was substantially increased by the act approved Feb.
23 1931. That act, however, continues without change the provision
contained in the act of May 24 1924, that the aggregate appropriations
to meet the Government's liability under the retirement fund should
at no time exceed the aggregate total of the contributions of the foreign
service officers theretofore made, and accumulated interest thereon.
While the estimate of $416,000 for 1933 may be made without exceeding the limitation contained in this provision,the restrictions thereof will
preclude appropriations for 1934 in excess of about $322,000, and
for subsequent fiscal years in excess of about $178,000 based on the
present payroll of the foreign service officers. Federal contributions
of these amounts will be totally inadequate to maintain the solvency
of the retirement fund.
The continuation in the act of Feb. 23 1931, of this restrictive provision indicates clearly that it was not the intention of Congress in
the enactment of that law to confer additional retirement benefits upon
foreign service officers which would prevent the solvency of the retirement fund being maintained by Federal contributions equal to, but not
exceeding in the aggregate, the total of the contributions of the foreign
service officers and accumulated interest on such contributions. The
recent actuarial valuation, however,shows conclusively that some further
legislative action will be necessary if we are to maintain the solvency
of the foreign service retirement and disability fund. The Secretary
of State is aware of this situation and will make appropriate recommendations to the Congress during the present session.
Unexpended Balances.
Last year in submitting the budget for 1932 I called attention to the
fact that in the preparation of the estimates of appropriations I had
refrained from recommending that the requirements for 1932 be met
in part by a reappropriation or extension of the availability of unexpended
balances of appropriations for the then current or prior fiscal years.
In making appropriations for the fiscal year 1932, Congress concurred
in this change in policy, and I am therefore submitting the estimates
of appropriations for 1933 on the same basis. I mention this because
efforts for such economy as would be consistent with the public welfare
have resulted in unexpended balances, both actual for last year and
estimated for this year, which would have made it possible substantially to reduce the amount of direct appropriations requested in many
of the estimates contained in this budget had the old practice been
continued. This reduction would have totaled about $70,000,000.
Conclusion.
We have recently closed one fiscal year and are now advanced into
another year where the depression in business has resulted on the one
hand, in a heavy falling off in receipts and, on the other hand, in large
Federal expenditures to provide work to assist in the relief of unemploywelfare of the country demands that the financial integrity of the
n
Fedetral Government be maintained. Tills is a necessary factor in the
meTh e.
rebuilding of a sound National prosperity. This budget, with its recommended reductions in appropriations and increases in revenues,
pre-
3858
[Vol,. 133.
FINANCIAL CHRONICLE
I am confident that the Congress realizes this situation and will give
sents a definite program to this end involving three steps-first, a material reduction in the anticipated deficit for the current fiscal year; second, It full consideration in passing upon matters which may contemplate
for the fiscal year 1933 any such additions to our spending program. To those individuals
a relation between receipts and expenditures
which will avoid a further increase in the public debt during that year; or groups who normally would importune the Congress to enact measures
in which they are interested, I wish to say that the most patriotic duty
and third, a balanced budget for 1934.
To carry out this program it is important to emphasize the fact that we which they can perform at this time is to themselves refrain and to dispermit of the assump- courage othersfrom seeking any increase in the drain upon public finances.
are now in a period where Federal finances will not
HERBERT HOOVER.
tion of any obligations which will enlarge the expenditures to be met
Dec. 7 1931.
from the ordinary receipts of the Government.
BUDGET FOR 1933 COMPARED WITH ESTIMATES AND APPROPRIATIONS FOR 1932.
Table Summarizing Explanatory Synopsis of Estimates for Various Departments of the Government Accompanying the President's Budget Message.
Budget, 1933.
._
Bureau or Subdivisions.
Annual Appropriations:
Legislative establishment
Executive office & Independent establishments_
Department of Agriculture
Department of Commerce
Department of the Interior
Department of Justice
Department of Labor
Navy Department
lice Department:
Foote!
Postal Service payable from postal revenues
Postal deficiency payable from Treasury_ _ _
State Department
Treasury Department
War Department
District of Columbia
Budget Estimates, 1932.
Total.
Supplemental.
Regular.
$28,649,278
1,057,318,190
213,919,040
54,635,226
69,392,712
51,988,261
13,437,400
347,788,828
734,803,057
114,041,000
17,590,073
255,436,296
450,340,391
44,535,047
$3,453,874,799
Total annual
734,803,057
Deduct Postal Service payable from postal revs.
Total annual, payable from Treasury
Permanent Appropriations:
Legislative establishment
Independent establishments
Department of Agriculture
Department of Commerce
Department of the Interior
Department of Labor
Navy Department
Postoffice Department:
Postal service payable from postal receipts
State Department
Treasury Department
War Department
District of Columbia
Retirement of the pubic debt required to be
made from ordinary receipts
Interest on the public debt
$2,719,071,742
Appropriations, 1932.
Regular.
$28,790,611
826,973,185
$141,333
420,347 1,057,738,537 1,052,762,010
214,004,872
235,578,862
85,832
54,635,226
54,332,230
69,467,712
69,267,607
75,000
51,998,261
51,219,201
10,000
15,137,400
14,345,200
1,700,000
361,181,419
358,253,952
13,392,591
648,450
1,165,607
15,000
1,543.300
734,803,057
114,041,000
18,438,523
256,601,903
450,355,391
46,078,347
646,283,777
195,000,000
17,522,323
241,865,146
445,765,735
45,672,838
$19,397,460 $3,473,272,259 83,454,842,066
734,803,057
646,283,777
$19,397,460 $2,738,469,202 $2,808,558,289
Supplemental
Estimates.
Total.
521,746,402
527,075,335
5102,150
2,253,792 1,055,015,802 1,041,395,041
186,243,405
235,664,694
85,832
44,716,304
54,332,230
56,705,352
69,342,607
75,000
53,900,364
51,229,201
10,000
14,484,397
14,985,200
640,000
341,677,450
358,262,123
8,171
Increase 1+)or
Decrease(-)
Compared
With 1932
Appropriates.
-55,328,933
-13,620.761
--49,421,289
-9,615,926
-12,637,255
+2,671,163
-500,803
-16,584,673
658,559,487 +12,275,710
646,283,777
155,000,000 -40,000,000
195,000,000
-1,682,001
16,683,072
842,750
365 073
+25,954,085
269,016,418
243.062:333
1,197,187
18.
-34,409,473
411,363,762
445,773,235
7,500
-1,631,719
44,079,919
45,711,638
38,800
$5,261,182 $3,460,103,248 $3,315,571,373 -$144,531,875
658,559,487 +12,275,710
646,283,777
-$5,261,182 82,813,819,471 62,657,011,886 -$156,807,585
8234,005
91,036,621
11,618,436
3,000
15,952,600
9,000
1,839,470
$234,005
91,036,621
11,618,436
3,000
15,952,600
9,000
1,839,470
$234,005
91,021,621
11,618,436
3,000
15,952,500
9,000
1,839,470
$234,005
91,021,621
11,618,436
3,000
15,952,000
9,000
1,839,470
8109,800
81,787,550
11,211,571
3,000
13,021,800
4,000
1,322,550
-$124,205
-9,234,071
-406,865
200,000
141,233
25,860,084
14,305,415
3,261,000
200,000
141,233
25,860,089
14,305,415
3,261,000
200,000
141,233
25,875,084
14,305,415
3,261,000
200,000
141,233
25,875,084
14,305,415
3,261,000
165,000
31,000
24,719,439
12,576,540
3,252,000
-35,000
-110,233
-1,165,645
-1,728,875
-9,000
411,946,300
605,000,000
411,946,300
605,000,000
411,946,300
605,000,000
496,803,478
640,000,000
+84,857,178
+35,000,000
468,509,905 *-56,563,605
581,000,000 *+24,000,000
-2,030,700
-5,000
-516,920
$1,213,970,669 *-832,563,605 $1,181,407,064 '1,181,407,064
1,181,407,064 1,285,907.728 +$104,500,664
Grand total
$4,667.845,468 -$13,166,145 84,654,679,323 $4,636,249,130
735,003,057
646,483,777
735,003,057
Deduct postal service payable from postal revs_
$5,261,182 $4,641,510,312 84,601,479,101 -840,031,211
658,724,487 +12,240,710
646,483,777
83.932.842.411 -813,166,145 83,919.676,266 $3,989.765,353
Grand total payable from Treasury
•Changes in original estimates, as revised by Treasury Department.
$5,261,182 S3,995.026,535 33,942,754.614 -852,271,921
Total, permanent
President Hoover's Message to Congress Recommending Re-Creation of World
War Foreign Debts Commission-Congress Asked to Sanction One-Year
Moratorium on Foreign Debts-Manchuria, Disarmament, &c. Also Dealt
With.
A message in which the approval of Congress is asked Grandi, together with the various meetings of statesmen in Europe and the
visit of the Secretary of State to European
have brought about
to the moratorium for one-year proposed by him last June valuable understanding of the nature of the countries,confronting different
problems
debts, was governments which should aid in their solution.
in the case of payments on inter-government
The acceptance by the United States of an invitation to
transmitted to Congress on Dec. 10 by President Hoover.
take part in the World Disarmament Conference at Geneva
The President says:
All the important creditor governments accepted this proposal The on Feb. 2 is noted in the message by the President, who
necessary agreements among them have been executed,and creditor govern- states that "the efforts of this conference will be in line with
ments have foregone the receipt of payments due them since July 11931.
Government has taken
The effect of this agreement was instantaneous in reversing the drift the endeavors in which the American
toward general economic panic and has served to give time to the peoples a leading part, beginning with The Hogue Conference in
of those countries to readjust their economic life. The action taken was 1889."
necessary. I am confident it commends itself to the judgment of the
The treaties and conventions before the Senate are also
American people.
Payments due to the United States Government from many countries, alluded to in the message, particular attention being drawn
both on account of principal and interest, fall due on Dec. 15.
to the protocols which provide for adherence by theUnited
It is highly desirable that a law should be enacted before that date
Secretary of the Treasury, with the approval of the Presi- States to the Permanent Court of International Justice,
authorizing the
dent, to postpone all payments duo us on account of debts owed by foreign transmitted to the Senate by President Hoover at the past
governments to the United States Government during the year ending session of
Congress. "Upon that occasion," says the Presi-year period,
June 30 1932, and to provide for their payment over a 10
dent, "I expressed my views fully, not only of the wisdom
beginning July 1 1933.
against European
The President makes the further statement that "it is of such action, but that the safeguards
indebted to us will entanglements stipulated for by the Senate have been in
clear that a number of the governments
be unable to meet further payments to us in full pending re- effect secured and the interest of the United States proTherefore it will be necessary tected."
covery in their economic life.. . .
Indicating that "we have been deeply concerned over the
to make still further temporary adjustments." In order to
be in position to deal with the situation he recommends "the situation in Manchuria," the President had the following
re-creation of the World War Foreign Debt Commission, to say in part regarding Manchuria:
Kellogg-Briand pact and to the nine power treaty,
with authority to examine such problems as may arise in weAs parties to the
have a responsibility in maintaining the integrity of China and a direct
present economic interest with other nations in maintaining peace there.
connection with these debts during the
When this controversy originated in September, the League of Naemergency, and to report to the Congress its conclusions
tions was in session and China appealed to the Council of that body which
and recommendations."
at once undertook measures of consiliation between China and Japan.
Reference is made in the message to the recent conver- Both China and Japan have participated in these proceedings before the
sations had by President Hoover in Washington, with Council ever since.
Under the Kellogg-Briand pact all of the signatories, including China
Premier Laval of France and Foreign Minister Grandi of and Japan, have covenanted to seek none but pacific means in the settlement
Italy, as to which President Hoover says:
of their disputes. Thus the ultimate purpose of proceedings under this
It was not the purpose of these meetings to engage in any commitments
or to conclude agreements. However, the visits of M. Laval and Signor
section of the Kellogg-Briand pact and of conciliation proceedings by the
league covenant coincide.
DEC. 12 1931.]
FINANCIAL CHRONICLE
It seemed, therefore, both wise and appropriate rather to aid and advise with the league and thus have unity of world effort to maintain peace
than to take independent action.
In all negotiations, however, the Department of State has maintained
complete freedom ofjudgment and action as to participation in any measures
Which the league might finally be determined upon.
The President reports that "substantial progress has been
made in carrying out the program for the withdrawal of our
activities in Haiti, recommended by the Commission which,
with the support of the Congress, made an investigation
of Haitian affairs in 1930, and by its good offices laid the
foundation for the present popularly elected Government of
that Republic." He reports that in accordance with an
accord reached Aug. 5, the Haitian Government on Oct. 1
assumed definitely the administration and control of the
Department of Public Works, the Sanitary Service and the
Technical Service of Agriculture, which includes the industrial educational system. All American personnel was
withdrawn from these services.
The message also deals with the St. Lawrence Waterway,
the boundary disputes between Guatemala and Honduras,
the Commission on Inquiry and Conciliation, respecting
Bolivia and Paraguay, events in Nicaragua, &c.
In full we give as follows President Hoover's message
asking Congress to sanction his proposal for a one-year
moratorium on foreign war debts:
World War Debt Postponement.
With the support of a large majority of the individual members of the
Senate and House, I informed the Governments concerned last June
that—
"The American Government proposes the Postponement during one year
of all payments on intergovernmental debts, reparations and relief debts,
both principal and interest, of course, not including obligations of governments held by private parties.
"Subject to confirmation by Congress, the American Government will
postpone all payments upon the debts of foreign governments to the Amercan Government payable during the fiscal year beginning July I next,
conditional on a like postponement for one year of all payments on intergovernmental debts owing the important creditor Powers."
In making this proposal, I also publicly stated:
3859
ourselves to an obvious fact. Therefore it will be necessary in some
cases to make still further temporary adjustments.
The Congress has shared with the Executive in the past the consideration of questions arising from these debts. I am sure that it will commend itself to the Congress,that the legislative branch of the Government
should continue to share this responsibility.
In order that we should be in position to deal with the situation, I
recommend the re-creation of the World War Foreign Debt Commission,
with authority to examine such problems as may arise in connection
with these debts during the present economic emergency, and to report
to the Congress its conclusions and recommendations.
Disarmament.
The United States has accepted an invitation to take part in the World
Disarmament Conference which convenes on Feb. 2 at Geneva. The
efforts of this conference will be in line with the endeavors in which the
American Government has taken a leading part beginning with The
Hague Conference in 1899.
Up to the present time the record of achievement has been almost
entirely in the field of naval disarmament. It is to behoPed that further
progress can be made in reduction of naval arms and that limitation and
reduction so urgently needed can be extended to land arms.
The burden of taxes to support armament is greater to-day than before
the Great War, and the economic instability of the world is definitely
due in part to this cause and the fears which these huge armaments at all
times create. No discouragements should be permitted to turn the world
from sane and reasonable limitation of arms.
With a view to establishing an atmosphere of confidence for the opening of this World Disarmament Conference, more than 40 governments,
including all the principal military and naval powers, have joined in
accepting the principle of one-year armaments truce.
This truce, which is the outgrowth of a proposal advanced last September by the Foreign Minister of Italy, is designed to prevent the
expansion of armaments program during the coming months in the hope
of removing the threat of a sudden revival of competition in arms before
and during the conference. These steps were fully approved by our
War and Navy Departments.
Manchuria.
We have been deeply concerned over the situation in Manchuria.
As parties to the Kellogg-Briand Pact and to the Nine-Power treaty, we
have a responsibility in maintaining the integrity of China and a direct
interest with other nations in maintaining peace here.
When this controversy originated in September the League of Nations
was in session and China appealed to the Council of that body, which
at once undertook measures of conciliation between China and Japan.
Both China and Japan have participated in these proceedings before the
Council ever since.
Under the Kellogg-Briand Pact, all of the signatories, including China
and Japan, have covenanted to seek none but pacific means in the settlement of their disputes. Thus the ultimate purpose of proceedings under
this section of the Kellogg-Briand Pact and of conciliation proceedings
by the League covenant coincide.
It seemed,therefore, both wise and appropriate rather to aid and advise
with the League and thus have unity of world effort to maintain peace
than to take independent action.
In all negotiations, however, the Department of State has maintained
complete freedom of judgment and action as to participation in any
measures which the League might finally be determined upon.
Immediately after the outbreak of the trouble this Government advised both Japan and China of its serious interest. Subsequently it
communicated its views to both Governments regarding their obligations under the Kellogg-Briand Pact.
In this action we were joined by other nations signatory of the pact.
This Government has consistently and repeatedly by diplomatic representations indicated its unremitting solicitude that these treaty obligations be respected.
In the recurring efforts of the nations to bring about a peaceful settlement this Government has realized that the exercise of the utmost
patience was desirable, and it is believed that public opinion in this
country has appreciated the wisdom of this restraint.
At present, a resolution is pending before the meeting at Paris, with
hopes of passage, under which Japan and China will agree to take no
initiative which might lead to renewed conflict; in which Japan has
reiterated its intention to withdraw the Japanese troops to the railway
zone as soon as lives and property of Japanese Nationals in Manchuria
can be adequately protected, and under which both nations agree to a
neutral Commission to meet on the ground, to which Commission all
matters in dispute can be referred for investigation and report.
"The purpose of this action is to give the forthcoming year to the economic recovery of the world and to help free the recuperative forces already in motion in the United States from retarding influences from abroad.
"The world-wide depression has affected the countries of Europe more
severely than our own. Some of these countries are fooling to a serious
extent the drain of this depression on National economy. The fabric of
inter-governmental debts, supportable in normal times, weighs heavily in
the midst of this depression.
"From a variety of causes arising out of the depression. sucn
the fall
In the price of foreign commodities and the lack of confidence inas
economic
and political stability abroad, there is an abnormal movement of gold into
the United States which is lowering the credit stability of many foreign
countries. These and the other difficulties abroad diminish buying power
for our exports and in a measure are the cause of our continued unemployment and continued lower prices to our farmers.
"Wise and timely action should contribute to relieve the pressure of those
adverse forces in foreign countries and should assist in the re-establishment
of confidence, thus forwarding political peace and economic stability in the
world.
"Authority of the President to deal with this problem is limited, as this
action must be supported by the Congress. It has been assured the cordial
support of leading members of both parties in the Senate and the House.
"The essence of this proposition is to give time to permit debtor Governments to recover their National prosperity. I am suggesting
ican people that they be wise creditors in their own interest to the Amerand be good
neighbors.
"I wish to take this occasion also to frankly state my views upon our
German reparations and the debts owed to us by the Allied
relations to
Governments of Europe. Our Government has not been a party to, or
exerted any voice in determination of, reparation obligations. We purposely did not participate in either general reparations or the division of
colonies or property.
"The repayment of debts due to us from the Allies for the advance for
war and reconstruction were settled upon a basis not contingent upon
German reparations or related thereto. Therefore, reparations is necessarily wholly a European problem with which we have no relation.
"I do not approve in any remote sense of the cancellation of the
to us. World confidence would not be enhanced by such action. debts
None
of our debtor nations have ever suggested it. But as the basis of the
settlement of these debts was the capacity under normal conditions of
St. Lawrence Waterway.
the debtor to pay, we should be consistent with our own policies and principles if we take Into account the abnormal situation now existing in the
Conversations were begun between the Secretary of State and the
world.
Canadian Minister at Washington on Nov. 14 looking to the framing
"I am sure the American people have no desire to attempt
any sum beyond the capacity of any debtor to pay, and it isto extract of a treaty for the development of the St. Lawrence seaway. The neour view
that broad vision requires that our Government should recognize the gotiations are continuing.
situation as it exists.
I am hopeful that an agreement may result within a reasonable time,
"This course of action is entirely consistent with the policy which we
have hitherto pursued. We are not involved in the discussion of strictly enabling us to begin work on this great project, which will be of much
European problems of which the payment of German reparations is one. importance economically to Canada and to the United States.
It represents our willingness to make a contribution to
restoraVisits of M. Laval and Signor Grandi.
tion of world prosperity in which our own people have sothe early interest.
deep
"I wish further to add that while this action has no bearing an the conThe President of the Council of Ministers of France, M. Laval,
on
ference for limitation of land armaments to be held next February,
inas- visited Washington in October in order to discuss problems of outmuch as the burden of competitive armaments has contributed
to bring standing world interest in the solution of which it was felt that the
about this depression, we trust that by this evidence of our
two
desire to assist
we shall have contributed to the good-will which is so
necessary in the countries could be of assistance.
solution of this major question."
The informal and cordial conversations served to bring into relief the
All the important creditor governments accepted this
proposal. The
necessary agreements among them have been executed,
and creditor
governments have foregone the receipt of payments
due them since
July 1 1931.
The effect of this agreement was instantaneous in
reversing the drift
toward general economic panic and has served to give
time
ples of those countries to readjust their economic life. to the peotaken was necessary. I am confident it commends itself The action
to the judgment of the American people.
Payments due to the United States Government from
many
both on account of principal and interest, fall due on Dec. countries,
It is highly desirable that a law should be enacted before 15. date
that
authorizing the Secretary of the Treasury, with the approval
of the
President, to postpone all payments due us on account of debts
owed by
foreign governments to the United States Government during the year
ending June 30 1932, and to provide for their payment over
-year
a 10
period, beginning July 1 1933.
As we approach the new year it is clear that a number of
the governments Indebted to us will be unable to meet further payments to us in
full pending recovery in their economic life. It is useless to blind
respective positions of the two nations.
The visit in November of the Royal Italian Minister for Foreign
Affairs also afforded an opportunity for a cordial exchange of views
respecting the many world problems in which this Government and the
Government of Italy are interested.
It was not the purpose of these meetings to engage in any commitments or to conclude agreements. However, the visits of M. Laval and
Signor Grandi, together with the various meetings of statesmen in
Europe and the visit of the Secretary of State to European countries,
have brought about valuable understanding of the nature of the problems confronting different governments which should aid in their solution.
Nicaragua.
In compliance with the agreement made in May 1927, the Nicaraguan
Government requested supervision by an electoral commission from
the
United States of the Congressional elections held in 1930.
This year a member of the Commissions of 1928 and 1930 was
sent
to Nicaragua as an observer during the election of municipal
authorities
in order that, on the basis of his observations, it might be
to arrange the many necessary details of the supervision of possible
the 1932
Presidential election in Nicaragua.
3860
FINANCIAL CHRONICLE
[VoL. 133.
I need not repeat that for over 12 years every President and every
Secretary of State has urged this action as a material contribution to
the pacific settlement of controversies among nations and a further
assurance against war.
By consideration of legislation during its last session, the Congress
informed itself thoroughly regarding the merits of the copyright convention Signed at Berlin on Nov. 13 1908. I hope that necessary legislation will be enacted during this Congress which will make it possible
for further consideration to be given to the copyright convention.
The Sockeye Salmon Fisheries Treaty, entered into with Canada to
afford protection to the industry, which was signed on May 26 1930,
merits the attention of the Senate during the present session.
The United States sent a delegation to the conference on safety of life
at sea, which was held in London in 1929. The convention, which was
signed by the more-important maritime nations of the world on May 31
1929, has unified the standards of safety in accordance with modern
developments of engineering science and in compliance with the governments' obligations to their citizens to reduce the perils of travel to a
HAITI.
Substantial progress has been made in carrying out the program for the minimum by requiring high efficiency in seamanship.
The convention for the supervision of the international trade in arms
withdrawal of our activities in Haiti recommended by the Commission
and ammunition and In implements of war, signed at Geneva, June 17
which, with the support of the Congress, made an investigation of
1925, represents another of the steps taken in the general field of restricHaitian affairs in 1930, and by its good offices laid the foundation for
tion of armament. It has been ratified unconditionally by some nations,
the present popularly elected Government of that Republic.
After protracted negotiations an accord was reached with the Haitian conditionally by others.
With the
the United States would
Government on Aug. 5 providing for the return to Haitian control of lend to suchadded impetus which ratification by ratifications necessary
a move,it is quite possible that the 14
important Government services heretofore carried on under American
by treaty stipulation would be received to bring the convention into force.
supervision by virtue of general obligations arising through the proAmong the other treaties and conventions which remain before the
visions of our treaty with Haiti.
their respective
In accordance with this agreement the Haitian Government on Oct. 1 Senate for its consideration and of no less importance in States (Sixth
fields are a treaty regarding consular agents of American
assumed definitely the administration and control of the department
1928); a treaty
of public works, the sanitary service and the technical service of agri- International Conference of American States, Havana, International
relating to maritime neutrality with American States (Sixth
culture, which includes the industrial educational system. All AmerConference of American States, Havana, 1928); the general treaty of
ican personnel was withdrawn from these services.
Inter-American arbitration, signed at Washington, Jan. 5 1929; the conHealth Measures Taken.
vention relating to prisoners of war, signed at Geneva on July 27 1929; a
To minimize the possibility of epidemics and in order that the health convention signed on the same date for the amelioration of the condition
of the American troops and officials still stationed in Haiti might be of wounded and sick armies in the field (the Red Cross Convention), and
adequately protected, the accord provided that an American scientific the convention for the unification of certain rules relating to bills of lading
mission, consisting of three American naval officers and six hospital corps for the carriage of goods by sea, signed at Brussels on behalf of the United
men, should be charged with the control of sanitation in the cities of States on June 23 1925.
Port au Prince and Cape HaMen.
New Treaties and Conventions.
The accord makes appropriate provision for the continuance of adeSince my message to the 72nd Congress and by virtue of the power
quate financial control and assistance on the part of our Government.
continued to comThe liberty of action, both of the Government of the United States vested in the office of the Chief Executive, I have
mission representatives of this Government to negotiate treaties with
and the Government of Haiti with respect to questions of financial
the representatives of other countries which affect the amicable, political,
administration, is, of course, limited.
well as treaties
In this connection it must be borne in mind that investors have supplied commercial and juridical relations of this country, as
dealing with humanitarian matters.
capital desired by Haiti and that securities have been issued to them
Important treaties and conventions which have been signed recently
on the faith and credit of the provisions of that treaty and the Amerby prepresentatives of this Government are as follows:
ican financial control which it provided during the life of the bonds.
(1) Treaty of arbitration and conciliation with Switzerland, signed
Feb. 16 1931.
BOLIVIA AND PARAGUAY.
(2) Treaty modifying the conciliation convention with Italy (Bryan
In 1929 the Government of the United States, together with the Peace Treaty),signed Sept. 23 1931.
Colombia, Mexico and Uruguay, formed the
governments of Cuba,
(3) Extradition treaty with Greece, signed May 6 1931.
Commission on Inquiry and Conciliation, Bolivia-Paraguay, which
(4) Protocol relating to military obligations in certain cases of double
had the good fortune of being able to terminate an international in- nationality, multilateral, signed Dec. 311930.
countries
cident which for a time threatened to cause war between the
(5) Treaty of friendship, commerce and consular rights with Poland,
involved.
signed June 15 1931.
The five neutral governments then offered their good offices to Bolivia
(6) Treaty with reference to establishment and sojourn with Turkey,
and Paraguay, with a view to furthering a settlement of their diffi- signed Oct. 28 1931.
culties. This offer was accepted in principle. I am happy to state that
These treaties and conventions will be transmitted to the Senate in
representatives of both countries are now meeting in Washington with the due course, with a view to obtaining its advice and consent to ratification.
hope of concluding a pact of non-aggression between them.
HERBERT HOOVER,
Arbitration of the Boundary Dispute Between Guatemala and Honduras• The White House,Dec. 101931.
It has been the privilege of this Government to lend its good offices
on several occasions in the past to the settlement of boundary disputes
between the American republics. One of the most recent occasions Joint Resolution Introduced in Congress to Authorize
upon which the disinterested services of this Government were reMoratorium for One Year on Payments on Interquested was in connection with the settlement of the dispute which for
Government Debts—Senate Attitude Toward War
almost a century has been outstanding between the republics of GuateDebt Adjustment.
mala and Honduras with respect to their common boundary.
Conferences extending over a period of some months were held in
A joint resolution providing for the ratification of the
1030 in the Department of State and eventually on July 16 1930 a
treaty was signed submitting the question to arbitration, and there was moratorium on inter-Government debts proposed last June
also signed a supplementary convention providing for the delimitation by President Hoover, was introduced in Congress on Dec. 10.
of the boundary after the arbitral tribunal hands down its award. Rati- In the
Senate the resolution was offered by Senator Smoot;
fications were exchanged on Oct. 15 1931.
The tribunal, which will meet in Washington, will be presided over Chairman of the Finance Committee. Representative James
by the Chief Justice of the United States, who has set Dec. 15 1931 as William Collier of Mississippi, the now Democratic Chairthe date for the first meeting.
man of the House Committee on Ways and Means, indicated
Mexico.
that he would sponsor the House resolution. As is noted
The period for hearings before the General and Special Claims Comrequesting the
missions between this country and Mexico expired in August 1931. elsewhere in our issue to-day, a message
Pursuant to a resolution of the Senate under date of Feb. 28 1931, and sanctioning by Congress of the year's suspension of these
wider instructions from the Department of State, the American Ampayments was sent to Congress by President Hoover on
bassador at Mexico City is carrying on negotiations with the Mexican
recommended
Government looking to the renewal of the activities of the Commissions, Dec. 10. At the same time, the President
in order that the claims of American citizens still pending may be heard the re-creation of the World War Foreign Debt Commisand adjudicated.
sion, "with authority to examine such problems as may arise
The Governments of the United States and Mexico have approved in
principle certain engineering plans submitted by the International in connection with these debts during the present economic
Boundary Commission, United States and Mexico, for the rectification emergency, and to report to the Congress its conclusions
of the Rio Grande in the vicinity of El Paso, Tex., to prevent periodical
and recommendations."
floods in that region.
According to the Washington account Dec. 10 to the
Negotiations are being carried on between the two Governments
in an effort to reach an agreement by which this important international New York "Times," the President's recommendation for a
project may be undertaken.
revival of the World War Foreign Debt Commission, which
Treaties and Conventions Before the Senate—The Protocols for Adherence suggested a cutting down, mot with fairly general dissent
International Justice.
of the United States to the Permanent Court of
from both Republican and Democratic Senators, whose
There have been transmitted to the Senate,from time to time, treaties
impression that the recommendations
and conventions which have failed during recent sessions to obtain that comments created the
body's consideration or final decision.
will not receive the Senate's sanction. The dispatch conInasmuch as these treaties affect numerous phases of private and tinued in part:
public endeavor, I earnestly commend their early conclusion to the
France Links Reparations.
attention of the Congress.
The prospect of difficulty in revising the wartime debts owed to the
In the past session of the Congress I transmitted to the Senate prodeveloped twenty-four hours after the French Government,
tocols providing for adherence by the United States to the Permanent United States
through Ambassador Claudel had notified the State Department that
Court of International Justice.
accompanied by reductions
Upon that occasion I expressed my views fully, not only of the wisdom reductions In German reparations must be
Of such action but that the safeguards against European entanglements in inter-governmental debts arising from the war. France, was set forth
This attitude, which has been long proclaimed by
stipulated for by the Senate have been in effect secured and the inyesterIn an aide memoire which M. Claudel gave to Secretary Samson
terests of the United States protected.
Armed forces of the United States maintained in Nicaragua have been
reduced to the minimum deemed necessary to the training of the Nicaraguan constabulary and the rendering of appropriate support for
such instruction. It is proposed to withdraw completely American
armed forces from Nicaragua after their Presidential election in 1932.
Nicaragua suffered a terrible disaster in the destruction of Managua,
the capital, by earthquake and fire in March last. With their usual
generosity the American people, through the Red Cross, went wholeheartedly to the assistance of the stricken country.
United States Marines and engineers of the War Department who
were in the country making a survey of the proposed canal route, joined
in rendering service.
The American Legation building was destroyed with all its contents,
but the Minister and his staff continued to carry on their official duties
and worked ceaselessly in the face of unusual hardships. The Nicaraguan Government has expressed its deep gratitude for the aid rendered.
DEC. 12 1931.]
FINANCIAL CHRONICLE
day noon upon instructions from his Foreign Office.
This was done, it
was explained, as a matter of courtesy to the United
States, inasmuch
as the French position was being formally stated
to the governments
signatory to the Young Plan in view of the meeting of
the Young advisory
committee at Basle.
With respect to short-term credits to Germany, in
which American
bankers are interested to the extent of $600,000,000,
the French Government refuses to see any practical value in the two
problems of reparations
and private debts, except the elements of such fundamen
tal problems as
capacity to pay and respect for contract.
3861
countries indebted to such country in respect of war,
relief, or reparation
debts an agreement in respect of such debt substantia
lly similar to the
agreement authorized by this joint resolution to be made
with the government of such creditor country on behalf of the United
States."
"Section 4. Each agreement authorized by this Joint
resolution shall
be made so that payments of annuities under such agreement
shall, unless
otherwise provided in the agreement, (1) be in accordanc
e with the provisions contained in the agreement made with the government
of such country under which the payment to be postponed is payable,
and (2) be subject to the same terms and conditions as payments under
such original
agreement."
Senators State Their Views.
The resolution was referred to the Finance Committee.
"I favored the one-year moratorium," said Senator Borah,
"because
I thought it necessary to give Europe an opportunity to
adjust matters
and establish a sound, economic program, but I am not in
favor of any
further extension of the moratorium and I am not in favor
of readjusting
these debts upon a basis of capacity to pay. Europe has not
up to this
time availed herself of the moratorium to adjust those matters
which it is
necessary to adjust before there can be any economic recovery
in Europe.
"I am not in favor of recreating the World War Foreign Debt
Commission. There is no business for it to transact. I do not see any
evidence
that Europe proposes to reduce armaments, or that she proposes
to adjust
reparations upon any proper basis. We adjusted the debts
on the basis
of capacity to pay and canceled about $7.000,000.000 of
obligations.
Under the present policies pursued in Europe, another
readjustment on a
basis of capacity to pay would about wipe out the debts,"
Senator Watson said it would be difficult to obtain
Congressional approval of further extending the moratorium period.
"I think," he said, "that approval of the one-year moratori
um can be
disposed of quickly and apart from such matters as reviving
the
War debt funding commission. The President feels it necessary World
to put
these matters together. I do not see any serious opposition
to the oneyear program, but opposition may arise to any program devised
to extend
the moratorium after next June."
Borah Against Debt Adjustment,
Senator Borah, Chairman of the Foreign Relations
Committee, while
explaining that he had favored the moratorium for one
year, came out
flatly against readjusting the war debts upon the basis
of the capacity
of the debtor nations to pay, as proposed by President
Hoover.
Senator Watson, Republican floor leader, cautiously admitted
that there
would be oppositions to extending the moratorium.
While expressing himself as favoring a revival of the Debt
Commission,
such a good friend of the administration as Senator Smoot
said that, before
committing himself on extending the moratorium or
scaling down the
debts, he would have to have all the facts,
Senator Robinson, the Democratic floor leader, declined
to commit
himself on the President's recommendations. The
attitude of the Democratic party in Congress as to this and other Presidenti
al proposals, he
said, would be determined by the joint advisory committe
e of Democratic
Senators and Representatives, which will meet next
Tuesday.
Of Democratic Senators who consented to comment,
Dill of Washington; Swanson of Virginia; Walsh of Massachusetts;
Connally of Texas:
King of Utah; McKellar of Tennessee, and Thomas
of Oklahoma came
out against extending the moratorium or curtailing
the debt.
It may be of significance that the leaders of the
Democratic majority
In the House did not join publicly in the oppositio
n which came quickly
from the Senatorial ranks of both parties. Their
attitude was to reserve
judgment as to Mr. Hoover's proposals, following
the conservative course
they adopted when they took control of the HOMO
last Monday. At the
same time it became apparent from private
observations on the House
side of the Capitol that the seemingly prevailing
Senate view is shared
largely by Democratic as well as Republican
Representatives.
United States Senate Adopts Senator Johnson
's ResoSome Defaults Indicated.
lution Calling for Inquiry into Foreign
Securities
In these circumstances the prospect of Congressi
onal assent to a reviFlotations in United States.
sion of the war debts on the basis of the capacity
of the debtor nations to
pay under depressed economic and financial
An investigation into the sale and flotation of foreign
conditions in Europe is not
encouraging.
bonds or securities in the United States is called for in
But even if Congress disappoints the President's
a
desire along that line,
It is clear that some at least of the debtor nations
resolution adopted on Dec. 10 by the Senate. The resoluwill default on their
payments due after the moratorium expires on
June 30 1932. That was tion was introduced in the Senate the previous day by
indicated by the President in his message.
Senator
Hiram Johnson (Republican) of California. In a WashingThat Congress will approve the President's
course in permitting the
one-year suspension of European Governme
ton dispatch Dec. 10 to the New York "Herald Tribune,"
ntal debt payments to the
United States seems to be assured. . . .
it was stated that the investigation contemplates the calling
Attacked in the House.
of J. Pierpont Morgan, Albert H. Wiggin and other "interIn the House, which had another free discussion of
any and all matters, national bankers" for interrogation as to all the
some references were made to the President's
details -of
moratorium proposals, but
these issues, including a report on the profits and losses innot enough Representatives expressed themselves on
the subject to furnish
any Illuminating idea of the general reaction of the
volved. The dispatch added:
House.
Representative Rankin, who is to be Chairman of
the World War VetThe investigation is regarded as aimed in part at the one-year
erans' Committee, made a spirited attack on the
moraPresident's suggestion torium, but especially at any suggestions for extending it or reducing
Of a revision of the war debts, and said that he would
organize opposition the war debt.
to it, but most of the day's discussion, while it
matte "sharp-shooting" at President Hoover, embodied much DemoThe resolution as presented reads as follows:
was devoted to matters
other than those affecting the war debts.
Resolved, That the Finance Committee of the Senate be.
and is heerby,
authorized, empowered and directed, to investigate the sale,
Approval By Dec. 15 Unlikely.
flotation and
allocation by banks. banking institutions, corporations, or
Although the almost unanimous disposition
Individuals, of
of both Senate and House foreign bonds or securities in the United States; and
appears to be to approve the President's
particularly to Incourse in proposing the one- vestigate and ascertain:
year moratorium, there Is no likelihood that this
(a) Whether or not any bank, banking institution, corporati
approval will be given
by Dec. 15, the date on which the next
on. or ininstallments of principal and in- dividual engaged in the banking business In the United
States, have as
terest are due from our chief European debtors.
representatives or fiscal agents of any foreign Government,
or otherwise,
The President, in his message, called attention
to the fact that the sold. floated, or allocated in the United States securities, evidences
payments are due then, five days hence, and said
of
it was "highly desirable indebtedness or bonds of any foreign Government; and if so, at
what prices
that a law should be enacted before that date"
authorizing the postpone- such securities, bonds or other evidences of indebtedness have been
payments for the rest of the
ment of debt
sold
moratorium year, a period of or allocated, and what sums if any, have been received by the
individual,
nearly seven months
corporation. or banks so selling or allocating as percentage, bonus,
Commenting on this Speaker Garner said the
remuneraHouse
tion or commission or such sale or allocation
cipitate in the matter. He minimized any suggestio would not be Pren that an emergenc
(b) The amount of foreign Governmental securities, bonds, or other
y
existed which would require approval of the
moratorium by Dec. 15.
evidences of indebtedness held by banks, corporations or individuals
In presenting to the Senate the joint resolution
approving the moratorium. a banking business in the United States, or by the Federal Reserve doing
banks
Senator Smoot said:
or Board including those securities, bonds, or other evidences of indebted"Most of our debtors have payments falling due
Dec. 15, next, and ness issued not only by foreign Government. but by foreign Governme
it Is essential that legislation by enacted before
ntal
that date authorizing subdivision and banks of issue and foreign municipalities,
together with
the postponement of such amounts, or the governme
nts in question will the name of the owners or holders of such foreign securities
, bonds, or
be in defaults"
other evidences of Indebtedness the time and manner of acquisitio
• • •
n, and
the prices paid therefor
Text of Moratorium Measure.
(c) The amount of foreign securities or bonds or other evidences of
The text of Senator Smoot's resolution was as
Indebtedness issued by foreign industrial associations or corporati
follows:
ons owned
or held by banks or corporations or individuals doing a banking business
JOINT RESOLUTION.
In the United States, together with the names of the holders thereof,
"To authorize the postponement of amounts
and
payable to the United the manner and circumstances
States from foreign governments during the
of their acquisition
fiscal
(d) The terms and conditions upon which all of the said securities
repayment over a 10-year period beginning July 1 year 1932, and their
,
1933.
bonds or other evidences of indebtedness have been acquired, and
"Resolved by the Senate and House of Represent
the
atives of United States amounts paid therefor by any of
of American in Congress assembled
the said banks owning or holding them.
This investigation shall be made at the earliest possible moment, and
"That In the case of each of the following
countries: Austria, Belgium. the Finance Committee
at the conclusion thereof shall report its findings
Czechoslovakia. Estonia, Finland France.
Germany, Great Britain. to the senate, the said
Greece, Hungary, Italy, Latvia, Lithuania
report and said investigation to be the basis of
, Poland,. Rumania and
slavia,the secretary
Jugo- any legislation deemed necessary relating to the said subject matter.
of the Treasury, with the approval
of the President,
For the purposes of this resolution, the said committee, or any duly
Is authorized to make, on behalf
of the United States, an agreemen
the government of such country
t with authorized subcommittee thereof is hereby authorized and empowered
to
to postpone the payment of
any amount hold hearings and to sit and act at such times. and al such place or
payable during the fiscal year beginning
places
July 1 1931, by such country to as it may deem necessary
, to employ clerical and other assistant's, to rethe United States In respect of its bonded
indebtedness to the United States. quire by subpoena or otherwise the attendanc
except that in the case of Germany
e of witnesses, and the prothe agreement shall relate only
to duction of books, papers and docunients to administer such oaths and
amounts payable by Germany to
the United States during such fiscal to take such testimony as the
said committee or any subcommittee thereof
year in respect of the costs of the army of
occupation.
may deem necessary, and to do such other acts as the said committe
"Section 2. Each such agreement
e or
on behalf of the United States shall subcommittee may deem essential
in the matter of said Investigation.
provide for the payment of the postponed
amounts, with interest at the
The said committee or a subcommittee authorized by it may
rate of 4 per centum per annum beginning
employ
July I 1933, in ten equal an- stenographic services to report the said hearings:
nuities, the first to be paid during the
the cost of said stenofiscal year beginning July 1 1933. graphic services shall not be in excess
of 25 cents per 100 words.
and one during each of the nine fiscal years following
, each annuity to be
The chairman of the committee or any member thereof may
payable in one or more installments.
administer
oaths to witnesses. Every person who, having been
"Section 3. No such agreement shall be
summoned as a
made
of any country unless it appears to the satisfacti with the government witness by authority of said committee or subcommittee, wilfully makes
on
such government has made, or has given satisfacto of the President that default, or who, having appeared, refuses to answer any question
pertiry assurances of will- nent to the investigation hereby authorize
ingness and readiness to make, with the governme
d, shall be held to the
nt of each of the other provided by section 102 of the
penalties
Revised Statutes of the United States.
3862
[vol.. 133.
FINANCIAL CHRONICLE
d
Annual Report of Secretary of Treasury Mellon—Increased Taxation Propose
for
for Two-Year Period to Meet Huge Deficit in Revenues—Exemptions
Single Persons Fixed at $1,000 and for Married Persons $2,500—New Mis/
cellaneous Taxes—Corporation Tax to Be Raised from 12 to 121 2%—Tax
to Be
Revisions Will Affect 1,700,000 Additional Individuals—Estate Taxes
Foreign GovernSubject to Super-tax—Postponement of Payments from
ments Recommended.
Revisions in the Federal individual income tax provisions, which would bring into the tax-paying group some
1,700,000 individuals are proposed by Secretary of the
Treasury Mellon, in his annual report presented to Congress
on Dec. 8. Secretary Mellon at the outset of his report
calls attention to the falling revenues of the Federal Government as follows:
finances for
ESTIMATES OF RECEIPTS AND EXPENDITURES.
The following table presents ordinary receipts, and expenditures
chargeable against ordinary receipts, for the fiscal year 1931, on the
basis of daily Treasury statements (unrevised), and estimates for the
fiscal years 1932 and 1933. Public debt transactions other than public
debt retirements from the sinking fund and from special receipts are
not included. The estimates in the table are on the basis of the latest
information received from the Bureau of the Budget.
RECEIPTS AND EXPENDITURES FOR THE FISCAL YEAR 1931, ON
,
During the fiscal year ended June 30 1931 the Federal
THE BASIS OF DAILY TREASURY STATEMENTS (UNREVISED)
the first time reflected in a marked degree the decline in business acAND ESTIMATED RECEIPTS AND EXPENDITURES FOR
minor interruptions since the
tivity which has continued with only
THE FISCAL YEARS 1932 AND 1933.
middle of 1929. A very considerable decrease in Federal revenues,
$902,- [Receipts and expenditures are separately presented for general and special funds
together with an increase In expenditures, resulted in a deficit of
combined and for trust funds, to conform to the practice of the Bureau of the
716,845, as contrasted with a surplus of $183,789,215 in the preceding
Budget, in addition to the customary totals for general, special and trust fund!
fiscal year. Sinking fund and other statutory requirements of United
combined.]
which were included in expenditures, were responStates obligations,
sible for $440,082,000 of the deficit. The deficit, exclusive of these
1933.
1932.
of
1931.
General and Special Funds
items, amounted to $462,634,845; this latter figure and an increase
Combined.
for the
$153,336,815 in the Treasury's general fund balance account
pubReceipts.
increase during the year of $615,971,660 in the gross outstanding
$
$
3
Enternal revenue:
lic debt.
1,860,394,295.25 1,140.000,000.00 1,100,000,000.00
$860,708,208 less Income tax
Total ordinary receipts at $3,317,233,494 were
569,386.721.07 544,000,000.00 588,000.000.00
Miscellaneous internal revenue
than in the preceding fiscal year. The decline reflected the effect of
Total internal revenue
2 429,781,016.32 1,684,000.000.00 1.688,000,000.00
the depression on all major sources of Federal revenues, particularly
against Customs (excl, tonnage tax)-- - 376,576,392.81 410,000.000.00 480,000,000.00
on income taxes and customs receipts. Expenditures chargeable
Miscellaneous receipts:
ordinary receipts aggregated $4,219,950,339 and were $225,797,852 Proceeds of Gov.
-owned secs.:
74.881,881.00
(a)
51,588,133.37
more than in the previous year. The increase was due largely to exPrincipal—foreign obligat'ns_
war
195,094,690.00
(a)
Interest—foreign obligations_ 184,474,622.38
penditures for agricultural aid and relief, for additional benefits to
1.577.500.00
2,007,597.00
16,767,027.42
Railroad securities
veterans, and for accelerated governmental construction activities.
The report points out the losses suffeied through the
falling off in income tax receipts, and Mr. Mellon advises
that "Congress consider returning in principle to the general
plan of taxation existing under the Revenue Act of 1924."
Among his proposals he recommends that personal exemptions in the case of single persons be fixed at $1,000 (instead
of $1,500 as at present) and for married persons at 82,500
instead of $3,500 under the existing law. Secretary Mellon
also proposes that the normal tax on individual incomes up
to $4,000 be increased from 13% to 2%; on incomes above
$4,000 up'to $8,000 be increased from 3% to 4%, and that
above $8,000 the rate be raised from 5% to 6%. His
proposals as to surtaxes are "1% beginning with incomes
over $10,000, graduated up to 37% on incomes between
$100,000 and $200,000, and reaching 40% on incomes in
excess of $500,000, as compared with the present maximum
rate of 20% on incomes in excess of $100,000."
Respecting the corporation income tax, Secretary Mellon
says:
The rates to be increased from the present 12% to 124%.
In addition, I recommend that the exemption of $3,000, at present
less,
provided for domestic corporations with net Incomes of $25,000 or
be eliminated.
an increase of about
It is estimated that this proposal will result in
half of
$27,000,000 in corporation income tax receipts during the last 1933.
the fiscal year 1932 and about $60,000,000 during the full fiscal year
The following new miscellaneous taxes are proposed by
Secretary Mellon:
from the follow-
I recommend that additional revenue be provided
ing sources:
manufactures
An increase of one-sixth in the present rates on tobacco
and products except cigars.
upon sales or transfers
An increase of 1 cent in the existing stamp taxadmissions through the
of capital stock; extension of the present tax on
reduction of the present exemption to 10 cents. trucks and accessories
A tax on manufacturers' sales of automobiles,
at 5, 3 and 234% respectively.
cents for each $500 of
A stamp tax on conveyances of realty of 50
value in excess of $100.
phonograph equipA tax of 5% on manufacturers' sales of radio and check and draft,
ment and accccisories; a stamp tax of 2 cents on each
messages of 5 cents
and a tax on telephone, telegraph, cable and radio
for charges in
for charges in the amount of 14 to 50 cents, and 10 cents
amounts in excess of 50 cents.
A supertax, in addition to the present estate taxes, is
likewise among the new taxation proposals of Secretary
Mellon, which we give in full further below.
Among his recommendations for legislation, Mr. Mellon
asks that Congress "give favorable consideration to a bill
which the Treasury will submit soon after Congress convenes,
intended to authorize the postponement of amounts payable
from foreign governments during the fiscal year 1932, and
their repayment over a 10-year period beginning July 1 1933,
in accordance with the President's proposal of last June.
That part of Secretary Mellon's report bearing on new
taxation is given herewith.
All other
Proceeds of sale of surp. prop_
Panama Canal tolls, dtc
Other miscell. (Incl. tonnage
tax)
11,558,913.62
8,641,223.07
26,024,253.07
27,914,965.00
13,089,957.00
25,137,680.00
19,545,440.00
9,067,236.00
25,137,000.00
83,627,050.14
76,728.601.00
83,226,455.00
Total general and special fund
3,189,638,632.20 2,238,878,800.00 2,576,530,202.00
receipts
Expenditures.
32,382,800.00
23,978,412.68
Legislative establishment
433,300.00
506,811.30
Executive office
5708,609,669.76 784,442.000.00
Veteran's administration
60,800,000.00
33,961,996.34
Shipping board
57.611,800.00
50,835,844.74
Other ind'p't offices & commis_
Department of Agriculture_ __ _ 296,865,944.69 333,547,300.00
54.673,600.00
61,477,117.63
Department of Commerce
78,344,100.00
c64,542,778.53
Department of the Interior
53,798.800.00
44,403,497.73
Department of Justice
14,129,200.00
12,181,471.83
Department of Labor
353,768.185.35 378,913,100.00
Navy Department
75,000.00
82,297.59
Post Office Department
16,564,600.00
15,753,493.07
Department of State
Treasury Department
204,656.704.68 312,854,800.00
War Department
4476,842.697.12 483,725,000.00
Add unclassified items
23,243,900.00
429.300.00
830,210.000.00
21.800,000.00
52,003,200.00
215.723.600.00
48.343,050.00
71,849,000.00
53,440.500.00
14.509,000.00
375,340.600.00
75,000.00
14,730,900.00
279,567.100.00
430,038,200.00
2,348,466,923.04 2,662,295,400.00 2,431,303,350.00
182,624.77
2,348,649,547.81 2,662,295,400.00 2,431,303,350.00
Public Debt:
Interest
611,559,704.35 605,000,000.00 640,000.000.00
Sinking fund
391,660,000.00 411.771,300.00 426.489,600.00
Purchases & retirements from
69,138,800.00
foreign repayments
48,245,950.00
Purchases & retirements from
franchise tax receipts (Federal Reserve & Federal inter1.075,000.00
75,000.00
91,400.00
mediate credit banks)
100,000.00
100,000.00
84,650.00
Forfeitures, gifts, dm
Refunds of receipts:
20,010,500.00
20,815,500.00
21,369.006.78
Customs
44,389.200.00
70,217,600.00
69.887,928.92
Internal revenue e
145,643,613.12 195.000.000.00 155,000,000.00
Postal deficiency
13.400.000.00
11.000,000.00
9.299,056.81
Panama Canal
15,000.000.00
Agricultural market'g fund(net) 190,540,854.70 155.000.000.00 150,000,000.00
200,000.000.00
adjusted serv. certificate fund_ 224,000,000.00
20,850,000.00
20.850.000.00
20,850.000.00
civil service retirement fund
416,000.00
215,000.00
216.000.00
Foreign service retirement fund
9,500,000.00
9,500,000.00
19.500,000.00
District of Columbia
Total general and special fund
4091,597.712.40 4,361,839.800.00 3.996,672,450.00
expenditures
901,959.080.29 2,122,961,000.00 1,420,142,248.00
Excess of expenditures
Trust Funds—
Fteceipts
Expenditures
Excess of expenditures
Excess of receipts
General, Special, and Trust
Funds Combined.
Receipts
Expenditures
Excess of expenditures
120,590.915.00
120,313,600.00
119,430,300.00
116,237.500.00
277,315.00
127,594,861.61
128,352,626.39
3.192,800.00
757,764.78
3,317,233,493.81 2,359,469,715.00 2,695,960,502.00
4,219,950,338.88 4,482,153,400.00 4,112,909,950.00
902.716,845.07 2,122,683,685.00 1,416,949,448.00
a No estimates of amounts payable during the fiscal year 1932 on these accounts
are included because of the President's proposal of June 20 1931, for postponement.
S The Veterans' Administration began to function on Aug. 1 1930, In accordance
with Executive order of July 211930. For comparative purposes, the figures shown
above for the Veterans' Administration include the expenditures for the entire fiscal
the Inyear 1931 for the Bureau of Pensions, heretofore under the Department of
payment of
terior, and for the National Homes for Disabled Volunteer Soldiers,limbs, appliannuities under acts of May 23 1908. and Feb. 28 1920, and artificial
ances, and trusses for disabled soldiers, heretofore under the War Department.
of National
c Exclusive of the Bureau of Pensions. See note b. d Exclusiveto in note b.
Homes for Disabled Volunteer Soldiers and War accounts referred
Alcohol. f Expendie Includes refunds and drawbacks under Bureau of Industrial share of the United
tures shown above for the District of Columbia represent the expenditures chargeStates charged against the general fund of the Treasury. The
funds" amounted
able against the revenues of the District of Columbia under "trust
80 838,868,647.61 for the fiscal year 1931.
DEC. 12 1931.1
FINANCIAL CHRONICLE
Existing conditions make the task of forecasting tax receipts over
a considerable period of time one of unusual difficulty. In making
forecasts of revenue it has been assumed that in the calendar year
1932 there will be definite improvement in the general conditions of
Industry and trade. The full effect of the .mprovement is not apparrent, however, in the estimated receipts. The delay in improvement in
receipts results partly from the fact that income tax collections on 1932
incomes will not be included in receipts until the last half of the fiscal
year 1933, and partly from the fact that in the initial stages of recovery
increased income, particularly of corporations, will be reduced by the
deduction of losses which under the law may be carried forwarded from
prior years.
The present estimate of total receipts for the fiscal year 1932 (general,
special and trust funds combined) is $2,359,000.000, as compared
with actual receipts of $3,317,000,000 for the fiscal year 1931. The
indicated decline is to be accounted for largely by a decrease of $720,000,000 in income taxes, which in the fiscal year 1932 will be collected
on the reduced incomes of the calendar years 1930 and 1931, and by
a decrease in receipts from foreign governments, due to the fact that
about $253,000,000 due in the fiscal year 1932 has been omitted from
receipts in accordance with the proposed postponement of such payments.
The deficits for the three fiscal years are primarily due to the depression. Receipts from income taxes, in recent years the principal element
of Federal revenue, were abruptly reduced in 1931. Collections to date
of current corporation and individual income taxes indicate that receipts
from these sources during the calendar year 1931 will be about half as
large as in either 1929 or 1930. Conditions prevailing during 1931,
which will be reflected in income tax collections for the calendar year
1932 and consequently in the budgets for both the fiscal years 1932 and
1933, indicate still further drastic reductions in incomes and in income
tax collections. The decreased business activity has also resulted ,in
marked reductions in receipts from other sources of revenue. For the
fiscal years 1932 and 1933 average receipts from all taxes, including
customs, are estimated at about $2,131,000,000 as compared with average
receipts in the two fiscal years 1929 and 1930 of about $3,583,00
0,000.
FISCAL POLICY.
The foregoing estimates show deficits for the fiscal
years 1932 and
1933 in the amounts of $2,123,000,000 and $1,417,00
0,000,
tively. The estimated expenditures include for the retiremen respect of debt
In accordance with the provisions of the sinking fund and
other statutory requirements, $412,000,000 for 1932 and $497,000,
000
In the absence of other provisions, the amounts of deficitsfor 1933.
must be
financed through borrowing. For the three year period 1931-1933
the gross deficits aggregate approximately $4,440,000,000 and
the indicated increase in the public debt approximates $3,250,00
0,000.
Such a financial situation calls for immediate remedy, notwithst
ing the fact that the rapid retirement of our public debt througho andut a
decade of plenty may be considered to have created somethin
g in the
nature of a reserve upon which we are Justified in drawing
during lean
years.
If the public credit is to be maintained, there are certain
basic
ciples that must be observed in the conduct of National finances. prinFirst,
the sinking fund assigned to gradual retirement of the
public
must be maintained, and even when of necessity the public debt debt
is
creasing the regular sinking fund appropriations must be accepted inin
the accounts of the Government as fixed charges against Federal
revenues.
Second, over a period of years revenues must be equal to
Deficiency in revenue for a time may be inevitable, owingexpenditures.
to operation
of the emergency conditions, but must not be allowed to continue.
Observance of these principles in the conduct of our Federal
finances requires,
in addition to continued effort to reduce expenditures, a
very substantial
increase in the revenues through taxation. For 1932, a
large deficit is
inevitable and, notwithstanding such improvement in trade
and industry
as may be anticipated, addition to the public debt in
the fiscal year 1933
cannot be avoided without such additional taxation.
It is not easy for any people to determine to assume
a large additional tax burden at a time when their resources are
depleted through
business depression, but in the long run they will best
serve their own
interests by doing whatever is required to maintain
the finances of
their government on a sound basis. The history of
many nations
attests this conclusion.
It must not be forgotten that the very ability of the
Government to
borrow depends upon the conviction on the part of
purchaser
holders of Government obligations that the proper relationsh s and
ip between expenditures and receipts will be maintained. I am
that increased taxation, clearly necessitated by emergency confident
conditions,
will meet the supporting response of our citizens to the needs
of the
Government.
The increase of the revenues must be decisively undertak
en, but
the promptness with which full adjustment can wisely be
effected is
conditioned upon existing economic circumstances. The
rate at which
debt reduction has hitherto been effected still permits some
Additional tax burdens should not be so great as to retard leeway.
the business recovery upon which the restoration of the normal flow of
revenue
depends.
I recommend revenue increases so planned as to insure
the attainment of three objectives—first, substantial reduction of the
deficit for
the fiscal year 1932; second, the provision of revenue
adequate in 1933
to meet current expenditures, not including the sinking
fund, thus
bringing to an end in that year any further increase of
and, third, laying the basis for the expectation of athe public debt;
fully balanced
budget for the fiscal year 1934. Until full balance
is attained the
observance of the sinking fund provisions will not
result in a corresponding reduction in the debt, but through this
program the integrity
of such provisions will have been maintained as a
normal part of the
financial operations and as a guaranty of good faith.
Our immediate concern is the fiscal year 1933, since
that is the first
full year the revenues of which can be affected by
new tax measures.
Bringing the increase in the public debt to a
stop
spite of existing difficulties will represent a very during that year in
real
I believe the objectives which have been set forth accomplishment.
can be attained
by the adoption of a tax program based in the
main upon giving up
for the time being the principal tax reductions effected
since the Revenue
Act of 1924.
I advise that the Congress consider returning in
general plan of taxation existing under the Revenue principle to the
Act of 1924. The
country knows the burdens to be expected under
such
taxes under that law and, notwithstanding the higher a law. It paid
rates and broader
scope of that Act, found that these taxes did
not
bearable burden nor prevent increased prosperit constitute an uny. Instead of embarking on new and untried ventures In taxation, it
is wiser
a known general plan with such changes as may be appropriato utilize
te in the
light of altered conditions.
3863
REVENUE PROPOSALS.
To accomplish the objectives outlined above, I make the
recommendations for the provision of additional revenue, following
the
measures to terminate at the close of the fiscal year 1934, that new
is two
years from next June:
Individual Income Tax.
The normal rates to be fixed at 2, 4 and 6%; surtax rates
beginning with incomes over $10,000, graduated up to 37% on at 1%,
incomes
between $100,000 and $200,000, and reaching 40% on incomes
in
cess of $500,000 as compared with the present maximum rate of ex20%
on incomes in excess of $100,000. Personal exemptions to be
fixed at
$1,000 and $2,500 with a credit of $400 for each dependent.
The
earned income provisions of the Revenue Act of 1928 permittin
deductions in respect of earned income than were permitted g larger
by the
Act of 1924 should, in my opinion, be continued.
The Treasury contended at the time of the passage of the Revenue
Act of 1924 that individual income tax rates carried in that Act
were
higher than it is wise or desirable to impose under normal condition
s.
This is still the position of the Treasury Department. We are
vinced that in the long run lower rates are more productive thanconthe
higher ones. But these are not normal times. There is a real
emergency resulting in the immediate need for a substantial amount
of
additional revenue. Until the emergency is passed, we can not
avoid
utilization of emergency measures. We believe that the
taxpayers
will recognize the facts of the situation, and, particularly in view
of
their temporary character, will co-operate with the Governme
nt to
make higher rates effective.
The proposed revisions would bring back into the taxpaying
group
some 1,700,000 individuals. Even so, our income tax law would
still
remain a tax paid by relatively few individuals. There would
be only
some 3,600,000 Federal taxpayers in a nation of 120,000,000
people,
and of this number less than 300,000 would contribute 90% of
the tax.
It is estimated that such revisions will result in the collection
of
additional income taxes in the amount of about $83,000,0
00 during
the last half of the fiscal year 1932 and about $185,000,000
during
the full fiscal year 1933. Of this additional revenue, it is
estimated
that about three-fifths will be derived from incomes of $100,000
and
over and more than four-fifths from incomes of $10,000 and
over.
For reasons I have often expressed, it is my belief that when
the
emergency period is passed lower rates should be restored.
Corporation Income Tax.
The rates to be increased from the present 12% to 123%.
In addition I recommend that the exemption of $3,000,
at present
provided for domestic corporations with net incomes of
$25,000 or less,
be eliminated.
It is estimated that this proposal will result in an increase
of about
$27,000,000 in corporation income tax receipts during the
last
fiscal year 1932 and about $60,000,000 during the full fiscal half of the
year 1933.
Miscellaneous Taxes.
Under the 1924 Act a substantial amount of revenue was
through miscellaneous taxes. These included the tobacco provided
taxes, the
taxes on admissions and on club dues and certain stamp
taxes, which
have been retained, and the capital stock tax, other special
tax on manufacturers' sales of automobiles, trucks and taxes, the
and a number of minor taxes which have been repealed. accessories,
In view of
the marked contraction in corporation and individual
recent years the principal sources of taxation, it seems incomes, in
essential that
as under the revenue act of 1924, substantial additiona
provided by miscellaneous taxes. I do not recommen l revenues be
d, however, the
exact provisions of that act as to miscellaneous taxes.
Accordingly, I recommend that additional revenue be
provided from
the following sources: An increase of one-sixth in the present
tobacco manufactures and products except cigars; an increase rates on
of
in the existing stamp tax upon sales or transfers of capital stock; 1 cent
extension of the present tax on admissions through the reduction of
the present
exemption to 10 cents; a tax on manufacturers' sales of
automobiles,
trucks, and accessories at 5, 3, and 234% respectively; a
stamp tax on
conveyances of realty to 50 cents for each $500 of value
$100; a tax of 5% on manufacturers' sales of radio and in excess of
phonograph
equipment and accessories; a stamp tax of 2 cents on
each
draft; and a tax on telephone, telegraph, cable, and radio check and
messages of
5 cents for charges in the amount of 14 to 50 cents, and 10
cents for
charges in amounts in excess of 50 cents.
The amount of revenue which would be realized from the
miscellaneous
tax proposals would depend upon when they became actually
Additional revenue on the basis of assumed collections for operative.
a
six months from January through June 1932, is estimated period of
at about
$205,000,000. The increase for the fiscal year 1933 is
estimated at
$514,000,000.
Estate Tax.
I have frequently expressed my opposition in principle to the
excessive taxes on estates of decedents. Notwithstanding levying
of
the
which I have expressed, I believe that in the existing emergenc views
y estates
should contribute some additional revenue to the
Government. It
should be observed, however, that because of the longer
period which
is provided for the payment of tax on estates, additional
revenue from
thissource would not be realized until the latter part of the fiscal
The Congress drastically increased rates in the 1924 actyear 1933.
but evidently felt that this action was unwise, since in 1926 the
repealed retroactively. I therefore recommend that theincreases were
present rates
and exemptions be revised to correspond to those effective
revenue act of 1921. That act provided for the taxation of under the
at rates graduated from 1% on the first $50,000 up to 25% net estates
on amounts
in excess of $10,000,000. Except for the high rates
provided by the
revenue act of 1924, which were never actually operative,
the proposed
maximum rate of 25% is the highest previously in effect.
In order to avoid the undesirable result of automati
State levies on estates in certain States in which such c increase In
taxes are based
on the present Federal rates, it is proposed that the
by means of a supertax to be imposed in addition toincrease be effected
present rates, with
no deduction from this supertax for State taxes paid.
Under such an
arrangement amounts of State taxes paid would
continue to be allowed
as credits against the Federal tax as provided under
the present law, up
to 80% of the latter tax, but the entire proceeds of
tax would be retained by the Federal Government.the proposed superAdditional collections from this source are estimated at about
$11,000,000 for the last
half of the fiscal year 1933 and about
$22,000,000 for the full
year 1933. The estimated amount to be added
calendar
to the Federal
in 1933 by the proposed supertax represents
revenue
approximastteally
estimated collections (after deduction of
th
teo
Postal Revenues.—In recent years thecredits) under the present law.
failure of postal
cover expenditures has resulted In increasin
revenues
been met from the general revenues of g postal deficits which have
the Federal
Government. A
part of this deficiency may be attributed to expenditures for special
services, such as the cost of free postal services performed for governmental departments and agencies, the excess of the cost of air mail
service over revenues, and the cost of special rates paid to ocean mall
carriers of American registry. According to estimates by the Post Office
Department the postal deficit exclusive of such special expenditures will
approximate $150,000,000 for the fiscal year 1932. It is recommended
that postal rates be increased to cover such deficiencies by a reasonable
margin, that is, to provide additional revenues in the amount of not
less than $150,000,000 on an annual basis, thus relieving the budget
for the fiscal year 1932 by about $75,000,000 and for 1933 and subsequent years by the full $150,000,000.
Summary of Revenue Proposals.
It is estimated that the proposed revenue measures, if made effective
on Jan. 1 1932, would increase revenues in the fiscal year 1932 by about
$390,000,000, and in the fiscal year 1933 by about $920,000,000.
The estimated budgets for the fiscal years 1932 and 1933, as affected
by these proposals, are summarized in the following table:
Estimates.
1932.
1933.
Receipts
Expenditures
$2,359,000,000
4,482,000,000
$2,696,000,000
4.113,000,000
Deficit
Less add'i receipts from proposed rev. measures _
$2,123,000,000
x390,000,000
31,417,000.000
920,000,000
Deficit after provision of additional revenue_ _ 51.733.000,000
412,000,000
Statutory debt retirements
$497,000,000
497,000,000
$1,321,000,000
Increase in the public debt
x On the basis of assumed collections during the full six-month period, January
through June 1932.
Government Expenditures.
Increased taxes must be accompanied by a vigorous and continued
effort to reduce expenditures in so far as it may be consistent with the
conduct of essential governmental activities on an efficient basis. The
effort which has resulted in a reduction of about $370,000,000 in the estimated expenditures for 1933 as compared with 1932 must be continued.
Additional expenditures for objects in themselves most meritorious
should be judged in the light of the further burden which they would
place upon the economy of the Nation and upon the public credit at a time
of unusual difficulty.
The taxpayer is asked to assume a large additional burden. He is
entitled to know that the Government on its part is so conducting
its business as not to demand of him anything more than is actually
necessary. The Government is not an entity apart from the life of
the people and it has no money to spend except what it gets from the
pockets of the people. The Treasury cannot of itself create funds.
Whatever it spends must be obtained either through taxation or through
the sale of Government securities, and the securities in the end must
be redeemed by taxes. There is a limit to the extent to which the
Government, under our social and economic structure, may wisely
divert funds from private employment to governmental use. When we
take into consideration the mounting burden of State and local taxes,
it is no exaggeration to say that we are approaching that limit.
We also take from the report the following:
THE DEFICIT.
As already stated, the considerable decline in Federal revenues and
the increase in expenditures during the fiscal year 1931 resulted in a
deficit of 5902.716.845, according to the daily Treasury statement,
unrevised. A summary of receipts, expenditures, and the surplus or
deficit for each year from 1919 to 1931 is shown in the following table:
Ordinary Receipts, Expenditures Chargeable Against Ordinary Receipts, and
Surplus or Deficit for the Fiscal Years 1919 to 1931.
(On the basis of daily Treasury statement!. (unrevised), general, special, and trust
funds combined.]
Year.
[VoL. 133.
FINANCIAL CHRONICLE
3864
Ordinary
Receipts.
Expenditures
Chargeable
Against Ordinary
Receipts.
Surplus 1+) or
Deficit (—).
creased over the preceding year. Prior to 1931,however,the high produotivity of taxes was more than sufficient to offset increased expenditures.
CONDITION OF THE TREASURY.
The Public Debt.
At the end of the fiscal year 1931 the gross public debt outstanding,
at $16,801,281,492, showed an increase of $615,971.660. As already
brought out, this addition to the public debt reflects an increase of
$153,000,000 in the general fund balance during the fiscal year, and a
net deficit in ordinary receipts of $463,000,000, exclusive of $444,000,000
of statutory debt retirements.
The following table shows the various classes of debt outstanding
on June 30 1930, and on June 30 1931, and indicates the net changes
in the character of the debt resulting from the year's operations:
CHANGES IN THE PUBLIC DEBT OUTSTANDING TUNE 30 1930 AND
1931, BY CLASSES.
[On basis o daily Treasury statements (unrevlsed).1
June 30
1930.
June 30
1931.
Increase(+)or
Decrease(—).
$
$
S
+3,609.940.00
772,544,850.00 776,154,790.00
—57,150.00
8,201.803.900.00 8.201,748.750.00
3,136,986.600.00 4,552,821,650.00 +1,415635.050.00
Total bonds
12,111,335,350.00 13,530.523,190.00 +1.419,187,840.00
Treasury notes
1,826,115,500.00 451.718,950.00 —1,174,396,550.00
Certifs. of indebtedness_ 1,284.354.500.00 1,801,777,500.00 +537,423.000.00
Treasury bills
155,916,000.00 444.580.000.00 +288.664.000.00
Total regular issues__ _ 15,157,721,350.00 16.228,599,840.00 +1,070,878.290.00
Interest-bearing debt:
Regular issues—
Pre-War bonds
Liberty bonds
Treasury bonds
Spec al issues for Investment of trust funds—
Treasury notes
Certifs. of indebtedness
764,171,000.00
169,189,000.00 —594.982.000.00
121,800,000.00 +121,800.000.00
Total special Issues..
764.171,000.00
290.989,000.00 —473,182.000.00
Total int.-bearing debt_ 15,921,892,350.00 16,519,588.640.00
Matured debt on Which
Interest has ceased
51,819.095.26
31,716,870.28
Debt bearing no interest.
231,700,611.17 229,873,758.45
Total gross debt
19.195 300 921 42 111.801 281.491.71
+597.698.290.00
+20,102,225.00
—1,826,854.72
4-615.971.680.28
It will be noted from the above tab e that the tote interest-bearing
debt showed an increase of $598,000,000 during the year. The portion
of this debt held in the open market, however, Increased by about
$1,100,000,000. The larger increase in the open-market debt reflects
chiefly the liquidation of Government securities from the adjusted service
certificate fund in connection with the financing of additional loans to
veterans. The act of Feb. 27 1931, more than doubled the average
loan value of some $3,440,000,000 of outstanding adjusted service
certificates and authorized the financing of loans for the most part from
the adjusted service certificate fund. From the enactment of this
legislation to the end of the fiscal year 1931 additional loans made to
veterans amounted to about $825,000,000. The increase in outstanding
loans to veterans for the entire fiscal year was about 3900.000,000. Of
this amount about $756,000,000 was financed through conversion into
cash of special Government securities from the adjusted service certificate
fund, thus adding to the volume of United States securities which the
market was called upon to absorb during the year.
During 1931 public debt in the amount of $440,000,000 was retired
im compliance with statutory requirements. This amount included
$392,000.000 from the cumulative sinking fund, $48,000.000 from
principal payments of foreign governments under Liberty bond acts,
and $176,000 from miscellaneous receipts specifically allocated to debt
retirement. The total constitutes a charge against ordinary receipts
and accounts for a corresponding amount of the deficit of 8903,000,000
for the year.
The payment of the war indebtedness of the Federal Government
commenced in the fiscal year 1920; during the 11 years ended June 30
1930, a total reduction of about $9.300.000,000 was effected, $4,907.000,000 from ordinary receipts, $3,460,000,000 from surplus receipts,
and $933,000,000 through reduction in the general fund balance. Following the increase during the fiscal year 1931 the gross debt was still
$8,683,000,000 smaller than on June 30 1919.
The following summary shows the principal accounts through which
the war debt has been discharged:
SUMMARY OF REDUCTION IN GROSS DEBT FROM JUNE 30 1919 TO
JUNE 30 1931.
[On basis of daily Treasury statements unrevlsed)
$5,152.257,136 $18,522,894,705 —813.370.637.589
1919
+212,475.198
6,482,090,191
6.694.565,389
1920
+86,723,772
5,538,209,189
5,624.932.961
1921
+313,801.651
4,109.104,151
3.795.302.500
1922
+309.657,460
4,007.135380
3.897.478,020
1923
+505.366.986
3,506.677,715
4,012,044.701
1924
+250,505.238
3,529,643,448
3,780.145.684
1925
+377,767,817
3.584.987.873
3,962,755,890
1926
Fiscal Years
Fiscal Year
Fiscal Years
+835,809,922
3393,584,519
4,129,394.441
1927
1931.
1920-1931
1920-1930.
+398,828.281
3,643.519,875
4,042.348.158
1928
+184,787.035
3,848.463.190
4.033.250.225
1929
+183,789,215 Gross debt outstanding:
3,994,152,487
4,177,941,702
1930
$25.484,506360.05
June 30 1919
$25.484,506,160.05
x-902,718,845
4,219.950,339
3.317,233,494
1931
16,185.309,831.43 $16,185,309,831.43
June 30 1930
16.801.281,491.71 16.801,281,491.71
June 30 1931
trust funds. 5901.959.080.
x Deficit exclusive of
The deficit shown for the fiscal year 1931 is the first since 1919, the
Total reduction-- $9,299,196,328.62 15815.971.660.28 58,683,224.688.34
year in which war expenditures reached their peak, and reflects the
effect of business depression upon Federal receipts and to a considerable Debt retirement: recs.—
sole to ord.
Ch'
extent upon expenditures. Receipts in 1931 showed a decline of $861,3
Cum,sinking fund_ $3,187,488,300.00 $391,660,000.00 $ ,579,128,300.00
000.000 from the preceding fiscal year. Expenditures chargeable against
Reed from foreign
ordinary receipts, on the other hand. were $226,000,000 larger than in
governments—
1930. reflecting in large part special activities due to the depression.
Cash repayments
The excess of expenditures over receipts in 1931 was financed by
$48,245,950.00 $425,150,450.00
$376,904,500.00
of principal_ - by the total
Bonds. &a., reed
borrowing. The public debt, however, was not increased
as principal_ _
205,446,800.00
205,448,800.00
amount of the deficit of 8903.000.000, since expenditures chargeable
Bonds. &c., rec'd
against ordinary receipts included $440,000.000 of statutory public
906.369,150.00
as Interest _ _ _ _
906,369,15003
debt retirements. The balance in the general fund of the Treasury
Tot. fr. 9)79189
showed an increase of about $153,000,000 and the gross public debt
1;071
31.488,720,450.00
348,245.950.00 $1.536,966,400.00
an Increase of about $616.000,000.
1919 and 1931 receipts have
During the period intervening between
Miscellaneous—
in each year shown a surplus over expenditures chargeable against
recs.—
Fran. tax
Fed. Res.banks 5146,620,599.09
ordinary receipts aggregating for the 11 years $3,460,000,000, which
17,550.00 5146.638.149.09
Fed. intamete
represents an average annual surplus of about $315,000,000. These
2,409.863.31
credit banks_
2,483,713.31
73.850.00
these years
surplus receipts were applied to debt reduction. During
Fed. est. taxes_
66,182.600.00
68.182.800.00
surpluses have occurred notwithstanding tax revisions and reductions
Gifts, forfeitures,
&o
15,224,281.75
15.308.931.75
84,650.00
effected by four revenue acts—those of 1921, 1924, 1926, and 1928—
through which the elaborate wartime system of numerous taxes on comTotal miscell
$230,437,344.15
$178,050.00 3230,813.394.15
comparatively
modities and activities was changed Into a system of
Tot,chargeable
few taxes. Revenues, although considerably below the peak of the
to ord. recta_ 84,906,826,094.15 $440,082,000.00 $5,346,708,094.15
early post-war period, maintained relatively high levels until the recent
Through red. In gen'i
decline, owing to the generally prosperous business conditions which
779.720.844.22
fund balance
933,057,859.43 1153,338.815.21
prevailed during most of the period prior to 1930. After the war,
From surplus receipts_ 3,459,512.575.04
y902.716,845.07 2,556.795.729.97
moderately during
expenditures declined sharply until 1922, then more
Total reduction
59,299,196.328.62 x3615.971,660.28 $8,683,224,868.34
the two following years and from 1924 to 1927 remained at the lowest
x Increase. — -- level of the post-war period. Since 1927, the total for each year has in-
Dix. 12 1931.]
FINANCIAL CHRONICLE
Between June 30 1919, and June 30 1930, the annual interest charge
computed on the basis of the interest-bearing debt outstanding on those
dates was reduced from $1,054,000,000 to $606,000,000, or almost
$450,000.000, and the average rate was reduced from 4.18% on the
former to 3.81% on the latter date. By June 30 1931, the charge had
been reduced to about $589,000,000 and the average rate to 3.57%.
The effect on the Budget of reduced charges for interest is in part offset,
since any reduction in interest through sinking fund retirements results
in an increase in the sinking fund appropriation in like amount. The
sinking fund appropriation for 1932 of $411,771,300 includes $158,366,000
representing the amount of interest which would have been payable
during that year on all securities which have been retired through the
sinking fund.
During the current year long-term securities were offered by the
Treasury for the first time since July 16 1928. Treasury bonds were
issued on March 16 and June115 1931,at 35
/% and 334%,respectively.
A third issue, bearing a rate of 3%, was sold on Sept. 15 1931. The
interest rates at which the last two issues were marketed are the lowest
carried by any long-term Government obligation issued on public subscription during the war or postwar period.
Interest on Government Deposits.
In view of the lower rates paid by the Treasury on Government
securities issued to the public during the current fiscal year, the rate
of interest required to be paid by Government depositary banks on
deposits of public moneys was reduced three times during the year.
From June 1 1913 until Dec. 1 1930 the rate of interest paid on Government deposits had been 2% per annum. The rate was reduced on the
latter date to 1;4% per annum; on February 16 1931 to 1% and on
June 1 1931 to 34 of 1%.
BUSINESS CONDITIONS.
During the calendar year 1930 and the first three-quarters of 1931,
this country in common with others has experienced a marked decrease in the volume of production and trade accompanied by a decline
in employment and in the prices of commodities and securities. As
already brought out, depression in trade and industry has had a marked
effect on the budget of the Federal Government, particularly the Federal
revenues which have reflected the effect of inactive business on corporate
and individual incomes and customs receipts and to a lesser extent on
sources of miscellaneous internal revenue. The present and prospective
budget situation, therefore, cannot be adequately considered apart
from the industrial and commercial factors which affect Federal revenues.
There is a relatively close relationship between changes in the taxable
income and changes in business conditions. The precision with which
variation in taxable income may be related to statistics of business
conditions is, however, limited by the variety of factors affecting incomes
and also by the fact that many corporations and individuals are engaged
in pursuits not adequately represented by available statistics. There
are also elements in incomes which, though they respond in a general way
to changes in economic conditions, do not respond to them as promptly
as do other forms of income.
Furthermore, changes in corporate or individual incomes are not
immediately reflected in Federal revenue. These incomes are for the
most part reported for calendar year periods and taxes are paid during
the following year. Thus incomes reported for the calendar year 1930
underlie collections in the last six months of the fiscal year 1931 and the
first six months of the fiscal year 1932. Conditions which have prevailed
during the calendar year 1931 will not be materially reflected in income
tax receipts until March 1932, when the first quarterly payments on 1931
incomes will become due. A review of changes in industrial production
and trade, and the movement of commodity and security prices, which
largely account for the decline in revenues, is presented in the
following
paragraphs.
Production.
From the peak of June 1929 to September 1931 the physical
volume
of industrial production showed a decline of about 40%.*
over a peried of about two years, Interrupted by moderate This decline
recoveries in
the spring of 1930 and 1931. compares with the early postwar
decline of
33% during the 14 months from January 1920 to
March 1921. Average
production during the first nine months of 1931 was
about 16% below
the average for the corresponding period of 1930, and about
31% below
the corresponding period of 1929.
Until the latter part of 1930 the decline In production was
common
to most lines of industry. It was most marked, however, in such
industries as those producing iron and steel,
automobiles and rubber
tires, while certain others, producing goods for immediate
consumption
such as food and tobacco, showed only moderate decline or comparative stability. During subsequent months there have been considerable Increases in the volume of output of industries producing certain
class°, of eonsumers' goods. The output in the textile industry
showed
considers.hie increase and in September 1931 was about 23% larger
than in 'must 1930. Production of leather and shoes
increased 27%
between January and May 1931, remained at a relatively high level
for
the next ?hr.", months, then declined somewhat in September. The output of robber tires •hoWell marked Increase during the first half of
the
year. deerea.ing however in the third quarter. Following
temporary
recovery I., the spring of 1931. production in the iron and steel industry
and In the automobile Industry declined again and in each of these
Indust rte. mu put in Septetnber was about 20% below the
previous low
Point reached late In 1930.
In the building industry, which absorbs large amounts of steel
and
other buildiog materials, decline commenced in 1928 and
has continued 'silt, may temporary interruptions. By the
autumn of 1931
the value of building vont rams awarded showed a decline of
peak in early 1928.x Dung the first three-quarters of 58% from the
1931 contracts
Showed reltolvely smaller declines from the
corresponding
1930 for residential construction and public works than for period of
commercial
and factory construction. The actual dollar volume of
contracts awarded
for commercial building during the first three-quarters of
1931 declined
by 53% front the total for a eorresponding period in
building A4%, while the volume of residential and 1930. and for factory
public works declined
by 21 to 29%, respectively. The decline for all
combined amounted to 30% as compared with the classes of contracts
corresponding period
of 1930. and was 44% below 1929.
Trade and Distribution.
During 1930 and the past months of 1931 various measures
of trade
also continued the decline which commenced In
activity
1929. Total car
loadingsx have declined almost without interruption since June 1929.
and in September 1931 were about 36% below the level of the earlier
date. Loadings of merchandise freight, which are a better measure of
• Production comparisons for recent years based on Federal Reserve Board
index. adiu.sted for seasonal variations.
s Federal Reserve Board Index, adjusted for seasonal variations.
3865
the movement of finished goods into trade, showed a decline of about
19% over the same period and during the first three-quarters of 1931
averaged about 10% below the average for the corresponding period in
1930. Dollar volume of department store salesx declined throughout
most of 1930. Recovery in the spring of 1931 was followed by further
declines and in September department store sales were about 26%
below the peak reached two years earlier.
Foreign trade showed similar declines. By August 1931 the dollar
volume of exports had fallen to a level considerably lower than at any
other time in the past 12 years, and the dollar volume of general imports
had reached the low level of 1921. Exports and general imports during
the first eight months of 1931 declined 37% and 33%, respectively,
from the corresponding period of 1930 and both were 51% smaller than
In the first eight months of 1929. The course of our international commerce is not only an important factor in the general business situation
in the country, but is significant also, from the point of view of the
Federal revenues, because dutiable imports provide substantial receipts.
Dutiable imports had receded by the middle of 1931 to a level slightly
below the low point reached in 1921. The monthly average for the
first eight months of the year was 39% smaller than in 1930 and 52%
smaller than in 1929. These decreases in dollar volume of our foreign
trade reflected declines in both quantity and prices.
Prices of Commodities and Securities,
Prices of commodities and of securities have an important bearing
upon corporate and individual incomes, and consequently upon Federal
revenues, particularly during periods of marked price changes. From
1922 to 1929 the index of selected wholesale prices varied within a relatively narrow range although from 1925 the general trend was moderately
downward.y During 1930 and the first half of 1931, however, the
Index continued he relatively rapid decline which commenced in the latter
part of 1929, and by June 1931 was approximately at the level of the
years immediately preceding the war,a decrease of nearly 30% from July
1929 and of 58% from the high point reached in 1920. As in the 19201921 period of decline, agricultural prices have dropped farther and more
rapidly than non-agricultural commodity prices. Largely reflecting the
reduced prices of farm products, gross agricultural income is estimated
to have declined by about 22% from 1929 to 1930. Since the end of
May 1931 there has been less fluctuation in the general average of
wholesale prices, and in October the prices of a number of agricultural
commodities showed marked recovery.
During 1930 and the past months of 1931, continuance of the sharp
decline in security prices, which began in the autumn of 1929, has
affected Federal revenues in several important respects. Corporate
and individual income derived directly from dealings in securities have
been very materially reduced. Furthermore, the marked downward
redistribution in individual incomes as between various income classes,
which has accompanicd reduced income from this source, has had a
marked effect on revenue derived from these income taxes which are
levied at progressive tax rates. The decline in income from security
transactions has also brought about readjustments in consumer demand,
which have been a factor in decreased business activity. In addition,
the decline in the volume of trading in securities and the consequent
decrease in taxes collected on capital stock sales or transfers have had an
important influence in reducing Federal revenue.
Corporate and Individual Incomes.
The drastic declines during the calendar year 1930 and the past
months of 1931 in economic factors relating to corporate and individual
Incomes affect Federal budget receipts during the three fiscal years
1931, 1932 and 1933. Complete data from income tax returns for
the calendar year 1930 are not yet available, but taxes collected on
these incomes during the first nine months of the calendar year 1931
indicate a decline from 1929 of 45% in the taxable income of corporations.
Taxes on individual incomes, which are levied at progressive tax rates,
showed a decline from 1929 of 55%, after adjustment for rate changes.
Further declines are indicated for both corporate and individual incomes
for 1931, on which tax collections will be made during the calendar
year 1932.
The following further extracts are taken from the report
RECOMMENDATIONS FOR LEGISLATION.
Postponement of Payments From Foreign Governments.
It is recommended that the Congress give favorable consideration
to a bill which the Treasury will submit soon after Congress convenes,
intended to authorize the postponement of amounts payable to the
United States from foreign governments during the fiscal year 1932,
and their repayment over a 10-year period beginning July 1 1933, in
accordance with the President's proposal of last June.
Corporation Relief Contributions.
Under existing law corporations, unlike individuals, are not allowed
in computing net income subject to Federal Income tax to deduct contributions for charitable purposes, except in those cases where It can
be shown that the contributions have a reasonable relation to the corporation's business or result in a direct benefit to the corporation. In
those cases the charitable contributions by corporations are allowable
as deductions, not because they are contributions made in the interest
of public welfare, but because they classify as ordinary and necessary
business expenses.
Contributions for relief in the present emergency would be encouraged
by a statutory provision allowing, under limitations similar to those
now in force with respect to contributions by individuals, such contributions to be deducted In computing the net income of corporations,
where such contributions are not classifiable as ordinary and necessary
business expenses. The importance at this time of voluntary contributions for emergency relief from as many private sources as possible,
warrants the temporary removal of the present restrictions upon the
deduction of such contributions from corporation incomes.
I. therefore, recommend the early enactment of legislation which
will permit corporations to take, under limitations similar to those
now in force with respect to contributions by Individuals, deductions
for contributions made during the present emergency for unemployment
relief or relief of the poor or needy.
Banking.
The year has been marked with an unprecedented number of bank
suspensions, both State and National. From Jan. 1 1931 to Oct. 31
1931 there were 1,753 bank suspensions, involving total deposits of
$1.461.852,000. Of these banks, 1,443 with deposits of $1,094,764,000
were State banks, and 310 with deposits of $367,088,000 were National
banks.
x Federal Reserve Board Index, adjusted for seasonal variations.
y Bureau of Labor Statistics Index of wholesale prices of commodities:
3866
FINANCIAL CHRONICLE
As early as Dec. 2 1929, the Comptroller of the Currency called
the attention of the Congress to the rapidly increasing number of bank
failures throughout the United States and recommended legislation
designed to strengthen our banking structure. It should be noted in
this connection that the condition of increasing bank failures, to which
the Comptroller then directed attention, was one existing at a time
of prosperity in the United States. This condition has been aggravated
by the period of depression through which we are passing and particularly by the lack of confidence on the part of depositors in some
sections of the country. Thus in certain stricken communities the
public through fear has withdrawn its deposits; some of the banks affected have been unable to liquidate assets fast enough to meet the
withdrawals and suspensions have occurred with the consequent shock
to the community, paralysis of business, and further decline in values.
Local difficulties have been accentuated and confidence shaken in other
communities. Banks in the affected areas have been compelled to
curtail loans and maintain an extremely liquid position in order to
meet unreasonable demands of depositors, thus affecting the general
situation advusely. A fact not generally appreciated is that this
vicious circle of events, which frequently leads to the restriction of
operations by sound banks, is brought about largely through the action
of the depositor himself.
In order to deal with this abnormal situation and to restore confidence, the President proposed the creation of a national institution
which should extend loans to banks on assets not now eligible for rediscount at the Federal Reserve banks in order to permit sound banks
to continue to provide for the credit needs of business with added assurance as regards the maintenance of liquidity in the event of unusual
demands for currency payments. Out of this proposal grew the National Credit Corporation. This organization has authorized the
Issuance of $1,000,000,000 principal amount of gold notes to which
the banks throughout the United States were requested to subscribe
at par in principal amount equal to 2% of their respective net demand
and time deposits, and not to exceed 10% of their unimpaired capital
and surplus.
Branch Banking.
It is undoubtedly true that in the past both our State and national
bank charters too freely. This was recogauthorities have granted
nized some time ago by the National bank authorities. In the Comptroller's report to Congress in 1927 particular attention was called to
this fact, which I believe is now well recognized by State banking authorities also. The essential question involved is the inability of a
large number of small banks to survive in the face of changing economic
conditions. I am convinced that the Comptroller's recommendation
to Congress that trade-area branch banking be adopted for National
banks is a solution in a large measure of our present banking difficulties.
This would afford better management, service, and diversification,
with a greater measure of safety than can now be obtained under our
present system. I can see no Justification in the argument that banking
should be confined to political or other existing artificial boundaries
rather than to its natural economic lines.
Increase in the Capital Stock of Federal Land Banks.
The President has recently called attention to the desirability of
augmenting the resources of the Federal Land.Banks through subscription by the Government to additional amounts of the capital stock
of these banks. I am in full accord with this proposal and recommend
that favorable consideration be given to a bill which will be presented
to Congress authorizing the appropriation of $100,000,000 to enable
the Secretary of the Treasury to subscribe from time to time for additional amounts of capital stock of any Federal Land Bank, upon the
request of the bank's board of directors and with the approval of the
Federal Farm Loan Board.
Credit Conditions.
During the fiscal year 1931 continued decline in industrial and trade
activity and .in commodity prices, together with further liquidation in
the stock market, was accompanied by decline in the demand for bank
credit and by marked reduction in the volume of outstanding bank
loans. Reflecting this underlying situation and the considerable inflow
of gold from abroad, short-term money rates in the open market as
well as rates charged by banks on direct loans to customers showed
further marked declines. An offsetting factor to these easing tendencies
was an unusual increase in the demand for currency during most of the
fiscal year and the immediately succeeding months, representing largely
currency withdrawals from banks in consequence of banking disturbances. Following the suspension of gold payments by Great Britain on
Sept. 21 there were large withdrawals of gold from this country; and
these withdrawals, together with a continued growth of the demand
for currency, resulted in a rapid increase in the volume of reserve bank
credit in use and in firmer conditions in the money market.
At the beginning of the fiscal year Federal Reserve bank holdings of
United States securities amounted to nearly $600,000,000, compared
with about $150,000,000 during the summer of 1929. The increase
reflected purchases in the open market in pursuance of the easy money
policy which had been adopted during the period of liquidation immediately following the break in the security markets in the autumn
of 1929. Reserve bank purchases of United States securities, together
with an inflow of gold, chiefly from South America and the Orient,
and a decline in the volume of money in circulation, were accompanied
by a reduction in the volume of member bank borrowing at Reserve
banks;in June 1930, Reserve bank discounts for member banks, at about
$250,000,000, were $730,000,000, smaller in volume than a year earlier.
During the fiscal year 1931, Reserve bank holdings of United States
securities were maintained at about $600,000,000 except for a temporary
seasonal increase at the end of the calendar year 1930. Except for
seasonal movements, the volume of member bank borrowing and of
Reserve bank acceptance holdings fluctuated within a relatively narrow
range at comparatively low levels. There were successive reductions
in Federal Reserve bank discount rates and buying rates for acceptances.
By the summer of 1931 the discount rate at the New York bank had
been reduced to 134%,compared with 6% in the autumn of 1929. The
discount rate was 2% at Boston and 234 or 3% at all other banks except
Minneapolis, where the rate was 334%•
During the year there was a further heavy inward movement of
gold,from South America, the Orient, and Canada, as well as relatively
small amounts from Germany and France. These reflected largely the
combined effect on international balances of payments of declining
commodity prices, production, and trade, and the unfavorable condition of the market in this country for foreign bonds, augmented in
some instances by unsettled monetary and credit conditions abroad.
By the middle of September 1931, the total stock of monetary gold in
the country, at about $5,000,000,000, was more than $500,000,000
larger than a year earlier. The effect of this inflow of gold on the demand
for Reserve bank credit was, however, more than offset by growth in
[VoL. 133.
the volume of currency outstanding, and in consequence the total
volume of Reserve bank credit increased.
On June 30 1931, loans and investments of member banks, at $33.920,000,000, showed a decrease of more than $1,700,000,000 during the
fiscal year and were $2,000,000,000 smaller in volume than in October
1929. Member bank loans were about $4,350,000,000 smaller in volume
than at the high point reached October 1929, while their investment
holdings showed an increase of nearly $2,360,000,000.
Prior to the beginning of the fiscal year additions to member bank
investment holdings were chiefly securities other than United States
obligations. Subsequently, however, with increased offerings of United
States securities occasioned by the cumulating deficit in the current
Federal budget and by increased loans to veterans, additions to member
bank investment portfolios represented largely United States securities. Of
the increase in total investments, amounting to nearly $2,360,000,000
between October 1929, and June 1931, about $1,320,000,000 represented increased holdings of United States securities.
Notwithstanding marked reduction in industrial and commercial
demand for bank loans, the volume of loans reported by member banks
at the end of June 1931, as eligible for rediscount at Federal Reserve
banks was $3,198,000,000. These loans, together with the banks'
holdings of United States Government securities, represented an aggregate of more than $7,500,000,000 of collateral available to member
banks as a basis for additional Federal Reserve bank accomodation.
The inactive demand for credit and the comparative freedom of
member banks from indebtedness at the Reserve banks resulted in
a progressive decline in short-term money rates both in the open market and at banks on direct loans to customers, and Federal Reserve
discount rates and buying rates for acceptances were also at low levels.
Open market rates on 90
-day bankers' acceptances, which had declined
from 534% to 1%-23
/% between the middle of 1929 and the middle
of 1930, showed further marked decline during the fiscal year 1931 and
In June were quoted at %ths of 1%. Open market rates on prime commercial paper declined from 631 to 33i-3, % between the autumn of
,
4
3
1929 and June 1930, and by June 1931, to 2%. Conditions underlying the decreases in open market rates were also reflected, although
more moderately, in declining rates charged on loans to customers
as reported by banks in principal cities. The average of these rates
for the country as a whole was about 434% in June 1931, as compared
with 5% a year earlier and about 63,1% in the autumn of 1929.
Changes in the total volume of money in circulation have been unusually important during the past year. Decline in business activity
after the middle of 1929 accelerated the gradual decline in the volume
of money in circulation which had been in process in recent years. By
October 1930, the total was about $4,500,000,000, a figure only
slightly above the low level reached in 1922 after the decline from the
high level of 1920. Increase in subsequent months of 1930 and 1931
in the number of bank suspensions occasioned an unusual volume of
cash withdrawals from banks. Notwithstanding the fact that such
customary criteria of changing business requirements for currency, as
retail trade activity, factory payrolls, and commodity price averages
continued to decline throughout the period, total money in circulation
amounted to about $5,000,000,000 by mid-September as compared with
$4,500,000,000 a year earlier. This large increase in the demand for
currency at a time when currency requirements of industry and trade
were unusually low undoubtedly reflects currency hoarding. The cash
withdrawals of deposits have increased the difficulties of many banks
that had already suffered from depreciation of their loans and investment accounts, and furthermore occasioned a drain on the resources
of the Federal Reserve system, which, however, was in a strong position
for meeting the situation.
By midsummer, monetary and credit conditions in certain foreign
countries had become increasingly critical, with the result that in a
number of countries the operation of the gold standard was either suspended or materially restricted. Repercussions from these developments placed unusual demands upon our own banking and credit
structure, which have been met by the full co-operation of the banks
of this country with the support of the Federal Reserve System.
After the middle of September 1931 there was a rapid outflow of
gold from the country, chiefly to continental Europe, particularly
France, and an increase in the volume of gold earmarked by Federal
Reserve banks for foreign correspondents. During the ensuing month
the country's stock of monetary gold decreased by nearly $600,000,000,
which was about $100,000,000 more than the accessions since the middle of 1930. Foreign interests obtained the funds for the withdrawal
of gold through sales of acceptances previously held here for foreign
account, through the use of balances held with banks in this country,
including Federal Reserve banks, and through the sale of foreign-owned
securities in American markets. At the same time, there was continued increase in the domestic demand for currency. The resultant
drain on member bank reserve funds occasioned a rapid increase in the
volume of Reserve bank credit in use, which amounted to $2,125,000,000
by the middle of October,compared with an average of about $945,000,000 in June. Member bank discounts increased from an average of
about $190,000,000 in June to about $630,000,000 at the middle of
October. The acceptance holdings of the Reserve banks showed an
increase of more than $600,000,000 and United States security holdings
an increase of about $120,000,000 for the same period.
In these circumstances the discount rate of the Federal Reserve
Bank of New York was raised from the unusually low rate of 151% to
2;4% on Oct. 9 and 33.% on Oct. is. Discount rates were also increased in October at all Reserve banks except Atlanta, where a 3%
rate remained in effect, and Minneapolis, where the rate was 3%%;
at the end of the month the rate was 334% at all other Reserve banks
except Richmond and Dallas which had established rates of 4%. At
the Federal Reserve Bank of New York buying rates on bills were also
increased in the latter part of September and in October. At the middle
of October the rate was 3%% on maturities up to 90 days as compared with 1% at the beginning of September.
Open market rates increased somewhat but in mid-October were
-day bankers' acceptstill at comparatively low levels. Rates on 90
ances had increased to 231-3K% from 'X% in September, and prime
commercial paper had increased to 2X-43.1% from 2%.
Cost of Government Borrowing.
The cost of Government short-term borrowing during the year continued the declining trend established in the preceding fiscal year,
making record low levels; bonds also were sold at unusually low rates.
Due to the increased use of Treasury bills, rates on Government borrowing reflected the general decline in open-market money rates somewhat more promptly than would otherwise have been the case.
As outlined in the preceding paragraphs, short-term money rates in
the summer of 1929 reached the highest levels in recent years, but
dropped to new postwar low levels by the end of the fiscal year 1930.
During the fiscal year 1931 open-market money rates, reflecting under-
Dm. 12 1931.1
FINANCIAL CHRONICLE
3867
lying money and credit conditions, reached the lowest level of the of flexibility to the future management of the debt. The major part
postwar period; rates on Government issues followed the market trend. of the outstanding long-term issues carries maturities ranging from
Certificates of indebtedness sold on June 15 and Sept. 16 1929 bore 1938 to 1956 and affords the Government the privilege of optional rerates of 53 and 47, respectively; representing the highest rates at tirement over periods varying, in the case of the different issues, from
which Government securities had been marketed since 1921. The cer- 2 to 10 years prior to maturity dates.
tificates offered just prior to the beginning of the fiscal year 1931 carried
Adjusted Service Securities.
a 2%% rate, whereas the rate on the issue of April 15 1931 was 1%%
and on the issue of Sept. 15 1931, 13%. These are the lowest rates
Reference has already been made to the liquidation of special Governat which certificates of indebtedness have ever been issued.
ment securities, held in the adjusted service certificate fund, for the
The rates at which funds have been obtained through the sale of purpose of financing loans to World War veterans. The World War
Treasury bills have shown even greater relative declines during the Adjusted Compensation Act of May 19 1924 provided for the issuance
current fiscal year. Rates at which these securities were issued ranged to World War veterans of adjusted service certificates maturing at
steadily downward from an average bank discount rate of approximately the end of 20 years or upon prior death of the veteran. To meet the
1%% at the beginning of the fiscal year to about % of 1% at the end, liability incurred by the issuance of these certificates, the Act created
and in July and August 1931, 3
-month bills were sold at average rates the adjusted service certificate fund. The Act also provided for the
of about % of 1%. Reflecting the firmer tendency of open-market appropriation to this fund on Jan. 1 of each year of an amount which
rates at the end of September and in October, rates on Treasury bills invested at 4% compounded annually would be sufficient to pay the
increased and the issue of Oct. 26 1931 was sold at an average bank face value of the adjusted service certificates upon their maturity in
discount rate of about 2.69%.
20 years or upon prior death of the veteran. The Secretary of the
Treasury bills have provided a valuable supplement to the regular Treasury was authorized to invest and reinvest the money in the fund
quarterly Issues of certificates of indebtedness, from the point of view in interest-bearing obligations of the United States, and to sell these
of the cost of Government borrowing. This follows partly from the obligations for the purposes of the fund. Since no United States sefact that in a period of declining short-term money rates the sale of bills curities then outstanding met the requirements of the Act as to interest,
at relatively frequent intervals has resulted in a more prompt reflection it has been the practice of the Treasury to invest appropriations to this
of money market conditions in the cost of Government borrowing. fund in special United States Government notes and certificates of
A further advantage which may at times be realized through the use indebtedness issued for the purpose (with interest at 4% per annum,
of Treasury bills is illustrated by the sale of about $102,000,000 of bills payable annually or on the prior redemption of the security) which
on October 15 and 16 1930, representing an amount which otherwise in effect reduces by corresponding amounts the volume of its borrowing
would have been borrowed in the regular issue of certificates on the in the open market.
quarterly tax-payment date in September.
These special securities constitute a part of the outstanding public
Long-term financing was also accomplished at the lowest rates ex- debt of the Government but are held in the Treasury for the account
perienced in the war or postwar period, as Indic:ed in the succeeding of this fund and not by the public. At the beginning of the fiscal
paragraphs.
year 1931 there were in the Treasury for the account of this fund
Treasury Bonds.
$629,000,000 face amount of these special 4% Treasury notes. On
In the fiscal year 1931, for the first time in nearly three years, the Jan. 1 1931 similar securities were issued to the fund in the amount
Treasury issued long-term securities on public offering. Two issues of $137,000,000 against the annual appropriation to the fund and
of bonds were sold during the fiscal year and one on Sept. 15 1931. interest due on investments in the fund on that date.
The first, an issue of 37%% bonds, was dated March 16 1931, matures
In the original Act and amendments thereto, certain loan privileges
on March 15 1943, but is redeemable at the option of the Government were accorded to the holders of the adjusted service certificates, but
on and after March 15 1941. Subscriptions aggregating 112,112,000,000 these did not authorize loans from the adjusted service certificate fund.
were received, $1,369,000,000 representing cash subscriptions and $743,- On Feb. 27 1931, however, Congress amended the World War Adjusted
000,000 representing exchange subscriptions for the payment of which Compensation Act, authorizing an increase In the loan basis of adjusted
maturing 37%% Treasury notes were tendered. The exchange subscrip- service certificates from about 22% to 50% of their face value and
tions only were accepted; these were allotted on an 80% basis. The the financing of such loans from the adjusted service certificate fund
total amount of bonds issued was $594,000,000. The second issue of and the Government life insurance fund.
When this Act became a law en Feb. 27 1931, securities held for the
bonds, dated June 15 1931, bears a rate of 37%%, matures on June 15
1949, but is redeemable at the option of the Government on and after fund had been reduced to $755,000,000 face amount of special 4% TreasJune 15 1946. Subscriptions for the payment of which certificates of in- ury notes, by redemption during the year for the payment of death
debtedness maturing on June 15 were tendered were given preferred claims. The 1932 annual appropriation of $112,000,000, which ordiallotment up to $326,000,000. Subscriptions aggregated $6,316,000,000, narily would not have become available until Jan. 1 of that year, was
exchange subscriptions totaling $572,000,000 and cash subscriptions made immediately available by the Deficiency Act of March 4 1931.
$5,743,000,000. Of the exchange subscriptions 57% were allotted: Against this appropriation special 4% certificates of indebtedness in
cash subscriptions in the amount of $495,000,000 were allotted on a like amount were issued to the fund.
graduated scale. The aggregate amount of bonds issued was $821,In order to provide funds for the loans to veterans authorized by
000,000. The September issue of 3% Treasury bonds was dated Sept. the Act of Feb. 27 1931, it was necessary for the Treasury to 'convert
15 1931, maturing on Sept. 15 1955, but redeemable at the option of the into cash securities held in the adjusted service certificate fund. The
Government on and after Sept. 15 1951. Subscriptions totaled $941,000,- making of loans from this fund involves essentially the substitution of
000. Subscriptions not exceeding $100,000 were allotted in full, and all the veterans' notes for United States obligations held in the fund as
others were allotted on a graduated scale. A total of $800,000,000 was investments, and the sale of the latter in the open market; actually the
issued.
special United States securities held in the fund are not sold but are
Prior to these issues the last long-term bonds sold by the Treasury redeemed by the Treasury as loans are made to veterans, and other
were the issue of 16 to 20 year 3. % Treasury bonds dated July
3
4
16 United States securities are sold in the market according to the Treasury's
1928. The issue of March 16 duplicated the rate carried by this security. cash requirements.
The issues of June 15 and Sept. 15, however, carried rates
In connection with the financing of about $960,000,000 of loans to
and 3%, respectively. The latter rate is the lowest rate of only 37% veterans from June 30 1930 to Sept. 30 1931, $756,000,000 of adjusted
borne by any
bond offered for public subscription since the issue of the
service certificate fund securities were redeemed during the fiscal year
3% Panama
Canal bonds in 1911.
and an additional $59,000,000 during the three subsequent months.
On Sept. 30 1930 $63,000,000 of these securities were held in the fund.
Arrangement of Debt Maturities.
Public debt operations must be planned with a view to
37%% Treasury Notes.
maintaining
a distribution of debt maturities which will facilitate the
use
As stated in my last report, a call was issued on Sept. 10 1930,
for debt reduction and the accomplishment of refunding of funds
operations for the redemption on March 15 1931 of all outstanding 37%% Treasury
when necessary or when advantageous money market conditions
make notes of Series A- and Series B-1930-1932. On the date fixed for the
such operations desirable. A portion of the debt is also kept in short- redemption of these notes
there was outstanding a total of $1,109,372,550.
term securities with maturities arranged to aid in the adjustment
of Provision for the redemption of these notes was included in the March
the irregular flow of revenue to the more regular distribution of
ex- quarterly financing, considered elsewhere in this report; $594,230,050
penditures. In general the management of the public debt to
notes were exchanged for a like amount of 37%% Treasury bonds
these objectives requires maturities in each quarterly income meet of the
tax- of 1941-1943, $72,482,500 for a like amount of 2% certificates of inpayment month in addition to sufficient optional maturities to permit debtedness of Series TM-1932,
and the remainder of the notes presented
the adjustment of debt reduction and refunding to changes in
in cash.
and money market conditions. Public debt transactions Treasury were redeemed
a call was issued for the redemption on Dec. 15 1931
during the
On June 8 1931
fiscal year 1931 and subsequent months have been conducted with
a of all outstanding 37%% Treasury notes of Series C-1930-1932, which
view to these general objectives.
were payable on Dec. 15 1932, but redeemable at the pleasure of the
At the end of the fiscal year 1930, the total interest-bearing debt
States on and after Dec. 15 1930. These notes were issued
aggregated $15,922,000,000. It included less than $3,811,000,000 of United amount of $607,399,650
on Jan. 16 1928 in exchange for third
in the
debt maturing within five years, consisting of $1,420,000,000 of
cer- Liberty Loan 4%% bonds. By the end of September notes aggretificates and Treasury bills maturiig within a year, $1,626,000,000
gating $155,680,700 had been redeemed, $41,556,100 through purchases
Treasury notes maturing in from one to three years, and $764,000,000
of special trust fund securities, chiefly those held by the adjusted service for the cumulative sinking fund, $114,112,600 received from foreign
Governments in payment of principal or interest under debt settlements,
certificate fund. The long-term debt aggregating $12,111,000,000
and $12,000 on miscellaneous accounts, and $451,718,950 were outincluded about $8,000,000,000 of the first and fourth Liberty
loans, standing on Sept. 30 1931.
the former callable in 1932 and maturing in 1947, and the
latter callable
Department Circular No. 439, dated June 8 1931, calling the notes
in 1933 and maturing in 1938.
of this series for redemption, and the public announcement of the same
The public debt increased during the fiscal year 1931
and subsequent date concerning the call, will be found as Exhibit 58, page 349.
months and at the end of September the outstanding
debt, at $17,048,000,000, was $1,126,000,000 larger interest-bearing
Postal Savings Bonds.
than on June 30
1930. This Increase was the result of the net addition of
The first series of postal savings bonds, issued on July 1 1911 in
$2,224,000,000
to the volume of outstanding long-term interest
-bearing securities and amount of $41,900, matured on July 1 1931 and was paid. The Act
a net reduction of $1,098,000,000 in the volume of
securities with shorter establishing the Postal Savings System, approved June 25 1910, provided
maturities. Increase in the long-term debt reflected
the sale of three for the surrender of these deposits in exchange for United States bonds
issues of bonds in March, June, and September
bearing merest at 27%%, redeemable after one year, and payable
redemptions of outstanding securities. Decline 1931, offset by minor the end of 20 years. A series has been issued on Jan. 1 and July at
1 in
in the short and intermediate term debt reflected the retirement of
$1,174,000,000 of interest- each year, beginning July 1 1911. The 41st series was issued on July 1
bearing Treasury notes which
the amount of $4,415,140. The aggregate total of the 41
would have matured in 1932, and the 1931 in
liquidation of most of the investments held
in the adjusted service series issued is $27,249,800, and the amount outstanding was $27,207,900
certificate fund, offset in part by
increases in other classes of short-dated on Sept. 30 1931.
securities. Outstanding open market issues
Cumulative Sinking Fund.
of
edness, at $1,482,000,000 on Sept. 30, showed certificates of indebt
For 1931 there was available for the cumulative sinking fund $392,000,000 for the 15-month period and Treasury an increase of $217,- 000,000, which represented the regular sinking fund
appropriation and
bills, at $524,000,000,
an increase of $368,000,000.
and a small unexpended balance. During the first quarter of the year
During the year a considerable amount of
short-dated debt was $65,000,000 face amount of 37%% Treasury notes of series A- and
refunded and the total debt increased, through the issuance of long- B-1930-1932 were purchased at the market at a total
principal cost
term securities at the lowest rates prevailing in the war and post-war only slightly in excess of par, and on March 15 1931 the
balance of
period. In addition, a distribution of maturity and optional retire- the appropriation, $327,000,000, was applied to the
redemption at
ment date* has been secured which will provide a considerable degree par of 37%% Treasury notes of Series A-1930-1932.
3868
[VOL. 133.
FINANCIA 11-4 CHRONICLE
Amendment to the Second Liberty Bond Act.
In my report for 1930 I recommended that the Congress grant authority
for the additional issuance of bonds under the provisions of the Second
Liberty Bond Act, as amended. In the Act approved March 3 1931
Congress increased the aggregate amount of bonds issuable under the
Second Liberty Bond Act from $20,000,000,000 to $28,000,000,000.
Up to Sept. 30 bonds aggregating $20,323,981,100 have been issued
under the provisions of this Act; accordingly $7,676,018,900 may hereafter be issued within the limitation of $28,000,000,000. Of those
tofore issued, $11,631,073,850 remained outstanding on Sept. 30 1931.
The official circulars and all public announcements covering the
open market issues of Treasury bonds, certificates of indebtedness,
and Treasury bills, during 1931, and the first quarter of 1932, are
presented in the appended exhibits, except for those issued during
the first quarter of 1931, which will be found in the report for 1030.
Proposed Postponement of Payments on Inter-Governmental Indebtedness.
The world-wide depression of the past two years has borne heavily
on the economic and financial position of many countries. Adverse
economic developments, accentuated in some instances by political
uncertainties, gave rise during 1931 to increasing lack of confidence
which as it affected Europe focused largely on Germany and Austria
in the initial stages, subsequently extendiag to other countries. Early
in June a critical situation developed in Austria following the disclosure
of the unsound condition of the Oesterreichische Credit-Anstalt, the
largest bank in the country. An already serious and increasing apprehension regarding the economic and budgetary situation of Germany
was accentuated by the Austrian crisis and was accompanied by a
steady outward movement of funds from Germany. Following the
Issuance of the German Government manifesto of June 6 1931 indicating
that the limit of the financial burden on that Nation had been reached,
the drain on the country's banking reserves reached proportions which
threatened the entire German banking and credit structure. Repercussions from these critical developments and the continued operation
of other adverse forces were responsible for the suspension of gold
payments by the Bank of England in September 1931 and for the subsequent suspension or restriction of gold operations in other countries.
By early summer it had become evident that events were shaping
toward serious crises. Recognizing the need for initiating international co-operation to oppose this trend of events, and recognizing
the_relative increase in the burden of payments on inter-Governmental
debts in times of depression, the President on June 20 1931, after consultation with congressional leaders of both political parties, issued
a statement in which the offer was made, subject to congressional
approval, to suspend during the fiscal year 1932 all payments due the
United States on account of indebtedness of foreign Governments,
provided that the important creditor Powers would take similar action
with respect to payments due them on inter-Governmental debts.
The proposal was favorably received throughout the world, and on
July 6 1931 it was announced that the offer had been accepted in principle
by all the important creditor Governments.
The amounts which would have been payable to the United States
during the fiscal year 1932 are as follows:
AMOUNTS PAYABLE DURING THE FISCAL YEAR 1932 BY FOREIGN
GOVERNMENTS ON ACCOU6T OF THEIR INDEBTEDNESS.
Country.
Austria
Belgium
Czechoslovakia
Estonia
FinlandFrance
Great Britain
Greece
Hungary
Italy
Latvia
Lithuania
Poland
Rumania
Jugoslavia
Total
Germany (army costs)
Prtnctlsal.
Interest.
Total.
8287.556
4,200,000
3,000,000
108,012
55,000
11,363,500
28,000.000
880.000
12,270
12,200,000
44,664
38,615
1,325.000
800,000
250,000
" 492,360
257,295
38,636,500
131,520,000
449,080
57,072
2,506,125
205,989
185,930
6,161,835
8287,556
7,950.000
3.000.000
600.372
312.295
50,000.000
159,520,000
1,009.080
69,342
14,706,125
250.653
224,545
7.486,835
800,000
250.000
$62,344,617
6.000.000
$184.222,186
$246,566,803
6,000,000
$3,750,000
Total
$252,566,803
$184,222,186
$68 344 617
With the exception of Jugoslavia, the above-mentioned countries
have accepted the President's proposal and have tentatively made
it effective as regards their own debtors in respect of inter-Governmental debts.
The Treasury will present to Congress a draft of legislation to authorize the Secretary of the Treasury to conclude agreements with our
debtor Governments carrying into effect the President's proposal.
Inter-State Commerce Commission Permits Railroads to Make Loan Pool of Proposed Rate Increases—Commission Also Modifies Its Report to Allow Ton-Mile
Basis for Increase on Certain Commodities—Commission's Desire to Avoid
Harmful Delay to Lines Is Pointed Out in Report—Four Members Dissent.
The Inter-State Commerce Commission, Dee. 7, permitted
the railroads to put into effect their plan to provide for the
needs of financially depressed railroads through the medium
of loans administered by a credit corporation from moneys
realized from certain freight rate increases authorized by the
Commission.
The Commission acted on the petition of the Association
of Railway Executives for certain modifications in the plan
suggested by the Commission for restoring railroad credit and
preventing receiverships. The executives objected particularly to the inference in the Commission's plan that funds
resulting from the increases recommended should be distributed as gratuities to the roads in need of assistance. The
Commission declared that it could "neither approve nor
disapprove either the loaning plan or the agency the carriers
say they expect and intend to use in making the plan effective." The executive's plan, the Commission says, would not
be "pooling" within the meaning of the interstate commerce
act, and that Congress had not given it jurisdiction to act
on proposals such as that made by the executives. However,
it is asserted, in order to avoid delays "which will be injurious
to the general public, including the carriers, we hereby
modify our original report to the extent of relieving the
carriers from the necessity of complying with the "pooling
plan" therein described. This will leave them free to apply
in the premises their own loaning plan."
The majority report is dissented from by Commissioner
Joseph B. Eastman, who is joined in his dissenting opinion
by Commissioners Frank McManamy, Claude Porter, and
Charles D. Mahaffie. "If our plan had been accepted in the
spirit in which it was suggested, and put promptly into effect,
certain recent and unfortunate developments in the railroad
financial situation might have been averted," says the
dissenting opinion,
The Commission further modified its original report so as
to provide a cents-per-ton basis instead of a dollars-per-car
basis on certain commodities slated for increases-. Lighterage
charges are included with switching charges in a proposed
increase of 10%, while less-than-carload rates are given an
advance of 2 cents per 100 pounds.
The Commission's report is the outgrowth of an application of all the railroads in the country for a 15% increase in
all freight rates and charges. In refusing the carriers' plea
for a 15% horizontal advance, the Commission asserted it
would permit certain increases on specified commodities on
the condition that the moneys accruing from such increase
be placed in a "pool" to be distributed to those carriers
which could not meet their interest payments on maturing
securities.
The railroads, in answer, asserted that such a plan was
unlawful, and suggested a substitute which provided for
"loans" rather than "gifts" to the weaker lines. In giving
the roads permission to go ahead with the loan feature, the
Commission declares: "We rely on them (the railroads) to
apply the funds to be derived from the authorized increases
in rates in aid of financially weak railroads in accordance
with the purpose expressed in our original report."
The report does not mention the effective date of the
specified increases, although it is assumed that they will go
into effect on short notice following the filing of tariffs with
the Commission covering the separate rates. This is expected
to be done in the near future. The increased rates, unless
suspended by the Commission prior to that date, will remain
in effect until March 11933. The credit corporation will
continue operating as long afterward as necessary to wind
up its affairs.
In dissenting, Commissioner Eastman takes sharp issue
with the majority ruling. The rehabilitation of railroad
credit and prevention of potential defaults by some carriers,
he holds, would not be attained as effectively under the
substitute plan as under that of the Commission. He sees no
definite assurance that the executives would adopt any plan
and says there is "no occasion for beating such a retreat."
The Commissioner objects strenuously that the credit
corporation is to be submitted under the law to no public
regulation or supervision whatsoever. He says "This unregulated Delaware corporation with its vast potential
powers, is something which it is difficult to view without
foreboding and apprehension. The possibilities of discrimination in the treatment of needy carriers for ends which may
appear to the dominating carriers as desirable are sufficiently
evident." Even if it was assured that the substitute plan
would attain the ends sought in the original plan of the
Commission, he says, "it is impossible to prove such a plan
as in the public interest."
The text of the Inter-State Commerce Commission's
decision permitting the railroads to make effective their plan
for pooling revenues under freight rate increases, the concurring opinion of Commissioner Lee and the appendix to the
decision follow:
DEC. 12 1931.1
FINANCIAL CHRONICLE
INTER-STATE COMMERCE COMMISSION.
3869
Rates Same Under Either Plan.
Upon this subject counsel for the carriers, among other things, said:
"That paragraph contemplates a pooling, under certain conditions
En the Matter of Increases in Freight Rates and Charges:
of the earnings of 'competing' carriers—of carriers which, for purposes of
economy, parcel out between them services which all might perform and
Submitted Nov. 28 1931—Decided Dec. 5 1931.
justify it by pooling and dividing among them the revenues derived from
services so parceled
Upon further hearing of oral argument, former report, 178 I. C. C.539, all the the other hand, the out. here is to be contributed to by all the
pool
"On
modified by vacating certain conditions attached to increases in rates rail carriers, whether competing or not, and is clearly not a pool of the earnauthorized and by changing somewhat methods used in determining in each ings only of competing carriers or of carriers bearing the same or similar
relationship to the service. It not being within that section, there is not
instance the amount of the increase.
authority in law for such a pool, and the question of its legality must be
determined on general legal principles."
Supplemental Report on Reconsideration by the Commission.
In addition to making contentions as above stated, counsel for the
In the original report in this proceeding, 178 I. C. 0. 539, we found
that carriers subject to the Inter-State Commerce Act should be authorized carriers urged that use of the loaning plan will enable the carriers to accomto make comparatively small increases in rates for transportation of certain plish the purposes we had in view when we provided for the use of the
to avoid the legal
freight articles for the purpose of increasing their operating revenues and pooling plan, and at the same time enable the carriers
plan.
thereby improving their credit and to enable them to maintain an adequate difficulties necessarily connected with the latter
Contrary views were expressed by counsel representing some of the
transportation system.
representing any
An extensive investigation made by us in the premises, in which hearings shippers, but no such opposition was voiced by counsel
were held in different parts of the'United States, established that, by reason carrier subject to the Inter-State Commerce Act.
it Will be observed that the rates to be paid by shippers
In this connection,
of the present depression and the rapid development since the depression
began of other transportation facilities with which the carriers have been will be the same under either plan.
and are in competition, the revenues had become depleted to such an
Carriers' Points Are Upheld.
extent as to threaten the ability of the carriers to continue to furnish such
We are not prepared to admit that the construction placed upon Sectransportation services as the public needs and must have.
but we realize
The freight articles selected by us in this connection were those for the tion 5 (1) of the act by counsel for the carriers is correct,
sufficiently definite
transportation of which we believe the rates could be somewhat increased that the language contained in that paragraph Is not
its meaning, and that, for this
without causing the traffic to be transferred to other agencies of transporta- to exclude differences in views concerning
tion and without bringing about an undue disturbance in business condi- reason, the legal difficulties mentioned have at least some foundation
to rest.
upon which
tions or transgressing the bounds of maximum reasonable rates.
Also, we have no reason for treating otherwise than as made in good
Increase Found Justified Only on Temporary Basis.
faith the representations on behalf of the carriers to the effect that they
are to be placed in a pool as herebabefore
However, we further find that these increases were justified only as a will use the sums of money, which
report.
temporary, emergency measure and primarily and principally to assist stated, to accomplish the purposes described in our original
It is further true that we are impressed by the absence, on behalf of any
some of the carriers in connection with the payment of their fixed charges.
We therefore stated that the increases, in the absence of action to the carrier, of opposition to the loaning plan mentioned.
In addition to the above, we believe it to be pretty clearly indicated,
contrary taken by us, should expire on March 1 1933, and that meanotherwise developed
while the income therefrom should be kept separate from other operating by matters called to our attention in oral argument and
to adopt and put in
Income of the carriers, placed in a pool, and used in connection with the in the course of this proceeding, that an agreement
obtained and, in the
payment of fixed charges and for other purposes, described in our original force the pooling plan provided for by us cannot be
absence of such an agreement, our plan could not be made effective, since.
report. In this connection, among other things we said:
require such pooling.
above shown, we have no authority to
"Some carriers have obligations that are already in default, syme are as
now in receivership and some derive less than 50% of their revenue from
Modification of the Pool Plan.
freight transportation. Such carriers should neither contribute to, nor
receive from, the fund created, and they should be allowed to retain the
For the reasons above set forth, and because we desire to act promptly
full amount of the revenue accruing to them from the increased rates.
The applicants should set up the machinery for operating and should in this proceeding, in accordance with -the duties imposed and the authority
operate the plan. At the end of six months, or other appropriate interval,
upon us by the Inter-State Commerce Act, and avoid delays
any balance remaining in the fund so created, should be distributed to the conferred
the carriers, we
carriers in the proportions in which earnings accruing on their properties which will be injurious to the general public, including
have contributed to it.
hereby modify our original report to the extent of relieving the carriers from
described.
the necessity of complying with the pooling plan therein
Earmarking of Revenues Provided by Plan.
This will leave them free to apply on the premises their own loaning
"The increase provided for in the appendix will be conditional upon plan, but, since the latter plan will not be poollng,within the meaning of
the submission by the carriers on or before Dec. 1 1931 for our approval that term as used in Section 5 (I) of the Inter-State Commerce Act, and
under the Inter-State Commerce Act, of such a plan as is above described
common carriers, as such, have not been
for the division among them of the gross proceeds derived from the in- because loans by and between
crease. The plan submitted should provide that the revenues received included within the jurisdiction conferred upon us by Congress, we neither
from such increases should be earmarked and should be used for the pur- approve nor disapprove either the loaning plan or the agency the carriers
poses and in the manner above provided, and not otherwise. The increase say they expect and Intend to use in making the plan effective. However,
herein proposed should be accepted as an entirety.
the authorized inIS "If, for competitive or other reasons, the carriers decrease any of the we rely on them to apply the funds to be derived from
rates so increased, the amount of the decrease should be taken from th. creases in rates in aid of financially weak railroads in accordance with the
basic rates rather than from the earmarked increases provided heroine purposes expressed in our original report and in the instant application purUpon such submission and approval we shall grant the necessary authority
the arguments thereon presented.
under Section 6 for filing the blanket supplements, and those will be per- suant thereto and
We also hereby amend our original report to the extent of relieving the
mitted to take effect without suspension, subject to the proviso that we
shall reserve discretion to require minor changes in the details thereof, carriers from the restriction contained in language herein before quoted,
and that the resulting rates will in all respects be subject to investigation which is as follows:
and determination as to the lawfulness of particular rates or schedule;
of rates, approved by the Act."
The increases herein proposed should be accepted as an entirety.
". . .
If, for competitive or other reasons, the carriers decrease any of the rates
Carriers' Objections Quoted.
so increased, the amount of the decrease should be taken from the basic
rates rather than from the earmarked increases provided herein......
Our original report was issued Oct. 16 1931 and thereafter the carriers
filed in our office a petition, in which they alleged, in substance, that
Other Restrictions Removed.
the pooling plan provided for by us could not as a practical matter be apObjection has been raised to the imposition of the so-called double
plied, and requested us to permit them to substitute therefor what has
been referred to in this proceeding as a loaning plan; that is to say, they increase, where there are movements subject to the act separated by an
asked for permission to use the sums of money to be placed in a pool as intermediate movement not subject to the act. This applied particularly
ports. There are
aforesaid for the purpose of making loans, through an agency to be created to movements of ore and coal through lake and ocean
by general provisions
by them,for the payment offixed charges, &c., as had been described by us. practical difficulties in the way of accomplishing this
shippers and carriers are left
They also asked us to make a few other comparatively unimportant such as are made in this report. Therefore,
free to endeavor to work out this situation between themselves.
changes in our original report.
under the caption. "Switching and lighterage charges,"
In the appendix,
After due notice to interested parties, they were heard by us in oral
The omission of lightargument in connection with the matters covered by the petition, and, at we authorized certain increases for switching only.
was unintenfor the carriers contended that the Impracticability erage and floatage charges from the increases so authorized
that hearing, counsel
are authorized
of putting in force the pooling plan outlined by us results principally from tional. The same increases for these charges as for switching
hereto.
the lack of authority on the part of representatives of some of the carriers in the revised appendix
Because of certain practical difficulties that exist in determining distances
to treat sums of money received for transportation services performed
concluded, upon
by such carriers as the property of other carriers and allow the latter to and in view of the smallness of the increases, we have
more mature consideration, to authorize an increase of two cents in all
use those sums in paying their fixed charges.
Pertinent language used by counsel for the carriers in this connection is: less-than-carload rates.
In the revised appendix hereto the articles originally made subject to
"Many of the directors of these railroad companies have been advised
to increases in cents
by their counsel that a vote to dispose of the earnings in question as a increases of $3 and $6 per car have been made subject
gratuity would, or might, render such directors personally liable to any Per 100 pounds or per ton, the assignment of the respective commodities
there is substantial reason to appre- to the respective lists having been made on an approximate weight basis.
objecting stockholder, and, in fact,
hend that an effort to do so would at once be enjoined by stockholders
The revised appendix also makes certain changes in the classification
and the whole matter be thrown into court, with a consequent delay that
of commodities, the desirability of which has become apparent since our
would in itself defeat the Commission's purpose."
original report was Issued.
Pooling Rule Is Discussed.
The opinion of Commissioner Lee, in which he concurs
Counsel for the carriers also pointed out that, in connection with the
Subject matter of pooling, the only authority specifically conferred upon with the Commission's report, follows:
us is contained in Section 5 (1), which reads:
It was our view when the original report was adopted that, while the
"Section 5 (1). That, except upon specific approval by order of the carriers had signally failed to justify their application for a horizontal
Commission as in this section provided, and except as provided in Para- Increase in freight rates, their credit situation justified us in permitting
graph (10) of Section 1 of this Act, it shall be unlawful for any common
establishment of certain increases to enable the weaker roads to meet
carrier subject to this Act to enter into any contract, agreement or com- the
carriers that we
bination with any other common carrier or carriers for the pooling of their interest requirements. We, therefore, told the
freights of different and competing railroads, or to divide between them would permit them to make certain specified rate increases on condition
the aggregate or net proceeds of the earnings of such railroads, or any that the funds realized therefrom should be pooled for the benefit of the
portion thereof, and in any case of an agreement for the pooling of freights
roads, to the extent of their interest requirements.
as aforesaid each day of its continuance shall be deemed a separate offense: weaker
The carriers now represent that there are certain legal objections to
"Provided, that whenever tne Commission is of opinion, after hearing
application of any carrier or carriers engaged in the transportation the conditions imposed by us for the distribution of the pooled earnings
upon
of passengers or property subject to this act, or upon its own initiative, and ask authority to make such distribution on a loan basis.
that the division of their traffic or earnings, to the extent indicated by the
To meet the emergency which now confronts the railroads. I am firmly
Commission, will be in the interest of better service to the public, or economy
to the loan plan proposed by the
In operation, and will not unduly restrain competition, the Commission convinced that our plan is preferable
shall have authority by order to approve and authorize, if assented to carriers. It is evident, however, that there is such opposition to our plan
by all the carriers involved, such division of traffic or earnings, under that the carriers will not be able to put it into effect. In this situation
such rules and regulations, and for such consideration as between such some of my brethern adhere to our original report. There is much in
carriers and upon such terms and conditions, as shall be found by the
reason to support their position.
Commission to be just and reasonable in the premises."
15% Case, 1931, Ex Parte No, 103.
3870
FINANCIAL CHRONICLE
[VoL. 133.
peanut grits: peanut hulls or chaff; 451—Fuel, road and petroleum residual
Conditional Action Was Favored.
pomace, No. 1, b.n.; rape seed or
oils, n.o.s.
rape seed meal; sorghum seed or 452—Lubricating oils and greases.
On the other hand, the majority allows the increased rates to be estabmeal: tobacco stems, ground or um- 453—Petroleum products. n.o.s.
lished without the imposition of any condition after we found that no
ground: tomato refuse (from can- 540—Cement, natural or Portland (bldg.)
increase had been justified and permitted the establishment of slight inneries): unmanufactured tobacco 460—Brick, common.
creases only on the express condition that the earnings produced thereby
cuttings, siftings, scraps or sweep- 551—Brick, n.o.s., and building tile.
ings: velvet beans or velvet bean 552—Artificial stone. n.o.s.
would be used, to the extent necessary, to meet interest requirements and
meal.
560—Lime, common (quick or slaked).
protect railroad credit. The majority now allows the increases without
353—Stone, finished, n.o.s.
630—Ice.
any condition or restrictive requirement whatever. As between those 360—Petroleum, crude.
640—Fertilizers, n.o.s.
extremes, It is my position that, in view of the conditions in which the 370—Asphalt (natural, by-product or 667—Building woodwork (millwork).
Petroleum).
701—(1)Soapstone forms or slabs, Includrailroads find themselves, we should grant their application to the extent
440
--Rosin.
ing fire box or furnace linings.
of permitting them to make the increases specified on condition that they 441—Turpentine.
701—(1) Tar and pitch, except brewers
loan to the needy carriers such portion of the fund resulting therefrom 443—(1) Pine tar.
and montan.
450—Petroleum, oil refined, and all other 701—(1) Feed, animal or poultry, No. 1;
as may be necessary to meet the interest charges. It seems to me, howgasollnes.
b.n., and not including biscuits,
ever, that such loans should be made at a nominal rate of interest and
dog (dog oak ).
"
without security.
On all other commodities, including all less-than-carload freight, there
APPENDIX.
may be an increase of 2 cents per 100 Poulids•
The increases set forth above are subject to the following provisos:
Plan for Increasing Freight Rates.
1. In no event shall the increase levied on any shipment be in excess of
In the tables which follow, the numbered generic descriptions of com10% of the charges which would be assessed in the absence of the increase.
modities or commodity groups are those specified in the order of the com2. Where rates are stated in schedules in dollars per car the respective
mission, Division 4, of Nov. 22 1927. in the matter of freight commodity
increases shall be $7.50 per car if the increase, as shown above, is 1 cent
statistics. Except as otherwise provided and except where prefixed by
per 100 pounds; $10 per car if such increase is 2 cents per 100 pounds;
Circle 1, they cover the specific items customarily included by the carriers
$3 per car if such increase is 6 cents per ton; and $5 per car if such increase
In their reports to the commission under each numbered description; where
is 12 cents per ton.
prefixed by Circle 1 the designated descriptions apply only on the com3. Shipments of petroleum products and furniture, moving under rates
modities specifically here named.
the same as or less than those prescribed or approved in No. 17,000, parts
4, 4-A and 5, shall not be subject to any surcharge under these findings,
LIST A.
on and after the dates when the rates covered by said findings become
On commodities, in carloads, except as otherwise noted, included under effective. When shipments of such commodities move under combinathe following descriptions, there shall be no increase:
tion rates all factors of which are not filed in compliance with the decisions
in No. 17,000 the above authorized increases will apply to the through
Number and Description.
movement.
10—Wheat.
127—Fruits, fresh, domestic, n.o.s.
4. Where through shipments move under combination rates subject
20—Corn.
130—Potatoes, other than,sweet.
to the Inter-State Commerce Act, but one increase may be applied on such
30—Oats.
150—Beans and peas, dried.
shipments. This proviso does not apply where there are two movements
40—Barley and rye.
162—Flaxseed.
41—Rice.
163—Sugar beets.
subject to the Act separated by an intermediate movement not subject
42—Grain, n.o.s.
164—(1) Products of agriculture, n.o.s., to the Act. Where shipments move under transit on a basis
which applies
50—Flour, wheat.
asfollows: Corn cobs, corn cob meal,
-of
51—Meal, corn.
corn husks or shucks, corn stalks, a through rate (either with or without a transit or out -line charge)
52—Flour and meal, edible, n.o.s., exthe increase or surcharge should be applied but once.
flaxseed hulls.
cept cassava flour, sago flour and 170—Horses, mules, ponies and asses.
5. Where the minimum weights are different in connection with the
tapioca flour.
180—Cattle and calves, single-deck.
separate factors in combination through rates, the increase shall be based
61—Mill products, n.o.s., except alfalfa 181—Calves, double-deck.
on the highest minimum, unless a lower total results from applying the
meal.
190—Sheep and goats, single-deck.
70—Hay and alfalfa.
above authorized increases separately to each factor or any aggregation
191—Sheep and goats, double-deck.
71—Straw.
200—Hogs, single-deck.
of factors, subject to the minimums attaching thereto.
90—Cotton In bales, any quantity.
201—Hogs, double-deck.
91—Cotton linters, none and regins.
400—Logs.
Weights.
100—Cottonseed.
402—Wood (fuel).
120—Apples, fresh.
410—Ties. railroad.
The increases authorized shall apply to the weight on which the charge
s
122—Berries, fresh.
443—(1)Excelsior (wood), wood shavings are based.
124—Grapes, fresh.
No. 1 B. N. and sawdust.
125—Peaches, fresh.
701—(1) Cotton waste, other than manuMixed Carloads.
factured packing or wiping waste.
Mixed carload shipments shall be subject to the highest surcharge proLIST B.
vided for any article in the carload, except where a lower total results
On commodities, in carloads, included under the following numbered by surcharging a portion of the shipment as less than a carload and the
descriptions there may be an increase of 6 cents per ton of 2,000 Pounds: remainder as a carload.
Number and Description.
Switching, Floatage and Lighterage Charges.
290—Anthracite coal.
rock, bituminous asphalt rock, iron
All switching, floatage and lighterage charges collected from shippers
300—Bituminous coal.
pyrites,limestone (crushed-ground), or receivers may
be increased 10%, subject to the following exceptions:
310—Coke.
dolomite, earth or soil(No.1 B.N.)
320—Iron ore.
feldspar, flouorspar, fluxing stone, (a) in the case of switching charges in the Chicago switching district
330—Copper ore and concentrates.
ganister root,glass sand,crude gyp- (Illinois-Indiana), such charges, on and after the date when the rates
331—Lead ore and concentrates.
sum, loam, molding sand, nickel covered by the order in
No. 19610 become effective, shall not exceed the
332—Zinc ore and concentrates.
matte, ore residue, slate (crushed, maxima
therein prescribed; and (b) no increase shall apply on articles in
333—Ores and concentrates. n.o.s.
ground or scrap),
350—Gravel and sand (other than glass 420—Pulpwood.
List A.
or molding).
491—(1) Mill cinder and mill scale, Iron
351—Stone, broken, ground or crushed;
Joint Rates To and From Foreign Countries.
or steel.
coated sand and coated rock road- 692—Furnace slag.
It is not intended to increase the proportions of joint through rates to
building material, volcanic ash.
701—(1) Pyrites cinders, refuse or dross.
or from points in foreign countries accruing for the transportation in such
392—(1) Products of mines, n.o.s.„ as 701—(1) Coal ashes and cinders.
follows: Borate rock, bituminous 701—(1) Brickbats and brickdust.
foreign countries; the proportions of such rates accruing within the United
States may be increased to the extent herein approved for domestic rates.
LIST C.
Carriers by Water.
On commodities, in carloads, included under the following numbered
Where rates of water carriers are subject to the Act, covering transdescriptions there may be an increase of 12 cents per ton of 2.000 pounds;
portation either wholly by water or partly by water and partly by railroad,
Number and Description.
the increases herein suggested may in like manner be applied to such rates.
352—Stone, rough, n.o.s.
430—Lath and shingles.
FOURTH SECTION DEPARTURES.
890—Phosphate rock, crude (ground or 431—Box, crate and cooperage materials.
not ground).
432—Veneer and built-up wood, made
In the adoption of the different rates of increase herein suggested rewholly of domestic or Canadian
891--Sulphur (brimstone).
sults in any violation of the aggregate-of
-Intermediates or long-and-short
wood or Mexican pine.
892—(1) Products of mines, n.o.s., as
follows: Bentonite, china clay, 443—(1) Products of forests. n.o.s., as haul provision of Section 4 (1) of the Act, the carriers should take prompt
follows:Acid wood, barks, black oak steps to remove the
ground flint, fire clay, gilsonite,
violation or promptly make applications for relief
(stick): cedar, shredded; hickory.
ground gypsum, not calcined: kao•
lin, barium sulphate, ground (barynot ground or powdered: red wood,
Rates Prescribed and Not Yet Effective.
shredded; tanbark: leaf (stick),
tes), not precipitated; barium sulground, spent or not spent: wood
phate. ground (barytes). precipiIt Is contemplated that the increases herein set forth will be super
charcoal briquettes; brush, ripraptated (blane the); magnesium sulphate, crude, or kieserite; micascrap
Ping;charcoal,wood;chemical wood imposed upon the rates now in effect, whether established by order of the
or screenings, pipe clay, shale, slate
chips (shavings), brewers or vine- Commission or the voluntary act of the carriers (including rates held in
gar: cigar box wood; cones, fir or effect by reason of investigation and suspension orders) and also upon
not crushed, ground or scrap: soap
pine; cork dust (cork bark refuse): rates prescribed by outstanding orders of the Commission not yet in effect,
stone (talc), ground, dust, lump or
cork chips, shavings, virgin bark,
rough slabs: chalk, crude, clay, No.
waste or refuse: palm kernels, pine when and as the rates therein prescribed become effective, subject to the
1, b.n.: cobblestones, flint pebbles,
exceptions noted above.
needles, shingle tow or shavings.
marble chips.
490—Pig Iron.
401—Posts, poles and piling.
The dissenting opinion of Commissioner Eastman, who was
430—Lumber(made of domestic or Cana- 693—Scrap Iron and scrap steel.
dian wood or Mexican pine only).
joined by Commissioners MeManamy, Porter
LIST D.
On commodities, in carloads, except as otherwise noted, included under
the following numbered and unnumbered descriptions, there may be an
Increase of 1 cent per 100 Pounds:
Number and Description.
80—Tobacco leaf, unmanufactured, any
apricot kernels, bagasse, barley or
quantity.
grain skimmings, malthouse, barley
101—Cottonseed meal and cake.
sprouts, bean meal (ground beans).
110
--Oranges and grapefruit.
No. 1 b.n.: beans, soy; beet pulp
111—Lemons, limes & citrus frults.n.o.s.
or residue, broom corn, cane seed.
123—Cantaloupes and melons, n.o.s.
chutes, clover seed, cocoa bean re126—Watermelons.
fuse (cocoa dust), copra, cow peas,
140—Cabbage.
cucumbers in tank cars, fenugreek
141—Onions.
seed or meal, fodder, No. 1, b.n.:
142—Tomatoes.
fruit pits or stones, No. 1, b.n.;
143—Vegetables, fresh, n.o.s.
fruit peel, not candled or crystal151—Fruits, dried or evaporated.
lized: fruit pulp: grains, spent, dry
152—Vegetables, this
n.o.s.
or wet: grass seed; hemp stalks:
160—Vegetables, on ake and meal, exkapok seed or kapok seed meal:
cept cottonseed.
malt, malted grain or malt sprouts:
161—(1) Peanuts, raw.
meal, alfalfa, clover, peanut vine
164—(1) Products of agriculture, n.o.s.,
or sorghum, or chopped alfalfa;
as follows:Alfalfa seed,apple waste,
millet seed: mustard seed: yea meal;
and Mahaffie,
as reported in the New York "Times" follows:
The vital purpose which we sought to accomplish in the general interest
through the pooling plan set forth in our prior report cannot be accomplished nearly as well by the plan which the carriers propose. Nor, since
the majority now leave the latter plan wholly within the discretion of
the carriers, is there definite assurance that the purpose will be accomplished at all.
No occasion exists for beating such a retreat. Our plan is both lawful
and reasonable. There is no sound reason for discarding it in favor of
the inferior substitute which is now proffered.
The Commission plan was designed as an emergency measure in the
hope that it would help the general financial situation with benefit to all
concerned, and it sought to produce the maximum effect of this character
consistent with the imposition of minimum burdens upon distressed industry and minimum disturbance of business conditions. To this end it
appealed to a spirit of co-operation on the part of both shippers and carriers.
Carriers in Different Positions.
We did not propose increases in all rates, but only where we thought
the burden could reasonably be borne with limited danger of diversion of
FINANCIAL CHRONICLE
Diac. 12 1931.]
3871
On the contrary, we may act upon the application "of any carrier or
the traffic to other forms of transportation. Nor did we propose increases
In ratio to transportation service peformed. To minimize disturbance of carriers engaged in the transportation of passengers or property subject
business conditions we suggested increases on particular kinds of traffic to this act," and all that It is necessary for us to find is that the contemplated
which would be, generally speaking, in uniform amounts. Thus the short division of traffic or earnings, to the extent which we indicate "will be in
haul shipper was asked to bear a much larger increase in ratio to existing the interest of better service to the public, or economy in operation, and
will not unduly restrain competition."
rates and transportation service rendered than the long-haul shipper.
It is a reasonable inference that Congress, by this use of broader and more
In like spirit of co-operation the railroads were asked to agree to a pooling
comprehensive language in the proviso than in the original prohibition,
plan. The emergency was a financial one and affected credit primarily.
This had been stressed both by the carriers and by their security holders. sought to eliminate technical questions of jurisdiction such as the carriers
The earnings of some of the carriers were ample to sustain their credit, now seek to raise.
Such a pooling arrangement as was suggested in our prior report is maniand as to them, considered individually, no emergency existed. It was
created by the needs of carriers less fortunate, but which, like the others, festly one which we have specific authority to approve under Section 5 (I).
were essential parts of the national transportation system. Except for
Compares Gifts and Loans.
the danger confronting these less-fortunate carriers, our emergency rate
proposal would not have been made.
Even if there were any validity in this contention with respect to the
fiduciary relation of directors to stockholders, they may properly be asked
To Poultice Sore Spots Which Threaten Transportation System.
whether it would be any more of a breach of trust to give funds to distressed
appropriate, therefore, to ask all the carriers
We thought it proper and
carriers than to make loans of the same funds to such carriers on terms of
to agree to a plan whereby the funds derived from the emergency increases security and interest rate which no responsible financial institution would
would be used,in the first instance, to poultice the sore spots which threaten be justified in accepting.
the health of the national transportation system. We did not, however,
Yet it is precisely such loans which would be available in case of need, if
seek to bring the carriers to anything like a common level of earnings the carriers' plan is to accomplish in all instances, as they contend, the
or to deprive those which were more prosperous of direct benefit from the same purpose of avoiding defaults in fixed charges and bankruptcies as we
increases.
sought to accomplish through our plan. It must be borne in mind, in this
The pooled earnings were to be applied in the first instance merely connection, that under their plan the carriers propose to make loans only to
defaults in fixed charges. The remaining balance,
to the prevention of
carriers which are unable to meet their fixed charges from "earnings, other
which we estimated would be substantial, was to be distributed in the income or other resources." . . . .
ordinary course. Moreover, being an emergency measure the pool was
Summing up the situation, upon an analysis the alleged legal obstacles
limited to a period ending March 1 1933.
to our plan prove to be without substance. Considered apart from our
We made no finding that the rates resulting from the increases proposed approval under the statute, there is ample legal consideration for the prowould be just and reasonable. No such finding was necessary. Following
posed agreement.
submission of the pooling plan and its approval by us, we said that we
When, however, there is also taken into consideration our approval of
would grant the necessary authority under Section 6 for filing blank A
plan under specific authority of law, based on a finding that it will be
supplements, and that those would be permitted to take effect without the
interest of better service to the public, will not unduly restrain comsuspension, upon the understanding, however, "that the resulting rates in the
petition, and will afford necessary safeguards in a financial emergency
will in all respects be subject to investigation and determination as to the
affecting all of the carriers, directly or indirectly and this approval is coupled
lawfulness of particular rates or schedules of rates, as provided by the act."
with the fact that the plan is in entire harmony with the concept and spirit
underlying the transportation act, 1920, as interpreted by the Supreme
Criticizes Substitute Plan.
Court it is impossible to be impresssed with the fear that it would be held
The plan, in short, was regarded as something apart from our ordi
- to violate fiduciary relationships, or that it would even be contested on
nary rate procedure, adapted to an emergency use for the benefit of all
that ground.
concerned, and to be made effective through such a spirit of co-operation
Sees No Regulation As to Loans.
as might reasonably be expected in a time of distress. It has been received
in this spirit by the shippers of the country.
There remains to be considered the plea that the plan which the carriers
The carriers are averse to accepting the plan in the form in which it was propose will accomplish, as well as our plan, the results which we contemproposed, and in the petition now presented ask that we approve a new plated, and that no reason exists, therefore, why it should be rejected in
and different plan, which they say will accomplish the same ends. There favor of a plan which it may prove impossible to carry through. This plea
has as yet been no final and definite refusal to accept our plan, but it is Is without merit. The first and foremost reason is that there is no assurance
but it is said that the modification suggested "will relieve legal difficulties whatever that it will accomplish what we intended.
which are regarded as substantial by those responsible for the management
It is conceded that the contemplated loans, as the agreement is drawn,
of the carriers and will remove serious obstacles in the way of carrying will lie largely in the discretion of the corporation, a non-carrier company
the plan into successful operation."
subject under the law to no public regulation or supervision whatever.
The carriers do not in terms propose their plan as a new and different
And even if the loans are made, the resulting situation will be quite
plan, but contend rather that it is consistent with one of two possible different from what would result under our plan. Under the latter the
interpretations of our suggestion.
obligations of the needy carriers would be reduced. Its fixed charges would
Briefly, the new and different plan proposed by the carriers is that a be met without use of its credit or colateral or the assumption of any addicorporation to be called the Rallrord Credit Corporation, shall be created tional interest payments.
under a Delaware charter for the purpose of collecting, receiving and adUnder the carriers' plan, there will be no reduction of obligations; on
ministering the fund derived from our proposed rate increases.
the contrary they will be increased. Fixed charges may be met, but only
All rail or water carriers, rates of which are subject to our jurisdiction, by assumption of a hew and different indebtedness accompanied by demay file tariffs providing for these increases, and all carriers by railroad pletion of collateral and ensuing interest payments.
may by assent participate in the plan, except such as are already in default
The carrier may be tided over an immediate danger of default, but only
as to their fixed charges or in receivership, or which derive less than 50% at the expense of a further attenuation of its credit and mounting Indebtedof their revenues from freight transportation. The plan is to become effec- ness. The time when, if ever, it can regain its financial health will be posttive "only when those who have assented thereto all agree that a sufficient poned materially beyond the time which would be possible under our plan.
number have assented to make it practically operative."
It is difficult, however, to understand why the weaker lines should hesitate
It might thus become operative without the assent of all eligible car- to antagonize the stronger lines and the railroad financial fraternity by
riers, In which event those not assenting would gain full benefit from supporting our plan at this time.
the rate increases without assumption of any obligation with respect to
the weaker carriers
Views Plan With Foreboding.
Corporation Set-up Is Cited,
In presenting our plan we said that "appropriate provisions should be
made as to the accounts of carriers reporting separately, but operated
as part of a system." The thought was that deficiencies in earnings should
be treated from the point of view of system results, instead of dealing separately with individual carriers constituting parts of a system. In the car
tiers' plan every participating carrier which makes a separate operating
report to us. and which otherwise qualifies, would have the right to apply
for and receive loans.
While the corporation is to be organized "primarily" for the purpose
above stated, its charter is of the Delaware type and exceedingly broad,
authorizing it, for example,"to invest, trade, deal in and deal with goods,
wares and merchandise and real and personal property of every class and
description."
It has all the usual "holding company" powers. The stock is limited to
12 shares of the total par value of $1,200, but apparently no difficulty
would be experienced in increasing, by amendment, this authorizik amount.
Eleven shares are to be held by the Association of Railway Executives and
one share by the American Short Line Railroad Association.
There are to be 12 directors, five to be nominated by participating
carriers of the Eastern District, three by such carriers of the Western District, two by such carriers of the Southern District, one by the American
Short Line Railroad Association and one by the stockholders. In making
nominations, participating carriers are to have voting power in ratio to their
contributions to the fund
As to the Legal Obstacles.
The legal obstacles which are alleged to stand in the way of the acceptance
of our plan are indicated in the majority report, but for convenience, the
statement of counsel for the executives upon this point is also reproduced
here:
"Many of the directors of these railroad companies have been advised
by their counsel that a vote to dispose of the earnings in question as a
gratuity would, or might, render such directors personally liable to any
objecting stockholder, and in fact, there is substantial reason to apprehend
that an effort to do so would at once be enjoined by stockholders and the
whole matter be thrown into court, with a consequent delay that would in
itself defeat the Commission's purpose."
None of these opinions, said to have been given by counsel, was presented for our consideration
Apart from the above considerations, which are sufficiently controlling.
it is significant that the proviso portion of Section 5 (1), which empowers
us to authorize pooling under certain conditions, does not confine applications for such authority to competing railroads.
The introduction into the situation of this unregulated private Delaware
corporation with its vast potential powers is something which it is difficult
to view without foreboding and apprehension. The possibilities of die
crimination in the treatment of needy carriers for ends which may appeal
to the dominating carriers as desirable are sufficiently evident.
Other possibilities, extending beyond any present anticipation, are manifold and inherent in the plan. It is impossible to approve such a plan as in
the public interest, even if there were any assurance that it will accomplish
the immediate ends which we have in mind, an assurance which is utterly
lacking.
It is clear from the report of the majority that they realize the imperfections of the loaning plan and its inferiority to our pooling plan from the
point of view of practical accomplishments. They are careful to disclaim
either approval or disapproval of the loaning plan or of "the agency the
carriers say they expect and intend to use in making that plan effective."
The final result is that the proposed rate increases are approved unconditionally, coupled with an expression of expectation or hope that the funds
derived therefrom will be used "in the aid of financially weak railroads."
The motive behind this action is evidently fear that if the Commission
should adhere to the pooling plan, that plan might be rejected and the
Commission thereupon be held responsible for financial difficulties which
might then ensue. It is submitted that there is no solid ground for such
fear.
Puts Responsibility on Carriers.
But even if this were not so, it is submitted that the sole responsibility of
this Commission is to propose a lawful and reasonable plan which will meet
the situation effectively. If the carriers should be unwilling to accept
such a plan in the spirit of co-operation in a time of national distress which
the shippers have already manifested, that would be their responsibility—
not ours.
Apart from the fact that a sound plan is being exchanged for an inferior
substitute, it is a matter of great regret that the carriers have shown an
inability to grasp the idea which the Supreme Court has recognized and
voiced with such clarity and strength, namely, that the railroads are interrelated and mutually dependent parts of a national transportation system.
There has never been a time when a spirit of mutual co-operation and
solidarity were more essential to the welfare of the industry. The time
has surely come for the railroads, as it came for the soverign States, "to
form a more perfect union," which will "insure domestic tranquillity, provide for the common defense, promote the general welfare." If our plan
had been accepted in the spirit in which it was suggested and put promptly
into effect, certain recent and unfortunate developments in the railroad
financial situation might have been averted.
3872
FINANCIAL CHRONICLE
[VOL. 133.
—
Indications of Business Activity
'
THE STATE OF TRADE—COMMERCIAL EPITOME. Sugar has declined 2 to 9 points, with spot raw down to
1.1143. 43. & f., while refined has dropped to 4.20e., the
Friday Night, Dec. 11 1931.
In American business the main feature is holiday buying. lowest price since 1914. It all spells big supplies and much
Otherwise transactions are on only a fair scale where they competition between cane and beet sugar. Hides have
are not actually small. Retail trade, in other words, plainly been irregular, ending 15 points lower to 15 higher. Cocoa
feels the impetus of Christmas buying. Other lines show has declined 16 to 20 points, and silk 14 to 21.
Silver has been active and rising sharply, closing at a net
seasonable slackening. Some cities claim that retail business, especially in the department stores, is fully as large advance on March of 105 points, owing to measures under
as that of a year ago, if not larger. Others state that it is way for an international stabilization of prices. It is stated
slightly smaller than then. Of course, the dollar return is that the condition of the winter wheat is fair to good.
In parts of the country cold weather has helped the sale
much lower than it was a year ago as a necessary result of
a sharp reduction in retail prices. But it is pointed out that of clothing and shoes. Christmas shopping in some sections
sharp as the decline in retail prices has been, it does not by started later than usual. Practical gifts are the rule for
any means fully reflect the decline in raw commodities in this Christmas. Jewelry is harder to sell than it was a
the great wholesale markets. Heavy industries are as sdull year ago. The sales of toys are said to be fully up to the
as ever if not duller. Iron and steel show no improvement. total of 1930. Baltimore reports a brisk trade. Cincinnati
For that matter, they are not expected to in the closing states that the holiday shopping is slower than usual.
month of the year. Collections, as a rule, are still slow, Birmingham says collections are gradually improving. In
with a few exceptions here and there. In parts of the West Chicago inventory sales are meeting with some success.
there were snow storms to-day, especially in the Sierras of Men's clothing sells less readily than usual. In this City
California. But Chicago reports a temperature of 55 de- retail sales are said to be larger than a year ago or at any
grees and in New York for two days it has been 41 to 47, rate just as large. Memphis has a wholesale trade 25%
which is hardly the sort of weather expected in December. better than that of a year ago, but this is an exception to
Milwaukee within 24 hours has had 50 degrees; St. Louis, the rule. Dry goods and similar lines are inclined to be
'60; Kansas City, 56. Something colder than this would dull. St. Louis reports that toy manufacturers have been
certainly do trade no harm. Meanwhile, the market for working in three shifts to fill orders for prompt shipment.
stocks and bonds continues to decline and has a bad eminence In Milwaukee the production of leather gloves has increased.
throughout the country. Grain prices have declined very In Cincinnati the wholesale demand for coal is better and
moderately during the past week. Most of the grain markets Louisville has a fair demand for factory supplies. Wholeseem to be oversold. Of Manitoba wheat some two or sale jobbing and retail failures increased in different parts
three million bushels have been sold on the Pacific Coast for of the country. Wool has been in fair demand and steady
export, but on the Atlantic seaboard export trade has been in Boston. At Pittsburgh the plate glass and tile industries
small or at best only moderate. The domestic cash wheat remain dull. Taking the country as a whole, trade is quiet
situation is good. The trouble is the lack of a big export to fair.
demand on this side of the Continent. It is the one thing
On the 5th inst. there was a rally in stocks and bonds with
imperatively needed. As the case stands some think it the stock trading 872,400 shares. Wheat was higher and
highly probable that Great Britain will establish a quota cotton was firm as well as some other commodities. Adsystem for the importation of wheat with her colonies verse German rumors disappeared, and most German Govnaturally the favorites. Another trouble .is the economic ernment bonds advanced 3 to 4 points. Marks declined to
condition of Germany and its weakened buying power. 23.13; it had no effect. Sterling exchange was off to $3.29.
It more or less infects the whole body commercial at home On the 7th inst. stocks were irregular awaiting Mr. Hoover's
and abroad.
message. Fractional declines occurred in United States
Corn and oats have declined only very moderately. Steel, American Can, Amer. Tel. and Consolidated Gas.
Chicago is selling cash corn to Minnesota and Wisconsin. Railroad issues declined. On the other hand, there were
Rye suffers from the lack of a foreign outlet, although there advances in J. I. Case, Coca Cola, Anaconda, Borden,
is some buying of Canadian rye, it is said, by Scandinavia. Amer. Smelting and Eastman Kodak. Auburn rose 34
Provisions show some decline, lard falling 10 to 23 points. points. Kennecott Copper directors reduced the quarterly
Cotton has advanced half a dozen points in spite of the dividend to 123'0., placing the stock on a 50e. annual basis
enormous supplies, for the trade demand is persistent and the against $1 previously. Utah and Nevada also cut their
South still refuses to sell at all freely. That puts a stop to dividends. It was really a small waiting market.
the usually weakening hedge selling. Meanwhile, too, the
On the 8th inst., stock prices advanced early 1 to 232
.
exports are increasing. The decrease as compared with points with railroad shares in the van. Railroad bonds were
last year is now only about one-third of what is was some also higher. The I.
-S. C. C. accepted the railroads' proweeks back. In other words, there has been a rapid gain. posal for carrying out the Commission's rate plan, thereby,
The spinners' takings are running well ahead of last year. above all things, settling the matter. Later came a decision
The total thus far, according to one compilation, is some- of 3 to 6 points on selling of stocks on the President's recomthing over 5,000,000 bales, as against 4,425,000 bales at this mendation in his message of an increase in taxes sufficient
time last year. The movement into sight is slackening to reduce the Federal Government's deficit materially this
noticeably. The total thus far is, roughly, half a million year and to eliminate it entirely in 1933, pointing to new
bales smaller than up to this time last year. The enormous imports bf over $1,000,000,000 for the two-year period.
size of the supply is some extent offset by these things, and Wheat, corn, rubber, silk and cocoa among commodity
the persistent refusal of the South to sell at all freely, with markets declined and in many cases to new record low levels.
prices in some parts of the belt down to 43'c. per pound. Bonds in the later trading declined. Foreign issues and the
The Government report on the 8th inst. estimated the crop United States Government list were the weakest. On the
at 16,918,000 bales, which was several hundred thousand 9th inst., there was a decline in both stocks and bonds
bales less than had been expected. In fact, it was only owing largely, it is believed, to a fright over the tax recom15,000 bales above the estimate of a month ago. It is the mendations of President Hoover and Secretary Mellon.
largest crop since 1926, when the total was close to 18,000,000 The transactions increased to 2,263,447 shares. New low
bales.
prices for the year were reached by United States Steel,
Coffee has advanced 27 to 35 points. The National Coffee Santa Fe, Baltimore & Ohio, International Business MaCouncil of Brazil is empowered to purchase and destroy chines, Union Pacific, Eastman, American Can, Westingcoffee and will try to destroy at least 12,000,000 bags house Electric, du Pont, Lackawanna and some other stocks.
within a year. At the same time an additional 5 shillings The New York Central postponed consideration of its quaris added to the export tax to provide for the interest on the terly dividend. This excited comment. The big Ambas£20,000,000 loan. Rubber has advanced at times sharply sador Hotel went into the hands of a receiver. It was taken
owing to reports that the British and Dutch interests have as a sign of the times.
come to an understanding in the matter of restriction of the
On the 10th inst. prices declined and later rallied. The
available supply by something like 50%. It does not appear sales rose to 2,664,773 shares. Bonds were plainly depressed
that the trade in actual rubber has been stimulated as yet. especially the domestic issues. Railroad issues were in some
FINANCIAL CHRONICLE
3873
30, Kansas City 38 to 44, Milwaukee 20 to 38, Minneapolis
12 to 34, Montreal 2 below zero to 10 above, Omaha 32 to
42, Philadelphia 24 to 36, St. Louis 32 to 38, Washington
24 to 34, Winnipeg zero to 18 above. On the 10th inst. it
was 46 to 47 degrees here and cloudy. Boston had 34 to
46 degrees, Chicago 34 to 44, Cincinnati 40 to 46, Cleveland
36 to 46, Denver 22 to 38, Detroit 34 to 42, Kansas City
42 to 54, Milwaukee 28 to 38, St. Paul 32 to 38, Montreal
24 to 32, Omaha 36 to 46, Philadelphia 42 to 50.
To-day the New York temperatures were again 41 to 47
degrees with more or less rain. The forecast was for rain
to-night and to-morrow and warmer but cooler Saturday
night. In the 24 hours ending 8 a. m. to-day Chicago and
Cincinnati had 44 to 52 degrees; Cleveland, 42 to 46; Milwaukee, 38 to 50, and Kansas City, 50 to 56. To-day
Denver reported heavy snows on the high points of several
Western States. It is 45 inches near the summits of the
Sierras in California and 6 inches at Quincy. The Lincoln
Highway over the Sierras was closed to travel yesterday.
The storm reached blizzard proportions on Donner Summit.
Utah was under snow from 7.6 inches upward. Idaho's
snowfall was heavy and was continuing early to-day. In
Colorado, the western slope of the Rocky Mountain range
got three feet of snow in 24 hours and expected more.
Wholesale Prices of National Fertilizer Association
Establish New Low During Week of Dec. 5.
According to the wholesale price index of the National
Fertilizer Association, consisting of 476 commodity quotations, wholesale prices as a group established a new low
for the week ended Dec. 5. Under date of Dec. 7 the
Association says:
During the week the wholesale price index declined eight fractional
points. This loss follows a decline of seven fractional points shown for
the preceding week. The gains shown during October and November
have been entirely eliminated by the losses shown during the last several
weeks. The latest index number is 66.0. The previous low point was
66.3, shown for the week ended Oct. 3. At this time last year the index
number stood at 80.8. (The index number 100 represents the average
for the three years 1926-1928.) Based on 1913 as 100 the latest index
number is 92.3.
Only two of the 14 groups constituting the index advanced during the
latest week. Seven of the groups declined and the remaining five showed
no change. The groups which advanced were fertilizer materials and
miscellaneous commodities. The declining groups were fats and oils, grains,
feeds and livestock, building materials, fuel, textiles, and metals. The
declines in textiles and metals were comparatively small. The largest
decline was shown in the group of fats and oils.
Thirteen commodities showed price advances during the latest week,
while 43 commodities showed price losses. Listed among the commoditiee
that advanced were wheat, copper, flour, potatoes, coffee, and starch.
Among the commodities showing price losses for the latest week were
eggs, sugar, lard, butter, burlap, cottonseed meal, corn, oats, hogs, cattle,
finished silver, silver, oak flooring, gasoline, rubber, and hides.
Index numbers and comparative weights for each of the 14 groups
are shown In the table below:
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1026-1928=100)
Per Cent
Each Croup
Bears to the
Total Index.
100.0
Croup.
Latest
Week
Dec. 5
1931,
Preceding
Week.
Month
Ago.
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities_ _
Automobiles
Building materials
Metals
House furnishings
Fats and olls
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural implements
70.7
59.9
51.0
49.9
66.5
89.3
74.0
74.1
84.4
55.6
86.6
70.5
80.2
93.0
71.9
60.6
52.8
50.1
66.0
89.3
75.0
74.3
84.4
59.1
86.6
70.3
80.2
93.0
74.2
60.3
55.0
51.2
66.3
89.3
75.0
75.3
86.0
58.3
86.7
70.5
79.7
95.2
66.0
66.8
67.8
All groups combined
Year'
Ago.
.1.**14t7c10!eic
cases 5 to 9 points lower. Vague rumors filled the air.
The passing of the dividend by the Southern RR. seemed
on the surface to give some sort of color to pessimistic surmises. Much selling was supposed to have been done of
various stocks to establish income tax losses. Average
prices of 50 stocks were the lowest in nine years. Prices
rallied later, however, and ended noticeably above the lows
of the day. U. S. Steel closed at one point net lower.
Increased margins on short sales are now asked with 33%
not considered excessive in some cases, owing to a fear of a
sharp upturn at almost any time. It is considered due and
indeed over due.
To-day stocks were still the bete noir of the business
world. They sank, rallied a little and then towards the
end declined again, pulled down apparently by persistent
weakness in domestic bonds, a millstone suspended on the
market. Foreign bonds were higher. Sterling advanced.
Japanese yen fell. Grain and cotton advanced. Silver
rose sharply. London advanced with an assurance of no
budget deficit. Paris was better. The transactions here
were 2,354,173 shares.
At Brunswick, Me., the Cabot Mill, which has been on a
curtailed basis of production for several months, will go on
full-time operations on night and day shifts at once, enough
orders being in sight to insure such operation for many
months to come. The plant normally employs 1,200 persons. The Hunter Co. on Dec. 9 stated: "Lancaster Cotton
Mills of Lancaster, S. C.; Eureka Cotton Mills of Chester,
S. C.; Springstein Mills of Chester, S. C., and Kershaw
Cotton Mills of Kershaw, S. C., announce that they will
shut down for one week at Christmas and that they will
shut down all machinery for one week perm onth as long as
the industry as a whole will give full co-operation to this
move. They have also withdrawn their print cloths from
the market. Greenwood Cotton Mills of Greenwood, S. C.;
Ninety Six Cotton Mills of Ninety Six, S. C.; Mathews
Cotton Mill of Greenwood, S. C., announce that they will
shut down their print cloth mills for one week at Christmas
and will continue the curtailment at the rate of one week
per month as long as the industry as a whole will give full
co-operation. They have withdrawn their print cloths
from the market."
Charlotte, N. C., wired that mills making print cloths
and sheetings are predicting further curtailment as they
refuse to sell goods at so much below actual cost.
At
Huntersville, N. C., on the 5th inst. plans for reopening the
Anchor Mills, an organization which is capitalized at more
than $1,000,000 were announced. The mills have been
closed for about two years but will be back in operations
before the first of the new year. Knoxville, Tenn., wired
that the Goodall Co. manufacturers of Palm Beach suits
which already has two manufacturing plants here, it is reported, will open a third one in Knoxville and have it in
operation within the next 30 days, which will double the
output of the suits and increase the weekly pay roll here
from $4,000 to $15,000. Manchester, England reports
larger sales of cloths to both India and China.
At Norwich, Conn. the American Woolen Co. has reduced
wages 10% and operations have been increased from 40
hours to 54 hours per week. The International Paper Co.
on the 7th inst. cut the price of newsprint to $53 a ton in
New York and Chicago, effective Jan. 1, a reduction of $4
a ton. The price of newsprint for 1932 to its customers
in Boston will be $52.50. The price at Norfolk, Va.; Jacksonville, Miss.; New Orleans, La., and Houston, Texas will
be $53 and at San Antonio, Texas, $60. San Francisco reported a slight improvement in business with preparations
going on for the anticipated increase in trade during the
holiday season.
On the 8th inst. the weather was cold and raw and penetrating here, with temperatures of 19 to 33 degrees. A
man and a woman died on the street of exposure. Two
Trans-Atlantic liners reached New York 30 hours late after
a rough passage. From up-State came reports of sub-zero
weather and snowfalls similar to those of midwinter. At
Saranac Lake and throughout the region of the upper
Adirondacks the temperature hovered around 16 degrees
below zero, an eight-inch blanket of snow covering the
countryside. The temperature at Albany was 10 degreesand snowplows were out in Rome for the first time this year.
It turns out that November was abnormally warm, with an
average daily temperature 7.1 degrees above normal. On
the 8th inst. Boston had 14 to 28 degrees. Chicago 24 to
32, Cincinnati 22 to 32, Cleveland 24 to 32, Detroit 18 to
000.-ww.000op0wow
c
W;p..4,b . obiobiz
DEC. 12 1931.]
80.8
Electric Output in the United States During the Week
Ended Dec. 5 1931 Declined 4.3% as Compared with
the Corresponding Period a Year Ago.
The production of electricity by the electric light and
power industry of the United States for the week ended
Saturday, Dec. 5, was 1,671,466,000 kwh., according to
the National Electric Light Association. The Atlantic
seaboard shows a decrease of 0.8% from the corresponding
week last year, although New England, taken alone, shows
a decrease of but 0.2%. The central industrial region,
outlined by Buffalo, Pittsburgh, Cincinnati, St. Louis and
Milwaukee, registers, as a whole, a decrease of 8.3%, while
the Chicago district alone shows a decrease of 6.1%. The
Pacific Coast shows a decline of 4.1% below last year.
Arranged in tabular form, the output in kilowatt hours of
the light and power companies for recent weeks and by
calendar months since the beginning of the year, according
to the National Electric Light Association, is as follows:
[VOL. 133.
FINANCIAL CHRONICLE
3874
Weeks Ended
1931.
1930.
1929.
Sept. 5---Sept. 12---_
Sept. 19---Sept. 26---Oct. 3---Oct. 10-.-Oct. 17-...
Oct. 24._._
Oct. 31....
Nov. 7---Nov. 14---Nov. 21....
Nov. 28---Dec. 5---Months.
January -February --March
April
May
June
July
August
September
Clotnhar o
1,635,623,000
1,582,267,000
1,662,660,000
1.660.204,000
1,645,587,000
1,653,369,000
1,656,051,000
1,646,531,000
1,651,792,000
1,628,147,000
1,623,151.000
1,655,051,000
1,599,900,000
1,671,466,000
1,630,081,000
1,728,800,000
1,722,059,000
1,714,201,000
1,711,123,000
1,723,876,000
1,729,377,000
1,747,353,000
1,741,295,000
1,728,210,000
1,712,727,000
1,721,601,000
1,671,787,000
1,746,934,000
1,674.588,000
1,806,259,000
1,792,131,000
1,777,854,000
1,819,276,000
1,806,403,000
1,798,633,000
1,824,160,000
1,815,749,000
1,798,164,000
1,793,584,000
1,818,169,000
1,718.002,000
1,806,226,000
8,021,749,000
7,066,788,000
7,580,335,000
7,416,191,000
7,494,807,000
7,239,697,000
7,363,730,000
7,391,196,000
7,337,106.000
7.718.787.000
1928.
1931
Under
1930.
Loading of revenue freight In 1931 compared with the two previous
years follows:
7,585,334,000
6,850,855,000
7,380,263,000
7,285,359,000
7,486,635,000
7,220,279,000
7,484.727,000
7,773.878,000
7,523,395,000
8.133.485.000
1,484,000,000 I x4.1%
1,604,000,000 1
1,614,000,000 3.4%
1,623.000,000 3.2%
1,637,000.000 3.8%
1,651,000,000 4.1%
1,665,000,000 4.2%
1,678,000,000 5.8%
1,688,000,000 5.1%
1,697,000,000 5.8%
1,696,000,000 5.2%
1,701,000,000 3.9%
1,619,000,000 4.3%
1,706,000,000 4.3%
1931.
1930.
3,490,542
2,835.680
2,939,817
2,985,719
3.736,477
2,991,749
2,930,767
3,747,284
2,907,953
3,813,456
2,619,705
4,246,552
3,506,899
3,515,733
3,618,960
4,593,449
3,718,983
3,555,610
4,671,829
3,725,686
4,751,349
3,191,342
4,518,609
3,797,183
3,837,736
3,989,142
5,182,402
4,291,881
4,160,078
5,600,706
4,542,289
5,751,645
3,817,920
34,999,149
43,096,392
49.489,591
Five weeks in January
Four weeks in February
Four weeks in March
Four weeks in April
Five weeks in May
Four weeks in June
Four weeks in July
Five weeks in August
Four weeks in September
Five weeks in October
Four weeks in November
Total
1929.
6,637,064,000 7.3%
6,289,337,000 5.1%
6,632,542,000 2.6%
6,256,581,000 3.0%
6,552,575,000 4.2%
6,454,379,000 2.5%
6,570,110,000 1.9%
6,944,976,000 3.3%
6,724,148,000 4.0%
7.380.489.000 5.5%
x Because of irregularity of Labor Day holiday, change is calculated for the
first two weeks of September. y Preliminary.
Note.
-The monthly figures shown above are based on reports covering 92% of
the electric light and power industry and the weekly figures are based on 70%•
7,439,888,000
6,705,564,000
7,381,004,000
7,193,691,000
7,183,341,000
7,057,029,000
7,222,869,000
7,144,840,000
7.042,783,000
7.990.000.000
The foregoing, as noted, cover total loadings by the
railroads of the United States for the week ended Nov. 28.
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 Nov. 21. During the latter period only 22 roads
showed increases over the corresponding week last year,
the most important of which were the St. Louis Southwestern
Ry., New York Ontario & Western Ry., Fort Worth &
Federal Reserve Board's Preliminary Report on Depart- Denver City Ry.,
Montour RR. and Louisiana & Arkanment Store Sales in November.
sas Ry.
Preliminary figures on the value of department store REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(NUMBER OF CARS)
-WEEK ENDED NOV. 21.
sales show an increase from October to November of somewhat less than the estimated seasonal amount. The Federal
Total Loads
Total Revenue
Received from
Reserve Board's index, which makes allowance both for
Railroads.
Freight Loaded.
Connections.
business days and for usual seasonal changes, was
number of
1931.
1931.
1930.
1929.
1930.
85 in November on the basis of the 1923-1925 average as
Eastern District
100, compared with 86 in October and 84 in September.
Group A
1,654
329
1,555
1,524
246
& Aroostook
4,185
5,948
5,389
3,439
3,520
In comparison with a year ago, the value of sales for Bangor& Albany
Boston
12,326
12,265
10,910
10,654
8,810
November, according to the preliminary figures, was 15% Boston & Maine
2,945
932
3,200
888
781
Vermont
2,255
4,269
2,864
3,864
2,751
smaller. The aggregate for the first 11 months of the year CentralCentral
Maine
13,144
16,801
14,757
12,711
13,868
N. Y.N.H. dc Hartford
1,127
1,308
778
714
615
was 11% smaller.
Rutland
PERCENTAGE OF INCREASE OR DECREASE FROM A YEAR AGO.
Federal Reserve District.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.rLouls
Minneapolis
Kansas City
Dallas
San Francisco
,
Distal
November.*
Jan. 1
to
Nov. 30.*
-14
-10
-21
-18
--13
-19
-17
-9
-13
-22
-20
-15
-8
-8
-12
-12
-6
--II
-13
-13
-9
-12
--16
-11
103
54
34
28
55
28
59
20
18
21
16
68
31
29
18
15
23
19
32
10
11
14
6
26
-15
-11
50.6
929.
Number of Number of
Reporting
of
Stores.
Cities.
*November figures preliminary; in most districts the month had the same number
of business days this year and last year.
Loading of Railroad Revenue Freight Still Shrinking.
Loading of revenue freight for the week ended on Nov. 28
totaled 558,807 cars, the car service division of the American
Railway Association announced on Dec. 8. Due to the
thanksgiving holiday, this was a reduction of 94,696 cars
below the preceding week this year. It also was 14223
cars below the same week last year and 277,503 cars under
the corresponding week two years ago. The usual details
follow:
Miscellaneous freight loading for the week of Nov. 28 totaled 195,389
cars, a decrease of 38.880 cars below the preceding week this year, 60,050
cars under the corresponding week in 1930, and 110,052 cars under the same
week in 1929.
Loading of merchandise less than carload lot freight totaled 177,033
cars,a decrease of 31,999 cars below the preceding week this year and 17,726
cars under the corresponding week last year. It also was a decrease of
42,967 cars under the same week two years ago.
Grain and grain products loading for the week totaled 29,592 cars, 7,280
cars below the preceding week this year and 4.041 cars below the corresponding week last year. It also was a decrease of 9,124 cars below the same week
in 1929. In the Western Districts alone, grain and grain products loading
for the week ended on Nov. 28 totaled 18,844 cars, a decrease of 2,341 cars
below the same week last year.
Forest products loading totaled 19,840 cars, 1,485 cars below the preceding week this year and 12,255 cars under the same week in 1930. It
also was a decrease of 28,771 cars below the corresponding week two years
ago.
Ore loading amounted to 4,190 cars, a decrease of 711 cars under the week
before, 1,583 cars under the corresponding week last year and 5,248 cars
under the same week in 1929.
Coal loading amounted to 104,451 cars. 12,248 cars below the preceding
week, 43,366 cars below the corresponding week last year and 72,457 cars
under the same week in 1929.
b. Coke loading amounted to 4,471 cars, 109 cars below the preceding week
this year, 3,033 cars below the same week last year and 6,686 cars below
the same week two years ago.
Live stock loading amounted to 23.571 cars, a decrease of 1,984 cars below
the preceding week this year, 189 cars below the same week last year and
2,198 cars below the same week two years ago. In the Western Districts
alone, loading of live stock for the week ended on Nov. 28 totaled 18,887,
an increase of 712 cars compared with the same week last year.
AR districts reported reductions in the total loading of all commodities,
compared not only with the same week in 1930 but also with the same week
11 1929.
Total
Group B
Buffalo, Rochester & Pittsburgh
Delaware & Hudson
Delaware Lackawanna & west
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western
Pittsburgh & Shawmut
Pitts. Shawmut & Northern
Ulster & Delaware
Total
Group C
Ann Arbor
Chicago, md.& Louisville
C. C.C.& St. Louis
Central Indiana
Detroit & Mackinac
Detroit dr Toledo Shore Line...
Detroit, Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York, Chicago & St. Louis
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia-Wabash
Wheeling & Lake Erie
30,692
34,982
40,945
36,016
40,671
3,521
5,368
8,764
12,268
219
1,506
8,047
2,288
21,288
1,967
504
476
41
5,109
4,747
7,413
7,100
11,300
13,568
16,793
13,906
291
219
1,659
1,520
10,134
9,518
2,579
1,844
31,925
27,463
1.702
1,456
872
659 •
819
526
52
47
1,235
7,323
5,728
13,021
2,116
1,104
6,807
79
28,648
1,985
20
246
118
1,503
8,273
6,445
16,964
2,212
1,653
8,601
87
33,816
2,175
31
329
118
66.235
80,305
92,806
68,430
82,207
604
1,730
8,481
48
304
248
1,194
2,844
5,786
3,756
446
5.033
4,065
1,176
5,623
2,548
553
2,171
10,526
88
334
287
1,980
3,628
7.405
5,121
5,936
5,650
5,192
1,210
6,264
3.440
573
2,602
12,572
55
411
281
2,262
4,552
8,432
6,873
6,571
7,094
7,503
1,559
7,584
4,194
1,055
1,879
10,425
76
135
2,130
768
5,607
8,146
210
7,926
4,162
5,174
618
7,191
2,147
1,559
2,247
13,126
105
128
2,917
1,298
7,854
10,424
321
10,563
5,039
6,613
759
9,470
2,923
47,884
59.785
73,128
57,849
75,346
Grand total Eastern DistriCt. 144,811
175,072
206,879
162,095
198,224
25,372
1,311
560
150
6,866
510
375
166
1,421
66,431
14,608
5,826
61
3,276
31,526
2,127
601
241
9,490
400
499
147
1.656
80,578
16,617
8,394
69
3,664
40.537
4,617
584
265
11,887
705
580
198
1,433
101,384
21,288
12,309
72
4,487
13,934
1,160
165
4
12,006
57
23
38
3,156
34,616
18,077
1,127
1
4,384
17,797
1,951
178
10
13,801
92
20
27
3,684
43,183
21,756
3,125
2
5,195
126,933
166,009
200,346
88.748
110,821
19,947
17,044
778
2.639
22.655
19,062
1,007
3,435
27,843
24,118
1,189
4,177
6,856
3,731
1,578
394
9,329
5,008
1,715
533
40.408
48,159
57,327
12,559
18,583
9,536
1,182
439
172
56
2,022
533
421
8,110
21,481
231
12,549
1,261
588
160
109
2,318
471
412
9,886
24,370
234
12,955
1,492
754
203
81
2,512
489
520
10,829
28,646
231
4,759
1,264
814
363
101
1,462
921
3,491
3,899
12,533
989
5,810
1,308
901
435
137
1,568
1,046
4,283
4,173
14.191
1,096
44,183
52.358
58,712
30,586
34,948
Total
Allegheny District
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo & Susquehanna
Buffalo Creek .1c 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 6c Portsmouth Belt Line
Virginian..
Total
Southern District
Group 4
Atlantic Coast Line
Clinchfield
Charleston & Western Carolina
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond, Fred. & Potomac
Seaboard Air Line
Southern System
Winston-Salem Southbound
Total
DEC. 12 1931.]
Railroads,
FINANCIAL CHRONICLE
Total Revenue
Freight Loaded.
Total Loads
Received from
Connections.
1931.
Group B
Alabama, Tenn.& Northern.,,.
Atlanta. Birmingham & Coast__
Atl.& W.P.
-West RR.of Ala
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
G ul I Mobile & Northern
Illinois Central system
Louisville & Nashville
Macon. Dublin & Savannah
Mississippi Central
Mobile k Ohio
Nashville, Chattanooga & St.
New Orleans
-Great Northern..
TennesseeCentral
1930.
1929.
314
655
701
3,544
399
925
938
420
1,053
20,933
17,093
150
142
2,281
2,996
664
454
256
828
834
3,936
360
1,041
1,107
422
1,213
25,750
21,594
143
247
2,987
3,573
689
572
221
909
980
4,682
562
1,006
1,278
577
1,368
32,272
26,601
172
390
3,053
3,951
843
622
185
695
1,230
2,447
284
454
1,376
418
723
8,827
3,996
348
266
1,156
2,162
284
485
1931.
1930.
222
936
1,282
2.558
339
712
1,424
289
1,050
10,683
4,990
423
383
1,554
2,547
380
552
Total
53,662
65.552
79,487
25,338
30,302
Grand total Southern Dh3t---
97,845
117,910
138,199
55,924
65,250
1,264
15,353
2,999
19,745
3,592
382
580
3,421
281
9,227
590
2,021
5,062
10,622
834
1,419
18,123
3,100
23,211
4,746
599
1,109
5,671
365
10,258
580
2,404
5.457
11,139
1.293
1,580
23,314
3,557
29,201
5,842
998
1,199
8,080
429
13,422
730
2,908
7,189
14,214
1,860
1,753
8,602
2,365
6,741
3,003
150
385
4,277
166
2,132
390
1,385
1,625
2,475
1,118
1,567
10,563
2,635
7,822
3,394
107
513
7,583
226
2,041
464
1,647
1,986
2,674
1,142
75,973
89,474
114,573
36,567
44,614
25,046
221
3,288
17,870
14.633
2,618
2,162
3.772
598
2,539
479
127
15,234
249
259
16,009
934
1,342
27,654
219
3,623
22,214
15.921
3,438
2,089
4,883
712
1,898
684
181
20,063
258
280
18,305
1,372
1.683
32,182
321
4,544
26,718
19,433
4,866
2,811
5,494
856
2,437
1,088
259
24,436
369
150
21,651
1,266
1,610
4,677
46
1,747
8,174
6,764
2,061
1,116
1,964
16
1,292
207
43
3.310
247
723
7,433
6
1,340
6,073
58
2,810
7,911
8,165
2,600
1,479
2,430
9
1,425
303
40
4,011
179
1,028
9,062
11
1.443
107,380
125,477
150,501
39,131
49.037
Southwest District
Alton & Southern
150
Burlington-Rock Island
170
Fort Smith & Western
295
Gulf Coast Lines
2,025
Houston & Brazos Valley
215
International-Great Northern .
1,848
Kansas, Oklahoma & Gulf__
302
Kansas City Southern
1,845
Louisiana & Arkansas
1,845
Litchfield & Madison
262
Midland Valley
715
Missouri & North Arkansas--•
107
Missouri-Kansas-Texas Lines .
5,771
Missouri Pacific
16,943
Natchez & Southern
54
Quanah Acme & Pacific
196
fli. Louis-San Francisco
9,335
St. Louts Southwestern
2,982
San Antonio, Uvalde & Gulf
427
Southern Pao. In Texas & La . 7,383
Texas& Pacific
5,689
Terminal RR.Asso. °1St. Lo s
1,569
Weatherford MM. Wells & N .
45
231
310
341
2,507
271
1,799
442
2,404
1,690
359
983
128
6,314
18,629
49
146
11,214
2,718
582
9,510
6,927
2,059
38
301
418
454
2,770
298
2,045
507
2,591
2.107
442
994
139
7,215
23,196
59
242
13.503
3,368
302
11,190
7,406
2,275
71
2,382
812
113
1,373
82
1,972
854
1,771
1,049
434
322
482
2,382
7,297
40
139
3,354
1,334
175
2,891
3,371
2,207
45
3,169
647
211
1,669
152
2,199
1,473
2,059
1,072
765
358
. 492
3,079
9,245
27
117
4,333
1,691
404
3,819
3,419
3,054
65
69,651
81,891
34,861
48,519
Northwestern District
Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic. M ilw.St.Paul & Pacific.
Chic. Si. Paul, Minn.& °mall
Duluth, Missabe & Northern_
Duluth, South Shore & Attanti
Elgin, Joliet & Eastern
Ft. Dodge, Des. M.& Souther
Great Northern
Green Bay & Western
Minneapolis & St. Louis
Minn. St. Paul & 8.5, Marie_
Northern Pacific
Spokane, Portland & Seattle.Total
Central Western District
Mob.Top.& Santa Fe System •
Bingham & Garfield
•
Chicago & Alton (Alton)
•
Chicago, Burlington & Quincy •
Chicago, Rock Island & Paclfl i
Chicago & Eastern Illinois
Colorado & Southern
•
Denver & Rio Grande Western .
Denver & Salt Lake
Fort Worth & Denver City---.
Northwestern Pacific
'
Peoria & Pekin Union
S. P.(Pacific)
•
Bt. Joseph & Grand Island.
Toledo, Peoria & Western_,._ .
Union Pacific System
Utah
Western Pacific
Total
Total
60,153
Sir Charles Gordon, President Bank of Montreal,
Reviews Conditions in Canada-Urges Halt in
Expenditures-Urgent Necessity for Solution of
Railway Problem-Not Alarmed at Fall of Canadian
Dollar-Remarks of Jackson Dodds, Joint General
Manager.
Grave warnings to Federal, Provincial and municipal
authorities as to the necessity for curtailing public expenditures, and the statement that Canada's large foreign obligations are factors that tend to prevent an early return of
the
Canadian dollar to par, were contained in the speeches of
Sir Charles Gordon, President and Jackson Dodds,
General
Manager at the annual meeting this week of the
Bank of
Montreal.
At the same time comment was made on the
inherent
strength being exhibited by Canada in the face
of world
depression, especially in regard to the banking
structure of
the country. Sir Charles referred to the absence in Canada
of some of the more serious problems confronting other
nations, and both executives spoke hopefully of the future,
though making it quite plain that a return to prosperity in
Canada was conditional on an improvement in the international situation. While declining to prophesy as to the
immediate outlook, he said that taking the long view,
3875
"there is every reason to look forward with confidence to
emerging stronger and more prosperous than ever from the
conditions that now prevail."
Mr. Dodds remarked, "It would be rash indeed to speak
with assurance of the prospects of the coming year, but it is
surely permissible to say that when international confidence
and co-operation are restored and commerce in consequence
improves, Canada will be among the first to benefit."
Sir Charles Gordon, in presenting the annual report to the
shareholders, spoke of the severe recession which had been
experienced by business generally throughout the Dominion
during the year. He made particular reference to farming,
mining and newsprint manufacture, remarking in regard
to the latter that there was reason to believe that a better
condition was being ushered in by the profit arising from the
premium on New York funds and from consolidation of companies for the purpose of reducing overhead expense and
effecting more economical distribution of the product. He
said events had brought into strong relief a situation which
in any case would sooner or later have called for drastic
remedial measures, namely, the destructive competition
between the two great railway systems, a settlement of
which on a satisfactory and permanent basis was, he declared,
an absolute necessity for the future well-being of the country.
Joint General Manager Jackson Dodds, said that Canada,
being dependent primarily on the products of the farm,
forest, mines and fisheries, and being one of the largest
exporters per capita in the world, had suffered severely,
from the dislocation of international trade.
Referring to the fact that the downward movement of
commodity prices had reached record levels during the year,
he said:
We know from recent economic history in the United States something
of the impotence of a Central Bank in maintaining a stable price level.
An examination of the course of business from 1921, the year of postwar
depression, to 1928, the crest of their period of prosperity, and the collapse
of the stock market boom in 1929, reveals that while a Central Bank may
assist in controlling the amount of money available, its judgment is not
Infallible, nor can it force individuals or institutions to use money wisely.
Must Call Halt to Public Expenditures.
Remarking that we in Canada should be thankful that we
are as well off as we are, he declared there was no gainsaying
the fact that business had been at an extremely low ebb,
and added:
The situation can only be aggravated by continuing to pile up more and
more Federal. provincial and municipal debts. Individuals who appreciate
the need for economy in their own expenditures, and are striving to get out
of debt, are too prone, paradoxically, to condone and encourage public
outlays of borrowed money, ignoring the fact that it must in the end be
repaid by themselves.
There is a definite limit beyond which public expenditure cannot proceed
with safety, even when the object is to create temporary employment.
In this country that limit is now in sight. A halt must be called to mount-indeed, has been called in some cases. The burden of
ing expenditures
taxation eats up capital resources, saps energy and enterprise, and creates
still further unemployment.
Newsprint Paper Prices Cut by Internatonal Paper
Co., Great Northern Paper Co. and Other Cornpanies-Report That Scandinavian Pulp Paper
Cartel Will Be Dissolved.
.Following a cut of $2 a ton in the price of newsprint
paper for 1932, announced on Dec. 1 by the Great Northern
Paper Co., reducing the price from $57 to $55, it was stated
on Dec. 6 that a further reduction of $2 would be made by
that company, lowering the price to $53. The International Paper Co. announced on Dec. 7 that the price of
newsprint in New York and Chicago has been reduced,
effective Jan. 1, to $53 a ton, a cut of $4 a ton having
been made by it in the price. Regarding the action of the
International Paper Co., the New York "Times" of Dec. 8
also said:
The company announced also that the price of newsprint for 1932 to
its customers in Boston would be $52.50 a ton. The price at Norfolk,
Va.; Jacksonville. Miss.; New Orleans, La., and Houston, Texas, will be
$33 a ton, and at San Antonio, Texas, $60 a ton.
The revised schedule of newsprint prices for 1932 does not provide for
a blanket reduction of $4 a ton all over the United States. It does pro..
vide, however, a reduction in proportion to the prices established at ports.
The announcement by the International Paper Co. followed its recent
letter to its customers informing them a revision of newsprint prices was
being considered. It also followed a recent announcement that Canadian
producers would sell newsprint at $53 a ton delivered in New York, with
proportionate prices for;rother zones in the United States.
The proposal of the Canadian mill owners was followed quickly by the
announcement of the Great Northern Paper Co., !argent exclusive newsprint producer in the United States, that its price for newsprint delivered
in New York, effective Jan. 1, would be $55 a ton. Since then it has
been declared that the Great Northern Paper Co. would meet the prices
established by its competitors. It was said yesterday that before
the
end of this week customers of the Great Northern Paper Co. would
be
informed the price of newsprint delivered in N. Y. City for 1932
would
be $54 a ton, with proportionate prices for the other zones.
The International Paper Co. supplies about 700,000 tons of
nevrsprint
to its customers in the United States annually. The Great Northem
3876
FINANCIAL CHRONICLE
[VoL. 133.
wood mills to the National Lumber Manufacturers Association. The total cut of these mills was 119,797,000 feet.
The following from Montreal Dec. 6 is from the New York Shipments were 16% above this figure. A week earlier 818
"Herald Tribune":
mills reported orders 23% and shipments 16% above a cut
Newsprint reductions will become effective over the North American of 124,170,000 feet. Comparison by identical mill figures
made known
Continent this month. Major Canadian producers have now
for the latest week with the equivalent period a year ago
their intention to reduce prices to a basis of $53 in New York, a reduction
of $4 from the level which has prevailed for several months. This level shows—for softwoods, 435 mills, production 43% less,
has been reached by the Great Northern Paper Co. of Millinocket, Me., shipments 34% less and orders 34% less than for the week in
with two successive reductions of $2 a ton.
production 29% less, shipPacific Coast producers are on a basis of $50 a ton, while paper is being 1930; for hardwoods, 228 mills,
offered on the Atlantic Coast by seaboard shippers at $50 a ton. Some ments 14% less and orders 8% under the volume for the
Scandinavian newsprint is offered in New York at $45 a ton.
week a year ago.
It is confidently expected that the price will be stabilized at this level,
Lumber orders reported for the week ended Dec. 5 1931,
although considerable doubt prevailed less than a week ago that Canadian
companies could keep the price up to the $53 mark. The Canadian dollar by 556 softwood mills totalled 123,621,000 feet, or 17%
Yesterday reached the lowest at which it has sold in New York for a number above the production of the same mills. Shipments as
of Years, and as Canadians produce on the basis of this dollar, payment is
New York funds provide a broader margin of security in making price re- reported for the same week were 120,570,000 feet, or 14%
above production. Production was 105,797,000 feet.
ductions.
Operations in Canadian mills as a whole are now down to a point below
Reports from 276 hardwood mills give new business as
strongly
55% of rated capacity. With some of the independent companies
intrenched and making a strong bid for contracts, a price of $50 a ton is 19,347,000 feet, or 38% above production. Shipments as
not outside the bounds of possibility in the not far distant future.
reported for the same week were 19,973,000 feet, or 43%
Reports that the Scandinacian pulp cartel will be discontinued March 1
Scan- above production. Production was 14,000,000 feet. The
next indicate further price changes in the North American market.
dinrrvian producers already are serious competitors of Canadian plants, Association, in its statement, further reports:
mainly because Scandinavian currencies are further depreciated than the
tnfilled Orders.
Canadian dollar, which enables the Scandinavian mills to sell more cheaply.
Reports from 483 softwood mills give unfilled orders of 447,605,000
In its issue of Dec. 2 the "Herald Tribune" said:
feet on Dec. 5 1931, or the equivalent of nine days' production. This is
Paper Co. produces 250,000 to 300,000 tons annually and most of it is sold
to newspapers published in the Eastern States.
The Scandinavian pulp paper cartel is to be dissolved, it was heard in
Wall Street yesterday as the first newsprint price reduction since last
April, affecting the New York market, was formally announced by the
Great Northern Paper Co.
The Great Northern Paper Co., largest exclusive newsprint producers
in the United States, yesterday announced that its price on newsprint for
1932 would be $55 a ton, f.o.b, cars at the mill of the manufacturer. This
followed the announcement of Monday by the International Paper Co.
that it stood ready to reduce the price of paper as soon as the situation
clarified. Great Northern's price is $2 a ton less than the prevailing contract price, and the company will continue to make freight allowances
on the schedule now in force.
Scandinavians Have Advantage.
Reports of the imminent dissolution of the Scandinavian cartel were considered significant in paper circles, for Scandinavian competition In this
market has been largely responsible for the contemplated reductions of
newsprint to as low as $50 a ton by Canadian and American mills. Be-cause of the depreciation of Scandinavian currencies since the Scandinavian nations followed England off the gold standard, the Scandinavian
paper producers have a temporary advantage in this market.
Payment for paper is received by Scandinavian and Canadian paper
mills in New York funds, but because the Scandinavian currencies are
quoted at much greater discounts than the Canadian dollar the Baltic
mills have lower production costs and are consequently in a position to
quote lower prices. Termination of the cartel will probably lead to additional price reductions by the Scandinavians, the paper industry here
feels, because individual producers will not then have to sell fixed quotas
at fixed prices.
The Scandinavian organization is known as the Nordiska Mechanical
Pulp Cartel, and it includes Swedish, Norwegian and Finnish mills. The
smaller mills of the three nations, producing mechanical pulp only, are in
this cartel, which does not include the large producers of chemical pulp.
The cartel is influential in keeping up prices among its numerous members, something the larger companies can do without resorting to a cartel
agreement.
The following from Montreal Dec. 7 is from the New York
"Times":
The Consolidated Paper Corp. and the St. Lawrence Corp. announced
to-day that the price of newsprint for 1932 would be $53 a ton delivered in
New York City, effective on Jan. 1. The new price schedule reduces
Canadian newsprint $4 a ton, to the same basis announced by the International Paper Co.
For the past several weeks representatives of the newsprint industry
have been in conference here on the question of a new price schedule for 1932.
British Columbia Mills Cut Newsprint Price for Delivery
at Ports in Province.
From Montreal Nov. 26 the New York "Herald Tribune"
reported the following:
based upon production of latest calendar year-300
-day year—and may be
compared with unfilled orders of 502 softwood mills on Dec. 6 1930, of
723,549,000 feet, the equivalent of 14 days' production.
The 402 identical softwood mills report unfilled orders as 402,568,000
feet on Dec. 5 1931, the equivalent of nine days' average production, as
compared with 691.993,000 feet, or the equivalent of 16 days average production on similar date a year ago. Last week's production of 435 identical
softwood mills was 99,059,000 feet, and a year ago it was 174,881,000 feet;
shipments were respectively 113,351,000 feet and 172,718,000; and orders
received 115,394,000 feet and 176,038,000. In the case of hardwoods,
228 identical mills reported production last week and a year ago 12,592.000
feet and 17,753,000; shipments 17,686,000 feet and 20,649,000; and orders
16,328,000 feet and 17.672.000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 220 mills reporting
for the week ended Dec. 5:
SHIPMENTS.
NEW BUSINESS.
UNSHIPPED ORDERS.
Feet.
Feet.
Feet.
Coastwise and
Domestic cargo
Domestic cargo
intercoastal- 23,028,000
96,408,000
delivery delivery_27,790,000
11,133.000
64,899,000 Export
Export
11.784,000 Foreign
20,486,000
55,758,000 Rail
Rail
22,114,000 Rail
7,837,000
Local
Local
7,837,000
62,484,000
Total
217,065,000
Total
69,525,000 Total
Production for the week was 64,603,000 feet.
For the year to Nov. 28 171 identical mills reported orders the same as
production, and shipments were 4.7% above production. The same number of mills showed a decrease in inventories of 10.2% on Nov. 28, as compared with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for
112 mills reporting, shipments were 8% below production, and orders 11%
below production and 4% below shipments. New business taken during
the week amounted to 18,942,000 feet (previous week 22,575.000 at 121
mills); shipments 10,614,000 feet (previous week 25,326.000), and production 21,537,000 feet (previous week 24,317,000).
Orders on hand at
the end of the week at 98 mills were 49,791,000 feet. The 103 identical
mills reported a decrease in production of 40%, and in now business a decrease of 37% as compared with the same week a year ago.
Tho Western Pine Association, of Portland, Ore., reported production
from 119 mills as 13,158,000 feet, shipments 29,724,000 and now business
27,488,000 feet. The 87 identical mills reported production 64% less and
new business 39% less than for the same week last year.
The Northern Pine Manufacturers of Minneapolis. Minn.. reported no
production from seven mills, shipments 2,106,000 feet and new business
1,802,000 feet. The same number of mills reported an increase of 18%
in orders, compared with the corresponding week of 1930.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 15 mills as 1,057,000 feet, shipments 704,000 and orders 774,000. The 12 identical mills reported production 37% loss and orders 101% more than for the same week last year.
The Northern Carolina Pine Association of Norfolk, Va., reported production from 83 mills as 5,642,000 feet, shipments 5,938,000 and new
business 5,090,000. The 38 identical mills reported a 22% decrease in
production and orders the same as last year for the corresponding week.
Fifty dollars a ton will be the price of newsprint from British Columbia
mills delivered at the principal ports of the province during 1932 and 1933,
it is announced to-day. This is a reduction of $8 from the previous price
effective Jan. 1 1931, and of $13.50 from the price existing immediately
before that date.
Hardwood Reports.
-ton
-ton mill at Powell River and the 250
Powell River Company's 650
The Hardwood Manufacturers Institute, of Memphis. Tenn., reported
mill of Pacific Mills, subsidiary of Crown Zellerback Corp., are among
the mills granting the reduction. A guarantee that the price will not rise production from 261 mills as 13,719,000 feet, shipments 18,487,000 and
above $58 in 1934, it is understood, will be given to those placing contracts. new business 17,960,000. The 216 identical mills reported production 26%
In connection with the newsprint situation on the Pacific Coast "The less and orders 12% less than for the same week a year ago.
The Northern Hemlock and Hardwood Manufacturers Association, of
Financial Post" to-night says:
"Although the statistical position of the newsprint mills in British Colum- Oshkosh, Wis., reported production from 15 mills as 281,000 feet, shipbia and the Pacific Coast states has been generally better than that of ments 1,486.000 and orders 1,387,000. The 12 identical mills reported
Eastern mills, the situation has been much disturbed during the last year production 80% less and new business 92% more than for the same week
or so. Imports of Scandinavian newsprint to this coast has been one of act year.
the unsettling factors in the market, and it is said that these imports have
increased to an estimated annual importation of 50,000 tons. Some newsprint has also been brought to the coast from Newfoundland. It is re- Production of Lumber for Four Weeks Ended Nov.
ported that at least one British Columbia daily newspaper has placed its
28 1931, Reported by an Average of 664 Mills,
newsprint contract with an American mill in the Great Lakes territory."
Cor-
Amounted to Approximately 38.3% Below
responding Period Last Year—Shipments and
Seasonal Lumber Production Curtailment Partially
Orders Also Continue to Fall Off.
Accounts for 19% Excess of Orders.
We give herewith data on idential mills for the four weeks
With lumber production at a low level, in part the result ended Nov. 28 1931, as reported by the National Lumber
of winter curtailment of operations, lumber orders exceeded Manufacturers' Association:
the cut by 19% during the week ended Dec. 5 it is indicated
An average of 664 mills reported as follows to the National Lumber
in telegraphic reports from 817 leading hardwood and soft- Trade Barometer for the four weeks ended Nov. 28 1931:
DEC. 12 1931.]
FINANCIAL CHRONICLE
Production.
M. Board Peet,
Softwoods
Hardwoods
Tra.n1
Shipments.
Orders Received.
1931.
1930.
1931.
1930.
1931.
736,282
81,229
516,681
73,109
740,477
84,296
540,777
73,219
743,918
75,482
En,. Ann
01/ 611
.
600 /On
•
DOS',',0
.
al/ nni2
01 11 Anil
PRODUCTION OF FLOUR (NO. OF BARRELS).
1930.
450,102
54,390
Production in 1931 was 38.3% be ow 1930 and 62.3% below record of
comparable mills for the same four weeks of 1929. 1931 softwood cut was
38.9% below that of 1930: hardwood cut was 33% below 1930.
Shipments in 1931 were 28.5% below those of 1930, softwoods showing
30.2% decline and hardwoods, 13.3% loss.
Orders received were in 1931, 25.1% below those of 1930 and 40.9%
below 1929. Hardwood orders in 1931 were however, only 3% below those
of the weeks of 1930.
The production of the reporting mills in the four weeks of 1931 was only
25% of their rated capacity and 39% of their three-year average production
(in 1928-29-30).
On Nov. 28 1931, gross stocks as reported by 369 softwood mills were
3,998,056,000 feet, or the equivalent of 94 days' average production of
the reporting mills-as compared with 4,595,663,000 feet on Nov.29 1930,
the equivalent of 107 days' average production.
On Nov. 28 1931, unfilled orders, as reported by 623 mills (cutting either
softwoods or hardwoods or both) were 559.204,000 feet, or the equivalent
of 11 days' average production-as compared with 840,151,000 feet on
Nov.29 1930, the equilvalent of 17 days' average production.
The Thanksgiving holiday coming in the last week of this four weeks
period, caused a drop generally in lumber production and movement.
Truck Tire Prices Cut by Montgomery Ward & Co.,
and Sears, Roebuck.
Both Montgomery Ward & Co. and Sears, Roebuck have
reduced prices of their truck tires 10 to 15%,says the Chicago
Bureau of the "Wall Street Journal," Dec. 10, which continues:
It now seems unlikely that either company will announce new prices
for passenger automobile tires prior to release of mid-winter flyer catalogues after the middle of the month. In this connection officials point
out that the price reductions recently announced by tire manufacturers
apply only to their first-line tires and no price changes have yet been
announced on their second-line tires which manufacturers state form the
grade that is competitive with mail order tires.
3877
Production
4 Weeks
Ended
Nov. 28.
Northwest
Southwest
Lake, Central and Southern_
Pacific Coast
Production
Same
Period
Year Apo.
Cumulative
Production
Since June
30 1931.
Cumulative
Production
Same Period
1930.
1,641,901
2,187,132
1,794.425
447,710
1,862,495
1,961,898
2,009,382
357,834
8,902,025
11,198,854
10,486,443
1,809,231
10,624,606
11,419,678
11,420,837
2,015,803
6.191.609 32.396.553 35.480.924
Grant total
6.071.168
-This authoritative compilation of flour milling activity represents approxiNote.
mately 90% of the mills in principal flour producing centers.
Retail Milk Price "War" Viewed in Cuts by Borden
and Sheffield Companies - Responsibility for
Situation Reported Charged to Federal Farm
Board in Some Quarters.
Cuts made last week in the retail price of milk by the
Borden Farms Products Co. and the Sheffield Farms Co.,
Inc., have resulted in bringing the price down to the lowest
figure in 14 years. The first cut this week in milk prices
came on Dec. 1, as to which the New York "Times" of that
date said:
Reductions of 2 to 3c. in the wholesale price of bottled milk to storm
were announced yesterday by the Dairymen's League Co-operative Association, Inc., and Borden's Farm Products Co., Inc., and will become
effective to-day.
This will make possible a retail price averaging 12c. in the case of
Borden's milk, and 11c, with a bottle deposit of 3c. in the case of Dairymen's League milk. The regular grade B quality of milk is sold in stores,
the retail price varying in different sections of the city.
Grade B milk delivered to homes remains at 14c., and grade A milk at
17c. a quart.
In its issue of Dec. 2 the same paper said:
Yesterday morning (Dec. 1), although no announcement had been made
to that effect, Sheffield Farms met the cuts initiated by Borden's and the
Dairymen's League on bottled milk to stores. The Sheffield wholesale
price to stores was cut from 12c. to 10c. a quart, equalling the Borden
cut. The Dairymen's League cut from 12c. without a deposit to 9c.
plus a deposit of 3c.
With these cuts, bottled milk is expected to sell at retail in stores at
an average of 11 to 12c.
Graham-Paige Motors Corp. to Announce New Model. The Sheffield cut of 2c. on retail delivered milk affects the city and
The Graham-Paige Motors Corp. will announce a new adjacent suburban territory in Westchester, Long Island and nearby
Jersey.
model eight, Dec.19. Prices,f.o.b.factory, will be as follows: New announcing the cut, L. A. Van Bomel, President of Sheffield Farms
In
Standard eight models-Coupe, $995; coupe, rumble seat, Co., Inc., said:
"In view of the reductions made yesterday to store customers, we feel
$1,045; sedan, 5-passenger, 4-door, $1,045.
that our retail home delivery customers should enjoy the same benefits.
Deluxe eight models-Coupe,$1,070; coupe, rumble seat, "At the same time, we are maintaining our policy of paying our farmers
$1,120; convertible coupe, $1,170, and 4-door sedan,$1,120. a higher price for superior milk than is paid them by the other large dairy
organizations in this field.
"These price regulations will represent a considerable cost to the comPool Debt Covered in Bond Flotation. pany. However, we expect increased volume in consumption partly to
Canadian Wheat
offset the loss, indications already pointing to a gradually increasing
From the New York "Journal of Commerce" we take the demand as the public appreciates more fully the health value of milk,
following from Winnipeg, Nov. 27:
as well as its economy as a food.
Provincial bond flotations, totaling $22,000,000 of 4.6% 20
"It is our hope that with bottled milk for home delivery at these new
-year debentures, mark the closing chapter of the Canadian wheat pools' bank financing. low prices, more families will take advantage of the economies offered
Saskatchewan underwriters $13,000,000, Alberta $5,520,000, and Manitoba in the liberal use of milk for beverage and cooking purposes. Milk is
$3,130,000 of the flotation, which in all covers unpaid balances of loans by the lowest-cost food in the metropolitan market to-day. Irrespective of
the chartered banks, and thus relieves the wheat price structure from any the companies engaged in promoting its sales, its use should be urged
nowadays by the public press as the mainstay of a low-priced diet."
possible danger of the banks throwing pledged grain on the market.
Following the action of the Sheffield company on Dec. 1,
Wheat Pool Guarantees Cost Three Canadian Provinces Harry A. Cronk, President of Borden's Farms Products
$22,217,302-Manitoba Net Loss Will Be Not Over Co., issued the following statement on Dec. 2:
"After a discussion with the Dairymen's League Co-operative Associa$1,250,000, Premier Bracken Reports,
tion in which all pertinent economic phases of the milk situation were
Canadian Press advices from Winnipeg, Dee. 3, are taken considered, we are able to put into effect to-day a reduction of 2c, a quart
in Grade A and Grade B bottled milk delivered to the home.
as follows from the Montreal "Gazette":
announcement of a drop of
Total liability of the three Prairie Provinces on account of wheat pool
guarantees is $22,217,302 and Manitoba's share is $3,374,939, Premier
John Bracken stated to-day. Because of pool assets taken over by the
Province, Manitoba's net loss will be not more than $1,250,000.
The premier's figures were based on an auditor's report which has just
been completed covering the accounts as between the Canadian Co-operative
Wheat Producers Limited and the banks. The three Governments concerned having taken over the assets of the pool as security have settled
with the banks.
Responsibility under the guarantee is divided between the Provinces
as follows: Saskatchewan, $13,305,654; Manitoba,$3,374,939, and Alberta,
35,536,707.
Under an agreement reached with the banks the latter agree to take
debentures from each of the Provinces to cover its liability. The debentures
will be of 20 years and will bear interest at 4%%•
"Each of the three Governments has assumed its respective share of the
liability of the wheat pools to the banks," said the Premier, "and each has
taken the assets of the respective wheat pools as security for the payment.
The extent to which each Province is able to realize on these assets will
determine the amount of the loss, if any, which each may have to bear."
Montreal Ends Grain Shipments.
Montreal advices (Canadian Press) from Montreal,
Dec. 7, stated:
The last bushel of grain for shipment overseasfrom Montreal this season
left the Harbor Commission's elevators to-day and brought deliveries of all
grains for the year to 88,810,211 bushels.
Output of Flour Lower Than a Year Ago.
General Mills, Inc. summarizes the following company-five flour milling activities as totaled for all mills reporting
in the milling centers as indicated:
"This reduction supplements our previous
2c. per quart in the price of bottled milk to the stores. Our new prices
of bottled milk delivered to the home, 12c. a quart for Grade B and 15c.
for Grade A, are the lowest in 14 years."
The Brooklyn "Daily Eagle" of Dec. 3 said:
The fight for control of Grade B milk trade started with announcement by the Health Department that sale of loose milk would be banned
after Jan. 1 1933. Loose milk, when bottled, will be Grade B.
In view of the fact that there are approximately 3,500,000 quarts of
milk consumed in New York City daily, the 2c. slash means a saving of
$70,000 daily to consumers, or about $25,000,000 a year. It is considered problematical how long the new prices will prevail.
From the New York "Journal of Commerce" of Dec. 3
we take the following:
Something in the nature of a milk price war, featuring tactics such as
were used in the past few months in many parts of the country, seems
to be getting under way in the metropolitan area. . . .
It is estimated that about 58% of the milk sold in the city has been
the loose milk variety. Since the store sale of bottled milk is only about
1% of the total volume, it is probable that the dairymen in their original
plan thought to sell their bottled milk in that territory, gradually cutting
down and substituting the large percentage of loose milk sold in order to
meet what will probably be a prohibition by 1933 as announced by the
Department of Health in the report of the Loose Milk Investigation
Commission.
Farm Board Loan.
In some quarters of the New York market there was some inclination to
blame the entire situation on Federal Farm Board activities rather than
directly on the intense competition, which it is not denied exists. Last
spring the Farm Board loaned $4,000,000 to the Dairymen's League Cooperative for the purpose of "meeting the necessity of acquiring additional
arkets in various cities where it is now selling milk and other dairy
products."
Officials of the League in Utica and Syracuse when interviewed yesterday called the situation "serious," but would make no further comment
3878
FINANCIAL CHRONICLE
In the "Times" of Dec. 4 it was stated that as a result
of the 2c. a quart reduction in the price of bottled delivered
milk announced this week by the large distributors in the
metropolitan area, dairy farmers of the New York milkshed will lose $2,000,000 a month, according to Fred H.
Sexauer, President of the Dairymen's League Co-operative
Association.
Buffalo "War" Cuts Milk to 6c.—Both Independents
and the Dairymen's Co-operative Charge Effort
to "Crush" Them.
Under date of Nov. 18 Buffalo (N. Y.) advices to the
New York "Times" said:
Milk prices as low as 6c. a quart for standard grade prevailed in Buffalo
and its suburbs to-day, while organized and independent dealers battled
for control of the local market.
A week ago the price of standard grade was 12c. a quart. On Wednesday the price was cut to 10c., and yesterday the second break came
when the larger organized dealers put out milk at 6, 7 and 8c. The independent dealers are maintaining their price at 10c.
Both sides agree that financial ruin will result for dealers and producers
If the battle continues long. Housewives alone are benefiting by buying
milk at the lowest price in the State and the lowest in this city for more
than 25 years.
While officials of the Dairymen's League Co-operative Association
charge that the wholesale price slashing was "a plot to crush the farmers'
organization," independent milk dealers reply that the price war is a move
to force them out of business.
Independent dealers formed a protective organization yesterday to act
against the co-operatives. Henry F. Hart, Chairman, said that "the
price war is staggering to the independent dealers."
[VOL. 133.
In view of the fact that the price of sugar in New York is about 22 points
above world parity, mainly because of the restricted selling measures which
have been in effect, the trade here expects that with resumption of competitive selling prices may work lower. The New York market yesterday was
quoted at 1.20c., cost and freight basis, compared to 85c., f. o. b., Cuba
equivalent in London.
Unable to Get Started.
The pool was formed shortly before all of the Philippines and Porto
Ricos allotted for New York were sold. It did not enter into direct competition with United States insular sugars when first formed. It had the
idea in mind that when these sugars were off the market it would be able to
command a better price for the Cubes.
However, a series of unforeseen developments prevented consummation
of the plan, chief of which was the 5% reduction, approximately, in United
States consumption and the entrance of Western beet sugars into the New
York market, which limited refiners' purchases of raw sugar in the East.
Also Porto Rican and Philippine sugars did not pass out of the market here
entirely. In consequence the pool was never able to get control.
Cuba Censors Papers on Sugar Agreement—Bars All
Dispatches Intimating She Will Not Fulfill Her
Part of Chadbourne Plan.
From Havana Dec. 8 a cablegram to the New York
"Times" said:
Press dispatches which tend to convey the impression that Cuba will not
fulfill her obligations under the international sugar agreement cannot be
published in Cuba, and the censors have ben ordered to eliminate all such
items, it was learned to-day.
Strong agitation by cane planters throughout the island, which culminated in a resolution of the National Planters' Association at a recent general
assembly in the city of Santa Clara to petition President Machada and
Congress to withdraw from the international covenant and an announcement
of their intention to fight restriction of the coming crop, brought about
this decision of the Cuban authorities, it is said. The planters will now
be obliged to carry on their campaign without the advantages of the pubBoston Milk Cut to 9c. Quart.
licity which might have been obtained by them through the press.
taken
The censorship of newspapers imposed in the August revolution is still
Associated Press advices from Boston, Dec. 7, are
in effect and it is reported all forms are submitted to the Government authoras follows from the New York "Evening Post":
ities before they are sent to press.
Milk could be bought in Boston to-day for 10c. a quart delivered, and
Notwithstanding these measures put into effect restraining the enemies
9c. at the stores, the lowest recorded here in 15 years. Dealers and dis- of the Chadbourne plan, the cane planters to-day received some comfort
tributors supplying the Boston market announced the reduction of 2;ic. from a statement to the
press by Senator Viriato Gutierrez, director of the
a quart in the retail price last night.
National Sugar Exporting Corp., that if Java definitely refuses to curtail
The reductions followed the action of the New England Milk Pro- the coming crop Cuba will
naturally be free to grind all the available cane.
ducers' Association Saturday in reducing the wholesale price lc. for the The present cane
crop in Cuba is estimated to be sufficient to produce
second time within a week. The price of dealers, after the second reduc- 4,000,000 tons of
sugar.
tion, was brought down to Sc. a quart.
London Milk Prices Up as Sterling Goes Down.
From London Dec. 1 a cablegram to the New York
"Times" said:
A Laborite attempt to force debate on to-day's spectacular fall in the
pound was ruled out in the House of Commons to-night, though the Government may have to find time for it soon in order to allay the apprehension
of its supporters.
The price of milk in London was increased 2c. per quart to-day, the
distributors having to pay the farmers 8c. a gallon more because the producers have to buy winter fodder abroad with the depreciated pound.
Similar reactions are expected in other classes of foodstuffs.
Sales of sterling from Paris and Amsterdam were declared to be chiefly
responsible for to-day's fall in price. There was a slight rally from the
lowest point, $3.27, on support from New York, but the recovery did not
hold and the rate fell back to $3.391. At $3.27 exchange touched the
lowest point since Feb. 4 1920.
Owing to the lowering of exchange the price of gold was fixed at the
highest price since 1920-125 shillings per ounce.
Foreign exchange dealers, according to "The London Times" report,
do not attribute much importance to the movement in sterling. They
describe the volume of business as negligible compared with that transacted 11 years ago, and say that in the present narrow market the offer
of a quite small sum in sterling is sufficient to depress the New York rate
several cents.
Report That Cuban Planters Will Fight T. L. Chadbourne on Sugar—Said to Plan Withdrawal of
Country from Restriction Plan.
In its issue of Dec. 2 the New York "Times" had the
following to say in a wireless message from Havana Dec. 1:
Cane planters in Cuba are somewhat dismayed by the recent statement
of Thomas L. Chadbourne, author of the plan for stabilization of the world
sugar market, that he will advocate further restriction of crops when the
delegates to the international sugar conventlion come together for the
meeting in Paris Dec. 14. They are determined to continue their uphill
fight against restriction for the coming crop, according to Dr. Cecil'',
Acosta, President of the Planters' Association in Camaguey Province.
Strong appeals will be made to the Cuban Congress and to President
Machado, not only against further curtailment, but for Cuba's withdrawal
from the present agreement.
"We have the support of such formidable labor organizations as the railroad brotherhood, the employees and workers of the entire sugar industry,
commerce in general, municipalities and institutions, in fact, of every class
dependent directly or indirectly upon our chief product," said Senator
Acosta to-day. "With such tremendous moral support behind us we must
be heard by the rulers of the nation.
"We shall unceasingly continue laboring toward our goal despite the cold
indifference displayed by the American sugar magnates."
Thomas L. Chadbourne Sails for Europe to Attend
Resolution Adopted in Havana Asks That Congress
Conference of International Sugar Council in
Cancel Authority of T. L. Chadbourne to Represent
Paris.
Cuba at International Sugar Conference.
Thomas L. Chadbourne, author of the international sugar
From the New York "Times" we quote the following from agreement, in company with Manuel Perdomo as expert
Havana Dec.6:
statistician, Marcelino Garcia and J. M. Casanova, sailed
The feeling against Thomas L. Chadbourne, author of the plan for the on Dec.
5 in the Bremen to attend the international sugar
stabilization of the world sugar market, was clearly shown last night by a
resolution unanimously passed by the municipal council of the town of conference which opens in Paris on Dec. 14. Everett
Niemen), on the Southern coast of Oriente Province, according to reports Smith, sales manager of the National Sugar Export Corp.,
received here.
who is now in Europe, will join them at the conference,
The resolution petitioned President Machada and Congress to declare
Mr. Chadbourne, a "pernicious foreigner" and cancel his authroity to according to the New York "Journal of Commerce."
represent Cuba at the international conference scheduled for Dec. 14 in
From the "Wall Street Journal" of Dec. 7 we take the
Paris.
Sentiment against Mr. Chadbourne has been gaining momentum among following:
the Cuban cane planters, who are fighting desperately to prevent further
restriction of the coming crop.
The National Cane Planters' Association Is now drawing up a petition
to be presented to the President and Congress, but there is little d9ubt
that the association is fighting against heavy odds, with virtually no chance
of changing the policy embarked on by Cuba under the Chadbourne plan.
The principal discussion at the conference will center on sugar production
and exportation, and the necessity for further restriction. Previous to the
departure of American and Cuban delegates, the Java delegation cabled
that it would be glad to discuss this situation and hoped that a satisfactory
result would be reached. Should Java be willing further to restrict its
output and exports, corresponding reductions undoubtedly would be made
In other countries participating in the world agreement.
Cuban Sugar Pool Breaks Up, Market Sees Drop in
Price—"Single Seller" Held Control of 700,000 Tons France Puts Quota on Imported Sugar—Minister of
Agriculture Tardieu Says Step Is Needed to Save
Ready to Unload on New York.
Beet Industry—Figure to Vary With Home Supply.
From the New York "Journal of Commerce" of Dec. 5
Sugar imports into France were further reduced by a
we take the following:
The Cuban sugar pool, headed by Czarntkow-Rionda Co. in the capacity Government decree issued on Dec. 6, imposing an import
of "single seller" in control of 700,000 tons of sugar, which was formed quota in the manner which France has recently applied to
about six months ago with the purpose in view of gaining control of the
imports. A cablegram from Paris Dec. 6 to the New
New York market in the last half of the present year, was disbanded yes- many
terday. Dissatisfaction in the ranks was said to have caused the breakup. York "Times" went on to say:
DEC. 12 1931.]
FINANCIAL CHRONICLE
In a note explaining the Government's decision, Andre Tardieu, Minister
of Agriculture, says that the measure is indispensable for the preservation
of the French sugar-beet industry. He places the blame for its plight on
dumping by foreign sugar holders, "the instability of exchange and the
financial needs of certain foreign producers."
The French consumer, he adds, has no need to fear an increase in price
as the import quota will be regulated to the home supply so as to provide
sufficiently for all needs.
3879
year's crop and 8,000,000 bags of the 1932 crop. The 4.000.000
bass purthis year will be destroyed within 12 months.
The Coffee Council is not authorized to float foreign loans.
chased
Brazil Seeks Uses for Surplus Coffee Stock.
Associated Press advices from Rio de Janeiro Dec.4 stated:
The Brazilian
to-day asked
In Paris advices to the "Wall Street Journal" of Dec. 7 the surplus stockCoffee Council combustibl for suggestions for turning
of coffee into
es, hoping to derive a revenue
It was stated that the import quota system was extended to from the 12.000,000 sacks of low-grade coffee now awaiting disposition.
sugar by France on the ground of the menace of Russian A brewery here has been mixing coffee with creosote,raw tar and pitch and
has reported that the product is comparable to second grade coal as a
fuel.
dumping. Imports, it was added, have been limited to
32,000 tons up to August.
Mexican Coffee Exports—Planters Fear Loss of Foreign
Markets If Shipments Halted for a Year.
Retiring President of Hawaiian Sugar Planters' AssociFrom the "Wall Street Journal" of Nov. 28 we take the
ation Say Industry Is Being Taxed Out of Existence. following from Mexico City:
The following from Honolulu is from the "Wall Street
Mexico will be in danger of losing forever foreign coffee markets
which
she now controls if her exportations of that product are halted for a
Journal" of Dec. 8:
single
Franck C. Atherton, retiring President of the Hawaiian Sugar Planters'
Association, stated in his annual report that the sugar industry of the island
was being taxed out of existence; plantations have been paying more
taxes
to the territorial Government than they have been earning for shareholde
rs.
He stressed the necessity of substantial reductions of Governme
nt expenses.
Brazil to Destroy Coffee Surplus—To Eliminate 12,000,000 Bags in 12 Months in Plan for Stabilization of
Prices—Will Raise Export Duty—Plans of Nationa
l
Coffee Council.
In the New York "Times" of Dec.8 it was stated that
the
National Coffee Council of Brazil announced plans
the previous day for the stabilization of coffee prices, includin
g the
destruction of 12,000,000 bags in the next twelve
months
and the placing of an additional tax of five shillings
a bag
on coffee exports from the country, according to a
cable
dispatch to the New York Coffee and Sugar Exchang
e.
The "Times" said:
year, a petition, which a delegation of Chiapas and Vera Cruz State
coffee
planters and distributors have laid before Ministry of Finance, states.
It
urges abolition of coffee exportation levy of three centavos (about
1.25c.)
per kilo.
Delegation avers this impost and State exportation taxes make selling
coffee abroad next to impossible. It asserts that Mexico's average
annual
coffee exportation is approximately 60,000,000 kilos.
Coffee men have petitioned governments of their respective States
to
reduce export levies which have recently been doubled.
Mexican Presidential Decree ModifieslBasis for:Assessment of Export Duty on Unhulled Coffee.
A Mexican Presidential decree, officially published on
Dec.2 1931, and presumably effective on publication, makes
a minor change in the basis for the assessment of export
duty on unhulled coffee, depending on its market value
and whether or not it is exported in domestic-made or imported sacks, according to a cable dated Dec. 2, received
by the Department of Commerce from Commercial Attache
Charles H. Cunningham, Mexico City. The Department
on Dec. 4 added:
The coffee that is pledged against foreign loans is to be
safeguarded, the
cable said. The decision to destroy the 12,000,000
bags was reported as
unanimous.
Belief that the Council would take definite steps to
stabilize the coffee
industry in Brazil has been responsible for a gradual
futures prices on the Exchange here in the last few advance in coffee
weeks. Yesterday
Santos contracts advanced 5 to 7 points and Rio contracts
indicating that the plan of the Council had been mostly 2 to 5 points,
The main points approved by the Council, according discounted.
to the advices of
the Exchange, follow:
"1.—Autonomy of National Coffee Council with
fiscalization by Federal
Government as previously advised.
"2.—Council to take over full responsibility of
purchases of retained
stocks from Federal Government as well as of all coffee
entrusted to the
latter.
The decree provides that if the market value of unhulled coffee Is greater
than 1.10 pesos per kilo, the full export duty of 2.70 Pesos Per
100 gross
kilos will apply; if the market value is less than 1.10 pesos and more than
0.90 Peso per kilo, one-half of the specified rate of 2.70 pesos (or 1.35
pesos) per 100 gross kilos will apply, and if the market value is less than
0.90 peso per kilo and the coffee is exported in domestic
-made sacks, duty
free exportation will be accorded, but if the coffee is exported in sacks
that
have previously been imported, one-half the usual duty or 1.35
pesos per
100 gross kilos will be assessed. To these basic rates of export duty should
be added a surtax of 2% of duty.
"3.—Export tax increased to 15 shillings, of which
10 shillings is to be
collected and used as hitherto and 5 shillings in
sight drafts on London
or New York toward amortization and interest of
the 1930 'realization'
loan.
"4.—Three shillings Sao Paulo tax which was
imposed to meet services
on the realization loan, to be suppressed.
..5.—Council to pay for at earliest possible
date stocks retained as of
June 30'1930. adjusting accounts with all
Government bodies and banks
interested and taking over full responsibilities for
the $20,000.000 'realization' loan.
"6.—Council is fully authorized to secure
necessary internal credit
operations in anticipation of export tax returns toward
purchases of stocks
or for other ends.
"7.—Council is to defend actual quotations in
national markets in whatever manner it may judge most suitable.
"8.—Council will eliminate 12,000,000 bags of coffee,
quality to be at
their criterion inside of a maximum period of one
year or a minimum
period of 1,000,000 bags monthly, but this is to be
speeded up to the utmost. The coffee pledged against the £20,000,00
0 loan to be guarded.
"9.—Council to commence purchases of coffee in
interior at earliest
possible date."
The realization loan was sold in the United States
and Great Britain
In April 1930. The sterling issue amounted to
dollar issue totaled $33,250,000. This loan is a £12,167,573, while the
direct
State of Sao Paulo and is secured also by pledge of obligation of the
roughly 16,000,000
bags of coffee.
With advancing prices, the coffee turnover exceeded the month of
October
and also the month of November 1930. Sugar trading showed on
improvement over the month of October, although prices declined for the
month.
Turnover of coffee on the Exchange vias 696,250 bags, compared
with
351,750 bags in October. Rio "A" contracts closed the month with
net
gains of 26 to 87 points. Santos "D" contracts gained 25 to 43 points.
A total of 425,800 tons of sugar changed hands during November compared with 321,950 tons in October. Futures showed net declines of 10
to
20 points for the month.
Proposes to Reorganize Coffee Contro
l—Plan
Destruction of 12,000,000 Bags and Tax
Increase of Five Shillings.
The following Rio de Janeiro advices (United
Press) Dec.
4 are from the New York "Herald Tribune":
Brazil
Includes
A reorganization of Brazil's coffee marketing
operatios with the National Coffee Council replacing the Federal
Government as the controlling
factor, appeared certain to-day. The
reorganization plan involves the
destruction of 12,000,000 bags of
coffee this year and next year, and an increase of five shillings a bag in the
tax on coffee. The formal draft of the
project will be presented to the Council
to-morrow for approval. The
Government is expected to announce
its support of the plan some time
next week.
According to an authoritative
source, the plan now being drawn up will
be along the following lines:
1.—The National Coffee Council will be
autonomous and will have
authorization to issue an internal loan
guaranteed by a 15 shilling per bag
export tax. This tax will be substituted for the
present 10 shillings tax
and also for the added three shilling tax in Sao
Paulo State which guarantees a £20,000,000 loan.
2.—A loan to be sponsored by the Federal Governme
nt and the coffee
council will liquidate the balance of this £20.000.000
loan and also will be
used to purchase 12,000,000 bags of coffee, including
4,000.000 bags of this
Volume of Coffee and Sugar Trading During November
on New York Coffee and Sugar Exchange.
Both coffee and sugar trading volume showed sharp in.
creases on the New York Coffee and Sugar Exchange during
the month of November, according to an announcement,
dated Dec. 1, issued by the Exchange, which likewise said:
Novembey One of Most Active Months in History of
New York Cocoa Exchange.
The month of November was one of the most active in the
history of the New York Cocoa Exchange, according to the
volume of trading. In indicating this, the Exchange, on
Dec. 1, said:
Turnover for the month was 3,620 lots, or 48,508 tons, which is
more
than the combined volume of October and November 1930. Turnover in
October was 1,924 lots, or 25,782 tons, and in November 1930 was 1,675
lots, or 22,485 tons.
When the month's trading opened, spot cocoa was quoted at 45ic. a pound.
The price advanced in a few days to 54e., and then commenced to decline
/
1
until the closing at the end of the month of 4%c. a pound.
Study Dealing with Marketing of Cotton Goods Announced by Textile Foundation.
Commencement of a study dealing with the marketing of
cotton goods was announced on Dec. 9 by the Textile
Foundation. This is the second of a series of distribution
studies in the field of textiles authorized by the Foundation.
That every advantage and facility may be available, an
advisory committee has been formed consisitng of the following members:
Walter S.Brewster, Chairman, Association of Cotton Textile
Merchants
of New York; Harry L. Bailey, Cotton-Textile Institute, Inc.;
Fessenden
S. Blanchard, National Association of Cotton Manufacturers;
G. Edward
Buxton, Cotton-Textile Institute, Inc.; Georges. Harris,
American Cotton
Manufacturers Association; George Hussey, Textile
Brokers' Association;
3880
FINANCIAL CHRONICLE
[VOL. 133.
bales. It is estimated in trade circles in Alexandria that
the crop will be somewhat more than the Government
predicts, or about 6,400,000 cantars which is equal to 858,000
Egyptian bales or 1,330,000 American bales.
Cairo advices Dec. 7 are from the New York "Times":
This advisory committee is an enlargement of the original
The Egyptian Ministry of Agriculture to-day published its cotton estition of Cotton mate for 1931 as, unginned cotton. 5,895,253 kantars; ginned, 6,204,922
Committee on Distribution of the Associa
Textile Merchants of New York which at the request of the kantars.
The amounts include sakellarldis cotton, the country's main variety,
Foundation began in the spring of 1931 a preliminary survey of which 1,345.965 kantars are unginned and 1,313,174 ginned. The
of the full balance constitutes all the other kinds of cotton produced here.
of problems of textile distribution. The promise
value
co-operation of all interests insures a report of great
and wide application.
of American Cotton by Liverpool Merchants
ity Buying
The study will be conducted by the Harvard Univers
at Minimum As Result of Fear of Debenture Legisthe
Graduate School of Business Administration, under
lation.
Marketing.
direction of Dr. Melvin T.Copeland,Professor of
Fears of debenture legislation have kept import buying of
ng
Dr. Copeland has been affiliated with textile marketi
ol merchants down to a miniof "Cotton American cotton by Liverpo
problems for many years. He is the author
Cotton Exchange Service.
in mum, according to the New York
Manufacturing Industry in the United States," written
These fears have resulted in narrowing the parity between
abroad. In
1910-1911 after a year's study of the industry
, and this, together with
the Liverpool and New York futures
1919 he was Secretary of the Research Committee of
the high basis prevailing in the South and the absence of
under
National Council of Cotton Manufacturers. In 1920,
ol futures, has caused Liverd carrying premiums on Liverpo
his guidance the Bureau of Business Research at Harvar pool merchants to avoid buying in the South except against
s of
started a comparative study of the operating expense
ge Service on Dec. 8 added:
In absolute needs. The ExchanLiverpool importers are buying little
department stores, which has since been continued.
On Brazilian cotton, similarly,
high prices. On Indian, a small business has been
1923, that Bureau conducted a survey of wholesale dry goods because of unacceptably spring shipments. Liverpool estimates that total
done this
South. In 1926, Dr. Copeland supervised a imports ofpast week for at that market this season will be about 100.000
houses in the
Russian cotton
under current consurvey of the distribution of textiles.
bales of about 400 pounds each. It is expected that
McCampbell,
Henry G.F.Lauten,Textile Converters' Association; Leavelle
W. L. Pierce,
Association of Cotton Textile Merchants of New York;
T. Stevens,
National Association of Finishers of Cotton Fabrics; Robert
and William E.
Association of Cotton Textile Merchants of New York,
s of New York.
Winchester, Association of Cotton Textile Merchant
mouth basis.
ditions, Liverpool will import cotton on only a hand-to-
New Orleans Receives Record Cotton Shipment.
Spinning Mills Consuming Cotton at Close to
New Orleans advices Dee. 3 are taken as follows from the India
Highest Rate on Record.
New York "Times":
funnels
Spinning mills of India are consuming cotton at close to
old river boats with their romantic names and immense
The
so much cotton to
according to the New York
took up more dock space but they did not bring nearly
the cotton the highest rate on record,
New Orleans as the river craft of 1931. As part of the revival of
During October, the mills of
pi the towboat St. Louis of the Federal Barge Line Cotton Exchange Service.
trade on the Mississip
19,000 more
India consumed 198,000 running 400-pound bales of native
arrived this week with barges carrying 28,200 bales, nearly
.
than ever arrived before by water in a single shipment
cotton against 177,000 in the same month last season and
ago, and the preliminary estimate for
to 207,000 two seasons
Lancashire Cotton Manufacturers Decide Not
er is 200,000 bales against 187,000 in November
Novemb
Disturb Existing Wage Agreements.
last season and 204,000 two seasons ago. In the four
Associated Press accounts from Manchester, Eng., Dec. months to Nov. 30, India's consumption was approximately
774,000 bales against 699,000 in the same period last season
4 stated:
Manufacturers'
ago. The Exchange Service on
The Central Committee of the Cotton Spinners and
ts in and 784,000 two seasons
agreemen
Association decided to-day not to disturb existing wage
was believed that Dec. 1 added:
Lancashire by giving 30 days' notice to the workers. It
that the current
the danger of a strike was removed.
received from local
The Association decided that the majority of replies
workers a month's
associations supporting the recommendation to give the
Sixty-eight per cent of the
notice of a wage revision was not large enough.
replies favored the notice.
ManUnder date of Nov. 27 United Press advices from
"Herald
chester, were given as follows in the New York
Tribune":
d to-night with a strike
Cabled advices from trade sources in India indicate
season,
Indian crop is expected to be a little smaller than the crop of last
much less than the crop of two seasons ago, and somewhat below the average
tentatively
crop of the past five seasons. On the basis of these advices, this
puts the current crop at 5,400,000 running Indian bales of 400 pounds each,
two seasons ago, and an
compared with 5,731,000 last season, 6,222,000
average in the past five years of 5,693,000 bales.
s
to Lowest Prices on Record.
Silk Future Decline
The Lancashire cotton industry was threatene
Trade union leaders announced
From the New York "Times" of Dec. 11 we take the
involving approximately 500,000 workers.
"inevitable" on New Year's Day unless a
that a stoppage of work was
following:
working hours and wages.
New
compromise was reached on
Prices of raw silk futures fell yesterday to record low levels on the
d it was terminating
Federation of Master Cotton Spinners announce
$2 a bale and new
IP The
Dec. 31 and proposing an increase of York Silk Exchange. January sold down to below Exchange.
-hour week agreement on
the 48
on the
wages. The Federation was understood to low prices were reached for every month quoted
7
hours, with a reduction in
January silk sold at $1.96 a bale, which showed a net loss of cents
of wages.
-hour week and a 12A % reduction
demand a 55
a bale from the previous record low of 82.03, which was the low at the
%.
operatives already have been cut 1234
position
Wages of the
close on Wednesday. The quotation yesterday on the January
the bottom of
is 17 cents under the price of $2.13. which proved to be
Close Saturday Dec. the market for this contract from May 11 last until last Tuesday. when
Cotton Exchange to
New York
the present downward movement started.
o Saturday, Jan. 2.
26—Als
New York Cotton txchange
The Board of Managers of the
ts—East Texas Allowable
Exchange will be closed on Saturday, Petroleum and Its Produc
voted on Dec.3 that the
Is Again Reduced—Oil Officials Find Industry
Day,and on Saturday,
Christmas
Dee.26,the Saturday after
in Better Condition Than Year Ago.
Year's Day.
Jan. 2, the Saturday after New
,
Effective at seven o'clock yesterday (Friday) morning
production in East Texas oil field
the per well allowable
New York Cotton
Change in Trading Rules of
was ordered reduced 25 barrels to a new low allowable of
Exchange.
the Board 100 barrels per well. This was made effective by an executive
ge, by vote of
The New York Cotton Exchan
trading rules so that order issued by Governor Ross Sterling, who, through his
Managers on Dec. 3, changed its
of
of martial law, has held
ng the eleventh succeeding use of military power by declaration
trading in the month followi
oil situation since August of
the opening call following the the whip-hand in the Texas
month may commence on
transferable notices may be this year.
last business day upon which
the
It is computed that the new restriction will limit the East
the current month, instead of on
issued for delivery in
Texas field to approximately 350,000 barrels per day.
r month.
calenda
first business day of the next
Governor Sterling has declared heretofore that he was determined to hold East Texas down below 400,000. The
Crop.
Egyptian Cotton
of new wells has made it necessary to continually
the cotton crop of bringing-in
The Egyptian Government estimates
per well allowable so as to restrict the total output
pounds each, which is lower the
Egypt at 6,205,000 cantars of 99.049
within this limit.
Egyptian bales of 739 pounds each
equivalent to 832,000
The past week has seen no important changes in the crude
bales, according to a
in advancing
or 1,290,000 American 478-pound
Exchange oil price situation. California has not yet acted
Cotton
cablegram received by the New York
crude prices, but such action will be taken very shortly is
ge, Dec. 8, is
Yesterday
Service. This estimate, said the Exchan
t generally conceded throughout the industry.
than the Egyptian Government's forecas the Primrose Refining Co. at Wichita Falls, Tex., announced
slightly smaller
the
00 cantars, or
of Oct. 5, which put the crop at 6,416,0
for all crude oil purchased
1,333,000 American a reduction of 20 cents per barrel
equivalent of 860,000 Egyptian bales or
DEC. 12 1931.]
FINANCIAL CHRONICLE
in north Texas fields, the new price of 65 cents for 40 gravity
and above to become retroactive as of Dec. 1.
An important development in the Texas situation, preceding the announcement of Governor Sterling regarding the
new low allowable, was the Governor's suggestion, made
public, that the Railroad Commission call a public hearing
at an early date to consider all of the factors now entering
into production of oil and gas in East Texas, with the objective of that civil body resuming charge of the situation.
It is understood that the Commission favors a return of the
field to their supervision, in which case production would
probably be on a higher per well basis.
A group of officials of the leading petroleum companies
have concluded a personal field investigation, the results of
which, according to Charles F. Meyer, Chairman of the
executive committee of the Socony-Vacuum Corp.,show that
the oil industry in this country is in much better condition
than at this time last year. He declaxes that the most
uncertain factor in the situation is the ability of the various
States to hold output at or near current levels. He declares
that "if they can maintain a tight rein on production, or
even prevent any unusual disturbance in the rate of output,
then the industry in this country can be expected to improve
further."
Price changes of the week fellow:
-Primrose Refining Co. announces a reduction of 20c. Per
Dec. 11.
barrel for all crude oil purchased In the north Texas area, retroactive to
Dec. 1. The new price is 65c. per barrel for 40 gravity and above
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
Bradford. Pa
82.00 Eldorado, Ark., 40
$0.133
Corning,Pa
.80 Rusk. Texas, 40 and over
.68
.80 Salt Creek, Wyo..40 and over
Illinois
.85
Western Kentucky
Caret Creek
.60
Midcontinent, Okla.. 40 and above_ .85 Sunburst. Mont
1.05
Hutchinson, Texas,40 and over____ .66 Santa Fe Springs, Calif.. 40 and over .75
Spindletop, Texas. 40 and over--- .79 Huntington, Calif., 28
.72
.71 Petrolia, Canada
Winkler, Texas
1.75
Smackover, Ark.. 24 and over
3881
Gasoline, Service Station, Tax Included.
New York
$.143 Cincinnati
$ 18 Kansas City
i 149
Atlanta
.195 Cleveland
18 Minneapolis
.162
Baltimore
19 New Orleans
159 Denver
.118
Boston
.16 Detroit
131 Philadelphia
11
Buffalo
.158 Houston
13 San Francisco
17
Chicago
.15 Jacksonville
19 St. Louis
129
Kerosene, 41-43 Water White, Tank Car Lots, F.O.B. Refinery.
N.Y.(Bayonne) H-$.06 Chicago
5.0234-.03H New Orleans, ex_ -$0.0334
.05
North Texas
.03 Los Ang.,ex__ .043t-.06
Tulsa
.0434-.0334
Fuel Oil, F.O.B. Refinery or Terminal.
N. Y. (Bayonne)California 27 plus D
Gulf Coast "C"___$.55-.65
Bunker "C"
5.60
5-75-1.00 Chicago 18-22 D_ .4234-.50
Diesel 28-30 D..-- 1.30 New Orleans "C"___ .55
Gas Oil, F.O.B. Refinery or Terminal.
N. Y.(Bayonne)I ChicagoTulsa
28 D plus----$.033i-.04 I 32-36 D Ind_ _$.013(-.02
32-36 D Ind_ $.013$-.02
I
I
Crude Oil Output in the United States Again Rises,
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
for the week ended Dec. 5 1931 was 2,449,850 barrels, as
compared with 2,420,100 barrels for the preceding week,
an increase of 29,750 barrels. Compared with the output
for the week ended Dec.6 1930 of 2,229,250 barrels, per day,
the current figure represents an increase of 220,600 barrels
daily. The daily average production east of California for
the week ended Dec. 5 1931 was 1,954,850 barrels, as compared with 1,914,700 barrels for the preceding week, an
increase of 40,150 barrels. The following are estimates of
daily average gross production, by districts:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Week EndedDec. 5 '31. Nov. 28 '31. Nos. 21 '31. Dec. 8 '30
Oklahoma
555,050
523.850
558,550
451,900
Kansas
105,100
104.950
104,650
105,100
Panhandle Texas
52,600
56,150
82,200
76,650
North Texas
58,450
55.950
57.250
60,550
West Central Texas
25,850
26,250
26.250
40,450
West Texas
202,000
203.000
203,700
266,150
56.800
East Central Texas
56,500
56,850
40,900
402.200
East Texas
387.950
371.250
Southwest Texas
55,850
58,950
58.400
87,250
North Louisiana
28,700
29,150
29,550
44,150
Arkansas
37.450
37,500
37,750
51,400
Coastal Texas
127,500
127,500
125.650
162,050
34.050
Coastal Louisiana
32,150
-TANK WAGON GASOLINE PRICES
32.400
REFINED PRODUCTS
28.000
111,150
Eastern (not Incl. Michigan)---107,550
111,850
104.000
REDUCED DESPITE HIGHER TANK CAR QUOTATIONS
13.350
- Michigan
15,150
16.100
8.700
35.300
36.450
39.750
ACTION BELIEVED DUE TO COMPETITIVE ACTIVITIES IN Wyoming
49.650
Montana
7.550
7.750
7.750
8,900
CERTAIN LOCALITIES - PAN-AMERICAN PETROLEUM Colorado
3,950
3,800
3.950
4,000
43,950
44,150
New Mexico
44.450
41,050
-OILS QUIET.
MEETS TANK CAR ADVANCE
495.000
California
505.400
505,100
600,400
Despite general expectation of an advance in tank wagon
and service station prices, following last week's higher
postings on tank car prices, the Standard Oil Co. of New
York on Tuesday of this week posted a 2e. cut in tank
wagon and service station prices on gasoline, effective in
New York City, Westchester County and Long Island. In
view of the general strengthening tone of the market in recent weeks it is generally believed that this cut was occasioned by competitive measures in the restricted field,
through the use of lower grades of gasoline, which made the
sharp cut necessary.
The bulk market has been showing continuing strength
throughout the past few weeks all along the Atlantic seaboard, with the exception of New York City. It is here,
especially, that third grade gasolines have been pushed
harder than ever, bringing the larger distributors to the
point where drastic cuts were necessary to meet competing
stations. It is not believed that the cut will be made general
throughout the Eastern territory, or that it will even be
maintained for a considerable period in its restricted fields.
On Monday of this week the Pan-American Petroleum &
Transport Co. posted a Mc. per gallon advance on tank car
gasoline quotations, thus meeting the general advance
announced last week. The market here for U. S. Motor
still ranges from 6c. to 63/20. per gallon for 65 octane and
lower, while above 65 octane is held at 7c. per gallon.
Consumption of gasoline has held up remarkably well in
the Metropolitan area up to this time, due to favorable
weather conditions as well as to the price structure which,
due to competitive grades of gasoline, has been most favorable to the consuming motorist.
Grade C bunker fuel oil has been quiet but unchanged at
60c. per barrel, at refinery. Diesel is also in quiet demand,
but steady at $1.30 per barrel, same basis.
Water white kerosene, 41-43 gravity, is in small demand
and the price structure holds unchanged at the recently
advanced posting of 6c. per gallon, tank car, at refinery.
Price changes follow:
-Standard Oil Co. of New York announces reduction,
Dec. 8.
effective
immediately, of 2c. per gallon in tank wagon and
service station prices
on gasoline In New York City, Westchester County and Long Island.
Gasoline, U. S Motor, Tank Car Lots, F.O.B.
Refinery.
N. Y.(Bayonne)New YorkNew Orleans ex.$R5
-R53(
.
Stand. Oil, N.J.$0.01334
Colonial-Beacon $006
.06
Arkansas
.04-.04X
Crew Levick.Stand. Oil, N.Y. .0634
.083$ California
.05-.07
TideWater011Co .06
z Texas
.08
Los Angeles, ex_ .04%-.07
Richfield011(Cal) .06H
Gulf
.06
Gulf Ports
.05-0531
Continental
Warner-Quin. Co .06)4
.06
Tulsa
.0434-.05
Republic Oil- _
Pan-Am.Pet.Co. .06
.06
Pennsylvania.-.05M
Chicago
Shell Eastern Pet .08
$.0304
"Texaco" Is 07.
2,449.850 2.420,100 2.453.400 2.229,250
Total
The estimated daily average gross production for the Mid-Continent
field, including Oklahoma, Kansas, Panhandle, North, West Central,
West, East Central, East and Southwest Texas, North Louisiana and
Arkansas, for the week ending Dec. 5 was 1.578.050 barrels, as compared
with 1.540,200 barrels for the preceding week, an Increase of 37,850 barrels.
The Mid-Continent production, excluding Smackover (Arkansas) heavy
oil, was 1,552.450 barrels, as compared with 1,514,300 barrels, an increase of 38.150 barrels.
The production figures of certain pools in the various districts for the
current week, compared with the previous week, in barrels of 42 gallons,
follow:
OklahomaSouthwest TexasDec. 5 Nov. 28.
Dec. 5. Nov. 28.
14,150 20.700 Chapmann-Abbot
Bowlegs
1,900
2.000
Briatow-Silok
11,750 12,050 Darst Creek
18,100 18,950
11,900 11,900 Luling
Burbank
7,200 7,400
Salt Fiat
20.3.50 24,700
Carr City
10,250 10,500
North Lout:fanoEarlsboro
15,200 8,150
goo
goo
15,150 13,250 Sarepta-Carterville- __
East Earlsboro
6,250 8,000 Zwolle
South Earlaboro
5,550 6,000
Arkansas
Konawa
6,200 3,750
Little River- - ...... 22.050 29.750 Smackover,light-- --- 3.200 3.100
2.400 3.800 Smackover,heavy
East Little River
25.600 25.900
Coastal Texas
2,200 3,400
Maud
9,450 9,000 Barbers Hill
Mission
23,500 23.900
106,800 188,000 RaCCOOD BendOklahoma City
..... 6.000 5.800
17,300 12,300 Refugia County
St. Louis
15,700 16.600
3,250 5,100 Sugarland
Searight
10,950 10,900
Seminole12.450 7.500
Coastal Louisiana
1,150 East Hackberry
Seminole
1,400
East
11,600 10,200
Old Hackberry
Kansas600
800
Wyoming17,550 17,050
Rita
Sedgwlek County
13,150 13,100 Salt Creek
18,700 22,000
VoshelI
Montana
10,850 11,100
Panhandle TexasKevin-Sunburst
4,700 4,700
New AInue31,450 36,800
Gray County
Hutchinson County..
14,250 12,300 Hobbs High
37.200 37,200
North TexasBalance Lea County
4.501) 4.650
California
12,500 12,650
Archer County
7,050 Elwood-Goleta
North Young County-- 7.000
22,700 23,500
Wilbargex County
12,300 12,400 Huntington Beach
21.000 21,000
Inglewood
West Central Texas13,600 13,600
South Young County- 4,850 4,950 Kettleman Hills
58.600 63.600
Long Beach
West TexasCrane A: Upton Counties 20,200 20,300 Midway-Sunset
Eetor County
6,400 6,300 Playa Del Rey
23.000 23.000
Howard County
26,050 26.000 Santa Fe Springs
61.300 62,500
Reagan County-- -- 30,300 30,700 Seal Beach
14,000 13,500
Winkler County
37,400 37,600 Ventura Avenue
38,500 39,000
Pennsylvania Grade
67,100 67,350
Yates
Balance Pecos County.,,, 2,600 2,600 Allegany
7.600 7.050
Bradford
East Central Texas-30,450 26,600
49,800 49,550 Kane to Butler
Van Zandt County
8,400 6,850
Southeastern Ohlo
East Texas5,850
135,300 131.600 Southwestern Penna..-- 3,450 6.400
Rusk Co.:Joiner
3.200
1011101.13
133.450 131,050 West Virginia
12,900 12,450
Gregg Co.: Longview --.133,450 125.300
It:82 1::233
Bulk Terminal Stocks of Gasoline Increase-Gasoline
in Transit Higher than a Year Ago.
The American Petroleum Institute below presents the
amount of gasoline held by refining companies in
bulk
terminals and in transit thereto, by Bureau of Mines'
refining districts, East of California. The Institute's
statement follows:
It should be borne definitely in mind that comparable
quantities of gasoline have always existed at similar locations as an integral part
of the system
of distribution necessary to deliver gasoline from the points of manufacture
to the ultimate consumer. While it might appear to some that these
quantities represent newly found stocks of this product, the industry itself
and those closely connected with it, have always generally known of their
existence. The report for the week ended Aug. 22 1931 was the first time
that definite statistics had ever been presented covering the amount of such
stocks. The publication of this information is in line with the Institute's
policy to collect, and publish in the aggregate, statistical information of
interest and value to the petroleum industry.
For the purpose of these statistics, which wIll be issued each week, a bulk
terminal is any installation, the primary function of which is to supply
other smaller installations by tank cars, barges, pipe lines or the longer
haul tank trucks. The smaller installations referred to, the stocks of which
are not included, are those whose primary function is to supply the local
retail trade.
Up to Aug. 22 1931, statistics covering stocks of gasoline East of California reflected stocks held at refineries only, while for the past several years
California gasoline stocks figures have included,and will continue to include,
the total inventory offinished gasoline and engine distillate held by reporting
companies wherever located within Continental United States, that is, at
refineries, water terminals and all sales distributing stations, including
amounts in transit thereto.
Gasoline at "Bulk Terminals."
District.
[Vol,. 133.
FINANCIAL CHRONICLE
3882
Gasoline "in Transit."
Figures End of Week.
Dec. 6
Nov. 28
Dec. 5
1931.
1930.
1931.
Figures End of Week.
Dec. 5 Nov. 28 Dec.6
1930.
1931.
1931.
time before that field will be a factor in natural gasoline
production. Despite the gain in output in October, stocks of
natural gasoline continued to reflect the material drop in
output of the previous six months and fell from 25,808,000
gallons on hand Oct. 1 to 21,993,000 gallons on hand Oct. 31.
The Bureau shows:
PRODUCTION OF NATURAL GASOLINIC (THOUSANDS OF GALLONS).
Stocks End of Mo.
Production.
Jan.
Oct.
1931.
Oct
1931.
6,900 59,900
8,000
1,000
46,600 369,100
2,900 24,900
43,600 359,900
5,800 44,300
2,700 23,100
5,100 57,100
67,100 569,300
1,957
243
5,468
422
5,460
868
161
608
6,806
6.093
140,500 128,600 181,700 1515600
4,990
5,860
4,530
4,290
4,326 36,085
3,345
3,062
119
140
108
102
21.993
25,808
361
614
Oct.
1931.
Sept.
1931.
Appalachian
5,900
IlliooLs, Kentucky,Indiana_
900
Oklahoma
31,300
Kansas
2,400
Texas
34,900
Louisiana
4,600
Arkansas
2,000
Rocky Mountain
6,100
California
52,400
4,400
700
25,600
2,300
32,700
4,600
1,900
6,100
50,300
Total
Daily average
Total(thousands of bbls.)
Daily average
Oct.
1930.
Sept.
1931.
2,583
263
7,385
586
868
235
577
7,443
6,662.000 6.565.000 7,121,000 1,642,000 1,905,000 1,530,000
East Coast
10,000
436.000
395,000
403,000
Appalachian
48,000
25,000
3,074,000 3,005,000 2,129,000
Ind., Ill., Ky
437,000
Okla. Kan., Mo-458,000
41,000
82.000
185,000
183,000
Texas
240,000
88,000
34,000
294,000
396,000
346,000
Loulsiana-Arkan_ _
Rocky Mountain_
Largest Producers of Platinum Combine-Private
Company Will Regulate Prices and Output.
All the platinum produced in the Soviet Union, Canada,
South Africa and Colombia will be handled by "Consolidated.
Total east of Calif_ 11,183,000 10,981,000 10,165,000 1,701,000 2,133,000 1.571,000 Platinums," a private British company, which will control
41,000 production, regulate prices and seek new outlets for the
82,000
160,000
150.000
206,000
Texas Gulf
79,000
293,000
290,000
277,000
Louisiana Gulf
metal, according to information made public Dec. 1 by the
Department of Commerce. According to the "United States
Weekly Refinery Statistics for the United States. Daily" of Dec. 2 from which we quote, the statement as
Reports compiled by the American Petroleum Institute received from the office of the American Commercial Attache
for the week ended Dec. 5, from companies aggregating n London, follows in full text:
Major Output Controlled.
3,665,600 barrels, or 95.2% of the 3,852,000 barrel estimated
Following lengthy discussions, an agreement has been reached, it 18
daily potential refining capacity of the United States, inof which an Engreported, between
dicate that 2,213,400 barrels of crude oil were run to stills lish company has the chief platinum producers, as a result
been formed with the title of "Consolidated Platinums,"
daily, and that these same companies had in storage at which has concluded contracts to buy and resell virtually all the new platrefineries at the end of the week, 34,256,000 barrels of inum production in the Union of Soviet Socialist Republics, Canada. South
Africa and Colombia. This constitutes the major portion of the world's
gasoline, and 135,164,000 barrels of gas and fuel oil. Reports output.
It is understood that "Consolidated Platinum," is a private company
received on the production of gasoline by the cracking
is purely nominal. The parprocess indicate that companies owning 95.6% of the po- registered under guarantee and the capital output only to "Consolidated
ticipating companies will dispose of their
tential charging capacity of all cracking units, manufactured Platinums," which will take delivery of the metal and sell it. It will, there3,396,000 barrels of cracked gasoline during the week. The fore, be in a position to control production and regulate prices.
complete report for the week ended Dec. 5 1931 follows:
Nem Outlets to Be Sought.
CRUDE RUNS TO STILLS. GASOLINE STOCKS AND GAS AND FUEL OIL
STOCKS WEEK ENDED DEC. 5 1931.
(Figures in Barrels of 42 Gallons.)
Crude
Runs to
Stills.
Per Cent
Oper.
of Total
Capacity
Report.
aGasoline
Stocks.
100.0
East Coast
91.8
Appalachian
Illinois, Kentucky 98.9
Ind.,
Okla., Kans., Missouri_ 89.6
91.3
Texas
98.9
Louisiana-Arkansas
89.4
Rocky Mountain
97.1
California
2,979,000
701,000
2,053,000
1,574,000
3,734,000
1,110.000
260,000
3,083,000
67.2
72.9
68.0
51.7
69.7
68.8
25.8
49.6
4,221,000
1,166.000
3,534,000
3,023,000
6,922,000
972,000
1,387,000
.13,031,000
95.2
Total week Dec.5
Daily average
Total week Nov.2&_ 95.2
Daily average
Total Dec.6 1930.- 95.7
Daily average
99.8
cTexas Gulf Coast
cLouislana Gulf Coast_ 100.0
15,494,000
2,213,400
16.048.000
2,292.600
15,311,000
2,187.300
3,020,000
799,000
60.4
34,256,000
135,164,000
62.5
33,685,000
136,439,000
61.2
036,157,000
138,864.000
81.2
77.4
5,272,000
820,000
8,654,000
3,151,000
District.
Per Cent
Potential
Capacity
Reporting.
Gas and
Fuel Oct
Stocks.
9,723,000
1,648,000
5,775,000
4.606,000
11,735,000
3,937,000
797,000
96,943,000
California. figures in this column
a In all the refining districts indicated except
represent the total
*California,
represent gasoline stocks at refineries. Indistillate held theyreporting companies
by
of finished gasoline and engine
Inventory
United States-(stocks at refineries, water
wherever located within continental
in transit thereto).
including
terminals and all sales distributing stations,transfer to products
"bulk terminals" of stocks
b Revised in Indiana-Illinois district, due to
In table for week ended
previously reported as "at refineries." c Included above
Dec. 5 1931.
of Mines' definitions. Crude
-All figures follow exactly the present Bureau
Note.
domestic crude. In California, stocks of
oil runs to stills Include both foreign and included under the heading "gas and fuel
heavy crude and all grades of fuel oil are
oil stocks."
October Output of Natural Gasoline Shows First
Monthly Increase Since March, But Continues
Below Corresponding Figure of Last Year
Lower.
Inventories
According to the United States Bureau of Mines, Department of Commerce, the daily average production of natural
gasoline in October 1931 amounted to 4,530,000 gallons,
which though considerably below the output of a year ago,
monthly
represents a gain of 5% over September and the first
March 1931. Practically all of the major
increase since
districts shared in the increase in output in October. The
gain in output of certain areas was due to increased demand
for gas incident to the approach of colder weather, in Oklahoma to the lifting of the shut-down. A number of plants
are being constructed in East Texas, but it will be some
In addition to regulating the industry, it is the Intention of the management, it Is said, to undertake an intensive system of propaganda for the
purpose of finding new outlets for platinum, encouraging the demand and
extending the market for the commodity.
The only director of "Consolidated Platinum" at present appointed Is
D. 0. Evans, of the Mond Nickel Co., who is also a director of Henry
Gardner & Co., which is controlled by the Amalgamated Metal Corporation.
It is understood that the others are to be nominated by the participating
companies.
The new company's contracts were concluded after six months' negotiations in London among the principal producers above named, and including:
Edelmetalle-Vertriehs Aktiengesellschaft, Mond Nickel Co., Johannesburg Consolidated Investment Co., New Consolidated Gold Fields, Cornpania Minera Choco Pacifico.
"Consolidated Platinum" will be managed by a committee consisting
of representatives of the above companies, with P. L. Ginsburg, who is a
director of Centrosojus (England) and is also on the board of the Moscow
Naredny Bank, and F. B. Howard White, as Joint managers. Sale of the
platinum which the newly formed company will buy will be through existing
distributors and dealers.
October Production of Crude Petroleum in the United
States Higher Than in Preceding Month and
Corresponding Period a Year Ago.
According to reports received by the Bureau of Mines,
Department of Commerce,the production of crude petroleum
in the United States during October 1931, amounted to
73,079,000 barrels, a daily average of 2,357,000 barrels.
This represents an increase of 236,000 barrels, or 11%
over the daily average of the previous month, and also a
slight increase over the putput of a year ago. This gain in
output, following a material decline during the preceding
two months, was due almost entirely to the opening up of the
flush fields of Oklahoma on Oct. 10 and to the fact that the
East Texas field was allowed to produce throughout the
month. The Bureau, in its statement, further reports as
follows:
A record total of 446 wells was completed in the East Texas pools in
October, but the output was kept under control by progressively limiting
the daily allowable for each well. The most important event of the month
in Oklahoma was the opening up of the Oklahoma City field which resulted
In an increase in daily average output from 22,000 barrels in September to
117,000 barrels in October. Production in California held steady at Just
above 500,000 barrels daily throughout the month. Production in Louisiana continued to increase due to a gain in activity in the coastal fields.
Stocks of crude petroleum continued to decline in October, but the net
withdrawal was much below that of September. This was due principally
to the gain In output. Stocks of all the major refined products, except
DEC. 12 1931.]
FINANCIAL CHRONICLE
3883
gasoline, declined In October; stocks of natural gasoline fell off about
500,000 barrels. The total decrease in stocks of all oils amounted to
6,339,000 barrels, compared with a decrease of 14,620,000 barrels in September 1931, and 4,014,000 barrels in October 1930.
Runs to stills of crude petroleum in October totaled 75,675,000 barrels,
which is slightly above the September total, but lower in daily average.
The daily average output of motor fuel in October amounted to 1.245,000
barrels, or slightly below September. Stocks of motor fuel reflected the
seasonal decline in consumption and rose from 35,105,000 on Oct. 1 to
36,356,000 barrels on Oct 31, the first monthly increase since April. Daily
average exports of gasoline remained unchanged in October. The indicated
domestic demand for motor fuel amounted to 35,051,000 barrels, a daily
average of 1,131,000 barrels, which is a decrease of 7% from September.
At the current rate of demand, the motor fuel stocks on Oct. 31 represent
29 days' supply, compared with 26 days' supply on hand a month ago
and 31 days' supply on hand a year ago.
The refinery data of this report were compiled from schedules of 357
refineries with an aggregate daily recorded crude-oil capacity of 3,761.860
barrels, covering, as far as the Bureau is able to determine, all operations
during October 1931. These refineries operated during October at 65%
of their recorded capacity, given above, as compared with 363 refineries
operating at 66% of their capacity in September.
Output and Shipments of Slab Zinc Declined During
November.
According to the American Zinc Institute, Inc., '20,526
short tons of slab zinc were produced during the month of
November, 1931, as against 21,674 tons in the preceding
month and 32,097 tons in the corresponding period last
year. Shipments totaled 20,327 tons as against 21,163
tons in October 1931 and 30,285 tons in November 1930.
Stocks at Nov. 30 1931 amounted to 130,865 tons, as compared with 145,139 tons a year ago and 130,666 tons at
Oct. 311931.
Production of slab zinc during the first 11 months of the
current year totaled 279,108 short tons, as against 471,730
tons in the same period last year, while shipments amounted
to 291,861 tons as compared with 402,021 tons during the
first 11 months of 1930. The Institute's statement follows:
SUPPLY AND DEMAND OF ALL OILS.
(Including wax, coke and asphalt in thousands of barrels of 42 U. S. gallons.)
BLAB ZINC STATISTICS(ALL GRADES 1929. 1930 & 1931 (Tons of 2,000 lbs.)
Oct.
1931.
New Supply
Domestic production:
Crude petroleum
Daily average
Natural gasoline
Benzol
Total production
Daily average
Imports:
Crude petroleum
Refined products
Total new supply, all olls
Daily average
aSept.
1931,
Oct.
1930.
Jan.
-0e1., Jan.
-Oct.
1031.
1930.
73,079
2,357
3,345
142
76.566
2,470
.
Decrease in stocks, all oils-- -
72,893
2,351
4,405
204
77,502
2,500
704.250
2,317
36,085
1,661
741,996
2,441
763,082
2,510
44,043
2,319
809,444
2,663
4,106
3,939
84,611
2.729
Demand
Total demand
Daily average
Exports:
Crude petroleum
Refined products
Domestic demand
Daily average
Excess of daily average domestic
production over domes.demand_
63,636
2,121
3,062
138
66,836
2,228
3,426
3,468
73,730
2.458
5,061
3,800
86,363
2,786
39,331
33,350
814,677
2,680
52,935
37,372
899,751
2,960
6,339
14,620
4,014
52,295
15,119
90,950
2,934
88,350
2,945
90,377
2,915
866,972
2,852
914,870
3,009
2,389
8,057
80,504
2,597
2.296
7,816
78,238
2,608
2.187
11,807
76,403
2,465
22,026
84.799
760,147
2,500
20,601
115,298
778,971
2,562
b127
b380
35
b59
101
326,106 329,098
135,894 4136,590
462.000 4465,688
2,577
3.088
151,599 4153,739
612,176 4622,515
Grand total stocks, all oils
211
210
Days' supply
Bunker oil (included above in do3,643
3,068
mestic demand)
375,868
142,868
518,736
2,356
153,286
326,106
135,894
462.000
2,577
151,599
375,868
142,868
518.736
2,356
153,286
674,378
231
616,176
216
674,378
224
Stocks (End of Month)
Crude petroleum:
East of California
California c
Total crude
Natural gasoline
Refined products
4,463
37,207
43,111
a Revised; see footnote d. b Deficiency. c Includes residual fuel oils. d Revised due to inauguration of new system o reporting in Cali ornla. Under new
system many revisions in stocks for 1931 have been made, but the cnly ones included in this report are for crude and gasoline for September.
PRODUCTION OF CRUDE PETROLEUM BY STATES.
(Thousands of barrels of 42 U. S. gallons.)
September 1931.
1,093
36
1,105
1,856
2,363
1,896
9,537
15,652
143
441
67
60
76
61
308
505
6
14
2
70
3,122
502
994
902
1,896
406
247
1,335
324
355
96
451
3,631
2,970
7,016
13,617
1,201
2
101
19
32
29
61
13
8
43
10
12
3
15
117
96
226
439
39
1,854
2,379
1,871
0,077
15,181
112
436
67
3
70
2,926
574
692
882
1.574
357
247
1,286
299
345
93
438
647
1,830
5,916
8,393
1,077
3,633
12,825
6,145
8,373
30,976
415
695
403
1.098
117
414
198
270
999
13
22
13
35
3,520
10,290
6,050
8,204
28,064
381
699
417
1,116
U.S. total
73.079
a Includes AlasKa ann Utah,
2,357
63,636
Arkansas
California:
Kettleman Hills
Long Beach
Santa Fe Springs
Rest of State
Total California.-Colorado
Illinois
Indiana-Southwestern.
Northeastern
Total Indiana
Kansas
Kentucky
Louisiana--Gulf Coast
Rest of State
Total Louisiana__ - _
Michigan
Montana
Ntw Mexico
New York
Ohio-Central & Eastern
Northwestern
Total Ohio
Oklahoma--Okla. City._
Seminole
Rest of State
Total Oklahoma_.._.
Pennsylvania
Tennessee
Texas-Gulf Coast
East Texas
West Texas
Rest of State
Total Texas
West Virginia
Wyoming-Salt Creek
Rest of State
Total Wyoming..
Ca
Total. DailyAv,
-Oct, Jan.
Jan.
-Oct.
1931.
19 30.a
12,831
16.683
•
01Ca
,
r
1-•
000 10
CO
C
,
100 ..0 CII Car- t01.-.4.2 , ,
-4.Card.13.AINCOVP 00.4.+1.3.C.1.-.0C,MtaNCOG.10, taCnttLio> WNW!.
16.1 ,
October 1931.
Taal. DailyAo.
13,893
25.539
20,430
98,409
158,271
1,309
4,149
670
32
702
30,639
5,284
7,716
10.591
18,307
2,890
2,461
12,592
2,802
3,546
938
4,484
36.702
38,974
71.
889
147,565
9,614
5
41,094
84,881
66,965
81,163
274,103
3,738
7,489
5,015
12,504
4,738
30,766
38,772
117,259
191,535
1,389
4,952
806
47
853
35,187
6,324
6,962
12,098
19,060
3,391
2,820
7.814
3,137
4,399
1,130
5,529
29,535
58,308
98,542
186,385
10,945
16
51,876
2,121
704,250
763.082
93,034
102,812
247,722
4,339
8,834
6,160
14,994
NUMBER OF WELLS COMPLETED IN THE
UNITED STAT
October
1931.
011
Gas
Dry
705
142
199
September
1931.
445
147
233
October
1930.
866
282
548
Jan.
-Oct.
1931.
5,130
1,637
3,177
Jan.
-Oct.
1930.
10,443
2,360
5,755
Total
1,046
825
1,696
9,944
18,558
a From "Oil di Gas Journal" and California office of the American Petroleum
Institute.
Produced
During
Month.
Shipped
During
Month.
50,862
48,057
55.107
55.203
57,475
52,532
54.447
55.708
51,994
54.513
48,411
47,292
50,234
52,395
58,463
58,334
58,226
49,182
47.943
51,980
47,202
48.777
43.148
36,717
Total
1930.
January
February
March
April
May
June
July
August
September
October
November
December
631.601
40,704
41.296
41,820
40,597
38,681
36,448
35,389
31.901
32,470
32,430
30.285
34,254
Total
1931.
January
February
March
April
May
June
July
August
September
October
November
504,483
438,275
32,522
29,562
39,328
29.137
25,688
23,483
21,365
21,467
21,358
21,674
20,526
31,084
30,249
35,224
27,418
25.851
27.604
28.460
23,599
20,902
21,163
20,327
279,108
294.481
Retorts Unfitted
Stock at I Ship- Operarg Orders Daffy
End of ped for End of End of Aeer.
Month. Export. Month. Month, Prod.
602,601
52,010
44,628
48,119
44,435
44,556
43,458
40,023
41,012
40,470
40,922
32,097
32.733
Month.
1929.
January
February
March
April
May
June
July
August
September
October
November
December
mers1
47,058
42,720
39,364
36,233
35,482
38.832
45,336
49,064
53,856
59,592
64,855
75.430
1,551
1,014
1.025
1,227
690
235
185
185
123
67
39
11
63,698
68.127
68.015
70,455
70.533
69,703
69.911
59,408
69,468
67,63(1
58,723
57,999
58.728
59,610
79,995
55,571
42.883
36,127
32.031
24,283
20,270
14,844
11,872
18,585
1,641
1,716
1,778
1,840
1,854
1,751
1,756
1.797
1,733
1,758
1,814
1,524
59.457
57.929
51,300
50,038
52.072
52.428
46.030
50.404
44.974
41,004
37,492
33,640
39.017
32,962
29.330
29.203
30.515
28,979
34.135
28,972
27.108
29,510
24,481
26,651
1.678
1,594
1,552
1,481
1.437
1.449
1,291
1,323
1,349
1.320
1,070
1,050
35.635
35.518
34,221
29,072
23,024
21,422
21.666
y21.705
22.817
23,774
21,828
30,251
33.453
31,216
36,150
31.146
33.086
24,815
20.503
15.388
18,365
21,355
1.049
1.056
1,043
971
829
783
689
692
712
699
684
6,352
86.736
90.068
96.367
100.205
106.080
113,090
117.724
126,835
134.835
143.327
145.139
143,618
20
6
17
26
31
37
31
1
1
19
145.076
144.389
141,493
143,212
143.049
138,928
131,833
129.701
130,155
130,666
130,865
2
2
4
I Export shipments are included in total sb pments. y One company's mons
estimated.
Average Retorts Operating During the Last Nine Months.
Sept.
Aug.
Oct.
Nov.
July.
June.
May. April. March.
1931 -20,645 22,209 22,512 20,540 20,320 22,298 23,032 29,105 33,042
1930 - _35,825 43,745 47,415 48,575 44,646 52,440 52,004 50,261 54.809
-The foregoing figures have been adjusted to include a number of corrections
Note.
made by slab tine producers in their reports as originally submitted to the Institute.
The corrections were made to insure uniformity in the method of reporting and
particularly to include In "Stock on Hand" all slab zinc at the reporting plants.
regardless of whether sold or unsold.
Sales of Non-ferrous Metals Somewhat Lower-Copper
and Lead Prices Hold.
Sales of copper, lead, zinc and tin were in somewhat
smaller volume in the week ended Dec. 9 than they were in
the previous week, "Metal and Mineral Markets" reports
to-day. Prices, however, did not give way further. Copper
at 63' cents and lead at 3.85 cents remained exactly the same
as a week ago. Zinc registered a net advance of five points
A
and silver 3 cent an ounce. Tin varied with sterling
exchange, whose fall caused a new low of 203' cents to be
touched. The same publication says:
Satisfactory allocation of copper production curtailment, for weeks a
bone of contention in the world's copper circles, has now been pretty well
settled in the revivified conferences going on here and in London. Two
or three of the smaller companies may not fully meet the wishes of the
rest, but this will probably be no stumbling block. Foreign marketing
problems are also being straightened out, and it seems apparent that copper
exporters will no longer market some of its supply as "non-participating."
Many details remain to be ironed out butsome announcement of a successful
outcome can be expected before the end of the year, and perhaps in a few
days. Most copper people expect to see Phelps Dodge back in the export
association, but Phelps Dodge officials are naturally not divulging their
intentions.
Data on copper production and stocks continued to be withheld, but it
appears that there has been no let-up in the rato of accumulation. In fact.
a curtailment of world production to 80,000 to 85,000 tons, which is probably
about as much as can be agreed to, may still leave production a few thousand
tons a month ahead of consumption.
Unfilled Steel Orders Lowest Since Dec. 31 1910.
Unfilled orders on the books of subsidiaries of the United
States Steel Corp. at Nov. 30 struck the lowest point since
Dec. 31 1910 when the backlog was 2,674,750 tons. The
latest report, namely Nov.30, places the orders at 2,933,891
tons, a reduction of 185,541 tons since Oct. 31 when the unfilled tonnage was 3,119,432 tons. At Nov. 30 1930 there
were 3,639,636 tons on the company's books. Below we
give the monthly figures since Jan. 31 1926. Previous
figures are available in the "Chronicle" of April 17 1926,
page 2126.
UNFILLED ORDERS OF SUBSIDIARIES OF
End of Month. 1931.1929.
4 132,351 4,468,i10 4,109,487
January
3.965,194 4,479,748 4.144.341
February
3,995,330 4.570,653 4,410,718
March
3 897,729 4,354,220 4,427,783
April
May
3,620.452 4,059,227 4.304.167
June
3,479,323 3,968,064 4,256,910
3,404,816 4.022,055 4,088,177
July
3 189,457 3,580,204 3,658,211
August
September_ _ _ _3,144,833 3,424.338 3,902,581
3 119,432 3,481,763 4,086,562
October
November__ _ _2,933.981 3,639,636 4.125,345
3,943,596 4.417,193
December
U. S. STEEL CORPORATION.
1926.
1927.
1928.
4,275,947 3,800,177 4,882,739
4,398,189 3,597,119 4,616,822
4,335.206 3,553.140 4.379,935
3,872.133 3,456,132 3,817,976
3,416,822 3,050,941 3,649,250
3,637,009 3,053,246 3,478,642
3,570,927 3,142,104 3,602,522
3,124.043 3.196,037 3,542,335
3,698,368 3,148,113 3,593,509
3,751,030 3,341.040 3,683,661
3,643,000 3,454,444 3,807,447
3,976,712 3,972,874 3,960,969
Increase in Steel Ingot Production.
The American Iron & Steel Institute, in its latest monthly
report, calculates production of steel ingots by all companies
In November at 1,593,684 tons, an increase of 1,308 tons
over October. In November, there were only 25 working
days and daily production approximated 63,747 tons while
In October there were 27 working days and so the output
per day was only 58,977 tons. During November 1930,
2,212,220 tons were produced, the average daily output
.
being 88,489 tons for the 25 working days. Below we show
the statement as given out by the Institute for each month
since January 1930.
JANUARY 1930 TO
MONTHLY PRODUCTION OF STEEL INGOTS,
NOVEMBER 1931-GROSS TONS.
made 95.21% of the Open-hearth and Bessemer
Reported by companies which
Steel Ingot Production in 1930.
July
August...._
Sept
Oct
Nov
2,044,298
2,085,529
2,504.060
2.275.404
2.083,833
1,730.109
1,570,776
1,462,720
1,274,321
1.320,158
1,279,906
2.340.918
2,382,503
2.850,197
2.592,072
2,385.472
1,976.474
1,795,806
1,637.100
1,473,472
1.516.101
1,517.347
2,458,689
2,502,366
2.093,590
2.722,479
2,505,485
2.075,910
1.888.153
1.719,462
1.547.602
1,592.376
1.593,684
27
24
26
26
28
26
26
26
26
27
25
139.935
168.130
163,628
158.057
147,515
136.741
112,393
117,722
109.245
99,724
88,489
69.89
83.98
81.73
78.95
73.68
68.30
58.14
58 80
54.56
40.81
44.20
130.901
65.38
76,136
38.03
126,322
63.09
91,063
104,265
115.138
104.711
98.365
79,843
72,544
66.133
59.523
58,977
63.747
...cabawoloommocoo
1931.
Jan
Feb
1%,arch
April
May
June
l oc.F.cno—copczo,
H.4.0000000-4.
11 mos. 30,746,440 4,793,800 35,540,240 37,306.740 285
226,788 1,885,814 1,979,547 26
1,059.026
Dec
32,405,466 5.020,588 37,426,054 39,286,287 311
Total
A pproz. Per
Cent.
Daily
Output OperaAll Cos. tion.a
wn:owwwa.P.a...
.w0000k.D.,,oco
3,599.333
3,844,046
4.052,885
3,914,905
3.794.321
3,256,665
2.783,851
2,015,834
2,705,885
2.565,045
2,107.470
0.0000.0
441,672
508,618
539.616
509.234
528.968
407,586
353,723
374.467
429.975
399,704
300.337
bton3wtoww.o.ano.w
toa—otO-I
00.4.w..00.-wo
..bO3C
.Vq:114.
101t00
Calculated No.of
Monthly
Monthly WorkOutput
Bessemer. Companies Output All ing
Reporting, Companies. Days.
NCONC400,100N0
Ian
Feb
March__ _
kern
May
June
July
August ,...
Sept
Oct
Nov
OpenHearth.
to
- to to to too to to too
Months.
[VoL. 133.
FINANCIAL CHRONICLE
3884
62.799 38.97
10 028.114 2.839.346 22.467.462 23.597.706 285
figures el "per cent of operation" in 1930 are based on the annual capacity
a The
for Bessemer and open-hearth steel
as of Dec. 31 1929, o 62,285.670 gross tons
31
of 66,069,570
ingots. and In 1931 are based on the annual capacity as of Dec. 1930,
Bessemer and open-hearth steel ingots.
gross tons for
ii ran.
Producers of plates, shapes and bars will announce first quarter prices
soon, and an effort may be made to re-establish the formal quotations of
1.60c. Pittsburgh and 1.70c. Chicago that were in effect during most of
this quarter. Plates and shapes continue to show weakness, but bars
at Pittsburgh are held firmly at 1.60c. An unchanged price of 2.10e.
Pittsburgh on cold-finished bars has been named for first quarter.
The upward changes in merchant wire products include extras for mixed
and pool carloads and on less-carload lots, a step that is expected to
eradicate some of the distribution ills that have affected the wire products
industry.
Ferromanganese prices for 1932 contracts have been reduced $8 to $10
a ton, and even larger reductions have been made on some other ferroalloys. Splegeleisen is $1 a ton lower at $26 to $27.
There is keen disappointment in the fact that automobile companies'
orders have not been larger. The Ford Motor Co. has released some
business in sheets and strips, but the bulk of its expected purchases is still
delayed. The Ford schedule is reported to be 20,000 cars in December
and 100,000 in January. Chevrolet is expected to produce 37,000 Units
this month.
Aside from an order for 10 locomotives placed by the Delaware Lacka-
wanna & Western, with six more to be built in its own shops, railroad
purchases are negligible. Building construction also continues in its
seasonal slump, awards of fabricated structural steel in the week having
been only 9,500 tons, much below even the recent small average. Tin
plate is the most active steel product, but current ceilings are mostly
for shipment next month or later.
Steel ingot production in November broke the downward trend since
last March, with a 30% rate against 27.76 in October and a daily output
of 63,747 tons for 25 working days, against the 58,977 tons for each day
in the previous month. With two less working days. November topped
the total October production by 1,308 tons. The 11 months' total is
23,597,796 tons, against 37,306,740 in the corresponding period of 1930,
a drop of 37%. If December does not fall below the low October record,
the year's total will be slightly in excess of 25,000,000 tons.
-S. C. Commission has permitted the railroads to assess an adThe I.
ditional rate of 12c. a ton on pig iron and scrap and 6c. a ton on iron ore,
coal, mill scale, limestone and fluorspar instead of charges of $6 and $3
a car as prescribed in its decision in the so-called 15% rate case. Some
other modifications of the order have also been granted, as requested
by the railroads. New rates that have gone into effect on long hauls from
Eastern points to Western territory have lessened the advantage of Chicago
milLs in that section.
Declines in steel scrap of 25e. a ton at Chicago and in eastern Pennsylvania bring the "Iron Age" scrap composite down to $8.58. The finished
steel average is lower at 2.0954. a lb. and that for pig iron is unchanged
at $14.96 a gross ton. A comparative table shows:
Finished Steel.
Based on steel bars, beams, tank plates.
Dee.8 1931, 2095o, a Lb.
wire, rails, black pipe and sheets.
One week ago
2.102e.
One month ago
These products make 87% of the
2 1180.
United States output.
One year ago
2 1210.
Low.
High.
2 095o. Dec. 8
2.142o. Jan. 13
1931
2.121o. Dec. 5
2.3620. Jan. 7
1030
2.3620. Oct. 25
2.4120. Apr. 2
1929
2.3140, Jan, 3
1026
2 391c. Dec. 11
2.293o, Oct. 25
2.4530. Jan, 4
1927
2.403o. May 18
2.453c. Jan, 5
1926
2.3960. Aug. 18
2.5600, Jan. 6
1925
Pig Iron.
Based on average of basic iron at Valley
Dec. 8 1931, $14.98 a Gross Ton.
furnace and foundry Irons at Chicago,
$14.96
One week ago
Philadelphia, Buffalo. Valley and BirOne month ago
14 96
mingham.
18.02
One year ago
Low.
High.
$14.96 Nov. 10
$15.00 Jan. 6
1931
15.90 Deo. 16
18.21 Jan, 7
1930
18.21 Dec. 17
18.71 May 14
1929
17.04 July 24
18.59 Nov. 27
1928
17.54 Nov. 1
4
19.71 Jan.
1027
19.46 July 13
21.54 Jan, 5
1926
18.96 July 7
22.50 Jan. 13
1925
Steel Scrap.
Based on heavy melting steel quo'
Dec. 8 1931, $8.58 a Gross Ton.
One week ago
tattoos at Pittsburgh, Philadelphia
$8.75
8.75
and Chicago.
One month ago
11.25
One year ago
Low.
High.
$8.58 Dec. 8
811.33 Jan. 6
1931
11.25 Dee. 9
15.00 Feb. 18
1930
14.08 Des. 3
17.58 Jan. 29
1929
13.08 July 2
16.50 Des. 31
1028
13.08 Nov.22
15.25 Jan. 11
1027
14.00 June 1
17.25 Jan. 5
1926
15.08 May 2
20.83 Jan. 13
1925
Steel Output Declines to 263/2% of Capacity-Prices
of Steel Scrap and Finished Steel Lower.
the
A summary of the iron and steel markets presented by
A decline in steel ingot production to 263/2% of
in "Steel," of Cleveland, Dec. 7, says:
country's capacity, against an average output of 30%
Despite a disinterested attitude on the first quarter of 1932 by both
November, further weakness in some finished steel products
$8.58, the steel producers and consumers, which has been accentuated by a further
and a drop in the steel scrap price composite to
slight easing in bookings and operations, the price situation in many products
lowest on record, are developments that emphasize the year- appears to be on the road to clarification.
activity, reports the "Iron Age"
For the first quarter, nails have been advanced $1 a ton, wire rods $2 a
end recession in business
ton, and new classifications adopted on wire products which introduce a
Dec. 10, which further goes on to say:
of
straight carload price, with differentials for mixed, joint, pool and lessslowing down, the steel industry
To counterbalance the usual December
the automobile industry, which
had expected considerable support from
first quarter buying is generally
has materialized only in part. Meanwhile,
other steel consumers,
being delayed by motor car manufacturers as well as
price uncertainties.
a situation brought about to some extent by
there is reason
With steel inventories already at an extremely low point,
contraction In purchasing
for believing, however, that any further sharp
recovery in January, when
this month will be followed by a corresponding
larger
replenishment of stocks will be an important factor, together with
railroad purchases,
buying by the automobile industry and possibly some
approaching solution.
if the financial condition of the carriers is then
38% of capacity
After a year in which steel production will average only
six months of 30% average operations.
-or about the 1921 rate-and
1932, but it
the steel industry can logically expect some improvement in
will extend at least
is recognized that the present period of readjustment
the seathrough the early months of the new year and affect somewhat
sonal rise that normally can be counted on.
trend.
Irregular price movements characterize the current downward
advances on wire rods and
On the one hand, there have been announced
-finished steel
merchant wire products, amounting to $2 a ton on the semi
the part of hot-rolled
and $1 to $3 on the finished items, and an effort on
quarter. Sheet
strip makers to raise their quotations $1 a ton for first
have weakened,
steel finishes used largely by the automobile industry
having been sold at cond
auto body stock and light cold-rolle material
ton lower.
cessions of $2 a ton and heavy hot-rolled sheets at $1 a
carloads. The general effect is to increase prices. First quarter prices
on hot strip are $1 higher than current levels.
Still lacking a definite first quarter announcement, steel shapes and
plates continue at their recent $2 down spread or 1.50c. to 1.60c., Pittsburgh. At Chicago, bars as well as plates and shapes are sensitive to the
easier situation at Pittsburgh, and all now are quoted at a range of $2
down. In sympathy, bar iron is off $1 a ton at Chicago. Concessions
have been wrested on sheets at Detroit by the automotive industry, but mills
are trying to localize this.
In the face of repeated postponements the steel trade continues to look
to the automotive industry for major support this month. The policy of
most automotive manufacturers, including Ford, is to produce a minimum
of new models for show purposes and dealer stocks. Ford, scheduled to
distribute a sizable tonnage of steel last Friday, is now slated to take action
early this week. Buick and Chevrolet are outstanding as consumers of
steel at this time.
Partly due to increasing requirements and partly to seasonal anticipations, tin plate production has expanded 3 points to 48%. Outstanding
inquiries include 100,000 base boxes for Standard Oil of New Jersey and
70,000 for the Argentine Government. The Pet Milk Co., St. Louis, has
purchased 25,000 boxes.
More than 60,000 tons of pipe is pending or immediately in prospect,
including 52,500 tons of 10-inch for an oil line for the Ajax Pipe Line
DEC. 12 1931.]
FINANCIAL CHRONICLE
Co., from Glenpool, Okla., to Woods River, Ill., and 10,000 tons of 20-inch
for an Illinois gas line extension for the Continental Construction Corp.
The standard Oil Co. of New York and Vacuum Oil Co. are shaping up a
pipe line program.
The confused railroad financial situation continues a deterrent to the
issuance of 1932 rail inquiries. Active equipment inquiries include 150
hopper ears for the Great Northern and 800 underframes for the Western
Fruit Express. The Reading will spend $4,000,000 on improvements,
including purchase of 60 coaches.
Structural shape awards this week will be swelled by 25,000 tons for
several structures in New York. A million dollar highway project, requiring
a large tonnage of steel, is to be awarded by the State of Ohio Dec. 18.
Actual awards in the past week, 18,497 tons, were less than in the week
preceding.
November continued the downward trend in pig iron production, with only
67 stacks active at the close of the month, two less than at the beginning;
and, also, two fewer than at the lowest point in the 1921 depression.
Daily average output, 36,828 gross tons, was 2.6% lower than in October;
and the month's total, 1,104,689 tons, was down 5.8%. For the 11 months
this year 17,285,503 tons represents a shrinkage of 42% from the 1980
period.
/
2
Steelworks operations last week declined 11 points to 27%, thereby
surrendering all of the early November improvement and returning to the
year. Whether this week's rate increases rests entirely
low rate of the
with automotive releases, which do not now augur well.
Due to the reduction in plates at Pittsburgh, "Steel's" iron and steel
price composite is down Sc. to $30.47, while the finished steel composite
le off 20c. to $47.82. The scrap composite remains $8.19.
Steel ingot production for the week ended last Monday
(Dec.7)is placed at a little over 26% of theoretical capacity,
according to the "Wall Street Journal" of Dec. 9. This
compares with about 28% in the preceding seven days and
with 29% two weeks ago, states the "Journal" which further
adds:
U.S. Steel is estimated at about 27%,against a shade under 29% in the
3885
present reserves of hard coal are somewhat less than on the corresponding
date of last year when a total of 755.000 tons was reported.
Receipts of anthracite declined sharply in October, being only 43.055
tons, as against 83.333 tons in September.
STOCKS, RECEIPTS, AND DELIVERIES AT COMMERCIAL DOCKS ON
LAKES SUPERIOR AND MICHIGAN, OCTOBER 1931, IN NET TONS.
Lake
Lake
Superior. Michigan.
Total.
Bituminous
5,994.858 2,841,947 8,836.805
Stocks on hand Oct. la
1,418.892
593,393 2,012,285
Received during October
732,621
365,320 1,097,941
Delivered (reloaded)
Stocks on hand Nov. 1
6,681,129 3.070.020 9,751,149
Anthracite
453,734
308,858
Stocks on hand Oct. la
762,592
9,330
33,725
Received during October
43,055
43,675
39,100
Delivered (reloaded)
82,775
423,964
298,908
Stocks on hand Nov. 1
722,872
a Revised since last report.
-The above figures represent the commercial docks only and do not include
Note.
docks of industrial consumers and railroads operated for their own supply. For
Lake Superior, the source of information is the Monthly Tonnage Report of the
Maher Coal Bureau, which has been supplemented by direct information from
companies not covered by that report. The figures for Lake Superior are believed to
include all commercial companies operating at Duluth, Superior, Ashland and
Washburn, and also certain others at Sault Ste Marie, Hancock, and other points
on the upper peninsula of Michigan. The figures for Lake Michigan are collected
direct from the operators of docks on the west bank as far south as Racine an
Kenosha, not Including, however, Waukegan, and Chicago, Ill.
Downward Trend in the Consumption of Coking Coal
at By-Products Plants Checked in October 1931.
According to the United States Bureau of Mines, Department of Commerce, the downward trend in the consumption
of coking coal, which has continued without a break since
last April, was checked in October. The total consumption
during the month amounted to 3,452,709 tons, an increase
of 3.4% over the preceding month. In comparison with
October 1930, however, this is a decrease of 1,539,096 tons,
or 30.8%. Aside from New England, each of the coke producing regions show a decrease compared with a year ago.
The largest losses are shown for the Ohio and Illinois-Indiana
regions where consumption was more than 90% less than in
the corresponding month last year.
previous week and a little under 28% two weeks ago. Leading independents
are placed at below 26%,contrasted with a good fraction over 27% in the
week before and 30% two weeks ago.
At this time last year, the average declined nearly 2% to 37%, with U.S.
Steel off nearly 2% to a little over 43% while independents were down
more than 114% to 34%. In the corresponding week of 1929 the reductions
were about 3%,with the average at 6334%,U.S. Steel running at 65%,and
independents around 62%. For the same week of 1928 all units were CONSUMPTION OF COKING COAL AT BY-PRODUCT PLANTS, AS REcredited with a rate of 82%,U.S. Steel showing a drop of 2%,independents
PORTED TO THE BUREAU OF MINES.
nearly 3% and the average about 234%•
Present indications are that the output of steel in the current month will
No. of
Net Tons Consumed
Inc. or Dec.
be the lowest for this year. Usually there is a falling off toward the end of
Plants
Region.
December, when curtailment occurs even In a normal year because of the
Oct.1931. Oct. 1930. Oct. 1931. Net Tons. P. C.
observance of Christmas holidays as well as the approach of year-end in175.685
237,618
5
+61,953 +35.3
New England
ventory-taking time.
2,099,948 1,394,555 -705,393 -33.8
24
Middle Atlantic
Thus far the low month of the year was October when the official figures Ohio
406,962 -280.639 -40.8
687,601
14
315,289
293,080
7
-22,209
of the American Iron & Steel Institute gave the rate at 27.76% of theoretical Southern Michigan
-7.0
473,540 -383,526 -44.7
857,066
14
capacity, and the daily production as 58.977 tons. In December of last Illinois-Indiana
Lower Missouri Valley _
year the industry operated at 38.03% of capacity, with a daily production
141,978
711,102
-29.124 -17.0
1)
Lake dock territory
of 76,136 tons. For November 1930, the average was 44.26%, with the Southeast
461,309 -158,514 -25.6
13
619.823
65,311
43,667
-21,644 -33.1
3
Southwest Mount'n & Pas_
output at 78,489 tons.
Total
Coal Trade at the Head of the Lakes Continued to
Show Improvement in October-Shipments from
the Lower Lake Ports Higher Than in Same Month
in 1930
-Inventories Increase,
The United States Bureau of Mines, Department of
Commerce, reports that probably the outstanding feature
of the lake dock trade during October was the unusually
heavy receipts that continued to arrive throughout most of
the month. Ordinarily there is a decided falling off in
loadings at Lake Erie ports in October, but this year shipments from the lower lake ports were not only higher than
in the preceding month, but were also greater than a year
ago. As a result, the stocks of soft coal at the head of the
lakes increased during the month and now stand somewhat
above those on the corresponding date of last year. The
two factors contributing to this development were the favorable weather conditions and the unusually low receipts
during the earlier months of the current navigation season.
Although the weather may have been favorable from the
viewpoint of the shippers, it militated against any marked
revival in the coal trade, states the Bureau. Temperature
throughout the lake dock territory ranged about six degrees
above normal according to reports of the weather bureau•
Nevertheless, deliveries during October were higher than
in any other month of the year, save January. The Bureau
further reports as follows:
Bituminous Tra'e.
On Nov. 1 stocks of bituminous on the commercial docks of Lake Superior
were reported at 6,681,129 tons and on the west bank of Lake Michigan
at 3,070,020 tons, a total of 0,751,149 tons. In comparison with a month
ago the present stocks on Lake Superior show an increase of 11.4% and
those on Lake Michigan a gain of 8.0% •
Comparablefigures for last year show a total of9,726,000 tons on hand, of
which 6,795.000 tons was on Lake Superior and 2,931,000 tons on Lake
Michigan. These 1930 figures include an estimate for a few docks not
reporting at that time but are believed to be substantially comparable
with the record for the current year.
Anthracite Trade.
In contrast to the stocks of bituminous coal, the reserves of anthracite
declined during the past month and on Nov. 1 amounted to 722,872
have
tons. Of the total tonnage on hand. 484,253 tons was reported by the
Lake Superior operators and 270,476 tons by those on Lake Michigan. The
86
4,991,805
3,452,709 -1,539.098
-30.8
Further Decline in Output of Bituminous Coal and
Pennsylvania Anthracite Due in Part to the
Observance of Thanksgiving Day, Nov. 26.
According to the United States Bureau of Mines, Department of Commerce, production during the week ended Nov.
28 1931 amounted to 6,902,000 net tons of bituminous coal,
641,000 tons of Pennsylvania anthracite and 19,000 tons of
beehive coke, as compared with 7,063,000 tons of bituminous
coal, 903,000 tons of Pennsylvania anthracite and 23,800
tons of beehive coke produced in the preceding week and
8,705,000 tons of bituminous coal, 1,080,000 tons of Pennsylvania anthracite and 40,400 tons of beehive coke in the
corresponding period last year.
During the calendar year to Nov. 28 1931 bituminous coal
output totalled 346,415,000 tons as against 420,013,000
tons in the calendar year to Nov. 29 1930. The Bureau's
statement follows:
BITUMINOUS COAL.
The total production of soft coal during the week ended Nov. 28 1931,
including lignite and coal coked at the mines, is estimated at 6,402,000
net tons. As indicated by the table of dally loadings given below, the
time worked on Nov. 26, Thanksgiving Day, was equivalent to approximately 0.1 of a working day. Activity on other days, however, wasstimulated, and production for the week was but 661,000 tons, or 0.4% less than
in the full time week preceding.
Estimated United States Production of Bituminous Coal (Net Tons).
---1931
1930
-Cal. Year
Cal. Year
Week.
to Date.
Week.
to Dcde.a
Week Ended332,950,000
7,520,000
9,718.000
Nov. 14
402,418,000
1,343,000
1,237.000
1,735.000
Daily average
1,497,000
7 063,000
340,013,000
8,890.000
Nov. 21
411,308,000
1,177,000
1,236,000
1,482,000
Daily average
1,496,0®
6,402,000
346,415,000
8,705,000
Nov. 28_b
420,013.000
1,255,000
1,236.000
1.674,000
Daily average
1.500,000
a Minus one day's production first day in January to equalize number of days In
the two years. b Subject to revision. Thanksgiving Day weighted as 0.1 of a
working day.
The total production of soft coal during the present calendar year to Nov.
28 (approximately 280 working days) amounts to 346,416,000 net tons.
Figures for corresponding periods in other recent calendar years are given
below:
420,013,000 net tons11928
1930
452,451,00) net tons
484,091,000 net tons 1927
1929
471,566,000 net tons
As already indicated by the figures above, the total production of
soft
coal for the country as a whole during the week ended Nov.21 amounted to
[VOL. 133.
FINANCIAL CHRONICLE
3886
7.063,000 net tons. Compared with the output in the preceding week, this
indicates a sharp decrease-457,000 tons, 6.1%. The following table
apportions the tonnage by States and gives comparable figures for other
recent years:
Estimated Weekly Production of Coal by States (Net Tons).
Nov 1923
Week Ended
.
StateNov.21'31. Nov.14'31. Nov.22'30. Nov.23 29. Average.a
409,000
284,000
287,000
Alabama
214.000
172,000
28,000
36,000
Arkansas
.
.
,
236,000
277,000
151,000
132,000
215,000
Colorado
775,000
812,000 1,082,000 1,401,000 1,571,000
Illinois
536.000
400,000
334,000
249,000
Indiana
250,000
128,000
114,000
Iowa
59,000
71,000
60,000
102,000
62,000
57,000
Kansas
44,000
35,000
724,000
824.000
541,000
642,000
645,000
Kentucky-Eastern
218,000
326,000
144.000
177,000
Western
163,000
35,000
49,000
40,000
45,000
Maryland
40,000
26,000
17,000
10,000
18,000
Michigan
9,000
73,000
95,000
65,000
64,000
66,000
Missouri
83,000
88,000
54,000
51,000
67,000
Montana
62,000
62,000
New Mexico
28,000
43.000
28.000
35,000
56,000
North Dakota
41,000
64,000
36,000
764,000
522,000
Ohio
395,000
434,000
519,000
72,000
106,000
. Oklahoma
57,000
30,000
56,000
Pennsylvania(bituminous) 1,841,000 1,910,000 2,327,000 2,933,000 2,993,000
117,000
106,000
72,000
91,000
79,000
Tennessee
29,000
18,000
14,000
Texas
12,000
10,000
112,000
141,000
146,000
Utah
115,000
95,000
217,000
244,000
215,000
211,000
Virginia
195,000
72,000
54,000
46,000
Washington
47,000
49,000
W.Va.-Southern_b
1,347,000 1,531,000 1,539,000 2,021,000 1,271,000
776,000
742,000
455,000
Northern_ c
495,000
599,000
184,000
Wyoming
179,000
110.000
128,000
106,000
5,000
7,000
Other States
1,000
3,000
1.000
Total bituminous coal
7,063.000 7,520,000 8,890.000 11,173,000 10,878,000
Pennsylvania anthracite... 903,000 1,243,000 1,081,000 1,323,000 1,896,000
Total all coal
7,966,000 8,763,000 9,971,000 12,496,000 12,774,000
a Average weekly rate for the entire month. b Includes operations on the N.&
C.& O.; Virginian, and K. az M. c Rest of State, including Panhandle.
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite in the week ended
Nov. 28-Thanksgiving week-amounted to 641,000 net tons, a decrease
of 262,000 tons from the output in the week of Nov. 21. The decrease was
due in part to the holiday on Nov. 26, but the average daily rate for the
five active days indicates a decline of 14.8% from the rate maintained
in the preceding week.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1930
1931
DailyDaily
Average.
Week.
Average.
week EndedWeek.
1,344,000
248,600
268,800
Nov. 14
1,243,000
1,081,000
180,200
150,500
Nov. 21_ a
903,000
1,080,000
216,000
128,200
Nov. 28
641.000
a Revised since last report.
BEEHIVE COKE.
The total production of beehive coke during the week ended Nov. 28
is estimated at 19,000 net tons. Compared with the output in the preceding week, this shows a decrease of 4,800 tons, or 20.2%. Production
during the week in 1930 corresponding with that of Nov. 28 amounted to
40.400 tons.
Estimated Weekly Production of Beehive Coke (Net Tons).
1930
1931
Week Ended
to
to
Nov. 28 Nov. 21 Nov. 29
Dale.a
Date.
1930,
1931.
1931.b
Region-____
037,900 1,889.400
29,500
19.400
14,900
Pennsylvania
400,500
102,100
4,600
1,500
1,300
West Virginia
220,500
100.300
4,200
1,900
1,500
Tennessee and Virginia
98,600
47,300
2,100
1,000
1,300
Colo, Utah and Washington
40,400 1,187,600 2,609,000
23,800
19,000
United States total
9,187
4.182
6,733
3,167
3,967
Daily average
a Minus one day's production first week in January to equalize number of days in
revision.
the two years. b Subject to
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve Bank credit
outstanding during the week ending Dec. 9, as reported by
the Federal Reserve banks, was $1,932,000,000, a decrease
of $14,000,000 compared with the preceding week and an
Increase of $823,000,000 compared with the corresponding
week in 1930. After noting these facts, the Federal Reserve
Board proceeds as follows:
On Dec. 9 total Reserve Bank credit outstanding amounted to 81,880,000,000, a decrease of $25,000,000 for the week. This decrease corresponds
with decreases of 82,000,000 in money in circulation and $19,000,000 in
unexpended capital funds, non-member deposits, &c., and an increase of
320.000,000 in monetary gold stock, offset in part by an increase of $13.
000,000 in member bank reserve balances and a decrease of $3,000,000 in
Treasury currency, adjusted.
Holdings of discounted bills declined 88,000,000 at the Federal Reserve
Bank of San Francisco and 84,000,000 each at Boston, Richmond and
Atlanta, and increased $15,000,000 at New York, 88,000,000 at Cleveland
and $7,000,000 at all Federal Reserve banks. The System's holdings of
bills bought in open market declined 834,000,000 and of Treasury certificates and bills $1,000,000, while holdings of United States bonds increased
$2,000,000.
Beginn.ing 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 cretain other items not included
In the condition statement, such as monetary gold stock
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 Dec. 9, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages, namely,
pages 3930 and 3931.
Changes in the amount of Reserve Bank credit outstanding
and in related items during the week and the year ending
Dec. 9 1931 were as follows:
Dec. 9 1931.
Increase (i-) or Decrease (-)
Since
Dec. 2 1931. Dec. 10 1930.
725,000,000
+7,000,000
389,000,000 -34,000,000
717,000,000
49,000,000
+2,000,000
+468,000,000
+146,000,000
+100.000,000
+33,000,000
TOTAL RES'VE BANK CREDIT-1,880,000,000 -25,000,000
4,437,000.000 *+20.000,000
Monetary gold stock
1,777,000,000 -3,000,000
Treasury currency adjusted
+746,000,000
-139,000,000
-27,000,000
5,507,000,000 *-2,000,000
Money In circulation
2,086,000,000 +13,000,000
Member bank reserve balances
Unexpended capital funds, non-mem501,000.000 -19,000,000
ber deposits, &c
+851,000,000
-362,000,000
Bills discounted
Bills bought
United States securities
Other Reserve bank credit
+90,000,000
•Revised.
Returns of Member Banks for New York and Chicago
Federal Reserve Districts-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 the New York Federal Reserve District
as well as those in the Chicago Reserve District, 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 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 statement, of course, also
includes the brokers' loans of reporting member banks.
The grand aggregate of brokers' loans the present week
records a decrease of $30,000,000, the amount of these
loans on Dec. 9 1931 standing at $690,000,000. The present week's decrease of $30,000,000 follows a decrease of
$31,000,000 last week and a decrease of $612,000,000 in the
11 preceding weeks. Loans "for own account" fell during
the week from $567,000,000 to $552,000,000 and loans
"for account of out-of-town banks" from $132,000,000 to
$117,000,000, while loans "for account of others" remain
unchanged at $21,000,000. The amount of these loans
"for account of others" has been reduced the past four
weeks due to the action of the New York Clearing House
Association on Nov. 5 in restricting member banks on and
after Nov. 16 from placing for corporations and others than
banks loans secured by stocks, bonds and acceptances.
The present week's total of $690,000,000 is the lowest since
Sept. 7 1921, when the amount was $680,448,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Dec. 9 1931. Dec. 2 1931. Dec. 10 1930.
Loans and investments-total
7,064,000,000 7,181,000,000 8,280,000,000
-total
Loans
4,425,000,000 4,488,000.000 5,896,000,000
On securities
All other
-total
Investments
U. S. Government securities
Other securities
2,210,000,000 2,239.000,000 3,310.000,000
2,215,000,000 2,249,000,000 2,586,000,000
2,639,000,000 2,693,000,000 2,384,000,000
1 657,000,000 1,676,000,000 1.271,000,000
982,000,000 1,017,000,000 1,114,000,000
722,000,000 710,000.000 841,000,000
51,000,000
47,000,000
79.000,000
6,290,000,000 5,335,000,000 5,947,000,000
831,000.000 878,000,000 1,360,000.000
1.000.000
18.000,000
52,000,000
66,000,000
78,000,000
819,000.000 880.000,000 1,104,000,000
Borrowings from Federal Reserve Bank- 12,000,000
19,000,000
14,000,000
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Loans on secur. to brokers & dealers
For own account
552,000,000
For account of out-of-town banks.... 117,000,000
For account of others
21,000,000
Total
On demand
On time
Loans and investments-total
-total
Loans
On securities
All other
690,000,000
567.000.000 1,269.000.000
132,000,000 400,000,000
21,000,000 430,000,000
720,000,000 2,099.000,000
615,000,000 532,000,000 1,551,000,000
175,000,000 188,000,000 547,000,000
Chicago,
1 632,000,000 1,657,000,000 2,018,000,000
1,132,000,000 1,168,000,000 1.476.000,000
675,000,000
457,000,000
686.000,000
472,000,000
861.000,000
614,000,000
FINANCIAL CHRONICLE
Dm. 12 1931.]
Dec. 9 1931. Dec.2 1931. Dee.10 1930'
$
500,000,000
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
8
543,000,000
285,000,000
214,000,000
239,000,000
304,000,000
164,000,000
15,000,000
U.S. Government securities
Other securities
$
499,000,000
286,000,600
214,000,000
Investments—total
157,000,000
14,000,000
192,000,000
14,000,000
1,082,000,000 1,089,000,000 1,328.000,000
431,000,000 436,000,000 616,000.000
2,000,000
Due from banks
Due to banks
116,000,000
238,000,000
Borrowings from Federal Reserve Bank_
115,000,000
249,000,000
9,000,000
155,000,000
335,000,000
10,000,000
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on Dec. 2 shows decreases for the week
of $52,000,000 in loans and investments, $47,000.000 in reserves with
Federal Reserve banks, $69,000,000 in time deposits, $14,000,000 in Government deposits and $7,000,000 in net demand deposits, and an increase
of $27,000,000 in borrowings from Federal Reserve banks.
Loans on securities declined $20,000,000 at reporting banks in the New
York district, and $24,000,000 at all reporting banks. "All other" loans
declined $31,000,000 in the New York district and a like amount at all reporting banks, and increased $6,000,000 in the Boston district.
Holdings of United States Government securities increased $16,000,000
in the New York district as well as at all reporting banks, while holdings
of other securities declined $10,000.000 in the New York district and $13,000,000 at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $424,000,000 on Dec. 2, the principal changes for the
week being increases of $16,000,000 at the Federal Reserve Bank of Chicago
$8,000,000 at Atlanta and $5,000,000 at San Francisco.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
Dec. 2 1931, follows:
Increase (+) or Decrease (—)
Since
Dec. 2 1931. Nov. 25 1931, Dec. 3 1930.
Loans and investments—total
$
$
20,856.000,000 —52,000,000 —2,460,000,000
Loans—total
13,350,000,000
Investments—total
—55.000,000 —3,166,000,000
5,807,000,000 ---24,000,000 --1,962,000,000
7,543.000,000 —31,000,000 —1,204,000,000
7,506,000,000
+3.000,000
+706,000.000
4,033,000,000 +16,000,000
3,473,000,000 —13,000,000
+938,000,000
—233,000,000
Reserves with Federal Reserve banks 1,567,000,000 *47,000,000
236,000,000
Cash in vault
—9,000,000
—249,000,000
+6,000,000
U.S. Government securities
Other securities
Net demand deposits
Time deposits
Government deposits
Due from banks
Duo to banks
Borrowings from F.R.banks
9. Revision of the banking laws better to safeguard depositors.
10. Support of banks through the National Credit Association.
11. Maintenance of public finance on a sound basis through drastic
reduction of Federal expenditures and a temporary tax increase.
12. The maintenance of the American system of individual initiative and
individual and community responsibility.
Comparative Figures of Condition of Canadian Banks.
In the following we compare the condition of the Canadian
banks for Oct. 31 1931 with the figures for Sept. 30 1931
and Oct. 31 1930:
STATEMENT OF CONDITION OF THE BANKS OF THE DOMINION
OF CANADA.
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 Dec 2:
On securities
All other
3887
12,199,000,000
—7,000,000 —1,709,000,000
6,142,000,000 —69,000,000 —1,230,000,000
57,000,000 —14,000.000
+57,000,000
988,000,000
2,513,000,000
+36,000,000
+61.000,000
—538,000,000
—942,000,000
424,000,000
+27,000,000
+325,000,000
Nov. 25 figures revised (Richmond district).
Assets.
Durrent gold and subsidiary coin—
In Canada
Oct. 31 1931. Sept. 301931. Oct. 31 1930.
Elsewhere
$
46,907,621
23,041,972
$
47,039,553
24,456,662
$
47,590.840
22,318,410
Total
69,949,595
71,496,219
69,909,253
111,847,889
12,092
110,374,180
12,959
130,591,964
20.257
111,859,982
110,387,141
130,612,224
Dominion notes—
In Canada
Elsewhere
Total
12,055,990
Notes of other banks
13,317,989
12,193,741
14,929,699
14,633,593
United States & other foreign currencies_
16,925.517
97,211,138 141,583,293
Cheques on other banks
106,055,185
Loans to other banks in Canada,secured,
including bills rediscounted
Deposits made with and balance due
3,930,938
2,785,764
from other banks in Canada
5,057.712
Due from banks and banking correspond3,597,587
5,954,759
ents in the United Kingdom
5,914,428
correspondDue from banks and banking
ents elsewhere than in Canada and the
91,099,310 108,780.215 127,374,290
United Kingdom
Dominion Government and Provincial
487,908,541 455,928,988 369,882,659
Government securities
Canadian municipal securities and British, foreign and colonial public securi148,573,831 160,100,226 118,737,776
ties other than Canadian
61,548,049
55.762,717
59,038,314
Railway and other bonds, debs. & stocks
lilall and short (not exceeding 30 days)
loans in Canada on stocks, debentures,
bonds and other securities of a suffi158,582,930 166,575.719 214,123,029
cient marketable value to cover
90,095,595 164,721,836
90,743,623
Elsewhere than in Canada
Dthcr current loans & discts. in Canada_ 1,140,734,029 1,136.510,527 1,229.508.736
188,942,677 192,623,032 226,192,353
Elsewhere
Loans to the Government of Canada
32,986,243
38,343,852
18,970,357
Loans to Provincial Governments
Loans to cities, towns, municipalities and
94,856,661
113,836,283 114,793,151
school districts
Non-current loans, estimated loss pro10.309,759
7,606.262
11,143,290
vided for
6,271,121
6,337,205
5.509,424
Real estate other than bank premises_ _ 6,248,477
6,783,804
6,347,220
Mortgages on real estate sold by bank
Bank premises at not more than cost,
79.466,204
79,546,742
78,713,907
less amounts (if any) written off
Liabilities of customers under letters of
62,056,921
61.778,607
85,663.488
credit as per contra
Deposits with the Minister of Finance for
6,814,154
6,814,809
6,790,678
the security of note circulation
24,230,866
26,730,866
35.630,866
Deposit in the central gold reserves..-.
14.733,840
14,468,660
11,965.927
Shares of and loans to controlled cos..
Other assets not included under the fore1,700,040
1,835,695
1,844.980
going heads
Total assets
3,057,297,360 3,045,448,019 3.242,836,024
Liabilities.
152,928,936 139,908,403 160,032,748
Notes in circulation
Balance due to Dominion Govt. after de65,009,181
39,794,471
17,925,201
ducting adv. for credits, pay-lists, &c19,500,000
22,700,000
24,500,000
Advances under the Finance Act
22,117,872
37,855,109
25,789,500
Balance due to Provincial Governments_
Deposits by the public, payable on de580,592,700 594,275,249 632,566,667
mand in Canada
Deposits by the public payable after no1.462,308,101 1,455.518.906 1,431.884,326
tice or on a fixed day in Canada
301,950,691 313,097,017 374,534,608
Deposits elsewhere than In Canada
Loans from other banks in Canada, secured, including bills rediscounted_
Deposits made by and balances due to
12,694,945
17,366,213
10,222,810
other banks in Canada
Due to banks and banking correspond4.939,359
6,388,170
3,935,465
ents in the United Kingdom
Elsewhere than in Canada and the
65.501,779
57.479,681
56,795,040
United Kingdom
13,371,762
5,375,678
4,476,484
Bills payable
85,663,482
62,056,921
61,778,607
Letters of credit outstanding
3,806,934
2,802,513
2,765,871
Liabilities not Incl. under foregoing heads
2,148,364
800,422
1,347,931
Dividends declared and unpaid
162,000,000 162,000,000 161,135,994
Rest or reserve fund
144,500,000 144,500.000 144,948,551
Capital paid up
President Hoover Asks Support for 12
-Point Program
Toward Economic Recovery.
In a call for common action, President Hoover said yesterday (Dec. 11) that he had submitted to Congress a non3,035.686,4154 3,023,014.331 3.216.871,861
Total liabilities
partisan program which if enacted would turn the tide of
Note.—Owleg to the omission of the cents in the official reports, the footings in
deflation and start the country toward economic recovery. the above do not exactly agree with the totals given.
Associated Press dispatches from Washington yesterday
Under-Secretary of Treasury Mills Arranges Conference
added:
With Congressional Leaders—Prompted By OpThe President reviewed the proposals made by him requiring legislative
position to President's Proposal on Foreign Debts.
action,and pleaded for non-partisan unity of action for early consummation.
Although declaring the foreign economic situation should be aided wherIn Associated Press adviees from Washington yesterday
ever possible, he held the first moves should begin at home, since the
United States can solve its own problems independently.
(Dec. 11) it was stated that, alarmed at the uprising against
To newspaper men who crowded about his desk he made a formal state- President Hoover's suggestion for reconsideration of the war
ment that his plans constitute "a definite program for turning the tide of
debts, Under-Secretary Mills of the Treasury, arranged a
deflation and starting the country upon the road to recovery."
"It is a non-partisan program," he emphasized.
conference with leaders of both parties in Congress to go
"I am interested in its principles rather than its details. I appeal for over the situation to-day (Dec. 12). Continuing the disunity of action for its consunmiation."
patches said:
The President outlined his 12-point program as follows:
1. Unemployment relief by voluntary organization and united local
action.
2. Continuance of part-time work to spread employment.
3. Strengthening of the Federal land bank system in the interest of
the farmer.
4. Assistance to home owners through renewals of mortgages strengthening banks and creating a home loan discount bank system.
5. Development of a plan to return to depositors money in closed banks.
6. Liberalization of Federal Reserve Bank discount facilities.
7. Creation of an emergency reconstruction finance corporation.
8. Assistance to all railroads through restriction of unregulated competition. formation of a credit pool for weaker roads and other measures.
Even as Mr. Mills arranged the parley, the Congressional leaders were
backing away from the administration's program with strong statements.
Senator Watson of Indiana, the Republican chieftain, declared it was up
to Europe to cut armaments before asking debt relief.
Mr. Mills will meet with Senator Watson, Chairman Borah of the Senate
Foreign Relations Committee, Chairman Smoot of the Senate Finance
Committee, Senator Robinson of Arkansas, the Democratic leader. and
Senator Harrison of Mississippi, ranking Democrat of the Finance Committee.
The Under-Secretary is expected at the Capitol to attempt to show that
some of the European countries cannot pay their full debt obligations
after the expiration of the moratorium.
3888
FINANCIAL CHRONICLE
It became evident during the day that this question will be one taken
up by the joint Democratic "policy" committee at its first meeting on
Tuesday.
Senator Johnson, Republican member of the Foreign Relations Committee, said "the entering wedge for revision of debts and perhaps cancellation is the present moratorium." He attacked the President's proposal
for revival of the debts commission.
Others who declared against further debt revision were Wheeler of
Montana and George of Georgia, Democrats; and Howell of Nebraska and
Robinson of Indiana, Republicans.
"Our people will never be satisfied to scale down the war debts, much
less to forgive them, unless Europe shows some disposition to reduce her
armament," Mr. Watson said.
"It is unthinkable that the American people should shoulder Europe's
debts in order to enable those nations to build navies and equip armies for
future warfare, literally using our money for that purpose."
Early Action Improbable.
Senator Watson's stand, coupled with the opposition of Chairman
Borah of the Senate Foreign Relations Committee, is expected to check
early action on the President's proposal for revival of the war debts commission.
It is the obvious intention of the Congressional leaders to hold up this
move, pending action in Europe at the February disarmament conference.
Exchange Value of Pound Sterling Fixed at $4.04
•
in Canada for Duty Purposes Until Jan. 1.
The following Canadian Press advices from Ottawa Dec. 7
are from the Montreal "Gazette" of Dec. 8:
The exchange value of the pound sterling for special or dumping duty
purposes for the last half of this month was fixed at $4.04 by the Department
•of National Revenue this afternoon. This means that a dumping duty
of 36c. on the pound sterling will be applied against British goods of a class
or kind made in Canada, when imported into this countrY.
The impost is designed to counter the advantage which British exporters to this country might have on account of the depreciation of sterling.
The Government provided that the special duty should be levied on the
extent the pound sterling fell below $4.40. The average value for two
weeks is declared in advance. The rate declared to apply from Doc. 1
to Dec. 15 was $4.22.
The Order-in-Council making provision for levying this special duty
only covers the period up to the end of the year. If the practice is continued in thus dealing with exchange fluctuations, a new Order-in-Council
will be necessary.
[VOL. 133.
ASSETS.
November.
I. Cash on hand and on current account with
banks
14,076,231.49
II. Funds employed at sight
151,438,334.32
III. Rediscountable bills and acceptances at cost:
(1) Commercial bills & bankers'acceptances_ 357,647,449.42
(2) Treasury bills
144,779,264.62
Total
IV. Time funds at interest:
(1) Not exceeding 3 months
(2) Between 3 and 6 months
October,
9,916,009.70
168,938,354.12
296,914,258.34
143,491.749.79
502,426,714.04
440,406,008.13
248,841,977.83
254,512,017.67
Total
248,841.977.83
V. Sundry investments at cost:
(I) Maturing within 6 months
143,678,091.68
(2) Maturing between 8 months and I year - 33,828,322.23
(3) Maturing in over I year
933,866.68
254,512,017.87
Total
VI. Other assets
Total assets
I. Paid-up capital
II. Reserves:
(1) Legal reserve fund
(2) Dividend reserve fund
(3) General reserve fund
178,440,280.69
12,084,061.92
162,282,075.02
33,828.322.23
10,860,053.78
206,770,451.03
12,804,839.06
1 107,307,600.19 1,093,347,679.71
LIABILITIES.
108,500,000.00 108,500,000.00
Total
III. Long-term deposits:
(1) Annuity trust account
(2) German Government deposit
(3) French Government guarantee fund.. _
Total
IV. Short-term and sight deposits:
(1) Central banks for own account:
(a) Between 3 and 6 months
(b) Not exceeding 3 months
(c) Sight
Total
(2) Central banks for account of others:
(a) Between 3 and 6 months
(b) Not exceeding 3 months
(e) Sight
Total
(3) Other depositors:
(a) Not exceeding 3 months
(b) Sight
Total
V. Profits for distribution:
(I) Dividend
(2) Participation of long-term depositors_
559,326.10
1,094,189.17
2.188,378.35
559,326.10
1,094,189.17
2,188,378.35
3,841,893.62
3,841,893.62
153,768,617.50
76,884,308.75
68,648,520.43
153,768,617.50
76,884,308.75
68,648,520.43
299,301,446.68
299,301,446.68
184,205,400.25
326,327,426.45
108,838,436.36
378,255,563.51
510.532,826.70
487.093,998.87
•57,108,616.97
100,518,020.09
31,193,531.97
137,865,309.72
157,624,637.06
169,058,841.69
3,394,015.14
3,602,766.97
3,394,015.14
3,602,766.97
Bank for International Settlements Reports Upturn in
Total
21,948,731.88
24,112,780.99
Balance—Gain of $2,600,000 Shown for November VI. Miscellaneous items
$100,000,000—Increase is in Central
After Drop of
Total liabilities
1 107.307,600.19 1,093,347,679.71
In giving the Oct. 31 statement in our issue of Nov. 7,
Banks' Own Accounts, Indicating End of Gold
Drain—Hungarian Moratorium Forecast.
page 3003, the figures in the heading should have read
For the first time since the Hoover suspension of debt and "Swiss francs" instead of dollars.
reparations payments, the Bank for International Settlements is able to report a slight increase in its resources in- Canada Fixes Rail Rate Exchange for Period from
stead of a heavy decline said a cablegram Dec.4 from Basle,
Dec. 1-14.
Switzerland, to the New York "Times," from which the
Canadian Press advices from Ottawa (Ont.) Dec. 1 stated:
The Board of Railway Commissioners announced to-day that the rate
following is also taken:
As the monthly statement issued here to-night shows, funds on Nov. 30 of exchange for New York funds governing from Dec. 1 to Dec. 14, intotaled 1,107,307,600 Swiss francs (about $213,000.000), which is about clusive, would be 16% premium. The rate of surcharge on international
freight and express shipments will be 10%. The passenger surcharge
$2,600,000 more than on Oct. 31.
The relief the increase causes Bank officials is all the greater in that it will be based on 16% exchange.
follows a drop of $100,000,000, or one-third, in the Bank's resources in
September and Octoboer. The rise arouses cautious hope in the Bank
Canada Sets Jute Twine Duty Values.
that the corner is turned. This hope is strongest in regard to the recent
tendency of many banks frantically to turn their assets into gold, which
Under date of Dec. 4 Ottawa advices (Canadian Press)
seems to have been stopped.
Details of the statement show the increase is due to deposits of Central said:
Values for duty purposes on jute twine have been fixed by E.B.Ryckman,
Banks for their own accounts, which rose about $5.000,000, while their
deposits for the accounts of others, namely governments, declined a couple Minister of National Revenue, effective from Dec. 3, it was announced
to-day. These values are distributed in two columns, one applying to
of million. The Bank's extreme liquidity is reflected in its 60% sight
the United Kingdom and the other to the United States. With regard to
assets, against 38% sight liabilities.
the former, the values range from four pence and a fraction a pound to
American Bankers En Route.
seven pence (nominally from 8 to I4c.). For the United States imports,
The statement is signed by Leon Fraser, who is presiding in the absence the values are from 7c. to 11.8c.
of Gates W. McGarrah, who lands at Cherbourg to-morrow from the
Olympic in company with W. W. Stewart, an American member of the
Basle Committee of Experts, and Albert H. Wiggin, member of the Berlin Prime Minister MacDonald of Great Britain Says
International Conference on Reparations and
committee of private bankers. Mr. McGarrah and Mr. Stewart are expected here Sunday along with other members of the Committee of Experts.
War Debts Will Follow Basle Meeting—StabilizaAccording to indications here the Germans and apparently the British
tion of Pound Sterling to Await Debt Accord.
want the Basle experts to report before Christmas and a conference to
revise reparations convoked in January, while the French want a longer
No attempt will be made to stabilize the pound until the
investigation, with the report after Christmas—which is to say, after the
Prussian elections—and the conference convoked in February—which is reparations and war debts problems are ironed out, Prime
to say, while the arms parley is on.
Minister J. Ramsay MacDonald said in the House of ComHungarian Moratorium Forecast.
mons on Dec. 9, according to a London cablegram to the
Inquiries in international banking circles here show they would not be New York "Journal of Commerce," from which
we also
surprised should Hungary's long-expected declaration of a complete moratorium on private as well as public debts be made this month. They quote as follows:
"For the Government to decree, under these unknown and uncertain
hope Budapest still will be able to avoid this, but believe it very probable
It will throw up the sponge very soon. They consider its hand will be conditions, what the sterling value will be permanently would be folly and
services on several long-term private loans will madness and would give no sense of security," Mr. MacDonald said.
forced by the fact that
fall due in December.
An international conference on reparations, war debts and the other
Circles consulted among those which have worked hard to prevent economic problems confronting the world will be held after the advisory
Hungary declaring bankruptcy, fearing "the example of a European State committee of the Bank for International Settlements, now meeting in Basle,
thus going Latin American" would be very bad for other hard-pressed has determined Germany's ability to meet her
obligations, the Prime
States of Europe. They now believe the world has got so accustomed Minister said.
to the prospect of Hungary going bankrupt that events have been suffiInternational Parley.
ciently discounted in advance to prevent any serious repercussions when
"We regret the delay in bringing the nations together at a conference
It does occur. They even express doubt that it would lead Austria or
table to settle the question of international debts that lies at the basis of
others to follow suit.
The same circles point out as one hopeful factor that coupons on the our currency position," he added, "but we are convinced that any move to
League's Hungarian loan are due in February and if they are unpaid it hasten the matter on our own initiative would be fruitless. But we are sure
the able experts now sitting at Basle are fully aware of the urgency of their
would be a black eye for the Geneva institution.
From the "Times" we take as follows the statement of task and will produce a report with the greatest expedition possible.
"Thereafter a conference of governments
be held and in the opinion
the Bank for International Settlements,as given in Associated of this Government immediate action should willtaken after the report of the
be
Press accounts from Basle Dec. 4; the statement is in Swiss experts is received. That conference must approach its task in a spirit of
realism, examine all the facts and reach an agreement not merely to tide
francs at par, 19.3 cents:
DEC. 12 1931.]
FINANCIAL CHRONICLE
over the difficulties temporarily, but to link the whole world in a hopeful
effort."
Mr. MacDonald's remarks followed a speech by Sir Stafford Cripps, who
moved a resolution for the Laborites in which the Government was censured
for failure to effectively deal with the currency, exchange, international
trade and unemployment problems. The Prime Minister ascribed the condition of Britain's international trade to "the breakdown of distributing
machinery the whole world over."
Action had been taken, he said, to protect the pound in the foreign
market and its domestic value had been maintained.
3889
should increase by the normal amount of around £20,000,000, reserves of
notes would be reduced to about E17,000,000, unless the fiduciary circulation is increased.
Talk by Sir H. Samuel Disturbing London—He Speculates on Whether the Pound May Fall to 8 or 10
Shillings in Value.
From London a wireless message Dec. 7 to the New York
"Times" stated:
Some uneasiness was caused in political quarters to-night by a statement
made by Sir Herbert Samuel, Home Secretary, at a dinner of the Eighty
Club, presided over by Viscount Grey of Fallodon, in honor of the Liberal
members of the Cabinet.
Sir Herbert's speech was an explanation of why he supported the Cabinet
in the temporary tariff policy, but there is uncertainty as to whether his
estimate of the depth to which the pound might fall was figurative or one
which the Cabinet might have had in mind. Sir Herbert said:
"It is true that any adverse balance of trade will be redressed in the
course of time, now that we have gone off the gold standard, by changes in
the value of our currency. But at what level will the adjustments take
place? It might be 10 shillings or it might be eight, with grave effects on
the cost of living.
"The question is very largely affected by the movement of capital. With
great difficulty we might succeed in adjusting the balance of exports and
Imports, possibly to the extent of E2,000,000 a week. All that might be
more than undone in a single day by the outflow of capital.
Whether the United States will be in a position to participate, if invited,
"None the less it was necessary to do what we could to insure that our
will depend primarily upon the program of the conference, it was said at imports should not be greater than we can afford to pay. That has been
the State Department.
the purpose of the Government in proposing temporary restrictions on
Heretofore the administration has been inclined to oppose a general abnormal importations and luxury imports offruits,flowers and vegetables."
economic conference, believing that separate treatment of various subjects,
such as intergovernmental debts, silver, currency and foreign exchange,
Pethick-Lawrence, Former Financial Secretary to
would hold a better prospect of success than one conference in which all
British Treasury, Sees Pound Sterling in No Peril
economic subjects of importance would be considered. This attitude has not
represented a definite position of the United States Government, and some
of Collapse in Value.
economic experts here believe that progress could be made in a general
While the British pound may fluctuate in value, any sugconference.
gestion that it will behave like the old German mark or the
Open Mind to Be Maintained.
The United States attitude toward such a parley may also be affected Austrian krone is "utterly fantastic," according to F. W.
by information as to how definitely the war-time debts owed the United Pethick-Lawrence, who was Financial Secretary to the
British
States and the tariff may be placed on the program. These questions
particularly lie within the province of Congress, and officials do not think Treasury in the Labor Government and who spoke on Dec.6
the executive branch of the government could send delegates to a confer- from London over a WABC-Columbia network. We quote
ence who could commit the government on these topics. The United States from the New York "Times" which likewise reported him as
was represented at the Geneva economic conference of 1927, but that was
follows:
attended by "national delegations," not by government representatives.
Discussing "How England Gets on Without the Gold Standard," Mr.
Until more light is thrown upon the intentions of the British GovernPethick-Lavvrence said that far from upsetting the general equilibrium of
ment an open mind will be maintained here on the question.
affairs, the departure from the gold standard had lessened unemployment,
No feelers looking to a world economic conference have been made
prices upward in any marked degree and had helped the
through diplomatic channels to the United States, it was said at the State has not forced
British manufacturer in the home market.
Department, but reports have been received in recent months from AmComparing Britain's financial position to that of Germany, he pointed
bassadors and Ministers in European countries concerning agitation for
out that while Germany is still a great debtor nation. Britain is a great
such a meeting. These reports have merely been along lines set forth in creditor country, owning wealth abroad estimated at 20 to 25 billions
of
press dispatches about the agitation, but in no sense have represented dollars.
diplomatic exchanges, even of an informal character, between governments.
"I do not think," Mr. Pethick-Lawrence added. "that England is in
The declaration of Mr. MacDonald in the House of Commons today was any hurry to go back to the gold standard, and if she does go back, it is
viewed here as similar to others he has made in recent weeks, except that highly improbable that it will be on the old ratio of 4.86. Most Englishmen
it was more definite than his previous pronouncements. Officials assumed think that we are much better off to-day in spite of our fluctuating exchange
that the British Government realized that a conference of reparation' than recently when we were tied to gold.
receiving powers would be necessary to pass on the report of the Basle
"It seems to many of us that not only this country but a large part of
eonnnittee and would desire to broaden it to include economic questions the civilized world was drifting to disaster because we were all bound up
generally.
through the gold standard to a steadily falling level of wholesale prices by
Effects of Tariffs Seen.
which many manufacturers and merchants were being steadily ruined."
It was believed also that the prospect of a tariff controversy in Europe
might have entered into the decision to urge a general conference at which Stanley Baldwin Contends There Is No Cause for
the tariff and other questions could be taken up.
Anxiety in Drop of Pound Sterling.
Paul Claudel, French Ambassador, reported to Secretary Stimson at a
half hour's conference at the State Department today on the French attitude
Stanley Baldwin,leader of the British Conservative party,
toward reparations and other intergovernmental debts. He was said to told a party meeting at Aberdeen,Scotland, on Dec.4
he was
have made this explanation by direction of his government and as a matter
of courtesy, inasmuch as the French thesis that a reduction in reparations "confident there is no cause for anxiety" in the recent conshould be followed by a cut in intergovernmental debts was being explained siderable drop of the pound in terms of foreign currencies.
to the signatories of the Young Plan.
Associated Press accounts further report him as follows:
No action by the United States was sought at this time, it was stated,
"Nothing has affected the pound's internal purchasing Power." Mr.
and the discussion was said to have been relatively unimpertant, since it Baldwin said. "What the exact balance of trade against us is we do not
merely set forth what has long been known to be the attitude of the French know but it is around £100,000,000 (currently $337,000,000) a year.
Government.
Until it has been rectified there can be no stabilization of our currency.
The position here continues to be that Europe should first adjust repara"World finance is wrapped up with reparations, war debts and disarms
debtor countries to the United States desire a manta, and it is essential that all these questions be solved. When the
tions. Then, if the various
revision of their debt-funding agreements, President Hoover would be better right moment comes I hope this Government will be able to do Its part."
prepared to recommend to Congress the re-creation of the debt-funding
commission to consider the cases.
Washington Aloof on MacDonald Proposal for International Conference—Maintains an Open Mind,
but Seeks Further Light on British Intentions
—War Debt Stand Awaited.
The declaration of Prime Minister MacDonald in the
British House of Commons on Dec. 9 in favor of a world
economic conference to follow the meeting of reparations
experts at Basle was received in Washington as indicating
more definitely than heretofore that Great Britain contemplated calling such a conference. A Washington dispatch to
the New York "Times," from which we quote, likewise said:
British Trade Not Benefiting from Depreciated Currency.
Great Britain May Raise Fiduciary Issue—Bank of
In a London cablegram Dec. 4 to the New York "Times"
England Likely to Pay Off Balance of Credits Due
it was stated that while British trade in general is showing
United States and France Soon.
of revival because of the advantage conferred by
From the "Wall Street Journal" of Dec. 5 we quote the some signs
the depreciated pound,the week's wild movements in sterling
following from London:
It now seems probable that the Bank of England may decide to pay off and the world-wide restrictions on exchange transactions are
the balance of its Federal Reserve and Bank of France credits in gold next imposing a very definite check on possible recovery. The
January. If this decision is taken, the Bank then would be obliged to cablegram continued:
increase the
fiduciary issue by that amount. This decision will probably
be made on Dec. 14, in order to take care of the seasonal increase In circulation and the fiduciary circulation increase would continue until such
time as the bank purchases more gold. The question at issue is merely a
technical device and does not involve any inflation either way, but the
psychological effect upon nervous European bankers must be taken tinto
account.
Effect of the Dec. 1 distribution of the War Loan dividend has not yet
worn off, and money in Lombard Street Friday (Dec. 4) was in great
supply, with borrowers Paying 3N% and under. Discount rates have been
well maintained as the market thinks the moneyeaae is only temporary,
and expects the funds to be drained off in the next week or two. The weakness of sterling also discourages any move to lower open market bill rates.
The seasonal expansion of currency by around E4,000,000 has reduced
reserves of notes in the banking department of the Bank of England to
E37,200,000. Active circulation at E358,500.000 is about E1,000,000 less
than this time last year, but if circulation between now and Christmas
Importers and exporters, both here and abroad, are experiencing great
difficulty in conducting their business because of the inability to reckon
on exchange rates and because of the general slowing down which has
occurred in international trade.
The slackening of the recovery in commodity prices is also exercising an'
adverse influence. The reason for this slowing down is that consumers are
buying only from hand to mouth,owing to the lack of stability in exchange.
Midland Bank Defends Non-Gold Basis—Believes it
Should Aid British Recovery.
The results of Great Britain's departure from gold is likely to be definitely favorable, according to the current issue of
the Midland Bank's review, said London advices Dec.
4'
to the New York "Times," which continued:
3890
FINANCIAL CHRONICLE
"Now that sterling is free to find its own level on the basis of current
transactions," the review says, "there is no good reason for attempting to
attract foreign capital to purchase sterling, rather the reverse. The old
rule of thumb that when the exchanges are low, money rates should be
high is irrelevant to present conditions. On the other hand, there is every
reason for keeping as low as possible the charges for accommodation to
British industry and trade. The departure from gold puts our authorities
in a better position to serve first the interests of British production and
employment. Further, they are more free to supply just that quantity of
money which is required to assist business in its recovery while avoiding any
danger of inflation."
British Funds in China—Investments in PeipingMukden Railroad Bar Japanese Attack.
From London Nov. 26 the New York "Times" reported
the following:
[VOL. 133.
bank are £62,500,000. New York balances of the bank may thus be estimated at around $600,000,000.
The Government probably will give the Bank a Treasury bond equal to
the amount of the losses and exchangeable into negotiable bonds of the
Caisse d'Amortissement.
For redemption of the Treasury bond, the Bank will make an immediate
payment from reserves of 200.000,000 francs and annual payments derived
from royalties on earnings additional to existing royalties.
These negotiable bonds will be similar to those given the Bank by the
State under the stabilization law against advances made to the Czarist
Government at the request of the French Government. The bonds pay
no interest, but are beging gradually redeemed by a budget annuity and
the Bank's royalties.
Total outstanding is about 5,000.000,000 francs, against 5,900.000,000
francs in June 1928. The Bank can sell the bonds in the open market to
influence rates, although it has never done so.
The British railway interests in Manchuria, referred to in Tokyo dis- Bank of France Sterling Loss Agreement—Government
patches as the reason why the Japanese are refraining from military operaProvision for Funding Differences Provides for
tions in the Chinchow district, are investments in the Peiping-Mukden
Periodic Revaluations with Exchange.
Chinchow is about a third of the way from the Mukden terminal
Railroad.
to Peiping. It Is in Manchuria,but is close to the frontier of Chihli Province,
Advices as follows from Paris appeared in the "Wall
In which is Peiping.
Street Journal" of Dec. 9:
The Peiping-Mukden Railroad is about 600 miles long. It is the oldest
Bank of France agreement with French Government provides a periodical
railroad in China, being opened in 1899 as the result of British engineering
rates two weeks
enterprise and the investment of British capital. The road is owned by the revaluation of sterling balances on the basis of average
capitalists in preceding the close of the period, which probably would be for six months.
Chinese Government, which co-operated with private British
be renewed for
financing it. So far as the British are concerned, no political concessions The Treasury bond which the Government gives will
amounts corresponding to revaluations. Thus, provision is made for
are involved.
stabilization.
The initial British investment was about $1,250,000 when construction all future depreciation or appreciation in sterling and ultimate
Bills approving the agreement was introduced in Chamber of Deputies
began 32 years ago. In 1921 the British corporation invested $2.500,000
against
more by an agreement with the Chinese, who put up an additional Tuesday. It is expected that this will result in public attacks
the Bank of France, although the annuity necessary for redemption of
$1.000,000.
bond will be drawn from the Bank's profits. This will be done by into the State
—Would creasing to 60% from the present 50% the amount attributed francs.
Britons Urge Control of Trade with Russia
out of profits from productive note circulation above 650.000.000
Pierre Etienne Flandin, Minister of Finance, presented the GovernLimit Imports to Amount of Exports to End Prevailment's reimbursement project to the Chamber of Deputies. The Bank's
ing Adverse Trade Balance.
holding in sterling was officially fixed at £62,000,000. Up to now the
A report on trade with Russia, issued in London Dec. 7 Bank has carried It at 7,700.000,000 francs ($301,070,000), whereas the
The loss thus totals
actual worth
by the Executive Council of the Association of British 2,500.000.000is 5,200,000,000 francs ($203,320,000).
francs (897,750,000)•
Chambers of Commerce, describes as "intolerable" the
indemnifying the Bank of France against
The preamble to the bill
balances amount
present adverse balance of trade against Britain,"especially," losses on sterling definitely states that the sterlingthe Bank matures to
in
£62,000,000. The Treasury bill to be received by
it adds,"when it is only too evident that the money obtained 1945, the date of expiration of the note-issuing privilege, and the amount
from England is used almost entirely for purchasing machin- Is to be revised semi-annually until the restabilization of sterling.
Sterling is not mentioned in the text of the bill and the new agreements
ery and tools from England's competitors." Noting this a
apply indiscriminately to all exchange holdings whose convertibility Into
cablegram, Dec.7, to the New York "Times" went on to say: gold has been suspended since the date of the stabilization of the franc.
An arrangement with Russia to trade on a reciprocal basis is recommended, British trade being regulated to an amount approximately equal
to the amount Russia buys from Britain plus the value of Britain's invisible Finance Committee of French Chamber of Deputies
exports to Russia. If arrangements for payments could be made through a
Opposed to Plan to Reimburse Bank of France for
central clearing house or industrial bank, it Is said the question of insurance,
Losses on British Sterling Exchange.
now handicapping the British exporter under the subsisting credits scheme,
would not arise.
United Press accounts as follows are from the "Wall
The committee which prepared this report was not concerned with any
political questions and "not in a position to say whether the Five-Year Street Journal" of Dec. 9:
Plan was for the rehabilitation and improvement of Russia and Russians
Opposition to the French Government's plan of reimbursing the Bank
or devised to overthrow the industrial organization of the remainder of of Franco for its losses on British sterling exchange was manifested In the
to cause a political upheaval in order to establish Finance Committee of the Chamber. Premier Laval, Foreign Minister
the world and consequently
universal communism."
Briand, and Pierre Etienne Flandin, Finance Minister, all offered exThe balance of trade against Britian rose from £18,860.117 sterling in planations of the Government project, but the criticism continued,
1928 to £22,724.000 in 1929 and £27,455.575 in 1930. During the first promising a difficult debate when the matter reaches the Chamber.
nine months of 1931 it amounted to £16,207,048.
Russia's exports are now approximately at the pre-war level, but this
rise has not been accompanied by a similar increase in imports from Great
The Bank of France.
Britain.
The following is from the New York "Times" of Dec. 8:
Cabinet Aids Bank of France on Pound Sterling Losses
—Acting When the Total Reaches $100,000,000,
Approves Plan for Coverage by Bonds.
The French Cabinet decided on Dec. 5 that the Government would cover the losses of the Bank of France resulting
from the fall of sterling since the abandonment of the gold
standard by England. A Paris cablegram Dec. 5 to the
New York "Times" reporting this continued:
The losses are understood to amount to $100,000,000.
The situation of the Bank of France for the past few weeks has been subject to a good deal of public criticism. Its losses on sterling were known
to be far in excess of the declared capital of the bank, a situation which
in French law calls for liquidation.
The bank shares, which were worth 23,000 francs some months ago, have
been falling steadily, and from 12,000 at the beginning this week they
dropped to just over 10,000 to-day.
It is understood that the cover scheme, proposed by Finance Minister
Pierre Etienne Flandin and approved to-day by the Cabinet, will be
similar to that employed to compensate the Bank for the lose of the gold
seized in its branches in Russia at the time of the Bolshevist revolution.
The Bank, as in that case, will receive Treasury bonds, which it must
amortize in a similar manner.
It is understood the Bank was the holder of $300.000.000 worth of
sterling when the gold standard was abandoned. One-third of that amount
has been lost. The French Treasury itself is a considerable holder ofsterling.
Ever since the pound began to fall, the Bank of France has refrained
from seeking to realize on its sterling holdings, feeling that the effect of
any massive offer on the market would be catastrophic. But its situation
with more than a 30% loss on such a large amount, has become uncomfortable.
The close link between the French Government and the Bank of France
has sometimes been criticized by outside observers as restricting the free
functioning of the French Central Bank. The connection must at the
moment, however, appear very handy to directors of the Bank of France,
for, according to advices reaching Wall Street from Paris, arrangements
for its
are being made for the French Government to reimburse the Bank
losses on its sterling balances. At the generally accepted figure of £80,sterling
000,000, the Bank of France has a loss of $129,600,000 on its
balances as a result of the fall in the pound from its gold parity of $4.86
to yesterday's quotation of $3.24. This loss, if it had to be absorbed by
many
the French Bank of issue, would wipe out its 87,135,750 of capital
times over. The question most likely to interest London now is whether
by withdrawing its
the Bank of France will attempt to restrict its losses
sterling balances at the current low rate or will simply write down its
holdings and wait for better times to repatriate tho funds.
French Government Proposes Bill Providing Loan for
Shipping Company.
From the New York "Times" we take the following from
Paris Dec. 8:
A State guarantee of loans of $12,000.000 to be floated by the Compagnie
Generale Transatlantique, commonly called the French Line, is proposed
In a government bill distributed in the Chamber of Deputies to-day. In
the guarantee tho State would hold a mortgage on the ships and buildings
34,
of the company.
In 1932, It is further proposed, the State shall advance $2,000,000 to the
company and $3,000.000 in 1933 and 1934. Subvention of the New Yorkto-Havre service Is to be increased to 31,200.000.
It Is stated that since the Commission appointed by the Government
took over the control of the affairs of the company a saving of $2.000.000
has been effected in the running service.
From the New York "Evening Post" we quote the following from Paris, Dec. 7:
Radical Socialists Oppose French Tax Plan—Say It
The problem of sterling losses of the Bank of France has been solved by
Would Affect Domestic Consumer.
the Government's consent to make a loan equal to the amount of the losses
From tho New York "Evening Post" we take the following
and repayable in annuities.
A bill, which is being drafted for immediate presentation to the Chambers, (Associated Press) from Paris,
Dec. 8:
this effect between the Government and the bank.
approves a convention to
It Is understood the Bank's sterling losses are estimated in the bill at
about 2.500,000,000 francs on the basis of a sterling rate of 84 francs against
gold parity of 124.21 francs, indicating that total London balances of the
Considerable opposition developed in the Chamber of Deputies to-day
against a measure proposing an import tax of 2% on raw materials, 4%
on partly manufactured goods and 6% on manufactured products.
DEC. 12 1931.]
FINANCIAL CHRONICLE
The measure was not presented by the Cabinet but was supported by the
Minister of Finance and the Minister of the Budget.
The radical Socialists described it as a protectionist measure whose cost
would be borne by the French consumer in the long run.
3891
parture on Wednesday. the ninth. We shall probably leave Paris on the
latter date or, if impossible then, the next day."
A spokesman for Mr. Wiggin said to-night that the group almost certainly would depart to-morrow. Fred Hall Gannon also acted for the
United States, along with representatives of Britain. France, Holland.
Sweden and Switzerland.
France Votes $140,000,000 to Aid Her Idle—Public
Reference to the sailing from New York of Mr. Wiggin
Projects to Provide Work for 100,000.
to attend the Berlin conference on Dec. 10 was made in
In its issue of Dec.6 the New York "Times" published the our issue of Dec. 5, page 3711.
following from Paris, Dec. 5:
In this period of depression and unemployment France has undertaken,
Prof. Rist of France, at Basle, Says Figures of Dr.
according to the terms of the "national equipment bills" passed by the
Melchior of Germany Invalidate Letters Plea for
Chamber of Deputies at 3 o'clock this morning, to spend $140,000,000 on
public works.
Reparations Cut.
Most of those who voted for the various measures did so because of the
From the New York "Herald Tribune" we quote the
employment which will be provided in many different trades. For this
sum is to be distributed widely. It does not provide only for manual labor following (Associated Press)from Basle, Switzerland, Dec.9:
in the improvement of roads, ports and waterways,
but for Allied work
France opened fire to-night before the advisory committee of the Bank
In the construction of new schools, improved hospitals, new shipping,
laboratories and hygienic work. Agriculture gets a fair slice, but the money for International Settlements on the attempt that is being made to reduce
Germany's reparations obligations.
will be spent mainly in towns for the benefit of the country bjproviding
The attack was started by Professor Charles Rist, Bank of France expert,
better equipment.
The Government estimate of what should be spent was considerably who declared the German case was invalidated by the very evidence subexceeded by the time the Deputies had ended their discussion at 3 o'clock mitted by Dr. Carl Melchior, Berlin's representative on the committee
this morning. Two-thirds of the money will be found by the State, which which is examining Germany's capacity to pay reparations. The French
proposes to do it out of the mobilization of credits due for deliveries in kind, delegate made this statement after Dr. Melchior had presented figures on
by Treasury advances and by a loan. The other third will be found by the German short-term credits and other financial problems facing the committee.
departments and communes out of local budgets or local loans.
The Melchior summary,Professor Riot said,showed the great uncertainty
While most of the work which will be provided will be of civilian character,
In Germany and was sufficient justification for the belief that the present
there is an item of $4,000,000 on account of the Navy Department, with
more than $1,000,000 for hydro-planes and $1,000,000 for a school of was not the time to re-evaluate Germany's capacity to pay. He declared
the French thesis that only a temporary arrangement was necessary to tide
naval mechanics.
Germany over an abnormal period of bad business had been confirmed by
Aviation also gets about $5,000,000.
It is estimated that work will be provided for 100,000 persons in many Dr. Melchior himself.
different trades for at least a year.
German Banks Reported to Have Paid Back $75,000,000
of Short Term Foreign Credits.
French Government's Memorandum to State
The New York "Journal of Commerce" of Dec. 11 pubDepartment on Reparations.
Associated Press dispatches from Washington on Dec. 10 lished the following from Berlin Dec. 10:
bankers, who are
reported that the French Government had formally notified ofThe 28 largest banks and credits advanced responsible together for 85%
the short-term foreign
to such institutions in the
States of its position that reparations revision Reich, report that at the end of October they had a total of 3,705,000.000
the United
must be accompanied by a comparative scaling down on reichsmarks of foreign debts. This amounts to almost $900,000.000.
This total compares with 4,495,000,000 reichsmarks outstanding at the
war debts. The dispatch added:
end of July, at the time of the banking crisis. and
Ambassador Claudel of Prance, on instructions of the Paris Government,
notified Secretary Stimson of the French attitude.
It was understood that French missions in other interested countries
also were instructed to advise nations to which they were accredited of the
French position.
From the Washington advices Dec. 10 to the New York
"Herald Tribune" we take the following:
William R. Castle, Jr., Under-Secretary of State, confirmed to-day the
report that Paul Claudel, French Ambassador, transmitted the views of
the French Government on reparations to Henry L. Stimson, Secretary
of State, yesterday. M. Claude' explained these views orally and then
left a memorandum summarizing his conversation.
According to Mr. Castle, the Ambassador's exposition carried nothing
particularly new but was considered a very friendly communication. Mr.
Castle said he was not at liberty to tell what the French communication
contained or what Secretary Stimson told the Ambassador.
From other sources, as the New York "Herald Tribune" stated to-day,
It was learned that the memorandum disclosed the French emphasis upon
the temporary nature of any changes that will be made in German reparations. The French view is that the present survey of Germany's capacity
te pay is limited by the current effects of the depression. Consequently
no permanent readjustment can be made now in reparations. The French
Government also advanced the view that any readjustment of reparations
would have to be accompanied by a general rearrangement of intergovernmental debts, which means war debts owed to the United States.
Mr. Castle said he had read of the suggestion of J. Ramsay MacDonald,
British Prime Minister, for a conference on economic conditions, including
reparations and war debts; but the Under-Secretary said the only news the
State Department had of it was from reading the newspapers. The attitude
of the State Department Is that it would have to wait and see the program
for such a conference before taking a definite position.
5,600,000 at the end
of March. The high point in foreign liabilities was reached in the summer
of 1930, when they aggregated 7,000,000.000 reichsmarks.
During November, such foreign liabilities showed a further reduction to
3,400.000,000 reichsmarks, a drop of 305,000,000 reichsmarks or nearly
$75,000.000 for the month. Of this total. 1,900,000.000 reichsmarks or
about 58% was covered by documentary credits.
The extent of the repayment of foreign credits during this period has
caused general surprise, although a small part of the decline reflects the
drop in value of terms of reichsmarks of obligations to Great Britain stated
In sterling.
Germany Indicated as Scaling Down Private and Official Debt to Extent of Billion Dollars a Month
23 Billion Dollars After,6 Billion Slash.
Associated Press advices from Berlin Dec. 8 stated:
Germany whittled her official and private debt down at the rate ofalmost
a billion dollars a month during the first six months of this year, but it still
stood at $23,750,000,000 as of June 1,the Institute for Analysis of Statistics
has announced.
In grouping the debt at the 23,000.000.000 figure the institute included
long- and short-term paper of private, municipal and State borrowers,
but did not take into consideration the implied German debt due under the
Young Plan for reparations.
Indicative of the vastness of the blanket debt is the interest charge
which approximated 8,000,000,000 marks annually, or roughly $2.000,000,000.
Differences in the money markets of the present and the pre-war days
account for an increase of interest which ranges to 2,000.000,000 marks
annually now. Short-term credits commanded as high as 10%, while the
long-term paper earns an average of 7ji %,the institute figured.
The institute divides the credits into 82,000.000.000 marks (about $15.500.000.000) long-term paper, and 33,000,000,000 marks (about $8,250.000,000) of short-term notes.
Bankers in Accord on German Credits—Extension for
Short Period is Expected by Financial Circles in
Paris—Statement by Albert H. Wiggin.
Indebtedness Abroad of German Municipalities.
Indicating that an agreement was reached at Paris on
Under date of Dec. 4 a Berlin message to the New York
Dec.8 among representatives of banking interests of creditor
"Times" said:
countries regarding the extension of short-term German
Inquiries have been made as to the amount of
outstanding
credits "frozen" for six months beginning Sept. 1, according abroad on the part of German municipalities. indebtednessamortization
Deducting
to an announcement by Albert H. Wiggin. A Paris cable- redemptions already made, the foreign obligations of Berlin now amount
to $27,303,000 and /3.320,000. The City of Dresden owes $3,750,000 and
gram on that date to the New York "Times" added:
£563,000. Leipzig is indebted abroad to the extent of $4,292,000.
The banking group now plans to leave for Berlin to-morrow to
seek
acceptance there.
Mr. Wiggin, who presided at the negotiations here, arrived
on the
German Banks Cut Rates Following Action of
Olympic Saturday and opened the conversations yesterday. The
nature
Reichsbank.
of the understanding was not divulged, but it is believed in
French circles
that the credits will be extended for a short period only, probably
three
From Berlin, United Press advices from the "Wall Street
months and no more than six.
Journal" of Dec. 10, stated:
Mr. Wiggin's statement reads:
"Representatives of banking interests in the
After reduction in the Reichsbank's discount rate to 7% from 8%.
various countries concerned in the Stillhalte in reference to short-term German credits have private banks reduced overdraft charges to 10% from 12% and credit
been having informal discussions here in Paris preliminary
to their visit interest to 4% from 5%.
to Berlin. This visit to Berlin is to be made on the invitation of a committee representing German banks.
"The representatives of the banks of the creditor countries are in harGermany to Coin Additional Silver.
mony. I am not, of course, justified in making any further statement
United Press advices from Berlin appeared as follows in
prior to the discussion at the conference to be held in Berlin as a result
of the invitations of the German bankers' committee.
the "Wall Street Journal" of Dec. 9:
"I have delayed in making this announcement until it was possible to
The Government has decided to coin an additional 100,000,000 marks In
advise you definitely as to the date of our departure for Berlin. As the silver pieces, necessitating the purchase
of 8.000,000 ounces of silver
invitation has been extended to visit Berlin on Dec. 10, this means a de- The Federal Council was expected to endorse the decision
Thursday.
3892
FINANCIAL CHRONICLE
Supplementing the above, the "Wall Street Journal" of
Dec. 10 said:
The decision of Germany to coin Rm. 100.000,000 of silver coins, resilver,
quiring 8,000,000 ounces of metal, does not mean new purchases of
that
according to best opinion in the local silver market. It is pointed out
been shipped to Gersince Aug. 1. approximately 6,500,000 ounces have
many from New York, while it Is understood that London supplied about
2.000.000.
although the
German purchases are nothing unusual in the silver market,
total
amounts Involved in recent years have not been large. In 1930,
German purchases amounted to 8.000,000 ounces compared with 12,000.000
case,
In 1929, 10,800.000 in 1928, and 16.700.000 ounces in 1927. In each
cover and no
it is pointed out, the transactions have been kept well under
been obtained.
news has leaked out until the individual amounts had
market,
There is no change in the underlying factors affecting the silver
was due to
silver dealers report. Decline of 15-16d. In the London price
the most part.
speculative selling, it is said, emanating from London for
Far Eastern activity, it is understood, is limited for the time
Experts at Basle, Switzerland, Open Study of German
Finances—Young Plan Committee Meets Prepara—
tory to Formal Session—Long Inquiry Foreseen
Dr. Melchior, Presents Data
German Delegate,
Involving Difficult Issue of Private Credits.
by
Members of the special advisory committee, summoned
plea of insolvency, arrived at the headquarters
Germany's
of the Bank for International Settlements at Basle, Switzery
land, on Dec. 6, and engaged in conversations preliminar
to the opening the following day of their official meeting,
which all agreed must end in the calling of a new conference
prelimiof governments to deal with reparations. As to the
meeting, a cablegram from Basle to the New York
nary
"Times," Dec. 6, added:
In view of the inadequate results of the Hoover moratorium the committee
a final
Is expected to hold that the Young Plan, which was to have been
reparations settlement, has in less than two years proved unsuccessful.
of
Interest centers in the Basle meeting, not on whether this committee
experts will urge reparations revision but on the precise recommendations
the
it will make to the World Bank and the governments for dealing with
conditions it finds in Germany.
The Germans, in their letter to the Bank requesting the summoning of
the committee, emphasized the Reich's economic situation was far worse
than any contingency foreseen in the Young Plan, and Dr. Carl Melchior,
German delegate on the Committee, to-day distributed to the delegates as
they arrived a voluminous memorandum containing detailed data on Germany's precarious financial situation. This memorandum, in three languages,
will be officially submitted to the opening meeting of the consultative
committee to-morrow and will serve as a basis for the discussions to follow.
Difficult Problem Infected.
These documents draw the darkest picture of the Reich's situation, not
private
only regarding its capacity to pay reparations but with regard to
short-term and long-term credits. The Germans therefore begin by injecting
most difficult aspects of the problem before
into the discussion one of the
to confine its
the Committee, which, under the rules creating it, is obliged
and
consideration to the conditional annuities under The Hague agreements
"shall play no part with the unconditional annuity."
a speedy
With this problem raised at the outset, the prospects for
Among the
conclusion of the Committee's work seemed small to-night.
se led by Germany who are eager
delegations there are two factions—tho
Germany's finanfor a rapid conclusion of the work, a careful inquiry into
a new and complete
cial status, and notice to the governments suggesting
headed by the
revision of the reparations question, and another faction
this work, postponing the final
French who would proceed slowly with
recommendations until well into the next year.
which nray largely affect
The French have an eye on impending events
First, there is the Prussian election
the reparations and debt questions.
Germany. This might require
which may bring the Hitlerites to power in
that acceptable to the Bruening Gova totally different arrangement from
of the United States Congress, opening
ernment. Second, there is a session
stand on debt revision is expected
this week, during which the American
to be once more defined.
have been cleared the French
Until the German and American policies
be useless, and they fee], too, that thie
feel a reparations conference would
into German finance, will have
advisory committee, by going deeply
Meantime, they are hoping for more
enough to occupy it many weeks.
on private credits will propose to
light on what the Wiggle Committee
Berlin.
Six Delegates Confer.
arrived to-day and conferred
members of the Advisory Committee
Six
of France, Emile Francqui of Belgium,
Informally. They were Charles Rist
Melchior of Germany, Walter W. Stewart
Sir Walter Layton of Britain, Dr.
of Japan. Professor Beneduce of
of the United States, and Mr. Nohara
meeting will be held in the offices
Italy will arrive late to-night. The first
Bank at 10:30 a. in. to-morrow.
of the Board of Directors of the World
World Bank, who returned to Basle
Gates W. McGarrah, President of the
preside at the first meeting as a
to-day accompanied by Mr. Stewart, will
no executive official of the bank
gesture of courtesy, but at other meetings
aloofness from the proceedings.
will be present, and the bank will maintain
secretariat staff will
World Bank interpreters and the League of Nations
assist in the inquiry.
will be the naming of
At to-morrow's meeting the principal question
will be chosen
four additional members of the Committee. These probably
The Committee will
from Holland, Switzerland, Sweden and Yugoslavia.
methods of procedure.
elect its Chairman and Secretary and determine its
memorandum, and
Then Dr. Melchior will speak, explaining the German
this document.
the Committee will adjourn to permit a careful study of
by hearing
According to the Young Plan, the Committee may proceed
the Committee
evidence or asking for documents, but it is expressly stated
payments,"
"shall neither grant nor refuse a postponement of Germany's
exchange
but, after examining the conditions that have endangered German
or ecenomic life, shall, if satisfied the German authorities have used every
governeffort to fulfill their obligations, "indicate to the bank and the
ments, if necessary, what measures should be taken In regard to application
of the Young Plan."
[VOL. 133.
The summoning of this Committee to deal with such a question, after
the Hoover moratorium ignored this machinery, represents a concession
to the French which was obtained by Premier Laval on his visit to Washington. The Germans first demanded that reparations and private claims
be considered simultaneously by the Committee, but finally accepted a
return to the Young Plan procedure, and on Nov. 20 formally requested the
Bank to summon this special advisory committee.
Further reference to the Basle deliberations will be found
elsewhere in our issue to-day.
Germany Puts Debts Up to Basle Inquiry—Melchior
Presents Figures to Show Why Reparations Can
No Longer Be Paid—Findings of Wiggin Report
Disputed—Obligations Set at 50% Higher Than
$2,000,000,000 Estimated Earlier—Currency Coverage Drops—Stewart's Statistics at Basle Said to
Uphold Claim That Wiggin Report Underestimated.
Disregarding the Young Plan provisions, which would
limit the deliberations of the Bank for International Settlements Advisory Committee to the subject of reparations,
Dr. Carl Melchior, German delegate (according to a Basle
cablegram to the New York "Times"), seized the first opportunity in the meeting, on Dec. 8, to put the delegates face to
face with the question of Germany's short-term credits. The
Basle Conference on German Reparations (so far as the
Dec.8 session is concerned) was further detailed as follows
in the "Times":
He broached this topic not as a side issue but as all-important in relation
to the reparations question and as the fundamental reason why, in the
the
German Government's view, there could be no further question of
payment of Young Plan annuities, either conditional or unconditional. In
Issue if
fact, he asserted, there must be a clean sweep of the reparations
Germany was to be restored to economic solvency.
showed
The figures on Germany's situation, which Dr. Melchior advanced,
last
a wide disparity from the estimates made by the Wiggin report
ly
August and showed that instead of 8,000,000,000 reichsmarks [approximate
should
$2,000,000,000l, the total volume of short-term debts at that time
have been 50% higher, or 12,000,000,000 reichsmarks. Although 1,000,Melchior
000,000 marks of this indebtedness has since been paid off, Dr.
gave statistics that singularly aggravated this situation.
Gold Coverage Lower.
gold
Despite a favorable trade balance, he showed that the Reichsbank's
important transaccoverage had fallen from 30 to 12%, and pointed out that
tions in Germany could be treated only in cash.
declaration
To this alarming picture Dr. Melchior appended the solemn
gold standard.
that Germany was firm in her determination to maintain the
of questions put
In the afternoon session Dr. Melchior replied to a volley
details of
forward by the Belgian, British and other delegates on the
to check
his information, and to-night experts were engaged in an attempt
up on Dr. Melchior's statistics with information which had been gathered
on the subject by statisticians of other countries.
Dr. Melchior's statement to-day plunged the Advisory Committee Into
the thick of the hottest political battle in its path, as it involves the whole
question of priority of private debts over reparations. But the French, who
had been insisting on strict adherence to the Young Plan, it is understood,
accepted the discussion with comparative calm.
The Belgians, who may be credited with acting for the French defense,
leveled their questions chiefly at the question of German assets abroad with
a view to bringing out exactly what might be the holdings of German
industry in other countries through affiliated firms and branches. They
accepted the discussion of short-term credits as necessary to the debate,
but, it is expected, will hold fast to their contention that they shall not
figure in this Committee's final recommendations.
Two Long Sessions Held.
The Committee held two long sessions, at the first of which Dr. Melchior
commented on this report and at the second of which a general and very
animated discussion of his disclosures took place. A communique which
was issued late to-night gives in terse phrases an adequate idea of the
gravity of the situation if his statistics are confirmed.
"Ills statement," says the communique, "dealt principally with the
position of short-term credits. The volume of these credits, as indicated
in the complete German statistics, exceeds that calculated by the Wiggle
Committee in its report (12,000,000,000 marks approximately instead of
8,000,000,000 approximately).
"Dr. Merchior then summarized the position of German foreign trade
and confirmed that figures furnished on this subject by the Wiggin Committee still are approximately correct. In this connection he stated that
on a monthly average the German balance of trade during the last six months
had been favorable to the extent of 350,000,000 marks. Despite this favorable balance the Reichsbank's coverage has fallen still further, having
declined from approximately 30% to approximately 12% after the deduction
of the foreign exchange liabilities of the Reichsbank.
"German exporters have been obliged to grant foreign importers credits
maturing at distant dates, whereas import transactions, although diminished
in volume, show an increasing tendency to be made for cash. In addition,
the Reichsbank estimates that during the last six months approximately
1,000,000,000 reichsmarks has been repaid by Germany, including repayments in respect to reichsmark balances held by foreigners with German
banks.
"In order to examine in detail the German statistics submitted to the
Committee by the German delegation, and for the purpose of comparing
the figures with those compiled by the international experts, the Committee
appointed a technical subcommittee from the experts attached to each
delegation."
This Committee was meeting late to-night, but without hope of being
able to report as intended at to-morrow's full meeting of the Committee.
The statistics submitted by Dr. Melchior, it is learned to-night, are the
result of one of the greatest economic surveys of industry ever undertaken
by a State. The figures submitted to the Wiggin Committee were admittedly
estimates, but those produced to-day were taken from a detailed census
throughout Germany and gave full details on every point. Their verification
DEC. 12 19311
FINANCIAL CHRONICLE
will constitute a difficult and delicate process, but will certainly be pressed
with some tenacity by the French representatives.
Dr. Melchior's report did not concern itself with questions relating to
the German budget. These matters will later be exposed at length by
Count Schwerin von Krosigk, department head of the German Finance
Ministry, who will come to Basle to furnish all the technical explanations.
From the "Times" we also quote the following from Basle,
Dec. 9:
Under firm cross-examination by the other delegates, Dr. Carl Melchior
of Germany, in two long sessions of the Bank for International Settlements
Advisory Committee here to-day, maintained his claim that the Wiggin
report last August had underestimated the Reich's foreign debts by more
than 4,000,000,000 reichsmarks (about $1,000,000,000).
His statistics, which were gone over last night by a subcommittee of
experts and again compared with the figures submitted by the delegates of
the various nations during the session, were partly verified, coinciding
roughly with those submitted by Walter W. Stewart, the United States
delegate, while those who attacked the German figures were unable to
expose any Important errors.
Dr. Melchior to-day continued to enlarge verbally upon his documentary
evidence, attempting to show that Germany was crushed by this burden
and had no hope of improving the situation. The world crisis, the present
monetary situation in Germany, the wholesale withdrawals of credit and
the uncertainty regarding the renewal of the credit-freezing agreements
were scene of the factors he mentioned.
In addition to these, he said, the collapse of the gold standard in other
countries, especially Great Britain, together with tariff and exchange restrictions, was already seriously disturbing German trade and impeding all
progress toward recovery.
3893
"Journal of Commerce" of Dec. 3 further indicated, as follows, what Dr. Schmitz had to say:
"The Scandinavian countries," he said, "have endeavored to overcome
their difficulties by depreciating their currencies and adhering to the gold
standard. Germany has adhered to the gold standard and Is going to
adhere to it."
Urges R. I. S. Action.
Dr. Schmitz advocated the solution of the international short-term debt
problem by the Bank for International Settlements.
The B. I. S., he said, should be made a real factor in the international
credit and money system. "It is up to the committee appointed to deal with
this matter to find a definite arrangement," he said .
"Personally, I am convinced that a solution acceptable to all parties concerned can be found, provided the problem is approached calmly and
objectively.
"There can be no doubt, however, that the intricate financial relationship
which has developed over a period of eight years between Germany and her
creditor countries of to-day, in connection with considerable imports to
Germany as well as the reparation payments cannot be cut off at once.
This would be wrong, too, from an economic point of view, because Germany, with her population of 65,000,000 people, is an important factor In
world trade as a buyer and a seller. Certain big movements of credit mean
big movements of merchandise, and there are disturbed market conditions
if the flow of capital goes the wrong way.
Wider Gold Distribution.
"The basis for a thorough and lasting recovery of world economics lies,
therefore, in the wide distribution of gold and credits, without, however,
using them for purposes which would affect international trade adversely."
He criticized the building up of short-term debts from one country to
Stewart Plays Leading Role.
another. While they have stimulated business they have not been a
Mr. Stewart took an important part in the debates, and for the first time reliable foundation for sound economic development.
"Although in normal times there are no objections against short-term debts
in the many reparations conferences which have been held in Europe, voiced
the viewpoint of the United States, unrestrained by the duties of impartiality on a limited scale, they give a shock to the entire credit system in times
of uncertainty and general distrust, leading finally into a situation whereby
Imposed on his compatriots who had served as presiding officers.
Mr. Stewart's figures were the first produced during the meeting to all parties try simultaneously to withdraw their money," he said. "All
provide comparison with those of Dr. Melchior, and they were found to countries whose short-term debts abroad were in excess of their notes
coincide roughly with the German claims, it is learned, so far as they extended have been affected by this crisis, Irrespective of long-term credits which
over the same field. Woodlief Thomas, the statistician from the United may be outstanding in their favor."
Dr. Schmitz is one of the outstanding authorities on German financial
States on the subcommittee, stated that the figures he was enabled to give
affairs, has been mentioned often as a possible German Cabinet member,
had likewise checked with the Reich's.
Both the subcommittee and the delegates, however, asked Dr. Melchior for and has participated in the conferences on debt settlements. He is one
considerable additional information. He promised this would be furnished of Germany's leading industrialists and financial head of the German
as soon as possible, but it will be some time before the Committee will have dye interests.
World-wide lack of confidence has been mused by Germany's two-fold
completed the first part of the task before it—that of establishing definitely
the total of the German foreign debts, or rather, the exact amount of interest burden of private and political debts, Dr. Schmitz said.
The world's credit system, he said, would not have been so badly shaken
and amortization to be borne by Germany.
It was clearly established by the Germans that the discrepancies between if It had not been for "the impediment of primarily a political nature,"
the Wiggin report figures and the new figures now submitted were due to which has handicapped natural exchange of goods between countries and
the fact that additional information, mostly derived from private individuals resulted in an excess of money and gold In certain countries.
"Germany before the war had invested in foreign countries about $5,000,In a meticulous nation-wide census of German industry, had been obtained
000,000. The corresponding amount at the end of 1923 was approximately
by the German authorities.
$700,000,000. Then, in the years between 1924 and 1930 Germany had to
The New Figures.
borrow both long- and short-term money in such amount that by the end
In the German short-term bank debts as between banks this difference of July 1931 the long-term indebtedness to foreign countries
amounted
was 400,000,000 reichstnarks (about $100,000,000), but the figures relating
to 2.75 billion dollars. Furthermore, there was a short-term indebtedness
to the debts of private individuals were increased by 3,700,000,000 marks,
foreign banks, paid within 12 months, of about 1.8 billion dollars, to
to
Dr. Melchior's statistics show.
which have to be added previous long-term credits of $150,000,000, conDr. Melchior divided the German foreign debts into four categories, requirtracted by the Reichsbank and the other banks.
ing external payments either for their services or redemption: Long-term
"Amounts in excess thereof recently made public are difficult to check
loans issued abroad, loans not issued publicly abroad but mortgages in
and should represent largely current creditor accounts within the scope of
favor of foreigners and long-term loans granted to Germans, bonds and
regular international trade. They are probably set off by current debtor
shares issued in Germany and held by foreigners, and short-term debts, the
accounts and similar items. In addition, investments by foreigners in
latter including not merely bank debts but also industrial, agricultural,
Germany, and so forth, amounted to $1,300,000,000.
commercial and private debts.
"When in 1924 the Dawes plan provided for reparations which Germany
Concerning these private debts Dr. Melchior answered, or promised to
should pay in amounts rising rapidly from $250,000,000 to $600,000,000,
answer, a volley of rapid-fire questions from Charles Riat of the Bank of
it was clear from the beginning that these sums could not be paid without
France and others.
difficulty. So, through inflation, the economic life of Germany was far
At the afternoon session Dr. Melchior took up the position of the German
more weakened than the rest of the world. . . . Germany for a period
trade balance. During the last six months, he said, the balance had been
of years had to increase her imports, especially in foodstuffs and raw
favorable to the extent of 350,000,000 reichsmarks a month.
materials, and thus has undoubtedly added to the employment of the United
Four factors, he declared, had aided this favorable balance: the difference
States as well as of other countries. Besides, to increase her exports she
between the fall in the price of goods imported by Germany and the prices
had to adjust her productive equipment to meet the technical progress made
of exported commodities, the growing decline in commodity imports, the
by other countries. It was realized abroad that these requirements had
liquidation of stocks in Germany, especially manufactured goods, and the
to be met to enable her to pay reparations."
fact that although the %%orId crisis had entailed a reduction in the volume
of exports, comparison between the present reduced level of exports and
the curtailed volume of imports still revealed an export surplus.
Franklin-Bouillon Urges France, Great Britain and
Dr. Melchior declared, however, that it was obvious that Germany could
United States to Tax German Exports—Asks Union
not count on these favorable influences to continue, maintaining that the
to Force Reich to Pay Debts.
tendency was likely to be reversed.
The following is from the New York "Times" of Dec. 10:
Further details of the figures introduced by Dr. Melchior at the Basle
conference, placing Germany's total short-term indebtedness at 12,000,000,000 marks, an advance of 60% over the 8 000,000,000-mark figure
,
contained in the Wiggin report, were disclosed in Wall Street yesterday.
The short-term foreign debt of German public authorities is placed
at
800,000,000 marks by the Melchior report, against 800,000,000 marks in
the Wigpin report, by transferring to long-term account the
500,000,000mark loan advanced by bankers here under the leadership of
Lee, Higginson te Co., which is renewable. Bank indebtedness is 5 9
, 00,000,000 marks,
against 5,100,000,000 marks in the Wiggin report, and
other short-term
debt, including various types of non-banking credits, is put
at 6,200,000,000
marks, against only 1,500,000,000 marks In the Wiggin
tabulation. The
Reichshank and Golddiskontbank credits are, of course,
unchanged at
600,000,000 marks.
Under date of Dec. 3, a cablegram from Paris to the New
York "Times" stated:
If Germany should renounce her obligations, France, Great Britain and the
United States should form "a commercial alliance' to collect what is due
them, Henry Franklin-Bouillon, French Nationalist Deputy, declared to-day,
speaking at a Radical-Unionist party luncheon at Versailles.
H. Franklin-Bouillon warned that the Ilitler party would soon come into
power in Germany and that it was more than probable it would repudiate
the Reich's debts.
The Reich, he said, was fully able to discharge its obligations if, like
France, it would create a sinking fund guaranteed by customs duties and
tobacco sales. The question was, he asserted, to convince the German
Government and industrial leaders that the Allies, who lent Germany money,
were determined to stand together for collection instead of bringing influence on France to make reductions.
Britain, France and America should therefore form a commercial alliance
which would place a tax of 10% on all German exports into their territories,
he said.
Germany to Remain on Gold Standard, Says Dr.
Schmitz—Urges Settlement of Short-term Obligations by Bank for International
Settlements— Germany Aids Time Exchange—Bureau Set Up FollowHolds Reich Debts Bar to World
ing Suspension Since Summer Crisis.
Confidence.
Germany intends to maintain the gold
A cablegram, as follows, from Berlin, Dec. 5, is taken
standard, Dr. Hermann Schmitz, German reparations expert and financial from the New York "Times":
leader, said on Dec. 2 in a radio address on the German
In order to reduce the risk involved for German importers and exporters
in foreign currency, notably in pound engagements, the
financial situation from Berlin, rebroadcast in the
United tentatively formed a bureau for time transactions in foreign Reichsbank has
exchange, which
States by the National Broadcasting 00, The New York
had been suspended since the bank crisis last summer.
3894
FINANCIAL CHRONICLE
[VoL. 133.
Assails Hillerism.
Following his elucidation of the Government's new economic and fin
andel dictates, Dr. Bruening paused briefly and then launched into an
excoriating attack upon Hitlerism, especially its recent international
press barrage, which he said had evidently conspired to leave the impression
abroad that there was an auxiliary government operating in Germany.
"While the leader of the National Socialists keeps on asseverating his
Devaluation of Mark Opposed by German Statistical adherence to legality, his responsible aides are allowed to go forth preaching subversive doctrines and scattering schisms and distrust in the ranks
Expert.
of the people," the Chancellor exclaimed with increased intensity.
The natural inward protest agamst Germany's fall from her former
Advices, as follows, from Berlin, Dec. 4, are taken from
heights and against her harsh fate to-day, the Chancellor said, "has made
the New York "Times" of Dec. 7:
growing nunbers of our people take refuge in dream visions—but these
The Director of the Federal Bureau of Statistics, Professor Wagemann, constitute no political program.
has
ariticizee unfavorably the suggestion of devaluation of the mark, which
"Germany's salvation will be possible only if those responsible for her
been discussed with the idea that it might give impetus to business. Be policy do not also enter the realm of illusion, but on the contrary remain
effect on exports would be doubtful and relatively governed by sober reflection and clear consideration of mailable ways
bolds that the stimulating
directly
unimportant, since only 13% of the working men are employed
and means," he added.
or indirectly in exporting industries. Devaluation of the mark, he thinks,
probably
Warns of Emotional Viewpoint.
Might somewhat improve the foreign trade balance, but would
"The tendency to regard politics from the emotional viewpoint, howInjure internal trade.
capital ever deeply rooted in the German soul, must never get the upper hand
It would certainly, in his judgment, have a bad effect on the home
frightened of cool deliberation, or there will be an end of Germany."
market. Capital set free by the present trade stagnation would be
the mark
To such false tendencies, Dr. Bruening went on with rising emphasis.
away from production in the future. But deliberate deflation of
a Government conscious of its responsibility to the people and the Fatherby 20 to 25% is still advocated by a part of the press.
land must not yield.
"However widely they may spread among the people, the Government
Roads muss not and will not shrink from opposing than with iron energy," he
Germany's Rail Losses Put at $73,000,000—State
Ten exclaimed.
Answer Rate Cut Demand with Report on
"The Government admits no power save the Constitutional one—the
Months' Deficit.
Reich's President and the Reich's Government alone control the power
the of the State, and this will be used with relentless severity—if need be,
The following from Berlin, Dec.4 (copyright), Is from
through declaring a state of siege—against any attempt to interfere with
the Constitutional authorities."
New York "Evening Post":
be lowered, the German
Scoring the professed legitimacy of Hitlerism, the Chancellor continued:
Faced with a national demand that railroad rates
for the first 10 months
In violent contrast to the declaration by the head of the National
State Railways issued without comment its report
legal omthods
Of this amount almost Socialist party of his intention to pursue his political alms bythemselves no
of the year to-day, showing a net loss of $73,000,000.
other leaders deeming
are the vehement
itself. Freight traffic less responsible whoasseverations of
call for a fratricidal struggle and folliesin foreign policy.
one-fourth represents loss in the month of October
less than in October 1929.
To declare that, once come to power through legal means, the legal
was 11.4% smaller than in October 1930 and 25%
adequate reply to framework would be burst is not legality, stlli lass when at the same time
Railway executives consider the report an entirely
Plans of revenge are concocted and discussed in the inner circle."
Bruening has promised his
agitation for a lowering of rates. Chancellor
not be put through until
Scores Hitler for Interview.
passive Socialist majority that State wage cuts will
railway rate cuts would
Dr. Bruening pilloried Herr Hitler's recent domarche in getting in touch
be ha provided for a reduction in prices, of which
with the Anglo-American press and his dispatching emissaries abroad as
be the beginning.
enterprises damaging to the Fatherland, "attempting through reference
to a
domestic political situation to create the impression abroad
Posi thatshift in thewas not only divided within herself but there there was in
Germany
External Gold Bonds of Germany Watched—Their
es—Municipal Germany a government of to-morrow that assumed to speak for the German
tion Affected by Political Influenc
people."
Abroad.
Obligations Outstanding
"But hereafter, as heretofore, the conduct of the Reich and the repreDec. 3, is taken as follows from sentation of its interests abroad will lie exclusively in the hands of the
An Amsterdam message,
Reich's President and the constitutional government," he added.
"I have been accused often of keeping silent too long," the Chancellor
the New York "Times" of Dec. 7:
is
Germany's external bonds
concluded, "but conscientious work seems to me a more urgent duty than
The question as to probable results with
expected talking, and I
is generally
have confidence that the German people will range itself
considered here to be more political than economic. It
unavoidable in the near future on the side of matter-of-fact sobriety.
that present developments in Germany make
in the Government. This would
"I shall never attempt to dissemble the real state of our country with
the participation of National Socialists
promises and illusions. Courage to face an evil reality in all Its harshness
somewhat complicate the problem of foreign obligations.
of extending short credits has alone enabled peoples to rise again.
The attitude of Dutch bankers on the matter
"Cool deliberation and hard calculation of political possibilities do not
the political developments referred to.
in Germany is not friendly, owing to
owing to signify a lack of the deepest sympathy with the suffering of the people.
other than a consenting answer is considered possible,
Still, no
other countries. The argument is It is the heavy responsibility belonging to those governing that forbids
pressure from international lenders in
to the
out Germany or facing the them to show their feelings otherwia than in strict suboreination
strong that no ahoice is left between helping
duties of their office."
consequences of a breakdown.
speech is not interpreted as barricading
Despite its tenor, Dr. Bruening's
the "Nazis's" path to Ministerial portfolios, but it was more than explicit in letting them know that they were not wanted in their present
Use
Chancellor Bruening of Germany Threatens to
state of heart and mind.
Whether this will lead to successful clearing is believed extremely doubtful,
as there probably will be no demand to balance the large offers. Even if
Use demand is satisfactory it will be largely speculative, and the danger
that a further slump in the currencies involved would result in the
insolvency of speculators implies a similar risk.
That His
Reich's Army—Tells Germany on Radio
nt Will Resort to State of Siege If Need
Governme
of
Be—Holds Hitlerism Delusion—Enforcement
in Germany—Adolph
of Price and Pay Cuts Decreed Government and InMeasures Decreed Makes Possible Maintenance
Hitler to Be Curbed—All
Gold Standard by Germany.
dustrial Employees Suffer 9 to 10% Reductions
Jan. 1—Turnover Tax Increased—Interest Rates
he termed the delusiveness and contradiction
Scoring what
broadcast
Reduced—"Price Dictator" Will Force Business
of Hitlerism, Chancellor Bruening in a speech
emphasis
to Meet Order for 10% Drop.
t the Nation on Dec. 8 proclaimed with
throughou
of Gerthat there was only one Government at the helm
Reporting that Dec.8 witnessed two events of tremendous
"Times"
many. A Berlin cablegram Dec.8 to the New York
import in the life of all residents of Germany, a Berlin tablewent on to say:
gram Dec.8 to the New York "Times" went on to say:
and any attempt
It was grimly determined to remain there, he added,
and relentlessly
to usurp its authority and prerogatives would be swiftly
siege if the situation
repulsed, even to the extent of proclaiming a state of
demanded it.
the Government had
In this determination. Dr. Bruening announced.
von Hindenburg.
the full and unequivocal support of President
Chancellor out
-minute radio talk, which brought the
To-night's 20
ournofte of Informofa mystifying seclusion of many weeks,had the primary the Government's
last and most onerous of
ing the German people that the
by President von Hindenburg
numerous emergency decrees had been signed
and would now go into effect.
by President von
One was the signing of the new emergency decreesprices, professional
Hindenburg, ordering a drastic reduction in commodity
providing for some new
fees, house rents, transport fares and wages, and
increases in taxes.
nation by ChanThe second event was an emphatic warning to the whole of siege would
cellor Bruening, in an address over the radio, that a state
Adolf Hitler and his
se proclaimed if necessary to curb the activities of
party.
German Budgets Safeguarded.
Safeguarding the budgets of the Reich, States and municipalities, and
prices and interest charges
:he wholesale adaptation of the level of wages, the
purposes of the emerIn Germany to the prolonged world deflation are
Sees End of Period.
and in the degree of encroachment upon
marked the gency decree of which in scope
In their finality, Dr. Bruening declared, the new dictates flowing into private business is believed to go beyond anything ever attempted by any
in gold
conclusion of the post-war period when the billions
that they bad government at one stroke. The decree is entitled "The President's fourth
Germany temporarily prevented the people front realizing
decree for safeguarding economic life and finances and for the protection
lost the war.
of domestic peace."
To balance the budgets, the salaries and wages of all State employes
Maintenance of Gold Standard.
the last were reduced 9 to 10% in the Reich as well as in the States and municiIle added that the measures about to be enforced represented
economic meas- palities. This for the Reich alone will mean a saving of $20,000,000 in
stages in the process of deflation, and that the program of also be viewed one year. The reduction will go into effect Jan. 1. In addition, the turnures now completed after weary months of searching must
inter- over tax is raised from 85-100% to 2%, which for the remaining part of the
as a prelude to the Government's preparations for the impending
fiscal year is estimated to return $40,000,000.
national financial negotiations.
Explaining the decree to the press Chancellor Bruening stressed the
said:
Touching on the latter, Dr. Bruening
of balancing the budgets in view of the forthcoming internegotiations just begun I must refrain from discussing Importance pstia ohs. said.
"With the Basle
, ne
.
.In t e
to all nationalhnegost
the reparations question, but once more I most fervently appeal g and
"we entered negotiations without the backing
the interested governments to allow the principle of understandin trans- of strong finances at home, but I did not feel I could bear the responon all sides to be
the solidarity of co-operation so often proclaimed
international negotiations in this historic hour before the public
sibility of
lated into concrete action at this eleventh hour."
Chancellor treasuries were safe, even if they could be safeguarded only by stringent
The enforcement of all the measures decreed to-day, the
moment has finally come when even the closest examination
the maintenance of Germany's currency measures. The fails to afford
stated, would make possible
evidence for criticism abroad. The budgets
of our budget
on a gold basis and insure the solvency of the Reich through permanent now are scaled down to such an extent that, disregarding the expenditures
budgetary equilibrium.
DEC. 12 1931.1
FINANCIAL CHRONICLE
on war cripples, it can well stand comparison with the smallest pre-war
budgets."
Tax Limit Reached Long Ago.
Indirectly all other provisions of the decree aim at the improvement of
public finances, as it is realized that only a stimulus to business will in the
long run fill up the public treasuries. That the limit of taxation had been
reached before this decree was generally admitted and the increasing of
the turnover tax was more of a technical trick, as it will be easier to collect.
The simultaneous reduction of wages and salaries on one hand and the
cost of living on the other, which is now decreed, has been the central
point of Chancellor Bruening's economic program for more than a year
and has been the chief topic of political controversy. While the Socialists
demanded a lowering of prices, basing their arguments on the economic
theory that purchasing power must be maintained, economic experts and
business men clamored for a reduction of the cost of production.
The government chose the middle path. On Jan. 1 prices and wages
are to come down by about 10% regardless of price syndicates and collective wage agreements.
Wages are easier to control and will be lowered faster and more thoroughly
than prices, so the decree amounts to a lowering of the cost of production,
which is expected to stimulate industrial activities and counteract the
growing tide of unemployment, which now exceeds 5,000,000. In this
respect the decree represents a determined attack on the depression from
the production end.
To reduce prices it is decreed that all cartel prices, including those for
coal, iron and potash, must be reduced by 10% or the cartel agreements
will be declared void.
"Price Dictator" Appointed.
It will be the government's task to see that the reduction in raw material prices are reflected in retail and other free prices, so Carl Goerdeler,
Mayor of Leipzig, has been appointed "Price Dictator." While his powers
are not yet fully known, it is believed he will be authorized to close any
commercial enterprise that does not comply with his orders as to price
reductions. It depends on the use he makes of his powers whether this
will mean a reintroduction of the wartime system of maximum prices
which admittedly hampered business.
Herr Goerdeler, who is a Nationalist, left the Hugenberg party after
his appointment.
In the provisions for wage cuts it is decreed that no collective wage
agreements shall run beyond April 1 and that the wage level will be uniformly and automatically reduced by a maximum of 10% on Jan. 1 to
the level existing on Jan. 10 1927. These provisions, along with cuts in
disability compensation affecting many thousands of workers, are certain to arouse Socialist protests.
Even if the wage and price reductions balance, business conditions
will be materially improved by the general lowering of the rates of railways and other public utilities, which were announced at the time of the
publication of the decree. The railway rate reductions on certain goods
run as high as 26%•
Furthermore, the rents on apartments that are still under government control will be reduced by 10% on Jan. 1.
The decree authorizes the government to levy additional import duties
on foreign goods without specifying the goods to be affected. It is understood this is to be a safeguard against dumping from countries with depriciated currencies.
Lowering of Interest Rates.
By far the most controversial point in the decree is the problem of the
compulsory lowering of interest rates. It is decreed that the interest
on all German bonds with the exception of those floated abroad, notably
dollar bonds, shall be reduced to 6% if they now bear more than 8% and
by one-quarter the present rate if they bear less than 8%.
This rule also is to be applied to mortgage interest rates. The Commissioner of Banks will make bankers reduce the interest on all credits. A lowering of the discount rate is expected for to-morrow.
As a special tax on those who evade German taxes by living abroad it is
decreed that they are to deliver 25% of their funds invested in Germany.
If they fall to pay this special tax they are to be arrested and sent to jail.
The last part of the decree is devoted to provisions for safeguarding
domestic peace, Including a ban on all political uniforms and emblems,
which means that the spectacular demonstrations of the Steel Helmet
League and the National Socialists (Nazis) will lose much of their appeal
to the population. The governments of the States are authorized to
demand special licenses for weapons of all kinds. A political truce for
the Christmas season is proclaimed through the prohibition of all political
meetings and demonstrations.
3895
The first decree provides for the confiscation of foodstuffs and the prohibition of their sale and purchase. They are to be delivered free by
the producers and to be rationed by the Government.
The second decree provides for the suspension of private property rights.
No interest shall be paid and the execution of monetary claims is prohibited. This decree provides in detail for the composition of the courts
which are to hear charges of its violation.
The third decree proclaims it to be the general duty to work. Every
German, excluding Jews, above the age of 16 would be obliged to work
or have no right to demand food.
Whether Herr Hitler knew of the document could not be found out by
the Prussian Government.
Holds "Nazi" Scheme Is Not Treasonable—AttorneyGeneral of Germany Advised Prussian Minister
Not to Publish Document—Hitler Denies Knowledge.
The following from Berlin, Nov. 26, is from the New
York "Times":
There is still considerable confusion in political circles about the importance to be attributed to the "Nazi'' document uncovered in Hesse,
containing an outline of terroristic decrees to be imposed by a future
National Socialist government, due to the fact that the Prussian Ministry
of the Interior released the document only to the Left Wing newspapers.
It is learned, however, that the Federal Attorney-General, Dr. Werner.
to whom the document was submitted by Carl Severing, Prussian Minister
of the Interior, in order to take legal action, disagreed with Herr Severing
as to the outline's legal importance, declaring that it afforded no ground
for a charge of high treason unless more evidence is produced in further
investigations.
Contrary to reports yesterday, Dr. Werner, in a statement issued to-day,
declared that the police of Darmstadt did not conduct a search of the
homes of the National Socialists involved upon his initiative, but acted
independently.
The Attorney-General's View.
Dr. Werner holds that since the decrees proposed in the document
are based on the assumption of general chaos in Germany after the overthrow of the Government, it is not directed against any government holding °Mee now and therefore not to be regarded as attempted high treason.
On the contrary, he emphasizes, the decrees are supposed to be put into
effect to restore law and order after a Communist regime of terror.
Meanwhile the police of Darmstadt continue to search the headquarters
and homes of the "Nazis," but no action has been taken to arrest those
involved.
Adolf Hitler has declined responsibility for the "occasional stupidity"
of four of the 800,090 members of his party, and at Herr Hitler's Munich
headquarters Herr Severing, who is a Socialist, was charged with having
deliberately played up the matter.
The charge was based on the fact that Herr Severing held the document for several days, although Darmstadt is not in Prussian territory,
and then published it despite the advice of the Attorney-General to keep
it secret so long as no tangible evidence of high treason was obtained.
Captain Goering, Herr Hitler's spokesman, stated that National Socialist
headquarters had no knowledge whatsoever of the document and that
any illegal plans on the part of party members would inevitably entai/
their exclusion from the party.
Calls Informant Ex-Socialist.
He added that Dr. Schaefer, who was present at the meeting where
drafted and later turned over the document to the police,
the decrees were
was a former Socialist who had joined the National Socialist party only
several weeks ago.
Dr. Schaefer, who was examined to-day at the Supreme Court in Leipzig,
stated that he had turned over the document to the police only to call
the attention of the Prussian authorities to the "economic nonsense"
contained in the plans of Dr. Werner Best, its author. Dr. Schaefer said
that he had never thought of the possibility that his revelations might
lead to the charge of high treason.
National Socialist headquarters have published a statement by Dr.
Best in which he declares that the document represents only his private
opinion as to what should be done if the legitimate State authorities are
overthrown by the Communists. He says that none of the leaders of
the party was acquainted with the document.
While those newspapers which were informed in advance by Herr Severing
so that they could prepare editorials criticizing the stand taken by the
Attorney-General, the "Deutsche Allgemeine Zeitung" takes the procedure of the Prussian Government as indication of its determination
to discredit the "Nazis" in order to make it impossible for the Centrists
to form a coalition Cabinet with thorn in the State of Hesse.
The Centrist newspaper "Germania" observes that the document reveals the deplorable state of mind of the "Nazis," and other papers join in
regarding it as an:indication of lack of ability in the ranks of the Hitlerites.
Prussia Bares "Nazi" Plans to Seize Control—Publishes
"Emergency Decrees," Exposed by Deputy Expelled From Party.
Under the above head the following was reported from
Darmstadt (Germany), Nov. 25 in a cablegram to the
Adolf Hitler Not to Be Candidate for Presidency of
New York "Times":
Germany.
Documentary evidence that at least part of Adolf Hitler's followers
anticipate absolute chaos as imminent in Germany and in that case are
Adolf Hitler, leader of Germany's Facists, declared on
determined to take over power and rule with outright Bolshevistic methods
was published to-night by the Prussian Ministry of the Interior.
Dec. 5 that under no circumstances would he become a can
It was in the form of an outline for emergency decrees for a future
didate for the Presidency, but he refused to say whether
National Socialist Government which was laid down at a meeting of four
President
of the newly-elected "Nazi" deputies to the Diet of the State of Hesse. that meant that the National Socialists would keep
These prospective decrees provide for the suspension of private prop- von Hindenburg at the head of the State if they succeeded
erty rights and monetary claims, the seizure of all foodstuffs, which are
gaining power. Associated Press accounts from Berlin
to be distributed only among those who work, and the assumption of in
Dec.5 continued:
executive power by the National Socialist storm troops.
"I don't enter the picture at all," Herr Hitler said. "Even when we
The document was turned over to the police by Dr. Schaefer, who participated in the meeting but later backed out, meanwhile having been take over power I don't intend to stand as a candidate for President."
Pressed for information about what his party would do in the matter of
excluded from the National Socialist party. The document will be used
Socialists chuckle('
as evidence in a trial for high treason before the Supreme Court at Leipzig. the Presidential candidate, the leader of the National
provided for."
Dr. Best, the author of the document, who holds a judiciary office, and said:"That eventuality already is
Great surprise was expressed in official circles to-day over the inter-vim.
takes for granted the early collapse of Germany, which, after a struggle
the entire Anglo-American press here
between the "Nazis" and Communists, will result, he says, in victory granted by Herr Hitler to almost
yesterday.
for the Hitlerites.
which the "Nazi" chieftain declared foreign bondholdThe interview, in
ly• In order to save the nation, according to the document, martial law
protected if his party came to power, occurred in a hotel
will be declared immediately and the executive power will be turned over ers would be
walk of
troops. Obedience to the orders and members just across from the Foreign Office and within a three-minute
exclusively to the storm
Presidential palace. Commentators remarked that it took place under
of the storm troops would be enforced by the death penalty, and who- the
Government.
the very nose of the
ever was found with a weapon would be shot.
German reporters were not present when Herr Hitler told what he would
In addition to these orders, which are drawn up in the form of a "mani- a.
of three emergency decrees are contained do if he won out, and some Berlin newspapers printed cabled reports of
esto to the people," the drafts
his statements from their New York and London correspondents
w the document. All are carefully worded and ready for uss
FINANCIAL CHRONICLE
3896
There was newspaper comment to the effect that the Facist leader was
attempting to curry favor abroad, especially in the United States and England.
Herr Hitler's attitude is that of a man cocksure of coming into his own.
"We are about to take over the power," he asserts. "It is a question
merely of months—perhaps even weeks."
Adolf Hitler Plans to Replace German Flag with "Nazi"
Banner.
The following, (copyrighted by the Associated Press),
from Berlin Dec. 6, appeared in the New York "Times:"
Adolf Hitler, leader of the German Facist movement, indicated to an
Interviewer to-day that he expected his own flag eventually to fly over
Germany. Asked what flag his Government would fly if it gained power,
he rose from his chair and rubbed his hands together.
"Ah, there's a question on which we shall have a little argument with
certain gentlemen responsible for 1918," he said. "The black, red and
gold certainly will cease to be the national flag."
"Will you substitute the National Socialist flag for it?" he was asked.
"As 75% of the German people are behind that flag already, why shouldn't
It become the national flag?" he replied.
For,. 133.
He estimated that at least nine-tenths of German private property had
been confiscated in the last dozen years as a result of the policies pursued
by the parties in office, with this likely to continue unless debts and taxes
were cut down.
His party, he added, would not prevent American and other foreign industrial firms from operating in Germany, where every one willing to work
would welcome them.
Herr Hitler charged that toast of the post-war treaties were obviously
dictated by hate, while the economic madness rampant in the past dozen
years had not yet been dissipated.
"Ours is a party of youth," he concluded. "We were young when the
war broke out. We do not bear the guilt of it, are not responsible for the
revolution or the Treaty of Versailles. We therefore claim a free hand and
shall not sign any pact which cannot be fulfilled."
Swedish Liquor Monopoly to Make No Purchases for
Three Months Because of Large Supply on Hand.
From Stockholm, Nov. 29 the New York "Times" reported the following:
The Swedish wine and spirits monopoly, which supplies liquor to all
Sweden, to-day announced it would make no more purchases for at least
three months. The board explained it had a large supply.
France will be chiefly affected, but Scotch whisky distillers and many
English wine merchants also will suffer.
Doubled in Stuttgart City
Elections.
The following (Associated Press) was contained in a
Stuttgart (Germany)) cablegram Dec. 6 to the Now York Brewery Deputation to Fight British Beer Tax—Serious
Effect on Employment.
Times:"
Adolf Hitler's National Socialist party gained impressively In a muAdvices as follows from London, Nov. 28 are taken from
nicipal election here to-day. It virtually doubled its votes and the Comthe New York "Times":
munists also gained, while the middle parties suffered losses.
"Nazi"
Vote
Nearly
The Hitlerites garnered 23,239 votes, bringing their total here to 44,599.
The Social Democrats lost 8,792, but still are the most powerful party
with 46,810 members. The Communists, and the Communist opposition
wing, gained 5,721 and now number 41,840.
A deputation will be sent immediately from Burton-on-Trent. Britain's
great beer centre, to the Chancellor of the Exchequer. Neville Chamberlain,
demanding the removal of the beer tax imposed by the last budget.
The deputation, which will represent the four chief trades unions of
the town, will point out that the tax has already resulted in a considerable
lowering of beer consumption and is having a serious effect on employment.
Adolf Hitler, Leader of German Fascists, Backs Debts,
Bar Reparations—Sees V ictory Soon—Rejects "Ex- Breweries Hit in Holland—Licensing Law Is Revised,
tortion by a Nation Saturated with Arms and Gold."
Barring Corporations.
"Private debts—Yes! Reparations—No!" will be the
Under date of Nov. 26 advices from The Hague to the New
Slogan of the National Socialists ("Nazis") if they ever gain York "Times" stated:
The upper chamber passed by 23 to 15 a liquor license bill which is espower in Germany, Adolf Hitler told a gathering of foreign
correspondents in Berlin, on Dec. 4, according to a cablegram sentially a technical revision of the present law. Licenses henceforth may
be acquired by corporate bodies only In exceptional instances. They will
to the New York "Times," which further stated:
expire ordinarily at the holder's death, but may be transferred to a widow
The National Socialist vehemently denied that the party stood for
terrorism and pooh-poohed the Hessian "terror manifesto," which he said
had been unduly exploited in that it represented the act of one or two
subordinates out of a following of 700,000.
"We can't stop some of our members from having ideas of their own
or prevent the Government from planting stool-pigeons in our ranks," the
German Fascist chief said.
"My will is low for the party, and with the possible exception of Russia
and Italy there is no political organization anywhere which is so completely
answerable to its leader."
[An alleged "Nazi" document, containing an outline of terroristic decrees
to be imposed in the event of a National Socialist Government, was uncovered in Hesse last month.]
Now that Ministerial portfolios are beckoning to him, Herr IIitler indicated
In his talk to-day that the exuberance with which he once expressed himself—for instance, shortly after his sensational election victory last year—
had been measurably toned down, despite the strong and impressive election
victories since gathered by his party.
Then he returned to the debt issue.
Reparations Are Repudiated.
"We repudiate reparations," he said, "and if France insists that political
debts must have priority over commercial obligations, then the issue
becomes one of our ability to pay, not our will to pay."
It was not, he added, a case of good-will or bad, but one with the answer
depending on whether the world was willing to abandon the policies which
prevent Germany from again becoming a solvent nation.
If the French thesis were allowed to prevail there could be no private
settlement, he asserted, as Germany's economy would be permanently
disabled.
"As a party, we emphatically reject the system of political extortion
Indulged in by a nation saturated with arms and gold." was the way the
"Nazi" chief put it.
He warily dodged requests for something definite about the conditions
under which he would enter the Government, whether he would work with
other groups. But he remarked that nothing could stop the party from
coming into power, now that its members numbered 15,000,000, as compared with the seven men who composed its nucleus 12 years ago.
On the question of Franco-German rapprochement, Herr Hitler was outspoken and demanded that overtures should come from France.
"France must free herself from the delusion that we are a second-rate
power and must learn to treat us as a cultured people," he said. "We are
not Carthage, nor is France Rome, and it should also be recalled that Rome
subdued Carthage single-handed."
The forthcoming disarmament conference, he added, would apply the acid
test to world sanity and demonstrate whether France was to be perpetuated
In her role of "the world's political bailiff."
Agrees With Borah.
On the question of the Polish Corridor, the Fascist chieftain said he
thought Senator William E. Borah of the United States had sized up the
situation correctly in believing the problem must be attacked by the
breaking down of the French sphere of influence along the Eastern frontier.
The "Nazis" were opposed to any policy of force against Poland in connection
with revision, he said.
Pressed for a concrete explanation of the party's economic platform,
Herr Hitler said it would rigidly curtail administrative expenses and
reduce imports, would avow that its fundamentally sworn foe was "Marxism" and all it implies, and would oppose the confiscation of private property
as well as avoid other communistic precepts of which the "Nazis" are
accused.
or child. The leasing of licenses will be prohibited under certain circumstances.
Apparently the new law, which is chiefly directed against the big breweries
holding about 10,000 of the existing 18.000 licenses. will have little effect in
counteracting drinking habits, which have been successfully combated in
the last quarter of a century by private temperance work. However, it
will deeply affect the lives of thousands. The lower chamber has received
no fewer than 70 petitions against it.
Short Selling on Brussels Bourse Prohibited.
Paris Press advices Dec. 8 said:
At the instigation of Belgian Government, short selling on the Brussels
Bourse has been forbidden. The Exchange authorities are entitled to demand proof within 48 hours of possession of securities offered for sale.
Sterling Rate Lowered by Portuguese Banks
Without Government Action.
It was stated in Associated Press accounts from Lisbon,
Dec. 7, that, without waiting for announcement of the
Government's official position in the matter of foreign
exchange, Portuguese banks on Dec. 7 lowered the sterling
rate, buying escudos at 107.28 and selling at 108.59 to the
pound. The cablegram added:
This brought sterling parity to the dollar to 3.32. At the same time
the Bank of Portugal suspended sterling purchases, and this was interpreted as supporting reports that the Government soon would Issue a
decree fixing a new value for the escudo.
Soviet Russian Five-Year Plan Lags—Cut in 1932
Likely—Steel and Iron Output Below 1930 Figures
—Currency Emission Gains.
Walter Duranty, in advices from Moscow to the New
York "Times," on Nov. 29, said:
Unusual interest attaches to the "control figures" for next year's budgetary
program of the State economic machine, to be published and discussed by
the Central Executive Committee of the Soviet Union at its session opening
Dec. 20.
This interest hangs on the possibility of a certain downward revision in
various important directions. It is a delicate subject for a Moscow correspondent to tackle, because foreign critics or adversaries of the Soviet
Union are eager to pounce on what looks like a sign of weakness in the
Five-Year Plan.
Moreover, the acute controversy which raged here In 1929 and 1930 between
the "Right opposition," which tried to hold down the plan figures, and the
majority, which decided that the plan should be pushed as extensively and
rapidly as possible, makes any talk of downward revision appear at first
sight as "opportunist compromise." That is to say, "heresy" or "Right
deviation from the party line," which ia a cardinal sin.
Original Plan Being Fulfilled.
To shrink, however, from an expression of opininn on this account is
wholly to misunderstand the character of Joseph Stalin and his associates,
and, what is more, the nature of the Five-Year Plan itself. As has been
repeatedly pointed out by the writer, the original "maximum variant" of
DEC. 121931.]
FINANCIAL CHRONICLE
the Five-Year Plan is being successfully accomplished in four—or, more
exactly, four and one-third—years.
Nevertheless, the facts show that in some cases the later figures adopted
in the enthusiasm of the first and second years' success were set too
high, and the Kremlin's policy is too realistic to fail to appreciate this and
take measures accordingly. For instance, the production of iron and steel
for the first 10 months of the current year, the figures for which were
recently published, failed to reach half of the total annual program and
were actually below the corresponding periods of 1929 and 1930.
Despite the improvement in October, which was maintained in November,
the year's total program will be only a fraction more than half accomplished and will be less than last year's. The deficit is partly due to a bad
breakdown of the railroads in the first quarter of the year, when daily
freight car loadings fell from an average of 45,000 in October-December
1930 to 32,000.
But it is also clear that the metal program was set too high. The same
applies to transportation and the coal output, though the latter has improved much recently and the former is now accomplishing 85% of its
daily program. Both, however, will be 25% or more behind the control
figures set for the year.
The newspaper "Pravda" to-day expresses anxiety lest last winter's railroad collapse will be repeated and notes that the unexpected cold snap—it
is 20 below zero in Moscow to-day—has incapacitated a number of locomotives through frozen boiler tubes.
The failure of each branch of transportation, coal, iron and steel, reacts
on the other branches and all four react on industry as a whole, especially
new construction, where perfectly desperate efforts have been needed to
keep within a month or six weeks of the schedules. New construction is
further retarded by the decreased purchasing power abroad of Soviet
exports, and certain cuts may be necessary in the rate of equipment, both
from foreign and native sources, although it is asserted that the slowing
down will not be greater than necessary to correspond with the delay on
actual construction schedules.
In agriculture, too, and the mobilization of the food supply, there are
signs that the program, or "tempo," has been overambitious. Only yesterday Stalin and l'remier Molotoff issued a severe reprimand to the central
administration of the State grain farms and dismissed the director. And
although State food collections are ahead of last year, they are below the
program, while the newspapers to-day report many instances of foodstuffs
spoiled at railroad centers by frost.
In finance, too, the promise made a year ago that no more currency
would be issued this year has not been fulfilled, an emission has increased
by 800,000,000 rubles since Jan. 1, bringing the total to 6,200,000,000
rubles. All of which, no less than the tone of the press in general, seems
to indicate that the "national stocktaking" now in progress will lead to
downward revisions.
3897
In considering these programs, useful spade work may be done by the
Soviet Central Executive Committee in the last week of this month, but
the final decisions will doubtless rest with the partly assembly, especially
in regard to the far bigger question of the second Five-Year Plan. According to the latest information, it is likely that a Communist Party congress will be hold, after all, late next summer or early in the fall to approve
the detailed draft of the second five-year program, in line with the decisions
of the January conference on the preliminary version.
French Loan to Chile for Public Works Rumored in
Santiago—Former President Alessandri Sees Necessity for New Internal Issue.
The following Santiago (Chile) cablegram Nov. 28, is
from the New York "Times":
The newspaper "Mercurio" said to-day that a syndicate of French bankers
was negotiating with the Chilean Government for the financing of an
extensive project for public works, principally roads and irrigation developments, in the nitrate provinces of Antofagasta and Tarapaca particularly.
According to this report, which was widely circulated but not confirmed,
the loan would amount to $12.000,000 and would be repaid in 1937, when
the works were nearing completion.
A recent statement by the Ministry of Finance, which declared that
Chilean obligations had reached their highest level with no other sources
of revenue in sight, confirmed the Government's intention to pay service
on its foreign debt but was regarded as one more proof of the difficulties
the Administration is encountering in readjusting National finances.
With little help expected from Wall Street. where most Chilean obligations were placed during the Ibanez regime, the rumor of French aid caused
much interest. Likewise, the presence of Augustin Edwards, banker
backed by British connections, was generally hailed as the forerunner
of financial proposals to the Government and indicated to some the possibility of Europeans stepping in.
Former President Arturo Alessandri contends that the only means to
ease the tightness of the money market and the depression generally is
the floating of an internal loan of approximately $25.000,000. He declares that this would not constitute an issue of paper money in the full
sense of the term, as it simply would mean obligations backed by the State
for purely local operations.
Since it could not be handled abroad, he holds that it would not affect
the gold standard by the lowering of the Central Bank's reserves, already
diminished.
Costa Rica Funds Reported Tied Up in Paris Failure—
Deposit Against Court Ruling on French Loan
Payments.
Soviet Russia Will Strive in New Plan to Lift Burdens
From the New York "Times" of Nov. 29, we take the
of People—Revision of Program for 1932 Expected following special correspondence from San Jose, Costa Rica,
to Show Trend to Light Industries—Severe Strain Nov. 24:
Is Admitted—War Bases Established.
A rumor was current recently that the French Charge d'Affaires, who
to Costa
The Moscow correspondent of the New York "Times" has only recently been appointedinterest Rica, had instructions to preon the French loan of 1911.
sent a claim for the unpaid back
(Walter Duranty) in his advices to that paper Dec. 4 said:
original loan was obtained in gold francs, and the bondholders
The
Indications are now apparent that the industrial program of Soviet Russia for the next year and for the next Five-Year Plan, beginning Jan. 1
1933, will stress the production of consumers' goods.
It appears that the prograrn for 1932 will be revised in a sweeping manner, but to call it downward revision would be wrong. That is to say,
there will be downward revision in some branches of the national effort,
but next year's program as a whole and the second Five-Year Plan as a
whole will not be less ambitious on that account, because other items
will be correspondingly revised upward.
This can be explained by a brief comparison of the present Five-Year
Plan and its purposes with the present situation and future possibilities.
The current Five-Year I'lan had two chief objects—to lay the foundations
of Soviet economic and industrial independence and to provide the Union
of Socialist Soviet Republics with the industrial sinews of war.
Protected Sleet Centres Built,
The Kremlin knew right well that its principal metallurgic and industrial centres were "under the gun," so to speak—that is, hazardously exposed to foreign attack by land and air. Hence the teriffic stress laid in
the first Five-Year Plan on Western Siberia as an impregnable fortress of
"heavy" industrial production.
Those aims were paramount and imperative. To them the comfort
and well-being of the Russian people were ruthlessly sacrificed, though it
must be said the sacrifice was in the main achieved willingly and justified
by the results. Already to-day, near the end of the third year of the plan
conceived for five years, the Kremlin sees its two aims being achieved in
four years or less.
Transportation may lag and steel and iron production may lag on overoptimistic schedules, but by and large the Soviet Union is doing or has done
what it act out to do for industrial independence and national defense.
Kipling once said of his adored England, "If blood be the price of sovereignty, Lord God, we have paid it in full," and the Russians have paid
for the success of their Five-Year Plan with privations that no other nation
ever underwent in peace time and with heartrending toil and strain,
The Kremlin knows this better than any one, and In the light of that
knowledge consents to the next Five-Year Plan and, to a lesser degree, to
next year's program, giving material comforts of all kinds that hitherto
have been lacking in the desperate drive to obtain for the U. S. S. R. Its
own "means of production"—that is, heavy industry—and its own means
of defense.
In short, the second Five-Year Plan and to some extent next year's
program will be inspired by the idea of giving the Russian people a practical return for the sacrifices involved in the first plan. Or, as V. V.
Quibasheff, head of the State Planning Commission, said two months ago:
"In the coming year we propose to concentrate on 'light' industry—that
is, the production of consumers' goods for the benefit of the populace
rather than, as heretofore, devoting the greater part of our energy to
'heavy' industry, or production of the means of production."
Here, from a leading figure of the Soviet regime and also from one of
his close associattn, one gets a cloarcut distinction between the Soviet
Union of to-day and the Soviet Union of to-morrow.
Partg Conference Significant.
The decision to hold a Communist Party conference next month to consider this year's economic results and next year's program, in addition
to the preliminary program for the next Five-Year Plan, lays emphasis
on the likelihood of the revisions.
appointed the Paris bankers Benard Freres to attend to the service of the
debt. Payments were kept up throughout the war, but when the franc
collapsed many of the French bondholders insisted on payment in gold
francs, although the contract was not clear on the point. The Costa Rican
Government resisted, and the matter went to the French courts in the
Seine district. Nevertheless, the service was kept up, and in 1926 the
Costa Rican Government floated a loan in New York, and offered to
pay the French bondholders at 10 cents United States currency to the
franc, as by that time the franc had been stabilized at just under 5 cents
gold. A majority accepted and were paid off. The comparatively small
balance outstanding was either in the hands of people who insisted that
they be paid in gold francs or holders who could not be found. The
minority started another action in the Seine District Court, and, in the
meantime the Costa Rican Government deposited $250,000 to cover possible liabilities with Benard Freres, pending the result of the action. A
further complication occurred about a year ago when Benard Freres went
into bankruptcy.
The Government disclaims responsibility for this amount, which It holds
should have been earmarked. Meantime, the Seine court has decided in
favor of the minority for payment In gold francs, but the Costa Rican
Government, it is believed, has refused to pay them until the question
of the $250,000 is settled.
Province of Santa Fe (Argentine) Seeks New Loan.
A cablegram from Montevideo (Uruguay), Dec. 4, is
taken as follows from the New York "Times":
Dispatches from Rosario, Argentina, say the Provisional Government of
the Province of Santa Fe Is among Argentina's most ardent supporters of
the idea of an early inauguration of the newly elected authrorities, leaving
them to solve the Province's difficult financial problems. including payment
of the Chemical National Bank's 35.000.000 loan, which expires on Feb. 19.
Of the proceeds of this loan, $4,000,000 were used to take up a Chatham
Men ix loan.
This Is one of several loans expiring in the early months of the new year,
totaling 22.000.000 pesos-39,300.000 at par.
A surplus of 4.000.000 pesos predicted for Sept. 30 by Alejandro Bunge
when he was Provincial Minister of Finance has developed into a deficit
of 5.600.000 pesos-32.400.000 at par.
The Provincial Minister of Finance has gone to Buenos Aires to seek a
short-term loan to pay pressing obligations.
Argentina Plans Government Economies.
The Federal Government of Argentina recently stated
that it hopes to reduce current expenses to the extent of
200,000,000 pesos in ratio to the 1930 expenditures, according to a report from Vice-Consul Hugh Corby Fox, Buenos
Aires, made public by the Commerce Department. According to the Department (Dec. 7) the Government also announced that expenses in 1929 were 199,000,000 paper
pesos
above revenues instead of the deficit of 29,000,000
paper
announced by the deposed Government.
pesos
3898
FINANCIAL CHRONICLE
[VOL. 133.
Dr. Montero Takes Oath of Office as Constitutional
Brazil Ends Moratorium.
President of Chile.
From Rio de Janeiro Dec. 8 the New York "Evening
United Press advices from Santiago, Chile, Dec. 4, are
Post" reported the following:
The Finance Ministry to-day declared that the term of the additional taken as follows from the New York "Herald-Tribune":
moratorium granted Oct. 7 on foreign currency payments of importers
will not be extended.
The moratorium expired yesterday. Importers in the meantime were
required to deposit equivalent amounts in national currency in the Bank
of Brazil.
Dr. Juan Esteban Montero, former National University law professor,
took the oath of office as Constitutional President of Chile this afternoon.
The ceremony took place in the Capitol Building with Cabinet members.
diplomats and Congressmen attending. The near by streets were crowded
with spectators. Dr. Montero has been acting President of Chile almost
continuously since the overthrow of President Carlos Ibanez last July,
resigning his post for a few weeks only to participate in the Presidential
campaign. He will serve for six years.
Control of Exchange Held Disturbing Element by
Argentine Branch of First National Bank of
Boston.
President Montero to Keep Chile's Debt Policy—Favors
In its issue of Dec. 6 the New York "Times" reported
Paying When Able, Though This is Seen as Distant.
the following from Montevideo (Uruguay), Dec. 5:
National
A cablegram as follows from Santiago, Chile, Dec. 5, is
The monthly bulletin of the Buenos Aires branch of the First
as a
Bank of Boston seriously critizes the artificial control of exchange
from the New York "Times":
past month.
disturbing element in the Argentine market during the
it
The bulletin says it is regrettable that the Government considers
emergency
advisable to continue the control after the disappearance of the
commodities or of
which created it. It says artificial control, whether of
does more
exchange, is easier to start than to finish and in the long run
harm than good.
Juan Esteban Montero began his duties as Constitutional President this
morning, following his inauguration yesterday.
Officials nearest him confirmed the impression that President Montero
would not depart from the program of strict economy enforced by the
existing Cabinet, despite rumors of impending changes.
Recent statements by the Minister of Finance regarding the resumption
of payment on the foreign debt service when possible will be adhered to,
Looks for Little it is understood, even the most optimistic observers express doubts whether
Institute of International Finance
this can come before a protracted period of reconstruction places the
Progress Toward Solution of Peru's Debt Problem country on a different basis.
Conditions Become Stable.
Until Political
Politically the new President faces the disintegration of the party groups
the July revoluwhich
In issuing, on Dec. 7, a bulletin bearing on the financial tion. brought him into power, united into one bloc afterthe people, while
The Left Wing parties demand more freedom for
l Finance, con- the Right Wingers, backed by the Conservative party, look upon Dr.
affairs of Peru, the Institute of Internationa
into the
ducted by the Investment Bankers' Association of America, Montero as a man capable of keeping the country from fallingthe other.
clutches of communistic groups on one side and military factions on
in co-operation with the New York University, has the folwho lacks political experience,
There Is no question that the President,
Is taking on a difficult task at the present moment, when Chile is finanlowing to say in its "Foreword":
cially injured by the pressure of the enormous foreign debt, when the
FOREWORD.
when the unemployment
America internal revenues have dwindled dangerously,
The Board of Governors of the Investment Batikers' Association of
problem is growing daily, and when the production of exports is diminishing.
has passed the following resolution:
Although fully recognizing the grave situation, Dr. Montero appears
That the Institute of International Finance be instructed to have records cheerful and ready to grapple with the questions of State overhwhelming
of
kept of foreign external securities in default, together with a record
obligations; the government.
the progress made towards the payment in full of past due is available
record
that members of this Association be advised that this of the Institute to
to any one; that in the future it will be the function
Authorized
use its good offices, through the dissemination of information and other Treasury Note Issue of 200,000,000 Pesos
credit of a
suitable methods, to oppose the issue of securities on the the issuing country
of such
by Chile.
in an existing default when
or its subdivisions involved
Would be to the disadvantage of the holders of such securities in default.
Supplementing the item in our issue of Dec. 5 (page 3721)
The Foreign Securities Committee of the Investment Bankers' Association
by the Department of
has also requested the Institute of International Finance to prepare certain we quote the following advices issued
been
studies on defaulted issues and a bulletin on Chile has already
Commerce at Washington on Dec. 3:
will
published. The present bulletin, which covers the situation in Peru,
A bill has been presented to the Chilean Congress authorizing an issue
to
be followed shortly by bulletins on Brazil and Bolivia, and from time
of 200,000,000 pesos of five-year 6% Treasury notes, to be redeemed by
time these bulletins will be supplemented by additional information which semi-annual drawings after the second year according re a cable received
may, in the opinion of the Institute, be of interest to bondholders.
by the Department of Commerce from Commercial Attache Ralph II.
It is the further purpose of the Institute to issue a statement if at any Ackerman at Santiago, Chile. Interest coupons and the principal of
that, in the case of a default on a foreign issue, notes drawn for redemption are receivable in payment of taxes.
time it is convinced
The proceeds of the issue are to be used for the payment of the Governadequate steps are not being taken to protect the interests of bondholders
ment's overdue accounts and for the financing of the extraordinary budget
as fully as circumstances permit.
It is believed that the facts set forth in the present bulletin indicate In 1932.
of
clearly that little progress can be made towards a definite solution
than
Peru's debt problem until political conditions become more stable
Ecuador Passes Budget—Total of $9,556,000 Expected
they have been to date this year. The fact that a Constitutional Governto Leave $385,000 Deficit.
elected by a substantial majority of the voters and apparently
ment,
From Guayaquil (Ecuador), Dec. 8, a cablegram to the
supported by some of the most conservative elements of the population,
is expected to take office in the near future is encouraging, but at least New York "Times" stated:
several months must elapse before there can be a reasonable assurance that
A budget of 49,000,000 snores ($9,550,000) for the coming year was
political stability has been attained. Until the Government succeeds in
after the allotments
reducing its expenditures within the country below its revenues, which approved by Congress before its adjournment yesterday,
and until the for public works and the army had been drastically reduced.
can only be done when political stability has been attained,
sufficiently
A contract for an Italian military mission, which the newspapers charged
market prices of Peru's principal export commodities improve
payments on the was useless and expensive, has been renewed for two years.
to provide the necessary foreign exchange, resumption of
It is estimated that the budget at present figures is 2,000,000 sucres
entire external debt does not seem possible.
the Province of ($385,000) in excess of likely revenues, hence Congress authorized the
The bankers who sponsored the Republic of Peru and
Peru at all times during use of Treasury reserves to make up the deficit
Callao Dollar Loans have had representatives in
situation closely and working
the past four years. They are following the
be able from time to
with the authorities in order that the bankers may
Named Colombian Finance Minister.
desirable to safeguard Esteban Jaramillo
time to take such action as may be expedient and
sponsored the City of
A Bogota cablegram, Nov. 26, to the New York "Times"
the interests of the bondholders. The bankers who
to confer
Lima Dollar Loan also sent a representative to Lima last June
had the following to say:
regarding
with the municipal authorities and with the National Government
beginning
Apparently the reorganization of the Colombian Cabinet was
the moratorium announced on May 29 1931.
with a press announcement last night of the appointment of Esteban
bankers for the Peruvian Government loans have informed the
The issuing
been vacant since the
loans were impend- Jaramillo as Minister of Finance, which post had
Institute that at the time when defaults on Government
returned recently from the
Lima, every effort to recent Cabinet shake-up. Senor Jaramillo
ing they made, through their representatives in
and attended the Panbankers
occurred first on the United States, where he conferred with
persuade the Government to avoid the defaults which
of Colombia. He served in
dollar loans. The Peruvian American commercial conference as a delegate
Peruvian National Loan and later on the secured
Mendez Administration from May 1927 to
the intention of the Government ultimately the finance post in the Abaft
authorities, while affirming
debt, have, as this January 1929.
to resume the payment of the service of its foreign
the financial obligations
"Bulletin" will show, by successive steps voided
looking towards
Debts Worry Bogota—Service Figured at 40% of
of the Government abroad, and failed to take any measures
that they felt
Effective Income.
resumption. The bankers have also informed the Institute
committees
that no useful purpose could be served by organizing protective
From the New York "Times" of Dec.6 we take the followthe inauguration of the Constituor calling for the deposit of bonds before
other hand, they ing special correspondence from Bogota, Dec. 1:
tional Government elected in October, but that, on the
of such
will welcome the co-operation of the Institute in the formation
This city is facing the necessity of using approximately 40% of its
that the new
protective committees if it becomes apparent at any time
the amortization and interest on its local
obligations effective income for payment of
of the
Government is not making every possible effort to fulfill its
and foreign indebtedness, according to Mundo al Dia, in a report
with respect to its external bondholders.
capital.
have exerted them- budget of the
to
It is the opinion of the Institute that the bankers
"The new budget of Bogota," the newspaper says, "will amount
financial
municipal
selves to the best of their ability to further the settlement of these
$3,779,497, and deducting from that amount the budgets of the
left in their hands, at least until such
managed by
problems and that the matter is best
and water services, which are
Lieutenant- services like the tramways
are hardly
time as the newly-elected Constitutional Government, headed by
autonomous boards, it appears that actual revenues of the city
Colonel Sanchez Cerro, shall have been inducted into office and declared $2,596,000."
will
debts for the
its attitude towards the defaulted loans. At that time the Institute
It Is pointed out that service on the internal and foreign
the
be prepared to issue a supplementary bulletin giving its opinion as to
will amount to $958,042, of which $636,542 is needed for
protected to the coming year
loan of Baker,
whether or not the interests of bondholders are being
1924 loan of Dillon, Read & Co.; $253,000 for the 1927
amortization
are not, the Institute will
fullest extent; and if it believes that they
and
Kellog & Co., and the balance for commissions, interest
recommend and assist in the formation of a committee best qualified to
of local debts.
protect the interests of bondholders.
DEC. 12 1931.]
FINANCIAL CHRONICLE
3899
Conferences of Central Bank Representatives in Lima.
From the New York "Times" we take the following from
Lima, Dec. 3:
scheduled for Dec. 13, but it was disclosed to-day that neither the Congress
nor the people are in a mood to be swept off their feet, but they are ready
to help maintain order and internal peace.
The main topic of conversation here this week is the conference of
representatives of the central banks of Chile, Peru, Colombia, Ecuador and
Bolivia, which was convened yesterday.
The objectives of the conference, apart from strengthening the general
credit facilities of the five countries, have not been made public, but
whatever its outcome the meeting has established a precedent in the
financial and economic history of this part of the world.
Report by Constitutional Committee of Bolivia on
Charges Against Former President Sites.
Advices as follows from La Paz, Bolivia, Nov. 26, are
taken from the New York "Times":
The Constitutional Committee of the Chamber of Deputies presented
a report regarding the accusation against former President Siles, which
involve the following violations of individual and social guarantees:
Bolivian Group Reported as Seeking Moratorium ReKeeping the country more than three years under martial law; exiling
newal—Chamber of Commerce Acts Through Cen- and jailing citizens; attacks against the freedom of the press by censorship;
the closing of papers and other acts; annulling elections in various districts
tral Bank, Saying Credits Are Hampered.
where opposition representatives won the popular vote; attempting, against
In its issue of Nov. 19 the New York "Times" carried the Constitution, to issue a Presidential decree naming a Council of State;
misappropriation of public funds for use in election campaigns; allowing
the following item from La Paz, Nov. 18:
graft in contracts, and misappropriation of funds under the pretext of
The Bolivian Chamber of Commerce, acting through the Central Bank, mobilization in Chaco.
petitioned the government to-day for extension of the moratorium on
It has been found that more than 500 persons were exiled in the Sites
obligations payable in foreign currency.
regime. Telegrams sent by the former President himself ordering various
This moratorium wont into effect on Oct. 9, but on Nov. 12, the gov- people exiled were read to-day.
ernment issued a decree suspending it and the suspension became effective
The Liberal party presented similar charges against former President
yesterday. The Chamber of Commerce pleaded for extension at least Bautista Saavedra.
while the rule of inconvertibility is in force, asserting that this makes
difficulties for normal attention to foreign credits,
The Minister of Finance said to-day that while the moratorium was in Montevideo Deposits Funds for Debt—Advises New
force the Central Bank bought nearly 2,000,000 bolivianos (a boliviano
York Bankers It Cannot Buy Dollars for Shipment.
is 38.9 cents at par) in foreign drafts, selling only 60% and observing that
From the New York "Times" we take the following from
reliable commercial firms paid their foreign obligations without taking
advantage of the law " .oviding for delay,
Montevideo (Uruguay), Dec. 4;
He added that as result of the delay foreign exporters restricted credits,
The Montevideo City Council cabled Dillon, Read & Co. of New York
with this injuring commerce, diminishing imports and increasing the prices
and causing a fall in customs receipts. The way was thus opened to specu- to-day:
"We remitted $20,000 yesterday and $15,000 to-day. We insist upon our
lation, he explained, hence the government decided to abolish the moraformer manifestations that the total amount necessary to cover the interest
torium.
and payment due has been deposited in the Bank of the Republic. The
difficulties in the acquisition of dollars
Bolivia Extends Gold Suspension Period—Reserves making public the cause of the delay." continue. Would appreciate your
and Assets of Central Bank,
The city's inability to buy dollar drafts is declared to be due exclusively
The Bolivian Government by an executive decree of Nov. to the official bank's artificial control of exchange, which has driven holders
of dollars and sterling from the market. Private bankers say dollars could
21 has extended until Dec. 26 the emergency law of Sept. 23, have been purchased in sufficient quantity to meet the payment when due
under which Bolivia suspended gold payments, according to had the exchange market been uncontrolled.
A previous item in the matter appeared in our issue of:
a cable from Vice-Counsel Robert P. Joyce, La Paz, made
public by the Department of Commerce. In reporting this Dec. 5, page 3722.
on Dec. 1, the Department said:
Another decree of Nov. 19 requires that henceforth 7% of import and All Foreign Exchange Transactions in Uruguay Proexport duties must be paid in customs bonds issued by the Compania
hibited—Sums Which Nationals Are Allowed to
Recaudadora in order to provide a loan of 5,000,000 bolivianos (approxiCarry Abroad Restricted.
mately $1,750,000 at current exchange) for the Government.
The regular session of the Bolivian Congress ended Nov. 26, but the
Associated Press cablegrams from Montevideo (Uruguay),
Congress will reassemble on Nov. 27 in extraordinary session to consider
Dec. 4, stated:
the new budget,financial and banking legislation and highway construction
projects. The Budget Committee of the Chamber of Deputies has subAll foreign exchange operations and sight cable drafts are prohibited by
mitted its report and recommendations to the Chamber. The budget for an order of the Banc Republica to-day which is slated to become effective
the fiscal year 1932 is balanced on the basis of the following items: expendi- Dec. 7.
tures are given as 25,608,470 bolivianos for public administration; 5,244,000
Uruguayan residents going abroad will be allowed to carry only 200 pesos
bolivianos for the public debt service, and 650,000 bolivianos in recognized (less than $100).
obligations, a total of 31,502,470 bolivianos. The estimated deficit
is
placed at 4,516,312 bolivianos. The balance is arrived at by the
salary
reductions estimated at 2,775,570 bolivianos, 1,100.000
$250,000 in Notes Is Issued by Mexico—New Bills Backed
bolivianos representing the unused balance of the previously authorized
by 50% Silver, Also Commercial Paper—Public
loan of
10,000,000 bolivianos made to the Government by the Banco
Central and
Acceptance Voluntary.
collateral from Government debtors totaling 610,742 bolivianos.
Tin exports during October were 2,730,000 kilograms, or about
From the New York "Times" we quote the following from
the
same as in the previous month, but considerably below those of
October Mexico City Dec. 3:
1930, which were 3,315,000 kilograms. The total legal reserves
of the
The Bank of Mexico to-day issued about $250,000 worth of five and ten
Central Bank representing deposits payable at sight or three days'
sight
held in banks in London and New York, gold reserves in Bolivia
peso paper currency under the recently passed monetary law.
and
The new notes are of voluntary acceptance for the public, but must
Bolivian silver coin amounted to 25,500,000 bolivianos on Nov. 7, as
compared with similar reserves totaling 33,587,000 bolivianos on Nov. 8
be received by Government offices for the payment of taxes and all Federal
1930.
dues. About $2,000,000 in notes is expected to be issued by the end of
Total cash assets of the Banco Central, including drafts and bids of
exchange payable abroad, deposits abroad, Bolivian nickel coin,
the year. .
notes of
The new bills are backed by 50% cash and also by commercial paper.
other Bolivian banks and foreign moneys amounted to 27.900.000
bolivianos
Banking circles emphasized that the issue was not of paper money,
on Nov. 7 1931, a decline of some 14,282,000 bolivianos as
compared with
similar assets on approximately the same sdate in 1930. The
but of banknotes.
note circulation of the bank representing the total value of notes of
the bank out-.
Under date of Dec. 5 further advices from Mexico City
standing in the hands of the public was 26,111,000
bolivianos as comto the "Times" stated:
pared with 33,462,000 bolivianos on Nov. 8 1930. The
discount rate for
-day commercial paper continued to be 9%.
90
A large quantity of acceptance bills was issued yesterday by the Banco
de Mexico despite the former general impression that the Mexican public
The suspension of gold payments by Bolivia was noted
in would not be favorably disposed to accept paper money in any form.
these columns Oct. 3, page 2189.
whether issued by the Government or by any institution.
For a long time Mexico's only currency, silver, after the public scare
when the gold basis was abandoned, has been diminishing because of the
Bolivian Acquitted of Charges—Vice-President
Tejada private hoarding of coinage, and business was fast finding itself short
Wins 54-to-3 Vote of Innocence of Accepting of cash. Chambers of commerce throughout the republic constantly
petitioned the Mexican Banking Board to issue bills and yesterday they
Standard Oil Money.
won their point.
The following from La Paz, Bolivia, Dec. 4, is
The bills issued do not amount to more than 2,000,000 pesos (about
from the
5760,000)—in five and tens only—but they are being rapidly cleared off
New York "Times":
the market and some were even bought at a premium. That might have
Charges that Vice-President Jose Luis Tejada
Sorzano had received been caprice but there is no denying the fact that confidence in them exists
graft money from the Standard Oil Co. and the
Richmond Levering Co., fundamentally. So far the rediscount of them has been at a minimum.
Inc., were heard in a five-hour session of the House of
Authoritative financial circles say the Banking Board will find it necesRepresentatives
to-day. The galleries were crowded.
sary soon to increase the issue largely. They also say the Board acted
,
Four Representatives belonging to the Republican
party of former with great wisdom in choosing the present moment for issuing the bills.
President Saavedra filed the charges, accusing Senor
Tejada of accepting It is pointed out that Mexico politically is showing basic soundness =bribes in 1919 when the Liberal party was in power and
he was Finance paralleled in several years, that all the banks are in better condition since
Minister.
the last revolutionary movement and that Mexico's trade balance is imAfter his accusers had submitted their evidence, Senor Tejada
explained proving daily.
the process of oil concessions in Bolivia, beginning with Richmond Levering
For the first six months of the current year Mexico imported goods
& Co.'s concessions after he left office. He referred to a sale to the Standard from the United States worth $44,270,000 while exports totalled
$67,450,000.
011 Co. and a law suit filed in Now York by Charles Evans Hughes and
Attention is also called to the proposal evolved by Minister of Finance
Senor Tejada about 1921 against the two companies.
Monies de Oca to redeem Mexico's internal debt by the sale to private
After bearing all the evidence the Chamber voted
54 to three that Senor ownership of a vast extent of lands owned by the Government, much of
Tejada was innocent of all the charges.
which at present is unproductive because of a lack of funds for its deThis outstanding majority gives the Government a curb on a political velopment.
movement which had not been very clear. It had been feared that Dr.
The present dollar quotation, it is thought, may have been another facSaavedra was planning a political coup in view of the municipal elections tor in the issuance of the bank bills. Less than six months
ago the United
3900
FINANCIAL CHRONICLE
States dollar against Mexican silver currency was running close to four
to one in favor of the dollar. Because of the betterment of the trade
balance it is now running not higher than 2.60. On that basis imported
articles of necessity can be handled within Mexico without detriment to
local economic conditions.
[Vol.. 133.
Canadian Press accounts from London, Dec. 2 stated:
Depreciation of Australian currency on foreign exchange markets has
necessiated the covering of a loss of nearly $650,000 in connection with
the payment for the new Sydney (N.S.W.) harbor bridge contract
Ontario Gold Production Drops in October.
President Rubio of Mexico Submits to Chamber of
The value of Ontario's total gold production during
Plan to Pay Off Interior Debt—ConDeputies
gressional Action on Foreign Debt Expected Soon. October was about $100,000 less than in the preceding
report received in the Department
Associated Press accounts from Mexico City Dec. 4 said: month, according to a
of Commerce from Trade Commissioner L. A. France at
Montreal. In indicating this on Nov. 30 the Department
of Commerce added:
a plan
President Ortiz Rubio has sent to the Chamber of Deputies
whereby, he said. Mexico could pay off its entire interior debt of 541.667.
National
499.46 pesos and at the same time bring into production much
would
land now lying fallow. The plan calls for the issuance of bonds, which
be given preference as payment for choice National lands.
been
It proposed that land auctions be held as soon as the bonds have
issued.
The following from Mexico City Dec. 4 (copyright) is
from the New York "Herald Tribune":
al approval of
President Pascual Ortiz Rubio to-day asked congression
at $270,000,000,
a plan for clearing Mexico's domestic debt, estimated
t and appraised at
by turning over rural lands owned by the Governmen
bulk of the domestic
about the same figure, to the creditors. Although the
to foreigners under
debt is owed to Mexicans. a considerable sum is due
, and there are
the head of floating obligations which total $70.000,000
other European
debit items for several millions more in favor of French and
d by the Government
groups in compensation for bank funds appropriate
several years ago.
auction and paid for
Under the plan, the rural lands may be bought at
the arrangement.
by bonds which are to be issued to creditors accepting
Government. The lands
Those who reject it may file claims against the
expropriation withtaken by creditors in payment will be guaranteed against
auction is to
out payment in cash or an equivalent indemnity. The first
is probable, because it
be held next June if Congress passes the law, which
Is backed by the Administration.
revolutionary
The domestic debt creditors are grouped under five heads:
Federal emdamage claimants. Mexicans; banking, principally foreign;
agrarian, all
ployees who hold bonds for salaries in arrears, all Mexicans;
of the plan
Mexicans (although foreign land owners may take advantage
foreigners.
at their option), and "floating debtors," who include many
agreement
Congressional action Is expected soon on the foreign debt
and
made more than a year ago by Finance Minister Luis Montes de Oca
W. Lamont
the international committee of bankers headed by Thomas
the Bank
of Now York. Under it the Government agreed to deposit with
amortization
of Mexico in silver the amounts representing interest and
Official
service, and it is understood these deposits are still being made.
modification
circles believe Congress will not ratify the agreement, but that
the bankers.
of It will be suggested to
Foreign
Semi-official estimates of Mexico's debt status at present follow:
$240,000,bondholders. $267,000,000; National Railways (all foreign held),
foreign. $70.000; agrarian, partly foreign, $110.000,000; floating, partly
0.
000,000; damage claims, all foreign, $60.000,000; total, $747,000.00
above, is
The estimated domestic debt, deducting foreign items included
items
$175,000,000, making a grand total of $922,000.000. Most of these
are subject to revision.
President Rubio of Mexico Cuts Own Salary 25%—Will
Contribute Money to Charity.
Mexico City advices (Associated Press) Dec. 8 stated:
takea volunPresident Pascual Ortiz Rubio to-day announced that he will
tary 25% salary cut and contribute the money to charity.
for the year,
lie ordered that the money, 18,250.08 pesos (about $8,000)
be given to the society of public charity.
According to the Ontario Department of Mines, the Royal Mint at
Ottawa, received during October 221.076 crude ounces of bullion from
Ontario gold mines containing 171,202 fine ounces of gold and 23,433 fine
ounces of silver. Some 437,700 tons of ore, valued at $3,748,000. were
milled in Ontario gold mines In October, which compared with 340,265
tons, worth $3,041,000, for October 1930.
The mines in the Kirkland Lake area reached a production value for
October 1931 of nearly $2,000,000. a new "high" for that region.
The October production In the Porcupine area fell off some $310,600,
as compared with September 1931, which month constituted the high
point for production value for that region.
Ontario gold mines in 1930 milled 3,946,623 tons of ore, valued at $35,518,862. The output for the calendar year 1931 will substantially exceed
these figures and is estimated at about 5.000.000 tons of ore milled, valued
at about $42,725,000.
South Africa Reaffirms Intention to Remain
on Gold Standard.
The South African Government has firmly reiterated its
intention to maintain the Union's currency on the gold
standard, according to a cablegram received in the Department of Commerce from Commercial Attache S. H. Day at
Johannesburg. Commercial circles, however, are reported
as still regarding the issue as unsettled, although no change
is anticipated before January. The Department of Commerce on Dec. 3 likewise said in part:
A special session of Parliament convened early In November passed
export
legislation confirming the 5% primage tax on imports and the 10%
bounty mentioned in last month's cable. Strong emergency measures
pending the regular
were passed also to deal with the financial situation
session of Parliament to convene in January.
the result
South African trade in November has been generally dull as
of
of the uncertainties of the exchange position and the general shortage
a cautious policy
purchasing power. All commercial circles have adopted
which depresses retail as well as wholesale turnover.
An item regarding the maintenance of the gold standard
by South Africa appeared in our issue of Nov. 28, page 3554.
Iraq to Base Currency on Sterling, Not Gold.
From Bagdad, Dec. 4, a wireless message to the New
York "Times" said:
The Chamber of Deputies to-day passed an amendment to the currency
act providing that new currency which comes into circulation next year
This
will be based not on gold, as originally intended, but on sterling.
which likens
decision was adversely criticized by the Nationalist press,
sterling to the
the decision to link the Iraq currency indissolubly with
their
habit of the ancient Babylonians to bury with their dead Kings all
personal retainers.
for
Lang Ministry of Australia Affirms Agreement
Amalgamation of Government Savings Bank of
New South Wales with Commonwealth Bank.
Offering at Par of $12,000,000 432% Debentures of
of Government Savings Bank of New South
Amalgamation
Federal Intermediate Credit Banks.
has been
/
Wales with the Commonwealth Bank of Australia
Public offering of a new issue of $12,000,000 of 41 2%
said Associated
was
affirmed and signed by the Lang Ministry,
debentures of the Federal Intermediate Credit Banks
added:
Press advices from Melbourne, Dec. 2, which
made on Dec. 9 through Charles It. Dunn, Fiscal Agent, at
relief for depositors and postponement
The agreement provides immediate
/
41 2% debentures offered
floating debt due by the Government of par. Except for the $6,000,000 of
for five years of repayment of the
%
1
/
Savings Bank.
, other recent issues have been 3 or 32 debenin November
New South Wales to the
Banks, finanannouncement issued Nov.28 by the U.S. Department tures. Customers include the Federal Reserve
An
cial and other institutions, corporations and individuals.
of Commerce said:
Commonwealth Bank and the New The new issue is dated December 15, 1931, and will mature
Terms for the amalgamation of the
been closed for several months. have
South Wales Savings Bank. which has
April 15 or June 15 or longer maturity if desired. The stock
the plan meet with the approval of the New
,been agreed upon and should
withdraw 10% of of the Federal Intermediate Credit Banks is held entirely
Cabinet, depositors will be permitted to
South Wales
In the Department of Commerce
deposits, according to a radiogram received
by the United States Treasury and their debentures, or
Sydney.
from Trade Commissioner E. C. Squire,
collateral trust secured notes, as they are also termed, are
in our issue of
A reference to the Amalgamation appeared
tax exempt.
Nov. 28, page 3554.
Mr. Dunn announced that the sale of this $12,000,000 of
Terms of Pound 41 2% debentures will make a total of $190,000,000 sold
/
Sales of Australian Currency Down in
through the Fiscal Agent since the first of the calendar
at Discount of 25%.
Sterling
following year, while the aggregate debentures sold since the organiFrom Melbourne (Australia), we quote the
zation of the banks in 1923 will be $978,205,000, after giving
Dec. 2:
(Canadian Press) under date of
to-day were at a discount effect to the sale of the present issue. He also reported that
Sales of Australian currency in terms of sterling
exchange stood at a
the discount and loan business of the banks since their
of 251i %, while the pound sterling on Australian
premium of 25%.
30, 1931,
lth Bank, who made organization amounted to $1,320,636,242 up to Sept.
Sir Robert Gibson, Governor of the Commonwea
and representatives of which $630,546,550 represented discount operations and
announcement after a conference of bank officials
the
evidence of tho
of the trading banks, said the conference had discussed
were loans to cooperative marketing associaimpossible to evolve any $690,089,692
instability of the exchange and had found it
accet tions. Mr. Dunn added:
Commonwealth Bank was prepared to
security scheme unless the
required by bankers
responsibility for the purchase of surplus exchange not
or government.
this reThe board of the Commonwealth Bank, he added, accepted
endeavoring
sponsibility and would announce its rates on Friday evenings,
conditions.
to maintain an exchange as stable as possible In view of world
"Generally speaking, the Federal Intermediate Credit Banks are in a
Their commodity
most excellent condition from the standpoint of liquidity.
under the law
loans are based upon 85% of current market prices, whereas
commodity prices."
the banks are permitted to loan up to 75% of current
DEC. 12 1931.]
FINANCIAL CHRONICLE
3901
The report of the banks for the quarter ended Sept. 30 k The same paper furthermore said:
Before the collapse of the stock market in the Autumn of 1929 Palmer
1931 shows total assets as of that date of $170,223,810, comthe firm
of the most important speculative
pared with $167,845,914 on Sept. 30 1930. Loans and dis- & Co. wasconductedthrough which manyfirm held membership in the
operators
their trading. The
New
counts were $128,402,710, against $121,058,997, while cash York Curb Exchange. which announced the suspension soon after the
Stock Exchange had acted yesterday.
on hand and in banks was $5,330,215, against $5,752,409.
No estimate could be obtained as to the amount of the firm's collateral
These assets include $30,000,000 of subscribed but uncalled loans. Important customers of the house are interested in several stocks
listed on the Stock Exchange. Palmer & Co. acted as specialists in such
capital, which can be called on thirty days' notice.
stocks as Abitibi Power, W. T. Grant, Ingersoll Rand, Interborough Rapid
Transit, Kreuger & Toll, Norwalk Tire & Rubber, and Crucible Steel.
We also quote in part as follows from the account of the
Government Loans in Arkansas Only One-third Crop
failure appearing in the New York "Herald Tribune" of
Value.
The following, from Little Rock, Ark., Nov. 26, is from the Dec. 9:
Palmer & Co. were sponsors of the Palmer Shares Corp., organized in
New York "Journal of Commerce":
1930 as depositor corporation for National Industries Shares, series A and
Farmers in 56 counties, which have an estimated cotton production of
1,557,150 bales and total loans of $10,699,700.19, will show a surplus of
$36,221,899.61, according to an estimate prepared by Robert E. Wait,
Executive Secretary of the Arkansas Bankers' Association, who sent questionnaires to Association members in order to obtain exact information as
to the status of agriculture. The total of loans represents borrowings from
the United States Department of Agriculture and Credit Corporations
associated with the Federal Intermediate Credit Bank, St. Louis, which
handled more than 90% of all Arkansas agricultural loans this season.
Mr. Wait said that only in Arkansas, Garland and Izard did the borrowings exceed the estimate value of the cotton crop, based on a price of Sc. per
pound. For the State as a whole the cotton crop will bring approximately
$83,250,000, "a sum that ought to put us in a real Thanksgiving mood,"
Mr. Wait said.
Secretary Hyde Not to Extend Time Within Which
Applications May Be Made for Seed Loan Dates
Request for Extension Made by Governor Green
of South Dakota.
Secretary of Agriculture Arthur M. Hyde has notified
Governor Green of South Dakota that the time limit for
applications for Federal loans to farmers to feed livestock
In the Northwest would not be extended beyond Dec. 1, as
had been requested by the Governor in a recent telegram, it
was stated orally Nov. 30 at Mr. Hyde's office. In making
this known, the "United States Daily" of Dec. 1 added:
Governor Green had asked an extension, it was explained, on the ground
that farmers are finding it impossible in many cases to obtain waivers of
first mortgages on their livestock so as to provide the required security for
the Government loans.
May Obtain Waivers Later.
Mr. Hyde informed the Governor, it was added, that applications for
loans will be accepted even though the waivers do not accompany them,
provided the waivers are obtained later.
Livestock feed loans have been made this fall in this region to 14,948
farmers in an amount totaling $2,971,354 as of Nov. 27, it wag stated orally
at the Farmers' Seed Loan Office, Department of Agriculture. These are
In addition to the main body of drouth loans made during the last year,
which totaled about $47,000,000, it was explained.
Governor Shafer of North Dakota Urges President
Hoover to Recommend to Congress Renewal of
Seed Loan Appropriation.
From Bismarck, N. Dak., the "United States Daily"
reported:
Governor George F. Shafer has written to President Hoover urging a
recommendation to Congress for the renewal of the appropriation to the
Department of Agriculture for seed and feed requirements in the Northwestern States, to be made available for the 1932 planting season.
He also suggested the advisability of legislation providing for a renewal
and extension of the seed loans made during the spring of 1931 in the
same area.
New York Stock Exchange Suspends Palmer & Co. for
-Firm Plans Reorganization--Had InInsolvency
vestment Trust Affiliate.
On Tuesday of this week, Dec.8, announcement was made
from the rostrum of the New York Stock Exchange at 12:15
p. m. by Richard Whitney, President, that the firm of
Palmer & Co. of this city had been suspended for insolvency,
having notified the Exchange that they were unable to meet
their obligations. The firm,the main office of which is located
at 61 Broadway, maintained four branch offices, three in
this city and one in Boston. It was composed of the following
members:G.Q.Palmer,Thomas P.Fowler (the floor member
of the Exchange); Marshall J. Dodge, Robert E. Graham,
William Leary, John IC. MacGowan, William Hardy Eshbaugh and William E. Telling. Mr. Telling was a special
partner in the firm.
The following statement was issued on behalf of the firm,
according to the New York "Times" of Dec. 9:
The suspension of Palmer & Co. was a great disappointment to members
of the firm as they were in the process of readjusting the affairs of the firm
to comply with the requirements of the Stock Exchange as to their quickasset position. When they were met with an application of the special
Partner for a receivership in the State courts, it precipitated the situation,
making suspension necessary.
It is believed the firm's assets are sufficient to meet its obligations in
full. Plans for the reorganization of the firm are still under discussion.
B, a fixed investment trust. In connection with the fixed investment trusts
sponsored by the firm, of which there are about 700,000 shares outstanding
in the hands of investors, there exists no connection with the suspended firm.
Under the terms of the trust indenture funds and securities of these
trusts are in the hands of the Guaranty Trust Co., trustee. Palmer Shares
Corp. Is the distributing organization formed to facilitate the issue and
distribution of National Industries Shares, series A and B.
Market Value of Listed Shares on New York Stock
Ka. Exchange Dec. 1, $31,105,267,133, Compared with
ft $34,246,649,051 Nov._1-Classification of Listed
Stocks.
As of Dec. 1 1931 there were 1,281 stock issues aggregating 1,318,731,573 shares listed on the New York Stock
Exchange, with a total market value of $31,105,267.133.
=compares with 1,284 stock issues, aggregating 1,318,586,847 shares, listed Nov. 1 on the Exchange, with a total
market value of $34,246,649,051. In making public the
Dec. 1 figures on Dec. 7, the exchange said:
As of Dec. 1 1931, New York Stock Exchange member borrowings on
security collateral amounted to $730,151,908. The ratio of security loans
to market values of all listed stocks on this date was therefore 2.35%.
As of Nov. 1 1931, Stock Exchange member borrowings on security
collateral amounted to $796,268,768. The ratio of security loans to
market values of all listed stocks on that date was therefore 2.33%.
The the following table, listed stocks are classified by leading industrial
groups, with the aggregate market value and average share price for each:
December 1 1931
Market
Values.
Autos and accessories
Financial
Chemical
Building
Electrical equipment manufacturing_ _
Foods
Rubber and tires
Farm machinery
Amusements
Land and realty
Machinery and metals
Mining (excluding iron)
Petroleum
Paper and publishing
Retail merchandizing
Railroads and equipments
Steel, iron and coke
Textiles
Gas and electric (operating)
Gas and electric (holding)
Communications (cable,tel. and radio)
Miscellaneous Utilities
Aviation
Business and office equipment
Shipping services
Ship operating and building
Miscellaneous business
Leather and boots
Tobacco
Garments
U. S. companies operating abroad
Foreign companies (incl. Cuba & Can.)
All listed companies
1,787,691,069
894,976,561
2.443,482.419
226,901,826
1,009,979.094
2,129,114,564
173,348,855
294,419,161
192,028,140
58,818,738
796,361,035
813,824,350
2,547,661,222
236,660.664
1,824,260,390
3,315,267,635
1,471,206,034
125,517,103
2,794,081,132
1,985.005,960
2,905,338.941
173,600,264
119.034,101
206,658,719
18.773,208
16,440,998
91,433.430
230.581,508
1,233,411,074
14,108,170
495,710.402
479,570,366
Aver.
Price.
16.45
15.37
36.24
14.31
24.83
29.84
14.11
26.22
9.05
11.16
16.09
13.86
14.58
14.71
25.64
28.85
37.50
11.26
40.82
20.79
77.35
17.10
6.67
19.79
8.99
4.67
15.66
32.80
38.75
7.39
14.10
10.93
November 1 1931.
Market
Values.
1,883,742,166
946,270,481
2,602,258,106
250,788,116
1,131,309,109
2,169,511,176
183,214,394
321,116,202
251,662,067
65,666,565
883,805,414
867,678.604
2,802,618,328
260,986,928
2,026.680,542
4,266,018,638
1,612,297,775
138,486,388
2,937,288.324
2,127.677,856
3,185.002,445
195,516,580
120,505,123
219,931.699
19,277.722
17.731,131
93,356,232
232,324,985
1,308,863,148
17,194,159
577,401,513
530,467,585
Aver,
Price.
17.34
16.24
38.55
15.82
27.81
30.43
14.92
28.60
11.86
12.38
17.85
14.78
16.05
16.22
28.49
37.18
41.10
12.41
42.92
22.29
84.83
19.26
6.75
21.07
9.24
5.04
15.69
33.05
41.12
9.01
16.53
12.08
31.105,267.133 23.59 34.246.649,509 25.97
Greenshields & Co. (Montreal) Failure-Meeting of
Creditors Adjourned Until Jan. 7.
It is learned from the Montreal "Gazette" of Nov.27 that
the creditors of Greenshields & Co. of Montreal, will meet
on Jan. 7 1932 to approve the plan of re-organization of the
firm. A delay of six weeks, which expires on that date,
being ordered by the Court at a meeting held Nov. 26, convened by George S. Currie, trustee. The adjournment to
Jan. 7 was ordered so as to afford time for consideration of
the plan by a group of Ottawa creditors. It is understood
that the bulk of the information desired by the Ottawa group
is now before them.
The "Gazette" continuing said:
Proxies in favor of the scheme of re-roganization continue to reach the
local Greenshields office, and the necessary majority in numbers has now
been received. Because of the widespread geographic location of this firm's
creditors, scattered in every quarter of the globe, a longer time than usual
has been necessary in order that the mails may carry the documents incidental to voting.
The failure of the company was noted in the "Chronicle"
of Oct. 5 1931, page 2358, and its affairs referred to in our
Nov. 14 issue, page 3188.
3902
FINANCIAL CHRONICLE
No Chicago Daily Clearings.
From its Chicago bureau the "Wall Street Journal" of
Dec. 20 reported the following:
Effective to-day, Chicago Clearing House Association will discontinue
giving out daily clearing figures. Figures will henceforth be available to
financial publications at the end of the week. The change in practice is
an effort to eliminate use of the daily figures for gambling purposes.
U. S. Supreme Court Affirms Decision of Circuit Court
of Appeals Declaring Illegal 1% Tax by New York
City on National Bank Stock—City Required to
Refund Amounts Collected from 1923-1926—Decision Given in Suit of Public National Bank.
On Dec. 7 the United States Supreme Court affirmed the
decision handed down early this year by the United States
Circuit Court of Appeals declaring illegal the 1% tax levied
by the City of New York on the capital of National Banks.
It was stated in the New York "Times" of Dec. 8 that:
As a result of the decision yesterday of the United States Supreme
Court the city is legally liable to payment of nearly $26,000,000 to the
national banks within the city limits, representing taxes, plus the interest,
that were paid by the banks from 1923 to 1926. The tax in question,
which is no longer on the statute books, was declared invalid by the Supreme Court.
The city stands an excellent change, however, of escaping with a refund
of only 813,000,000. as Martin Saxe, counsel to the National banks in the
city that fought the tax, said he had advised his clients to accept a "fair"
refund, which, he said, would be 50% of the total amount.
Other communities in the State which collected similar taxes will have
to make the refund as well, although the amount for all of the rest of the
State is not likely to exceed $5,000,000, including interest, if a full refund
is demand by the banks.
The same paper said:
No Opinion Written.
The case decided yesterday in Washington was that of the Public National Bank, and the amount involved was $133,429, representing the
taxes for 1926, the last year the tax was in effect. No opinion was rendered by the Supreme Court, the point involved having been settled in
an identical case involving the State of Wisconsin. It was the first test
in New York State, all the other National banks except the Public National
having paid the taxes under protest, awaiting the outcome of the suit.
The case is the outcome of the numerous changes in the State and Federal
laws affecting the right of any State to tax the capital of a National bank.
From 1901 to 1927 under the Federal laws a State could tax National
banks on their shares, providing that "other similar moneyed individuals"
were similarly taxed. New York State taxed the shares 1%. using as
the tax base the capital and surplus of the bank divided by the number
of shares. The situation was complicated in 1919, when the State passed
the income tax law and did away with the tax on intangibles belonging to
individuals. The banks were advised that this invalidated the bank tax,
as they were being taxed where other investors and bond-buyers and
mortgagees were not.
The Hanover National Bank brought suit, and in December 1922 that
tax was declared invalid and the banks were held entitled to a refund for
the three years of 1920, 1921 and 1922. Then, according to Mr. Saxe,
they accepted a 50% refund on the assurance that they would be put
under the income tax statute. The compromise was effected early in
1923, after Congress had passed legislation permitting that to be done.
Instead, the State again imposed another 1% tax on the capital of the
banks, and attempted, according to Mr. Saxe's analysis of the case yesterday, to make that legal by making it effective against all moneyed individuals in the State, to conform with the Federal law. In a court test
in the State courts the Court of Appeals held the statute to be sound, but
only in regard to private bankers, exempting other competitors in the
money business of the National banks.
The banks again were advised that they were being subjected to unfair
treatment, and the Public National Bank case was started in 1926, when
the bank obtained an injunction from the local district court restraining
the city from attempting to collect the tax. The tax meanwhile had been
paid under protest in the four years of 1923 to 1926, inclusive. The
statute was repealed at the next session of the Legislature and the banks
placed under the income-tax law.
The decision of the District Court was affirmed by the Circuit Court
of Appeals in a decision by Judge Manton. The Circuit Court used as
the basis for its decision the decision of the State Court of Appeals referred
to above. The city then appealed to the United States Supreme Court,
and the decision came down yesterday. The case had been argued about
two weeks ago.
No appropriation to meet the decision can be put into the budget for
the coming year now. It was not regarded as likely that the banks would
Press the city for immediate payment. However, with the city able to
borrow money in the open market at a much lower rate than the legal
6%, it was regarded yesterday as much more probable that the money
would be raised by an issue of special revenue bonds or tax notes.
Corporation Counsel Hilly said that he could not comment on the decision until he had had a chance to study it. It was not known at that
time that the court had rendered no opinion but had merely affirmed
the decision of the Circuit Court of Appeals.
The findings of the Circuit Court were referred to in our
issue of Feb. 7, page 952.
New York City to Issue Bonds to Pay Bank Tax Refund
—Comptroller Berry Indicates Legislature Will Be
Asked to Permit Issue for Term Longer Than Year—
Corporation Counsel Hilly May Fight Cases.
The decision of the United States Supreme Court on
Monday in the Public National Bank case will have no
immediate effect on the city's finances, Comptroller Berry
indicated on Dec. 8 said the New York "Times" of Dec. 9
which went on to say:
[VOL. 133.
The decision held that the city had no right to the taxes if collected
from National banks from 1923 to 1926 under a tax statute since repealed.
A full refund, including interest, would amount to $26,000,000.
The Comptroller indicated that when negotiations with the various
banks had been completed by the Corporation Counsel and by the Department of Finance, the State Legislature would probably be asked to
allow the city to issue bonds for a term longer than one year to obtain
the money for the refund to the banks.
Under the city charter, long term bonds can be used only for permanent
improvements, and tax notes and special revenue bonds, which can legally
housed for the purpose, must be redeemed out of the next year's tax budget.
The Comptroller indicated that this would be too severe a strain on any
one budget and that in his opinion the solution, if the city has to pay,
should be the legalization of a bond issue for a longer term.
The Comptroller did not indicate how long the term of the bond issue
would be. He said that thus far, although he had had a conference on
the subject with the Corporation Counsel, he had not been officially informed that the city must pay. Whether it will have to refund all the
money, or even half, as suggested by Martin Saxe, the counsel to the
National banks, must be certified to him by the Corporation Counsel.
Corporation Counsel Hilly was inclined to believe that the city might
gain by fighting in the case of each bank and not to regard the decision
in the case of the Public National Bank as a test case. He said his mind
was open, however, until he had time to study the merits of the claims
of each bank and the decision of the Circuit Court of Appeals which the
Supreme Court affirmed.
In other quarters it was pointed out that if the facts in each case were
identical, the city would gain nothing by carrying on further litigation,
as the city can borrow money to pay the refund at much less than the
6% rate of interest that would accrue on the refunds to the banks while
the litigation was in progress.
Further conferences between Mr. Hilly and Mr. Berry are scheduled.
National City Bank and Chase National Bank to
Benefit Most As Result of Supreme Court Tax
Decision.
The National City Bank of New York and the Chase
National Bank will benefit most as a result of the decision
handed down by the United States Supreme Court declaring unconstitutional the now extinct tax law of the State
of New York which for the years 1923-26 inposed a tax of
1% on the book value of national banks, bit, Rose &
Troster point out in an analysis of the decision. In the
following tabulation the firm has computed 1% of the total
book value of the leading New York City national banks as
of the last call date for the years 1923-26. The amount is
then shown on both the 100% and on the 50% basis and
represents the approximate estimated amount, excluding
interest, of the tax rebates forthcoming:
50%
100%
Basis.
Basis.
$923,346 $461,673
Chatham Phenix
444,039
888,079
Chemical National
588,905
Hanover National (Cent. Hanover) 1,177,810
4,060,669 2.030,334
*Chase National
2,617.999 1,308,999
Nat'l Bank of Commerce (Guar.)
2,145,740 1,072,870
First National
National City
4,185,198 2,092,599
432,938
Public National
216,469
Per Share of
Present Bank.
100%
50%
Basis. Basis.
1.14
.57
.42
.21
1.12
.56
.55
.27
2.91
1.45
21.46
10.73
.76
.38
1.131
.65
$16,431,779 $8,215,888
* The combined total of Chase includes the following: Chase, $2,145,740:
Seaboard National, $559,402; National Park Bank, $1,355,527.
The above figures are exclusive of interest.
Wall Street Brokerage Houses Raise Requirements on
Short Sales—Margin of 33% Asked Instead of 25%.
From the New York "Herald-Tribune" of Dec. 9 we take
the following:
Several of Wall Street's loading brokerage houses have increased margin
requirements on accounts for short sellers, it was learned yesterday. It
was explained at one of the houses that the increase of margins at this
time in the bear market is analogous to the increase in marginal requirements of speculators for the rise in 1928 and 1929.
While no indication was given that brokers are convinced that the recession of stock prices has ended it was pointed out that with average valuation of shares listed on the Stock Exchange down to nearly $23 each, the
brokerage house carrying short accounts will feel more secure against any
sudden rise by demanding more margin. Brokers who made the increase
will require margin of 33% instead of the hitherto generally prevailing 25%.
The brokerage houses were, of course, prompted by the banks in revising the marginal requirements. Any attempt to embarrass the short
interest was disclaimed by the houses instituting the advance in marginal
requirements. Boosting the margins was not at all similar to the general
movement among brokers last year to make stocks scarce for borrowing
purposes, the theory being that the shorts would be hampered by an artificial scarcity of stocks in the loan crowd.
The present increase in margins demanded of shorts has been necessitated, it is understood, by the tendency among short speculators as well
as long speculators to pyramid their profits, thus widening their interest
but making a heavier margin more desirable from the brokers' and bankers'
viewpoint to protect against sudden turns in the market.
North Carolina Banks Urged Not to Pay Dividends—
Commissioner Hood Says Funds Should Be Held
to Build Up Cash Reserve and Fix Inflated Values.
North Carolina State banks should not pay dividends this
year, in the opinion of the Commissioner of Banks, Gurney
P. Hood, who advised the banks that they should hold the
funds usually paid out in dividends to constitute a cash
reserve for writing off investments from their inflated to
their real values. This is indicated in a dispatch from
DEC. 12 1931.]
FINANCIAL CHRONICLE
3903
Raleigh, N. C., Dec. 7, to the "United States Daily," five votes. From the Washington dispatch, Dec. 7, to the
which gave Mr. Hood's statement in full as follows:
New York "Herald Tribune" we take the following:
In my opinion the banking situation is slowly improving in North Carolina, and safety for depositors should be the first consideration of all officers,
directors and stockholders.
During the last two years banks have carried large uninvested cash
reserves and this has caused them to make less profits.
Banks, have, also, suffered losses which should be charged off, and investments carried at inflated values should be depreciated to their real
value.
This can be carried into effect by paying no dividends this year and the
cash reserve retained will make banks a safer place in which to deposit
money.
Where banks follow such a policy their statements speak the truth and
they merit the confidence of the public.
Treasury Department Broadens Regulations Governing
Security Required For U. S. Government Deposits.
Announcement of an amendment to the Treasury Department's regulations governing securities pledged against Government deposits was made on December 7 by the Federal
Reserve Bank of New York.
Pointing out that under the new regulations, railroad,
utility, and industrial securities put up by banks as security
for special deposits of public moneys by the Federal Government must hereafter be classified in one of the four highest
grades by a recognized investment service organization
regularly engaged in the business of rating or grading bonds,
the "United States Daily" of Dec. 10 said:
The amendment replaces a provision that bonds used for this purpose
must not have a market price to yield more than 63 % per annum if held
to maturity, according to standard tables of bond values.
The final proviso of paragraph (e) under the caption of "Collateral
Security" in Department Circular No. 92 constitutes the amendment.
It was noted in the New York "Journal of Commerce" of
Dec. 10 that the former stipulation against securities yielding
more than 6M% was based upon the theory that high yield
bonds do not constitute security of sufficient worth for
pledge against Government deposits. The paper quoted
went on to say:
With the falling off in prices of all classes of securities it is held that this
method of appraisal is no longer accurate. To be acceptable as collateral
the bonds must be highly rated.
In several respects the opening session of this House probably is without precedent since the earliest days of the Union. Only one member was
absent, Representative J. Will Taylor, of Tennessee, a Republican, who
is critically ill. The first roil call of the session showed 433 of the 435
authorized membership present, the 1st New Hampshire District being
vacant. . . .
Snell Becomes House Leader.
Accepting their defeat with a smile,the Republican membership promptly
proceeded to put their own house in order in preparation for a fight for
their own legislative program, in the interest of party harmony, Representative John Q. Tilson of Connecticut, resigned as floor leader, an
office to which he was elected last spring. Representative Snell, who
defeated him for the Republican nomination for Speaker, promptly was
elected minority floor leader.
This action was taken in a party caucus immediately after the regular
session ended. The bolt of the Wisconsin insurgents also was discussed,
but whether disciplinary action would be taken against them was left
for future decision. By disobeying their caucus pledge they have laid
themselves open to dismissal from the party, a step which would deprive
them of all patronage privileges.
House Is Called to Order.
At 11:55 J. G. Rodger, the seargeant-at-arms, rapped for order. . .
Carrying out an agreement made at the close of the last session, Speaker
Garner administered the oath of office to the entire House, all members
having been newly elected. He took his oath from Representative Edward
W. Pou of North Carolina. In the past it has been customary to call
the roll a second time before the oath is administered.
The House being duly in session, Representative Arnold announced
that Representative Rainey had been elected Democratic floor leader by
the party caucus and moved the election of the slate of other officials
nominated by the caucus. They were: South Trimble, Kentucky,
clerk; Joseph Sinnott, Virginia, doorkeeper; Kenneth Romney, Montana,
sergeant-at
-arms; Finis Scott, Tennessee, postmaster, and the Re . James
Shera Montgomery, to be retained as chaplain.
On a viva voce vote the Democratic officials were elected. The Republican officials, however, will be given the positions of assistants In
the House organization.
Brief debate ensued when the Democrats attempted to force through
their proposed changes in rules. In the end they agreed to let the matter
-morrow.
go over until to
Committees were appointed to notify the Persident and the Senate that
the House was organized and ready for business and adjourned until noon
to-morrow to await the President's message.
From the Washington account, Dec. 7, to the New York
"Times" we take the following:
Democrats Pick Policy Board.
Hardly had the House adjourned when Democratic leaders of that
The announcement made by the Federal Reserve Bank body and the leaders of their party brethren in the Senate took the first
step for determining concerted party policy during the Congressional
follows together with the Treasury amendment:
session. This was the appointment of a joint committee, which probably
FEDERAL RESERVE BANK OF NEW YORK.
will meet to-morrow after President Hoover's annual message on the
Fiscal Agent of the United States.
state of the Union has been transmitted to Congress, to agree on how far
ICircular No. 1074. Dec. 7 1931. Reference to Treasury Department the Democratic Party should go in supporting the major recommendations of the President.
Circular No. 92, Revised.]
Indications are that the Democrats In the Senate and the House will
Special Deposits of Public Moneys under the Act of Congress
co-operate with the Administration with respect to legislative proposals
Approved Sept. 24 1917, as Amended.
for remedying the economic situation.
To designated special depositaries of public moneys and all other
banks
No formal truce with the Republicans, as suggested in behalf of Presiand trust companies in the Second Federal Reserve District:
dent Hoover, is to be effected, but the prospect is that much of the legisEnclosed will be found a copy of amendment dated Dec. 4 1931
to Treas- lation suggested in the President's message will be considered by the
ury Department Circular No. 92, dated Oct. 1 1928, as amended,
partisanship as is possible on the eve
to "Special deposits of public moneys under the Act of Congress relating Democrats with as little display of
Approved of the Nation's quadrennial political battle.
Sept. 24 1917, as amended." You will note that by this
amendment
The joint Democratic committee on party policy consists of the following:
Treasury Department Circular No. 92, as amended, is further
Senate: Senators Robinson of Arkansas. floor leader; Walsh of Monamended by
revising paragraph (e) under the caption "Collateral Security."
tana, Walsh of Massachusetts, Harrison of Mislssippi. Pittman of Nevada,
GEORGE L. HARRISON, Governor.
Glass of Virginia, Barclay of Kentucky, Bulkiey of Ohio. Wagner of New
York, and Hull of Tennessee.
TREASURY DEPARTMENT
House: Speaker Garner, Representatives Rainey of 'Illinois. floor
Division of Deposits,
leader; Byrne of Tennessee, Cullen of New York, leader of the Tammany
Office of the Secretary,
delegation; Crisp of Georgia, Bankhead of Alabama, Taylor of Colorado,
Washington, Dec. 4 1931.
Drewry of Virginia, Sandlin of Louisiana, and Greenwood of Indiana.
To Federal Reserve Banks and Other Banks and Trust Companies
It is evident that the Democratic leaders in both Houses at least inIncorporated under the Laws of the United States or of any State:
tend to pursue a cautious attitude designed to give the country no cause
Treasury Department Circular No. 92, dated Oct. 1 1928. as amended, for complaint that the party does not fully realize its responsibilities in
is hereby further amended by revising paragraph (e) under the caption the face of the dislocation of the Nation's economic structure.
"Collateral Security," to read as follows:
This responsibility rests particularly upon the Democrats in the House
"(e) Approved bonds, listed on some recognized stock exchange, and on account of their control of that body. That control is by the slimmest
notes, of domestic railroad companies within the United States; approved of majorities, but the conduct of the Democratic Representatives in to-day's
equipment trust obligations of such domestic railroad companies; and session showed a solidarity which was impressive.
approved bonds and notes of domestic electric railway and traction comAs to the Senate proceedings Dec. 7 the same paper said:
panies, telephone and telegraph companies, electric light, power and gas
companies, and industrial companies, secured (directly or by the pledge
Vice-President Curtis called the Senate to order. After prayer by the
of mortgage bonds) by mortgage upon physical properties in the United Chaplain, the roll was called and disclosed the presence of all except five
States and listed on some recognized stock exchange; all at 75 per cent of of the 96 members of the Upper Chamber.
market value, not to exceed par; provided, that all such bonds, notes and
Senator Stephens of Mississippi, Democrat, was absent on account of
obligations are classified in one of the four highest grades by a recognized sickness, while Senator-elect Huey Long remained in Louisiana to coninvestment service organization regularly engaged in the business of rating tinue his duties as Governor for the next couple of months.
or grading bonds"
The other absentees were Mrs. Thaddeus H. Caraway of Arkansas,
appointed to succeed her late husband; W. W. Barbour of New Jersey.
OGDEN L. MILLS,
Acting Secretary of the Treasury.
appointed to succeed the late Senator Dwight W. Morrow, and Senator
James Hamilton Lewis of Illinois.
Technical considerations of delicacy prevented the swearing in of Mrs.
Opening of Seventy-second Congress, First Session— Caraway and Mr. Barbour. It was decided that their taking the oath
Representative Garner (Democrat), Speaker of should be deferred until after formal notification had been given to the
Senate of the deaths of Messrs. Caraway and Morrow. This was done
House—Liberalized Rules of Procedure in House. in the course of to-day's proceedings. Mrs. Caraway and Mr. Barbour
The opening of the first session of the Seventy-second will take the oath to-morrow.
The many spectators in the Senate galleries, the greater numbers of
Congress at noon on Monday, Dec. 7, was marked by the them being fashionably-dressed women, found little to interest them
election of Representative John N. Garner (Democrat), of in the 35 minutes that the first session lasted.
Texas, as Speaker of the House, Mr. Garner having the
distinction of being the first Democrat since 1919 to preside
over either the House or Senate. Out of a total of 430
votes cast for the Speaker, Mr. Garner received 218; Representative Bertrand H. Snell (Republican), of New York,
received 207 votes; George J. Schneider, a Representativeelect from Wisconsin (Progressive Republican), received
The "United States Daily" said:
Twenty-nine Senators received the oath of office, 11 of whom entered
the Senate for the first time. These were: Austin (Rep.) of Vermont,
Bailey (Dem.) of North Carolina. Bankhead (Dem.) of Alabama, Bulow
(Rep.) of South Dakota, Byrnes (Dem.) of South Carolina, Coolidge
(Dem.) of Massachusetts, Costigan (Dem.) of Colorado, Dickinson (Rep.)
of Iowa, Hull (Dem.) of Tennessee. Logan (Dem.) of Kentucky, and
White (Rep.) of Maine. Senators Neely (Dem.) of West Virginia and
Gore (Dem.) of Oklahoma had held seats in the Senate in other Congresses.
3904
FINANCIAL CHRONICLE
With reference to the new House rules, the "United
States Daily" of Dec. 9 said:
The House will work under a so-called "liberalized"set of rules during
the Seventy-second Congress.
This resulted from the adoption by the House on Dec. 8 of a resolution
(H. Res. 8) placing into effect the rules of the House of the Seventy-first
Congress, with several amendments designed to liberalize them.
Representative Pou (Dem.) of Smithfield, N. C., Chairman of the House
Committee on Rules, offered the proposal, and to a roll call vote, 402
answering in favor of adoption with seven answering in opposilon. The
vote on the previous question, however, which was taken by roll call,
resulted in 227 ayes and 194 nayes.
Sanctioned by Majority Caucus.
The proposal was one which had been sanctioned by the majority caucus
Dec. 5. The minority conference on Dec. 4 also had announced its agreement to a program for liberalizing the rules, although the two plans differed in numerous respects. An attempt was made during the discussion
of Mr. Pou's resolution on the part of several of the minority to amend
the measure by inserting several of the minority proposals in the program
contemplated by the resolution, but it was not successful.
According to Representative Crisp (Dem.) of Americus, Ga., who pro
Posed the rules liberalization program to the majority caucus Dec. 5.
under which the House
one of the most important changes in the rules
will work this session is that permitting a petition signed by 145 members
to be sufficient to bring the House to a vote on whether the committee
in charge of the bill in question shall be discharged.
Thirty-day Limit Set.
Under the procedure set forth in the amended rules, a petition signed
by 145 members requesting the discharge of a committee from consideration
of a bill would have to be entered in the Journal. The bill must have been
referred to the committee in question 30 days prior thereto, and the motion
to discharge the committee cannot be made until seven days after it has
been placed in the Journal. Then, any signer of the petition on the second
or fourth Mondays of each month shall be recognized for the Purpose
of calling up the motion and the House shall proceed to its consideration
without intervention except on motion to adjourn.
Debate on the motion be limited to 20 minutes, 10 minutes for those in
favor and 10 for those opposed. If such motion prevails, the House
would then proceed to immediate consideration of the bill, on motion by
a signer of the petition, and if consideration was unfinished before the
adjournment of the day it shall remain unfinished business until disposed
of. The same procedure is effective in the case of resolutions pending
before the Committee on Rules.
Explains Stand on Rules
Another change provided In the resolution would permit a majority of
any standing committee to call a meeting of the committee, and among
other proposals is one providing for the discharge of House conferees on
a measure which has been in conference at least 20 days.
The rules were brought before the House by Representative Pou, who,
explaining their purpose of opening up opportunity for the House to act
on legislation, declared that "as long as I am Chairman of the Rules Committee there is not going to be any sitting on the lid." Ile said that 31
years ago when he first came to Congress the House was under a "one-man
oligarchy—the Speaker—and that for 10 years following the House members
were tied by gag rules.
Mr. Crisp said that the rules would be for the entire House and not to
meet the political exigency of any party. Ho said they are practically
identical with the proposed amendments to then existing rules that he
offered in the last Congress. Under the new rules, he said, the majority
of the House can call up, consider and pass legislation as the majority
may wish,irrespective of whether that majority is Democratic, Republican,
Progressive or otherwise.
Reference to the bills introduced in the new Congress, and
the three messages presented to Congress by President
Hoover will be found elsewhere in our issue to-day.
[VOL. 133.
New York City and the metropolitan area figure in bills introduced by
Representatives LaGuardia, Lindsay, Bacon. Celier and Budd. Mr. LaGuardia's bills included to make a public airport at Governors Island, three
additional Federal judges for the Southern District of New York, popular
election of the Governor of Porto Rico, to curb short selling operations on
the commodity and securities markets, for jury trials in contempt of court
cases and to exempt newspaper men from testifying as to their sources of
confidential information.
Asks for Queens Postoffices.
Representative Budd asked for new postoffice buildings at South Ozone
Park, Woodhaven, and Richmond Hill, all in the Borough of Queens.
Mr. Lindsay sought a new postoffice building in the Greenpoint section of
Brooklyn. Mr. Bacon offered a bill for another Federal judge in Eastern
New York.
In addition to offering a bill for the protection of copyrighted material,
Representative Vestal, of Indiana, offered a bill to authorize the United
States to enter the convention of Berne for the protection of literary and
artistic works. His copyright bill last year was defeated.
Bills offered for the benefit of war veterans ranged from pensions for
widows and dependents of all former service men and allowing them to
purchase at wholesale price from Army, Navy and Marine stores, to full
cash payment of bonus certificates at face value.
Both Representatives LaGuardia and McClintic offered bills for unemployment insurance, and Mr. McClintic a bill authorizing private hospital
treatment for war veterans.
Representative Wolfenden of Pennsylvania offered a bill to authorize
the remodeling of the postoffice at Phoenixville "to make it look Colonial."
Other bills and their sponsors included:
Horr, Republican. Washington—To repeal the Jones "five-and-ten" law.
Englebright, California—To exempt from taxation incomes derived from
mining gold.
Lankford, Democrat, Georgia—To create a farmers' finance corporation
providing for loans on all farm products.
Huddleston, Democrat, Alabama—For appropriations to relieve destitution.
Jenkins, Republican, Ohio—Making it a felony for aliens to enter the
United States illegally.
Jones, Democrat, Texas—For loans to farmers In drought and storm
stricken areas to meet payments due on loans from Federal Land banks.
Bacon. Republican, New York—For an additional Federal judge for the
Eastern District of New York.
Cochran, Democrat, Missouri—To compel prohibition agents to obtain
bonds sufficient to satisfy judgments obtained by persons injured by
"the unlawful or careless" use of firearms; also a bill to liberalize the
statute providing for settlements of claims against the Federal Government for property damage, personal injuries or death.
Celler, Democrat, New York—Creating a Negro industrial commission;
giving physicians the right to prescribe medicinal liquors without limit:
forbidding the disclosure of confidential information a physician receives
from a patient for whom liquor is prescribed; establishing a fish cultural
station at Montauk Point; repealing the law prohibiting the traffic of
prize-fight films in interstate commerce; prohibiting "blind and block"
booking of copyrighted motion picture films and the arbitrary allocation
of such films by distributors to theatres in which they have an interest,
direct or indirect; prohibiting refusal to book or sell such films to theatres
In which distributors have no interest.
Fitzpatrick, Democrat, New York—Prohibition bills, Including one transferring the trial of Federal agents from Federal to State jurisdiction;
providing a forty-four hour week for Federal employes.
Goes, Republican, Connecticut—Prohibition bills, including one penalizing
the use and sale of wood alcohol.
Martin, Republican, Oregon—Prohibiting importation of the products
of convicts.
Peavey, Republican, Indiana—To repeal the National Prohibition act.
Strong, Republican. Kansas—Amending the Federal Reserve act by defining
policies anew to realize a more stable purchasing power of the dollar.
Evans, Republican, California—Authorizing selection of site for a branch
of the Naval Academy on the Pacific Coast.
More than 1,000 bills and resolutions, most of them dealing
with private claims, were introduced in the Senate on Dec. 9,
-5,000 Bills Poured Into House the New York
Opening of Congress
"Times" stating:
Hopper—Representative Foss Seeks Increase of
As was the case in the House yesterday, the Senate's secretarial staff
-night to classify the measures
Postal Rates and Salaries—End of Farm Board Pro- was overwhelmed and forced to work to
them for
posed by Representative Crisp—Wet Measures and arrangethe more printing. proposals, and their Senatorial sponsors
Some of
interesting
Offered-1,000 Bills in Senate.
were:
on Ashurst—To investigate working conditions at the Hoover Dam. with
The adoption of rules by the House of Representatives
McKellar—To make Alvin C. York an army captain and retire him
Dec. 8 opened the way for a flood of 5,000 bills which had
that rank.
to the committees Couzens—To have the Inter-State Commerce Committee investigate the
accumulated in a few days to pour through
financial situation of the railways.
for action on Dec. 9, said a Washington despatch under date Watson—To create a home loan discount bank system as urged by President
Hoover.
of Dec. 8 to the New York "Times" which had the following
La Follette—To have the government spend $250.000.000 for relief.
to say regarding the House measures:
guilty
Many of the bills are designed to afford relief to war veterans; prohibition
repeal or modification was the object of others. Agricultural relief was
sought in numerous legislative proposals, but about 4,500 were designed
who
for the private relief of persons within the districts of the Congressmen
sponsored the bills.
Representative Foss of Massachusetts introduced a bill for increased
postal rates and upward revision of postal salaries.
Representative Crisp of Georgia offered a bill to abolish the Federal
of a bill
Farm Board. Representative Mapes of Michigan was the author
the
to build a deep waterway from the Great Lakes to the Atlantic via
St. Lawrence River.
establish
Representative Cellar of New York introduced a measure to
an army reserve in which 250,000 men could be enlisted for one year, to care
for that many unemployed men.
The most expensive proposal was introduced by Representative Crail of
less
California, who would have Congress declare its intention to spend not
than $5,000.000,000 for necessary public improvements in order to relieve
unemployment.
Would Combine Air Forces.
A department of national defense was proposed in a bill introduced by
Representative Curry of California, under which the air forces of the army
and navy would be combined.
Representative Tinkham of Massachusetts sponsored a bill to authorize
a hall of fame in Washington, and Representative Riley of Kansas a bill
to prohibit the purchase of oleomargerine with public funds.
Proposal to Donate Wheat to Relieve Unemployed.
Under a bill offered by Representative Ludlow of Indiana, the Farm
Board would be authorized to donate not to exceed 10,000,000 bushels of
wheat to relieve "actual and acute hunger and distress."
Sheppard—To make the purchaser of intoxicating liquor equally
with the seller.
Brookhart—To abolish the gold standard.
Hale—To build the navy up to the strength fixed by the London naval
treaty.
Vandenberg—To amend the Federal Reserve law along the lines of his
recent proposals.
Hull—To repeal the flexible tariff provision of the Hawley-Smoot law.
President Hoover Approves New Tariff Rates on Seven
Products—Accepts Recommendations of Commission on 17 Reports Submitted—Higher Duty on
Certain Shoes.
Increased tariff rates on McKay sewed shoes and on fresh
green peas, decreased rates on five other products, including
window glass and turned shoes, and unchanged rates on 10
commodities, are provided in 17 reports of the United States
Tariff Commission which were approved Dec. 2 by President
Hoover, the Commission stated Dec. 2. The Commission's
statement summarizing the 17 reports was given as follows in
the "United States Daily" of Dec. 3:
The President announced to-day that he had approved each of the reports
on 17 investigations recently completed and submitted to him by the Tariff
Commission. This is the largest group of reports submitted at any one time
Dac. 12 1931.]
FINANCIAL CIERONICLE
3905
since the passage of the Tariff Act. Eight of them are on mining and industrial products and nine are on agricultural products.
CORPORATION TAX RATES.
Proposed.
Present.
Net Income
12 si%
12%
Exemptions on incomes $25,000 or less
Eliminated
Cement Rates Unchanged.
$3,000
Deductions
Gifts to unemployed
None
Increases were made in the rates of duty on McKay sewed shoes and on
ESTATE TAX RATES.
fresh green peas. Decreases were specified on window glass, turned shoes,
Super tax up to maximum of 5% over present rates.
crude feldspar, green peppers, and eggplant. No change was made on
Miscellaneous TaresProposed.
Present.
cement, ground feldspar, lumber, crin vegetal,flax upholstery tow, Spanish Admissions, 10%
Tickets over 10c. Over $3.00
moss, pens, gauge glass tubes, and shoes other than turned or the McKay Passenger automobiles
5%
None
sewed types, the last three because of the currency situation in England,the Automobile trucks
3%
None
Tires, auto accessories
234%
None
chief competing country.
Radios and phonographs
59
None
No change was specified in the rates of fresh tomatoes and green snap Checks and drafts
2c. stamp tax
None
beans because of the Mexican currency situation, and on cucumbers, lima Telephone, telegraph and cable message. 14 to 50 cents
5 cents
None
Over 50 cents
10 cents
None
beans, okra, and pineapples no revision was proposed because of the abConveyances of realty
50e.for each $500
normality of the cost periods or the differnce in the seasons during which the
value over $100
None
domestic and foreign products are produced and marketed.
Tobacco products
Increase of 16 2-3% over present.
The report on window glass contained a reservation by one Commissioner.
Capital stock sale or transfer stamp tax: Increase of 1% over present postal rates.
In the case of cement, one Commissioner attached a short dissenting state- Increase to raise additional $150,000,000.
ment.
New Rates Effective Jan. 1.
The new rates proclaimed by the President will be effective Jan. 1 1932. Total of $1,300,000,000 Offered in December Financing
Canada, the United Kingdom, Belgium, Czechoslovakia, Switzerland,
of Treasury-$600,000,000 33.% Treasury Notes
Mexico and Cuba, were the principal foreign countries concerned in the
Two Issues of Treasury Certificates ,viz., $400,000,trade in these imports.
000 Bearing 3% and $300,000,000 at 24%
Senate resolutions were responsible for 10 of the investigations and appli-Subcations from private sources led to 7 investigations.
scription Books Closed,
The Commission's statement relating to it report on boots and shoes,
The December financing of the Treasury, announced on
as approved by the President,follows in full text:
The President has approved the Tariff Commission's report on boots and Dec. 6, embraces total offerings of $1,300,000,000. Of this
shoes and by proclamation reduces the rate of duty,on turn or turned boots
$600,000,000 consists of one-year 33.4% Treasury notes,
and shoes, made wholly or in chief value of leather, not specially provided
for, from 20% to 10% ad valorem, and increases the rate of duty on boots dated and bearing interest from Dec. 15 1931. The offering
and shoes, made wholly or in chief value of leather, not specially provided also includes two issues of Treasury Certificates
of Infor, sewed or stitched by the process or method known as McKay from 20%
to 30% ad valorem. The rate of duty on welt and other types of leather debtedness-one, (series TJ-1932) to the amount of $300,shoes remains unchanged. The new rates of duty Proclaimed on turned and 000,000, or thereabouts, bearing 23 %, maturing in six
4
on McKay shoes will become effective 30 days after the date of the proc- months (June 15 1932), and
the other (series TS2-1932),
lamation.
offered to the amount of $400,000,000, due in nine months
Imports of Shoes.
The investigation of boots and shoes was instituted by the Comnussion (Sept. 15 1932) and carrying 3% interest. Secretary Mellon's
in accordance with Senate Resolution No. 295, dated June 18 1930. The announcement of the present week's offering indicates the
Tariff Act of 1930 made the shoes under investigation dutiable at 20%. purpose of the new issues as follows:
Under the Act of 1922 these shoes had been free of duty.
The 334% Treasury notes of Series 0-1930-32 were called for redemption
Imports of shoes increased from 996,000 pairs in 1925 to 7,158,000 pairs
in 1929. In the latter year total imports were equal to about 2% of the on Dec. 15 1931 and will cease to bear interest on that date. About
$452,000,000 of these notes are now outstanding. In addition, about
consumption in the United States, and the imports of women's shoes to
about 4% of the consumption of that class. Considerable quantities of $543,000,000 of Treasury certificates of indebtedness and about $95,000.000
shoes were brought in during the first half of 1930: during the remainder of in interest on the public debt become due and payable on Dec. 15 1931.
the year imports were very small. Thus far during 1931 imports have been
Announcement of the closing of the subscription books for
equal to 134% of the domestic consumption.
the several issues was made as follows under date of December
During the spring and summer of 1931, the Commission obtained domestic and foreign costs and other data for the year 1930. Domestic data 10 by the New York Federal Reserve Bank:
covered 62 factories located in 11 States. In that year these factories
FEDERAL RESERVE BANK OF NEW YORK
Produced about 26,500,000 pairs ofshoes of types comparable with shoes imFiscal Agent of the United States
ported from the principal competing countries. Foreign costs for the year
[Circular No. 1075
-December 10 19311
1930 were obtained from representative shoe factories in Switzerland,
Subscription Rooks Closed
Czechoslovakia, and the United Kingdom.
In Switzerland, the principal competing country for turned shoes, costs On offering of United States of America 33i% treasury notes series 1932
were obtained for one factory which was almost the sole exporter to the
dated and bearing interest from Dec. 151931, due Dec. 15 1932, and
United States for women's, misses', and children'sshoes made by the turn On offering of United States of America treasury certificates of indebtedness
process. In Czechoslovakia, the principal competing country for McKay
dated and bearing interest from Dec. 15 1931. series TJ-1932. 2.(%,
sewed shoes, two factories were costed, one of which exported about
due June 15 1932. Series TS2-1932,3%, due Sept. 15 1932.
70%
of the total Czechoslovakian exports of women's McKay sewed shoes to the To all Banks and Trust Companies in the Second
United States.
Federal Reserve District and Others Concerned:
In the United Kingdom, the principal competing country for welt shoes.
In accordance with instructions from the Treasury Department the subthree factories were coated. These factories produced men's welt shoes for scription books for the offering of $600,000,000, or thereabouts, of United
export to the United States. The foreign factories covered by the investiga- States of America 331% treasury notes, series 1932, dated and bearing
tion in these three countries together produced in the year 1930, 8,800,000 interest from Dec. 15 1931, due Dec. 15 1932, and on the offering of United
pairs of shoes of types represented by the samples for which costs were States of America Treasury certificates of indebtedness dated and bearing
obtained.
interest from Dec. 15 1931, 11300.000,000, or thereabouts, series TJ-1932.
Comparison of these costs indicated a decrease in the rate of duty on 234%, due June 15 1932, and $400,000,000, or thereabouts, series TS2turned shoes; an increase in the rate of duty on McKay shoes; and a decrease 1932. 3%.due Sept. 15 1932, closed at the close of business to-day, Thursin the rate of futy on welt shoes. The latter, however, came principally day. Dec. 10 1931.
Subscriptions received by us through the mails up to 10 a. m. Friday,
from the United Kingdom and because of the present depreciated value of
the pound sterling and its possible effect upon costs in that country, the Dec. 111931. will be considered as having been received before the close of
Commission does not specify in the present report that any change be made the subscription books
in the rate of duty on welt shoes.
GEORGE L. HARRISON.
Governor.
Summary of Secretary Mellon's Income Tax Proposals.
Press accounts from Washington summarizing the changes
in income tax rates as proposed in the recommendations of
the annual report of Secretary Mellon follow:
INDIVIDUAL INCOME TAXES.
Normal Tax. Rate Proposed.
Present.
First
$4,000
2%
114%
Next
4,000
4%
3%
Allabove8.000
6%
5%
Proposed.
Present.
fUngls .....................................................
Peref
SI 000
11.500
Married............................................
2..500
3,500
Each dependent
....
400
400
Surtax
Proposed.
Present.
maximum surtax
$10.000 to 114.000
310,000 to $14,000
40% over 5500,000 20% over $100,000
Tax Liability. Proposed,
Present.
Married, one dependent
$3,000
$1.50
Married, one dependent
4.000
16.50
51:5
Married, one dependent
5,000
31.50
12.38
Married, one dependent
10,000
153.00
92.25
Married, one dependent
15,000
455.75
336.25
Married, one dependent
20,000
869.50
706.25
Married, one dependent
25,000
1.405.75
1.198.75
Married, one dependent
50,000
5,549.50
4,573.75
Married, one dependent
100,000 22,029.50 15,753.75
Married, one dependent
500.000 199,029.50 115,753.75
Single, no dependents
2,000
15.00
5.63
Single, no dependents
3,000
30.00
16.88
Single, no dependents
4,000
45.00
28.13
Single, no dependents
5.000
60.00
39.38
Single, no dependents
10,000
225.00
153.75
Single, no dependents
15,000
541.25
426.25
Single, no dependents
20,000
955.00
796.25
Single, no dependents
25,090
1,491.25
1,288.75
Single, no dependents
50,000
5,635.00
4,663.75
Single, no dependents
100,000 22,115.00 15,843.75
Single, no dependents
500,000 199,115.00 115,843.75
The present Treasury offering of $1,300,000,000 was
surpassed in volume by that of last March (1931) when a
total of $1,400,000,000 was offered in the form of $500,000,000 of 3%% Treasury bonds, and $900,000,000 of Treasury
certificates in two issues. In the June financing the Treasury
bonds, at3%,were offered to the amount of $800,000,000,
while the September financing of the Treasury offered to the
amount of $1,100,000,000 included an issue of 00,000,000
long-term Treasury bonds of 3%, and $300,000,000 of
Treasury certificates carrying 13i% interest.
A Washington dispatch Dec.6 to the New York "Times"
referring to the current week's offering said:
An unusual feature of the combined new offering was the use of one-year
Treasury notes, along with the certificates of indebtedness. In practically
every case in the past Treasury notes have had a maturity of five years,
with the provision that they could be called in three years.
The Treasury explanation is that the use of a one-year note was considered more advisable than to employ only certificates. The notes also
were held to a one-year maturity because securities payable within such
a period may be issued exempt from surtax as well as normal income tax
and can be sold more readily at low interest rates than notes of longer
maturity which would be subject to surtaxes.
Treasury experts had considered for some time the use of
long-term
bonds in the December financing program, but finally abandoned
such a
plan as the tighter conditions in the money market made it apparent
that
it would not be safe to offer such a bond at or around the 3%
interest
level which was quoted on the September bond issue.
Under such circumstances it was deemed more advisable to
use only
short-term securities, and it is believed by officials that to
-days'
will be looked upon with favor by the banking interests and other offering
potential
subscribers and that a heavy oversubscription will result.
3906
FINANCIAL CHRONICLE
It is said to be the hope of the Treasury that its further financial operations can be handled, so far as additional long-term bonds are concerned.
at or near the 3% level, a policy which, if adopted, would mean abandoning
the use of long-term issues if possible, except at periods when money
market conditions are exceptionally favorable.
The same account stated:
The total of the new issues was necessarily higher than the forthcoming
maturities because of the shrinkage in the collections of income taxes,
and the fact that this Government will not receive the $100,000,000 or
more In payments from foreign Nations on their war-time debts due in
December, as a result of the moratorium on all Inter-Governmental debt
payments arranged upon the initiative of President Hoover.
Due to large sales of Government securities in recent months and a
stiffening of money rates as a result of hoarding and other causes, the
rates (on the new issues) were considerably higher than other issues offered
during this year.
In announcing that applications for the new Treasury
notes and certificates would be received at the Federal
Reserve banks, Secretary Mellon said:
The Treasury will accept in payment for the new Treasury notes and
certificates of indebtedness, at par, the 334% Treasury notes of Series
C-1930-32, with coupons dated June 15 and Dec. 15 1932, attached, which
were called for redemption on Dec. 15 1931, by Treasury Department
Circular No. 439, dated June 8 1931, and Treasury certificates of indebtedness of Series TD-1931 and TD2-1931 both maturing Dec. 15 1931.
Subscriptions for the Treasury notes for which payment Is to be tendered
In 334% Treasury notes of Series 0-1930-32 (called for redemption on
Dec. 15 1931) and Treasury certificates of indebtedness of Series TD-1931
and TD2-1931 (both maturing Dec. 15 1931) will be given preferred allotment up to the amount of the offering of Treasury notes. Subscriptions for
the Treasury certificates ofindebtedness for which payment is to be tendered
% Treasury notes of Series 0-1930-32 and Treasury certificates of
In
Indebtedness of Series TD-1931 and TD2-1931 will be given preferred
allotment up to the amount of each offering.
The Treasury notes will be issued in bearer form only, in denominations
of $100. $500, $1,000, $5,000, $10,000 and $100.000 with two interest
coupons attached payable on June 15, and Dec. 15 1932. The certificates
of indebtedness of both series will be issued, in bearer form only, in
denominations of $500, 31,000, $5,000, $10,000 and $100.000. The certificates of Series TJ-1932 will have one interest coupon attached, payable
June 15 1932 and the certificates of Series TS2-1932 two interest coupons
attached payable March 15, and Sept. 15 1932.
The Treasury notes and certificates will be exempt from
all taxation except estate or inheritance taxes. Secretary
Mellon's announcement in full follows:
The Treasury is to-day offering for subscription at par and accrued
interest, through the Federal Reserve banks an offering of 3Si % one year
Treasury notes and of 234% six months' certificates of indebtedness, and
3% nine months' certificates of indebtedness. The amount of the Treasury
note offering is $600,000,000. or thereabouts: the amount of the offering
of six months' certificates of indebtedness is $300,000,000, or thereabouts:
and the amount of the offering of nine months'certificates of indebtedness is
$400,000,000, or thereabouts.
The Treasury notes will be dated Dec. 15 1931 and will bear interest from
that date at the rate of 334 % per annum payable semi-annually.
They will mature Dec. 15 1932, and will not be subject to call for redemption prior to that date. Both series of certificates of indebtedness will
be dated and bear interest from Dec. 15 1931. One series, TJ-1932,for six
months, with interest at the rate of 234% per annum, will mature on
June 15 1932 and the other series, TS2-1932 for nine months, with interest
at the rate of3% per annum, will mature on Sept. 15 1932.
The principal and interest of the Treasury notes and of both series of
certificates of indebtedness will be payable in United States gold coin of
the present standard of value.
The Treasury notes and Treasury certificates of indebtedness of both
series will be exempt, both as to principal and interest, from all taxation
(except estate or inheritance taxes) now or hereafter imposed by the
United States, any State or any of the possessions of the United States or
by any local taxing authority.
Applications will be received at the Federal Reserve banks. The Treasury
will accept in payment for the new Treasury notes and certificates of indebtedness, at par, the 334% Treasury notes of Series 0-1930-32, with
coupons dated June 15 and Dec. 15 1932. attached, which were called for
redemption on Dec. 15 1931, by Treasury Department Circular No.439,
dated June 8 1931, and Treasury certificates of indebtedness of Series TD1931 and TD2-1931 both maturing Dec. 15 1931.
Subscriptions for the Treasury notes for which payment is to be tendered
on
in 334% Treasury notes of Series 0-1390-32 (called for redemption
Dec. 15 1931) and Treasury certificates of indebtedness of Series TD-1931
allotand TD2-1931 (both maturing Dec. 15 1931) will be given preferred
Subscriptions
ment up to the amount of the offering of Treasury notes.
indebtedness for which payment is to
for the Treasury certificates of
be tendered in 335% Treasury notes of Series 0-1930-32 and Treasury
given
certificates of indebtedness of Series TD-1931 and TD2-1931 will be
preferred allotment up to the amount of each offering.
bearer form only, in denominations
The Treasury notes will be issued in
two interest
of $100, $500, $1.000, $5.000, $10,000 and $100.000 with
certificates of
coupons attached payable on June 15, and Dec. 15 1932. The
in denominindebtedness of both series wW be issued in bearer form only,
certificates of
ations of $500, $1,000, $5,000, $10,000 and $100,000. The
June 15
Series TJ-1932 will have one interest coupon attached, payable
coupons attached
1932 and the certificates of Series TS2-1932 two interest
payable March 15, and Sept. 15 1932.
redemption
The 3ji% Treasury notes of Series 0-1930-32 were called for
$452,on Dec. 15 1931 and will cease to bear interest on that date. About
$543,000,000
000,000 of these notes are now outstanding. In addition, about
of Treasury certificates of indebtedness, and about $95,000,000 in interest
on the public debt, become due and payable on Dec. 15 1931.
The Treasury Department's circulars detailing the offering
of $600,000,000 of Treasury notes and offering of Certificates
of Indebtedness follow:
NOTES
UNITED STATES OF AMERICA 331% TREASURY
SERIES 1932.
1932.
Dated and bearing interest from Dec. 15 1931. Due Dec. 15
Interest payable June 15 and Dec. 15 1932.
The Secretary of the Treasury offers for subscription, at par and accrued
thereabouts,
interest, through the Federal Reserve Banks, $600.000,000 or
United
334% Treasury notes of Series 1932, of an issue of gold notes of the
approved Sept. 24 1917, as
States authorized by the Act of Congress
amended.
[VOL. 133.
Description of Notes.
The notes will be dated and bear interest from Dec. 15 1931, will be
payable on Dec. 15 1932, and will bear interest at the rate of 334% Per
annum, payable semi-annually on June 15 and Dec. 15 1932. The notes
will not be subject to call for redemption prior to maturity. The principal
and interest of the notes will be payable in United States gold coin of the
present standard of value.
Bearer notes with interest coupons attached will be issued in denominations of $100, 8500, $1,000, 35,000, 810,000 and $100,000. The notes will
not be issued in registered form. The notes will be acceptable to secure
deposits of public moneys, but will not bear the circulation privilege.
The notes of this series shall be exempt, both as to principal and interest,
from all taxation (except estate or inheritance taxes) now or hereafter imposed by the United States, any State, or any of the possessions of the
United States, or by any local taxing authority.
The notes of this series will be accepted at par, with an adjustment of
accrued interest, during such time and under such rules and regulations
as shall be prescribed or approved by the Secretary of the Treasury, in payment of income and profits taxes payable at the maturity of the notes.
Application and Allotment.
Applications will be received at the Federal Reserve Banks. as final
agents of the United States. Banking institutions generally will handle
applications for subscribers, but only the Federal Reserve Banks are
authorized to act as official agencies.
Subscriptions for which payment is to be tendered in 335% Treasury
and
notes of Series C-1930-32 (called for redemption on Dec. 15 1931)
TD2-1931
Treasury certificates of indebtedness of Series TD-1931 and
up to the
(both maturing Dec. 15 1931) will be given preferred allotment
amount of the offering.
or in part, and
The right is reserved to reject any subscription, in whole
to allot less than the amount of notes applied for and to close the subscriptions at any time without notice; the Secretary of the Treasury also reserves
amounts,
the right to make allotment in full upon applications for smaller
to make reduced allotments upon, or to reject, applications for larger
and allotments upon a graduamounts, and to make classified allotments
ated scale; and his action In these respects will be final. Allotment notices
will
will be sent out promptly upon allotment, and the basis of allotment
be publicly announced.
Payment.
be made
Payment at par and accrued interest for any notes allotted must
depositary
on or before Dec. 15 1931, or on later allotment. Any qualified
allotted to it for
will be permitted to make payment by credit for notes
itself and its customers up to any amount for which it shall be qualified
In excess of existing deposits, when so notified by the Federal Reserve
with
Bank of its district. The 334% Treasury notes of Series 9-1930-32,
for
coupons dated June 15 and Dec. 15 1932, attached, which were called
redemption on Dec. 15 1931, by Treasury Department Circular No.439,
Series
dated June 8 1931, and Treasury certificates of indebtedness of
at
TD-1931 and TD2-1931, both maturing Dec. 15 1931, will be accepted
shall be
par in payment for any notes of the series now offered which
adjustment of the interest accrued,
subscribed for and allotted, with an
if any, on the notes of the series so paid for.
General Provisions.
States, are
The Federal Reserve Banks, as fiscal agents of the United
hereauthorized and requested to receive subscriptions for Treasury notes
the
under, to make allotments of subscriptions on the basis and up to
make
amounts indicated to them by the Secretary of the Treasury, and to
pending
delivery of Treasury notes on full paid subscriptions allotted, and,
delivery of definitive notes, to issue interim certificates.
Further Details.
Any further information which may be desired as to the issue of Treasury
notes under the provisions of this circular may be obtained upon application
to a Federal Reserve Bank. The Secretary of the Treasury may at any
time, or from time to time, prescribe supplemental or amendatory rules
and regulations, and may terminate the offer at any time in his discretion.
A. W. MELLON,Secretary of the Treasury.
Treasury Department, Office of the Secretary,
Dec. 7 1931.
UNITED STATES OF AMERICA TREASURY CERTIFICATES OF
INDEBTEDNESS.
Dated and bearing interest from Dec. 15 1931. Series TJ-1932, 234%,
due June 15 1932. Series TS2-1932, 3%, due Sept. 15 1932.
The Secretary of the Treasury, under the authority of the Act approved
Sept. 24 1917, as amended, offers for subscription, at par and accrued
interest, through the Federal Reserve Banks, Treasury Certificates of
Indebtedness, in two series, both dated and bearing interest from Dec. 15
1931, the certificates of Series TJ-1932 being payable on June 15 1932, with
per annum, payable on a semi-annual basis,
interest at the rate of 2
and the certificates of Series TS2-1932 being payable on Sept. 15 1932,
with interest at the rate of 3% per annum, payable on a semi-annual basis.
The principal and interest of the certificates will be payable in United States
gold coin of the present standard of value.
Applications will be received at the Federal Reserve Banks.
Bearer certificates will be issued in denominations of $500,$1,000.$5.000,
$10,000 and $100,000. The certificates of Series TJ-1932 will have one
Interest coupon attached, payable June 15 1932, and the certificates of
Series TS2-1932, two interest coupons attached, payable March 15 and
Sept. 15 1932.
The certificates of these series shall be exempt, both as to principal and
nterest, from all taxation (except estate and inheritance taxes) now or
hereafter imposed by the United States, any State, or any of the possessions
of the United States, or by any local taxing authority.
The certificates of these series will be accepted at par during such time
and under such rules and regulations as shall be prescribed or approved by
the Secretary of the Treasury, in payment of income and profits taxes
payable at the maturity of the certificates. The certificates of these
series will be acceptable to secure deposits of public moneys, but will not
bear the circulation privilege.
The right is reserved to reject any subscription and to allot less than the
amount of certificates of either or both series applied for and to close the
subscriptions as to either or both series at any time without notice. The
Secretary of the Treasury also reserves the right to make allotment in full
upon applications for smaller amounts, to make reduced allotments upon,
or to reject, applications for larger amounts, and to make classified allotments and allotments upon a graduated scale: and his action in those respects
will be final. Allotment notices will be sent out promptly upon allotment,
and the basis of the allotment will be publicly announced.
Payment at par and accrued interest for certificates allotted must be made
on or before Dec. 15 1931, or on later allotment. After allotment and
upon payment Federal Reserve Banks may issue interim receipts pending
dellvery of the definitive certificates. Any qualified depositary will be
Mix. 12 1931.]
FINANCIAL CHRONICLE
permitted to make payment by credit for certificates allotted to it for
Itself and its customers up to any amount for which it shall be qualified
in excess of existing deposits, when so notified by the Federal Reserve
Bank of its district. The 33i% Treasury notes of Series C-1930-32, with
coupons dated June 15 and Dec. 15 1932, attached, which were called for
redemption on Dec. 15 1931. by Treasury Department Circular No. 439,
dated June 8 1931, and Treasury Certificates of Indebtedness of Series
TD-1931 and TD2-1931, both maturing Dec. 15 1931, will be accepted at
par in payment for any certificates of the series not offered which shall be
subscribed for and allotted, with an adjustment of the interest accrued.
if any, on the certificates of the series so paid for.
As fiscal agents of the United States, Federal Reserve Banks are authorized and requested to receive subscriptions and to make allotments on the
basis and up to the amounts indicated by the Secretary of the Treasury
to the Federal Reserve Banks of the respective districts.
A. W. MELLON, Secretary of the Treasury.
Treasury Department, Office of the Secretary,
Dec. 7 1931.
Department Circular No. 451
(Public Debt).
To the Investor:
Almost any banking institution in the United States will handle your
subscription for you, or you may make subscription direct to the Federal
Reserve Bank of your district. Your special attention is invited to the
terms of subscription and allotment as stated above. If you desire to
purchase, at the market price, certificates of the above issues, after the
subscriptions close, or certificates of any outstanding issue, you should
apply to your own bank, or if it can not obtain them for you, to the Federal
Reserve Bank of your district, which will then endeavor to fill your order
In the market.
A small oversubscription for the Treasury's Dec. 15 offer-
ing of notes and certificates was announced by Secretary
Mellon to-night. The announcement said:
For the one-year issue of 3%% notes the offering was $600,000,000 and
the subscriptions $703,703,400.
Of the subscriptions about $225,500,000 represented exchange subscriptions in payment, for which 3% notes and 1%.% certificates maturing
Dec. 15 were tendered. These were allotted in full.
Allotments on cash subscriptions were: In amounts not exceeding
$100,000, 90%, but not less than $100 on any one subscription; in amounts
over $100,000, but not exceeding $1,000,000, 80%, but not less than
$90,000 on any one subscription; in amounts over $1,000,000, 75%,
but
not less than $800,000 on any one subscription.
The Treasury offered $400,000,000 in 3% nine-month certificates
and
the subscriptions totaled $460,650,000. Of these $31,000,000 were
exchange
subscriptions, which were allotted In full.
Allotments on the cash subscriptions were: In amounts not
exceeding
$1,000,000, in full; in amounts over $1,000,000, 80%, but
not less than
$1,000,000 on any one subscription.
The offering of 2%% Treasury certificates of six months'
maturity was
$30,000,000, and the subscriptions were $619,715,500. Of these,
$324,500,000 were exchange subscriptions, which were allotted in full,
while the
cash subscriptions were rejected.
3907
Whereas, in the opinion of this Conference, the establishment of such a
system as the President proposes will operate not only to relieve the present
financial strain upon sound savings banks, trust companies and building
and loan associations, but also will have a permanent value to the Nation
as a whole as a means of promoting home ownership in the future;
Now, therefore, be it resolved, That the members of the President's Conference on Home Building and Home Ownership assembled in Washington
this fourth day of December 1931, heartily endorse the plan of the President
and pledge their support to the Administration in its efforts to have Congress
enact appropriate legislation to establish the system proposed.
Sessions of four committees of the Conference Dec. 5 concluded the
general meeting of four days, at which 30 committees presented reports
and heard discussion of them, covering important phases of the home building and ownership problem. Financing of homes, taxation, construction
methods, beautification, building regulations and zoning, and legislation
were among the subjects on which reports and discussion were heard.
The information assembled at the Conference was described by the Committee on Education and Service as the largest amount of accurate information and expert conclusions on problems concerning homes ever available in
the United States.
Simple Land Registry Urged.
A general revision of the statutes governing relations between landlords
and tenants, and adoption of a simple system of land registration, were
recommended by the Conference's Correlating Committee on Legislation
and Administration at its session Dec. 5.
The committee also recommended the adoption of State building codes
and the concentration of building code enforcement in one department. A
building code should not be too strict, the committee reported. A single
careless and drastic sentence may cause, it was explained, the expenditure
of thousands of dollars unnecessarily.
The Committee on Education and Service, in its report, outlined methods
to provide for the public the data assembled by the President's Conference.
Information to reach the public through the radio, motion pictures, exhibits,
illustrated lectures, demonstrations and contests will be presented in the
form of a "national handbook." A "source-book.' for adult education
through co-operative extension services in agriculture and home economics
likewise will be issued, according to the committee.
Lower Cost Homes Predicted.
A special committee also will be appointed to obtain such facts from the
conference's findings as will be suitable for use in textbooks and in educational programs in schools and colleges, it was said.
The Committee on Technological Development described the small house
of the future as not resembling any houses built in the past. Houses in the
future, the committee reported, will cost about one-half as much and will
be far more efficient.
President Hoover's Home Loan Proposal—Survey Reveals Potential Building Field of 3,000,000 Homes
Within Next Five Years under Plan.
Strong support is being given the President's plan for a
residential loan system to give urban home builders the same
advantages of ions term Federal rate loans as are enjoyed
by rural residents under the Federal farm loan system, it
was revealed on Nov. 30, according to advices on that date
Approval by President's Conference on Home Building from Washington to the New York "Journal of Commerce"
and Home Ownership of Proposal for Home Loan which continued:
Results of a survey by construction and building material interests reDiscount Banks—Provision for Continuance of
vealed a potential home building program of 3,000,000 residences within
Work of Conference.
the next five years under the proposed plan. Reports of the survey were
Adoption by the President's Conference on Home Build- made to the Treasury and Federal Reserve Board.
Officials said that the surveys seem to indicate that wider use would be
ing and Home Ownership of a resolution endorsing
President made of the proposal for Federal loans to home builders than had heretofore
Hoover's plan for a system of home loan discount banks
been supposed.
and
provision for a continuing committee to carry on
Building material interests feel that
its work outlet for their supplies and will have athe program will result in a large
stimulating effect on business.
marked the closing sessions of the organization's conference
Opposition
when the program goes
at Washington, D. C., which ended Dec. 5. President mortgage loan may develop the ground that this systembefore Congress from
interests on
means that the GovHoover on that date suggested another similar conference ernment will be going further into private business and will deprive them
some of their market for loans. It was pointed out that opposition to the
of
In about a year. According to the "United States
Daily" Federal farm loan system developed at the time that it was before Congress.
of Dec. 7 from which the following is also taken.
Full details of the residential loan program have not been worked out,
The Conference stated that establishment of such a bank
system would
"relieve the present financial strain upon sound savings
banks, trust
companies, and building and loan associations" and would be of
permanent
value in promoting home ownership in the future. It pledged
its support
of the plan in Congress.
Continuing Committee.
The Secretary of the Interior, Ray Lyman Wilbur, on Dec. 5,
transmitted to the Conference a "personal message" from President Hoover,
in
which the President promised to provide for the continuing
committee
suggested by the Conference and declared he "hoped to see you
again in
about a year in a second conference." He pledged also a
continuation of
the housing "war" until every home is "clean, convenient,
wholesome,
sanitary, and a fit place for a mother and father to bring to maturity young
citizens who will keep our Nation strong, vigorous, and worthy."
1$* The Conference's resolution proposing a continuing committee f
ollows
In full text:
"Resolved, That the President's Conference on Home Building and
Home
Ownership expresses the hope that the President will
appoint a continuing
committee to carry on the work of the corolation
ference, receiving the reports of the correlation committees of the Concommittees, and dealing
with them in a subsequent report of its own."
Dr. Wilbur's Message.
Secretary Wilbur's message to the Conference follows
in full text:
The President has asked me
personal
ciates deeply the conscientious to give you a work of message. He appreand efficient
andithe fine spirit shown by the Conference itself. all of the committees
So
success, and so numerous have boon the avenues opened great has been the
tionIcommittee will be appointed to carry on the work up that a continuaof the Conference,
to provide adequate distribution of the work
of committees and to plan for
further activities.
He asked me, particularly, to tell you that you were
enlisted in the "war"
against bad housing and for good housing, and to tell
you that he hopes
to see you again in about a year in a
second Conference. This housing
"war" Is not to stop until every American home is clean,
convenient, wholesome,sanitary, and a fit place for a mother and father to
bring to maturity
young citizens who will keep our Nation strong, vigorous,
and worthy.
President's Plan Endorsed.
The resolution adopted by the Conference supporting the President's
plan for a system of home loan discount banks follows in full text:
Whereas, President Hoover has stated that he would propose
the establishment of a system of home loan discount banks, andto Congress
but it is thought possible that some regulations would be provided for construction of homes, should the necessary legislation pass.
Real Estate Board of New York Approves President
Hoover's Plan for Creation of Home Loan Discount Banks—Limits Approval to Emergency
Aspect of President's Project.
The emergency aspect of President Hoover's loan discount
plan has received the endorsement of the Real Estate Board
of New York, Inc., the Executive Committee of the Board
announced on Dec. 6. In indicating this the New York
"Times," stated:
After a careful study of the proposed system of home loan discount banks
the local realty organization pointed out that its approval of the project
was limited to that feature of the plan that purposes to relieve the strain
upon sound building and loan associations, savings banks, deposit banks
and farm loan banks.
It was made plain in yesterday's announcement that the board could not
at the present time extend its approval to cover any broadening of the plan
that would lend further encouragement to a wide residential building movement without a more extensive survey of the number of private dwellings
on the market throughout the country.
The Realty Board's announcement, in part, follows:
"Realizing that the emergency value of the Hoover plan depends upon
Its speedy application, the Real Estate Board is urging its members to
write to their Congressmen or directly to the White House urging immediate
passage of the requisite Federal legislation. If the law is enacted the Board
will probably take similar steps to bring to the attention of members of the
State Legislature the advisability of instant consideration of whatever
State legislation is necessary for the adequate functioning of the system."
At the opening session of the Washington conference on home building
and home ownership last week the Real Estate Board was represented by
its President, Louis 13. Dailey; Jones Wilder Mersereau, Peter Grimm, a
former president, and Edward A. MacDougall, President of the Queens
bore Corp. Before returning to New York, Messrs. Dailey, Mersereau and
3908
FINANCIAL CHRONICLE
Grimm held a conference with Eugene Meyer Jr., Governor of the Federal
Reserve Bank, at the latter's invitation, and discussed real estate financing
conditions in this city and the metropolitan area.
President Hoover's proposal was referred to in our issue
of Nov. 21, page 3358.
(Pot. 133.
builderssince 1925. They erected and sold 8,600 homes In 1931 up to Dm 1,
compared with 70,000 small homes constructed in the same period in all
parts of the United States.
"We have not had a greater natural home market than the rest of the
country," Mr. Wolosoff asserted, "but instead of waiting for a natural
market to come along we created our own market.
"Taking advantage of low prices, large-scale production and modern
building methods, and using to advantage the newest tested materials and
equipment that make for comfort and convenience, as well as the newest
ideas in design and decoration, we were able to turn out a product which
inspired a desire to own in people who never even had intention of buying.
"On top of this we arranged easy terms, instituted larger advertising
campaigns,secured the co-operation of newspapers and improved our selling
methods. Thus did we change what might have been depression for us
too, to decided success.
"It is no exaggeration to say that in many of the developments on Long
Island as many as 15,000 went through model homes in a single day."
National Association of Real Estate Boards Approves
President Hoover's Proposal for Home Loan Discount Bank—President Kissell Says Plan Would
Eliminate Many Foreclosures.
The necessity of solving the financial problem of homebuyers in the United States in the period of depression,
thereby eliminating to an extent the large number of foreclosures, is the idea behind the plan advocated by President
Hoover for the organization of a mortgage discount corpora- President Hoover's Conference on Home Building—
Second Mortgages Said to Deter Many From Owntion, according to Henry A. Kissell, of Springfield, Ohio,
ing Homes—Creation of a Clearing House of
of the National Association of Real Estate Boards.
President
Information Suggested to Assist in Purchase of
The Philadelphia "Public Ledger" of Dec. 2, reporting this
Dwellings.
continued:
Real
Mr. Kissell addressed the December meeting of the Philadelphia
The President's Conference on Home Building and Home
was the
Estate Board at the Bellevue-Stratford yesterday. His subject
Ownership in its second day's business session at Washington
proposed mortgage bank, which a number of interests are seeking to have
on Dec. 4 heard 12 committees report their conclusions and
session of Congress. He said:
established at the coming
"It should be stated, without going into great detail, that it 18 not our recommendations for improved housing and home ownership
desire to set up a rediscount bank on the line of the Federal Farm Land
conditions in the United States. Among reports was one
Bank.
"It is our desire to set up a mortgage rediscount bank along the general of the Committee on Finance, which proposed remedying
securiline of the Federal Reserve Bank. It is our desire to make real estate
junior financof real the present home-financing system under which
ties liquid and to create an institution which will assist in the flow
another. It is our desire ing often costs as high as 20%. Official summaries of comestate capital from one section of the country to
to continue sound institutions In the wonderful work which they have mittees' reports were given in part in the "United States
done in making homes possible for American citizens.
Daily" of Dec. 5:
all, our desire to create such a condition that the working
"It is, above
Recognizing the need of home financing institutions for ready cash as an
man who for five or 10 years has put his hard-earned savings into a home, emergency situation, the Committee on Finance, Dec. 4 reported to the
in a period of distress with conditions which conshould not be faced again
President's Conference on Home Building and Home Ownership its support
front him at this time and which are causing innumerable people all over of the President "in any remedial measure he proposes." Frederick H.
this land to lose their homes because they cannot refinance them during Ecker, President of the Metropolitan Life Insurance Co., is Chairman of
this period of depression.
the Committee.
"The plan proposed by President Hoover provides relief in this emerAs a result of its investigations, the Committee reported that "the
gency, but, above all, it creates an agency which will prevent a recurrence greatest deterrent to sound home ownership may be found in the second
of present conditions, as they relate to homes, when another depression mortgage field." It found that two-thirds or more of all home purchase
overtakes us."
transactions require junior financing and the Conunittee stated that it was
Representatives of a number of financial institutions were the guests of not unusual for the home owner to pay a bonus of 15 to 20% for this junior
realtors at the meeting. Among other guests were Dr.
the Philadelphia
financing service. "When it is realized that often it is necessary to renew
William D. Gordon, Secretary of Banking of Pennsylvania; Harry J. Haas, these junior mortgages, the extent of this burden is obvious."
President of the American Bankers Association, and Philip H. Gadsden,
Moreover, the lender as well as the borrower suffers from the present
President of the Philadelphia Chamber of Commerce.
system for "the great majority of second mortgage companies set upon a
Priestman, President of the Philadelphia Real Estate Board,
Glyndon
purely commercial basis have failed to weather the depression. The inevitannounced that a new division of the organization is being formed under able conclusion is that, having been established on a speculative basis with
the direction of Thomas Shallcross Jr., President of the Philadelphia Co.for no special regard for the borrower's interest they overreach themselves."
Guaranteeing Mortgages. It will be known as the Financial Institution
In considering what can be done to remedy the present unsatisfactory
Division, and will have charge of matters of common interest to banking situation, the Committee said that "the development of reputable second
Institutions and real estate men.
mortgage companies is essential." A number of institutions of this type
William H. Wilson was Chairman of the special committee of the realtors' were cited as coming through the present depression in good shape, partiof the luncheon. Other members were:
organization in charge
cularly those that do not as a rule lend above 75% of the appraised value,
John H. Sinberg, John G. Williams, Frank F. Felton, Horace Groskin and which were organized to serve borrowers and primarily on a nonand Philip N.Arnold.
speculative basis. The Committee cited examples of such institutions, one
of which has been set up under the direction of officers of a number of savfinancial institutions; others
Syracuse Society of Architects Oppose President ings banks and otherdealers; and one set up by a set up through the efforts
group of employers, who
of building material
Hoover's Proposal for Nation-wide Home Building.
felt that their employees were paying exorbitantly for second mortgage
Under date of Dec. 2 Associated Press advices from money.
Advantage Shown in Dealing With Single Institution.
Syracuse, N. Y., said:
The practice of having some institution take a first mortgage up to 75%
for nation-wide promotion of home-building
Disapproval of the proposal
and borrow about 50% of the value from some regular first mortgage instias a means ofrelieving depression was voiced in a statement sent to President tution has the advantage, the Committee said, of enabling the borrower
Hoover to-day by the Syracuse Society of Architects.
to deal with a single institution. "Such a plan is being used on a fairly
The proposal, they said, would being "an aggravation of an acute disease large scale by certain mail order concerns which are developing careful
and simply defer a greater misery to a future time."
methods of appraising personal risk factors, and methods for immediate
The architects said that the need at present is not financing for new home control of plan, material, and quality of construction. Of course, these
but aid for present overburdened home owners to place their companies are in effect guaranteeing the first mortgage and retaining the
building,
financing on a sounder basis.
second mortgage."
The method that enables the mortgagor to make one payment each
month to one agency, which credits the payment to interest on the first
in Residential Buildings "Unexpectedly mortgage, amortization of second mortgage, and reserves for taxes, insurVacancies
Low"—Government Survey of 37 Cities Submitted ance premiums, and emergencies, Is approved by the Committee. Some
banks were said to be undertaking this work without charge,as bookkeeping
to Conference on Home Building and Ownership. expenses are not heavy and the service brings potential new customers Into
to be the bank.
Vacancies in residential buildings were found
contract, under which the seller retains the title
Concerning the
"unexpectedly low" in 37 leading cities by the Division of until the purchaserland an equity sufficiently large to enable him to obtain
has
Department of Commerce, a first mortgage for the remainder, the Committee said, that it works
Building and Housing of the
seller
so
made public on Dec. 2 with the opening of the President's satisfactorily Thelong as the did notis thoroughly honest and financially
recommend It for universal adoption,
Committee
responsible.
Conference on Home Building and Home Ownership in partly because the seller may not be able to carry through his covenant
York "Times' to deed over the property, and partly because the seller in effect acts as a
Washington. From the advices to the New
trustee, usually without supervision by public officials.
we quote as follows:
In an attempt to determine the most important factors In foreclosures,
in two-thirds of the
"Less than 5% of the single-family houses are vacant
the Committee questioned several hundred lending institutions, and found
report said.
cities and in no city do the figures exceed 9.5%," the
that the failure of the borrower to meet his obligations can be attributed to
in flats from 4.4%
Vacancies in apartments ranged from 6.8% to 27.2%;
the following causes affecting the borrower's ability to meet his financing
to 20.2%; and in two-family houses from 3.4% to 20.1%.
of income," the report charges, in the order given:
"The tendency to 'double up' due to curtailment
1. Borrower was unable to pay because of unemployment.
of avcancY
continued, "should be carefully considered in any analysis
2. Financial circumstances of borrower did not warrant purchase of a
data on extra
figures at the present time. In St. Louis, for instance, where
many home.
families are available, there are more than two and one-half times as
3. Borrower was unable to pay because of special assessments and
The
extra families living in single houses as there are single houses vacant.
dwell- Increases in taxation.
number of extra families is equal to about 5% of the total number of
4. Borrower had contracted for too many other installment purchases.
ing units in the city.
5. Borrower had sustained business or stock market losses.
singlficant
"This percentage is greater than the total vacancy factor in a
6. Borrower was a speculative builder or a holder who failed to find a
the
number of cities. In the cities where 'doubling up' is now greater than
in purchaser.
vacancies, housing shortage may accompany any substantial increase
7. Domestic troubles of borrower.
and
business activity, since those families that are now living with friends
8. Borrower was dishonest.
relatives will undoubtedly move into separate quarters just as soon as their
Of the external difficulties contributing to default the committee found
incomes permit them to do so."
In the following order:
The survey was made public a few hours after Alvin B. Wolosoff of Forest seven
1. General decline In home property value.
Hills, L. I., a builder, had declared to the delegates at a luncheon at the
2. Loan was too large a percentage of value.
Mayflower Hotel that 1931 was the best business year for Long Island
DEC. 12 1931.)
FINANCIAL CHRONICLE
3909
"The issuance of real estate securities in this form has been limited to a
3. Intrusion in neighborhood of incompatible elements or other change
in the character of the neighborhood.
few corporations existing for the interest of those controlling them. The
real estate credit bank could do this underwriting on a fairer basis and
4. Home out of keeping with the neighborhood.
without any motive other than the public interest.
5. Poor construction of building.
6. Loan was made on property in a subdivision not yet developed.
7. Zoning law was inadequate.
More than 85% of the lenders from whom the above information was Proposed Creation of $12,000,000 Pool by New Jersey
secured found that the personal causes of default had more to do with the
Building and Loan League—Dependent Upon Aupresent situation than the contributing difficulties.
thorization of Legislature.
Recommend Down Payment Be At Leaset 25%.
In view of these factors, the committee recommended that no one should
undertake purchase of a home unless he can make a down payment of about
25% of the purchase price, and that 25% of the buyer's assured income
be the maximum allotment for current payments on the home. The committee emphasized particularly that buyers should seek amortized long-term
loans in preference to short-terin straight mortgages, and that where there
is a second mortgage the principal installment be deferred to the end of the
second or third year.
To insure stability in home property values and to help reduce overbuilt
and underbuilt conditions, the committee recommended the establishment
of permanent fact-finding bureau within the Department of Commerce to
co-operate with local units of National organizations to obtain periodically,
by districts, dependable information on occupancy surveys, mortgage and
trust deed records, real estate transfers, new subdivisions opened, new
construction, construction cost, rental trends, land value trends, interest
rates, and foreclosures.
Adoption of a Uniform Mortgage Act was strongly urged by the committee. Such an Act was drawn up by the National Conference of Commissioners on Uniform Laws in 1927 and approved by the American Bar
Association and the American Title Association.
From a home owner's viewpoint, the proposed Uniform Act would require
a statutory short mortgage form which would use about 160 words and a
consequent reduction in recording fees. Certain covenants and clauses
would become by statute a part of each mortgage. From the standpoint of
mortgage lenders, this short form of mortgage and the accompanying
simplified procedure would facilitate the placing and handling of mortgages
because of the uniformity possible thereby throughout the States, with a
reduction of labor and other expense.
In many States the cost offoreclosure is so great—running up to more than
$600 on a small home—as to reduce the percentage that can safely be loaned
and to increase the cost. Therefore, the committee favors the proposal for
a simple inexpensive method of foreclosure, which provides an opportunity for a court hearing if there is a dispute, and a period of redemption
for such States as may require it. These and other advantages in the
interest of uniformity, will, the committee said, contribute toward the
elimination of many of the complexities and obsolete features of existing
laws.
The creation of a 812,000,000 pool by the New Jersey
Building and Loan League through the investment of 1%
of the assets of all member associations, the pool to provide
funds for members in emergencies, was approved at Camden
on Dec. 3 by delegates to the League's semi-annual meeting,
it is learned from a Camden despatch to the New York
"Times," which also said:
The pool was suggested in a report by Fred Stickel, Jr., of Newark,
Chairman of the Liquidity Committee, who said it could not be formed
until the Legislature had authorized it.
"There are 1,561 building and loan associations in the State, and this
pool would be of great value to all," Mr Stickel said. "The money would
be under the control of a central committee to be named by all member
associations."
"Some members declare 1% is too much," he added. "Personally I am
tired of hearing about anything that smacks of one half of 1%. The less
we have of that the better."
Mr. Stickel suggested amendments to the League's constitution providing
that member associations could borrow money from the central body to
meet mutual securities and heavy withdrawals, and that any member
association could deposit or lend additional NUM to the central committee.
His entire report was adopted.
Manhattan Building Shows Big Decline—Total Projects
Last Month $1,501,100, Compared With $21,662,280
in November 1930.
The following is from the New York "Times" of Dec. 5:
Plans for seventeen new buildings at an estimated cost of $1,501.100
were filed In Manhattan last month, Samuel Fessler, Superintendent of
Buildings, announced yesterday. This was a sharp decline from November,
1930, when plans were put in for fifty-one structures at a total cost of
$21,662,280. Alterations costing $1,165,520 on 261 bulldlngs were submitted
last month.
For the eleven months of the present year plans were filed for erecting
223 buildings at an estimated expenditure of $106,523,096, as compared
with 559 buildings planned for the same period last year at an estimated
cost of $164,603.080. Up to Dec. 1 of this year architects put in plans for
making changes in 2,790 structures at a cost of $23,174,823. as compared
with alterations on 2,671 buildings at a cost of $27,813,748 for the corresponding eleven months last year.
Among plans filed last month for new buildings were three for Class A
dwellings housing 202 families at an expenditure of $1,215,000. An office
building, two garages and two manufacturing plants also were projected.
Federal Real Estate Bureau Proposed to Hoover—Suggestion by Isidor Roth Before President's Conference on Housing—Bureau Would Operate With
Federal Reserve System but With Individual
Responsibility.
The establishment of a permanent Federal Real Estate
Bureau was suggested by Isidor Roth of New York before
President Hoover's conference on home building and ownership in Washington during the week ended Dec. 5. The Urge 100% Value For Realty in New York City—Assistant Corporation Counsel Argues at Albany for a
New York "Times" of Dec.6 further reported:
Revision of State Tax Rates.—Depression Plea
"This bureau," explained Mr. Roth, "should be devoted entirely to
the
Entered.
interest of real estate just as the Department of Agriculture works
for the
farmer, providing a complete and comprehensive analysis of statistics
and
New York City authorities pleaded at Alban- on Dec. 1
pushing public improvements. It would act as the investigating
agent of with the State Tax
Commission for realty valuations of 100%
the real estate credit organization.
"In connection with the plan to give financial assistance to real estate, instead of the tentative rates which the Commission
has set.
certain changes of the law should be considered. The first is
to give national The New York "Times" in an Albany dispatch
Dec. 1 also
banks some rights to make real estate loans. Flexible provision can
be devised by giving such banks the right to make appropriate loans on real said:
estate which will not be incompatible with the provisions of the national
bank system.
Main Factors of Plan.
Summarizing his plan, Mr. Roth said that it embodies the following
main factors:
First—The establishment of a Federal Real Estate Bureau
functioning
in conjunction with the Federal Reserve System, but with its own staff
of
statisticians, experts, appraisers and governmental supervisors.
Second—Participation by national banks in the financial
program of
the Federal Real Estate Bureau to the end that national banks
be empowered to lend money conservatively on real estate
mortgages and to discount these mortgages with the Federal Reserve System to a safe
proportion
not exceeding 50%.
"Inasmuch as several billions of dollars may be involved
in the ultimate
functioning of this project," adds Mr. Roth, "It may be
advisable for funds
to be raised by the sale to the public of bonds in small
denominations of $50
to $100, the proceeds to be used by the Federal Reserve
System for the
financing of its discount program.
"It is felt that general stability accruing to real estate
operations and
enterprises from the establishment of such a bureau would
have a salutary
effect in eliminating such economic disturbances as we have
been experiencing."
Mr. Roth states that the proposed Real Estate Regional
Banks would
seem to lend feasibility to the establishment of a Federal
Realty Bureau,
Expert Analysis of Values.
"In the plan of the real estate credit organization the
utmost care must
be exercised to prevent the bank from acting merely as a means of shouldering huge losses. To this end the committee should procure as quickly
as
possible all available statistics regarding foreclosures and
values, and these
statistics should be analyzed by the best experts.
"One of the most potent factors in the real estate collapse
has been the
continuation of unnecessary building projects resulting in
an excess of improved property in certain localities. The real estate credit bank in connection with a Federal real estate bureau should take steps to prevent
further unnecessary building operations. This can be done by the direct or
indirect refusal of assistance to those proposing to finance
unnecessary
Improvements.
"The real estate credit organization should also devise a plan to make
real estate securities more liquid than at present. One method may be by
acting as underwriter and trustee for real estate bond and stock issues and
pooling, In these issues, the bonds and equities of a number of various real
estate holdings.
Asserting that the rates for 1932 were the same as for this year, William H.
King. Assistant Corporation Counsel, said:
"If the Commission was right last year it must be wrong this year because
of the decline in property values."
He insisted that the equalization rates should be increased in fairness
to the city and in fairness to other taxpayers besides the utility companies.
"Mortgages and sales are no longer a criterion by which to judge property
values," be said, declaring that "much other evidence" must be taken into
consideration and that figures in his possession indicated that property
could not be disposed of for more than its assessed valuation.
Representatives of Buffalo agreed with Mr. King in their arguments in
behalf of that city.
An analysis of over 4.000 sales of real property was given to the Commission by Joseph A. Dodin, an assistant corporation counsel. He said
that because of present conditions these could not be used as an argument
to support their contention, but mass evidence must be used.
Richard J. Delehanty, a deputy tax commissioner of New York City,
described the mechanics of assessment work.
Edward P. Doyle of the New York Real Estate Board contended for a
100% valuation, declaring that sales and other data supported that argument. He gave instances where property has been sold under the assessed
valuation.
Melville Kelsey, of the Brooklyn Real Estate Board, and I. Reich, who
represented the Manhattan Property Owners' Association, also argued for
a 100% valuation.
Few objections were made by representatives of the public utility companies to the special franchise valuations which the Commission had placed
on their property in the public highways. To specify objections briefs will
be filed later.
Joseph Keany, representing the Long Island Railroad, objected to
the
special franchise valuation in New York City,saying the increase was
34%.
Commissioner John J. Merrill asked if it was not true that the
Pennsylvania Railroad, owners of the Long Island, had obtained a similar reduction.
Mr. Keany replied:
"That does not help us to pay our dividends."
Senator Carter Glass Would Keep Federal Reserve
Act
As It Is—Opposes Broadening of Existing Provisions on Paper Eligibility.
The provisions of the Federal Reserve Act should not
be
broadened to make paper eligible now not
admitted to
3910
FINANCIAL CHRONICLE
eligibility, Senator Glass declared, according to a Washington dispatch Dec. 8 to the New York "Evening Post," from
which we also take the following:
"It is my opinion that the eligibility provisions of the Federal Reserve Act
should not be opened up at all," Senator Glass declared. "With more than
$7.000,000,000 of paper now eligible under the existing provisions of the
Federal Reserve law, why should this be extended?" he asked.
Senator Glass declared that although he was unalterably opposed to broadsay
ening eligibility provisions even to the smallest extent, he could not
what the sentiment of the entire Senate on the question would oe.
before the Senate Bank"Of course," he declared, "if somebody brings
ing and Currency Committee a proposition for broadening Federal Reserve
eligibility provisions, it undouotedly will be considered."
The subcommittee of the Senate Banking and Currency Committee,
headed by Senator Glass, at its meeting to-day failed to reach any decision
on a bill to remove deficiencies in the Federal Reserve and National Bank
Acts. It will meet again to-morrow.
[VOL. 133.
corporation would not be allowed to make such particulars public, but
would use them only to ascertain if the prospective borrower from the
corporation actually needed the money he sought.
Although President Hoover's message, urging creation of the corporation,
says it should be in position to lend to "agricultural credit agencies," the
word "agriculture" does not appear in the list of prospective borrowers.
Nevertheless, Mr. Walcott and Mr. Strong to-day declared that agriculture could and would be taken care of under the bill, either through insertion of positive language or through making it clear that the banks would
be empowered to make the necessary loans in farming interests after they
had secured money from the corporation.
Bill for Creation of Home Loan Discount Banks Introduced in House.
A bill to carry out the recommendation of President
Hoover for the creation of 12 home loan discount banks was
introduced in the House on Dec.9 by Representative Robert
Luce, Republican, of Massachusetts. With regard thereto,
Bill for Creation of Reconstruction Finance Corpora- we quote the following from the New York "Times":
and House by Senator
tion Introduced in Senate
Capital stock, supplied by an appropriation of $150,000.000, but which
Walcott and Representative Strong—Proposal for would ultimately be returned to the Federal Treasury as private investors
Discounting Securities by Federal Reserve Banks. purchased the stock, is proposed in the Luce bill.
The measure embraces the principal features of the program recently
Companion bills, designed to give effect to the recom- outlined by the President in which he described the proposed home banks
mendations of President Hoover for the creation of a "Re- as "the necessary companion on our financial structure of the Federal
construction Finance Corporation," were introduced in the Reserve banks and the Federal Land banks."
Early creation of the proposed home loan system, Mr. Luce said, would
Senate and House on Dec. 8 by Senator Walcott, Connecti- relieve many banks and building loan companies which now have difficulty
respectively. The in meeting requests for withdrawal of funds, for renewal of mortgages,
cut, and Representative Strong, Kansas,
loans and new mortgages.
New York "Journal of Commerce" indicating this in a
With the opening subscription by the Government of $150,000,000
further said:
capital stock, the 12 banks could finance from $1,500,000,000 to $2.000.Washington dispatch,
This corporation, with an initial Government subscribed capital of $500,former War
000,000, would do substantially what was undertaken by the
Finance Corp. Authority would be given the body to issue debentures,
or like obligations, to a maximum of $1,500,000,000.
The bill is understood to have been drafted by the Administration and
Walcott and Strong selected to pilot it through Congress.
The new formula of the White House to combat financial depression will
meet with vigorous opposition in both branches of Congress, it was indicated
mmediately. While declaring he did not wish to engage in a political controversy in the matter of Government finance arrangements, Senator Glass
of Virginia, ranking Democrat on the Banking and Currency Committee,
expressed the opinion the Walcott measure would fall of passage.
Glass already has made known his opposition to extension of Federal aid
to the banks, asserting that "If the United States was going to the people
for funds with which to help these financial institutions when they make
mistakes, there will be no end to mistakes made."
Principal objection to the bill among Banking and Currency Committee
members in the Senate will be based upon the belief that the Administration
has not given the half billion dollar National Credit Corp. a chance to
prove its worth before launching the plan for the Reconstruction Finance
Corp.
"This means that $500,000,000 of the taxpayers money and $1,500,000.000 in credits will be made available for borrowings by all manner of groups,"
one critic said. "It was President Hoover's own proposal that there should
be no resort to Government funds for such loans unless and until the bankcall
ers' pool proved ineffectual. According to reports there has been little
for funds from this source."
to make loans to "any bank,
The Corporation would be empowered
banker, savings bank, trust company, clearing house or other association
of bank institutions, building and loan associations, insurance companies,
to railroads
or other financial institution in the United States. Advances
unable to obtain funds on reasonable terms through bank channels also
would be authorized.
"The period during which loans may be made," it is set forh, "Is limited
order
to one year, from the passage of this Act, but may be extended by
one adof the President for additional periods, up to but not exceeding
ditional year.
for
"Loans may be made for a maximum of three years, with renewals
date of making the loan in the first
a maximum of two years from the
Instance or a total of five years." would be vested in a board of directors
Management of the Corporation
the Govenor of the Federal
consisting of the Secretary of the Treasury,
Commissioner, and two Presidential
Reserve Board, the Farm Loan
appointees.
base of paper eligible for redisThe Hoover program for broadening the
has met with no more favor than that
count by Federal Reserve banks
Finance Corporation with some informed
for creating the Reconstruction
strongly apparent to-day.
members of Congress, it became more
along this line will not be
"I can say that Administration proposals
Chairman of a sub-committee framing
adopted," Senator Glass, who is
Federal Reserve Act, declared.
a bill for modification of the
broadening the base of eligible paper were
"If any rational plan for
incorporate it in its measure, I feel sure.
advanced, tnis committee would
be termed rational."
But none has been received that could
drafting of the bill within a week or
The sub-committee will complete
of the Federal Reserve Board, conten days. Eugene Meyer, Governor
South Dakota, Chairman of the Comferred with Senator Norbeck, of
conclusion of the sub-committee
mittee on Ranking and Currency, at the
meeting to-day.
000,000 for the borrowing Institutions, raising funds by means of bond or
note issues.
Bonds and notes to be issued under the Luce bill would be of a type
to appeal to conservative investors, it was said. The security offered
would be first mortgages on homes and would represent from 167 to 200%
of the amount of the securities sold to tho public.
A board consisting of five members appointed by the President would
have general supervision over the system and would be authorized to
appoint four of the proposed seven directors of each regional bank.
Union Chiefs Agree on Rail Pay Parley-1,500 Heads
of 21 Bodies Vote Unanimously in Chicago to
Negotiate on 10% Cut.
Fifteen hundred general chairmen of the 21 standard railway unions representing 1,500,000 members, decided at
Chicago last night to propose to the railroads that they
appointed a committee which will have full power to negotiate
a settlement of the roads' demands for a 10% decrease in
wages and the unemployment program proposed by the
unions. The policy was adopted as the general chairmen
accepted unanimously and with tremendous applause the
report of the subcommittee which had been laboring since last
night. According to the report, the joint committee of
union and railway executives would have power to lower
wages and to agree upon any other terms of an unemployment program without recourse to the machinery of the railway labor act, which would involve months of delay.
The New York "Times" in a Chicago dispatch says that the
most significant portion of the program adopted was the
decision of the general chairmen to return to their respective
districts at once and to obtain authority to form a committee
"duly authorized and empowered to negotiate to conclusion
the pending issues concerning unemployment and wages
with a duly authorized committee of the railway managements." If the unions approve of this request, it would be the
first time in the history of railway labor negotiations that
leaders received complete authority to accept a wage reduction or other terms obtainable in parleying with the employers. Hitherto, all negotiations between unions and
management have been tentative and decisions have always
been referred back to the members for ratification.
The text of the program adopted by the general chairmen
was as follows:
"We have received and considered at length the report of the Railway
Labor Executives Association concerning the program to relieve unemployment and to stabilize employment which was presented to the committee of nine railroad presidents at the conference held in New York City
account Dec. 9 to the New York beginning Nov. 19; and we have received the report of the Railway Labor
From the Washington
Executives Association to the effect that the railroad presidents are prac"Times," we take the following:
and Strong say contemplates tically united in a program, as explained by the committee of nine railportion of the bill. which Messrs. Walcott
A
Reserve System, Is being carefully road presidents, of serving notice in the near future of intended changes
discount of securities by the Federal
In existing contracts reducing the rates of pay unless the railway employes
reads:
scrutinized by the opposition. The provision
the same powers (1) to dis- proposed in lieu thereof to accept a voluntary reduction from the pay-rolls
"The Federal Reserve banks shall have
obligations issued based on existing contracts of 10% for one year.
by
count notes, drafts and bills of exchange secured
"We found that the executives of the organizations here represented
advances to member banks
by the corporation under this Act, (2) to make
to use all paper so acquired, were duly authorized to propose measures for the relief of unemployment
on their notes secured by such obligations, (3)
they have with respect to and stabilization of employment, and we approve of their action. We find
and (4) to purchase and sell such obligations, as
rate at which that the committee of nine railroad presidents expressly stated in writing
of the United States: Provided, that the
bonds and (or) notes
Federal Reserve Bank at the opening of the New York conference that their committee 'was not
any such discount or advance shall be made by any
-day commercial paper authorized to enter into any negotiations touching the matters discussed.'
shall be 1% per annum above its discount rate on 90
"In order to negotiate any agreement providing for a prompt and adethen in effect."
quate solution of the problems presented to railroad managements and
Income Tax Feature Opposed.
and to stabilopposition apparently their employes, involving measures to relieve unemployment
manageAnother portion of the bill which has aroused
corporation ize employment, and in order to dispose of the proposals of railway
the Finance Corporation to have confidential access to
allows
ments concerning the matter of wage reductions, It will be necessary for
Income tax reports and perhaps to individual reports.
representatives
of the both railways managements and employes to designate
Senator Walcott insisted that there would be on undue invasion
that tLO duly authorized to act.
rights of the individual. Both he and Mr. Strong took the position
DEC. 12 1931.]
FINANCIAL CHRONICLE
'We invite and urge the managements of the railroads to create a committee of representatives, duly authorized to negotiate to a conclusion;
and we hereby resolve that each organization here represented should
proceed immediately to obtain the authority from its members of the
respective railroads for the chief executives of its organization to act with
the other executives, members of railway labor executives' association, as
a committee duly authorized and empowered to negotiate to a conclusion
the pending issues concerning unemployment and wages with a duly
authorized committee of the railway managements.
"Be it further resolved that, in the event that the railroad management
fall to create a Committee duly authorized to act, our executives, authorize
as hereinbefore provided, shall be further authorized to take all steps
necessary for a concerted and co-operative action in conformity with the
Provisions and spirit of the railway labor act to protect the interests of
our membership in existing rates of pay and working conditions."
Inter-State Commerce Commission Asks Congress to
Help Railroads—Urges Regulation of Competing
Agencies on Land, Water and Air—Repeal of Recapture Clause Asked.
Congressional inquiry into transportation systems, with
special attention to Government-aided water and air lines,
is recommended by the Inter-State Commerce Commission
in its yearly report to the National Legislature. It urges
regulation of motor trucks and buses, railroad holding companies, freight forwarding agencies, coastwise steamship
rates, refrigerator car companies and attorneys' fees in
railway mail pay cases. There are 19 recommendations.
Adoption of all would result in sweeping changes in the InterState Commerce Act, an important one calling for modification of that section aimed to assure railroads of a "fair return" on their property investment.
The Commission calls attention to the 15% freight rate
ease decided in October. It tells Congress the railroads
will
earn far less than an adequate return this year and suggests
action to maintain adequate rates at all times.
The Treasury holds $13,210,450 in the railroad contingent
fund. This is money paid by railroads under the recapture
law and interest on the fund received from Government
bonds and other sources. Most of the payments were under
protest and only a few thousands could be used to loan to
railroads, the objective of creation of the fund. The railroads have paid in $10,681,249.90 and the United States
Government has paid $2,485,613 in interest on bonds in
the fund.
As it did a year ago, the Commission urges repeal of the
recapture provisions of the law on the ground that it is a
"wasteful and largely ineffective means of adjustment."
For this section the Commission would substitute a paragraph directing the Commission to fix the general rate level
so that over a period of years there would be a return which
would maintain railroad credit in bad as well as good times.
The Commission would be authorized to determine what a
fair return would be.
Amendment of another section would authorize the Commission, after completing its original valuation of a railroad,
to keep itself informed of new construction and improvements so the Commission would have additional information on valuations whenever it was needed.
The recommendations of the Commission, as summarized
in its report, follow:
3911
and employees the power to perform specified duties and to consider and
determine specified matters, subject to the limitations and conditions
suggested in our report dated April 25 1930, to the chairman of the Committee on Inter-State and Foreign Commerce on H. R. 11.363. Seventyfirst Congress, second session.
7. That the Act be amended so as to require that the rates and practices of forwarding companies engaged in inter-State commerce shall be reasonable and non-prejudicial; to require such companies to file with us
and strictly observe their published schedules of rates and charges; and
to provide penalties for departures therefrom or for the granting of concessions or rebates by means of any device whatsoever to any shipper,
and make the administrative provisions of the Act applicable for the enforcement of the duties so imposed.
8. That the commission be given access to and jurisdiction over the
accounts of the refrigerator-car companies through the agency of which
carriers by railroad subject to the Act furnish protective service against
heat or cold to perishable traffic, and also adequate supervision and control
over the arrangements for service and compensation therefor which the
carriers by railroad make with these refrigerator-ear company agencies.
9. That section 5 (2) of the Inter-State Commerce Act be amended so
as to bring within the jurisdiction of the Commission for approval or
disapproval any acquisition of the control of a railroad which would result in bringing that railroad into affiliation with, in control of, or under
the management of another tailroad, whether the acquisition be by holding
companies or otherwise; and that when a holding company is thus permitted to control a carrier by railroad, directly or indirectly, through
ownership of stock, thereafter the accounts and capitalization of that
holding company shall be subject to regulation by the Commission. It is
also suggested that it may be desirable to authorize the Commission to
require the divestment by any non-carrier company of a controlling interest
in a carrier by railroad subject to the Act, if such stock interest has not
received the approval of the Commission and is found to be prejudicial in
any respect to the plan of consolidation adopted by the Commission under
section 5 (5) of the Act.
10. That Section 15 (4) of the Inter-State Commerce Act be amended
so as to restrict the so-called "long-haul right" to originating carriers, or
subsequent carriers after they secure possession of the traffic.
11. That the Inter-State Commerce Act be amended so as to restrict our
power to award reparation (1) under the first four sections thereof to the
period commencing 90 days prior to the date on which the complaint is
filed, and (2) in the case of overcharges under section 6 to the period of
six months prior to the filing of the complaint, such periods to be subject
to the existing exceptions stated in paragraph 3 (c) and 3(d) of Section 16.
modified to conform with this ree,onunendation; and that actions at law by
carriers for the collection of undercharges be limited to the period of six
months from the time the cause of action accrues.
12. That in view of conflicts of authority between the standard time
zone Act of Congress and recent legislation of some of the States, this
field be either more completely occupied by Act of Congress or left wholly
to the States.
13. That the hours of service Act be amended so as to make more definite and specific the requirements with respect to aggregate service and
to prevent so-called short releases for the purpose of extending the time in
service beyond the statutory limitations.
14. That in view of the diversion from the carriers of large parts of
awards of compensation for the carriage of the mails, through the payment of counsel fees upon a contingent basis, Congress consider the prevention of further diversions of this character, if and when other awards of
compensation are made, by a limitation in the appropriation bill.
15. That Sections 10 (1) and 20 (7) of the Inter-State Commerce Act be
amended so as to make them apply specifically to independent contractors an4 their officers and agents. The reasons for this recommendation
were stated on pages 15 and 16 of our forty-third annual report for the
year 1929.
16. That the present exemption provisions of Sections 1 (22). 15a (1)
and 20a (1) of the Inter-State Commerce Act, applicable to electric railways, be amended by substituting provisions exempting all electric railways except such as interchange standard freight equipment with steam
railways and participate in through Inter-State freight rates with such
carriers, provision to be made for exemption of particular electric railways
falling within the excepted class, if upon application they are able to show
to the satisfaction of the Commission, after notice and opportunity to be
heard, that they are not affected with an important national interest
so far as the provisions in question are concerned. The reasons for this
recommendation were stated in our forty-second annual report for the year
1928, at pages 79-81.
17. That section 18 of the merchant marine Act. 1920, be amended
so that its provisions will clearly not be applicable to this Commission, for
the reasons stated on page 12 of our thirty-fifth annual report for the year
1921; that section 27 of this Act be reconsidered by Congress in the light
of the circumstances set forth on page 2 of our thirty-ninth annual report
for the year 1925; and that section 28 also be reconsidered in the light of
the circumstances set forth on pages 13-14 of our thirty-fifth annual report
for the year 1921. In this connection reference is made to our report dated
June 29 1922,to the Chairman of the Committee on Inter-State and Foreign
Commerce on H. R. 12021, Sixty-sixth Congress, second session.
18. That section 1 of the Inter-State Commerce Act be amended to
provide for the punishment of any person offering or giving to an employee of a carrier subject to the Act any money or thing of value with
intent to influence his action or decision with respect to car service, and
to provide also for the punishment of the guilty employee. The reasons
for this recommendation were stated on page 57 of our thirty-fourth annual
report for the year 1920.
19. That, subject to appropriate exceptions, the use of steel or steel
underframe cars in passenger service be required, and that the use in
passenger trains of wooden cars between or in front of steel or steel underframe cars be prohibited. The reasons for this recommendation were
first stated at pages 70-71 of our twenty-seventh annual report for the year
1913.
1. That for section 15a of the Inter-State Commerce Act a new section
be substituted which will eliminate the present recapture
provisions;
substitute a modified rule of rate regulation for that now
contained in
paragraph (2), recognizing that because railroad earnings will
inevitably
fall below the standard level in times of business depression they
may
properly be permitted to rise above it in times of prosperity, and stressing the need for maintaining an adequate National transportation
system and the consequent need for maintaining railroad credit; and
substitute a stable rate base which may be kept current by accounting
methods
for a base reflecting what is termed fair value of carrier property
for ratemaking purposes. In this connection and repeal of section 5
(6)
the modification of section 19a (f) are also recommended. See (b) and
Appendix
G and page 17, our annual report for 1923.
2. That the Inter-State transportation of passengers by
common carrier
motor busses over regular routes or between fixed termini
should be regulated in the manner and to the extent indicated in our report
in Motor Bus
and Motor Truck Regulation, 140 I. C. 0. 685.
Recommendations with
respect to the public regulation of Inter-State transportation
of property
by common carrier motor truck will be made in our
forthcoming report
in No. 23400, Co-ordination of Motor Transportation, an
investigation
on our own motion now nearing completion.
3. That Congress provide for an impartial and
authoritative investigation for the purpose of determining whether and to what
water and air carriers operating in competition with the extent motor, Congress to Press Rail Aid Measures—Pl
an to Study
receiving direct or indirect Government aid amounting, railroads are
in effect, to a
Roads' Needs and Unemployment Reported Favorsubsidy; and if so, what steps, if any, are necessary to correct
this situation,
with a view to placing competition on a just and equitable basis.
ably to Senate—Representative Rayburn Offers
4. That such investigation, if it Is instituted, might well be
Bill Giving Commission Control Over Holding Comextended to
cover also the question of whether it is
desirable in the public interest
panies as Means of Regulating Combinations.
that regulations affecting public safety and convenience in
the operation
of motor carriers be made uniform throughout the country,
Two projects to carry out the Inter-State Commerce Comand, if so,
how such uniformity may beat be brought about.
mission suggestions regarding the country's railroads redesirability of further public regulation
5. That the
of the port-to-port
rates of water carriers be made the subject of an investigation or considera- ceived impetus in Congress Dec. 10, according to a Washtion by Congress.
ington dispatch to the New York "Times," which adds:
6. That Section 17 of the Inter-State Commerce Act be amended so that
A study of railroad relief requirements and of means to alleviate unthe commission may be authorized to delegate to individual commissioners employment among rail employes was recommended
in a joint resolu-
3912
FINANCIAL CHRONICLE
Lion which was reported favorably to the Senate by its Inter-State Commerce Committee.
The resolution was offered by Senator Couzens, Chairman of the committee. Its presentation in the House soon is expected. The study would be
made by a committee of eight, including four Republicans and four Democrats from the Inter-State Commerce Committees of the Senate and House.
Senator Couzens's Proposal.
"The Committee is authorized and directed," the resolution read. "to
make appropriate investigations and study of all matter affecting the operations of commercial carriers by railroad, subject to the Inter-State
Commerce Act, with a particular view to determining to what extent the
Federal Government can aid during the present emergency in preserving
continuous and efficient transportation service by railroad, in alleviating
the financial difficulties in which many such carriers are involved, and
In relieving the distress of the unemployed railroad workers and in preventing further unemployment among such workers."
In a preamble to the resolution, Senator Couzens emphasized the need
of quick action by Congress in extending whatever relief may be applied,
citing as one reason an estimated unemployment of 500,000 railroad workers and as another the pending arrangement for the railroads to obtain
freight rate increases, by authority of the Inter-State Commerce Commision.
Representative Rayburn Introduces Measure to Regulate Hording Companies.
With a view to establishing full governmental control over railway
consolidations, whether by outright purchases or stock transfers through
a financial subsidiary, Representative Rayburn introduced in the House
an amendment to the Transportation Act of 1920 to bring railroad holding
companies under control of the Inter-State Commerce Commission.
Mr. Rayburn's bill is an outgrowth of a special investigation made by
his committee last year to determine the extent of the control by holding
companies, outside the jurisdiction of the Inter-State Commerce Commission, over railroads. To this extent, the bill reproduces a measure
by Representative Parker, which died in the last Congress.
"My bill provides," said Mr. Rayburn, "that the Inter-State Commerce
Commission shall have the authority to say whether two or more railroads
shall be grouped together by a holding company or in any other manner.
At present, holding companies can bring about grouping without consulting
the Commission, provided they steer clear of the anti-trust laws, and they
have even got to where they apparently get around the anti-trust laws.
"It was intended in the consolidation provision, to prevent any consolidation or grouping without the approval of the Commission. It has turned
out that, by use of a device known as the htling company, grouping can
be carried on without applying to the Commissibn."
"This bill is also designed to bring the accounts and the securities of
the holding companies, in so far as is necessary to protect the operating
railroads, under the same supervision of the Inter-State Commerce Commission as the Commission now has over the accounts of an issue of securities
by operating railroad companies."
[VOL. 133.
tion of the Pennsylvania RR. or of any subsidiary or affiliated company,
as a stockholder, in the management and conduct of the two major New
England railroads, and thus to restore, and in the future maintain, the
equality of access to New England territory of all the railroads parties
to or included in the four system plan outlined in said pending application,
and likewise restore and maintain the equality of access by the public
served by the said two New England railroads to said other railroads and
the territory served by them, by the restoration and maintenance of free
use of. the interchange of traffic at, all the New England gateways, so
called."
In the event the Commission approves the four-party line-up, the petitioners requested that a general requirement be made that no one of the
four parties should acquire, either directly or indirectly, any of the stock of
any of the railroads located in New England, or retain any stock or power
of right to vote thereon.
Association Organized to Fight Four-Line Rail Plan
in East—Association Urges Wabash-Seaboard System Be Kept Under Original Plan.
Formation of the Fifth Eastern Trunk Line Association,
Inc., to combat efforts of the four major railroad systems in
the East to consolidate all rail properties in that territory
into four separate systems was disclosed Nov. 29 in a special
dispatch from Washington to the New York "Times," which
further states:
Headed by Frederick I. Cox,former member of the Inter-State Commerce
Commission, the organization has for its purpose the preservation of the
Wabash-Seaboard system, as proposed by the Inter-State Commerce Commission in its final consolidation plan issued in 1929. This system, the
fifth suggested by the Commission for the Eastern area, was eliminated
in the recent petition of the four Eastern railroads in which they sought
to amend the Commission's plan to provide for only four systems.
A letter signed by Alan II. Andrews, Secretary, was sent recently by the
Association to prospective members. It went to all roads placed by the
Commission in the Wabash-Seaboard system and to Chambers of Commerce and other organizations. It called upon those interested for an
expression on how their communities would be affected by the proposed
four-party plan and asked whether they wished to co-operate in an effort
"to maintain the plan of the I.-S. C. Commission."
Plans Petition to Intervene.
"It is the purpose of this Association," the letter said, "to file a petition with the I.-8. C. Commission for leave to intervene in the proceedings
which will come before the Commission, and the Association has the necessary facilities to accumulate and present to the Commission all necessary
and proper evidence in support of the plan of the Commission for the fifth
system, and will, at hearings which will be held by the Commission, represent ad persons, firms, corporations and civic bodies who desire to become
members of this Association for the purpose of uniting in concerted action
for the support of the plan of the Commission for the fifth trunk line."
The letter said that approval of the petition of the four major systems
would destroy the proposed Wabash-Seaboard System, and some towns,
cities and districts located on the railroads constituting a Wabash-Seaboard System would lose the opportunity of ever being located on any
trunk line at all, and others which have such facilities now would lose
the advantages of additional trunk line facilities.
The railroads grouped around the Wabash, it added, would become subsidiaries or branch lines of the four Eastern trunk lines.
In support of the five-system plan, the Association's letter declares:
"When the above lines (Wabash-Seaboard System) have been united
into one system, in accordance with the plan of the Commission, it will
constitute one of the important arteries of commerce in the United States
and will complete between Topeka, Kan., Omaha, Neb., Kansas City,
Mo., and the Eastern Seaboard, one of the most important and useful
trunk line systems in the United States."
Five New England Governors File Protest to Four-Line
Rail Merger Proposal—Executives in Petition to
Commission Say That Plan Will Diminish Free
Competition.
The Governors of five New England States filed a petition
with the Inter-State Commerce Commission Dec. 9 opposing
the plans of major Eastern trunk lines to divide rail properties in Eastern trunk line territory into four systems instead of the five contemplated by the Commission in its
consolidation plan of Dec. 9 1929. The petitioners were
Governors Wilbur L. Cross of Connecticut; William Tudor
Gardiner of Maine; Joseph B. Ely of Massachusetts: John G.
Winant of New Hampshire, and Stanley C. Wilson of Vermont. The "United States Daily" of Dec. 10 in reporting
A Commission hearing on the proposed modification to its
the matter further stated in part:
plan to provide four instead of five unifications in the East
Diminished Competition Charged.
has been set for Jan. 6. Commissioner Claude R. Porter
It was charged that the so-called "four-party plan" of the Pennsylvania, has been assigned the case and will be assisted by Examiner
the Baltimore & Ohio, the New York Central, and the Chesapeake & Ohio
railroads, if approved by the Commission without modification or condition. Koch.
"will not carry out the purpose of Congress" as stated in the Inter-State
Commerce Act. but "on the contrary, will tend to diminish competition
and to close existing routes and channels of trade and commerce."
The petition declared that the four trunk lines contemplate the detachment from System No. 1 of the Delaware & Hudson, and its joint operation
and control by the applicant systems; the joint participation of the four
roads in the ownership and operation of the Troy Union RR.; detachment
from System No. 2 of the New York, Ontario & Western and its assignment
to the New York Central RR ; detachment of the Lehigh & New England
RR. from System No 2 and its assignment to the joint ownership of the
four railroads, and the detachment of the Lehigh & Hudson River from
System No. 2 and its assignment to the Baltimore & Ohio RR.
Free Competition Held Vital.
which
It was pointed out that these five rail properties, the reallocation of
routes by
Is sought in the pending application, all maintain and operate
which traffic originating and terminating in New England States is moved
welfare
in Inter-State commerce, and that it is of vital interest to the
and prosperity of the petitioners and of the population of New England
possible
that the five routes be kept open to competitive traffic to the fullest
extent.
will
The Commission should permit no reassignment of these routes which
diminish or restrict "either the equality of access of the people and railroads
of New England to so-called trunk line territories, or the equality of access
of railroads in trunk line territory to New England by means of the said
five railroads, reallocation of which is now sought in the pending application," the petition said.
The petition explained that the inhabitants of New England are dependent
for many of their rail connections with other sections upon the lines in socalled trunk line territories, and that many of the relations of the New
England lines with railroads in trunk line territories and with the parts
of the country in which they operate will be affected and changed by
Commission approval of the four-party plan of the applicant trunk lines.
The Commission's attention also was directed to the control exercised
by the Pennsylvania RR. and its affiliate, the Pennroad Corp., in the Boston & Maine and New Haven railroads. The petition urged the Commission
to require the Pennsylvania and the Pennroad to divest themselves of their
stock holdings in the two major New England carriers by disposing of such
stock or the voting power thereof in some manner approved by the Commission which would eliminate "effectually" the "Influence and participa-
Revised Rates Put into Effect by Inter-State Commerce
Commission on Class Shipments—Order Affects
Trunk Lines Serving Eastern and Western Territories.
The "Journal of Commerce" in a Washington dispatch
Dec. 2 stated in part:
-S. C. ComGeneral revisions of class freight rates prescribed by the I.
mission as the result of years of investigation, including many radical
changes in some instances, became effective at mid-night, Dec. 3, under
the Commission's orders, throughout Eastern territory and also in Western
trunk line territory, which extends, roughly, to the Rocky Mountains.
Some features of the new rate scales did not, however, become effective
until after further investigation as the result of the Commission's action
Dec. 2 in suspending various parts of the new rate schedules until July 3
1932. The rates were prescribed by the Commission in both cases in orders
made public in the summer of 1930. but were not made effective by the
railroads until after the Commission had become impatient with the delay
and set Dec. 3 as the definite date.
Although the Commission has estimated that Eastern rates as a whole
would add $20,000,000 or $25,000,000 to the revenues of railroads and
that the Western revision would increase revenues by $10,000,000 to 812.
000,000. the railroads have made repeated efforts to have them reconsidered. Eastern roads contend that the rates would result in actual
losses in revenue, on the ground that the increases are mainly on short
haul traffic, subject to truck competition, while reductions are on long
haul rates and in the classes of freight on which the greatest volume moves.
Western roads also contend that the Commission's estimates were unduly
optimistic.
In the Eastern class rate case the Commission's investigation was started
in 1924 upon petition of a joint committee representing both carriers and
shippers. The Commission's order was based on distance scales to be
applied to tariffs containing 23 classes of rates, each bearing a fixed percentage relation to first class. For example, second class is 92.5% of first
class and third class is 85%.
Application of the new basis in place of various scales in effect before
involves both increases and decreases, and some of the large increases have
DEC. 12 1931.]
FINANCIAL CHRONICLE
3913
In indicating the discontinuance of the securities affiliate,
—International Manhattan Company, Inc., and the carrying on of its activities by the Bank of Manhattan Trust
Company, a statement issued on Dec. 10, after meetings of
Class Rates Upheld—Commission Dismisses Complaints the Boards of Directors of The Manhattan Company,
the
of Arizona and New Mexico Groups.
Bank of Manhattan Trust Company and the International
The "Wall Street Journal" Dec. 2 had the following:
Acceptance Bank, Inc., held that day, said:
The I.-s. C. Commission has dismissed the complaints of the Inter"After mature deliberation, the conclusion has been reached that it is
been the subject of vigorous protests to the Commission. The Eastern
tariff is so bulky that, according to railroad officials, it costs about $5 a
copy to print, and it has been distributed to shippers who asked for it by
express collect.
State commerce regulatory bodies of Arizona and New Mexico which
attacked as unlawful, all-rail rates on classified freight moving between
points in those States and destinations in all other States east of intermountain territory. The Commission held that these rates were not shown
to be unreasonable or unduly prejudicial. The finding likewise applies
to ocean-rail, rail-ocean and rail-ocean-rail rates on classified freight between points in Arizona and southern New Mexico on the one hand and
points in Atlantic seaboard territory on the other.
The decision further held that corresponding class rates from eastern
origins to El Paso, Tex., and California points were not shown to be unduly preferential.
Order Defining Division of Joint Rail Rates Void—Commission's Order Upset in Hoboken Case.
Orders of the Inter-State Commerce Commission increasing the division of rates which the Hoboken Manufacturers,
RR. receives on shipments of silk from Pacific ports to
Hoboken was set aside by the United States Supreme Court
Nov. 30.
to the best interests of the group to follow the trend of opinion strongly
expressed in some quarters to the effect that deposit banks should not have
affiliated securities companies. The International Manhattan Company,
Incorporated, has operated successfully and in every sense satisfactorily
during most difficult times. After writing all securities down to market,
its capital and surplus of $2,200,000 are unimpared, but it is felt that the
mere existence of a securities affiliate, no matter how carefully and conservatively run, is inconsistent with the best interests of the trust company
and, therefore, of the group as a whole. Accordingly, the Bank of Manhattan Trust Company will carry en such of the activities of the International Manhattan Company, Incorporated, as are consistent with the
most conservative trust company practice."
At the organization meeting of The Manhattan Company,
Paul M. Warburg was re-elected Chairman of the Board,
J. Stewart Baker was re-elected Chairman of the Executive
Committee and, in addition, was elected Vice Chairman of
the Board, and P. A. Rowley was re-elected as President.
The announcement of Dec. 10 further said:
It has for some time been considered most desirable that J. Stewart
The Hoboken Manufacturers' BR.. the terminal carrier at Hoboken, Baker should devote more
of his time to the affairs of The Manhattan
N. J.. on through shipments of silk from the Pacific Coast ports, com- Company, to do which he would have to
be relieved of his duties as Presiplained to the Commission that it was not receiving an equitable division dent of the Bank of
Manhattan Trust Company. To this end the Directors
of the through rate. The Commission then entered three orders for a new
have been desirous of making J. Stewart Baker Vice Chairman of the Bank
division from which the Baltimore & Ohio and other railroads appealed
of Manhattan Trust Company and of making F. Abbot Goodhue President.
to the Federal District Court for New Jersey. They attacked two of the
Through the discontinuance of the International Manhattan Company, Inorders as retroactive.
corporated, the opportunity is now provided to carry out this plan through
A three-judge court held the first two orders null and void.
From this decision the United States, the I.-S. C. Commission and the James P. Warburg becoming available to take over Mr. Goodhue's duties
Hoboken Manufacturers' RR. appealed insisting all three orders were valid. as President of the International Acceptance Bank, Inc., thereby freeing
The Court's decision affected the first and second orders of the Com- Mr. Goodhue, so that he can undertake the Presidency of the Bank of
Manhattan Trust Company. Accordingly, J. Stewart Baker was elected
mission.
Vice-Chairman of the Bank of Manhattan Trust Company and F. Abbot
Justice McReynolds delivered the opinion.
Ile said the first and second orders were illegal because they were retro- Goodhue was elected President of the Bank of Manhattan Trust Company
and Vice•Chairman of the International Acceptance Bank, Inc., and James
active.
Justice Stone dissented. He said the orders should have been held valid. P. Warburg was elected President of the International Acceptance Bank, Inc.
Justices Holmes and Brandeis joined in his view that the orders, in so far
The Directors decided to declare the regular quarterly dividend of $1.00.
as they applied to the future, should stand.
At the meeting of the Bank of Manhattan Trust Company, B. D. Forster,
who has been Vice President for many years, was elected to the Board of
Directors.
The officers of the three companies, after the changes above referred to
Joint Legislative Banking Committee of New York
into effect, will be
Acts to Liberalize Regulations Governing Railroad go THE MANHATTAN as follows:
COMPANY
Bonds Held by Savings Banks.
Paul M. Warburg, Chairman.
J. Steuart Baker, Vice Chairman and Chairman of the Executive
An important decision affecting the railroads of the country
Committee.
and the New York State savings banks was reached on Dec.
P. A. Rowley, President.
10 by the Joint Legislative Banking Committee. The decision BANK OF MANHATTAN TRUST COMPANY
Stephen Baker, Chairman.
provides for an amendment to the New York State Banking
J. Stewart Baker, Vice Chairman.
Law allowing railroad bonds which were legal as of Jan. 1
F. Abbot Goodhue, President.
1931 to remain on the list of issues eligible for investment INTERNATIONAL ACCEPTANCE BANE, INC.
by savings banks. Bonds which have defaulted this year
Paul H. Warburg, Chairman.
1'. Abbot Goodhue, Vice Chairman.
are excluded. The New York "Journal of Commerce" of
James P. Warburg, President.
Dec. 11, from
which we quote, added:
The committee reached an agreement on the form of amendment to
the
banking law and will submit it to the next session of the Legislature.
The
subject was discussed from every angle before arriving at the decision.
The points of view of savings banks, trust companies, trustees and bank
attorneys were all taken into consideration before the decision was reached.
Law to Be Amended.
The most important section of the proposed amendment reads as follows:
"Whereas in subdivision 7 of section 239 of the banking law a number of
fiscal years is mentioned, fiscal years beginning or ending in the year 1931
shall be excluded from the count if the inclusion of such year or years would
render the security of any railroad ineligible for investment. and all railroad
securities which were eligible for investment by savings banks on Jan. 1 1931,
or have become eligible for such investments since that dAte or shall hereafter
prior to April 1 1933, become eligible for such investment, shall continue to
be eligible for sirch investment until April 1 1933, provided, however, that
the securities of a railroad company which has defaulted during the year
1931 or which shall have defaulted prior to April 1 1933, in the payment of
matured principal or interest on any of its,mortgages or funded indebtedness
shall not bo eligible for such investment. •
The present law, under which the legal status of railroad bonds is determined, required that to have its bonds eligible a railroad must have earned
its fixed charges one and a half times during five out of six years immediately
preceding the proposed investment. By eliminating the year beginning or
ending in 1931 from consideration, the proposed amendment would keep
on the legal list an amount of railroad bonds estimated in some quarters
to be as much as $5,000.000,000, which would otherwise disappear from
the list automatically, so general has been the deficiency of railway net
Income in 1931.
The 18th annual dinner of the Bankers' Forum of the
New York Chapter of the American Institute of Bankers'
Section, American Bankers' Association, will be held at the
Hotel Pennsylvania Tuesday evening, Dec. 17. The
speaker will be Fletcher W. Stites, Attorney-at-Law,
Philadelphia. The guests of honor will be Harry J. Haas,
Vice-President, The First National Bank of Philadelphia,
and President of the American Bankers' Association, and
J. Stewart Baker, President, Bank of Manhattan Trust Co.
and President of tho Now York State Bankers' Association.
In reporting last week (page 3726) the plans for the merger
of the Manufacturers' Trust Co. and the Chatham Phenix
National Bank & Trust Co. of this city, we took occasion
to give some extracts from the New York "Times" bearing
on the progress made by the Manufacturers' Trust Co. under
the direction of Harvey D. Gibson; a paragraph with reference thereto which we quoted said:
As of Jan. 3, combined net time and demand deposits of the institution
reported weekly to the New York Clearing House Association, were
$186,125.000. Six months later, on July 3, combined net time and
deposits were $206.950,000. As of last week's report for Nov. demand
28, the
institution showed deposits of $235,145,000, representing a
gain of 38%
over the January figure.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Three New York Cotton Exchange memberships were
reported sold this week, that of Leo B. O'Mera to Charles S.
We are advised that the gain in deposits given in
the
Montgomery, for another, for $16,000, a decline of 81,000 foregoing as 38% should have read 26.3%.
from the last preceding sale. The two memberships held
From the Now York "World-Telegram" of last
the
by the estate of W. R. Craig were sold, the first to W. S.
night
Dowdell, for another, for 814,700, and the second to E. A. (Dec. 11) we take the following:
A plan for the reorganization of the closed Federation
Crawford for $14,500.
Bank & Trust Co.
The New York Cocoa Exchange membership of Theodore
F. Roman was reported sold this week to J. Witkin for
$1,700. Last preceding sale, $1,800.
said to have been indorsed by Governor Franklin D.
Roosevelt and to
have been underwritten for $2,000,000 by Owen
D. Young and other
financial and industrial leaders, was mailed to
the 1.700 stockholders
to-day. It will be voted upon at a stockholders'
meeting Dec. 21.
The plan, approved by the board of directors
last night, calls for reduction of the par value of the present
outstanding stock from $100
to
$20, and the issuance of 55,000 additional shares
of $20 par value to be
3914
FINANCIAL CHRONICLE
[vol. 133.
In the New York "Sun" of Dec. 4 it was stated that depositors of the Globe Bank & Trust Company would be
credited on Dec. 6 with 50% of their deposits on the books
The affairs of the bank were referred to in our issue of
of the Manufacturers Trust Company, the money then being
Dec. 5, page 3727.
available to them at the Manufacturers Trust branch nearAt a meeting this week of the directors of the J. Henry est to the location of the office of the Globe Bank in which
Schroeder Banking Corp., in New York, Avery Rockefeller the various depositors of the latter kept their accounts,
was elected Assistant Treasurer.
Harvey D. Gibson, President of the Manufacturers Trust
Company, said. The "Sun" added:
Ambrose W. Benkert, formerly of Ames, Emerich & Co.,
This makes the last bank taken over by Manufacturers Trust for liquidaInc., has been elected a trustee of the Commonwealth tion in which depositors have been given access to a portion of their
deposits. Other banks were American Union, Times Square Trust, InterSavings Bank of this city.
sold for $50 a share. The depositors are asked to leave one-third of their
deposits in the bank and to authorize the reorganization committee to
purchase new shares with it.
national Madison Bank dr Trust Company, Bank of Europe Trust Company,
Lebanon National, Midtown Bank and Bryant Park Bank.
T. H. L. Otto Stucke, manager of the foreign department
The closing of the institution was referred to in our issue
of the Grace National Bank of New York, died at Passaic,
as a result of injuries, received when he was of Aug. 29, page 1395.
N. J. on Dec. 6
struck by a railroad train at his home town, Nutley, N. J.
The Wilson State Bank of Wilson, N. Y., was taken over
Mr. Stucke attempted to cross the tracks to board the train
by Joseph A. Broderick, State Superintendent of Banks for
when the accident occurred. He was 63 years old.
New York, on Dec. 9, because, according to the official anWith reference to the closing of the Sakser State Bank of nouncement, of the inability of the institution to meet its
this city, mentioned in these columns Dec. 5, page 3727, we current obligations and the depreciation in the value of its
quote the following announcement made under date of assets. A dispatch from Albany to the New York
"Herald
Dec. 4 by the New York State Banking Department, at
Tribune," from which the foregoing is taken, went on to say
Albany.
Superintendent of Banks, Joseph A. Broderick, announces that he has in part:
to-day taken possession of the business and property of Sakser State Bank,
82 Cortlandt St., New York, N. Y., pursuant to the provisions of Section
57 of the Banking Law and at the request of the Board of Directors of
that institution.
Because of the depreciation in the value of its assets, it is deemed unsafe
and inexpedient to permit this Institution to continue in business.
The deposit liabilities, as shown by the books as at the close of business Dec. 3 1931, were approximately $940.000.
Liquidation will be commenced immediately and it is expected that a
dividend will be paid in about 90 days.
Arthur R. Seaton of 111-39 204th St., Hollis, L. I., a State Bank Examiner has been appointed Special Deputy Superintendent of Banks to assist in the liquidation of the business and affairs of this institution.
The New York State Banking Department has approved
plans to increase the capital of the Pennsylvania Exchange
Bank of New York from $750,000 to $012,500. The Bank
reduced its capital from $1,000,000 to $750,000 in October
(as was indicated in our issue of Oct. 31, page 2866) and
likewise, at the same time, changed the par value of the
shares of stock from $100 each to $25 each, increasing the
number of shares from 10,000 to 30,000. Under date of Oct.
27, addressed the following letter to its stockholders:
October 27, 193L
To the Stockholders of The Pennsylvania Exchange Bank:
In conformity with the sound conservative banking policies followed in
the operation of your bank, the Board of Directors decided upon certain
re-adjustments in the capital funds of the bank.
These re-adjustments necessitated the calling of two special meetings of
stockholders of the bank, which were hcld on the 14th and 15th days of
October 1931, at which meetings the stockholders duly authorized and
consented to the following:
(1) The reduction of the capital stock of the bank from One Million
($1,000,000) Dollars to Seven Hundred and Fifty Thousand ($750,000)
Dollars.
(2) The reduction of the par value of the stock from One Hundred
($100) Dollars each to Twenty-Five ($25) Dollars each, and the increase
of the number of shares from ten thousand (10,000) shares to thirty thousand
(30,000) shares.
(3) The increase in capital from Seven Hundred Fifty Thousand ($750,000) Dollars, up to, but not exceeding One Million ($1,000,000) Dollars,
and the increase in number of shares from thirty thousand (30,000) up to,
but not exceeding forty thousand (40,000) shares.
The Board of Directors thereafter, by duly adopted resolutions, gave all
stockholders the right to purchase these ten thousand (10,000) neW shares
of the par value of Twenty-Five ($25) Dollars each, for the price of
Twenty-Five ($25) Dollars each.
This right accrues to all stockholders of record at the close of business
on October 81 1931, and expires on November 23, 1931.
All subscriptions must be accompanied by check to the order of The
Pennsylvania Exchange Bank in full payment, for the number of shares
subscribed for, at the rate of Twenty-Five ($25) Dollars per share, and
must be mailed or delivered to the Cashier of the bank, at the office of the
Pennsylvania Exchange Bank, No. 322 Eighth Avenue, New York City, on
or before November 23 1931.
• Every stockholder shall have the right to purchase at least as many
shares as there are of the present shares or its equivalent in his name on
the books of the bank, at the close of business on October 31 1931.
The Cashier will as soon after November 23 1931 as conveniently be
done, cause to be delivered to the purchasers the new shares purchased.
The Board of Directors, who realize the splendid future possibilities for
the bank, in view of the recent developments in the banking community of
the City of New York, have for themselves and their associates subscribed
for One Hundred Sixty-Two Thousand Five Hundred ($162,500) Dollars
of the Two Hundred Fifty Thousand ($250,000) Dollars of these new
shares, at the price of Twenty-Five ($25) Dollars per share, subject, however, to the rights of all stockholders to purchase these new shares. It is,
therefore, urgently requested that all stockholders send their subscriptions
for the new stock as soon as possible, so that we can finally adjust the
allotment on the subscriptions already received as mentioned above.
We are enclosing subscription blank with detailed instructions, which
must be followed.
Respectfully,
MILTON COLLIER,
President.
Its deposit liabilities as at the close of business Dec. 7 were approximately
$280,000, according to the official announcement.
A United Press dispatch from Fort Plain, N. Y., on Dec. 1
stated that more than $500,000 In checks, representing 50%
of their savings, would be received on that day by depositors
of the closed Farmers' & Mechanics' Bank of Fort Plain,
which failed Aug.8 1931.
Joseph A. Broderick, New York State Superintendent of
Banks, announced on Dec. 5 that he had taken over the
Long Beach Trust Co. of Long Beach, L. I., and its affiliated
institution, the Long Leach Safe Deposit Co. The Brooklyn
"Eagle" of Dec. 5, from which the above is learned, continuing, said in part:
Referring to the bank, Broderick's announcement read:
"Because of the inability of this institution to meet its current obligations, and the depreciation in the value of its assets, it in deemed unsafe
and inexpedient to permit the trust company to continue In badness.
To Liquidate Deposit Affiliate.
"The deposit liabilities as shown by the books at the close of business
Dec. 4 1931 were approximately $910,000."
Of the safe deposit company, he said:
"This safe deposit company has been operated in conjunction with the
business of the Long Beach Trust Co. and will be liquidated concurrently
with the liquidation of that trust company."
Roger F. Money, State Bank Examiner, is in charge at the bank. No one
has been deputized by the Department as yet to assist in the liquidation.
The bank, the oldest in Long Beach, was reported to have substantial
deposits in its Christmas Savings Club Fund to have been distributed Dec. 15.
$80,000 City Funds.
The City of Long Beach had $80,000 on deposit, it was reported.
The Dec. 81 1930 statement of the bank, according to Moody's Manual
of Investments, listed total resources as $2,505,647 and deposits as
$1,467,323.
Officers were listed as H. M. Susswein, President; Philip Segaller, VicePresident; A. B. White, Jr., Treasurer and Secretary.
Francis A. Beach tendered his resignation on Dec. 8 as
President of the Middletown Bank & Trust Co., Middletown,
Conn. Mr.Beach,whose resignation took effect immediately,
stated that his reason for resigning was that he felt he needed
a rest after his many years of service. He had been connected with the institution for the past 45 years and its
President since the early part of 1917. A dispatch from
Middletown to the Hartford "Courant," reporting the
matter, furthermore said, in part:
Some years ago, Mr. Beach organized the Bristol Trust CO. (Bristol,
Conn.) and spent some time there at the work of aiding in handling the
affairs of the company. At that time he was also President of the local
bank.
His place will be taken by William W.Wilcox Sr., the first Vice-President,
who will act as President until the annual meeting of the bank early in
January, when a President will be elected. This was decided at today's
meeting. The other officers of the bank are Chairman of the Board,Charles
A. Russell; W. W. Wilcox Sr., Vice-President; E. Kent Hubbard, Second
Vice-President; Allen W. Holmes, Executive Vice-President and Trust
Officer; Leonard B. Markham, Cashier, and Albert H. Griswold, Assistant
Cashier.
Frank J. Ryan was recently appointed a Vice-President of
the National Bank of Commerce & Trust Co. of Providence,
Providence, II. I. The new Vice-President was born in Portland, Me., in 1891. Following his graduation from the Portland High School in 1911, Mr. Ryan did accounting work for
various Portland concerns until 1918. He then joined the
staff of the Comptroller's of the Currency U. S. Treasury
Disc. 12 1931.]
FINANCIAL CHRONICLE
Dept. Chief National Bank Examiner's office, First Federal
Reserve District, Boston, Mass., where he remained until
Nov. 28 1931, except for about five months, when he was
attached to the Chief National Bank Examiner's office in
Cleveland, Ohio. Mr. Ryan's assignment for the last three
years has included the examining of all large banks in New
England, except banks in the City of Boston. He is a member of the Boston City Club.
The death occurred, in Lakewood, N. J., on Dec. 4, of
Charles J. Parmentier, Vice-President and Treasurer of the
Lakewood Trust Co. of Lakewood, N. J. Mr. Parmentier,
who was 65 years of age, apparently took his own life. His
body was found in Lake Carasaljo a short time after Charles
C. McCue, the President of the bank, had urged him to go
home and rest. The banker's parked automobile was found
near the lake. He had been in failing health for the past
few years.
I,
Vice-Chancellor Lewis, of New Jersey, sitting in Jersey
City, on Dee. 7 approved the transfer of the assets of the
Jackson Trust Co. of Jersey City (one of the chain of four
banks controlled by Archibald Henry, which was closed on
Aug.6 last, to the Commercial Trust Co. of Jersey City. The
"Jersey Observer" of Dec. 7, from which the above information is obtained, continuing, said:
This brought assurances that the depositors of the closed Greenville
institution, 105 Jackson Avenue, would receive at least 75% of their deposits
within a short time.
All that is now necessary is the granting of a permit by Commissioner
of Banking and Insurance Frank H. Smith, for the Commercial to establish
a branch bank in the Jackson Trust Co. building.
The Banking Commissioner was authorized by Vice-Chancellor Lewis to
execute to the Commercial Trust Co. a deed to the real estate owned by
the Jackson Trust Co. The Commercial Trust offered $150,000 for the
real estate, which cost to build in 1928, $224,782.15, and which could be
built to-day for $195,226.
The assets of the bank are $1,546,660.31, and there is due depositors
$1,108,920.01. The expenses of liquidation were $8,733.89 and a loss of
$200,106.08 in the liquidation of securities. The capital stock is $300,000
and surplus $100,000.
Common Pleas Court Judge Thomas H. Brown, of Jersey City, who
represented Banking Commissioner Smith, was allowed $12,000 counsel
fees and special deputies and other special employees were allowed $4,266.66.
It is learned from the "Jersey Observer" of Dec. 4 that a
plan looking towards the reorganization of the Steneck
Trust Co. of Hoboken, closed by the New Jersey State Banking Commissioner, Frank H. Smith, on June 27, was submitted to the Commissioner on Dec. 3 by representatives of
the committee of stockholders, depositors and directors, and
although no immediate decision on approval of the plan was
made by the Commissioner confidence was expressed that it
will be finally accepted. We quote below in part from the
paper mentioned:
It was the first concrete plan which had been submitted to Mr. Smith.
It consisted of a report of some 60 or 70 pages with voluminous statistics,
which will require some time for complete digestion by the Banking Coramistrioner's staff.
While it could not be confirmed that the reorganization has the tentative
approval of the Commissioner, it was hinted that the plan is so meritorious
that it will not be turned down.
The Commissioner has frankly stated since the bank was closed that
cash
was needed to reopen the institution and that this requirement has
been
complied with seems obvious as any other plan would not have been
given
consideration by Mr. Smith.
Although Commissioner Smith was non-commital to-day as to the feasibility of the plan, the confidence of those who have prepared the reorganization has given rise to reports that the bank will be reopened before
Christmas and that Christmas Club funds and a considerable portion
of the
depositors' money will be available.
The details of the proposed reorganization have been closely
guarded and
Commissioner Smith refused to reveal even the essentials of the plan.
Asked by a representative of the "Jersey Observer" this
it would be possible for him to release some of the details morning whether
for the proposed
reorganization under the plan submitted to him yesterday,
the Commissioner said:
"No, I could not do that at the present time. The
report was submitted
to me only yerarday and I have not had time to study
it. It was a long
report, with intricate statistics and I have not yet
had an oppostunity of
digesting it."
Asked if as a result of his conference
with representatives of the Steneck
stockholders and directors and the
bank's representatives who promoted
the plan was acceptable, the Commissioner
replied that he would not make
any comment at this time.
The Banking Commissioner presented
a petition to Vice-Chancellor
Buchanan in Trenton last week for a rule
to show cause to determine the
rights of depositors who had made preferred
claims for deposits. That order
is returnable Thursday.
When asked if the reorganization plan would
halt the chancery action
Mr. Smith said that that was up to the court.
In
received his approval, the Banking Commissioner the event that the plan
said he would place the
matter before the Vice-Chancellor next week.
He said that he would have to study the report
his staff and with his counsel, and that probably it with the members of
would be a week before
he was able to announce any decision.
3915
Those at the conference with the Banking Commissioner yesterday were
Marshall Van Winkle, counsel for the Steneck Trust Co. former Vice-Chancellor Merritt Lane, personal counsel for Henry Steneck, President of the
closed bank; Robert H. McCarter, Jr., of Newark, representing the New
York bankers' group which outlined the reorganization plans; and Bank
Examiners Vernon Peer and Furman, who are in direct charge of the closed
institution under the direction of the State Commissioner. Judge Thomas
H. Brown, of Jersey City, also attended the conference as special counsel
to Commissioner Smith.
Our last reference to the affairs of the Steneck Trust Co.
appeared Aug. 22, page 1230.
Effective Thursday of this week, Dec. 10, the New Jersey
Title Guaranty & Trust Co. of Jersey City, N. J., one of the
largest banking institutions in Hudson County, took over
the Bank of Lafayette, at 370 Communipaw Ave., Jersey
City, and the Ocean Avenue Bank, at Bayview and Ocean
Avenues, Jersey City. The New York "Herald Tribune" of
Dec. 19, from which the above Information is obtained, went
on to say:
By the merger $2,800,000 in deposits will be added to the larger institution. Even before the consolidation the three banks were closely allied, as
the Title Guaranty & Trust Co. owned considerable stock of the other two
banks. Walter P. Gardner, President of the Bank of Lafayette, will become
Senior Vice-President of the parent bank.
On Dec. 2 directors of the Adelphia Bank & Trust Co. of
Philadelphia declared a first liquidating dividend of $5 a
share, payable Dec. 15 to stockholders of record Dec. 9,
whose stock certificates have been indorsed with the notice
of liquidation of Nov. 19 last, according to the Philadelphia
"Ledger" of Dec. 3. The stockholders voted to liquidate the
institution on Nov. 10 last, as noted in the "Chronicle" of
Nov. 14, page 3201.
Authorization was given on Dec. 1 by Federal Judge It M.
Gibson for distribution of $1,360,000 of the funds of the
Union Bank of Altoona, Pa., a private bank which went into
voluntary bankruptcy last February, according to Associated
Press advices from Pittsburgh on the date named. The
dispatch added:
/
2
%
The sum represents 721 of the claims against the bank. Distribution
will not start until Feb. 1.
The failure of this institution was noted in our issue of
March 7 1931, page 1739.
That first dividend checks amounting to $333,806.92 were
ready for distribution to approximately 1,500 depositors of
the Citizens' National Bank of Warren, Pa., who have made
satisfactory proof of their claims, according to F. William
Lensing, Receiver, was noted in advices from that place on
Nov. 30, printed In the Pittsburgh "Post Gazette," which,
continuing, said:
The bank was placed in the hands of the Receiver June 4, and fame
dividends will be paid as soon as the remaining assets can be converted into
cash, according to Lensing.
The Pittsburgh "Post Gazette" of Dec. 2 stated that depositors of the People's State Bank of East Pittsburgh, Pa.,
*
in possession of State Secretary of Banking William D.
Gordon, would receive at once an initial dividend amounting
to 50% of their deposits. Special Deputy Attorney-General
David Glick announced this in Common Pleas Court Dec. 1,
when he obtained Court confirmation of Secretary Gordon's
first and partial account in the bank's affairs. The "Post
Gazette" continued as follows:
Checks are ready for mailing at once, and it was said the amount to
be distributed is about $90,000. Glick said it was expected an additional
40 to 45% distribution would be made later. The account on which the
present dividend Is based was filed Nov. 1 last.
The closing of this bank on Feb. 4 last was noted in our
issue of Feb. 7, page 974.
Charles Bruce Gardner, Jr., Vice-President and Cashier
of the former People's National Bank of Osceola Mills, Pa.,
was sentenced by Federal Judge R. M. Gibson in the United
States District Court, Pittsburgh, on Dec. 2, to serve three
years in the Federal Penitentiary at Atlanta, Ga., according
to the Pittsburgh "Post Gazette" of Dec. 3. Gardner admitted that he had misapplied more than $90,000 belonging
to the bank, which subsequently closed, It was stated.
At the annual meeting of the shareholders of the Commercial National Bank & Trust Co. of Philadelphia, to be
held Jan. 12 next, a proposal to change the name of the
Institution to the "Commercial National Bank of Philadelphia" will be voted upon.
3916
FINANCIAL CHRONICLE
Effective at the close of business Dec. 4, the North York
State Bank of York, Pa., was merged with the York Trust
Co. of that city. A dispatch by the Associated Press from
York, Dec. 5, reporting the matter, furthermore said:
The North York State Bank is the second banking institution to be
consolidated with the York Trust Co. within the last few years. On May
15 1929, the Citizens' Savings & Trust Company was taken over by York
Trust Co.
A proposal for reorganization and reopening of the
Franklin Trust Co. of Philadelphia, an institution with
deposits of $10,500,000, that closed its doors Oct. 6 1931, is
being considered, according to advices from Philadelphia on
Dec. 7 to the New York "Journal of Commerce," which, continuing, said:
Former officers of the bank have met and such a plan was considered,
In
with no definite result as yet. The State Banking Department has been
Street
possession, with Jahn J. Sullivan, Vice-President of the Market
Hope for
National Bank, in charge as Deputy Secretary of Banking.
liquidation
reorganization is based upon the fact no announcement of its
has been made by the State Secretary of Banking.
[VOL. 133.
Bluffton, Ohio, by the Bluffton Citizens' National Bank of
Bluffton, which purchased part of the closed bank's assets,
according to a press dispatch from Lima, Ohio, printed in the
Toledo "Blade" of that date, which added that total payment is estimated at $600,000, the first to be made.
Akron, Ohio, advices on Dec. 3 to the Now York "Journal
of Commerce" stated that announcement was made late
that day that a shortage amounting to $400,000 had been
discovered in the accounts of William J. Rout, a VicePresident of the First Central Trust Co. of Akron, who had
been arrested a few hours earlier for the alleged embezzlement of $80,000 of the company's funds. The dispatch
continuing said:
This announcement was made by Harry Williams, President of the
bank, as Rouf was trying to make the bond of $75.000, set in his case by
Federal authorities in Cleveland.
The bank recently was formed by a merger of the Central Depositors
Bank & Trust Co. and the First City Trust & Savings Bank.
A statement by Williams said the loss was discovered during the process
of combining and reorganizing the consolidated bank. The First Central
Trust Co. is protected by insurance and will suffer no loss, the statement
added.
It is learned from the Philadelphia "Ledger" of Dec. 9,
A dispatch from Cleveland on Dec. 3 by the Associated
that the directors of the Penn Colony Trust Co. of Philan:
held the previous day, decided to place Press contained the following additional informatio
delphia at a meeting
The shortage was discovered Sunday (Nov. 29) while officials were
liquidation,
the affairs of the institutioo in voluntary
completing the work of forming the new institution.
Shortly after the warrant was issued. Ruof was found in a room at the
pursuant to an agreement to be entered into by its stockthe plan proposed, all Hollenden Hotel (Cleveland) by Federal officers and was taken immediately
holders and others interested. Under
to the Marshal's office in the Federal Building. The officers said he apdepositors (not parties to the agreement) will be paid the parently was expecting them for he was ready to go.
deposits without delay. The paper
Ruof is President of the Portage Country Club.oldest and most exclusive
full amount of their
golf organization here, and Treasurer of half a dozen local realty developmentioned went on to say:
to ratify
A special meeting of stockholders has been called for Dec. 14
agreee
this action of the directors and to approve the proposed liquidation
will be
meat. After ratification by the stockholders, no further deposits closto
accepted by the trust company, and depositors will be requested
their accounts not later than Dec. 31.
ment concerns.
recently closed
Definite steps toward reorganization or liquidation of the
of the State
Union Trust Co. were taken to-day (Dec. 2) when C. W. Miller,
to remit
Banking Department, formally notified the bank's stockholders
stockholders
their liability as provided by law. Seven hundred and fifty
double-liability
received these notices to-day and were requested to meet the
$1,500,000,
clause by Dec. 31 or sooner. The capital stock amounts to
called upon to
hence this represents the amount the stockholders are being
depositors. It is
make good because of an insufficiency of assets to pay all
the deposits
estimated that there are more than 30,000 depositors and that
aggregated slightly less than $20,000,000.
tion to their capital stock. The Wainwright Trust Co. will not accept
deposits in the future. Edward Cottingham, who has been President of the
Noblesville Trust Co. for many years, retires. As yet there has not been a
reorganization of the force of the Wainwright Co. The latter has been doing
business here for 30 years and the Noblesville Trust Co. Was organized 20
years ago.
On Nov. 25 the Wainwright Trust Co. of Noblesville, Ind.,
announced the purchase of the Noblesville Trust Co. of
Noblesville. A dispatch from that city to the Indianapolis
the Cincinnati "News," in reporting the matter, said:
A dispatch from Dayton, Ohio, on Dec. 2 to
The latter institution will suspend business. In the future the Wainwright
"Enquirer" contained the following with reference to the Co. will conduct only a mortgage and loan business, and John L. Dulin will
was taken continue as President. Under the terms of the sale all the deposits of
affairs of the Union Trust Co. of that city, which
in proporover by the Ohio State Banking Department on Oct. 31 last: both companies are to be distributed among the banks of the city
The First National Bank of Bay City and the Bay County
Savings Bank, Bay City, affiliated institutions, and both
failed to open on Dec. 3, accordThe closing of the Union Trust Co. was noted in the housed in the same building,
page 3041, and an item regarding its ing to advices by the Associated Press from that place, which
"Chronicle" of Nov. 7,
added:
affairs appeared Nov. 21, page 3372.
The former had deposits of more than $4,000,000 and the latter deposits
of approximately $5,000,000. W. L. Clements, Regent of the University of
Referring to the affairs of the Old National City Bank of Michigan, is President of both institutions.
of the present
Lima, Ohio, which closed its doors on April 28
year, dividend checks for an initial payment of 20% on the
Closing of the State Bank of Reading, at Reading, Mich.,
Federal
bank's deposits will be issued shortly by 0. H. Ellis,
was indicated In the following appearing in the Michigan
total
Receiver of the institution. The distribution will
from "Investor" of Dec. 5:
$373,402.04. The above was indicated in a dispatch
The State Bank of Reading failed to open its doors last week, Friday.
which also
Lima on Dec. 1, printed in the Toledo "Blade,"
No statement was issued. The bank is one of the oldest in Hillsdale County
and was privately owned until its incorporation as a State institution
said:
Currency for approval,
Comptroller of
The checks have been sent to the
for distribution before the Christmas
and their return is expected in time
holidays.
overruled a motion
On Nov. 25 the Ohio Supreme Court
Prosecutor of Fayette County, Ohio, to file a
made by the
of Ohio against
petition in error in the case of the State
former President of the defunct Ohio
Mal S. Dougherty,
Ohio. Mr. DoughState Bank of Washington Court House,
former Attorney-General Harry M.
erty (who is a brother of
banking
Daugherty) was convicted of violation of the State
Court, but his conviction was
laws in the Common Pleas
reversed in the Appellate Court. Columbus, Ohio, advices,
on Nov. 25, to the Cincinnati "Enquirer," from which the
above information is obtained, went on to say in part:
The decision to-day indicates the Supreme Court saw no error in the
Appellate decision.
It is anticipated Daugherty soon is to be in the dock a second time for
a new
hearing. Public sentiment in Fayette County strongly has demanded
trial, and public sentiment has not abated with the decision of the higher
courts.
County
When the ruling of the Court of Appeals was announced, Fayette
. It is
newspapers denounced the decision as based entirely on technicalities
through
anticipated a date for a new trial is to be set soon and the case sent
the legal mill.
financial
Daugherty was master of Fayette County for many years in a
the
way, and also was powerful in the social, business and political life of
city. His bank crashed early in 1930.
A payment of 40% of their claims was made on Dec. 7 to
depositors of the closed Commercial Bank & Savings Co. of
nearly 30 years ago.
John M. Monohan, President and Director of the First
National Bank, the Kentucky Title Trust Co. and affiliated
Louisville, Ky., institutions, died on Dec. 6 at St. Joseph's
Infirmary, that city. He was 50 years old. Mr. Monohan
at the time of his death was President of the Louisville
Bankers' Association. He joined the banking group of which
he became head in 1908 as a clerk with the Kentucky Title
Co. Four years later he became Assistant to the President,
the late Embry L. Swearingen. He was elected a director in
1914, Vice-President in 1915, Executive Vice-President in
1927, and President in 1929. The deceased banker was born
in St. Matthews, Ky. He attended Professor Chenault's priwas
vate school in Louisville, St. Xavier's College, and
from Georgetown University, Washington. He
graduated
St.
was a director of the St. Matthews Bank & Trust Co. at
at the time of his death.
Matthews
The Weakley County Bank of Dresden, Tenn., which was
this
forced to close its doors the early part of October of
from
year, re-opened on Dec. 1, according to a dispatch
"ApDresden on the date named, printed in the Memphis
part, as
peal" of Dec. 2, from which we quote further in
follows:
bank will Issue
Under the agreement entered into with the depositors the
in lieu of their old
time certificates of deposit for a period of 30 months
DEC. 12 1931.]
FINANCIAL CHRONICLE
3917
The first National Bank of Aberdeen, Wash., with combined capital and surplus of $175,000 and deposits aggregating $1,400,000, failed to open for business on Dec. 9 and
Closing of the First National Bank of Washington, N. C., it affairs were taken over by a National Bank Examiner,
on Dec. 1 was reported in the following press dispatch from according to Associated Press advices from Aberdeen on the
that place, printed in the Raleigh "News and Observer":
date named.
deposits. The bank will accept new deposits which will be subject to check
at any time but will make no new loans until the old depositors are all
paid off.
The Board of Directors of the First National posted a notice late yesterday evening (Nov. 30) that their bank would not open to-day. Their action
was due to several factors. In the first place, demands for cash had been
received which could have been met but which would have depleted the
cash reserve of the institution. Then, too, there have been withdrawals of
deposits ever since the Greenville Bank went out of business last December.
Various rumors and reports were circulated about the First National at
that time, and, while entirely. unfounded, helped to sap the strength of
the institution. The bank also has had difficulties in collecting its loans,
only $40,000 out of $400,000 having been collected during the past year.
All these circumstancee prompted the directors to agree on closing the bank
In order to protect the depositors. The books were balanced to the last
penny last night and everything is in readiness for the proper authorities
to take charge. The deepest of sympathy is being shown toward officials
of the bank.
The following changes in the personnel of the head office
of the Royal Bank of Canada, Montreal, were announced
on Nov. 28, according to the Montreal "Gazette" of Nov. 30:
G. F. Towers, heretofore Chief Inspector, was appointed
Assistant to the General Manager, while the position of General Inspector at the head office was made a dual position
and was filled by the appointment of H. G. Hesler, heretofore Inspector on head office staff, and J. Muir, at present
Manager of the main Winnipeg branch of the bank. The
appointments of Mr. Towers and Mr. Hesler became effective
at once, but that of Mr. Muir will not take effect until Jan. 1
The Btu* of Washington, the only other bank in the place, next. The following regarding the banking careers
of the
suffered no "run" through the closing of the First National,
three officers was given in the paper mentioned:
the dispatch stated, although it had prepared for heavy withGraham F. Towers is a native of Montreal. He graduated from McGill
drawals by sending to Raleigh for additional cash.
with honors in political economy and entered the head office of the bank
The Terra Alta Bank, of Terra Alta, W. Va., which closed
Oct. 19, reopened on Dec. 7 with the approval of the State
Banking Commissioner, according to Associated Press advices from that place. The bank had deposits of $475,000,
It was stated.
George M. Bechtel & Co. of Davenport, Iowa, has purchased the controlling stock interest of the American Trust
Co. of that city, formerly affiliated with the American
Commercial & Savings Bank, and the officers now are:
George M. Bechtel, President; H. R. Bechtel and J. Ross
Lee, Vice-Presidents; F. A. Johnson, Secretary, and H. A.
Phoenix, Treasurer.
That the First National Bank of Kaukauna, Wis., had
been absorbed recently by the Farmers' & Merchants' National Bank of that place was indicated in the "Commercial
West" of Nov. 28. The consolidated bank is capitalized at
$75,000, with surplus of $35,000 and has deposits of $1,194,011
and total resources of $1,383,086. Hugo Weisenbach continues as President of the enlarged institution, the paper
mentioned said.
W. H. Johnson, heretofore Vice-President of the First
National Bank of Rapid City, S. D., became President of the
Institution, recently upon the resignation of A. S. Halley,
according to the "Commercial West" of Dec. 5. Mr. Halley
had been associated with the institution for twenty-five
years, and its President for nearly twelve years.
The respective stockholders of the First National Bank of
West Point, Miss., and the First Savings Bank of that place,
will meet Dec. 28 to ratify a proposed merger of the institutions. The banks have a combined capital of $125,000 and
combined surplus and undivided profits of $108,676, according to statements at the close of business in recent statements. Advices from West Point to the Jackson "News,"
on Dec. 2, in reporting the matter, furthermore said in part:
These two banks have been closely connected for many years and are now
occupying the same building. . . .
According to present plane the First Savings Bank will simply be merged
with the First National Bank and become the savings department of that
institution. The First National will then be able to render a complete
banking service, and considerable bookkeeping and other expenses will be
eliminated without the slightest impairment of service to the public,
officers said.
The Bank of Fulton, at Fulton, Kans., 12 miles North of
Fort Scott, failed to open for business on Dec. 4 and its
officers said the State Banking Department would take
charge of its affairs, according to Associated Press advices
from Fort Scott on that date, which added:
Frozen assets were given as the cause of the closing.
President.
F. S. Hall was
The Farmers' State Bank of Wallace, a small Nebraska
bank, which had been closed and in the hands of the State
Banking Department since Oct. 15 last, reopened for business recently under the same ownership and management as
formerly, according to the "Commercial West" of Dec. 5.
Charles L. Cooper is President and Miss Marie Cooper,
Cashier.
in 1920 as Economist. He has served the bank in Cuba, where he will
Assistant Inspector of Cuban branches, and is particularly familiar with the
bank's foreign service, having visited branches in the West Indies, Central
and South America, as well as those in London, Paris and Barcelona.
H. G. Healer is a native of Humberstone, Out., and entered the service
of the bank in Wellington in 1910, going overseas in 1916 and re-entering
the bank at Havana in 1919. He held various positions in Cuba, including
that of Joint Manager of Havana branch. He came to Montreal in 1930 as
an inspector on head office staff.
James Muir is a native of Scotland and commenced his banking career
with the Commercial Bank of Scotland, later joining the staff of the
Chartered Bank of India in London, England. Be joined the staff of the
Royal Bank at Moose Jaw in 1912. He has served the bank in various
capacities, having been accountant of the Winnipeg, Grain Exchange Branch,
later being transferred to the credit department at head office. In 1923 he
was appointed Inspector in Winnipeg and in 1924 Assistant Supervisor in
New York, and in 1928 was appointed Manager at Winnipeg.
The Bank of Hawaii, Ltd., at Honolulu, Hawaii, has
announced that pursuant to the action of its stockholders
at a meeting held Nov. 19 1931, the name of the institution
has been changed to Bank of Hawaii. The signatures of
the present officers will continue in force.
The New York agency of the Standard Bank of South
Africa, Ltd., has received the following cable from the
Head Office in London, regarding the operations of this
Bank for the half-year ended Sept. 30 1931:
The Board of Directors have resolved, subject to audit, to pay to the
shareholders an interim dividend for the half-year ended Sept. 80 last,
of six schillings per share, payable in British currency, being at the
rate of 12% per annum subject to income tax. Dividend warrants will
be posted on Jan. 29 next. The bank's investments stand in our books at
less than market value as at Sept. 80 last, and all usual and necessary
provisions have been made.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market the present week has again been considerably depressed with a number of contributing causes.
For the first time in more than 60 years, the board of directors of the N.Y.Central RR. decided to omit the quarterly
dividend at this time. This was due in part to a change of
dividend policy, as the board decided to declare dividends
semi-annually instead of quarterly as heretofore, in order
to gain more time to determine the course of future earners.
Unfilled orders of the United States Steel Corp. declined
during the past month to the lowest level in more than 20
years, the net decrease during November reaching 185,541
tons. Another disturbing factor was the suspension of
Palmer & Co. from the Exchange because of inability to
meet its obligations. Railroad shares have been weak and
under selling pressure on numerous occasions, and industrial
shares, motors and specialties have moved downward
throughout the week. Liquidation in some of the more
active stocks has been apparent from time to time and new
lows for the present movement have been established by
many of the speculative favorites. The weekly statement
of the Federal Reserve Bank of New York, made public
after the close of the market on Thursday, showed a decrease
of $30,000,000 in brokers' loans in this district. This decline carried the outstanding total down to $690,000,000 and
established a new low since Sept. 7 1921, when the total
was recorded as $680,448,000. Call money renewed on
Monday at 13'%, continued unchanged at that rate on
each and every day of the present week.
The market moved briskly upward during the two-hour
session on Saturday and practically all active issues gained
from 1 to 3 points on the day. Railroad stocks were stronger,
3918
particularly Chesapeake & Ohio which moved up 2% points
to 305 , and Atchison which gained 43% points to 953%.
%
New York Central advanced 13% points to 323/8, New Haven
moved ahead 2% points to 273% and Norfolk & Western ran
upward 23% points to 132; Moderate rallies were apparent
in United States Steel, Allied Chemical & Dye and American Can, while J. I. Case, Air Reduction and Worthington
Pump showed gains ranging from 2 to 3 or more points.
Auburn Auto was one of the most active stocks of the day
and closed with a net gain of 93% points. Tobacco stocks
were strong and moved upward under the guidance of
American Tobacco, which scored a gain of 2 points to 80.
American Tel. & Tel. forged ahead 33% points to 130, International Business Machine was up 3% points to 116% and
Homestake Mining surged forward 5 points to 125. Western
4
%
Union came back with a gain of 23 points to 463 ,General
Electric was up 13% points and Westinghouse moved up
23% points to 33. Trading continued fairly active until the
close with prices close to their best for the day.
The market opened fairly strong on Monday, but moved
upward and downward without definite trend during the
rest of the day. Trading was quiet and the tickers were
frequently at a standstill for minutes at a time. Stocks
were freely offered at slightly higher levels and were absorbed before the market closed. Many of the active
stocks showed good advances during the first hour, but
cancelled their gains later in the day. At the close, changes
were mixed and most of the market leaders were below their
best of the day. On Tuesday trading was again light and
prices generally moved downward as a result of adverse
dividend announcements, and a considerable amount of tax
selling. In the early trading prices were slightly higher
following the announcement of the favorable decision of the
I.-S. C. C. on the increased freight rate plan, but most of
the changes at the close were on the side of the decline and
included, among others, United States Steel, 23/i points to
513%; Union Pacific, 23j points to 783 ; Standard Gas &
4
Electric, 23% points to 323%; Air Reduction, 2% points to
553%; Allied Chemical & Dye, 2% points to 72%; American
Can, 23% paints to 623%; American Smelting, 23% points to
213%; American Tel. & Tel., 33% points to 1263/4; American
Tobacco B, 4 points to 783%; Atchison, 33% points to 903/8;
Auburn Auto, 63% points to 1163%; J. I. Case Co., 23% points
to 385 ; Coca Cola, 33% points to 113; Eastman Kodak,
%
45% points to 903%; Homestake Mining Co., 8 points to 121;
International Business Machine, 33% points to 117%;
International Salt, 10 points to 20, and Louisville & Nashville, 23% points to 24. In the closing hour, the market was
barely steady and the leaders were close to the bottom for
the day.
The market was weak and unsettled throughout the session
on Wednesday due to a variety of causes, including the proposed revision of the tax schedule and the omission of New
York Central's dividend which was passed for the first time
in more than 60 years. Motor stocks, communication shares
and amusement issues were all affected by the proposed tax
schedule and moved downward most of the day. United
4
States Steel dipped to 483 and a long list of stocks dropped
to new low levels for the present movement. Rails were
under pressure during the greater part of the session and
industrial shares also were weak and yielded from 1 to 3 or
more points. Other noteworthy losses were Auburn Auto,
5 points to 1113%; Eastman Kodak, 43% points to 863%;
National Lead, 5 points to 85, and Delaware & Hudson,
53% points to 743%. The market was barely steady at the
close and most of the speculative favorites were near to the
bottom.
Stocks dropped to new low levels on Thursday and while
there was a moderate rally around noon it made little impression on the list and most of the active stocks failed to
recover their early losses. Railroad stocks again bore the
brunt of the recessions and the losses in this group ranged
from 3 to 5 or more points, United States Steel touched
473% at its low for the day and closed at 483/2 with a net loss
of 13% points. Other outstanding losses were Delaware &
Hudson 4 points to 703%, National Lead 434 points to 8034,
4
Norfolk & Western 33% points to 1213 , and American Can
pref. 6 points to 1203%. As the session closed changes were
considerably mixed, but prices were firm and the leaders
were somewhat stronger. The market was again irregular
and unsettled on Friday as share prices moved upward and
downward in a quiet market. Railroad issues, industrials
and public utilities had intermittant periods of strength and
rallied quite sharply in the afternoon, only to lose most of
[Vol,. 133.
FINANCIAL CHRONICLE
their gains in the final hour. United States Steel again
broke to a new low at 4634, and while it partly recovered
its early recession the closing prices ,showed a loss of 23%
points at 453 . Among the prominent stocks closing on
4
the side of the decline were such active issues as Air Reduc%
tion 33% points to 493 ,Bethlehem Steel 35 points to 21%,
3
4
General Railway Signal 2% points to 22, General Foods
234 points to 303%, Peoples Gas 23% points to 1293%, National Lead 3 points to 125, Loews' Inc. 43% points to 26,
and Union Pacific 3 points to 73. The market was extremely
weak at the close, and as selling became more pronounced
prices yielded from 1 to 3 or more points.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended
Dec. 11 1931
State,
Stocks,
Railroad
Number of and Antral. Municipal db
Porn Bonds.
Shares.
Bonds,
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
872,400
1,457,085
1,597,128
2,263,447
2,664,173
2,354,197
11 200 ARA
Sales at
New York Stock
Exchange.
$3,170,000
4,671,000
5,613,000
5,786,000
8,062,500
6,865,000
3111070110 019
1931.
1930.
Total
Bond
Sales.
$685,000
1,723,000
1,646,000
1,498,500
2,328,500
3,442,000
A7n Ann 511
$5,831,000
9,936,000
10,050,000
11,169,500
14,236,000
13,743,000
864.965.000
12)0:
Jan. 1 to Dec. 11.
Week Ended Dec. 11.
Stocks
-No. of shares_ 11,208,430
Bonds.
Government bonds_ __ 211,323,000
State & foreign bonds_ 19,475,000
Railroad & misc. bonds 34,167,500
Total bonds
$1,976,000
3,542,000
2,791,000
3,885,000
3,845,000
3,436,000
United
States
Bonds.
1930.
1931.
12,945,890
$3,607,300
17,394,500
38,048,000
700,232,011
699,610,118
$264,340,700
850,433,100
1,728,134,900
8107,281,400
676,161,400
1,818,566,900
864,965,500 859,049,800 82,832,913,700 82,602,009,700
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Week Ended
Dec. 11 1931.
Boston.
Baltimore.
Philadelphia.
Shares. BondSales. Shares. BondSates. Shares. BondSalss.
81,000
3,000
2,000
7,000
5,000
2,000
13,811
29.117
31,512
47,602
49,431
15,301
32,000
1,000
21,000
1,000
2,90
45,000
a16,842
26,458
25,779
47,964
a75,579
25.144
32,000
12,500
3,900
13,000
6,000
126
426
2,034
6,322
1,877
3,038
186,774
572,000
217,766
337,400
13,823
20,000
8,209
889.000
192,948
$37,650 257.241
a In addition, sales of warrants were: Monday, 10: Thursday, 10.
813,400
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey. wk. revised_
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, Dec. 12), bank exchanges for all the cities of
the United States from which it is possible to obtain weekly
returns will be 37.1% below those for the corresponding
week last year. Our preliminary total stands at $5,549,582,880, against $8,812,855,321 for the same week in 1930.
At this center there is a loss for the five days ended Friday
of 37.1%. Our comparative summary for the week follows:
CkarIngs-Returns nv Telegraph.
Week Ended Dec. 12.
1931.
1930.
Per
Cent.
New York-,
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
22.819.509.903 84,489,000.000
213,014,197
351,473,881
226.000.000
321,000,000
200,000,000
310,000.000
57,839,519
89.302,073
58,900,000
84.400,000
100,612,000
133,808,000
No longer will re port clearings.
74,878,989
143,501,407
65.077,008
111.693,057
56.763,647
88,013,120
50.819,892
76,644,472
32,410,685
43,401,288
-47.9
-41.7
-35.6
-33.8
-25.1
Twelve cities, five days
Other cities, !lye days
$3,953,823,840
670.828.560
$8,242,337,298
813.228,325
-36.7
-17.5
Total all cities, five days
All cities, one day
$4,624,652.400
924.930,480
87,055,565,623
1,757,289,898
-34.3
-41.7
Total all cities for week
$5,649,582,880
$8,812,855.321
--37.I
-37.1
-39.4
-29.6
-35.5
-84.2
-32.6
-24.8
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 Dec. 5.
For that week there is a decrease of 29.2%, the aggregate of
clearings for the whole country being $6,693,193,134, against
$9,594,957,430 in the same week of 1930. Outside of this
city there is a decrease of 28.4%, the bank clearings at this
center recording a loss of 31.3%. We group the cities now
DEC. 12 1931.]
FINANCIAL CHRONICLE
according to the Federal Reserve Districts in which they
are located, and from this it appears that in the New York
Reserve District, including this city, there is a contraction
of 31.1%, in the Boston Reserve District of 20.3%, and in
the Philadelphia Reserve District of 20.3%. In the Cleveland Reserve District the totals have been diminished by
34.6%, in the Richmond Reserve District by 26.2% and in
the Atlanta Reserve District by 21.7%. The Chicago
Reserve District records a loss of 39.1%, the St. Louis
Reserve District of 23.1% and the Minneapolis Reserve
District of 20.9%. In the Kansas City Reserve District
the decrease is 31.3%, in the Dallas Reserve District 19.8%
and in the San Francisco Reserve District 20.4%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
•
1931.
Inc.or
1930.
Dec.
1929.
Reserve Dist.
Federal
$
$
%
$
385,881,043
1st Bo8ton__ .._12 cities
483,929,838 -20.3
651,322,390
4,309,653,984 6,253,307,907 -31.1 9,243,935,414
2nd New York_12 "
361,463,889
3rd Philadelphial0 "
501,243,566 -27.3
764,398,736
257,335,206
403 Cleveland__ 8 "
393,004,429 -34.6
434,910,214
145,815,025
5th Richmond _ 8 "
198,178,211 -26.2
197,261,408
6th Atianta____11 "
113,781,157
149,058,703 -2L7
188,159,265
477,100,377
7111 Chicago_ - _20 "
783,030,024 -39.1 1,073,580,671
8th St. Louis-- 7 "
124,391,956
161,739,145 -23.1
206,761,530
9th Minneapolis 7 "
89,076,067
112,702,084 -20.9
143,030,542
10th KansasCitY 10 "
121.760,653
177,485,854 -31.3
210,641,474
Ilth I)a1128
5 "
47,534,016
59,258,293 -19.8
87,134,687
12111 San Fran 14 "
256,399,771
322,019,376 -20.4
389,592,761
122 cities 6,693,193,134 9,594,957,430 -29.2 13,640,729,292
Total
Outside N. Y. City
2,514,004,072 3,511,962,110 -28.4 4,547,788,719
Canada
32 cities
416.407.799
437.916.009 -9 7
R711101 lno
Week End. Dec. 5 1931.
1928.
9
614,439,910
10,170,683,882
724,919,716
454,219,941
211,964,111
210,743,628
1,174,701,598
227,295,749
157,131,681
219,383,532
160,415,040
446,263,318
14,722,062,104
4,551,378,259
007 MO 097
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Marin
Week Ended Dec. 5.
at
1931.
1930.
Inc. or
Dec.
$
$
%
First Federal ' serve Dist net
-Boston-Bangor__ .._
k.fe.
621.325
841,153 -26.0
Portland
3,568,913
4,63.8,331
22.9
8a8s.-Boston... 341,575,098 425,648.493 -19.8
Fall River_ _ _
.
915,430
1,056,242 -3.9
Lowell
547,157
551,118 -0.
New Bedford
849,857
993.135 -14.4
Springfield__ -4,295,175
6,067,305 -28.9
Worcester
3,200,343
3,539,791 -9.6
3bnia.--1Lutford
10,699.836
18.387,983 -41.8
New Haven_ _ _
6,805,857
7,171,459 -5.1
Ft.I.-Providence
11,150,900
12,681,000 -12.2
.'.R,-Manches'r
1,651,152
2,353.828 -29.4
Total(12 cities)
38.5,881,043
483,929,838 -20.3
Second Feder al Reserve D istrict-New
N. Y.
-Albany....
7,315,783
7,800,470
Binghamton
963,616
1,204,764
Buffalo
34,895,653
45,881,657
Elmira
1,044,943
1,362,126
Jamestown._
829,739
1,100,368
New York---- 4.179.189,0628,082,995.320
Rochester
11,814,488
14,103,753
Syracuse
4,435,339
6.559,559
-Stamford
Donn.
2,721,676
4,086,089
-Montclair
N. J.
1,359,773
1,564,258
Newark
34,773,839
40,321,328
Northern N. J.
37,310,073
46,328,215
1
1929.
$
792,351
4,473,252
590.000,000
1,572,680
1.313,181
1,088,424
6.133,086
4,190,407
15,366,448
8,111,222
16,614,200
1,677,142
1928.
$
910,215
6,261.591
540,000,000
1,768,912
1.436,503
1,305,246
7,026,200
4,364,701
21,616,730
9,257,152
18,813,000
1,679,660
651,322,390 614,439,910
York
-6.3
7,492,788
7,833,487
-20.0
1,679,566
1,526,265
-21.8
54,266,747
65,425,533
-23.4
1,031,914
1,400,130
-24.7
1,381,770
1,417.955
-31.3 9,092,940,573 9,970,558,150
-9.2
16,543,681
21,077,697
-30.8
7.539,629
7,327,685
-33.5
4,000,000
3,555,571
-13.2
1,564,839
1,507.033
13.6
43,636,417
37,252,479
-19.5
61,857,490
51,801,917
Total(12 citi88) 4,309,653,984 6,253,307,907 -31.1 9,293,935,414
10170683,882
Third Federal Reserve Dist rIct-Philad elphia
Pa.
-Altoona.--.
492,900
1,222.194 -59.8
Bethlehem
3,171,688
4.147,940 -23.6
Chester
948,888
1,341,881 -29.3
Lancaster
2,133,434
1,713,873 +24.5
Philadelphia- 344,000,000 475,000,000 -27.6
Reading
3,106,646
3,701,807 -16.1
Scranton
3,012,334
4.870,875 -38.2
Wilkes-Barre_
2,724,633
.
3,622,615 -24.8
York
1,411,366
1,974,401 -29.0
N.J.
-Trenton..3,462,000
3,648,000 -2.1
1,413,481
5,610.309
1,312,964
2,022,952
733,000,000
3,879,627
5,824,428
3,985,158
1,821,289
5,528,528
1,670,952
5,697,090
1,412,484
2,096,134
689,000,000
5,397,142
6,862,665
4,586,751
2,259,314
5,937,724
501,243,566 -27.3
764,398.736
724,919.716
Fourth Feder al Reserve 0 istrict-Clev eland
31110
-Akron
d421,000
4,130,000 -89.9
Canton
b
3,389,705
Cincinnati.._...
51,462,991
58,469,718 -12.0
Cleveland_ __ _
86,542,451 112,583,881 -23.1
Columbus
15,544,500 -39.5
9,418,400
Mansfield
1,512,656
c
Youngstown
5,329,287
e
Pa.
-Pittsburgh _ 109.490,364 192,044,682 -43.1
4,710,000
4,585,862
66 731.350
144,916,951
16,790,100
2,030,106
4,729,979
190,415,866
8,431,000
4,611.868
77,073,143
142,643,717
16,291.300
2,101.890
6,429,037
196,737.986
434.910,214
454,219,941
1,774,129
7.050,296
51,536.000
2,734,705
104,129,760
30.036,518
1,430,646
7,145,682
52,499,000
2,220,000
113.047,723
35,621,060
197,261,403
211,964,111
2,938,980
21,335.967
50.588,067
2,200,508
1,670.859
15.141,533
26,360,083
2.654,155
2,148,903
313.431
62.806,779
3,208,189
25,457,164
59,6.57,700
2,608,558
2,700,000
16,878.384
27.363,931
2,526,213
2,570,000
571,166
67,300,303
188,159,265
210,743.628
Total(10 cities)
364,463,889
Total(8 citles)_
257,335,206 393,004,429 -34.6
Fifth Federal Reserve Dist rlet-RIchm ond-W.Va.-IIunt'g'n
685,451
1,458,901 -53.0
Va.-Norfolk
5,912,829 -22.0
4,603,699
Richmond __....
48,146.000 -24.5
36,370,371
B. C.
-Charleston
2,160,765 -24.8
1,625,723
Md.-Baltimore_
75,990,284 111,027.535 -31.7
D.C.-Wa.5h1ng'n
26,539,497
29,472,181 -10.0
Total(6 cltles)_ 145.815.025
198,178.211 -26.2
Sixth Federal Reserve Dist
riet-Atlant aTenn.-Knoxvllle
3,596,000
p2.000,000 +79.8
Nashville
10,666,154
17,736,753 -39.4
Ga.-Atlanta
34.500,000
41,146,044 -16.2
Augusta
1,201,878
1,857,635 -29.4
Macon
707,296
1,187,282 -32.0
Fla.-Jacksonvle
10,556,46
13.287,770 -20.6
ma.-sirmIntrm.
11.400,22
17,511,150 -34.7
Mobile
1,355,274
2,134,564 -36.6
-JacksonMiss.
1,685,000
2,786,000 -35.9
VlcksbUrg
238,848
223,989 +2.6
-Now Orrns_
37,884,012
La.
49,187,516 -22.9
Total(11 cities) 113,781,157 149,058,703 -21.7
3919
Week Ended Dec. 5.
Clearings at
1931.
•
or
Dec.
1930.
1929,
1928.
Seventh Feder al Reserve D !strict
-Chi cago-Adrian -Mich.
150,460
202,479 -25.7
246,779
292,586
Ann Arbor____
833,824
1,099,267 15.5
1,146,223
1,143,960
Detroit
101,824,806 140,889,704 -27.7 188,885,870 227,839,730
Grand Rapids3,767.329
5.991.896 -37.0
6,737,000
9,607,513
Lansing
2,341,464
2,980,026 -21.2
3,394,852
3.146,622
-Ft. Wayne
1,3.99,484
Ind.
3,176,414 55.9
3,946,254
3,697,628
IndianapolLs16,296,000
21,596,000 19.9
24,8.52,000
25.773,003
South Bend. _ _
1,956,480
2,574,914 -24.2
2,917,378
3,769,300
Terre Haute__ _
3,612,558
4,487,469 -19.2
5,477,380
5,429,025
Whs.-Milwaukee
20,405,832
29,931,595 31.9
37,074,876
48.141,254
Iowa-Ced. Raps
1,130,609
3,578,009 -68.4
3,788,440
3.735,797
Des Moines_ _
6,020.185
7,918,574 -23.9
9,993.672
10,362,775
Sioux City3.989,523
5,803,741 31.2
6,878,184
7,147,746
Waterloo
559,629
1,392,279 59.8
1,765,917
1,868,145
Ill-Bloom•gton.
1,376,854
1,704,700 -19.3
2,100,000
2,097,532
304,489,415 539,124,297 -43.5 7.59,633,895 804,952,319
Chicago
799,871
Decatur
1,110,286 -28.1
1,409,785
1.627,742
Peoria
2,859.957
4,050,272 -29.2
6.366.245
5,946,865
Rockford
1,453,256
2,758,188 -47.4
4,016.882
4,637,524
Springfield_
1,832,841
2,659,920 -31.2
2,949,239
3,184,535
Total(20 cities) 477,100.377 783,030,024 39.1 1,073,580,871 1.174,601,598
Eighth Federa Reserve Die trict-St.Lo tile--Evansville_
2,613,414
Ind.
4,840,621 -46.2
Mo.-St. Louti
84,100,000 115,700.000 -27.3
21,454,411 -3.0
21,378.765
KY
Oweusboro _ _ _
194,727
449.052 -56.7
Tenn.-Mem phis
15,143,504
18,499,362 -18.2
-Jacksonville
111,344
Ill.
176,693 -36.9
Quincy
850,202
619.006 +37.3
4,488,050
136,100,000
34,514,889
606.044
29,039,455
422,840
1,590,252
5,508,918
152,579,108
42.805.428
.523,828
33.812,683
400,744
1,665,000
208,761,530
237,295,749
Ninth Federal Reserve Dis Wet
-Minn capons-Duluth_ _
Minn.
3,342,165
4,714,319 -27.0
6,164,839
Minneapolis_
59,960,149
76,812,281 -20.5
98,049,593
St. Paul
19,941,727
23,549,118 -15.3
29,966,304
N. Dak.-Fargo_
2,092,353
2,322,611
1.4
2,120,458 S.D.-Aberdeen _
676,317
1,159,856 -33.1
1,261,401
Mont.
-Billings 639,243
12.5
730,552 1,004.603
IIelena
2,424,103
3,615,500 -32.9
4,261,191
8,938,820
101,647,542
36.745.509
2,5.54,581
1.553.289
1.060,940
4.631,000
Total(7 cities)-
Total(7 elties)-
124,391,956
89,076,057
161,739,145 -23.1
112,702,084 20.9
143,030,642
157,131.681
Tenth Federal Reserve DM trlct-Kaas as City
254,846
Neb -Fremont...
346.986 - 26.6
220,980
Hastings56.9
512,400 Lincoln
2,847.097
22.5
3,669,645 Omaha
29,207,162
40,346,103 25.2
Kan.
2,224,736
-Topeka
3.235,960 -31.3
Wichita
4,764,412
6,792,002 29.8
Mo.-Kan. City_
76,592,287 114,197,908 32.9
3,468,316
St. Joeeph
5,421,685 36.1
-Col. Spas.
Colo.
1,040,537
1,376,219 -23.7
a
Denver
a
a
1,140,280
Pueblo
-28.2
1,588,946 -
421,849
523,419
4,328,456
45,532,325
3,993,222
8,719,870
136,883,484
7,070,464
1,301,691
a
1,866,694
445,583
615,325
3,932,114
43,805,654
4,413,615
9,986,054
145,625.215
7,078.943
1,672,636
a
1,808,393
Total(10 cities)
121,760,653
177,485,854 31.3
210,641,474
219,383,532
las24.6
12.5
24.2
20.6
-25.5
2,011,918
56.101,277
16,805,973
6,265,000
5,950,519
2,051,082
64.619,941
19,749,303
7,876,000
6,118,714
59,258,293 -19.8
87,134,687
100,415-040
Eleventh Fade cal Reserve District
-Da
-Austin_
1,177,074
Tex.
1,561,302
33,490,674
Dallas
39,509,437
7,122,037
Fort Worth
10,697,187
Galveston
2,961,000
3,743,000
2,783,231
La -Shreveport..
3.747.367
Total (5 cities)..
47,534,016
Twelfth Feder al Reserve D istrict-San Franc'
28,867,525
Wash -Seattle..
37,120,654 --22.3
44,888,207
Spokane
8,484,000
11,708,000 -19.9
13,817,000
13,817.000
Yakima_ _
897,214
_
1,611,911 --44.3
2,261,087
Ore.
-Portland...
24,249,475
33,639,439 --28.0
43,463,878
Utah-S. L. City
18,558,131
24,077,970 -22.9
26,497,635
Calif. L. Beach_ _
5,022.369
7,928,631 -36.7
9,041,483
Los Angeles_ _ _ No longer will report clearin gs.
Pasadena
4.563,235
5,953,701 -21.7
7,353,990
Sacramento......
7,348,872
8,629,773 -14.9
9,369,951
San Diego_
4.307,441
6,246.910 -30.9
8,537,915
San Francisco_ 148,521,086 174.794,601 -16.1 211,266,267
San Jose
2,441,641
3,561,972 --31.5
5,168,789
Santa Barbara_
1,833,454
2,428,774 -24.6
2,685,115
Santa Monica.
1,601,494
2,132,340 -24.9
2,213,244
Stockton
1,703,834
2,184,700 --17.4
3,128,200
55,043,445
14,476,000
2,243,198
42,506,370
23,200,252
9,541,703
7,429,077
9,395.332
8,139,301
262,636,691
3,589,453
2,217,652
2,219,842
3.625,000
Total(14 citim6 256,399,771 322,019,376 -20.4 389,592,761 448.283,318
Grand total (122
6,693,193,134 9.594,957,430 cities)
29.2 13640729,292 14722082,104
Outside New York12,514,004,072 3,511,962,110 28.4 4,547,788.719 4,551,378.222
1Veck Ended December 3.
Clearings at-
or
Dec.
Inc.
1931.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Slat... _
Peterborough........
Sherbrooke_
Kitchener
Windsor
Prince Albert._
Moncton
Kingston
Chatham
Sarnia
Sudbury
$
147,723,464
114,782,377
70.130,226
16,251,898
7,625.405
6,490,565
3,208,342
5,637,034
7,886,414
2,678,137
2,202,084
3,727,573
5,456,173
5,660,392
672.055
458,871
1,962,273
826,846
3,727,573
. 770.903
689,683
275,153
603,661
799,202
1,036.897
3,050,977
453,739
985,621
869.996
629,468
552.628
582,169
1930.
167,457,164 -11.7
128,816,126 -11.0
50,568,006 +38.9
18,161,472 -10.0
7,516,362 +1.4
7,881,938 -17.6
3,491,482 -8.2
6,657,878 -14.1
8,345,212 5.5
2,446,689 +9.2
2,289,246 -3.8
4,040,788 -5.3
5.631,870 -3.1
4,912,597 +4.5
538,99 -33.2
552,406 -17.0
2,547,886 23.0
1,137,879 27.4
1,223,24
+4.1
1,000,769 -23.0
893.375 -22.9
332,186 -17.2
881,227 -31.5
1.070,629 -24.4
1,379,13.5 17.7
3,599,847 -12.5
544,802 -16.7
1,000.000 -1.5
832,767 +4.5
641,339 -1.9
707,402 -21.9
935,237 -37.8
1929.
180,133.142
138,700,031
80,884,864
24,261,630
10,111,620
10,970,220
3,592.220
8,195,343
14,252,818
2,783,255
2,959.375
3,977,315
9,045,790
8,981,531
756,954
839.885
2,474,088
1,557,624
1,348,181
1,193,262
1,206,997
518,136
1,031,161
1,157,827
1,586,021
5,114.310
707,482
1,291,422
931,586
827,219
1,000,000
1928.
220,144,098
199,653,360
92,647,596
25,377,145
11,870.892
11,607,524
4,532,042
7,886,699
17,166,768
3.677,613
2,982,047
4,523,349
9,031,207
8,402.236
1,128,244
734,214
3,565,458
2,085,460
1,529,444
1,743,161
1,160.331
682,487
1,059,035
1,197,768
1,588,404
6,204,145
667,545
1,340,713
988,527
075,269
925.178
Total(32 cities) 418,407,799 437,965,962 2.7 520,391,309 647,078,059
•Estimated. a No longer reports week,y clearings. 13 Remain ng baffles
exchanging checks d rest, no clearings figures available. c Three large
banks closed,
clearing house not functioning. d Figures smaller due to merger of
two largest
banks. e Clearing house discontinued.
[VOL. 133.
FINANCIAL CHRONICLE
3920
Dairy Co-operatives Under Provisions of Agricultural
Marketing Act Name Advisory Committee.
The following announcement was made Nov. 30 by the
Federal Farm Board:
Imports.
British South Africa
British West Africa
British India
Australia
Straits Settlements and
Dependencies
Other countries
Netherlands
£707,880
47,014
848,716
11,702
Exports.
£908,850
Netherlands
797,353
France
510,015
Switzerland
168,838
United States of America10,350
Austria
4,105
Other countries
19,700
4,534
In accordance with the provisions of the Agricultural Marketing Act,
45.576
the dairy co-operatives have established a Dairy Advisory Committee
£2,399,511
£1,685,122
for the year beginning Dec. 1 1931. Following are the members of the
SILVER.
committee:
Prices have continued to fluctuate but movements were not so wide as
Harry Hartke, Covington, Ky., Co-operative Pure Milk Association
those recorded last week. On the whole the market has shown a fIrmLsh
(experienced processor).
Association. tendency, due in a measure to the weakness of sterling which caused sellers
C. E. Hough, Hartford, Conn., Connecticut Milk Producers'
John Brandt, Litchfield, Minn., Land O'Lakes Creameries, Inc. (experi- to hesitate. Business has been fairly general, the Indian Bazaars and China
having both bought and sold, but speculative operations have been rather
enced processor).
less in evidence. America has been disposed to sell for near delivery, and
George W. Slocum, Milton, Pa., Dairymen's League, Inc.
this, with a decline in offtake, resulted in the cash quotation being fixed at
P. L. Betts, Chicago, Ill., Dairy and Poultry Co-operatives, Inc.
a discount of 3-168. on the 23rd instant.
U. M. Dickey, Seattle, Wash., United Dairymen's Association.
Quotations during the week:
W.S. Moscrip, Lake Elmo, Minn., Twin Milk Producers' Association.
IN LONDON.
IN NEW YORK.
Bar Silver per Oz. Standard.
(Cents per Ounce .999).
Cash.
THE CURB EXCHANGE.
10
Nov. 19
18 1-16d.
18 1-1611. Nov. 18
30%
18 5-16d.
18 5-16d. Nov.' 19
After exhibiting some improvement at the opening of the Nov. 20
31
Nov. 21
18%d.
1850.
Nov. 20
30%
18 5-168.
Nov. 21
1S!4d.
week, prices on the Curb Exchange were again subjected to Nov. 23
30
Nov. 24
18 11-16d. 187 d.
4
Nov. 23
30%
heavy liquidation, with the result that many new low Nov. 25
187-168.
Nov. 24
1834ti.
18.385d.
18.479d.
records were established. Preferred stocks especially suf- Average
Rate of Exchange on New York-Nov. 12 to 18.
fered severely. Among utility issues Electric Bond & Share,
Lowest, 3.62.
Highest, $3.77)
porn. after early improvement from 15 to 16%, sagged to
The following were the United Kingdom Imports and exports of silver
$5,yref. registered from mid-day on the 16th instant to mid-day on th 23d instant:
113i. The $6 pref. broke from 61% to 52 and the
Exports.
from 533' to 453. Amer. Cities Power & Light, class A, United States Imports.
£63,080
of America__ 240,910 Germany
27.470
Mexico
lost over 3 points to 23%, the close to-day being at 23
102.382 Belgium
28.050
British West Africa
15,625 Iraq
Amer. Gas & Elec., coin. rose at first from 43% to 443/8, then British India
16,400 United States of America __ 24,195
99,009
6,905 British India
dropped to 373, ex dividend. The close to-day was at Canada
14,045
Australia
6.895 Other countries
17.532
-Duke Power sold Other countries
379g. The preferred lost 5 points to 857
£255,849
down from 82% to 75._Oil stocks show comparatively few
£206,649
INDIAN CURRENCY RETURNS.
changes of importance. Cheseborough Mfg., on few trans7.
6
Nor.7. Oct. 31.
(In
Nov. 15.
actions sold down from 94 to 89, ex dividend. Humble 011 Notes Lays of Rupees)In circulation
16311
7
5955
1317
13059
13011
- .
& R,efg. was off from 503' to 47%. Oliver Oil, pref. weakened Silver coin and bullion in India
Silver coin and bullion out of India
115
-7
;lio
-440
from 73 to 69 Gulf Oil improved at first from 42% to 433/s, Gold COW and bullion in India
.
-7
Gold coin and bullion out of India
W4§
then declined to 37%, the close to-day being at 373'7The Securities (Indian Government)
66
'
2860
conspicuous for many wide changes. Securities (British Government)
industrial list was
The
Shanghai on the 21st instant consisted of about 60,100,000
Aluminum Co., corn, after early advance from 65% to 68, ouncesstocks in and 171,000,000 dollars, as compared with about 62.400,000
in sycee,
slumped to 554 and finished to-day at 553. The 6% pref. ounces in sycee, 175.000.000 dollars on the 14th instant.
stock sold down from 75 to 68 and at 69 finally. Childs Co.,
pref. on few transactions was off from 683 to 60. Deere &
ENGLISH FINANCIAL MARKET PER CABLE.
Co., corn, dropped from 14 to 93 and closed to-day at 10.
The daily closing quotations for securities, &c., at London,
Great Atlantic & Pacific Tea, corn. moved down from 170 as reported by cable, have been as follows the past week:
to 159. Singer Mfg. sold down from 1663' to 132% and
Fri.,
Thurs.,
Wed.,
Sa .,
Tues.,
Mon..
Dec. 11.
Dec. 10.
Dec. 9.
Dec. 5.
Dec. 8.
A.0.Smith Corp., corn.from 59% to 49. Swift & Co. went
Dee. 7,
20 3-16d. 207-168.
Silver, per oz.- 1934cl.
20 11-165. 1952d.
205.58.
8
down from 223/ to 143/, the close to-day being at 17%. Gold, p.fine oz. ____
126s. 28. 126s. 10d. 1268. 68. 1255. 3d. 1258.
Swift International lost some 12 points to 18)Y, recovering Consols,2%7 _ 5134
54
0
5152
51
5152
5134
95%
9352
British 53r-- ___ ____
9334
94
9334
finally to 22.
__ ____
British
91
90
90
91
A complete record of Curb Exchange transactions for the French 4% % (in Paris) 92%
Rentes
week will be found on page 3950.
88.10
fr
92.10
3%
80.40
82.30
81.70
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
Dec. 11 1931.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Bales at
New York Curb
Exchange.
Stocks
(Number
of
Shares).
Foreign
Foreign
Domestic. Government. Corporate.
$37,000
100,000
180,000
138,000
151,000
149,000
1,959,875 315,047,000
$755,000
Week Ended Dec. 11.
1931.
1930.
Total.
$108,000
180,000
160,000
185,000
143,000
184,000
$1,597.000
2,160,000
2,911,000
2,776,000
3,895,000
3,423,000
8960,000 816,762,000
Jan. 1 to Dec. 11.
1931.
1930.
3,419,300
1,959,875
Stocks
-No. of shares_
Bonds.
$15,047,000 $19,540,000
Domestic
1,004,000
755,000
Foreign Government- 772,000
960,000
Foreign corporate
103,169,532
241,759,693
8855,101,000
30.391,000
38,235,000
3799,858,000
33,494,000
36,961.000
$16,762,000 821.316,000
8923.727.000
8870,313,000
Total
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Nov. 25 1931:
GOLD.
The Bank of England gold reserve against notes amounted to £120,703,509
on the 18th instant, as compared with £120,698,392 on the previous Wednesday.
About £100,000 of bar gold from India was available in the open market
on the 23rd instant and was taken for New York at thefixed price of 11.s. 9d.
Per fine ounce. To-day about £220,000 bar gold from an undisclosed source
was offered and was disposed of to the U. S. A. and the Continent at the
fixed price of Ills. 10d. per fine ounce.
Quotations during the week:
F,ouivalent value
Per
of i Sterling.
Fine Ounce.
15s. 6.9d.
109s. ld.
Nov. 19
15s. 6.1d.
Nov. 20
109s. 7d.
15s. 5.2d.
110s. ld.
Nov. 21
15s. 2.5d.
Nov. 23
111s. 9d.
14s. 11.8d.
Nov. 24
113s. 5d.
us. 2.38.
Nov. 25
Ills. 10d.
Average
15s. 3.8d.
11(1s. 11.58.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 16th instant to mid-day on tao 23rd instant:
99.40
97.70
97.90
97.70
The price of silver in New York on the same days has been:
Bonds (Par Value).
134,512 $1,452,000
259,125 1,880,000
255,400 2,571,000
347,344 2.453.000
507,212 3,601.000
456,282 3,090,000
French War Loan (in Paris)
5%
99.90
Silver in N. Y.,
per oz. (ets.) 29
30
2934
2934
2934
3034
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
Dec. 5 Dec. 7
1931. 1931.
Francs. Francs.
Bank of France
10,400
Bank Nationale de Credit
116
Biuzque de Paris et Pays Bea_
1,090
Banque de Union Parislenne.
345
Canadian Pacific
384
Canal de Sues
11.900
2,160
Cle Distr d'Electricitle
Cle General d'Electrieltle
1,910
Citroen B
516
Comptoir Nationale d'Escompte
970
Cosy. Ian
361
Courderes
Credit Commerciale de France,_
584
3,480
CreditFonder de France
1.490
Credit Lyonnais
2,160
Distribution d'Electridtle la Par
2,070
Eau' Lyonnais
560
Energie Llectrique du Nord
935
Energie Electrique Cu Littoral98
French Line
HOLT90
DAY
Gales Lafayette
700
Gas Le Bon
300
Kuhlmann
490
L'Alr Liquids
1,100
Lyon (P. L M.)
360
Mines de Courrieree
390
Mines des Lens
1,560
Nord Ry
1,310
Paris, France
85
Pathe Capital
980
Pechiney
82.30
Rentes 3%
Ramos 5% 1920
124.60
94.40
Rental 4% 1917
99.90
Rentee 5% 1916
100.90
Rented 8% 1920
1,220
Royal Dutch
1.545
Saint Cobin. C. 4: C
1,051
Schneider ar Cie
Societe Andre Citroen
510
165
Societe General Fonder.
Societe Francalse Ford
108
2,017
Societe Lyonnais
650
Societe MarsellIalse
Dec.8 Dec. 9 Dec. 10 Dec. 11,
1931.
1931. 1931. 1931.
Francs. Francs. Francs. Francs.
11,100 10,800 10,700 10,900
110
113
115
1,155
1,130 1,070 1,060
320
325
330
-5ii
367
372
392
11.500 11,655 11,525
1,960 1.11155
2,100 2.010
1,840
1.960 1,850
400
505
516
980 1,515
970
1,020
250
230
230
270
351
367
360
578
570
571
3.800 3,660 3.550 0,550
1,480 1,460 1,460
1,560
2,010
2.200
1,900 1,980
2,080 1,900 1,880
1,920
560
560
545
-920
865
915
-- 98
95
05
97
95
96
96
95
700
700
700
700
300
290
290
300
500
460
480
480
1.101
1,115
1,105
360
360
350
350
400
390
390
391
1,600
1,550
1,600 1.510
1,300
1,310
1,270 1,230
85
85
85
1190
1,010
980
090
81.70 80.40 80.40 80.10
123.40 120.30 120.10 119.50
93.50 91.80 92.10 91.80
99.40 97.70 97.90 97.70
100.60 100.40 101.60 100.80
1.180
1.150
1.220 1.180
1,450
1,475
1,540
1,065
1.054
1,010
500
480
500
520
155
164
161
174
103
105
105
1,980 2;615 2,070
640
644
654
DEC. 12 1931.]
Suez
TubIse Artificial Silk prof
Union d'Electricitie
Union des Mines
Wagon-LIU
FINANCIAL CHRONICLE
Dec. 5 Dec. 7
1931.
1931.
Francs. Francs.
11,850
Holt148
day
820
___
92
Dec. 8
1931.
Francs.
12,000
142
820
327
93
Dec. 9 Dee. 10 Dec. 11
1931. 1931.
1931.
Francs. Francs. Francs.
11,600 11,600 11,800
134
138
760
740
750
--------326
1003
96
----
3921
Los Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stock Exchange, Dec. 5 to Dec. 11,
both inclusive, compiled from official sales lists:
Stocks-
Friday
sates
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Associated Gas & Elee A •
435 435
100
556 Dec 2135 Mar
Barnsdall Oil A
25
435
434 435 1,600
434 Dec 13
Jan
Boisa Chloe Oil A
4
10
4
700
4
Oct 2234 Jan
434
Byron Jackson
•
154
144 134
600
754 Feb
134 Sept
California Bank
65
65
50 58
Oct 9435 Feb
New York quotations for German and other foreign un- California Packing Corp_ 25
_•
log iou
635 Nov 3634 May
450
Central Investment Co_100 20
20
25
120 20
Dec 94
Jan
listed dollar bonds as of Nov. 27:
Citizens Nat Bank
20
5855 5855
60 5655 Oct 90
Mar
Ma.
Asked. Claude Neon Elea Prod_.'
835 931 1,100
8
Oct 2355 Mar
Bavaria 654s. 1929-1945
17
21
Douglas Aircraft Inc
•
11
12
400 11
Oct 2334 Mar
Brandenburg Electric 6%,1953
22
2334 Foster-KleLser corn
10
50
135
135 Oct
14 134
54 Mar
East Prussian Power 6%, 1953
17
Globe Grain & Mill com_25
19
10
100
955 Oct 2035 Jan
10
European Mortgage & Investment 755z, 1968
36
Goodyear T & Rub pref 100
38
63
20 63
63
Dec 80
Feb
Flinch Government 555s, 1937
10035
101
Goodyear Textile pref_100
30 70 Sept 89 June
71)
77
French National Mall S. S. Line 6%, 1952
8035
824 hit Re-insurance Corp.. 10 1834 1834 19
400 1834 Dec 33
Jan
German Atlantic Cable 7%, 1945
33
37
Los Aug Gas & Elee pf_100 97
355 97
97
984
Dec 11135 July
German Building & Landbank 64%.1948
18
23
Los Ang Investment Co 10
4
44 1,500
4
4
Dec 1034 Jan
Hamburg-American Line 655e, 1935
55
so
MacMillan PetroleumCo.25
200
% Oct
%
6
54
Feb
Hungarian Central Mutual 7a. 1937
24
26
Monolith Portl Cem't pf_10
355 355
100
355 Aug
44 Apr
Hungarian Discount & Exchange Bank 7s. 1963
21
23
Mtge Guarantee Co_ -100
115 115
50 115
Oct 165
Feb
Hungarian Italian Bann. 755%, 1932
54
Pacific Amer Fire Ins Co.10 2255 2235 25
Sr
300 15
Oct 29 June
Koholyt 6555, 1943
18
22
Pacific Finance Corp com10
634 711 1,300
655
534 Dec 1314 July
Leipzig Overland Power 654%. 1946
49
36
Preferred series A- -_10
835 84 2,200
834 Dec 1134 June
Leipzig Trade Fair 75, 1953
24
29
Series C
10
100
834 Dec 1854 June
67-4 614
Marmhein & Palatinate Is, 1941
30
35
Series 13
10
731 735
74 Dec 10 May
500
Munich 78, to 1945
25
30
Pacific Gas & Elee corn_ _25 3355 3334 354
600 294 Oct 543.4 Mar
Nassau Laiadbank 634%. 1938
20
30
lot preferred
25
25 25
2531
400 25
Dec 9234 July
Oberpfalz Electric 7%, 1940
20
Pacific Lighting corn
30
.
500 3751 Oct 6714 Mar
3934 4034
Paris-Orleans Ry. 68. 1958
38
Pac Mutual Life
_10
550
Jan
Pomerania Electric 6%. 1953
25"" Pacific Pub Serv Iiasur_' 35 35 364 600 35 Dec 5835 Apr
18
corn
2%
231 334
254 Dec 1035
Protestant Church (Germany) 755s, 1946
20
25
1st preferred
• 10
Dec 184 Apr
1134
700 10
10
Provincial Bank of Westphalia 6%. 1933
15
20
Pacific Tel & Tel com_100
100 100
10 100
Dec 121331 July
Rhine Westphalia Electric 7%, 1936_
40
45
Pacific Western 011 Co__ _• __ 4
4
Oct 1555 Feb
3
431 4,100
Roman Catholic Church 634%, 1946
45
47
Pickwick Corp corn
35 June 1.35 Jan
10
200
A
35
Roman Catholic Church Welfare 7%. 1946
34
37
Republic Petroleum Co_10
14 135
900
1
Sept
255 Mar
Saarbruecken Mortgage Bank 68, 1947
50
Richfield Oil Co com
54
300
•
34 Oct
34
614 Jan
Saxon State Mortgage 6%, 1947
30
35
Rio Grande Oil com_ __ _ 25
134 154 2,700
134 Mar 1034 Jan
134
Siemens & Halske debenturea 6%, 2930
250
280
San Joaq L&P 7% pr pf 100 104
104 10514
Dec 1304 Aug
61 104
Stettin Public Utilities 7%, 1946
17
22
Seaboard Nat Bank__ 25
3755 3755
50 374 Jan 4535 Sept
United Industrial 6%. 1945
20
24
Seaboard Nat See Corp...25
50 39
39
39
Apr 4754 Aug
Wurtemberg 75, 1929-1945
22
27
See.FirstNat Bk of L A _25 6231 6231 65
4,000 59
Oct 953-4 Feb
Shell Union 011 Co corn_ _25
300
311
334 Oct 10
SU 4
Jan
Signal Oil & Gas A
25
534 531
Apr 1731 Feb
5
100
So Calif Edison com---_25 3035 3054 3334 4,600 28
Oct 5455 Feb
7% preferred
25 277-4 2734 2811 1,300 2734 Oct 307-4 Aug
6% preferred
2,100 2411 Dec 29
25 2431 2434 25
July
514% p eferred
2214
25
2234 Dec 2734
San Francisco Stock Exchange.
-Record of transac So Calif Gas sec A pref__25 2214 25 2274 2,300 2454 Nov 2751 May
25
300
Sept
tions at San Francisco Stock Exchange, Dec. 5 to Dec. 11, 8% preferred
2431 25
25
600 2434 Oct 2734 Aug
So Counties Gas6% pref 25
5 95
95
95
Nov 105
Aug
both inclusive, compiled from official sales lists:
Southern Pacific Co___100 33
340 3114 Nov 7334 Aug
3251 3551
Friday
Sales
Standard 011 of Calif
• 2851 2811 3034 14,400 2834 Dec 51
Feb
Last Week's Range for
Title Ins & Trust
50
170 50
50
25
Dec 90
Range Sina Jan. I.
Feb
Sale
of Prices.
Week.
Trans-America Corp
254 Dec 18
234 334 38,100
234
•
Feb
StocksPar. Price. Low. High. Shares.
Low.
Union 011 Associates--- _25 1134 1174 1431 8,700 1034 Oct 2234 Feb
High.
Union 01101 Calif
25 1254 1214 1514 10,400 1174 Oct28
Feb
Alaska Junea
1255 13
600
6
6
160
5
Oct20
Jan
Apr 2034 Sept Weber Showcase & Fix of-.
Anglo Calif Trust
280 280
50 280
Nov 350
Aug
• No par value.
Assoc Ins Fund
1
1
I%
395
I
Nov
6 May
Atlas Imp Diesel A
24
560
234 3
235 Sept 104 Apr
-Record of transactions at
St. Louis Stock Exchange.
Bond Share Ltd
4
4
935
334 Oct 1034 Feb
Exchange, Dec. 5 to Dec. 11, both inByron Jackson
134 134 1,028
14
134 Oct
735 Feb St. Louis Stock
Calamba Sugar 7% pref
------ 124 124
75 11
Oct 18
Jan clusive, compiled from official sales lists:
Calif Cotton Mill
135
155
155
100
135 Oct
755 Feb
Sates
Friday
Calif Packing
94
1035 5,512
9
9
Dec 52
Feb
Range Since Jan. 1.
Last Week's Range for
Caterpillar
104 1034 1335 18.723
Dec 52
Feb
!Week.
of Prices.
Sate
Clorox Chem A
15
15
1534
614 11
Oct 224 Feb
StocksLow.
Par. Price. Low. High. Shares,
Coast Cos0& E es% 1st pf
High.
9434 9434
100 9431 Nov 10234 May
Cons Chem Indus A
15
15
150 1434 Oct 2334
Mar
Crown Zeller v t c
Bank & Trust Stocks
2
2
2
2,605
2
Nov
874 Jan First National Bank-20 50
Preferred A
51
50
483 50
Dec 70
16
Max
1234 15
295 1234 Dec 5435 Jan
Preferred B
125 125
1255 1254 13
Dec 198
80 125
Jan
100 1255 Dec 5355 Jan Mere-Comm Bk & Tr_100
Eldorado Oil Works
Mississippi Valley Tr Co100
79 150
150 170
1055 104 1034
Dec 22434 Mar
420 104 Dec 15
Feb
Fageol Motors 7% pref
200 75
-----1
1
77
75
Dee 77
St Louis Union Trust new..
100
Dee
1
Oct3
Feb
Firemans Fund Ins
49
49
55
582 50
Dec 90
Feb
First Nat Corp of Portland
Miscellaneous Stocks
154 1551
40 154 Dec 26
Jan
Food Mach Corp
•
11
Motor
II
12
934 Dec 12 Juse
974 974
125
2,697 11
Dec 36
Feb Berry
Foster Kielser
135
154 1534
*
100 154 Dec 18
135 135
Feb
345
14 Oct755 Jan Boyd-Welsh Shoe
Galland Mere Laundry _
221 3355 Feb 45
100 35
35
35
2735 2755
July
280 2634 Oct3955 Feb Brown Shoe corn
Golden State Ltd
7
604 1651 Oct 43
Jan
2255 25
7
735 1,227
7
Dec 1534 June Coca-Cola Bottling Co1
Haiku Pine Co Ltd
I
Mfg common
9
60
9
5
1
874 Nov 1734 Mar
100
4 Nov9
Mar Curtis
Hawaiian Pineapple
20
Oct 3234 Max
Dr Pepper common
*
52 19
20
172
1034 104
9 Nov4134 Jan
Honolulu Oil Ltd
12
12
475 12
12
Dec 18
25
12
1255
Jan
280
9 May 2834 Jan Ely & Walker D G corn.
44 455
Hunt Bros A
600
Dec
2
2
July
2
5
•
210
434 Dec1535 Feb Hussman-Ligonier
Langendorf United Bak B
3
3
255 255
Huttlg S & D common_ _
235 Dec
100
456 Juae
300
3
Oct
855 Mar Independent Packing corn_•
Leslie Calif Salt
•
Ang
234 254
5
88
634 734
403
23-4 Dec
534 Oct 1134 Mar
LA Gas & Elec pref
96
2.135 40
42
96
40
Dec 53
9735
July
35 96
Dec 11131 July International Shoe com• 40
100 1434 Oct 35
Magnavox
20
16
Laclede Steel Co
16
Mar
34
%
34 8.080
% Oct
334 Mar Landis Machine com---25
Dec 30
I Magnin
200 20
655
20
Mai
655 634
20
900
635 Dec 18
Feb
Dec 3934 Ans
Magnin & Co 6% pref
64
------ 64
100 30
30
* 32
32
McQuaY-Norrts
15 64
Dec 94
Feb National Candy corn
Market St Ry prior prat- -----600 11
Mai
11
Dec 22
*
100
113-4
9
9
9
Dec 20
Apr
No Amer Inv corn
4
Steel pref
4
2
980
254
Jail
2
2
9
Dec
•
425
4
Oct 42
Mar Scullin
16
16
6% preferred
284 11034 Oct 12354 Sept
1634
200 16
Oct 8334 Jan S'western Bell Tel pref _100 11651 11651 11851
Dec 1534 Jul)
554% pref
1,700
9
1551
10
15
9
85 15
954
Oct 7834 Jan Stlx Baer & Fuller corn- _•
No Amer 011 Cons
*
1
431
1
Dec
1
150
434 54
4
757
Fat
434 Apr 1234 Feb St Louis Pub Serv com
Oliver United Filter. A____ -----3
Dec 18
*
3
Preferred A
3
7% 855
55
3
275
AIM
7 Sept 28
Mar
84 Dec 19
D
251 231
715
Max
04 9
100
154 Oct 1634 Feb Wagner Electric corn _100
Pacific Gas
3234 3234 3631 10.863 2951 Oct
5454 Mar
25
6% 1st preferred
25
Street Railway Bonds
2534 2,655 25
Oct 2934 July
514% preferred
224 2274 2334 2.141 2295 Dec 274 July E St Louts & Sub Co 55'32
AIM
9731 9754 13.000 9654 Jan 98
39
Pacific Lighting Corp
43
39
1934
47
1,653 3554 Oct 684 Mar United Rya 48
4734 3,000 4034 June 6214 Jai
____ 94
9495
6% preferred
96 933-4 Nov 10534 Mar
3
Pee Pub Sec non-vot cora -----Miscellaneous Bonds
355 1,053
3
Dec iiii Apr
1055 10
Preferred
Serial
3,935 10
11
11,500 60 June 9255 Jai
5531 70
Dec 21
Apr Scruggs-V-B 75
..,
kg
5 nnn
Pacific Tel & Tel
59
111.1 fill t4 Mal
99
983410534
'
n"
607 9834 Dec 13131 Mar
Ui•
6% preferred
114
177 107
114 116
Oct 133
July
*No par value.
Paraffine Co
1.458 2834 Dec 5054 Mar
23
30
28
Phillips Pete
5
300
5
5 June 1534 Feb
6
Pig'n Whistle pref
20
2
14 Nov
2
9
National Banks.
Jan
-The following information regarding
Ry Equips & Rlty Co 1st pf 12
12
12
30 10
Apr 15
Jan
Rainier Pulp Paper
94 955
100
8
Feb 124 Apr national banks is from the office of the Comptroller of the
Richfield 011
,.‘
4
200
% Oct
635 Jan Currency, Treasury Department:
7% preferred
825
35
35
35
54 Dee
94 Jan
Roos Bros
VOLUNTARY LIQUIDATIONS.
331
150
34 Dec 1755 Jan
334 354
Capital.
13 J Lt & Pow 7% pr pref ------ 105 10534
31 105
Dec 131
Aug Nov.30
6% prior preferred
-The First National Dank of Ballston Spa, N. Y
$100,000
95
25 95
9715
Dec 114
Aug
Effective Nov. 24 1931. Liq. Corn., Wm. Rooney,
Schlesinger Sons
1
120
1
1
Dee
5
Apr
Gilbert T. Seelye and Harry Castle, care of the liquiShell Union
335
34 455 3,615
34 Oct1035 Feb
dating bank. Absorbed by The Ballston Spa NaPreferred
24
2815
175 24
Dec55
July
tional Bank, Ballston Spa, N.Y.. Charter No. 1,253.
Sherman Clay prior pre_
34
95 29
3555
Nov5655 Sept Nov.30
-The Union National Bank of Massillon. Ohio
Sierra Pac Elec 6% Vet- ------ 80
150,000
82
29 79
Nov9355 June
Effective Nov. 4 1931. Liq. Agents, Harry L. McSocony Vacuum
11
1155 2,904 11
Dec 2034 Aug
Lain and Per Lee Hunt, care of the liquidating bank.
Southern Pacific
314 3655
300 3134 Nov1004 Mar
Absorbed by The First National Bank of Massillon.
Sou Pac Golden Gate A... 1035 104 1034
320 1055 Oct1555 July
No. 216.
Spring Valley Water
64 64
80
54 Oct104 Feb Nov.30
-The Bank of America National Association, New
28
Standard Oil of Calif
28
3034 10,090 2834 Dec 5134 Feb
York, N. Y
36,775,300
Inv Corp
Telephone
48
48
25 48
Dec 504Sept
Effective 12 noon E.S.T.,Nov.28 1931. Lig. Agents,
Feb
Tide Water Assoc Oil......
23-42% 334 1.055
234 Dec
854
Edward C. Delafield and John E. Itovensky, care of
6% preferred
32
34
155 22
Oct 6934 Jan
the liquidating bank. Absorbed by The National
235
Transamerica
255 34
23-6
754
City Bank of New York, N. Y.. No. 1,461. The
• 114 114 134 85,851 104 Dec 2431 Aug
Union Oil Assoc
1,722
Oct
liquidating bank has 43 branches.
124 1255 143.4 3,050 1194 Oct 264 Feb
Calif
Union 011 of
Feb Dec. 1-Brunswick National Bank, Brunswick, Maine
100,000
134 151 1,200
151
Union Sugar
1
Oct
455 Mar
Effective Nov. 30 1931. Liq. Agent, Wilbur IP.
190
Wells Fargo Bank
185 195
60 185
Dec 275
Jan
Senter, Brunswick. Maine. Absorbed by Fidelity
1635 1634 17
Western Pipe Steel
1.00.9 1434 Jan 2834 Apr
Trust Co. of Portland, Maine.
PRICES ON BERLIN STOCK EXCHANGE.
The Berlin Stock Exchange is closed.
gonxinercialand WiscellantonsgItuis
1134
1034
3922
FINANCIAL CHRONICLE
$ per Sh.
Shares. Stocks.
$ per Sh. Shares. Stocks.
13,300 Dutehess BleacherY. Inc..
300 Chicago Nipple A, par $50-545 lot
common, no par
$700 lot 50 Smokerset Co., pref; 50 common.
125 Gilliam Realty Corp.: 100
DO par
$5 lot
Groshard Realty Corp
$5 lot 25 Smokerset Co., pref.; 25 com.,
100 Estates Security Corp, 6%
no par
$5 lot
cum. pref., par $50; 150 corn.,
1,525 1-10 Amer. & Cuban Steampar 51
$10,000 lot
55 lot ship Line, Inc
9,000 Long Island Trading Corp.,
33 B. B. de R. Knight Corp., class
C corn, vot. trust arts., no par....
preferred, par $10
$78 lot
200 Normandie National Securities
100 Commonwealth Securities,Inc.,
Corp., pref. partio. with corn.
$16 lot
no par
stock purce. warrants attached_555 lot 15 Magazine Repeating Razor Co.
350 Normandie National Securities
class A, no par
123 lot
Corp., pref. panic. with com•
16 Magazine Repeating Razor Co.,
stock purch. warrants
$5 lot
class B, no par
$60 lot
200 Normandie National Securities
179 MAgitZ1110 Repeating Razor
Corp., pref. partic. with COM.
Co., class B, vot. trust, no par356 lot
stock purchase warrants-..480 lot 80 Shick Dry Shaver, Inc., no
1,221 Southwest Metals Co., par
$105 lot
Par
$1
$25101 900 United West Indies Corp.,
6,400 Sun RAY 011 Corp., par $5-corn.,no par; 1,265 8% cum.
34
6 Liberty Nat. Bank & Trust Co.,
$16 lot
prefered
N. Y., par 525; 400 Schulte5,800 Chicago & Alton R.R. Co.,
United 5c. to 51 Stores, Inc.,6%,
$56 lot
pref.; 500 common
pref.; 200 Bowman-Biltmore
100 Fiexograph Co., pref., par $50_51 lot
Hotels Corp., N. Y., Sat pref.;
500 Sperry. McKee & Crane, Inc.,
1,425 Anglo Russian Trust, Ltd.,
$5 lot
preferred
London, Engl., par LI; $23,000
300 Colt's Patent Fire Arms Mfg.
Seaboard All Florida Ky., 1st
835
Co., common, par $25
mtge.6s.,ser. A;$2,000 Seaboard
6 General Baking Co., common,
All Florida RY., 6% 1st mtge.
$75101
par 35
6s., series B
$350 lot 1,000 Salt Creek Producers Assoc.,
150 Archdale Co.,Inc., N.Y.,pret$3 lot Inc., common, par $10
3
295 9-10ths Tamland City Corp.,
100 Schulte-United 5c.10 31 Stores,
pref.; 591 8-10ths corn., no par-$9 lot
Inc., 7% cum. cony. pref.-$10 lot
10 715-727 Broadway Corp., no
200 United States Rubber Repar
claiming Co., corn., no par...575 lot
$50 lot
Auction Sales.
-Among other securities, the following, 135 Argent Finance Corp., pref.,
1,000 New Mexico dr Arizona Land
no par; 135 corn., no par 470 lot
$500 lot
Co., par $1
not actually dealt in at the Stock Exchange, were sold at auction 199 Hilton Hotels, Inc.
100 U. S. & Internat. Securities
(Del.),
common, no par
in New York, Boston, Philadelphia, Detroit, Buffalo and
Corp., 1st pref, with warrants.
$12 lot
2.160 De Haven Razor Corp.(Del.)
2534
no par
Baltimore on Wednesday of this week:
corn., vot. trust ctfs., no par__ 10 100 North American Title Guaranty
72 De Haven Razor Corp., pref__55 lot
Co.. common, vot. trust ctfs.....545 lot
By Baker, Simonds & Co., Detroit, on Friday, Dec. 4:
341,000 Seaboard Air Line Ky. Co.,
300 Profits Preferred, Inc., no par_55 lot
Per Cent.
Shares. Stocks.
$ per Sit. Bondslet 45 of 1950; $47,000 refunding
50 Richmond Cedar Works, 2nd
481 $1,000 Federated Publications 6%
2 Sun Life of Canada
45 of 1959; $34,000 consol. 6s
$30 lot
preferred
22
debentures
1 Guaranty Trust of New York__ -29035
of 1945
$5,700 lot A 1-48th interest In the assets of
435 $1,000 Detroit Metropolitan Corp.
10 Schettler Drug A
552 Silver Spot Mines Co.,
$10 lot 4,491 Continental Kirklandpar $1_36 lot Standard Agricultural Chemical lot
it leasehold.
396 Fort Shelby Hotel Co., pref.:
$20
Syndicate
Mines.
621 common
$30 lot
Ltd., par $1
$32 lot 300 Richmond Cedar Works, 2nd
748 Continental Kirkland Mines,
$190101
preferred
By A. J. Wright & Co., Buffalo:
Ltd., par $1
$11 lot One promissory note of World
$ per Sh. Shares. Stocks.
Shares. Stocks.
$ Per Sh• 500 Miss Motor Car Co., pref 32 lot
Acquaintance Travel, Inc., for
All right, title and Interest in and
75 Harrison Real Estate Corp., no
60 Transportation Indemnity Co.
$5,000, dated Dec. 22 1930, due
Dot
to stock certificate No. 9 as
par
of N. Y par $5
$10 lot
$1 lot
June 22 1931, at 5%
$1 lot
evidenced by a photostatic copy
55 Transportation Insurance Co. of
10 Lockport Investors Corp
30 Combined Laundries, pref.--$6 lot
of certificate (original certificate
-41
N. Y.. par $10
2 735 Whisk Razor Corp., no par
$1,000 Columbia River Longview,
on deposit at the office of the
75, 1943; $210 Columbia River
By Barnes & Lofland, Philadelphia:
corporation at Daytona, Fla)
Longview, 7s, 1935; 2 Columbia
for 200 shares of the capital stook
330 lot
River Longview, 7%
per Sit.
Shares. Stocks.
$
$ per Sh. Shares. Stocks.
of the Sheldon City Holding
pref._332 Boomer-Du Pont Properties
51 lot
10 Keystone Co. for Guaranteeing
60 Plaza Trust Co., par $10
Corp., Inc., Florida
Corp., pref., stamped 6% pald
Mtges., pro!.; 20 corn., par $1330 lot 15 President Apt, Hotel, Atl. City,
$7 lot
171 Hudson View Gardens, Inc.;
In lig.; 359 common, no par......540 lot
1
N.J., corn
40 Corn Exch. Nat. Bk.& T.Co..
Proprietary lease for Apartment
10 Pleasantville (N. J.) Nat. Bank 5
.
par $20
4935 25 Frost Research Lab.,Inc., lst pf 1
No. 12 In apartment building
50 Railway Equities Corp., pref_5100 lot
Min.& Dave!.
30 Nat. Bk. of Germantown & Tr.
1,000 Bisbee Copper
known as House A, Hudson View
40 Midland Industrials Corp.,
Co., par $10
$8 lot
4535
Co., par $1
Gardens, N. Y. City
corn. A, no par; 40 common B,
30 Nat. Bk. of Germantown & Tr.
$1,000 lot
50 Winston-Salem Journal Co., let
$21101
6,000 Amer. Copper Products Co.
no par
10
Co., par $10
45
preferred
of Delaware, common
614 Plaza Trust Co., par $10
$30 lot 15 Bailey Park Co., Inc., pref.;
5c 75 Frankilia-McCandliss Co., pref..
100 Safeguard Cheek Writer, no
1 Commonwealth Hotel Constr.
2
5 Girard Trust Co.. par $10
10134
no par
par
Corp., corn., no par; 66 East es
210 United Sec. Life Ins.& Tr. Co_ 1
100 Franklin-McCandliss Co., corn.
$65 lot
West Rldgelawn Cemeteries,
25 Ventnor Trust Co.,corn
35 300 Southern Ice & Utilities A,
5
no par
no par
participation, no par; 50 Water57 Seaside Tr. Co., Atl City, N J.._ 5 250 Vulcan Alcohol Co.. pref
$90 lot
.
$160 lot
loo Hotel Co., Ltd., par £10: 6
100 Mfrs. Casualty Ins. Co
Per Cent. 400 Southern Ice & Utilities B,
10
Bandsno par
Edgewood Publishing Co. Inc.,
100 Fidelity Ins. Co., AM. City.
$1,500 prom, note of Oscar H.
$210 lot
100 Atlantic Funding Corp., corn.,
no par; $200 Edgewood PUblish52 lot
N.J.. par $10
1
Rowitch
no par
147 Grubnau Chem. Co., pref
$71ot 31.000 prom, note of B. Edw.
Shot ing Co., Inc., 6% 10-yr. gold
4 Phila. Hockey Club, Inc.. pref.,
coupon bonds; 3,400 Atlantic
Edelhertz
$7 lot 150 Atlantic Funding Corp., corn.,
no par; 250 pref., par 520
par
p $25; 4 corn
Funding Corp. corn., no par:
51 lot 30 Merlon Title & Tr. Co., Ard$21 lot
500 Nat. Radio Tube Corp., Cl. A,
Funding Corp..
more, Pa
$3 lot 63 Knox Hat Co.,Inc.,corn., no par 1
400 Atlantic '
no par: 500 class B,no par
Phila....510 lot 126 Coney Island Hate( Corp..
$6 lot 500 County Trust Co.of
pref., par $20: Ill Sunray Oil
preferred
60 Jackson-Babbitt, Inc.. pro!.....47 lot 100 Financial Analysts Co., com__530 lot
Corp. (Del.), par $5; $300 Fair$10 lot
60 Jackson-Babbitt, Inc., corn., no
100 Par Bond & Mtge. Co.. pre
-.520 lot 100 Knox Hat Co., common
view Country Club, due 19373675 lot
1
par
$3 lot 600 Consol. Coppermines Co.(Del.)
$3 lot 8 Unlon Bank & Trust Co
par 55
Per Cent.
57,000 Broadway & 7th Ave. RR.
200 Appalachian Corp.. corn., no
550 lot Bonds.
200 Amer. Utilities & Gen. Corp..
par
$80 lot (N. Y.) 1st consol. Is, Dec. 1
$10,000 Ocean Center Bldg. Co.
$3 cum. pref. with ware., no par_
100 Intercity Teleg. dc Radio Corp..
1943(Dec. 1930, coup. missIng)516 lot
closed mtge. sink.
35 (Del.), 1st Nov. 1 1948-.42,000 lot
1,600 Kentucky Counties Oil, pref.,
corn., no par, temp. cas
$7 lot $5,000 Schuyklll Transp. Co., 1st
fund 6355..
par $5
Receipt for Payment of $2,000, for
mtge., 50-year, due 1980
1.2
8 lot $10,000 Emporium Capwell Corp.
300 Kentucky Counties On, COM..
$1,250 President Hotel Co., MI.
20 shares pref. & 20 shares corn.
(Del.), 15-yr. cony. deb. 535s,
par $5
54.900 lot
City, N.5., 15-yr. 68. June 1 '45_ 2
cl. A stock of the Eslinger Motors
Oct. 1 1942
32 lot
50 Roof Realty, par $50
5161ot $5,000 President Hotel Co., Atl,
Co., when Issued
32 lot $10,000 Beverly Hllls Hotel Co.
10 Asher Sanger, 1st pref
City, N. J., 25-yr. inc., due
1.300 Moorestown Sub. RealtY CO,
$1 lot (Calif.), let closed mtge. sink.
100 Henry Sonneborn Co., corn.,
1
5301ot
May 1 1955
par $10
fund 6355, Dec. 15 1943---34,500 lot
no par
$2,000 Bellevue-Stratford Hotel
50 President Hotel Co., ALL City,
lc. 58,560 Sutter Basin Corp. (Del.),
100 Gleasondale Woolen Mills,
67
1
Co., lot 53.45, 1935
6% income 68., Feb. 1 1938_51,500 lot
N. J., corn. vot. tr. ctfs
common, 110 par
lc. $14,000 Southwestern Gas & Elec.,
By Adrian H. Muller & Son, New York:
50 Associated Gas & Electric. $514
1st mtge. 6s., series C. 1961-- 81
..
$ per Sh.
cumulative preferred
Shares. Stocks.
3234 $3,000 Magazine Repeating Razor
23,363 Wheeling Traction Co.
100 units COO;
301. Rock Products
Co., 10-yr. convt. notes, April 1
22 Internat. Power Scour. Corp.,
3550 lot
Co. (Del.), (unit consists of 2
(West Virginia)
1939
$6 pref. A with common stock
$500 lot
Eight certain mortgages made by
shs. pref., no par and 1 sh. corn.,
$15,000 demand note Sperry,
36
warrants attached
no par)
McKee & Crane, Inc., dated
Pine Lumber Co., dated Jan. 17
5450 lot
237 Hilton Hotels, Inc., common,
$25 lot
Jan. 10 1929
1916: Sept. 25 1917, May 18
no par
512 lot 3,700 National Toll Bridge Co.,
1917,Dec.27 1917, Dec. 161918.
class A; 1,500 class B
$1,000 lot
35,000 Ilseder Steel Corp., 6%
310 C.E.Stone Co.. coin., no par.350 lot
2031
bonds, due Aug. 1 1948
Sept. 7 1917, Sept. 25 1917, Dec.
27 Hilton Hotels,Inc., corn., no par $3lot 250 United Hotels Co. of Amer..
17 1918, respectively, covering
7% pref.; 114 common
$80 lot
$5,000 Republic of Peru, ext. sink.
116 Long's Furnishing & Clothing
land In Citrus and Hernando
fund Os., second series, due Oct.
$3 lot 100 Public Industrials Corp., 7%
Corp., pref., no par
$400 lot
Cos., Fla., securing six promis1 1961
class II; 1,000 common
$70 lot
116 Long's Hat Stores Corp., el.
sory notes dated Aug. 3 1925,
$10,000 New York State Ry., 445s.
A participating, no par
$2 lot $9,910.33 Promissory note Walter
bonds, due 1962
5250 lot
for $25,000 each, with int. 816%.
R. Bruyere Jr., dated March 26
500 Bernkay Corp.. corn., no par $100 lot
$13,000 Free State of Prussia, ext.
upon one of which notes $7,500
510 lot
1931
735 Book League of America, Inc.
sink. fund 6s, due 1952
has been paid on account.....$1,000 lot
22
$1,000 Promissory note J. L.Blackel. D, no par; 50 Cady Lumber
well, payable on demand, dated
Lumber Co.,
Co., pref.; 50 Cady
$1 lot
Oct. 10 1923
corn., no par; 20 Educational
By It. L. Day & Co., Boston:
80 Stockade Corp., no par; 250
Radio Corp., no par; 1735 ExperiShares. Stocks.
Livingston Mines Corp., par $1;
$ per Sh. Shares. Stocks.
$ Per Sh•
mental Theatre, Inc., par $10;
11 Federal Nat. Bank, par 520_ 4335 25 Atlantic Nat.Bank, par $25_27 ex-div.
110 Silver King Products Corp.,
13 Greenwich Village Playhouse,
50 Atlantic Nat.Bank, par $25_27 ex-div. 50 Amer.British Continental Corp..
class B,no par;50 Collins Process,
Inc., pref., par 525; 200 Kern
common
$11 lot 25 Federal Nat. Bank, par $20_,. 41
no par
$15 lot
American Oil Co.. par 51; 10
2 Ludlow Mfg. Associates
84 5 Boston Chamber of Commerce
Music Illustrated Review Corp.,
1 Gosnold Mills, common
12 Realty Trust, 2nd prof
100 Trent Anthracite Corp. of Del.,
$7 lot
pref.: 5 Music Illustrated Review
37 1,000 Claude Neon Lights, corn.
% lot 5 Gosnold Mills, preferred
$6
Inc.,
1st preferred
Corp., corn.; 59 National Leather
par $20
80 Naumkeag Steam Cotton Co 50
1
634
100 I. Miller &Sons,
Co., par 310;108.B.R.Specialty
10 Hamilton Woolen Co
45 954 Union Copper Mining Co.
cumulative convertible pref..-- 10
Co., pref.; 10 8. B. R. Specialty
par 10c.
105 Eastern Mass. St. Ky. Co. adi. 1
$12 lot
1,000 Liquidometer Corp., class B,
Co., corn.; 15 Scentsight Adver5 Note Holders Liquidation Co..
$10 lot 75 Boston & Worcester Elec. Cos,
..$3 lot
voting trust ctfs., no par
Using, Inc., no par; 7 Truro
Common
100 Mts. Liability be. Co., par $5_83 lot
100 Liquidometer Corp., class A,
Realty Co., corn., no par: $700
10 Amer. Mfg. Co., common
10
100 units Palmer Bros
$150 lot
DO par
Truro Realty Co., 6% note due
$25 lot 10 Old Colony Trust Associates... 1634
58
Jan. 1 1934;25 Tyson & Co.,Inc.,
800 Eighth & Ninth Ave. Ry. Co., lot 495 William U.Wyman,Inc
435 1,000 Woodward Iron Co., corn- 5
$160 lot 50 Davison Chemical Co
,
DO par
cora., no par; 5 Tyson & Co.,
235
100 United Stores, class A
Inc., pref.; 20 Russian Recon100 units United Grape Products
50 United Stores common
Per Cent.
25c. Bonds.
struction Farms, Inc., par $10417 lot Inc. (Del.), (unit consists of 1
100 Container Corp., cl. A, par $20 235 $10,000 Minnesota & Ontario Paper
par, and 1 sh. pref.,
Ma, corn., no
40,000 Cline Mines,Ltd.(Ontario),
Co., let mtge. gold bonds. April
6% lot 100 Oyster Harbor, Inc., pref____520 lot
$15
par $1
$140 lot
Dar $100)
107 Finance Corp. of New England,
1 1945, series A ctf dep....5775 lot
700 James Butler Grocery Co..
100 Sutter Basin Corp. (Del.),
preferred. par $50
$20 lot $10,000 W. S. Dickey Clay Mfg.
10
preferred
common, no par55lot
Corp..
40 Elk Breeding & Grazing A880
Co., 1st mtge. 68, July 1 1940.
125 Gildham Realty Corp.; 100
100 Crown Zellerback
$850 lot
elates, pref: 100 common
series A
$10 lot
$5 lot
Groshard Realty Corp
(Nev.), cony. pref., ser. B, no
78.
5
$4,650 lot 106.2 Bottin, Ins. (Del.)
mfg. Corp.,101) lot 200 Pioneer Petroleum Co., par $5_ 50c. $1,000 Metropolitan Ice Co.,75 & Int.
Par
35 Merrimac Hat Corp., com
18
Jan. 1954
600 Chicago East. III. RR. Co..- 135 20 Durable Utilities
$10,000 Minneapolis & St. Louis
650 Simbroco Stone Co., preferred
50 Kleybolte mortgage Bona
common, no par; 200 preferred,
par 00
$20 lot RR. Co., 1st 68, June 1932..25 & Int.
Corp., 7% pref.; 50 common...43 lot
par $10
52 lot
Capital.
25,000
Dec. 2
-The Farmers National Bank of Westervelt. III
Effective Dec. 1 1931. Liq. Agent,The First National
Bank of Shelbyville, Ill. Absorbed by The First National Bank of Shelbyville. ID., No.2.128.
100,000
Dec. 2
-The First National Bank of Willoughby, Ohio
Effective Nov. 16 1931. Liq. Corn., board of directors of the First National Bank of Willoughby, Ohio.
Absorbed by Cleveland Trust Co., Cleveland, Ohio.
50,000
Dec. 3
-The First National Bank of Greene, N.Y
Effective Nov.30 1931. Liq. Corn., Edward Hughes,
Ralph L. Gross and Edward McKenzie, all of Greene.
New York. Succeeded by First National Bank in
Greene, No.13,575.
BRANCHES AUTHORIZED UNDER ACT OF FEB. 25 1927.
Nov.28
-The National City Bank of New York, N. Y. Locations of
branches.
257 Broadway, Manhattan.
4924 Fourth Avenue, Brooklyn.
8 Broadway, Manhattan.
5420 13th Avenue, Brooklyn.
Broadway, Manhattan.
8524 Fifth Avenue, Brooklyn.
680
1451 Broadway, Manhattan.
131 Union Street, Brooklyn.
41 Washington Avenue, Brooklyn.
4547 Third Avenue, Bronx.
124 Bowery, Manhattan.
6323 14th Avenue, Brooklyn.
3556 White Plains Ave., Bronx.
16 Court Street, Brooklyn.
934 Third Avenue, Brooklyn.
211 Fourth Avenue, Brooklyn.
203 Avenue U, Brooklyn.
294 Livingston Street, Brooklyn.
1503 Cortelyou Road, Brooklyn.
2261 First Avenue, Manhattan.
2200 Westchester Avenue, Bronx. 6900 Fort Hamilton Parkway,Bklyn.
1862 86th Street, Brooklyn.
105 Hudson Street, Manhattan.
2942 Westchester Avenue, Bronx. 66 Albert's Avenue, Corona, Queens.
577 Bay Street, Stapleton, Richmond 44 Wall Street, Manhattan.
Dec. 4
-The Public National Bank & Trust Co. of New York, N. Y.
Location of branch: 39th Street and Seventh Avenue (550
Seventh Ave.), Borough of Manhattan. City of New York.
•
(VOL. 133.
DEC. 12 1931.]
By Wise, Hobbs & Arnold, Boston:
FINANCIAL CHRONICLE
3923
Per
When
Books Closed.
Name of Company.
Shares. qtaelcs.
Cent. Payable.
Days inclusive.
i per Sh. Shares. Stocks.
$ per 58.,
117 West Point Mfg.Co
3734 425 McCormick 011 Co. of Colo.,
Public Utilities (Concluded).
12 Boston RR.Holding Co.. Pre
par $I
$5 lot Mackay Companie
100 Denver Sz salt Lake Ry.Co.- 60
s, pref. (guar.)
1 Jan. 2 Holders of rec. Dee. 18
120 Detroit Harbor de Terminals.
45
Manhattan Ry.,7% guar. (guar.)
100 Worcester COMMA. St. Ry. Co..
134 Jan. 2 Holders of rec. Dec. 18a
Inc., pref.; 12 Common
$200 lot Maritome Tel.&
1st pref., par $80
Tel.. corn.(qua?.)
*20e Jan. 1 *Holders Or rec. Dec. 15
3101ot 10 Copley Producing Co., prof.;
7% preferred (guar.)
300 Internat. Runless Iron Corp.,
1734c Jan. 1 *Holders of rec. Dec. 18
100 common
55 lot Metropolitan Edison
common par 31
Co..$6 pref.(qu.)- '$1.50 Jan. 1 *Holders of rec.
300 150 Island Investment Co., pref.;
Middle States Telephone.7% pf.(on.).. *15( Jan. 1 *Holders of rec. Nov.30
50 Ahumada Lead Co.. Par St
$2 lot
240 common
$1 per sh on pref. MidlandUt
Dec.
ilities Co.,7% prior llen (qu.) *15i Jan. 6 "Holders of rec. Dee, 20
8 units First Peoples Trust
1014 67 Gresser Mfg. Co., class At
22
*1% Jan. 6 *Holders of rec.
6% prior lien (guar.)
136 Summer Street Trust
100 Chain Store Investml Corp.,
20
Dec. 22
7% preferred A (guar.)
4 Columbian Nat. Life Ins. Co
'154 Jan. 6 *Holders of rec. Dee. 22
181
corn.: 200 Chaln & Gen'l Equities
6% preferred A (quar.)
*1% Jan. 8 *Holders of rec.
50 National Service Co.. fret
13
Inc., common
2300 lot Minn.Power
Dec. 22
24 Atlantic Sugar Refg.Co.,com._3351ot 1 Amer.Discount corp.. partic.
& Light,7% pref.(qu.)154 Jan. 2 Holders of rec. Dec. 15
pt.:
1 Travelers Insurance Co
$6 preferred (guar.)
51.50 Jan. 2 Holders of
490
2 American Discount Corp., pref.:
Mississippi River Power. pref. (guar.)._ *1H Jan. 2 *Holders of rec. Dec. IS
53 Collateral Loan Co
105425
10 Lancaster Mills, pref.; 10 Conrec. Dec. IS
Missouri Edison, pref. (guar.)
220 Gillette Safety Razor Co
necticut Mills Co., let pre.;
*31.75 Jan. 2 *Holders of rec. Dec. 30
1311
Mountain
58 Boston Block Trust
2
10 Ipswich Mills, pref
$35 lot Mutual States Power, pref.(quar.)... 131 Jan. 20 Holders of rec. Dee. 31
Telep. (Hawaii) (mthly.)
6 Columbian Nat. Life Ins. Co
18I
.
18c. Dec. 31 *Holders of roe.
$8,801 U.S. Worsted Corp., sk. fd.
National Electric Power, corn. A leiter.) '45o. Feb. 1 *Holders of rec. Dec. 18
63 Western & Southern Associates_ 7
the. ars.; 12,500 U. S. Worsted
Jan. 8
New Hampshire Power, pref. (guar.)... *
480 Amer. Protein Corp., cons.
2
Jan. 1 *Holders of rec. Dec.
Corp. 6s. due Feb. 15 1938;
New York & Richmond Gas,8% pf.(qui 134 Jan. 1 'Holders of nec. Dee. 13
v. t. c.(as is)
131 80-100 U.S. Worsted Corp.,
'
$6 lot
Northern N. Y. Utilities, pref.(quay.).. 154 Feb. 1 Holders 01 ree. Jan. 15
20 Hahn Depart.Stores. Incorp.,pf. 27
corn.; 32 U.S. Worsted Corp., let
11
North Shore Gas,7% pref.(guar.)
40 Hahn Dept.Stores, Inc., corn.- 3
pref.; 12 50-100 U. S. Worsted
*131 Jan. 2 *Holders of tea. Dee. 10
Pacific &
25 Quincy Mkt. Cold Storage &
3
Corp., 2d pref
500. Jan. 2 *Holders of rec. Dee. 15
350 lot Pennsylva Atlantic Teleg
Warehouse Co.. corn
nia Power & Light Co.
534
BondsPer Cent.
50 Boston Real Estate Trust
37 preferred (guar.)
40-4231 $2,000 Old Colony RR.,314s, July
21.75 Jan. 2 Holders of rec. Dee. 15
$6 preferred (guar.)
14 15-30 National Service Cos., pt, 18
$1.50 Jan. 2 Holders of rec. Dec. 15
1932
94
35 preferred (guar.)
$1.25 Jan. 2 Holders of rec.
Pennsylvania Telephone. pref. (guar.)-- ui Jan. 1 *Holders of rec. Dec. 15
Dec. 15
Philadelphia & Darby RY
Jan. 1 *Holders of rec. Dec.
*31
DIVIDENDS.
Porto Rico Power Co., Ltd., pref. (qu.) 134 Jan. 2 Holders of roe. Dec. 20
15
Providence Gas (guar.)
*300. Jan. 2 *Holders of rec. Dec. 15
Dividends are grouped in two separate tables. In the Puget Sound Power
& Light,$6 pI.(qu.) *$1.50 Jan. 15 *Holders of rec. Dec. 21
first we bring together all the dividends announced the
$5 prior preferred (guar.)
31.25 Jan. 15 *Holders of rec. Dec. 21
Scranton
Jan.
of rec. Dec. 9
current week. Then we follow with a second table, in SouthwestElectric Co.,$6 Prof.(guar.)._ *31.50 Jan, 2 *Holders of rec. Dec. 19
ern Bell Telep., pro!. (guar.). 151
1 Holders
Southwestern Light & Power, corn.
3
which we show the dividends previously announced, but Standard Gas & Elec. Co.,corn. A.. 87340 Dee. 31 Holders of rec. Dec. 15
Jan. 25 Holders of rec. Dec. 31
(guar.).
$6 prior preference (guar.)
which have not yet been paid.
21.50 Jan. 25 Holders of roe. Dec. 31
87 prior preference (quar.)
21.75 Jan. 25 Holders of rec. Dec. 31
The dividends announced this week are:
Stand.Pow.& Lt.,corn.& corn.B (qu.).
50c. Mar. 1 Holders of rec. Feb. 11
Preferred (qua:.)
131 Feb. 1 Holders of rec. JIM. 16
Telephone Bond & Share,corn. A (qu.).. *50c. Jan. 15 *Holders of rec. Dec. 21
Per
Preferred (quar.)
When
"134 Jan. 15 *Holders of rec. Dec. 21
Books Closed.
Name of Company.
Cent. Payable.
Participating Preferred (guar.)
Jan. 15 *Holders of rec. Dec. 21
*Si
Days Intltales.
Texas Electric Service,$6 pref.(guar.)-- *51.50 Jan. 1 *Holders of rec. Dec. 12
Railroads (Steam).
Toledo Light & Pow.. pref.(quar.)
154 Jan. 2 Holders of rec. Dec. 15
Albany & Susquehanna (extra)
*2
Jan. 9 *Holders of roe. Dec. 18
Union El.Lt.& Pow.
(III.) 8% Pf.(qu.)' Jan. 2 *Holders of rec. Dec. 15
131
.
Allegheny & Western, common
*
3
Union El. Lt. ar Pow.
Jan. 1 *Holders of rec. Dee. 20
(Mo.),8% pf.(qu.) 134 Jan. 2 *Holders of rec. Dec. 15
'
Beeck Creek (guar.)
50c. Jan. 2 Holders of rec. Dec. 15
7% preferred (guar.)
*154 Jan. 2 *Holders of roe. Dec. 15
Belt RR.&Stk.Yds.,Ind'p. com.&pf.(gu) "75c. Jan. 1 'Holders
United Light & Rys.
of rec. Dec. 20
Boston & Maine, prior pref. (quar.)*131 Jan. 2 *Holders
7% prior pref. (monthly)
58 1-3c Jan. 1 *Holders of rec. Dec. 15
ist pref. class A,class B,Class C,Class D and class E -Diva, of rec. Dec. 18
6.36% prior pre. (monthly)
*53e Jan. 2 *Holders of rec. Dec. 15
omitted.
Canada Southern
•134 Feb. 1 *Holders of rec. Dec.
6% prior pref. (monthly)
*50c Jan. 2 *Holders of rec. Dec. 15
28
Chicago Burlington & Quincy
5
Dec. 26 Holders of rec. Dec. 15
United Ohio Utilities, Cl. A & B,
(quar.). *21 Jan. 2 *Holders of rec. Dec. 26
Chic. Inclianap.& Louisv., com,and pref -Divi deed o
6% preferred (guar.
*134 Jan. 2 *Holders of rec. Dee. 28
Cincinnati Union Terminal. pref(guar.)_ *131 Jan. 2 mitred.
Wabash Telephone Securities, pref.(qu.) *134 Jan. 2 *Holders of rec. Dec. 19
*Holders of rec. Dec. 18
Colorado & Southern,common-Dividen d passed.
Warren (Ohio) Telephone. 7% pref.(qu.) '154 Jan. 1 *Holders of rec. Dec. 20
First preferred
2
Washington Gas& Elec.,7% pref.(qu.). •134 Jan. 1 *Holders of rec. Dec. 15
Dec. 31 Holders of rec. Dee. 18
Second preferred
4
Western Union Telegraph (guar.)
Dem, 81 Holders of rec. Dec. 18
•134 Jan. 15 *Holders of rec. Dec. 22
Great Northern preferred (quar.)
1
Feb. 1 Holders of rec. Dec. 29
West Texas Utilities, $6 pref. (quar.)... 31.50 Jan. 2 Holders of rec. Dee. 15
Greene RR
*3
Winnipeg Elec Co , pref -Dividend om Med.
Dec. 29 "Holders of rec. Dec. 14
Indiana Harbor Belt
5
Wisconsin Valley Electric Co., pref
334 Jan. 2 Holders of rec. Dec. 31
Lackawanna RR.of N. J.(guar.)
"1
Jan. 2
Mahoning Coal RR., common (guar.)._ '$1240 Feb. 1 *Holders of rec. Dec. 9
Banks.
*Holders of rec. Jan. 15
Preferred
*
6
*31.25 Jan. 2 *Holders of rec. Dec. 23
Fifth Avenue (guar.)
Jan. 1 *Holders of rec. Dec. 31
Missouri Pacific, pref.-No action taken.
First National Bank (N. V.)(quay.).... *25
Jan. 2 *Holders of rec. Dec. 24
Mobile & Ohio
-No action taken.
South Shore (Staten Island)
Jan. 2 *Holders of rec. Dec. 24
*2
N.Y.N.H.Sr Hartford,com.-Dividend °mitre d.
West New Brighton (Staten Island).... *
Jan. 11 *Holders of rec. Dec. 31
4
Preferred (guar.)
•114 Jan. 2 *Holders of rec. Dec. 18
Northern Pacific (guar.)
Trust Companies.
750. Feb. 1 Holders of rec. Dec. 31
Norwich & Worcester, pref. (quar.)-Bank of New York & Trust (guar.)
*2
' Jan. 2 *Holders of rec. Dec. 18
Jan. 2 'Holders of rec. Dec. 10
434
Pittsburgh & Lake Erie
Bronx County (guar.)
*32.50 Feb. 1 *Holders of rec. Dec. 28
*25c. Jan. 1 *Holders of rec. Dec. 19
Southern Ry.com,and pref.-Dividends omitte d.
Central Hanover Bank & Tr.(qua:).... *21.50 Jan. 2 *Holders of rec. Dec. 18
Tennessee Central Ry., 7% pref
*314 Jan. 1 *Holders of rec. Dec.
Extra
Jan, 2 *Holders of rec. Dec. 18
*81
20
Texas & Pacific, common
-No action ta ken.
Manhattan Co.(guar.)
Jan. 2 Holders of rec. Dec. 150
$1
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 14
Marine Midland (guar.)
50c. Dee. 23 Dec. 20 to Dec. 23
Virginian Ry., corn. (guar.)
'134 Dec. 31 *Holders of rec. Dec. 12
Fire Insurance.
Public Utilities.
American Salamandra Corp.
-Dividend omitt ed.
Allied Telephone Utilities, pref. (guar.). *43)(c Jan.
Hanover Fire (guar.)
1 *Holders of rec. Dee. 20
40e. Jan. 2 Dec. 1910 Dec.31.
Amer. Dist.Teleg. Co.of N.J.,com.(qu.) •1
Jan. 15 *Holders of rec.
Preferred (guar.)
•134 Jan. 15 'Holders of rec. Dec. 15
Miscellaneous.
Dec. 15
American & Foreign Power,$7 pret.(q1.) 21.75 Jan. 2
Acme Steel ,quar.)
Holders of rec. Dec. 14
*40c Jan. 2 *Holders of rec. Dec. 21
$6 preferred (guar.)
21.50 Jan, 2
Administrative & Research Corp., cl. A
Amer. Power & Light, 28 pref. (guar.)._ 21.50 Jan. 2 Holders of rec. Dec. 14
(guar.)
Holders of rec. Dee. 14
.
125o Jan. 1 *Holders of rec. Dec. 113
$5 preferred
$1.25 Jan. 2
-Dividend omitted.
Class B.
Appalachian Elec. Pow.,27 prof.(qu.).- 21.75 Jan. 2 Holders of rec. Dee. 14
'
Aeolian Co., pref. (guar.)
"Holders of rec. Dec. 5
*131 Dec. 31 *Holders of rec. Dec. 21.
preferred (guar.)
$6
"31.50 Jan. 2 'Holders of
Air Reduction Co.(guar.)
75c. Jan. 15 Holders of rec. Dec. 31
rec. Dee.
Arkansas Natural Gas. pref.(guar.).
- 150. Jan. 2 Holders of rec. Dec. 5
Alemco Associates. Inc.(guar.)
*10c. Jan. 2 *Holders of rec. Dec. 30
15
Calgary Power Co., Ltd., COM.(quay.)..
14 Jan. 2 Holders of rec.
Alles & ELsher (guar.)
*25c. Jan. 2 "Holders of rec. Dec. 17
Dec. 15
Carolina Power & Light,$7 Pl. RPM-$1.75 Jan. 2 Holders of
Allied Laboratory, pref. (quar.)
'
8731c Jan. 1 "Holders of rec. Dec. 15
$6 preferred (guar.)
31.50 Jan. 2 Holders of rec. Dec. 12
Aluminum Co. of Amer., pref. (guar.).- '134 Jan. 1 *Holders of rec. Dec. 16
rec.
Central Maine Power, common
•4
Dec. 1 *Holders of rec. Dec. 12
Aluminum Goods Manufacturing (guar.)
30e. Jan. 1 Dec. 22 to Dec. 31
Nov.30
6% preferred (guar-)
*1h Jan. 1 *Holders of
American Factors, corn. (extra)
*20c. Dec. 10 *Holders of rec. Nov.30
$6 preferred (guar.)
•$1.50 Jan. 1 *Holders of rec. Dec. 10
American Public Welfare Trust, cl. A.. *25e. Dec. 1 *Holders of rec. Now.25
rec. Dee. 10
7% preferred (guar.)
•131 an. 1 *Holders
Class B
*25c. Dec. 1 *Holders of rec. Nov.25
Central & S. W.UM,corn. (in com.stk.) '113•4 Jan. 15 *Holders of rec. Dec. 10
American Optical,corn.(guar.)
of rec. Dec. 31
.
50e. Dec. 19 *Holders of rec. Dec. 10
Chicago Rapid Transit, prior pf. A & B
- Div( nd min fed.
American Rolling Mill,6% pref. (qu.)
'134 Jan. 15 'Holders of rec. Dee. 31
Chic. No. Shore & Milw. pr. lien-Divid end om Med.
Preferred B (guar.)
'134 Jan. 2 *Holders of rec. Dec. 15
Cincinnati Street By.. corn. (quar.)-*50c. fan.
*Holders of rec. Dec.
American Thermos Bottle, pref. (qu.)- - *8735c Jan. 1 *Holders of rec. Dee. 19
2
Citizens Passenger Ry.(Philadelphia).
*13.50 Jan.
"Holders of rec. Dec. 2
Andover Realty,6% prof.(quar.)
*1H Jan. 1 *Holders of rec. Dec. 20
Cleveland Ry. (guar.)
134 Jan. 2 Holders of
rec. Dec. 2 a Anglo National Corp., ci, A (quar.).... *50c. Jan. 15 *Holders of rec. Jan. 4
Columbus Ry. Power & Light
Apex Elec. Mtg.. Prior pref.(qu.)
Jan. 1 *Holders of rec. Dec. 20
6% let preferred (guar.)
*134 Jan. 2 *Holders of rec.
Apponaug Co., oorn• (guar.)
*50e. Jan. 1 *Holders of rec. Dec. 15
Consumers Gas (Toronto) (quar.)
234 Jan. 2 Holders of rec. Dec. 1
*1% Jan. 1 *Holders of rec. Dec. 15
634% preferred (guar.)
Dec. 1
Consumers Power, $5 prof. (quar.)
21.25 Apr
Holders of rec. Mar. 1
Atlantic Ice & Coal, pref. A (quar.).... "75c Jan. 1 *Holders of rec. Dec. 21
6% preferred (guar.)
131 Apr.
Holders of rec. Mar. 1
Preferred
*3% Jan. I *Holders fo rec. Dec. 21
6.6% preferred (guar.)
1.65 Apr.
Holders of rec. Mar. 1
Atlas Stores Corp., pref. (guar.)
*75c. Jan. 2 'Holders of rec. Dec. 15
7% preferred (guar.)
13( Apr.
Holders of rec. Mar. 1
Axton Fisher Tobacco, ol. A (guar.) _
*80c. Jan. 1 *Holders of rec. Dec. 15
50c. Feb.
6% Preferred (monthly)
Holders of rec. Jan. 1
Preferred (guar.)
"134 Jan. 1 *Holders of rec. Dec. 15
6% preferred (monthly)
500. Mar.
Holders of rec. Feb. 1
Baldwin Rubber, class A (guar.)
*3714c Dec. 31 "Holders of rec. Dec. 21
6% preferred (monthly)
500. Apr.
Holders of rec. Mar. I
Barber(W.II.) Co., 7% pref. (guar.).- •1% Jan. 1 *Holders of rec. Dee. 20
6.6% preferred (monthly)
550. Feb.
Holders of rec. Jan. 1
Bickford's, Inc., common (guar.)
300. Jan. 2 Holders of rec. Dee. 24
6.6% preferred (monthly
550. Mar.
Holders of rec. Feb. 1
Preferred (guar.)
6214e Jan. 2 Holders of rec. Dec. 24
6.6% preferred (monthly)
550. Apr.
)
Holders
Bird & Son (quar.)
"25e. Jan. 2 *Holders of rec. Dee. 26
Continental Telephone, 7% pref. (gu.)- '134 Jan. 2'Holders of rec. Mar. 1
Boston Investment
of rec. Dec. 1
"32 Dec. 15 *Holders of roe. Doc. .5
6H% preferred (guar.)
'134 Jan. 2 *Holders of rec.
Boston Personal Property Trust (quay.).
Dec. 1
25c. Dec. 30 Holders of rec. Dec. 15
Cuban Telephone Co., corn.
Dec. 31 Holders of rec. Dec. I a British Mtge.& Trust Corp.
2
(guar.)01 001., pt. '$6
Jan. 2 *Holders of rec. Dec. 19
Preferred (quar.)
131 Dec. 31 Holders of rec. Dec. 1 a Brandram-Henderson,7% pref.
Elizabethtown Water Co. consol
(guar.). "131 Jan. 2 *Holders of rec. Dec. 1
*234 Dec. 31 *Holders of rec. Dec. 2
Brunswick Balke-Collender, pref.-Dtvi deed o mitted.
Foreign Light & Power,$6 pref.
$1.50 Jan. 1
Broad Street Investing (guar.)
*25c. Jan. 1 'Holders of
Green Mountain Power, pref. (guar.)- $1.50 Dec. 21 Holders of rec. Dec. 2
(guar.).Bucyrus-Monighan Co., class A (guar.). *45c. Jan. 1 *Holders of ree. Dec. 16
Havana Elec.& Utilities, 1st pf.(qu.) - *31.50 Feb. 15 Holders of rec. Dec.
rec. Dec. 19
*Holders of rec. Jan. 1
Class A (extra)
*20c Jan. 1 'Holders of rec. Dec. 19
$5 preferred (guar.)
*21.25 Feb. 15 *Holders of rec. Jan. 1
Class B
31.10 Jan. 1 Holders of rec. Dee. 19
Hawaiian Electric (monthly)
*150. Dec. 20 *Holders of rec. Dee, 1
Calamba Sugar Estate,coin.(guar.)_
.40c Jan. 2 *Holders of rec. Dec. 15
Extra
'20c. Dec. 20 'Holders
7% preferred (quar.)
"35c Jan. 2 *Holders of rec. Dee. 15
Illinois Pow. de Lt. Corp.,6% 131. (gu.)-- 134 Jan. 2 Holders of rec. Dec. I
California Ink, class A & B (guar.)
of rec. Dee, 1
*50c Jan. 2 *Holders of rec. Dec. 21
26 preferred (guar.)
$1.50 Feb. 1 Holders
Cambridge Investment, cl. A & B (cm.). *25c Jan. 2
Indiana General Service, pref. (guar.). _ • ti Jan. 2'Holders of rec. Jan.
*Holders of rec. Dec. 21
1
Canada Bread, 1st pref.(guar.)
134 Jan. 2 Dec. 15 to Jan. 1
Indiana de Michigan Elec.,7% pt.(qu.)' Jan. 2 "Holders of roe. Dee.
Canada Bud Breweries. Ltd.(guar.)
134
of rec. Dee.
25c Jan, 15 Holders of rec. Dec. 31
0% preferred (guar.)
Canada Packing. 7% prof. (qua:.)
'134 Jan. 2 *Holders of rec. Dec.
'151 Dec. 31 *Holders of rec. Dec. 15
International Superpower (guar.)
25c. Jan. 2 Holders of rec. Dec. 1
Canadian Canners, Ltd., common (qu,).
Sc Jan. 12 Holders of rec. Deo.
Internat. Telep.& Teleg.(quar.)
150. Jan. 15 Holders of rec. Dec. 1
6% let preferred (quar.)
134 Jan. 2 Holders of rec. Dec. 15
Iowa Power & Licht, 7% prof.(guar.). _' Jan. 2 *Holders
1 54
15
Convertible preference (guar.)
of rec. Dec. 1
17c Jan. 2 Holders of rec.
6% preferred (guar.)
• 34 Jan. 2 *Holders of roe. Dee. 1
1
Dec. 15
Canadian Cottons, Ltd., pref. (quay.)
"134 Jan. 4 *Holders of rec.
Kansas Electric Power, 7% prof. (qua?.) *134 Jan. 2 *Holders
Canadian General Electric, coin.(qu.)
of roe. Dec. 1
$1 Jan. 1 Holders of rec. Dec. /9
0% preferred (guar.)
*131 Jan. 2'Holders
Dec. 113
Preferred (guar.)
87Hc
Kansas Gas & Elec. Co..7% Ill.((Mari - 134 Jan. 2 Holders of rec. Dec. 1
Canadian Westinghouse, Ltd.,oom.(qu.) *50c Jan. 1 Holders of reo. Dec. 15
of rec. Dec. 1
Jan. 1 *Holders of rec. Dec.
6% preferred (guar.)
21.50 Jan. 2 Holders of rec. Dec. 1
Common (extra)
21
*31 Jan. 1 *Holders of roe.
Lone Star Gas, corn. (guar.)
*22e. Dec. 31 *Holders of rec. Dec.
Canfield Oil, corn. & pref. (quay.)
1
131 Dec. 31 Dec. 22 to Dec. 21
Lowell Gas Light, corn. (guar.)
*II Jan
2 *Holders of roe. Dec. 1
Cannon Mills (quar)
Dee. 25
*40c Jan. 1 *Holders of roe.
Dec. 18
3924
Name of CornpanV.
[Vol.. 133.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Dabs Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
of rec. Dec. 19
Miscellaneous (Continued)
Marlin-Rockwell Corp., corn. (quar,)... •50o. Jan. 2 *Holders of rec. Dec. 19
750. Jan. 1 Holders of rec. Dec. 18
10%
Capital Admin. Co.. Ltd., pref. (qu.)..,
*634 Dec. 30 "Holders
M.& T. Securities Corp. (guar.)
Dec. 15 Holders of rec: Dec. 10
*Holders of rec. Jan. 20
*2
. l
Feb
Carey (Philip) Mfg.,common (quiz.).-..17m10. Ja b.lb
McCall Corporation,corn.(quar.)
Holders of reo. Dee. 31
*134 Dec. 31 Holders of rec. Dec. 21
Preferred (quar.)
McColl Frontenao Oil, pref.(quar.)
*50c. Jan. 1 Holders of rec. Dec. 21
*350. Jan. 1 *Holders of rec. Dec. 15
Carpel Corp. (guar.)
Mead,Johnson & Co.,corn.(guar.)
2 *Holders of rec. Dec. 19
. 1 *Holders of rec. Dec. 15
"250.
Champ.Coated.Pap. pf.& spec. pf.(qu.) •151 Jan.
Common (extra)
Dec. 20
*Holders of rec. Dee. 15
*151 Jan. 1 *Holders of rec.
Jan.
Chatham Mfg.,7% pref.(guar.)
7% preferred
"1.34 Jan. 1 *Holders of rec. Deo. 20
6% preferred (guar.)
Meletio Sea Food, com.-Div. passed.
*10c Dec. 15 *Holders ofjec. Dec. 10
*15i Jan. 2 'Holders of roe. Dec. 20
Chemical Research Corp.(No. 1)
Metal Sr Thermit, pref.(guar.)
*Holders of reo. Dec. 15
('13j Feb: 1 "Holders of rec. Jan. 15
Cherry-Burrell Co., pref.(quar.)
Metropolitan Ice pref. (guar.)
of rec. Dec. 20
*Holders of rec. Dec. 15
.Tb
.1
Chicago Gulf Corp.. el. A(qm)(No.1)-- '12340 Jan. 1 *Holders of rec. Dec. 8
3
1
*
*22 00.. a .
:% j n..
Preferred (extra)
"500 Dec. 15 *Holders
22
20 *Holders of rec. Dec. 31
Chicago Mall Order Co
Mexican Petroleum, pref. (quar.)
15
1 *Holders of rec. Dec. 21
pt.(qu.) "154 Jan. 2 "Holders of rec. Dee. 15
Chicago Transfer & Clear.,6%
.
*75c Jan.
Midland Steel Products,corn. (quar.)_
"500 Jan. 4 *Holders:of rec. Dec.
Jan. 1 *Holders of rec. Dec. 21
Churchill Hosiery Corp
8% preferred (guar.)
• 11.46c Jan. 2 *Holders of rec. Dec. 15
•60c. Jan. 1 *Holders of roe. Dec. 21
Cities Service Bankers shares
$2 preferred (guar.)
Doe. 21
Jan. 1 'Holders of rec. Dec. 15
'3134c
Clark (D. L.) Co. (quar.)
*15o. Jan. 2 *Holders of rec. Doe. 16
2
Minnesota Min.& Mfg.,corn.(quar.)_..
rec. Nov.30
Claude Neon General Advtg., pref (qu.) 151 Dec. 15 Holders of rec. Dec. 20
134 Jan. 2 Holders of rec. Deo. 31
Mitchell (J. S.) Jr Co., Ltd., pref. (qu.)_
15 Holders of rec.
class A & B (quar.)--- *50e Jan. 1 *Holders of
Jan.
Clorox Chemical,
Monarch Mtge. Jr Invest., pref. (quar.)_
151 Jan. 2 Holders of rec. Dec. 21
"Holders of roe. Dee. 15
an.
Cluett,Peabody Or Co.,Inc., pref.(qu.)
Monroe Chemical, pref. (guar.)
Jan. 5
Nov. 30
Dee.
Coca Cola Bottling Co.of St. L.(quar.)_ "400 Jan. 15 *Holders of rec. Apr. 5
.
"11ic Dec 1 'Holders of rec. Nov. 30
*137 5c. J.an
Monroe Loan Society, corn
*400. Apr. 15 "Holders of rec.
Quarterly
"51.75 Dec. 1 *Holders of roe. Nov.30
Preferred A (guar.)
rec.
•400. July 15 *Holders of rec. July 5
1
Quarterly
$ .1357%. Dec.Dec) 31 "Holders of roe. Dec. 21
Preferred A (extra)
*4013. Oct. 15 'Holders of roe. Oct. 5
'Holders of
Quarterly
Morels Finance Co.,class A (guar.)----•
*Holders of rec. Deo. 21
Conde Nast Publications, corn -No acti on taken.
2e
*2
*27 3i Doe.
Class B (guar.)
*$1.25 Jan. 15 'Holders of rec. Dec. 23
Consolidated Mining dr Smelting
Dec. 31 'Holders of rec. Doe. 21
•134
Preferred (guar.)
21
"e5 Jan. 15 'Holders of rec. Dec. 23
Stock dividend
Dec. 31 *Holders of rec. Dec. 28
Morris Plan Bank (New Haven) (qtr.)- •40o. Jan. 2 'Holders of rec. Dec. 15
Continental Casualty (guar.)
1
. 2 'Holders of rec. Dee. 15
•122
Morris Plan Bank (Hartford) (guar.)._ .
Jan. 1 *Holders of rem Dec. 15
*32
Courier Poet Co.,corn.(quar.)
31 *Holders of roe. Dec.
Morris Plan Bank (Syracuse) (quar.)... *$2.50 Dee.
*131 Jan. 1 *Holders of rec. Dec. 15
*Holders of rec. Dec. 15
7% Preferred (quar.)
Morristown Securities Corp..corn.(go.).
540 Jan.
Dec. 15
*500. Jan. 2 'Holders of rec. Dec. 19
Cream of Wheat Corp.(quar.)
•3234 Jan. 2 *Holders of rec. Doe. 24
Preferred
"25c. Jan. 2 *Holders of rec. Doe. 19
Extra
Jan. 1 *Holders of rec.
Mortgage Guar. Co.(Los Angeles)
(gm) •$2
Dec. 16a
50e. Jan. 1 Holders of rec. Dec. 21
Davenport Hos. Mills, Inc.. cool,(qu.)..
.
50c
200.Jan. 2 Holders of rec. Deo. 22
Mountain Producers Corp.(guar.)
21
134 Jan. 1 Holders of roe. Doe.
Preferred (quar.)
Jan. 2 'Holders of roe.
Murphy (G. C.) Co., preferred (gear.).. *2
*500 Jan. 1 *Holders of rec. Dec. 19
rec. Dec. 15
De Long Hook & Eye(quar.)
Doe. 22 Holders of
Muskegon Piston Ring,corn.(guar.)- -Dec. 10
rec. Dec. 17
Dennison Manufacturing, class A (qu.)- 151 Dee. 31 Holders of rec.
Dec.
AMA Mutual Chemical of Amer. pf.(qu.) - •154 Jan. 28 'Holders of rec. Dec. 17a
Dinkier Hotels, class A-Dividend omitt ed.
2 Holders of
She.
National Battery Co., pref. (guar.). IIPM -404
Doehler Die-Casting. pref.stock-Div.o mitred
Holders of roe. Doe. 12
National Candy, Corn. (quar.)
Dec. 31
250 Jan. 20 Holders of rec.
Dome Mines, Ltd.(quar.)
1 Holders of rec. Deo. 12
°
5° Jan
1 51 .jan
First and second preferred (guar.).*151 Dec. 31 *Holders of rec. Dec. 23
Doe. 20
Dominion Rubber, pref. (quar.)
National Fruit Prod., 7% pref. (go.)... •151 Jan. 1 *Holders of rec. Dec. 15
Jan. 1 *Holders of rec. Doe. 15
*2
Duplan Silk, Pref.(quar.)
154 Dec. 31 "Holders of rec.
•
National Licorice, pref. (guar.)
•25c Jan. 2 'Holders of roe. Dec. 18
Eastern Steamship Lines, corn.(quar.)
*Holders of rec. Dec. 21
5
2 0.
• ec Jan. 2
National Screen Service (guar.)
30
*151 Jan. 2 *Holders of rec. Doe. 18
First preferred ((mar.)
Nat .Short Term Seam Corp., corn. A.. • 4 Dec.21 'Holders of rec. Nov. 5
'8734c Jan. 2 *Holders of rec. Dec. 18
Preferred (quar.)
Dec. 21 *Holders of rec. Dec.
Neon Products of West Canada
334 Jan. 30 Holders of rec. Dec. 31
of roe. Dec. 17
Eastern Theatres, Ltd., pref
Nevada Consolidated Copper Co.(guar.) *100. Dee. 31 *Holders
15
Dec.
Edmonton City fly, Ltd.,654% pf.(qu.) 134 Jan. 2 Holders of rec. Dec 10
Jab
3 . Dee. 15
SOc. De 26 Holders 01 reo. Jan. 15
N.Y.Jr Honduras Rosario Min.(spool.).
5
"25c Deo. 20 *IIolders of roe. Dec.
Elec.Prods. Corp. of Wash.(Interim)
Holders of rec.
New York Investors, Inc., 1st pref.
Jan. 2 'Holders of rec. Dec. 16
Deo. 19
*El
Electric Auto-Lite, corn.(guar.)
New York Shipbuilding, pref.(guar.). "151 Jan. 2 *Holders of rec. Dec. 24
Dec. 16
"151 Jan. 2 *Holders of rec.
7% Preferred (guar.)
*50. Jan. 15 'Holders of rec.
Niagara Share Corp., corn.(guar.)
15
Emerson's Bromo Seltzer, cl. A de B (qu.) •50c Jan. 2 *Holders of rec. Doe. 15
Jan. 1 *Holders of rec. Dec. 18
Preferred (guar.)
21
*50e Jan. 2 *Holders of rec. Dec.
Class A & 13 (extra)
25 0
$1 o
. 5. Dec. 31 *Holders of rec. Dec. 15
Niles-Bement-Pond Co.(guar.)
•50o Jan. 2 *Holders of rec. Dec. 15
8% preferred (quar.)
u50c. Dee. 29 Holders of rec. Dec. 19
Noranda Mines, Ltd
151 Jan. 1 Holders of rec. Dec. 20
rec. Doe.
Emerson Elec. Mfg., pref. ((Mar.)
*50c. Jan. 2 'Holders of
234 Dec. 30 Holders of rec. Dec. 23a Northland Greyhound Lines, Inc., corn. $1.625 Jan. 2 *Holders of rec. Dec. 19
Empire Safe Deposit Co.(guar.)
Preferred (guar.)
•
Dec. 19
*h50c Dec. 30 "Holders of rec. Dec. 15
Ferro Enameling Corp., class A
•45c. Jan. 1 "Holders of rec. Dee. 12
Northwest Bancorporation (guar.)_ _
200 Jan. 15 Holders of roe Jan. 5
Fin-Co.of Am.(Bait.) corn. A & B (qu.)
Doe. 15 *Holders of rec.
Northwestern Yeast (guar.)
4351c Jan. 15 Holders of rec. Jan. 5
7% preferred (quar.)
Jan. 12 *Holders of rec. Doe. 31
*S1.50
NOXZCM3 Chemical
851e. Jan. 15 Holders of rec. Jan. 5
Dec. 19
7% preferred A (guar.)
•154 Dec. 31 *Holders of rec. Dec. 20
Ontario Mfg., pref. (guar.)
*190. Dec. 15 'Holders of rec. Nov.30
First Custodian Shares
•250 Jan. 2 *Holders of rec.
Packer Corporation, corn. (guar.)
First National Stores, Inc., corn.(qu.) '62540 Jan. 2 'Holders of rem Dec. 18
Holders of rec. Dec. 19
Page Hershey Tubes, Ltd., corn. (qu.).. $1.25 Jan. 1
19
•151 Jan. 2 *Holders of rec. Dec. 18
First preferred (quar.)
151 Jan. 1 Holders of rec. Doe.
Preferred (guar.)
•200. Jan. 2
8% preferred (guar.)
Pan Amer. Petrol. Jr Transli, corn. Jr
*151 Jan. 2 *Holders of rec. Dee. 15
Fisher Flour Mills, pref. (guar.)
'Holders of rec. Doe. 31
corn. B (guar.)
"40c Jan. 20
19
Flatbush Investing Corp., corn. (quar.)- *134 Dec. 31 *Holders of rec. Dec. 20
"25c Jan. 2 *Holders of rec. Dec. 19
Parke, Davis Jr Co. (quar.)
*331 Dec. 31 'Holders of rec. Dec. 20
6 % preferred
*20c Jan. 2 *Holders of rec. Doe. 30
Extra
•25c. Jan. 2 "Holders of rec. Dec. 15
of rec. Nov.
Formica Insulation (quar.)
*134 Dec. 15 'Holders
55c. Jan. 1 Holders of rec. Dec. 160 Paton Manufacturing, Ltd., pref. (qu.). 41.75 Dec. 31 *Holders of rec. Dec. 21
Fourth National Investors Corp., corn
Peoples Collateral Corp., corn.(guar.).21
134 Jan. 2 Holders of rec. Dec. 15
Freiman (A. J.) Ltd., pref. (quar.)-*2 Dec. 31 *Holders of rec. Dec.
8% preferred (guar.)
Dec. 21 "Holders of rec. Dec. 19
Dee. 21
*51
Frick Co., Inc., corn, (quar.)
*151 Dec. 31 *Holders of rec. Dec. 2
7% preferred (quar.)
*75e. Jan. 1 *Holders of rec. Dec. 18
Preferred (quar.)
"250 Dec. 15 'Holders of rec.
Petroleum Exploration, Inc.
31
*1% Jan. 2 "Holders of rec. Dec. 20
Frelhofer Baking, 1st pref.(qu.)
"$1 Jan. 31 *Holders of rec. Dee. 21
Philadelphia Bourse, corn
Fundamental Trust Shares, series A. - •15.6c Dec. 31 "Holders of COUP. No. 3
"$1.50 Feb 1 "Holders of rec. Dec. 18
Preferred
"30c Dec. 31 *Holders of coup. No. 3
Series B
*Holders of rec. Dec.
Phila, Dairy Prod., prior pref.(quar•) * 51.625 Jan. 2
Furness. Witby dr Co., Ltd.
*40e. Jan. 1 'Holders of rec. Dec. 15
Pie Bakeries, corn. (guar.)
15
•w334 Jan. 7 *Holders of rec. Dec. 4
Amer. dep. rag. ord. reg. shares
•151 Jan. 1 *Holders of rec. Dee. 15
Preferred (guar.)
Gardner-Denver Co., corn.
-Dividend o mitred
"75c Jan. 1 'Holders of rec. Doe.
Second preferred (guar.)
"151 Feb. 1 *Holders of rec. Jan. 20
Dee. 20
Preferred (quar.)
Pittsburgh-Erie Saw Corp., corn. (quar.) 37Sic Jan. 1 Holders of rec. Deo. 4
50c. Jan. 2 Holders of rec. Dec. 19
General Baking Co., corn.(guar.)
3
. Doe. 21 'Holders of rec.
Plimpton Mfg.(extra)
Jan. 2 Holders of rec. Dec. 19
2
Preferred (Mari
(
413
Jan. 1 *Holders of rec. Doe. 19
Plymouth Mfg. (extra)
•154 Dec. 31 *Holders of rec. Dec. 21
General Tire & Rubber, pref. (quar.)'750. Jan. 2 "Holders of rec. Dec. 16
Pratt Jr Lambert Co., corn.(guar.)
Gilmore Gasoline Plant No. 1 (mthly.) •200. Dec. 23 "Holders of rec. Dec. 22
*u3c Jan. 4 'Holders of rec. Dec. 14
Premier Gold Mining
Dec. 23 *Holders of rec. Doe. 22
'El
Extra
411
Dec. 15 'Holders of roe. Dec. 1
Prentice (G. E.) Mfg. Co. (guar.)
Goodyear Tire dr Rubber of Canada
"55e. Dec. 15 "Holders of rec. Dee. 1
Extra
51.25 Jan. 2 Holders of rec. Dec. 15
Common (quar.)
Jan. 15 IIolders of roe. Dec. 24a
2
Procter Jr Gamble Co.. pref. (guar.)
151 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
Dec. 31
Prudential Investors, Inc., $6 pref.(qu.) 81.50 Jan. 15 *Holders of rec. Deo. 15
Cioulds Pumps, Inc.. common
-No dIv dend d eclared
Public Utility Investment, pref. (quar.)_ •134 Jan. 1 *Holders of rec.
154 Jan. 2 Holders of rec. Doe. 19
Preferred (quar.)
"500. Jan. 1 *Holders of rec. Dee. 19
Rath Packing, Ma.(guar.)
Jan. 1 'Holders of rec. Dec. 15
15
Graham-Paige Motors, let pref.(quar.)- •151
250. Jan. 2 Holders of rec. Deo. 15
Reece Button Hole Mach.(guar.)
"25c Jan. 2 "Holders of rec. Dec. 15
Graymur Corp (quar.)
Sc. Jan. 2 Holders of roe. Dec. 15
Reece Folding Machine (quar.)
"50c Jan. 1 *Holders of rec. Dee. 19
Gray Telephone Pay Station (quar.)
•3c. Jan. 1 *Holders of rec. Dec. 21
Reed (Torn) Gold Mines (guar.)
*50c Jan. 1 *Holders of rec. Doe. 19
Dec.
Extra
Reliance Manufacturing (III.) pref.(qu.) •151 Jan. 1 *Holders of roe. Dec. 19
*250 Jan. 1 *Holders of rec. Dec. 19
Special
"151 Jan. 2 *Holders of rec.
Remington Arms, 1st pref. (quar.)
Deo. 15
Greening (B.) Wire Co., Ltd., pf. (qu.). •1% Jan. 1 'Holders of rec.
Divide nds orni tted.
Remington-Rand. Inc.. 1st Jr 2d pref
-Russell Law,Inc.- No act ion take 0.
Guenther(Rudolph)
Jan. 15 *Holders of roe. Jan. I
•12
Republic Supply Co. (guar.)
"31.50 Jan. 2 *Holders of rec. Dec. 15
HachmeLster-Lind Co., prof.
--"75c. Jan. 1 'Holders of roe. Dee. 20
Richman Bros. Co., corn. (guar.)
'87$4c Jan. 1 *Holders of rec. Dee. 4
Hall Baking, pref.(quar.)
37Sic Jan. 1 Holders of rec. Dec. 15
Robinson Consol. Cones (guar.)
•154 Jan. 2 'Holders of rec. Doe. 15
Hammermill Paper, pref. (guar.)
30c. Jan. 1 Ilolders of rec. Dec. 20
Ross Gear Jr Tool, cons. (guar.)
•151 Dec. 31 *Holders of rec. Dec. 28
Heath (D. C.) & Co., pref. (guar.)
25c. Dec. 31 Holders of rec. Doe. 15a
St. L. Rocky Mt. Jr Pao. Co.. corn.(qu.)
•50. Dec. 31 *Holders of rem Dec. 16
Gold Mines
Hollinger Consol.
154 Dec. 31 Holders of rem Doe. 15a
Preferred (guar.)
2 Holders of rec. Dec. 28
Holt. Renfrew Jr Co.. Ltd., pref.(quar.) IK Jan.
St.Regis Paper,com.-Dividend omitted
Doe. 19
"1350. Dec. 26 "Holders of rec.
Homestake Mining (monthly)
"15i Jan. 2 *Holders of roe. Dec. 15
Preferred (guar.)
"1.75 Jan. 2 Holders of reo. Dec. 15
Honey Dew, Ltd., $7 pref. (quar.)
*250. Jan. 2 *Holders of roe. Dec. 14
S. M. A. Corp., corn. (guar.)
•$1.75 Jan. 1 'Holders of rec. Dec. 20
Dee. 15
Horn & Ilardart Baking (quar.)
Co., corn. (guar.)...- *250. Jan. 1 *Holders of rec. Dec. 15
Sangamo Electric
"151 Dec. 31 'Holders of rec. Doe. 15
Hotel Statler, 7% pref. (quar.)
•151 Jan. 1 'Holders of roe.
Preferred (quar.)
•3754c Dec. 31 'Holders of rec. Doe. 15
*200. Sept. 15 *Holders of rec. Nov. 30
6% Preferred (guar.)
Second Custodian Shares Corp
rec. Dec. 31
$1.10 Jan. 1 Holders of rec. Dec. I6a
Household Finance, partic., pref. (qu.) .131.05 Jan. 15 "Holders of rec. Dec. 15
Second Nat. Investors Corp., pref
*50c. Dec. 31 "Holders of
"30c. Jan. 1
Humphreys Mtg.,8% pf. (qu.)
Selected Income Shares
35e. Jan. 2 Holders of rec. Dec. 14
Hunts Ltd., cl. A dr 13 (guar.)
Cumulative Shares(No.I). • 23.28c Jan. 1
Selected
*50c. Jan. 2 *Holders of rec. Dec. 15
Ideal Cement (quar.)
(qu.).._ • $1.375 Jan. 1 'Holders of rec. Dec. 15
Sol. Indus. (allot. Ws.full pd.)
"250. Dec. 22 *Holders of roe. Dec. 15
Extra
*25e. Jan. 1
Selected Shares
•25c. Jan. 15 'Holders of rec. Dec. 22
Incorporated Investors (quar)
Selfridge Provincial Stores
Jan. 1 "Holders of rec. Dec. 18
•1
Industrial Rayon (guar.)
*6.7c Deo. 7 *Holders of reo. Nov. 13
American deposit receipts
Dec. 15
.
Insull Utility Investmts., Inc., com.((111.) ./ 1.34 Jan. 15 Holders of roe. Dec. 15
*20c. Jan. 2 *Holders of rec. Dec. 17
Shawmut Association (guar.)
$1.38 Jan. 2 Holders of rec.
Preferred (guar.)
*2 Dec. 31 *Holders of roe. Dec. 10
Singer Manufacturing (guar.)
200. Jan. 2 Holders of rec. Dec. 15
Internat. Button Hole Sewing Mach.
(qu)
•151 Jan. 2 *Holders of rec. Dec. 19
J.) Co., pref.(guar.)
Slattery (E.
12 Sic. Jan. 2 Holders of rec. Dec. 18
4q/ti Jan. 1 *Holders of rem Doe. 15
International Carriers, Ltd.,(guar.)---Southeastern Express
$1 Jan. 2
International Elevating (guar.)
*75c. Jan. 1 'Holders of rec. Dec. 15
Bond Jr Share Corp. pf.(qu.)_
$1 Jan. 15 Holders of rec. Dec. 24a Southern
International Match, corn. (guar.)
•15i Jan. 2
$1 Jan. 15 Holders of rec. Dec. 24a South west Portl. Cement, Corn. (au.)-- •2
Participating pref. (quar.)
Jan. 2
Preferred (guar.)
Jan. 2
International Nickel of Canada, pf.(qu.) 151 Feb. 1 Holders of rec.
Sparks Withington Co.,corn -Div.omit ted.
834c. Feb. 1 *Holders of rec. Jan. 2
'
7% Pref. ($5 par) (quar.)
'134 Dec. 15 "Holders of rec. Doe. 8
Preferred (guar.)
of rec. Dec. 21
•50c. Dec. 29 *Holders
•1,ti Mar. 15 *Holders of rem Mar. 8
Interstate Dept. Stores, corn. (quar.)....
Preferred (guar.)
Investment Fund of N.J.
-Dividend om Wed.
*15i June 15 *Holders of rec. June 8
Preferred (quar.)
(Rhode laid.) 1st pf.(qu) '11.4 Jan. 2 'Holders of rec. Dec. 19
Investors Corp.
50c. Dec. 23 Holders of rec. Dec. 15
Sparta Foundry Co.(guar.)
20
•50c. Dec. 30 *Holders of rec. Dec.
Investors Royalty, pref.(guar.)
°mitt ed.
Square D Company, pref. A-Div.
"1234c Jan. 2 *Holders of rec. Dec. 16
loving Air Chute (guar.)
Dec. 15 *Holders of roe. Doe. 4
State Street Exchange (guar.)
Jefferson Electric Co.. corn.
-Dividend Actio n deferr cd.
750. Jan. 1 Holders of rec. Dec. 15
Standard Steel Const. Ltd. pf. A (qu.)-- 4.1% Jan. 2 *Holders of rem Dec. 26
12340. Jan. 2 Holders of rec. Dec. 17
Kennecott Copper Corp. (quar.)
Stedman Rub.Flooring. 1st pf.(guar.)..
Dec. 31 Holders of rec. Dec. 15
Feb. 1 Holders of rec. Jan. 7
Land Title Bldg. Corp. (Phtia.) (guar.). Si
Steel Co.of Canada,corn. Jr pref.(guar.) 4351c Jan. 1 *Holders of rec. Doe. 15
25c. Jan. 1 Holders of rem Dee. 21
Lane Bryant, Inc. corn. (guar.)
prof.(guar.) '134
Jan. 2 Holders of roe. Dec. 19a Strawbridge Jr Clothier. 7%Jr ord.(go. 3
Guaranty (quar.)
25c. Jan, 1 Holders of rec. Dec. 18
Lawyers Title Jr
)
Supertest Petroleum, corn.
*10c Doe. 30
131 Jan. 1 Holders of rec. Dee. 18
Liberty Share
Preferred A (guar.)
*134 Jan. 1 "Holders of rec. Doe. 19
3754c. Jan. 1 Holders of rec. Dec. 18
Linde Air Products. pref. (quar.)
Preferred 13 (guar.)
*134 Jan. 1 'Holders of rec. Dec. 20
Jan. 1 "Holders of roe. Doe. 15
Lit Brothers, pref.(quar.)
Swann Corp., class A and B (gear.).... •15c. Jan. 2 Holders of rec. Deo. 15
Loose-Wiles Biscuits, 1st pref.((mar.). _ •131 Jan. 1 *Holders of rec. Doe. 18
154
Taggart Corp.. pref.(quar.)
& Sons Co.. 1st & 2d pf.(go.).. *134 Jan. 1 *Holders of rec. Dec. 20
Mabbett
'50c. Jan. 2 "Holders of rec. Dee. 15
Taylor-Colquitt Co.,corn.(guar.)
*75c Dec. 22 *Holders of rec. Dec. 14
Macbeth Evans Glass (guar.)
*25c. Jan. 2 *Holders of roe. Dee. 10
Taylor Milling (guar.)
.150 Dec. 15 *Holders of rec. Nov. 30
Macfadden Newspaper Corp
*25e. Jan. 2 *Holders of roe. Dec. 23
Thompson (J. R.)(guar.)
Dec. 31 *Holders of rec. Dec. 20
*2
Madison Mtge. Corp..8% pref.(qu.)*$1.50 Jan. 2 *Holders of roe. Dec. 10
Thompson's Spa,Inc., $6 pref.(guar.)
"151 Dec. 31 'Holders of rec. Dec. 20
7% first preferred (quar.)
•750. Jan. 2 *Holders of rec. Dec. 17
Co.(guar.)
Torrington
1 34
' Dec. 31 'holders of rec. Dec. 20
7% second preferred (guar.)
50c. Jan. 1 Holders of rec. Dee. 160
Third National Investors Corp. corn_
.200 Jan. 15 *Holders of roe. Dec. 31
Magnin (I.) & Co.(guar.)
DEC. 12 1931.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Tip Top Tailors, pref. (guar.)
134 Jan. 2 Holders of rec. Dec. 15
Tonawanda Share Corp., prior pt. (q11.) 61.625 Dec. 1 'Holders of rec. Nov. 20
•
1st preferred (guar.)
"750. Dee. 1 *Holders of rec. Nov.20
2nd preferred.
-Dividend omitted.
Trumbull Cliffs Furnace. pref. (guar.).- °134 Jan. 2'Holders of rec. Dec. 21
Trust Fund Shares, registered
•15e. Jan. 1 *Holders of Teo. Dec. 30
Coupon
"150. Jan. I
•1% Jan. 2 *Holders of rec. Dee. 19
'ruble() Chat(lion Corp., pref. B
United Investment Shares. series A
2.186e Jan. 15 Holders of rec. Dec. 31
United N.Y. Bank Tr. Shs.,ser. C-3 roe *18.1e Jan. 1 'Holders of rec. Dec. 1
United Shoe Machinery, corn. (qua?.).. 62340 Jan. b Holders of rec. Dec. 16
Preferred (guar.)
3734e Jan. 5 Holders of rec. Dec. 15
United States Capital Corp.,corn. A (qu) .25e. Jan. 1 *Holders of rec. Dec. 15
Common A (payable in corn. A stk.)_ * Si Jan. 15 *Holders of rec. Jan. 1
II
U. S. Gauze, corn.
"S2.50 Jan. 2'Holders of rec. Dec. 19
*$1.75 Jan. 2'Holders of rec. Dec. 19
Preferred
Universal Crane, pref. (guar.)
Dec. 31 'Holders of rec. Dec. 15
Universal Leaf Tobacco, corn. (guar.) *75c. Feb. 1 'Holders of rec. Jan. 19
•2 Jan. 2 'Holders of rec. Dec. 16
Preferred (guar.)
Utah Copper Co. (guar.)
Dec. 31 'Holders of reo. Dec. 17
Valve Bag Co., pref. (guar.)
1)4 Jan. 2 Holders of rec. Dec. 15
Jan, 1 *Holders of rec. Doe. 20
Victor Monaghan Co.. pref. (guar.).
Warren Bros., let pref. (guar.)
*25e. Jan, 2'Holders of rec. Dee. 22
29 1-6c Jan, 2 *Holders of rec. Dec. 22
Second preferred (guar.)
•75c. Jan. 2 *Holders of rec. Dee. 22
Convertible preferred (guar.)
"$1.50 Jan. 1 *Holders of rec. Doe. 20
Wayne Company,6% pref.
Westchester Service Corp.. $7 pr.PL(QU) •
$1.76 Jan. 2 *Holders of ree. Dec. 24
•1% Jan. 5'Holders of rec. Dec. 26
West Coast OIL pref. (guar.)
Western Maryland Dairy. pref. (guar.). *$1.50 Jan. 1 'Holders of reo. Dec. 19
Weston Electrical Investment.cl. A (gu.) *50c. Jan. 2 'Holders of rec. Dec. 19
Winn & Lovett Grocery, el. A (qua?.)...
50c Jan. 1 Holders of roe. Doe. 21
Preferred (guar.)
134 Jan. I Holders of rec. Dec. 21
Wisconsin Bankshares (guar.)
5c. Doe. 31 Holders of roe. Dec. 20
Woodruff & Edwards. Inc.. cl. A (qu.)
*25c. Jan. 2 'Holders of roe. Dec. 21
Young (L. A.) Spring & Wire (guar.)... *25e. Jan. 2 *Holders of roe. Dec. 18
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.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroad (Steam).
Alabama Great Southern. ordinary
Dec. 80 Holders of rec. Nov.30
$2
Preferred
$2
Feb. 13 Holders of rec. Jan. 8
41i Jan. 1 Holders of res. Doe. lba
Albany & Susquehanna
2)4 Feb. 1 Holders of rec. Doe. 31a
Atch. Topeka & Santa Fe. Prof
*234 Jan. 1 *Holders of rec. Dec. 11
Atlanta Birmingham St Coast, pref
Dee. 31 Holders of rec. Dec. 19
Atlanta & West Point
2
2
Jan. 11 Holders of tee. Dec. lba
Atlantic Coast Line RR., oom
*2)4 Jan. 5 *Holders of tee. Doe. 15
Augusta dr Savannah
Extra
•250. Jan. 5 *Holders of rec. Dee. 15
Bangor & Aroostook. corn.(guar.)
870. Jan. 1 Holders of rec. Nov.300
Preferred (guar.)
134 Jan. 1 Holders of too. Nov. 30a
Boston & Albany (guar.)
234 Dec.31 Holders of rec. Nov.30
Boston & Providence (guar.)
234 Jan. 2 Holders of reo. Dee. 19
Canadian Pacific, coin. (guar.)
31)40. Dee. 31 Holders of roe. Dec. la
Chesapeake Corporation (guar.)
750. Jan. 1 Holders of rec. Dec. 8a
Chesapeake & Ohio, corn. (guar.)
62140 Jan. 1 Holders of reo. Dee. 8a
Preferred series A (guar.)
334 Jan. I Holders of rec. Dee. 80
Dee. 28 Holders of roe. Dee. 5
Gino. N.0.& Texas Paelflo, common . 4
Dec. 26 Holders of rec. Dee. 5
3
Common (extra)
Cincinnati Union Terminal, pref.(gu.)
Jan. 1 *Holders of rec. Dee. 19
114 Jan. 2 Holders of rec. Doe. loa
Consol. nu..6 of Cuba, pref.(gu.)
1)4 Feb. 1 Holders of roe. Jan. 15a
Cuba RR.,pref.(guar.)
Jen. 1 *Holders of roe. Dec. 16
•$1
Delaware
Delaware & Hudson Co. (guar.)
234 Dec. 21 Holders of rec. Nov.27a
Georgia RR.& Banking (guar.)
244 Jan. 5 Holders of rec. Jan. 1
Grand Rapids & Indiana
•
2 Dec. 20 *Holders of rec. Dec. 10
Illinois Central. leased lines
2
Jan. 2 Dec. 12 to Jan. 4
Lehigh Valley, prof. (guar.)
$1.25 Jan. 2 Holders of rec. Dec.412a
Little Schuylkill Nov. RR.& Coal
$1.11 Jan. 15 Dec. 12 to
Jan. 15
Louisville & Nashville
2
Feb. 10 Holders of rec. Jan. 15a
Mobile & Birmingham. prof
Jan. 2 Dec. 2 to Jan. 1
2
Morris & Essex
$2.125 Jan. 2 Holders of roe. Dec. 7a
New York & Harlem, corn. & prof
$2.50 Jan. 2 Holders of tee. Dec. 150
N. Y. Lackawanna & Western (gust.)... 1St Jan. 2 Holders of rec. Dec. 160
Norfolk & Western, corn.(guar.)
234 Dec. 19 Holders of roe. Nov.80a
Common (extra)
2
Den. 19 Holders of roe. Nov.30a
'134 Jan. 1 *Holders of reo. Dee. 12
Old Colony (guar.)
Phila., Baltimore & Washington
•$1.50 Dee. 31 'Holders of rec. Dee, 16
Pittab. Ft. Wayne & Chic.. corn.(guar.) 134 Jan. 42 Holders of rec. Dee.
10a
Preferred (guar.)
134 Jan. 5 Holders of roe. Dee. 100
Pittsburgh McKeesport & Youghiogheny $1.50 Jan. 2 Holders of rec. Dec. 150
500. Jan. 14 Holders of tee. Doe. 240
Reading Company, 2d pref. (guar.)._
Rensselaer & Saratoga
*
4 Jan. I *
.3 Jan. 1 Holders of rec. Dee. 15
St. Louis Bridge, let pref
•1x Jan. I
Second preferred
1
Southern Padfie Co.(guar.)
Jan.
Holders of rero. Nov.240
*2)4 Jan, 2 *Holders of tee. Dec.
Southwestern RR.of Georgia
1
United N. J. R. R.az Canal (guar.)
- 234 Jan. 10 Dec. 20 to Jan. 9
2)4 Jan. 2 Holders of too. Doe.
Union Pacific, corn. (guar.)
•214 Jan. 2 "Holders of roe. Dec. la
Valley RR. of N.Y.
14
$1.50 Jan. 42 Holders of rec. Dee. 15
West Jersey & Seashore, corn
4
Dec. 31 Holders of roe. Dee. 19
Western Ry. of Alabama
Public Utilities.
Alabama Power, $7 pref. (guar.)
$1.75 Jan. 2 Holders of roe. Dec. 15
$1.50 Jan. 2 Holders of rec. Dee. 15
$0 preferred (guar.)
$1.25 Feb. 1 Holders of roe. Jan. 15
$5 preferred (guar.)
$1.75 Dec. 15 Holders of rec. Nov.30
Amer. Electric Power,$7 pref. Mara
Amer. Gas & Electric, cam. (qua?.)_._
25e. Jan. 2 Holders of roe. Dee. 10
Common (payable in common stock).- f2
Jan. 2 Holders of res. Dec.
10
Preferred (guar.)
$1.50 Feb. 1 Holders of rec. Jan. 9
Amer. Public Service, pref.(guar.)
114 Jan. 2 Holders of roe. Dee. 15
Amer.Superpower Corp.. let pref.(qu.). $1.50 Jan. 2 Holders of roe. Dec.
10
Preference (guar.)
$1.50 Jan. 2 Holders of rec. Doe. 10
Amer. Telco. & Teleg.(guar.)
234 Jan. 16 Holders of rec.
Amer. Water Works dr Erne.. corn.(gu.) 750. Feb. 1 Holders of rec. Dec. 19a
Jan. 8a
$8 first preferred (guar.)
61.50 Jan. 2 Holders of rec. Dec. Ila
Arizona Power,8% pref. (guar.)
Jan. 2 *Holders of roe. Dec. 24
*2
7% preferred (guar.)
•1% Jan. 2 "Holders of roe.
Dee. 24
Associated Gas & Elec., allot. Ottri
*80o. Jan. 1 *Holders of roe. Nov.30
$8 allotment certificates
*34 Jan. 1 *Holders of roe. Nov. 30
$5 preferred (guar.)
$1.25 Dec. 15 Holders of rec. Nov.16
s5.60 preferred (guar.)(No.
$1.375 Dec. 15 Holders of too. Nov. 16
1)
Associated Telep.& Teleg., el. A
Jan. 1 Holders of ree. Des. 17
(ge.)-- $1
Class A (extra)
Boa Jan. 1 Holders of tee. Dee. 17
$6 first preferred (guar.)
1
.51.50 Jan. 1 *Holders of rec. Dee. 17
7% first preferred (guar.)
•154 Jan. 1 *Holders
of ree. Dec. 17
$4 preferred (guar.)
Jan. 1 *Holders of roe. Dec. 17
Associated Telep. Utilities, corn.(gu.)._ 'Si
/3 Jan, 15 Holders of reo. Dec. 81
$7 prior preferred (guar.)
$1.75 Dec. 15 Holders of Leo. Nov.30
$8 prior preferred (guar.)
$1.50 Dec. 15 Holders of ree. Nov.30
$6 cony. pref. series A (guar.)
21.50 Jan. 2 Holders of roe. Dec. 15
Bangor Hydro Elea., pref.(guar.)
Jan. 1 *Holders of rec. Doe. 10
Bell Telephone of Canada. (guar.)
2
Jan. 15 Holders of roe. Dec 23
Boll Telephone of Pa., pref.(guar.)
1,4 Jan. 16 Holders of rec. Dec. 190
Binghamton Lt. Ht.& Pow.,26 pt.(qu) *31.60 Jan. 2 *Holders
of roe. Nov.30
$5 preferred (guar.)
111.25 Jan, 2 *Holders
Birmingham Water Works, pref. (qu.) ' Dec. 15 *Holders of roe. Nov.30
134
of rec. Dee, I
Boston Elevated HY.,Corn,(guar.)
$1.26 Jan. 2 Holders Of roe. Dec. 10
Brazilian Tr. Lt.& Pow.. pref.(qua?,)
5134 Jan. 2 Holders of roe. Dec. 15
Bridgeport Gas Light (guar.)
•600. Dec. 81 *Holders of roe. Dec. 17
Bridgeport(
)
•400. Jan. 16 *Holders of rec. Dec. 31
British Columbia Power. Ltd.. el. A (gu)
500. Jan. 15 Holders of roe. Dee. 81
Brooklyn & Queens Transit. Prof.(gu.).
Jan. 2 Holders of reo. Dec. 150
Name of Company.
3925
Per
When
Cent. Payable
Books Closed,
Days Inclusive.
Public Utilities (Continued).
Brooklyn-Manhattan Transit
Preferred series A (guar.)
11.50 Jan. 15 Holders of tee. Dee. 31a
Preferred series A (guar.)
$1.60 Apr. 15 Holders of ree. Apr. la
Brooklyn Union Gas (guar.)
$1.25 fan. 2 Holders of rec. Doe, la
Buff. Niagara & East. Power
*40e. Dec. 31 *Holders of too. Doe. 30
Class A (guar.)
•31.26 Feb. 2 *Holders of rec. Jan. 15
First preferred (guar.)
Preferred (guar.)
*40o. Jan. 2 *Holders of rec. Dec. 15
Butler Water Co.. 7% pref. (quar.)
'334 Dec. 15 'Holders of Leo. Dee. 1
California Elec. Generating, pf. (qu.)
'134 Jan. 2 *Holders of reo. Dw. 5
Canada No.Pow. Corp., corn.(qu.)20o. Jan. 25 Holders of rec. Dee. 31
7% preferred (guar.)
134 Jan. 15 Holders of res. Dee. 31
Central Ills. Public Serv.$6 pf.
(qua-- •$1.513 Jan. 15 *Holders of rec. Dec. 31
Central Public Service Corp.. el. A (gu.) (o) Dec. 15 Holders of rec. Nov.26
51.75 Jan. I Holders of rec. Dec. 12
$7 preferred (guar.)
$1.50 Jan. 1 Holders of rec. Dee. 12
$6 preferred (guar.)
Jan. 1 Holders of rec. Doe. 12
34 preferred (guar.)
$1
Central States Power dr Lt.. pref.(qu.). •31.75 Jan. 28 'Holders of rec. Dec. 5
Central States Utilities, pref.(guar.)
- *31.75 Jan. 2 *Holders of rec. Dee, 5
Cincinnati dr Sub. Bell Tern's. (guar.)._ •
$1.12 Jan. 2 *Holders of rec. Dec. 18
Cities Serv.Pow.& Lt.$7 pt.(mthly.)-- 581,0. Doe. 15 Holders of rec. Dec. 10
60o. Deo, 15 Holders of rec. Dec. la
$6 preferred (monthly)
4110. Dec. 15 Holders of rec. Dec. la
$5 preferred (monthly)
5 8 1-3o. Jan. 15 Holders of rec. Dec. 31a
$7 Preferred (monthly)
500. Jan. 15 Holders of rec. Dee. 31a
$e preferred (monthly)
41 2_30. Jae, 15 Holders of rec. Dec. 31a
$5 preferred (monthly)
Cleveland Railway (guar.)
•134 Jan. 1 *Holders of rec. Dec. 26
Clinton Water Works. 7% Pt. (qU.)---- •
134 Jan. 15 *Holders of rec. Jan. 2
Coast Counties Gas & El., 1st. pf.(qu.)_ ' Dec. 15 *Holders of roe. Nov.25
134
Commonwealth & Southern Corp.. corn_
15o. Mar. 1 Holders of rec. Feb. ba
26 preferred (guar.)
81.50 Jan. 2 Holders of rec. Dee, 40
Commonwealth Utilities. pf. A (guar.)._ 111.75 Jan. 2 *Holders of rec. Doe, 19
411.50 Jan. 2 *Holders of rec. Dee, 19
Preferred B (guar.)
Commonwealth Water dr Light, pf.(qu) 154 Jan. 2 *Holders of rec. Dee. 21
'
*760. Jan. 1 *Holders of tee. Dee. 15
Conn. Electric Serv..dom.(guar.)
Consolidated Gas(N. V.). COM.(qu.)...... $1
Dec. 15 Holders of rec. Nov.100
85 preferred (guar.)
$1.25 Feb. 1 Holders of rec. Dec. 28a
Consul. Gas. Elec. L. & Pow..
•90o. Jan. 2 *Holders of rec. Dec. 15
Common (guar.)
•
6% preferred series A (guar.)
134 Jan. 2 *Holders of rec. Doe. 15
•
6% preferred series D (guar.)
134 Jan. 2'Holder, of rec. Dec. 16
•134 Jan. 2 *Holders of rec. Dec. 15
534% preferred series E (guar.)
Consumers Power. 7% prof.(gust.)
0114 Jan. 2 *Holders of rear Dec. 16
*1.65 Jan. 2 *Holders of roe. Dee. 15
6.6% preferred (guar.)
6% preferred (guar.)
*134 Jan. 2 *Holders of roe. Dee. 15
$5 preferred (guar.)
*$1.25 Jan. 2 *Holders of tee. Dec. 15
6.6% preferred (monthly)
*56s. Jan. 2 *Holders of tee. Dec. 15
6% preferred (monthly)
•500. Jan. 2 *Holders of rec. Dec. 15
Continental Gas & Elec., cons.(gust.).. $1.10 Jan. 2 Holders of rec. Doe. 12
Common (extra)
$3.60 Jan. 2 Holders of rec. Dee, 12
(j)
Jan. 2 Holders of rec. Dec. 12
Special (1-5 share corn. stook).134 Jan. 2 Holders of rec. Dec. 12
Prior preferred (guar.)
Continental Passenger BY
$2.60 Deo. 30 Holders of rec. Nov. 30a
Denver Tramway Corp.. pref.(guar.) 250. Jan. 42 Holders of rec. Dec. 15a
Detroit Edison Co.(guar.)
2
Jan. 15 Holders of rec. Dee. 21a
Diamond State Tern's.. M % pf.
•134 Jan. 15 'Holders of rec. Doe. 19
134 Jan. 2 Holders of rec. Dec. 15
Duke Power, corn. (guar.)
M Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
East Kootenay Power, Ltd.,7% pf.(Qt1.) 134 Dec. 15 Holders of ree. Nov 30
Eastern Gas & Fuel Assoc., yr. pf.(qu.). 134 Jag 1 Holders of rec. Dee. 15
134 Jan. 1 Holders of rec. Dec. 15
6% preferred (guar.)
Electric Bond & Share, corn.(gust.).... f13.6 Jan, 15 Holders of rec. Dec. 5
$1.60 Feb. 1 Holders of rec. Jan. 9
56 preferred (guar.)
$1.25 Feb. 1 Holders of rec. Jan. 9
$5 preferred (quar.)
$1.75 Jan. 2 Holders of rec. Dec. I2a
Elec. Power & Light,$7 pref.(guar.)_
$1.50 Jan. 2 Holders of rec. Dec. 12a
$6 preferred (guar.)
Allotment etre. full paid (guar.)
134 Jan. 2 Holders of rec. Dee. 12a
Allotment offs. 90% paid (gust.).... 1.575 Jan. 2 Holders of rec. Dec. 12a
Empire District El. Co.,6% pt.(mtbly.)
50o. Jan. 2 Holders of rec. Dec. 15a
66 2-3e Jan. 2 Holders of rec. Dec. 15a
Empire Gas & Fuel,8% pf.(mthly.)58 1-3c Jan. 2 Holders of rec. Dec. 15a
7% preferred (monthly)
% preferred (monthly)
54 1-6c Jan. 2 Holders of rec. Dec. I5a
6% preferred (monthly)
60o. Jan. 2 Holders of rec. Dec. 15a
$1.50 Jan. 1 Holders of rec. Dec. 16
Empire Power Corp..$6 pref.(qu.)
Participating stock
56e. Jan. I Holders of rec. Dee. 16
Engineers Public Seri., eons.(qu.)
450. Jan. 2 Holders of rec. Dec. 17a
$1.50 Jan. 2 Holders of rec. Dee. 17a
$6 preferred (guar.)
$1.375 Jan. 2 Holders of roe. Dec. 17a
$534 preferred (guar.)
$1.25 Jan. 2 Holders of rec. Dee. 17a
$5 preferred (guar.)
Fall River Electric Light (qua?.)
*50o. Jan. 2 *Holders of rec. Dec. 15
Feather River Power Co.. pf. A (guar.). .134 Dee. 31
Federal Light & Tract., corn.
(guar.).- 8734e. Jan. 12 Holders of rec. Dec. 140
11
Jan. 2 Holders of rec. Doe. 140
Corn.(payable in corn, stook)
1,154 Jan. 15 *Holders of rec. Dec. 31
Federal Public Service. pref. (guar.)
General Gas & Deo.Corp.. corn. A (gu..) (n) Jan. 2 Holders of rec. Nov. 300
Common class B (guar.)
(n) Jan. 2 Holders of rec. Nov.80a
$6 cony. pref. series A and B (guar.).- $1.50 Dec. 15 Holders of rec. Nov. 16a
$7 preferred (guar.)
$1.75 Jan. 2 Holders of rec. Nov.30a
Jan. 2 Holders of too. Nov.30a
$2
$8 preferred (guar.)
Georgia Power Co., $6 pref.(guar.).- $1.50 Jan. 1 Holders of rec. Dec. 15
$1.25 Jan. 1 Holders of rec. Dec. 15
$5 preferred (guar.)
Great West.Pow.(Calif.)7% pf.(cur.)._ *134 Jan. 2 *Holders of two. Dec. 5
.0134 Jan. 2 *Holders of rec. Dee. 5
6% preferred (guar.)
Greenwich Water & Gas,6% pf.(gu.)
'134 Jan. 2 *Holders of rec. Dec. 21
Gulf States Utilities. $6 pt.(qu.)
•$1.50 Dee. 15 *Holders of rec. Dec. 1
• $1.375 Dee. 15 *Holders of rec. Dec. 1
$5.50 preferred (guar.)
Hackensack Water. Pref. A (guar.)
43540 Dec. 31 Holders of rec. Dec. 18a
Hamilton Bridge. pref.(guar.)
154 Feb. 1 Holders of rec. Jan. 15
Honolulu Gas, common (monthly)
•150. Dec. 20 *Holders of rec. Dee, 15
Common (extra)
•200. Dec. 20 *Holders of rec. Doe. 15
Dee. 31 *Holders of rec. Dec. 30
*2
Illinois Bell Telep.(guar.)
minohi Power Co.,6% pref.
1.14 Jan. 2 Holders of roc. Dee. 15
154 Jan. 2 Holders of tee. Doe. 15
7% preferred (guar.)
Indiana Hydro-Elec. Power, Pf.
134 Dec. 15 Holders of rec. Nov.30
Indianapolis Power & Lt.,6% pt.(gu.)
•134 Jan. 2 *Holders of rec. Dec. 5
*154 Jan. 2 *Holders of rec. Dec. 5
634% preferred (guar.)
Indianapolis Water Co., pref. A (guar.) 154 Jan. 1 Holders of rec. Dee. 120
Inland Power & Light,7% pref.(guar.). '134 Jan. 2 *Holders of rec. Dee. 15
Internat. Power Securities.$6 pf, A (411.) •$3
Dec. 15 *Holders of rec. Dee, 1
Interstate Power Co., $6 pref.(guar.).- "$1.50 Jan. 2 *Holders of rec. Dee. 5
*S1.75 Jan. 2 *Holders of rec. Doe. 5
$7 preferred (guar.)
Jersey Cent. Lt.& Pow.,534% pt.(gu.).. 144 Jan. 1 Holders of rec. Dee. 10
6% preferred (guar.)
154 Jan. 1 Holders of rec. Dec. 10
7% preferred (quar.)
154 Jan, 1 Holders of rec. Dee. 10
Joplin Water Works,6% pref.(guar.)... '134 Jan. 15 *Holders of rec. Jan. 2
Kansas City Power & Lt., lot pf.B
$1.50 Jan. 1 Holders Of rec. Dee. 140
Kentucky Securities Corp.. com.(guar.) 134 Jan. 2 Holders of rec. Doe. 190
Preferred (guar.)
134 Jan. 15 Holders of rec. Doe. 193
Kings County Ltg.,common (guar.).- *$1.50 Jan. 1 *Holders of rec. Dec. 18
7% preferred (guar.)
•134 Jan. 1 *Holders of rec. Dec. 18
6% preferred (guar.)
'134 Jan. 1 *Holders of rec. Dee. 18
Laclede Gas Light,corn.(guar.)
Boo. 15 Holders of rec. Dee. la
2
Preferred (qua?.)
234 Dec. 15 Holders of rec. Doe, la
Lexington Utilities, pref.(guar.)
'1% Doe. 15 *Holders of rec. Nov.80
Long Island Ltg.,7% nref.sea. A (gu.)__
154 Jan. 1 Holders of rec. Dec. 16
134 Jan. 1 Holders of rec. Dec. 16
6% preferred series B (guar.)
Louisville0.& El., corn. ol. A & B (4111.) 43)(0 Dec. 24 Holders of rec. Nov.800
Memphis Power & Light,$7 pref.(gu.)
$1.75 Jan. 2 Holders of rec. Dee. 12
$1.50 Jan. 2 Holders of roe. Dee. 12
60 preferred (guar.)
Middle Western Telep.. el. A (guar.)... •4344e Dec. 15 *Holders of tee. Dec. 5
Midland United Co..common (guar.).- 1134 Dec 424 Holders of roe. Dee, 1
075 Dee. 24 Holders of roe. Dee, 1
Preferred A (guar.)
$1.75 Feb. 1 Holders of reo. Jan. 15
Mohawk Hudson Pow.pf.(go.)
Second preferred (guar.)
$1.75 Jan. 2 Holders of rec. Dee 15
Monongahela Valley Water,7% pf.(q11.) '154 Jan. 15 *Holders of rec. Jan. 2
Monongahela W.Penn.Pub.Ser.Pf.(g.) 43540. Jan. 1 Holders of too. Doe, 15
Muncie Water Works,8% pref.(rm.).- *2
Dec. 15 *Holders of rec. Doe. 1
Municipal Service, corn.(special)
*500. Jan. I *Holders of rec. Dee. 15
aNatiansi Elec. Power, corn.Cl.B(guar.) 45e. Dec. 31 Holders of rec. Dec. 10
7% preferred (guar.)
131 Jan. 1 Holders Of ree. Dec. 10
6% preferred (guar.)
134 Jan. 1 Holders of tea. Dee. 10
3926
.
Name of Company
When
Per
Cent. Payable.
Books Closed.
Days Indusfse.
Public Utilities (Continued)
134 Jan. I Holders of rec. Dec. 16
Nassau & Suffolk Ltg.. 7% pref. (qu.)_
400. Dec. 15 Holders of roe. Nov.27
National Public Service, corn. A (guar.)
600. Jan, 15 Holders of rec. Dec. 10
Common B (spec.)
134 Jan. 1 Holders of rec. Dec. 10
Preferred (guar.)
New England Gas & Elec. Assoc.
51.375 an. 2 Holders of rec. Nov.30
$5.50 preferred (quar.)
*Holders of rec. Nov.30
.
*51.75
$7 second preferred (guar.)
*50c. an. I *Holders of rec. Dec.31
New England Power Assn (guar)
2 *Holders of rec. Dec. 10
•134 Jan.
6% preferred (quar.)
*50c. Jan. 2 *Holders of rec. Dec. 10
$2 preferred (quar.)
"1.34 Jan. 2 *Holders of rec. Dec. 10
New England Power Co., pref.(quar.)
rec. Nov. 30
New Engl.Pub.Ser.$7 pr.lien pf.(qu.)_ $1.75 Dec. 1 Holders of rec. Nov. 30
$1.50 Dec. 1 Holders of
k $e preferred (quar.)
2
Dec. 31 Holders of rec. Dec. 10
New England Telep. & Teleg. (tinar.)
*134 Jan. 2 *Holders of rec. Dec. 21
N. J. Water Co., pref. (guar.)
of rec. Dec. 18
New York Power & Light. 7% pf. (111.) •134 Jan. 2 *Holders of rec. Dec. 16
*Holders
'114 Jan.
6% preferred (quar.)
of rec. Dec. 4
& Queens El. Lt.& Pow.com.(gu.) •51.50 Doe. 1 *Holders of rec. Dec. I5a
N.Y.
$1.75 Jan. d2 Holders
New York Steam,$7 prof. (guar.)
$1.50 Jan. d2 Holders of rec. Doe. 15a
$e preferred (guar.)
rec. Dec. 19
New York Telephone,634% pref.(qu.)- 134 Jan. 15 Holders of
10c. Dee. 31 Holders of rec. Nov. 24
Niagara Hudson Power, corn.(qua?.)...
j2'4 Jan. 2 Holders of rec. Dec. 5a
North Amer. Co. coin.(in corn.
75c. Jan. 2 Holders of rec. Dec. 5a
Preferred (quar.)
rec. Dee. 19
North Amer. Light & Pow.. Pref. MO $1.50 Jan. 2 Holders of
Util., coin. A (qu.)---- "3734e Jan. 2 Holders of rec. Dec. 15
North Continent
*134 Jan. 2 Holders of rec. Dec. 15
7% preferred (quar.)
*134 Jan. 2 Holders of rec. Dec. 15
6% preferred (quar.)
(qu.) 134 Jan, 2 Holders of rec. Dec. 15
North West Utilities Co..7% Pr. pf.
rec. Dec. 6
Northeastern Pub.Serv..id.(QL)(Ho. 1) 8734e Jan. 1 Holders of rec. Deo. 5
$1.375 Jan. I Holders of
Prior preferred (guar.)(No. 1)
pf.(qu) '134 Jan. 14 'Holders of rec. Dec. 31
Northern Indiana Pub.Serv.7%
*134 Jan. 14 *Holders of rec. Dec. 31
8% Preferred (qua?.)
134 Jan. 14 'Holders of rec. Dee. 31
•
534% preferred (quar.)
rec. Dec. 31
Northern Ontario Power. Ltd., com.(gu) 50c. Jan. 25 Holders of ree. Dec. 31
134 Jan. 25 Ilolderr of
Preferred (guar.)
6%
- 134 Jan. I Holders of ree. Dec. 16
pref.(guar.).
Northport Water Works,
Jan. 1
51.50 Jan. 2 Dec. 17 to
Northwestern Telegraph
rec. Dec. 19
Nova Scotia Light & Power, ord.(guar.) '$1 Jan. 2 *Holders of
2 *Holders of rec. Dee. 21
"51.50 Jan.
Ohio Cities Water, $6 Pref.(quar•)51.25450. 2 Holders of rec. Dee. 15
Ohba Edison Co-$5 Pref.(qual.)
Holders of ree. Dec. 15
$1.50 Jan.
$6 preferred (guar.)
51.65 Jan. 2 Holders of rec. Doe. 15
$6.60 preferred (guar.)
$1.75 Jan. 2 Holders of rec. Doe. 16
$7 preferred (guar.)
51.60 Jan. 2 Holders of rec. Dee. 15
$7.20 preferred (guar.)
- *134 Jan. 2 *Holders of rec. Dee. 15
Ohio Electric Power,7% preL (guar.).
*134 Jan. 2 *Holders of rec. Dec. 15
6% preferred (quar.)
Dee. 150
of
Ohio Pub. Serv. Co., 7% pref. (mthI7.) 58 1-3c Jan. 2 Holders of roe. Dee. 154
rec.
50c. Jan. 2 Holders
6% preferred (monthly)
41 2-3o Jan
2 Holders of rec. Dec. 15a
5% preferred (monthly)
134 Dee. I. Holders of ree. Nov. 30
Oklahoma Gas & Elec., 7% prof.(MO
13.4 Dec. I Holders of rec. Nov.30
6% preferred (quar.)
Dec. 26
Orange & Rockland Elec.,7% Pt.(g.1.)-- *134 Jan. 2 *Holders of rec. Dec. 25
"134 Jan. 2 *Holders of rec.
6% preferred (quar.)
Public Service
Pacific Northwest
•15( Jan. 1 *Holders of ree. Doe. 15
7% prior preferred (quar.)
•1.80 Feb. 1 *Holders of ree. Jan. 15
7.2% first preferred (guar.)
•14 Jan. 1 *Holders of ree. Dec. 15
8% first preferred (guar.)
rec. Dec. 19
Pacific Telep.& Teleg..common (quar.) *134 Dec. 31 *Holders of ree. Dec. 31
*134 Jan. 1 *Holders of
Preferred (quar.)
1 Holders of roe. Dec. 10a
Penn Central Light & Pow..$5 pref.(qu) $1.25 Jan.
70e. Jan. 1 Holders of reo. Dec. 10
$2.80 preferred (guar.)
$1.7 Jan. 2 *Holders of roe. Dee. 20
Pennsylvania Gas Jr El. Co.$7 Of.(01.)- •
•134 Jan. 2'Holders of rec. Dec. 20
7% preferred (quar.)
750. Jan. 2 Holders of roe. Dec. 15
Pennsylvania Water & Power (quar.).
'134 Jan. 2 'Holders of rec. Dec. 21
Peoria Water Works, pref. (guar.)
$1.50 Jan. 2 Holders of rec. Dec. 1
Philadelphia Co., $6 prof (guar.)
Holders of ree. Dec. 1
51.25 Jan.
$5 preferred (quar.)
50o. Jan. I Holders of rec. Doe. 100
Philadelphia Elec.Power,Prof.
134
' Jan. 2 *Holders of rec. Dec. 15
Ponce Electric Co.. pref.(guar.)
0134 Jan. 15 Holders of ree. Dec. 31
Power Corp.of Canada,6% prof.((PO
175e. Jan. 15 Holders of rec. Dec. 31
8% participating pref. (guar.)
15a
of Colo.. 7% M.(Intldi.) 58 1-50.Jan. 2 Holders of rec. Dec. 15a
Publto Service
50c. Jan. 2 Holders of roe. Dec.
6% preferred (monthly)
41 2-3c Jan. 2 Holders of ree. Dec. 15a
5% preferred (monthly)
85e. Dec. 31 Holders of rec. Dec. la
Public Serv. Corp. of N.J.. cam.(quar.)
Dec. 31 Holders of rec. Dec. la
2
8% preferred (quar.)
134 Dec. 31 Holders of ree. Dec. la
7% preferred (quar.)
$1.25-Deo. 31 Holders of rec. Doe. la
$5 preferred (guar.)
50o. Dec. 31 Holders of rec. Dec. 1
6% preferred (monthly)
Jan. 2 Dee. 22 to Jan. 2
Public Service of Oklahoma,corn.(quar.) 2
134 Jan. 2 Dec. 22 to Jan. 3
7% prior lien stock (guar.)
134 Jan. 2 Dee. 22 to Jan. 3
6% prior lien stock (quar.)
134 Dec. 31 Holders of rec. Dec. 1
Public Serv. Elec. & Gas,7% pf.(qn.)
$1.25 Dec. 31 Holders of ree. Dec. la
$5 preferred (quar.)
18
Gas & Elee.,8% pf.(qu.) •134 Jan. 2 *Holders of ree. Dee. 21
Queensborough
of rec. Dec.
Richmond Water Works.8% PL (qua- •134 Jan. 2'Holders of ree. Nov. 30
134 Jan. 2'Holders
•
Rochester Central Power.6% pf.
(gear.) *134 Jan. 2 Holders of rec. Dec. 12
RochesterTelephone Corp..com.
•144 Jan. 2 "Holders of roe. Dec. 12
First preferred (guar.)
134
' Dec. 15 *Holders of reo. Nov. 30
Light & Pow., pf. A (go)._
San Joaquin
•134 Dec. 15 *Holders of rec. Nov. 30
Prior preferred A (guar.)
•134 Dec. 15 *Holders of rec. Nov.30
Prior preferred (quar.)
'134 Sept. 1 *Holders of rec. Nov.30
Preferred B (quar.)
Jan. 2 *Holders of rec. Dec. 10
*2
Savannah Elec.& Power. pref. A (Quar.)
13.4
' Jan. 2 *Holders of ree. Dec. 10
Preferred B (quar.)
134
' Jan. 2 *Holders of rec. Dec. 10
Preferred C (guar.)
43340 Jan. 1 *Holders of rec. Nov.25
•
Savannah Gas (qua?.)
- 400. Dee. 29 Holders of rec. Dec. 15
Seaboard Public Serv., coin. (special).
Jan. 1 Holders of ree. Dec. la
$3
(qu.)
Second & 3d Sta. Pass. Ry.(Phila.)
ly( Jan. 15 Holders of rec. Jan. 1
Sedalia Water, preferred (guar.)
$1.50 Jan. 1 Holders of rec. Dec. 21
pref.(qu.)_
South Carolina Power,$6
2
(MO - *134 Jan. 15 *Holders of ree. Jan. 2
South Pittsburgh Water.6% Pt.
"1.34 Jan. 15 *Holders of ree. Jan.
7% preferred (guar.)
Jan. 19 'Holders of rec. Jan. 8
*$1.25
5% preferred
50e. Jan. 15 Holders of rec. Dee. 20
Southern Calif. Edlson,intl. rd. (I11.)-- 4354e. Dee. 15 Holders of tee. Nov. 20
Preferred A quar/
373.4 Dee. 15 Holders of ree. Nov 20
Preferred B (guar.)
3434 Jan. 15 Holders of rec. Dee. 20
Preferred series C (guar.)
13.4 Jan. 1 Holders of rec. Dec. 19
Southern Canada Peer.. Ltd.. pref (WI.)- '134 Dec. 15 *Holders of ree. Nov.30
Southern Colorado Power.7% pt.(qn.)
134 Jan. 2 Holders of rec. Dec. lb
Southwestern Gas & Elee..7% pf.(
Jan. 2 Holders of rec. Dec. lb
2
8% preferred (qua?.)
$1.50 Jan. 2 Holders of ree. Dec. 15
Southwestern Light & Power, pref. (qu.) 51.75 Jan. 2 Holders of rec. Dec. 15
Springfield Gas & Elec.. Pref.(quar.)- - - $1
Dec. 15 Holders of ree. Nov. 30
Standard Gas & Elec.,$4 pref.(guar.)
75c. Dec. 81 Holders of ree. Dec. 10a
Tawny-Palmyra Bdge. com.&pf.A
lyd Jan. 2 Holders of rec. Dec. 15
1
11
Pow., 5% 1st 1 .(31 .)Tennessee Elee.
13.4 Jan. 2 Holders of rec. Dec. 15
6% first preferred (quar.)
134 Jan, 2 Holders of ree. Dec. 15
7% first preferred (guar.)
1.80 Jan. 2 Holders of rec. Dec. 15
7.2% first preferred (quar.)
50e. Jan. 2 Holders of roe. Dec. 16
6% first preferred (monthly)
80e. Jan. 2 Holders of ree. Dee. 15
7.2% first preferred (monthly)
Dec. ISa
.5
(mthly.). 8 1-3e. Jan. 2 Holders of rec. Dec. 15a
Toledo Edison Co.,7% pref.
50e. Jan. 2 Holders of roe.
6% preferred (monthly)
Holders of ree. Dec. 15a
4 1 2-3c. Jan.
5% preferred (monthly)
Holders of rec. Dec. 12a
Twin City R.T.. Minneari. prof. )quar.) 134 Jan. 2 Holders of rec. Dee.415a
Jan. 1
84
Linton Passenger Re., Phil&
$1.50 Jan. 1 Holders of rec. Dec. 9
Union Traction Co., Philo,
1834 Jan. 2 Holders of rec. Doe. 2a
United Corporation. corn.(guar.)
75e. Jan. 2 Holders of rec. Dee. 2a
Preferred (guar.)
Dec. 15 Holders of rec. Dec. 2
United Gas Se Elec. Corp.. corn.(qu.)... $1
134 Jan, 1 Holders of rec. Dee. 16
Preferred(guar.)
30e. Dee. 31 Holders of ree. Nov. 30a
United Gas Improvement. corn.(guar.).
300
$1.25 Dee. 31 Holders of roe. Nov.
Preferred (guar.)
25e. Feb. 1 Holders of rec. Jan. 15a
toiled Light & Power,coin. A & B (qu.)
Jan. 2 Holders of ree. Dec. 15a
$1.50
Preferred (quar.)
$1.50 Jan. 2 Holders of ree. Dec. 15
United Public Utilities. $6 prof. ((Mari
51.4334 Jan. 2 Holders of rec. Dee. 15
0.75 preferred (guar.)
Utah Power & Light, 57 pref. (quar.)- *51.75. Jan. 2 *Holders of rec. Dee. d5
*51.50 Jan. 2 *Holders of roe. Dec. 5
86 preferred (qua?.)
[VoL. 133.
141:NANCIAL CHRONICLE
Name of Company.
Public Utilities (Concluded).
Utilities Power & Light Corp.
Corn.(one-fortieth share cora,stock)_ _
Class A (quar.)
Class B (one-fortieth share corn.stock)
7% preferred (guar.)
Virginia Elec. & Power,58 pref. (qu.).._
Virginia Public Service, 7% pref.(qu.)
6% Preferred (quar.)
Washington Water Power. pref.(qua...
$6 preferred (altar.)
West Penn Electric Co.. class A (qu.)...
West Penn Power Co., 7% pref.(guar.).
6% Preferred (guar.)
West Phila.Pass.Ry
Western Pow., Lt.& Telep., pf. A (qu.).
6% preferred series B (guar.)
Western Union Telegraph (guar.)
Wichita Water Co..7% pref.(quM.)
Wisconsin-Mich.Power,6% pt.(rm.)._ _
Wisconsin P.& L..6% pf.(g11.)
7% preferred (guar.)
Wisconsin Pub.Serv.,7% pt.(qu.)
634% preferred (guar.)
6% preferred (guar.)
When
Per
Cent. 'Nate.
Books Closed.
Days iSaittlits.
(f) Jan. 2 Holders of ree. Dec. 5
.
.
50c.
(n Jan 2 Holders of rec. Dec. 5a
Holders of rec. Deo. 5
134 Jan. 2 Holders of rec. Dec. 5
$1.50 Doe. 21 Holders of rec. Nov. 30a
154 Jan, 1 Holders of rec. Dee. 10
1)4 Jan. 1 Holders of rec. Dee. 10
*31.50 Doe. 15 *Holders of ree. Nov. 25
*Holders of rec. Nov. 25
0
e 15
$5111u..7555 e 31 Holders of rec. Dee, 176
Holders of rec. Jan. ba
Feb.
134 Feb. I Holders of rec. Jan. ba
$4.25
.1u Jan. 1 Holders of rec. Dec. lba
Jan. I *Holders of rec. Dee. 15
"134 Jan. 1 *Holders of rec. Dee. 15
.
. 12
1
:144 Jan '35
*Holders of rec. Jan. 2
*134 Doe, 15 *Holders of ere. Nov. 30
134 Dec. 15 Holders of rec. Nov- 30
134 Doe. 15 Holders of rec. Nov.30
154 Dec. 21 Holders of rec. Nov.30
114 Dec. 21 Holders of rec. Nov. 30
134 Doe, 21 Holders of rec. Nov.30
Banks.
Jan. 2 Holders of ree. Dec. Ila
$1
Chase National (quar.)
Jan. 2 *Holders of ree. Dec. 15
Chatham Phenix Nat. Bk. Jr Tr.(guar.) *51
Jan. 2 *Holders of rect. Dec. 15
Commercial Nat. Bk. Jr Tr.(quar.).__ *2
Jan. 2 Holdem of roe. Dec. 12
National City (guar.)
$1
Public National Bank Jr Trust(quar.)... *50e. Dec. 31 *Holders of ree. Doe. 19
Trust Companies.
Banco Commerciale Itallana Tr. (qu.)._ •134 Jan. 2 *Holders of rec. Doe. 15
750. Jan. 2 Holders of roe. Dec. 11
Bankers Trust (guar.)
30c.Deo. 15 Holders of reo. Dec. 4
Continental Bank Jr Trust (quar-I
Dee. 81 Holders of ree. Dee. 31
Ted eration Bank Jr Trust (guar.)
8
Dee. 31 Holders of ree. Dee. 4
5
Guaranty (guar.)
40e. Jan. 2 Holders of foe. Deo. 4
Irving (quar.)
Jan. 2*Holders of rec. Doe. 21
*15
United States (guar.)
Miscellaneous.
6234c Jan. 2 Holders of roe. Dee. 16
Abbott Laboratories (quar.)
Abraham Jr Straus, foe., corn.(quar.).. 3734c Dee. 31 Holders of ree. Dec. 21a
•51 Dee. $1 *Holders of reo. Dee. 18
Adam Hoffman Co
134 Dec. 31 Holders of ree. Dee. 15a
Adams Express, pref. (quer.)
rec. Dee. 21
AddressograP11-MultograPh Corp.(en.). *25e. Jan. 10 *Holders of
Aetna Rubber, Prof. (guar.)
13.4 dies. 1 Holders of rec. Dec. 15
Holden of rec. Dec. 18a
40e. Jan. 2
Affiliated Products (quar.)
134 Jan. 2 Holders of rec. Dec. 15
Agnew Surpass Shoe Stores, pref.(qu.)_
So. Dee. 18 Holders of ree. Nov.304
Allegheny Steel, corn. (monthly)
Allied Chemical Jr Dye Corp.. pf. (guar.) 13.4 Jan. 2 Holders of rec. Dec. 1la
Dee. 15 *Holders of rec. Deo. I
Alpha Portland Cement,Prof.(quar.).
30
Aluminum Industries, corn. (qu.)
'373.4c Dee. 15 'Holders of ree. Nov.
Aluminum Manufactures, Ina.. com.9310 •50d. Dee. 31 *Holders of rec. Dee. 16
Dee. 111 *Holders of ree. Dec. 15
"134
Preferred (guar.)
•750. Jan. 1 *Holders of ree. Dee. 18
American Bakeries. class A (quer.)
•134 Jan. 1 *Holders of ree. Dec. 18
7% preferred (guar.)
50e. Jan. 2 Holders Of rec. Dec. 10a
American Bank Note. corn.(guar.)
750. Jan, 2 Holders of rec. Dee. 10a
Preferred (quar.)
134 Jan, 2 Holders of reo. Dec. 16a
American Can, pref. (guar.)
134 Jan. 1 Holders of rec. Dec. lla
Amer.Car Jr Fdy., pref. (quar
13.4 Dec. 31 Holders of ree. Dee. 21a
American Chain, Prof. (qua?.)
500. Jan. I Holders of ree. Dee. 12a
American Chicle (quar.)
25e. Jan, 1 Helder, of ree. Dee. 12e
Extra
$1.50 Jan. 2 Holders of rec. Dee. 18a
American Express(quar.)
*3734c Dee. 15 *Holders of rec. Dee. 5
Amer. Fork Jr Hoe, corn.(quar.)
'134 Jan. 15 *Holders of rec. Jan. 5
Preferred (quar.)
25e. Dec. 31 Holders of ree. Dee. lea
uner. Hawaiian Steamship (quar.).35e. Jan, 2 Holders of rec. Dec. 14a
Amer. Rome Products (monthly)
134 Dec. 31 Holders of rec. Dec. 110
Amer. Locomotive. pref. (quar.)
yi Dec. 31 *Holders of roe. Dec. 15
American mfg.. prof. (glum)
134 Dec. 31 Holders of rec. Dec. 20a
American Opti^al Co., 1st pref.(guar.)
American Paper Goods Co.. Prof. (gu.)- $1.75 Dee, 15 Holders of rec. Dec. 5
Am. Radiator & Stand.Sanitary Corn.
15e. Dec. 31 Holders of rec. Dec. lla
Common (quar.)
Amer. Safety Razor (quar.)
51.25 Dec. 31 Holders of rec. Dec. 10a
51.25 Feb. 1 Holders of rec. Jan. 15a
Amer. Shipbuilding, corn. (guar.)
"1.34 Feb. 1 *Holders of ree. Jan. 15
Preferred (guar.)
75e, Jan, 2 Holders of roe. Dee. 10a
American Snuff, corn. (quar.)
25c. Jan, 2 Holders of rec. Dec. 10a
Common (extra)
134 Jan, 2 Holders of rec. Dee. 106
Preferred (quar.)
Doe.
Amer.Steel Foundries, pref. (guar.).
- 134 Dec. 31 Holders of rec. Dec. 150
12
American Stores (guar.)
500. Jan. 1 Holders of rec.
Jan. 2 Holders of ree. Dee. 56
Amer.Sugar Berg,corn.(quar,)
13.4
154 Jan. 2 Holders of ree. Dec. So
Preferred ((mar.)
1234c Jan. 1 Holders of ree. Nov.'80a
American Thread, preferred
American Tobacco, pref. (guar.)
1% Jan. 2 Holders of rec. Doe. 100
American Wringer (guar.)
"3734e Jan. 2 *Holders of rec. Doe, 15
15
American Yvette Co., Inc., pref.
*50e. Jan. 1 *Holders of ree. Dee. 2Ia
60o. Jan. 2 Holders of ree. Doe.
Anchor Cap Corp., corn. (guar.)
81.621 Jan. 2 Holders of me. Dee. 2Ia
Preferred (guar.)
Doe. 15 Holders of re . Dec. 2
Andian National Corp.. reg. shares
$1
Dee. 15 Holders of coupon No.6.
Bearer shares
$1
134 Jan. 2 Holders of ree. Dee. 100
Armour & Co.of Del., pref.(guar.)
Jan. 1 'Holders of rec. Dec. 20
Arnold Print Works, 1st Jr 2nd pfd.(qu.) •134
•87340 Jan. 1 "Holders of rec. Dee, 20
Participating preferred (guar.)
100. Jan, 2 Holders of rec. Dec. 19a
Art Metal Construction (guar.)
Associated Breweries of Can.,corn,(q...) rise. Dec. 31 Holders of rec. Dec. 15
11.34 Jan.' 1 Holders of ree. Dec. 15
Preferred (quar.)
Dec. 3/ Holders of roe. Dec. 21
Associates Investment CO.; earn.(qu.). $1
31 Holders of ree. Doe. 21
Dec.134
Preferred(guar.)
& W./.S.S.Linee. Pf.(211.) lid Dec. 30 Holders of roe. Dec. 10
Atlantic Gulf
1 Holders of rec. Nov. 210
250. Dee.
Atlantic Refining (guar.)
Jan. 2 Holders of rec. Dee. 22
$1
Auburn Automobile (guar.)
Ian. 2 Holders of rec. Dec. 22
ea
Stock dividend
1 Jan. 2 Holders of rec. Dec. 19a
Babcock Jr Wilcox (quar.)
me. Deo. Re *Holders of rec. Dee. 4
Balaban Jr Hats. ecru.(Usae.)
20 *Holders of roe. Dee. 4
Preferred (guar.)
:It Dec. 15 *Holders of rec. Nov. 30
Baldwin Company, pref. A (guar.)
corn.(qu.)_ - •2734 Dee. 1 *Holders of rec. Nov. 27
Baldwin Duckworth Chain,
rec. Dee.:20 *Holders of rec. Nov.I30
Bandlni Petroleum (monthly)
Bankers Investment Trmst of America
01.50. Dee. 31 *Holders of Fee. Dec. 15
Debenture stook (guar.)
pref.(qu.)... 154 Jan, 1 Holders of rec. Doe, 146
Barker Bros. Corp..6
*1234e Dec. 31 *Holders of ree. Dec. 30
Caldwell Mfg.(monthly)
Beaton Jr
$1
Jan. 2 Holders of ree. Dee. 140
Beatrice Creamery, corn. (qua?,)
13.4 Jan. 2 Holders of ree. Dee. 14a
Preferred (quar.)
760, Jan, 1 Holders of ree. Dec. 121
Beech-Nut Packing, corn. (guar.)
Beiding-Cortleeill Ltd.. pref.((Mara-- '13.4 Dee. 15 *Holders of rec. Nov.30
250,Jan. 2 lloldorg of reo. Dee. 100
Bendix Aviation Corp.(quar,)
50o. Dee, 15 Holders of me. Nov. 25a
Bast Jr Co., corn. (quar.)
500. Feb. 15 Holders of rec. Jan. 18a
Bethlehem Steel, corn. (guar.)
134 Jan. 2 Holder, of roe. Dee. 4a
Preferred (guar.)
'134 Dec. 15 *Holders of ree. Nov. 15
Blitmore Hats,7% prof.(rman)
1234e. Dee. 12 Holders of roe. Nov.27a
Blaw-Knox Co.(quar.)
Biles(E. W.)Co
/2 Jan. 2 Holders of rec. Dec. 21
Coon.(pay. Iln som.dock)
•134 Dee. 31 *Holders of rec. Dee. 24
Bloch Bros. Tobacco, pref. (guar.)
134 Jan, 2 Holders of rec. Dec. 154
Blumenthal (S.) Jr Co.. pref.(quar.)___
374c Jan. 2 Holders of rec. Dee. 15.
Bohn Aluminum Jr Brass (quar.)
"51 Dee, 1 'Holders of rec. Nov. 29
Booth Mills (guar.)
25e, Jan, 2 Holders of rem flee. 15a
Borg-Warner Corp., corn. (quar.)
"134 Jan, 2'Holders of rec. Dec. 15
Preferred (guar.)
$1 Dee, 15 Holders of rec. Dee. 8
Borrtot, Inc., class A (guar)
1
3% Dee. 31 Holders of rec. Dee. 1
Boston Wharf Co
Dec.
Boston Woven Hose& Rubber.coM.(qu.) 50e. Dee. 15 Holders of reo. Dec. 1
Dee. 15 Holders of rec.
3
Preferred
1
common
•250. Dec. 16 *Holders of roe. Dec.
Beurlols,
500. Jan, 10 Holders of ree. Deo. 31
Briers Jr Stratton Corp. (Oilier.)
DEC. 12 19311
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Dais Inclusive.
Name of Company.
3927
Per
When
Coed. Payable
Books Closed,
Days Iselarks.
Miscellaneous (Continued).
Miscellaneous (Continued).
Brillo Mfg., corn. (guar.)
15e. Jan. 2 Holders of rec. Dec. 150 Ewa Plantation (guar.)
*60e. Feb. 15 'Holders of roe. Feb. 5
Class A (guar.)
50e. Jan. 2 Holders of rec. Dec. 15a Faber, Coe& Gregg, Wet- (guar.)
Feb. I *Hold,of roe. Jan.20'32
British-Amer.Oil reg.shares (guar.)-120e. Jan. 2 Dec. 13 to Dee. 31
FamousPlayers Can. Corp corn (wt.).
500. Dec. 26 Holders of rec. Dep. 4
Bearer shares
120e. Jan. 2 Holders of coup. No.7
Faultless Rubber (guar.)
6234c Jan. 1
Dec. 16. •
Buckeye Pipe Line(quar.)
$1 Deo. 15 Holders of ree. Nov.20
Fear(Fred) & Co.. corn.(guar.)
50o. Doe, 15
Bucyrus Erie Co., 7% pref.(quar3- 154 Jan, 2 Holders of rec. Dec. 5a Federal Bake Shops, pref.(guar.)
Jan. 1 *Holders o/ rec. Dec. 8
Cony. pref.(adjustment div.)
205-60 Jan. 2 Holders of rec. Dee. 50 Federal Motor Truck (guar.)
'Sc. Lan. 2 *Holders of rec. Dec. 19
Buffalo General Laundries, pf.(qu.)-- --"56
Dee. 31 *Holders of rm. Dec. 18
Federated Dept. Stores, corn. (guar.)._
25e. Jan. 2 Holders of rec. Dec. 216
Burger Bros., corn, (guar.)
"1234e Jan. 2 *Holders of rm. Dec. 15
Fifth Ave. Bus Securities, com.(qu.)...
16e. Dee. 29 Holders of rec. Dee. 15
8% preferred (guar.)
Jan. r 2 *Holders of rec. Dec 15
*El
Filene's(Wm.)Bons,corn.(guar.)
250. Dee. 31 Holders of rec. Deo. 21a
Burns Bros., pref. (guar.)
154 Jan
2 Holders of rec. Dee. 150
Preferred (guar.)
154 Jan. 2 Holders of rec. Dec. 21a
Bush Terminal, corn.(guar.)
6234e Feb. 1 Holders of rec. Jan. 84 First Bank Stock Corp.(St. Paul)(qu.)- *25e Jan. 1 'Holders of rec.
Dec. 15
13/ Jan. 15 Holders of rec. Dec. 30a Florsbeim Shoe,6% pref.(guar.)
Debenture stock (quar.)
134 Dec. Si Holders of ree. Dec. 15.
Bush Terminal Bides.. pref.(quar.).,
11/ Jan. 2 Holders of rec. Dec. 16a Follansbee Bros. Co.,6% pref.(qua,.)..
134 Dee. 15 Holders of rm. Nov 30
Byers (A. M.) Co., pref. (guar.)
134 Feb. 1 Jan. 17 to Jan. 28
Food Machinery Corp,634% pf.(mthly) 'Si Dec. 15 *Holders of rec. Nov.30
Canada Cement, preferred(guar.)
:154 Dec. 31 Holders of rm. Nov. 30
Foster-Wheeler Corp., pref. (guar.).
- $1.75 Jan. 2 Holders of rec. Dec. 12a
Canada Malting (guar.)
3734c. Dec. 15 Dee. 1 to Dec. 14
Foundation Co. of Canada, corn. (qn.).
25c. Feb. 15 Holders of rec. Jan. 30
Canada Permanent Mtge.(guar.)
3
Jan. 2 Holders of rec. Dec. 15
Fruehauf Trailer,7% pref. A (guar.).-- *8734c Jan. 2'Holders of rec. Dee. 20
*5
Canada Trust Co
Jan. 2 *Holders of roe. Dee. 15
Fuller (Geo. A.) Co., prior pref.(guar.). $1.50 Jan. 1 Holders of rec. Dee. 10a
Canada Wire & Cable. corn. A (quar.).., $1 Deo, 15 Holders of roe. Nov.30
Second preferred (guar.)
$1.50 Jan. 1 Holders of reo. Dee, ma
Common B (guar)
125o. Dec. 15 Holders of roe. Nov.30
Gamewell Co.,common killer.)
75c. Dee, 15 Holders of rec. Dee. 50
1% Dee. 18 Holders of rec. Nov.30
Preferred (guar.)
Preferred (guar.)
*81.50 Dec. 15 *Holders of rec. Dee. 5
Canadian Car & Fdy., pref. (quar.)---- t44e. Jan. 11 Holders of rec. Dec. 26
Garlock Packing (guar.)
30o. Jan. 2 Holders of rec. Dec. 15
Canadian Celanese, Ltd., part. pref.(qu) 114 Dec. 31 Holders of rec. Dee. 15
General American Investors, Prof.(q11.)- 134 Jan. 1 Holders of rec. Dec. IS.
*2 Jan. 2 *Holders of roe. Dee. 19
Canadian Oil Cos.. Ltd.. pref.(quar.).
General Amer.Tank Car(guar.)
Si Jan. 1 Holders of rec. Dec. 14a
Canad. Wireb. Boxes. partio. pf. A (qu.) 25e. Jan. 2 Holders of rec. Dec. 15
General Asphalt, corn.(quer.)
50e. Deo. 1 Holders et ree. Deo. la
'4
Canton Co.of Baltimore
Dec. 31 'Holders of roe. Dec. 29
General Aviation Corp.,of Amer., pref._ *32.19 Jan. 15 Caned for red Jan.15.32
'114 Jan. 2 *Holders of roe. Dec. 21
Carnation Co.. pref. (guar.)
General Candy, class A
*525e. Dec. 15 *Holders ot ree. Dec. 5
134 Dee.
Carter (William) Co., pref.(guar.)
Holders of rm. Dec. 10
General Electric, common (guar.)
"400
.Jan. 25'Holders of rec. Dee. 18
Case (J. I.) Co., pref. (guar.)
114 Jan_ 1 Holders of ree. Dee. 12a
Special stock (guar.)
•15c. Jan. 25'Holders of rec. Dec. 18
Celanese Corp. of America
General Mills, Inc., pref. (quar.)
134 Jan. 2 Holders of rec. Dee. 14a
7% prior preferred (guar.)
Jan. 1 Holders of roe. Dee. 15
General Motors Corp.. corn.(quar.)....
75e. Doe. 12 Holders of rec. Nov. 14a
3734e Jan. 2 Holders of rec. Dec. 18a
Central Aguirre Associates (guar.)
$5 preferred (guar.)
81.25 Feb. 1 Holders of rec. Jan. 4.
Chain Store Products. pref. (quar.)___ *3734e Jan. 4'Holders of rec. Dec. 19
General Printing Ink, Isom (guar.)._ _
50c. Jan. 1 Holders of rec. Dec. 17a
Champion Fibre,7% pref.(guar.)
Jan. I *Holders of rec. Dec. 19
Preferred (guar.)
51.50 Jan. 1 Holders of rec. Dee. 17D
Chartered Trust .fs Executor Co.(guar.) *1.34 Jan. 2 *Holders of rec. Dec. 24
General Public Serv.,$6 pref.(quar.)
*E1.50 Feb. 1 "Holders of ree. Jan. 22
Chase Brass & Copper., pref. A (quar.)_ *21.50 Dec. 31 *Holders of rec. Dee. 21
$5.50 preferred (guar.)
$1.375 Feb. 1 *Holders of rec. Jan. 22
Chemical Research (No. 1)
*10e. Dec. 14 *Holders of rm. Dec. 10
General Railway Signal, coin.(quar.)___ $1.25 Jan. 2 Holders of rec. Dee. 10a
Chesebrough Mfg. Consolidated (riu.)- $1 Dm. 30 Holders of rec. Dec. 106
Preferred (guar.)
114 IJan. 2 Holders of rec. Dee. lea
Extra
81 Dee. 30 Holders of rec. Dec. 100 Gibson Art Co.. common (Oear.)
•65o. an. 1 *Holders of reo. Dec. 19
Chicago Yellow Cab (guar.)
50o. Mar. I Holders of reo. Feb. 19a Glen Alden Coal (guar.)
*11 IDse. 21 *Holders of rec. Dec. 10
Chrysler Corp.. common (quar.)
25e. Jan, 4 Holders of roe. Doe,
Glidden Company, prior pref.(qua.)...
Cincinnati Advertising Produces (qua?.) •750 Jan. 1 *Holders of rec. Dee. la Globe Discount & Finance, pf.(qu.)-- 134 Lian. 1 Holders of rec. Dee. I8a
*87 Mc Dee. 15 *Holders of rec. Dec. 1
Cineinnat, Rubber Mfg ew wet(en.) *114 Deo. 18 'Holders of roe. Deo. 19
Goldblatt Bros. Co.(quar.)
1
•r3734 Jan. 2 *Holders of rec. Dec. 10
Cities Service Co., min.(monthly)
214o. Jan. 2 Holders of rec. Dee. IM Gold Dust Corp., pref.(guar.)
$1.50 Deo. 31 Holders of ree. Dee. 17.
Common (payable an common stk.).- e34 Jan. 2 Holders of rec. Dee, 150 Goodyear Tire & Rubber, let pf.
(M.)
$1.7 Jan. 1 Holders of rec. Dee. la
Preferred B (monthly)
Sc. an. 2 Holders of rec. Dee. 15a Gorton-Pew Fisheries. COM.(attar.)
*75o. Jan. 2 *Holders of rec. Dec. 22
Prof. and preference BB (monthly) -- 506. Jan, 2 Holders of rec. Dec. 15a Grand Rapids Varnish (guar.)
*12 Me Deo. 31 *Holders of rm. Dee. 19
City Union Corp.. Isom Must 1
"Ifie. Jan. 15 *Holders of rec. Dec II
Granite-BI-Metaille Como'. Mining
Clark Equipment, common (guar.)._
25e. Dec. 15 Holders of rec. Nov.30a
Corn.(No. 1)
300. Dee. 15 Holders of ree. Dee. 1
Claude Neon Elec. Prod., corn.(qUar.)-- *400. Jan. I 'Holders of rec. Dec. 20
Granite City Steel (guar.)
50e. Dec. 31 Holders of rec. Dec. 15a
Preferred (guar.)
*35e. Jan. 1 *Holders of ree. Dee. 20
Grant(W.T.) Co.,common (quar.)...
25c.Jan. 1 Holders of rec. Dee. lie
Coats (S. & P.), Ltd.
Grant Lunch Corp.. 8% pref. (qua?).. •20e. Dee. $1 'Holders of ree. Dee. 16
Amer. dep. rots, for ord. reg. ohs....' to414d Jan. 7 *Holders of roe. Nov.20
Gray Processes Corp
*50e. Jan. 2 *Holders of reo. Dee, 16
$1.75 Jan. 2 Holders of rec. Dec. 12a
Coca-Cola Co.. corn.(guar.)
Extra_
*50e. Jan. 2 *Holders of roe. Dec. 10
Common (extra)
25e. Jan. 2 Holders of rec. Dee. 12a Great Northern Iron Ore Properties__ $1
Dec. 28 Holders of rec. Dec. 7a
134 Jan. 2 Holders of rec. Dee. I2a Great Western Electro-CheirdealClass A (guar.)
Coca-Cola International. corn. (quiz.).... 33.5 Jan, 2 Holders of rec. Des. 12a
lst preferred (guar.)
*134 Jan. 2 *Holders of rec. Dee, 21
Common (extra)
50e. Jan, 2 Holders of rm. Dec. I2a Great Western Sugar, pref. (guar.)
154 Jan. 2 Holders of rec. Dee. 15a
Class A (guar.)
*113 Jan. 2 *Holders of roe. Dec. 12
Greif Bros. Cooperage. class A
400 Jan. 1
Colgate-Palmolive-Peet Co.. pref.(gu.). 114 Jan. 1 Holders of roe. Dee, 100 Group No. 1 Oil Corp. (guar.)(qua?.).. *2100 Dec. 31 Holders of rec. Dec. 15e
*Holders of rec. Dee. 10
Colt's Patent Fire Arms Mfg.(qu.)
*380. Dec. 31 *Holders of rm. Dec. 12
Hahn Department Stores. prof. (gu.)--- 144 Jan. 2 Holders of rec. Dec. 21
Commercial Credit Co.,corn.(quar.)._.
40e. Dee. 31 Holdera of roe. Dee.
Haleld Co..corn.(qua?.)
*25e Dec. 31 *Holders of rec. Dec. 15
144 Dec. 31 HoMers of roe. Dee. 110
614% first preferred (guar.)
Common(extra)
*50e Dec. 31 *Holders of rec. Dec. 15
lla
7% firs" preferred (guar.)
4314e. Dec. 31 Holders of rec. Deo. lle
Preferred (quar.)
Dec. 31 *Holders of rec. Dee. 15
8% class B preferred (guar.)
50e. Dec. 31 Holders of rec. Dec. Ila Hamilton United Theatres,of.(au.)
134 Doe. 31 Holders of rec. Nov.
75e. Dee. 31 Holders of rec. Dee. Ile Ranee(p.H.) Knitting, pref.(qua?.)... '154 Jan. 2 *Holders of tee. Dec. 30
$3 class A convertible (quar.)
21
Commercial invest. Trust, corn.(qu.)50e. Jan. 1 Holders of roc. Dec. 5a Hanna(M. A.) $7 Prof. (gear.)
$1.75 Dec. 20 Holders of roe. Dee. 5a
7% first preferred (guar.)
13/ Jan. 1 Holders of rec. Dec. 5a Harbison-Walker Refract., pref. (qu.).. 134 Jan 21) Holders
of rec. Jan. fla
134 an. 1 Holders of rec. Dec. 5a Hathaway Bakeries, Inc., class B
614% first preferred (guar.)
230. Jan.l 15 Holders of rec. Jan.
(p) Jan. 1 Holders of roe. Doe. 5a Hazel Atlas Glass (qUar.)
Cony. pref. opt. ger. 1929
*75c Jan. 2 *Holders of rec. Dee. 15
Commercial Solvents, oom.(guar.)
25e. Dec. 31 Holders of reo. Dec. 10a
Extra
*25e Jan. 2'Holders of rec. Dee. 15
Community State Corp.. slam A (Wulf.) *1234e Dee. $1 *Holders of rec. Dee. 23
Hazeltine Corp.(guar.)
*250. Dee. 15 *Holders of tee. Dee. 1
Compagnie Generale D'Electricite.Hearst Consol.Pnb.coin.& el. A (qu.).. *4334c Dec. 15 *Holders of rec. Dee. 1
Amer.dep. rots, for class A
*37 652 fr Dec. 16 *Holders of ree. Dee.
Hecla Mining (guar.)
*10e. Dee. 15 *Holders of rec. Nov. 15
Compressed Industrial Games (qu.)_ _ -- '50c. Dec. 15 *Holders of roe. Nest. 9
Hellos (Geo. W.) Co., corn. (quar.)..... $1.25 Jan. 2 Holders of rec. Dec. 106
Congoleum-Nairn, Inc.. common (guar.) 25o. Doe. 15 Holders of reo. Nov. 30
Common (extra)
15a
Jan. 2 Holders of rec. Dec. 10a
$2
Congress Clear (guar.)
*25c. Dec. 30 *Holders of roe. Dec. 14
Preferred (guar.)
131 Jan, 2 Holders of rm. Dee. 10a
Consolidated Film Industries, prof.(flu.)
. Jan. 2 Holders of rec. Doe. be Heresies Motor Corp.(guar.)
20e. Jan. 1 Holders of rec. Dec. I8a
Consolidated Laundries, corn.(quar.)--_
250. Jan, 1 Holders of rm. Dee. 15a Hercules Powder, coin. (guar.)
750. Dec. 24 Holders of tee. Dec. lb
Preferred (guar.)
• 81.875 Feb. 1 *Holders of rec Jan lb
Hewitt Bra. Soap. peed.(guar.)
Jan. 1 *Holders of roe. Dec. 20
*2
Continental Baking, pref. (qua?.)
$2 Jan. 1 Holders of roe. Doe. 14a Hibbard. FlperIcer.Bartlett & Co.(mth11) 200. Dee. 24 Holders
o ree. Dec. 13
Cookeville Co.. pref. (guar.)
I
Dec. 15 Holders of
Holland Furnace,coin.(guar)
230 Jan. 1 Holders of tee. Dee. 15a
Porporatlon Securities of Chia (in stook). 1114 Dee. 30 *Holders of rec. Nov.30
roe. Nov.21
Preferred
"334 Jan. 1 *Holders of rec. Dee. 15
Crane Company,common (lnar.)
•150. Dee, 15 *Holders of rec. Dec. 1
linskins Mfg.(mar.)
*75e. Dec. 28 *Holders of roe. Dee. 11
Preferred (quar.)
0154 Dec. 15 *Holders of roe. Dec.
Houdaille-HeralleY Corp.,CI. A (guar.)._ *6234c Jan. 2 *Holders of tee. Dee. 18
1
Creameries of America, Inc.(quar.)
*25e. Jan. 2 Holders of rec. Dec. 21
Howes Bros., 7% preferred (gear.)
•154 Dec. 31 *Holders of me. Dee. 20
Crown Cork dt Seal, corn. (guar.)
600 Doe. 18 Holders of roe. Nov. 30a
a% preferred (guar.)
*114 Deo. 81 'Holders of ree. Dec. 20
Preferred (guar.)
680. Dec. 15 Holders of reo. Nov.
Hudson Motor Car (guar.)
25e. Jan. 2 Holders of tee. Deo. lb
Crown-Willamette Paper,let Pt.(qu.)_. $1 Jan. 1 Holders of rec. Dec. 300 Humble Oil & Refining (quar,)
12a
*50e. Jan. 1 "Holders of roe. Dec. 2
Crown Zellerbach Corp. prof.A (quiz.).... 37340. Mar, 1 Holders of roe. Feb. 13
Huron & Erie Mtge. Corp.(gnu:
2 Holders of rec. Dec. 15
Preferred B (quar.)
3714e "Mar. 1 Hoidize of roe. Feb. 13
Hygrade-Sylvania Corp..corn.(qu.)....
500. Jan. 2 Holders of ree. Dee. 10
Crucible Steel, pref.(quar.)
1,4 Dee. 31 Holders of roe. Dec. 150
Common (extra)
an. 2 Holders of rec. Dec. 10
$1
0
1% Dee. 16 *Holders of rec. Dec. 1
Curie* Press prof (attar.)
Preferred (guar.)
$1.625 Jan. 2 Holders of rec. Dee. 10
Curtis mfg.(Ohio) (quar.)
*250 Jan. 2 *Holders of roe. Deo. 16
Ideal Financing Assn., el. A (quar.).... •1214o an. 2 *Holders of rec. Dee. 15
$1.75 J. 1 Holders of rec. Dee. 19a
Curtis Publishing Pref.(qua?.)
Convertible preferred (guar.)
*50e. Jan. 2 *Holders of rec. Dee. 15
Dairy League Co-oper. Corp., O.(qu.). 111.75 Doe. 21 *Holders of Teo. Dee. 15
Preferred (guar.)
*2
Jan. 2 *Holders of roe. Dee. 15
Davidson Co., pref. (guar.)
'154 Doe. 31 *Holders of roe. Dee. 20
Imperial Tobacco of Canada ord. (qu.). fit Re. Doe. 31 Holders of rm. Dee. 2
Preferred (guar.)
•13/ Jan. 1 "Holders of roe. Dec. 20
Ingersoll-Rand CO.. preferred
a Jan. 2 Holders of rec. Dee. 70
De Long Hook & Eye(guar.)
*500 Jan, 2 *Holders of rec. Dec. 19
Insuransliares Ctrs., Inc., corn.(guar.).7o. Dec. 15 Holders Of ree. Nov. aoa
Delsel-Wemmer-Gilbert Corp..coM.(gu.) "25e Dm. 15 "Holders of roe. Dec. 10
Insuranshares Corp. of Del., corn.(ann.)
50e. Jan. 15 Holders of ree. Dee. 81.
Dennis Bros. Ltd.
Common (extra)
12140 Jan, 16 Holders of ree. Dec. 31a
Amer.dep.rota. ord.reg. 1 shn.3 pence
Dec. 12 *Holders of rec. Nov. 20
Internat. Business Machines (quar.),... $1.50 Jan. 11 Holders of rec. Dec. 21a
Detroit Bankers Co.(guar.)
*850 Deo, 31 *Holders of ree. Dee. 21
Stock dividend
Jan. 11 Holders of ree. Dec. 21a
e5
Detroit Gray Iron Foundry, corn
250 Deo.d1 Holders of reo. Dee. 15
International Cellucotton, corn.(quar.)_ *El
Jan. 1 *Holders of rec. Dec. 25
Devoe & Reynolds Co., Inc.
First preferred (guar.)
*114 Jan. 1 *Holders of rec. Dec. 25
*15o. Jan. I *Holders of rec. Dee. 21
Common A and B (guar.)
International Cement. corn.(quar.)--750. Dee. Si Holders of rec. Dec. 156
•13/ Jan.
First and second preferred (quar.)
'Holders of reo. Dec. 21
International Harvester, corn.(guar.)._ 6234e Lan. 15 Holders of tee. Dec. 19a
Dominion Glass, corn.(quar.)
£134 Jan. 2 Holders of rm. Dec. 15
Internata Nickel of Canada. corn.(qu.).
Sc. Dec. 31 Holders of roe. Dee. la
Preferred (guar.)
SI% Ian. 2 Holders of rec. Doe. 15
internat'l Petroleum, reg. oh,.(guar.)._
230. Dec. 15 Doe. 1 to Dec. 15
Dominion Stores, Ltd., corn. (quar.)- 1430o. Jan. 2 Holden of rec. Dee. 15a
Coupon shares (quar.)
25e. Dec. 15 Holders of coup. No.31
Common (extra)
530e. Jan. 2 Holders of roe. Dee. 15a Internat. Proprietaries,
Ltd., CI. A (au.) 165c. Dm, 15 Holders of rec. Nov. 25
Dominion Textile, corn. (guar.)
831.25 Jan, 2 Holders of rm. Dec. 15
International Salt (guar.)
75e,Jan. 2 Holders of rec. Deo. 156
Preferred (guar.)
1114 Jan. 15 Holders of rec. Dec. 31
International Shoe, corn.(monthly)._ _ _
750. Jan. 2 Holders of rec. Dec. 15a
Draper Corporation (guar.)
Jan. 1 Holders of rec. Nov. 28
$1
Preferred (monthly)
*50e. Jan. 2 *Holders of rec. Dee.d15
Dunean Mills, Prof. (guar.)
.1Si Jan. 1 *Holders of
Preferred (monthly)
*Me. Feb. 1 'Holders of rec. Jan. 15
Du Pont(El,) de Nem.At Co.,eom.(qu.) $1 Dec. 15 Holders of ree. Dee. 23
rec. Nov.250
Preferred (monthly)
*50e. Mar. 1 *Holders of ree. Feb. 15
Debenture stook (quar.)_
134 Jan. 25 Holders of reo. Jan. 9a
Preferred (monthly)
*50c. Apr. 1 *Holders of rec. Mar. 15
Early & Daniel Co., corn.(guar.)
*50e Jan. 2'Holders of roe. Dec. 19
repo. may a *Holders of rec. Apr. 15
Preferred (monthly)
7% preferred (guar.)
•13i Jan. 2 *Holders of roe. Doe. 19
Preferred (monthly)
*500. June I *Holders of rec. Mavd14
Eastern Food Corp.. class A (guar.)._
75e. Jan. 1 Holders of zoo. July 1
international Silver, pref. (guar.)
154 Jan. 1 Holders of rec. Dee. Ila
Class A (guar.)
Apr. 1
750.
International Tea Stores, Ltd.
Class A (guar.)
75c. July 1
Amer. dep. rots, for ord. rm.abs
*fo12 Jan. 11 *Holders of rec. Dec. 11
Eastern UtilIUe. Investing Bite/type Corp.. lst Prof. (quar.)
2 Jan. 2 Holders of rec. Dec. 15
56 prior preferred (qua,.)
$1.25 Jan. 2 Holders of rec. Nov.$O
5 Jan. 2 Holders of rec. Dec. 15
2d preferred
Eastman Kodak, corn.(guar.)
$1.25 Jan. 2 Holders of rec. Dec. 5o Ivanhoe Foods.Inc..$3.50 prof.(quar.)- •8734e Jan. 2'Holders of roe. Dee. 16
Common (extra)
75o. Jan. 2 Holders of roe. Dee. 50 Jewel Tea, corn. (guar.)
Jan. 15 Holders of ree. Jan. be
$1
Preferred (guar.)
134 Jan. 2 Holders of roe. Doe. 50
Common (extra)
50e. Deo, 15 Holders of rec. Dec. la
Ecuadorian Corp.. COM.(quar.)
60. Jan. 1 Holders of rec. Dee. 10
Johns-Manville Corp., corn.(quar.)---25e. Jan. 16 Holders of rec. Dec. 266
Preferred
314 Jan. I Holders of rest. Doe. 10
Preferred (guar)
134 Jan. 2 Holders of rec. Dec. 12a
Edison Brothers Storm,Inc. of.(qu.).__
14( Dm. 15 Holders of roe. Nov.30
/ones & Laughlin Steel. prof.((Mara
.134 Jan. 1 Holders of rm. Dec.
El Dorado 011 Works (guar.)
*3734e Dee. 15 *Holders of rm. Nov. 30
Ralamasoo Vegetable Parchment (au.). MM.Doe. 31 *Holders of roe. Dee. 21
Electric Controller & hits (quar.)
81.25 Jan. 1 Holders of roe. Dee. 19a Katz Drue Co., cont. (guar.)
*50c. Dec. 15 *Holden; of rec. Nov. 30
Electric Storage Battery. eomAnt.(qu.) 81
Jan. 2 Holders of rec. Doe.
Kaufmann Dept. Stores. pro!. (quar.)__
IM Jan. 2 Holders of rec. Dee. 10
Employers Group Associates (guar.).
- 25e, Deo, 15 Holders of roe, Dee. 7o Kellogg (Spencer) & Sons, coin. (guar.)
-20e,Dec. 31 Holders of rec. Dec. 15a
1
Endicott-Johnson Corp.. corn. (qua?.).
750. Jan, 1 Holders of reg. Dec. 180 Kemper-Thomas Co.. corn. (guar.). -_ •75e. Jan. 1 *Holders of recs.
HOC. 20
Preferred ((mar.)
134 Jan. 1 Holder, of
Corp., corn. (guar.)... 6234c. Jan. 1 Holders of rec. Dee.
12a
Equitable Office Bldg., common (qu.)_ 6236e, Jan. 2 Holders of roe. Dee. lila Kimberly-Clark
Preferred (qua?.)
roe. Dee. 15e
13.4 Jan. 1 Holders of rec. Dee, 12
Preferred (quar.)
154 Jan. 2 Holders of roe. Dec. 15
King Royalty Co.. pref.(gnu.)
Doe. 31 Holders of rec. Dee. 15
2
Equity Corporation. pref. (guar.)
75e. Jan. 2 Holders of rec. Dec. 15
Kirsh Co., pref.(Quay.)
.45e. Jan. 2'Holders of rec. nee. 16
*154
114
•114
"154
3928
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days InsItuSee.
Miscellaneous (Costiousd).
Klein (D. Emil) Co., common (quar.)-- •25o. Jan. 2'Holders of rec. Dec. 21
Koppers Gas & Coke, pref. (guar.)
*1 56 Jan. 2 *Holders of rec. Dec. 12
40e. Dec. 31 Holders of rec. Dec. 110
Kresge (S. S.) Co., corn.(guar.)
$7 preferred (guar.)
$1.75 Dec. 31 Holders of rec. Dec. lb
Kroger Grocery & Baking- •
6% first preferred (guar.)
1% Jan. 2 Holders of tee. Dee. 19
1% Feb. 1 Holders of tee. Jan. 20
7% second preferred (guar.)
Lake Shore Mines (guar.)
50e. Dee. 15 Holders of tee. Dee. 1
Extra
50e. Dec. 15 Holders of tee. Dee. 1
Lambert Co.. corn. (ouar.)
$2
Jan. 2 Holders of rec. Dee. I7a
2 Jan. 2 Holders of tee. Dec. 15
Landed Banking Az Loan (Canada)(qui
Landis Machine. pref. (quar.)
'l3( Dee. 15 *Holders of rec. Dec.
Lazarus (F. & R.) Co., corn. (quar.)--- •1256o Dee. 31 *Holders of rec. Dec. 21
1% Jan. 2 Holders of rec. Deo. 14a
Lehigh Portland Cement, pref.(quar.)
60c. Jan. 5 Holders of rec. Dec. 21a
Lehman Corp. (guar.)
*20c. Dec. 15 "Holders of rec. Dec. 1
Leslie California Salt (guar.)
.350. Dec. 31 *Holders of rec. Dee. 11
Leasing's. Inc. (guar.)
Liggett & Myers Tobacco, pref.(quar.).. 134 Jan. 1 Holders of rec. Dec. 10a
37%c Dec. 15 Holders of rec. Dec. la
Lily Tulle Cup Corp., corn.(quar.)Limestone Products. 7% pref.(quar.)- *62lir Jan. 1 *Holders of rec. Dee. 15
.6254
,Apr. 1 *Hold. of rec. Mar 15'32
7% preferred (guar
Lindsay Light,7% pref.(guar.)
"17%c Dec. 12 *IIolders of rec. Dee. 6
Link-Belt Co.. 64% Pref. (guar.)
154 Jan. 2 Holden of tee. Dec. 15
Liquid Carbonic Corp.,corn.(quar.)---- *500. Feb. 1 *Holders of rec. Jan. 20
Lock Joint Pipe Co.. MM.(monthly) -- .67e. Dec. 31 'Holders of rec. Dee. 31
Dec. 31 *Holders of rec. Der. 31
Preferred (guar.)
02
Loew's. Inc., common (guar.)
75e. Dec. 31 Holders of tee. Dec. 120
Common (extra)
$1 Dec. 31 Holders of rec. Dec. I20
Lord & Taylor, common (guar.)
214 Jan. 2 Holders of rec. Dec. I70
Lorillard (P.) Co.. corn
30e. Jan. 2 Holders of rec. Dec. 150
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 15a
Loudon Packing (guar.)
*750. Jan. 2 *Holders of rec. Dec. 15
Lucky Tiger Combination Gold Min.
Common
*Se. Jan. 20 *Holders of ree. Jan. 10
Common
*3e Apr. 20 *Holders of tee Ape. 10
Lunkenheimer Co.,corn.(quar.)
"25c. Dee. 15 "Holders of rec. Dee. 5
Preferred (guar.)
•
154 Jan. 1 *Holders of ree. Dec. 22
Mack Trucks. Inc.. corn.(guar.)
25e. Dec. 31 Holders of tee. Dec. 15a
Macy (R. H.)& Co., common
075c. Feb. 15 *Holders of rec. Jan. 22a
Common payable in common stock_ *.45
Feb. 15 *Holders of rec. Jan. 22a
Manisrhewits (B.) Ce.. pref. (quar.)__.. *134 Jan. 1 "Holders of rec. flee. 21
Mapes Consul. Mfg.(guar.)
"750. Jan. 1 *Holders of reo. Dec. 15
Extra
"25e. Tan. 1 "Holders of rec. Dec. 15
Marathon Razor Blade, Inc.(monthly). •354e. Dee. 15"Holders of rec. Dec. 1
Marine Midland Corp.,(guar.)
30e. Dec. 31 Holders of tee. Dec. la
Mathieson Alkali Works,corn.(qu.)---500. Jan. 2 Holders of rec. Dee. 110
Preferred (guar.)
134 Jan, 2 Holders of rec. Dec. ha
Mayflower Associates, Inc.(guar.)
*50e. Dec. 15 *Holders of rec. Dee. 1
McColl Frontenao OIL corn.(quar.)
150. Dec. 15 Holders of reo. Nov. 14
McKee(Arthur G.)& Co., cl. B (qu.)8734c Jan. 1 Holders of rec. Dec. 20a
McKeesport Tin Plate (guar.)
31
Jan. 2 Holders of rec. Dec. 10a
McKesson & Robbins, pref. A (quar.)
87%c Dec. 15 Holders of reo. Dec. 50
McLellan Stores Co., pref.(guar.)
134 Jan. 2 Holders of rec. Dec. 20
McLeod Oil (No. 1)
*5e. Jan. 25 *Holders of rec. Jan. 5
McQuay Norris Mfg.(guar.)
75e. Jan. 2 Holders of tee. Dec.621
Merchants & Miners Transp.
- '3734c Dec. 31 *Holders of rec. Dec. 15
Merchants Refrig.(guar.)
*50c. Dec. 31 *Holders of rec. Dec. 23
Merck Corporation. pref.(quar.)
2
Jan. 2 Holders of tee. Dec. 17
Mergenthaler Linotype (guar.)
$1.50 Dee. 31 Holders of rec. Dec. 2a
Mesta Machine Co.,corn.(guar.)
*50e. Jan. 1 'Holders of rec. Dee. 15
Metal Construction
*10c. Jan. 2 *Holders of rec. Dec. 19
Metal Package Corp. corn. (quar.)
$1 Jan. 2 Holders of tee. Dee. 10
Metro-Goldwyn Pictures, pref.(qu.)- - 4734c Dec. 15 Holders of rec. Nov. 28a
Metropolitan Paving Brick. pref.(qu.)
134 Jan. 1 Dec. 16 to Jan. 1
Midland Grocery, preferred
*3
Jan. 1 *Holders of tee. Dee. 20
Midvale Company (guar.)
Jan. 1 Holders of rec. Dec. 19
$1
Mill Factors Corp., class A (guar.)
"750. Jan. 2 "Holders of rec. Dee. 21
Miller & Hart, Inc.. prof. (guar.)
*400. Jan. 1 "Holders of ree. Dee. 15
Milwaukee Commercial Invest.'Tr.,corn. "20e. Dee. 15 *Holders of rec. Dee. 1
Prior preferred
*65c. Dec. 15 *Holders of rec. Dee. 1
Minnesota Valley Can, pref.(quar.).._
131 Feb. 1 Hold, of roe. Jan. 20'32
Model 011s, Ltd
30. Dee. 18 Dec. 4 to Dec. 20
Monsanto Chemical Works (guar.)
31 56c Jan, 2 Holders of rec. Dec. 10a
Montgomery Ward & Co., class A (qu.)_ *IA Jan. 1 "Holders of rec. Dot. 20
Montreal Cottons, Ltd., corn.(guar.)--- 134 Dec. 15 Holders of rec. Nov. 30
Preferred (guar.)
134 Dec. 15 Holders of rec. Nov. 30
Montreal Loan & Mortgage (quar.)
75e. Dec. 15 Holders of rec. Nov.30
Morrell(John)& Co., corn.(guar.)
75o. Dec. 15 Holders of tee. Nov.284
Morris (Philip) Consolidated, cl. A (qu.) 43%c Jan, 2 Holders of rec. Dec. 21
Motor Products (guar.)
500. Jan. 2 Holders of rec. Dec. 21a
Muskogee Company, common
75e. Deo, 15 Holders of rec. Dec. 50
Mountain Producers Corp. (guar.)
•200. Jan. 2 *Holders of rec. Dec. 15
Myers(F. E.) & Bros., corn.(quer.)
50o. Dec. 31 Holders of rec. Dec. 15a
Preferred (guar.)
1% Dec. 31 Holders of rec. Dec. 150
National Biscuit, corn.(guar.)
70e. Jan. 15 Holders of reo. Dec. 18a
250 Dec. 15 Holders of tee. Dee. 1
National Bond & Share
(40o. Jan. 2 Holders of rec. Dee. 15
National Breweries, corn.(quar.)
r43o. Jan. 2 Holders of ree. Dec. 15
Preferred (guar.)
*300. Dec. 15 Holders of rec. Nov. 27
National Casualty (Detroit) (quar.)
05e. Jan. 2 Holders of rec. flee. 3a
National Dairy Products, oom.(oust.)
194 Jan. 2 Holders of rect. Dec. 3
Preferred A & B (guar.)
•134 Tan. 2 *Holders of rec. Dec. 15
National Gypsum. pref.(guar.)
151 Dec. 31 Holders of rec. Dec. ha
National Lead, common (guar.)
25e. Dee. 31 Holders of rec. Dec. ha
Common (extra)
134 Dec. 15 Holders of tee. Nov. 270
Preferred A (guar.)
134 Feb. 1 Holders of tee. Jan. 15a
Preferred B (guar.)
"284c Jan. 2
National Oxygen Co., pref
"750. Tan. I 'Holders of rec. Dee. 18
National Standard Co.(guar.)
500. Jan. 2 Holders of rec. Dec. 1
National Sugar Refs. (guar.)
50c. Jan. 2 Holders of rec. Dee. 170
National Surety (guar.)
25o. Ian. I Holders of tee. Dec. 14
National Tea, corn.(guar.)
•25o. Dee. 15 Holders of rec. Nov.30
National Transit (guar.)
3% Jan. 2 Holders of rec. Dec. 21
National Trust (Toronto) (guar.)
Neptune Meter, common A dz B (guar.). •300. Dec. 15 Holders Of rec. Dec. 1
New England Grain Prod.Feb. 1 *Hold. of rec. Jan. 14'32
Com.(1-100 share in pref. A stock)
*$1.75 Jan. 2 Holders of ree. Dee. 20
$7 preferred (guar.)
411.50 Jan. 15 Hold, of rec. Jan. 2'32
Preferred A (guar.)
15o. Jan. 15 Holders of rec. Dec. 23
New York Transit
10e. Jan. 15 Holders of rec. Dec. 23
Extra
*50e. Dec. 28 Holders of rec. Dee. 15
New York 'Transportation (qunn
)
'27%c Jan. 1 *Holders of tee. Dec. 16
(J. J.) Co.. corn.(guar.)
Newberry
'1% Jan. 1 *Holders of rec. Dec. 15
Newport Elec. Corp..6% pf.(qu.)
*40c. Jan. 1 *Holders of rec. Dec. 19
Noblitt Sparks Industries (quar.)
n50c. Dec. 29 Holders of rec. Dec. I5a
Noranda Mines, Ltd
North Amer. Creameries, class A (qu.)_ "35e. Jan. 2 *Holders of rec. Dec. 16
1% Jan. 2 Holders of rec. Dee. 10
North Central Texas 011 .pref.(quar.)
21.50 Jan. 2 Holders of tee. Dec. 21
Northern Pipe Line
Jan. 2 Holders of rec. Dot. 21
Novadel-Agene Corp., corn. (quar.)
$1
1 54 Jan. 2 Holders of rec. Dec. 21
Preferred (guar.)
Oahu Sugar Co., Ltd.(monthly)
*100. Dec. 15 *Holders of rec. Dec. 6
Ohio Electric Mfg.(guar.)
•100. Dec. 15 *Holders of rec. Dec. 10
Ohio Finance Co.,corn.(guar.)
*50c. Jan. 1 "Holders of rec. Dec. 10
Common (payable in corn,stook)
*fl Jan. 1 *Holders of rec. Dec. 10
Class A and 8% pref. (guar.)
Jan. 1 *Holders of rec. Dec. 10
"2
Ohio 011, preferred (guar.)
'134 Dee. 15 *Holders of rec. Nov.21
Ohlo Seamless Tube. pre/.(guar.)
134 Jan. 2 Dec. 16 to Jan. 1
Jan. 2 Holders of ret. Dee. 150
Omnibus Corp., preferred (quay.)
2
Oneida Community, pref. (guar.)
*4354e Dec. 15 *Holders of rec. Nov.30
Onomea Sugar Co.(monthly)
"20e. Dec. 21 *Holders of rec. Dec. 10
Ontario Loan dz Debenture
Jan. 2 Holders of rec. Dec. 15
•3
Orange Crush, Ltd., pref.(guar.)
13.4 Jan. 1 Holders of rec. Dec. 15
Owens-Illinois Glass,6% pref. (quar.).- 134 Jan. 1 Holders of tee. Dec. 16
Pacific Indemnity (guar.)
"35e. Jan. 1 *Holders of rec. Dee. 15
Pao. Southwest Dint.,corn. A & B (qu.) *10o. Dec. 15 *Holders of rec. Dec. 1
Packard Motor Car (guar.)
10e. Dee. 12 Holders of rec. Nov. 1411
Paraffine Cos., common (guar.)
750. Dec. 28 Holders of ree. Dec. 17
Paramount Publix Corp.(qu.)(in stk.)
f234 Dee, 31 Holders of tee. Dee, 40
Penick & Ford, Ltd., corn. (quar.)
250. flea. 14 Holders of reo. Nov.300
Common (extra)
50o. Dec. 14 Holders of rec. Nov. 300
[VoL. 133.
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Peabody Engineering, pref. (quar.)---- *154 Dec. 31 *Holders of rec. Dec. 80
Penna. Glass Sand Corp.,$7 pref.(cm.). "31.75 Jan. 2'Holders of rec. Dec. 16
60c. Dec. 31 Holders of ree. Dec. 19a
Penney (J. C.) Co., coin.(guar.)
1 ,c. Dec. 31 Holders of rec. Dec. 190
2
56
Preferred (guar.)
Jan. 2 Holders of rec. Dee. 8a
Peoples Drug Stores, Inc., corn.(guar.).
1% Dec. 15 Holders of rec. Dec. la
64% preferred (guar.)
Holders of rec. Dec. 18
Perfect Circle Co.. common (quar.)....
. 1
Personal Banking Service,el. A (guar.)
" 20 Dec, 15 "Holders of rec. Dec. 1
5 ° 1an
1
250. Jan. 1 Holders of tee. Dec. ha
Pet 4411k. common
Holders of rec. Dec. 11
Preferred (guar.)
Ja
1
Phoenix Finance Corp., Prof. (quar.)_ *51.j n.. 10 *Holders of reo. Deo. 31
1
Holders of rec. flee. 15
Pioneer Gold Mines(guar.)
.
5
Pittsburgh Plate Glass (guar.)
•2 c.. jan. 31 "Holders of rec. Dee. 10
3e Dec.
Jan. 2 *Holders of rec. Dec. 24
Pittsburgh Steel Fdy., pref.(guar.)
Plymouth Cordage (guar.)
'1% Jan. 20 *Holders of rec. Dec. 31
'250. Dee. 21 "Holders of rec. Dee, 9
Plymouth Oil
Port Huron Sulphite & Paper, pref.(qu.) "1% Jan. 1 "Holders of rec. Dee. 15
Powdrell & Alexander, Inc., Pref.
•154 Jan. 2 *Holders of rec. Dee. 18
dz Gamble, pref.(guar.) (Clu.)Procte
1% Dec. 15 Holders of rec. Nov. 25a
Public Investing Co.(guar.)
200. Dec. 15 Holders of rec. Nov. 25
Pure 011,
1% Jan. 2 Holders of rec. Dec. 10
% preferred (guar.)
6% preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 10
Jan. 2 Holders of rec. Dec. 10a
8% preferred (guar.)
2
9
Quaker Oats, common (guar.)
Fen 2 *Holders of rec. Dee. 30
Ja b 15
1
.
31
'Holders of rec. Feb. 1
Preferred (guar.)
Radio Corp. of Amer., pref. A (quar.)
87%c Jan. 1 Holders of rec. Dee. 14a
. 19 Holders of rec. Dec. 146
Orleinal preferred (annual)
35c.
0a.
.
3
Rapid Electrotype (guar.)
Jan,Dee. 15 'Holders of tee. Dee. 1
Raybeetos-Manhattan, Inc. (quar.).400. Dec. 15 Holders of rec. Nov.300
Reeves (Daniel), Inc., corn. (guar.).
-•3756c Dec. 15 'Holders of rec. Nov.30
6%% preferred (guar.)
•134 Dec. 15 "Holders of ree. Nov.80
•156 Dec. 15 *Holders of rec. Nov.SO
Reliance Grain, Ltd., pref.(guar.)
Reynolds (It. J.) Tobacco
75o. Jan. 2 Holders of tee. Dee. 18a
Common and common B (guar.)
10o. Jan. 2 Holders of rec. Dee. 100
Ron Motor Car (guar.)
*14 Dee. 30 *Holders of rec. Dec. 15
Rich's. Inc.,64% pref.(guar.)
250. Jan. 2 Holders of rec. Dee. 7a
Royal Baking Powder, corn. (guar.)
1% Jan, 2 Holders of rec. Dec. 74
Preferred (guar.)
Dee. 15 *Holders of rec. Deed 1
Ruberold Co.(guar.)
81
$1.25 Jan. 1 Holders of rec. Dec. 186
Safeway Stores, corn. (guar.)
7% preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 180
6% preferred (guar.)
1% Jan. 1 Holders of rec. Dee. 18a
25c. Dec. 21 Dec. 11 to Dec. 21
St. Joseph Lead Co.(guar.)
St. L.Rocky Mt.& Pao. Co.,coin.(WI.) *250. Dec. 31 *Holders of roe. Dee. 15
Preferred (guar.)
'134 Dec. 31 *Holders of tee. Dec. 15
*20c Dec. 15 *Holders of rec. Dee. 7
San Carlos Milling (monthly)
San Francisco Rem. Loan Assn.(guar.)_ •8756c Dec. 31 *Holders of rec. Dec. 15
Quarterly
•87540 Mar.31 *Hold,of reo. Mar.15'32
Savage Arms, 2d pref.(guar.)
'1% Feb. 15 *Holders of rec. Feb. I
50c. Dee. 15 Holders of rec. Nov. 30
Schiff Co.,corn.(guar.)
154 Dee. 15 Holders of rec. Nov.30
Preferred (guar.)
Jan. 2 Holders of rec. Dee. 120
Schulte Retail Stores, pref.(guar.)
2
350. Dec. 31 Holders of reo. Dec. 17
Scott Paper,corn.(guar.)
Corn.(payable in common stock)
Dec. 31 Holders of rec. Dee. 17
/2
Scoville Mfg.(guar.)
*50e. Jan. 1 *Holders of reo. Dec. 15
Selected Industries, Inc., prior stock__ _ 31.375 Jan. 1 Holders of rec. Dec. 15
Shattuck (Frank G.) Co., corn. (guar.).
25e. Jan, 11 Holders of rec. Dec. 210
Sherwin-Wms. Co.of Can.,corn.(qu.)._
1400. Dee. 31 Holders of rec. Dec. 15
Preferred (guar.)
113.( Dec. 31 Holders of rec. Dec. 15
Socony-Vacuum Corti
250. Dee. 15 Holders of rec. Nov.20a
South Penn 011 (guar.)
*250. Dec. 31 "Holders of ree. Dee. 15
Jan. 2 Holders of rec. Dec. 12a
South Porto Rico Sugar, pref. (quar.).- 2
South West Pa. Pipe Lines (guar.)
31 Dec. 31 Holders of rec. Dee. 15
250. Jan. 15 Holders of rec. Dec. 31a
Spalding(A.G.)& Bros.,com.(quar.)
Spang, Chalfant & Co., Inc., pref. (qu.) 134 Jan. 1 Holders of tee. Dec. 150
25c. Dec. 30 Holders of rec. Dee. 10
Spencer Trask Fund, Inc. (guar.)
Standard All Amer. Trust Shares A *20.7 34250. Dec. 15
30c. Jan. 2 Holders of rec. Dee. 7a
Standard Brands, Inc., corn.(quar.)_
Preferred (guar.)
134 Jan, 2 Holders of rec. Dee. 7a
Standard Coon Thatcher, corn.(quar.) *3756c Jan. 1 *Holders of reo. Dee. 20
"154 Jan. 15 *Holders of reo. Jan. 15
Preferred (guar.)
62560 Dec. 15 Holders of tee. Nov. 150
Standard Oil of Calif.(guar.)
•25e Dee. 15 *Holders of tee. Nov. 18
Standard 011 of Indiana (guar.)
"40c. Dee. 31 *Holders of tee. Dec. 15
Standard 011 (Kentucky) (guar.)
Standard Oil of Nebraska (guar.)
50e Dee. 21 Nov. 28 to Dee. 21
Standard 011(N.J.) $25 par (quar,)..
25c Dec. 15 Holders of tee. Nov. 18
250. Dee. 15 Holders of reo. Nov. 16
$25 par (extra)
$100 par (guar.)
I
Dec. 15 Holders of too. Nov. 16
I
Dec. 15 Holders of roe. Nov. 16
3100 par (extra)
Standard 011 Co.(Ohio),common
6234c. Jan. 2 Holders of rec. Dec. 15
154 Jan. 15 Holders of rec. Dee. 31
Preferred (guar.)
Standard Oil Export Corp., prod
234 Dec. 31 Holders of rec. Dec. 12
75c, Jan. 1 Holders of rec. Dec. 15
Standard Steel Construction. Prof. A(qu)
•500 Dec. 31 *Holders of tee. Dec. 20
Standard Steel-Spring (guar.)
Starrett (L. S.) Co., corn. (guar.)
20e. Dee. 30 Holders of rec. Dee. 180
Preferred (guar.)
'1% Dee. 30 *Holders of rec. Dee. 18
Stein (A.) dz Co.,634% pref.(quar.)-134 Jan. 2 Holders of rec. Dec. 15
Stix, Baer & Fuller. pref. (quar.)
4354c Dee. 31 Holders of rec. Dee, 15
25c Dec. 15 Holders of rec. Nov.25a
Sun 011 Co., corn.(guar.)
Sunset McKee Salesbook, el. A (qu.).- '3734c Dec. 15 *Holders of rec. Dee. 4
Class B (guar.) •250. Dec. 15 *Holders of ree. Dee. 4
Superheater Co., corn.(guar.)
25e. Jan. 15 Holders octet. Jan. 5a
Superior Portland Cement,cl. A (mthly.) "2754c Jan. 1 'Holders of rec. Dec. 23
Swift & Co. (guar.)
50o. Jan. 1 Dec. 11 to
Jan. 7
Sylvanite Gold Mines, Ltd
Dee. 31 Holders of roe. Dee. 5
112
Texas Corp.(guar.)
500 Jan. 1 Holders of rim. Dec. 4a
Texas GulfSulphur(guar.)
750. Dec. 15 Holders of rec. Dee, la
Texon 011 & Land (guar.)
25c. Dec. 31 Holders of rec. Dee. 10
•15,i Dec. 15 *Holders of tee. Dec. 10
Thew Shovel, pref. (guar.)
Tide Water Associated Oil, pref.(quar.)_
134 Jan. 2 Holders of rec. Dec. 100
Todd Shipyards Corp.(quar.)
*50e. Dec. 21 *Holders of rec. Dee. 5
Toronto General Trusts (quar.)
3 Jan. 2 Dec. 13 to Dee. 31
Toronto Mortgage (guar.)
31.50 Jan, 1 Holders of rec. Dec. 15
Traung Label & Lithograph el. A (qu.) '3734e Dec. 15 *Holders of rec. Dot. 1
'Fri-Continental Corp.,$6 pref.(quar.)_ _ $1.50 Jan. 1 Holders of tee. Dec. 160
Trim Products Corp. (guar.)
6234e Jan. 2 Holders of rev. Dec. 130
Underwood-Elliott-Fisher Co.
Common (quar.)
75e. Dec. 81 Holders of tee. Dec. 12a
Preferred (guar.)
154 Dec. 31 Holders of rec. Dee, 150
Union Carbide & Carbon (guar.)
65e. Jan. 1 Holders of tee. Dee. 2a
United Aircraft & Transp., Pt.(qu.)---75e. Jan. 1 Holders of rec. Dec. 10a
United Artists Theatre Circuit, p1.(qu.)_ *I% Dec. 15 *Holders of rec. Dec. 1
United Dyewood, pref. (guar.)
154 Jan. 2 Holders of rec. Dec. 15a
110e. Dee. 24 Holders of rec. Dot. 9
United Elastic Corp. (guar.)
United Fruit(guar.)
750. Jan. 4 Holders of tee. Deo. 5
United Piece Dye Works. pref.(quar.)._
1% Jan. 1 Holders of tee. Dec. 194
United Publish. Corp., pref. (quar.)---- *154 Dec. 31 "Holders of rec. Dec. 21
United Stores,$6 pref.(guar.)
$I Dec. 15 Holders of tee. Nov.2511
U. S. Foil, corn. A & B
1234c. Jan. 2 Holders of rec. Dee. 150
Preferred (guar.)
1% Jan. 2 Holders of rec. Dec. 15a
40e Dec. 31 Holders of rec. Dec. 150
U.S.GY psum,corn.(guar.)
134 Dec. 31 Holders of rec. Dec. 15a
Preferred (guar.)
134 Jan. 2 Holders of rec. Dee. 10a
U.S. Leather, prior pref.(guar.)
•10 Jan. 2 *Holders of rec. Dee.
U.S.Petroleum Co.(Qum.)
500. Jan, 20 Holders of reo. Dee. 81a
United States Pipe ,k Fdy.; oom.
Slit. Jan. 20 Holders of too. Dec. Ma
First preferred (guar.)
• 6256o. Jan. 1 *Holders of rec. Deo. 21
U. S. Playing Card (guar.)
United States Steel, corn.(guar.)
1 Deo, 30 Holders of rel. Dec. la
$1.10 Jan. 2 Holders of rec. Dee. 14a
U. S. Tobacco, corn. (guar.)
Preferred (guar.)
134 Jan, 2 Holders of rec. Dec. 140
Universal Cooler, class A
*15o Jan. 15 *Holders of roe. Jan. I
Universal Pictures, let pref. (quar.).__ - 2
Jan. 1 Dee. 22
to Jan. 1
Universal Product/ (guar.)
'50c Jan. 2 *Holders of rec. Dec. 15
Valvoline 011, corn.(guar.)
•21.50 Dec. 28 *Holders of tee. Dec. 24
Preferred (qual.)
*2
Jan, 1 *Holders of roe. Dec. 17
Thu Biscuit Corp., Ltd., prof. (quar.)_
134 Jan. 2 Holders of rec. Dec. 23
Viking Pump, pref.(guar.)
*60o. Dec. 15 *Holders of reo. Dee. 1
Vogt Manufacturing, corn. (guar.)
'I5e. Jan. 2 *Holders of ree. Dec. 10
Vortex Corp. Co.. common (guar.)
*50o. Jan. 2 *Holders of rec. Dec. 15
Class A (guar.)
*8254c Jan. 2 *Holders of rec. Dec. 15
DEC. 12 1931.]
FINANCIAL CHRONICLE
Name of Company.
1Vhen
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Vulcan Detinning coin. (quar.)
1
Jan. 20 Holders of rec. J5. 7a
Preferred (quar.)
154 Jan. 20 Holders of rem Jan. 7a
•I
Wagner Electric Co., pref.(quar.)
Jan. 1 Holders of rec. Dec. 20
Waitt A, Bond, Inc., class B (quar.)-.20c Dec. 30 *Holders of rec. Dec. 14
Waldorf System, Inc., corn,(quar.)
3784c. Jan. 2 Holders of rec. Dec. 19a
Walgreen Co., prof. (quar.)
•134 Jan. 1 *Holders of rec. Dec. 21
Walker (Hiram) Gooderham & Worts,
Common (quar.)
1634c Dec. 15 Holders of rec. Nov. 28
Ward Baking, pref.(quar.)
1s% Jan. 2 Holders of rec. Dec. 170
Warner Company—
1% Jan. 1 Holders of rec. Dec. 15a
First and second preferred (qu.)
Warren Foundry & Pipe (quar.)
30c Jan. 2 Holders of rec. Dec. I5a
•75c Jan, 1 *Holders of rec. Dec. 15
Waukesha Motor Co.,common (quar.)_
Wellington Oil (guar.)
*2c Dec. 15 *Holders of rec. Nov. 30
Wesson 011 & Snowdrift, corn.(qu.)
50c Jan. 2 Holders of rec. Dec. I5a
West Point Manufacturing (quar.)__._ *1
Jan. 2 *Holders of rec. Dec. 15
Westchester First National Corp.. Pref. •87546 Dee. 20 *Holders of rec. June 80
Western Canada Flour Mills, pref. (qu.) P4 Dec. 15 Holders of rec. Nov. 30
•254c Dec. 20 *Holders of rec. Dec. 15
Western Exploration (guar.)
Dec. 21 Holders of rec. Dec. 14
Western Tablet & Stationery, common_ 81
..1,4 Jan. 1 *Holders of rec. Dec. 21
Preferred (quar.)
50c Dec. 22 Holders of rec. Dec. 8a
Westmoreland Coal
30c Jan. 2 Holders of rec. Dec. 150
Westmoreland. Inc. (quar.)
30c. Jan. 2 Holders of rec. Dec. I5a
Extra
Westvaco Chlorine Prod., pref. (quar.)- .$1.7$ Jan. 2 *Holders of rec. Dec. 15
.75c. Jan. 2 *Holders of rec. Dec. 12
Wheeling Steel Corp., pref. (Quar.)
1% Dec. 31 Holders of rec. Dec. 14
White Motor Securities. p1.(qu.)
Jan. 2 Holders of rec. Dec. 21a
White Rock Mineral Springs, corn,(qu.) $1
First preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 21
5
Jan. 2 Holders of roe. Dee. 21
Second preferred (quar.)
Wilcox-Rich Corp., class A (attar.)
621.$c Dee. 31 Holders of rec. Dec.d19a
2
Will & Baumer Candle, pref. (quar.)_
Jan. 2 Holders of rec. Dec. 15
•25e. Jan. 2 *Holders of rec. Dee. 12
Wiser 011 (quar.)
Worthington Pump & Mach., pf. A (qu.) 133 Jan. 2 Holders of rec. Dec. 10a
134 Jan. 2 Holders of rec. Dec. 10a
Preferred B (quar.)
u2 34c Jan. 2 Holders of rem Dec. 14
Wright-Hargreaves Mines, Ltd
Extra
u2 Sic Jan. 2 Holders of rec. Dec. 14
Wrigley (Wm.). Jr., (monthly)
250. Jan. 2 Holders of rec. Dec. 190
Monthly
250. Feb. 1 Holders of rec. Jan. 20a
Wurlitzer (Rudolph) Co.,7% pt.(au.).- •1% Jan. 1 •Holdere of roe. Dec. 19
•134 Apr. 1 *Hold.of rec. Mar.19 *82
7%. preferred (quar.)
7% preferred (guar.)
•1% July 1 *Hold. of rec. Toe 19'$3
Yale & Towne Mfg. (quar.)
25c. Jan. 2 Holders of rec. Dec. 140
Youngstown Sheet A: Tube, pref.(OIL)- 13i Jan. I Holders of rec. Dec. 140
3929
The Now 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 Dec. 4:
INSTITUTIONS NOT IN THE CLEARING HOUSE, WITH THE CLOSING OF
BUSINESS FOR THE WEEK ENDED FRIDAY, DEC. 4 1931.
NATIONAL BANKS—AVERAGE FIGURES.
Other Cash Res. Dep., Dep. Other
Loans,
Gross
Cold. Including N. F. and Banks and
Disc. and
Bank Notes Elsewhere. Trust Cos. Deposits.
Investments.
$
Manhattan—
Grace National_
Brooklyn—
Peoplw Nat'l__
17.472,531
S
1,200
6,560,000 10,000
8
$
79,924 1,614,599
132,000
452,700
$
$
798,056 14,658,489
53,000
6.360.000
TRUST COMPANIES—AVERAGE FIGURES.
Loan.,
Discount &
Investments.
Manhattan—
Empire
Fulton
United States
Cash.
Res, Dep. Dep. Other
N. Y. and Rants and
Elsewhere. Trust Cos.
$
s
$
62,444,600 *4,064.700 9,492,300
18,666,200 *2,492,800 1,026,100
71,701,146 7,200,000 13,485,384
Gross
Deposits.
$
$
2,566,400 66,252.400
724,300 18,260,400
62,701,201
Brooklyn—
271,000 118.474,000
113,737,000 2,633,000 26,849,000
Brooklyn
•From unofficial sources. t The New York Stock Exchange bag ruled that Kings County
28,613.088
26,856,603 1,814,039 6,679,474
Sleek will not be quoted ex-dividend on this (late and not until further notice.
The New York Curb Exchange AssoelatIon has ruled that stock will not be quoted
Bayonne, N. J.-7.772.220
1\fanhnn1,1
518.000
226.733 7.747.996
221.707
Si-dividend on thla date and not until further notice.
a Transfer books not closed for this dividend.
• Includes amount with Federal Reserve as follows: Empire, $2,656,600; Fulton,
Correction. e Payable In stock.
$2,348,800.
I Payable In common stook.
Payable In scrip. /1 On funtotInt Of accumulated
elvidenfls. .1 Payable in preferred stock.
n General Gas & Elec. common A and 13 dividends are 3-200ths of a share, class
A stock.
o Central Public Service Corp. class A dividend is 1-80th share clam A stock.
Boston Clearing House Weekly Returns.—In the folp Commercial Investment Trust cons'. prof. dividend Is optional either 1-52d
lowing we furnish a summary of all the items in tho Boston
share common stock or $1.50 cash.
r Goldblatt Bros. Co. dividend payable either In cash or 1
in stock. Stock- Clearing House weekly statement for a series of weeks:
holders desiring cash must notify company.
BOSTON CLEARING HOUSE MEMBERS.
Payable In Canadian funds.
u Payable In United States funds.
1Week Ended Changesfrom Week Ended Week Ended
o Midland United dividend payable either In Cash or 140th share common stock.
Previous
Dec. 2
Nor, 25
Dec. 9
tc Less deduction for expenses of dePaeltary•
1931.
Week.
1931.
1931.
I/ Telephone Bond & Share, common A dividend Is payable either In cash or
one-fiftieth share common A stock.
S
8
5
5 .
93,875,000
93,875,000 Unchanged
93.875.000
Capital
86,886,000
86,886,000 Unchanged
86,886,000
Surplus and profits
Weekly Return of New York City Clearing House.— Loans, disc'ts & investls_ 954.213,000 —5,726,000 959,839,000 966,966,000
561,826,000 —10,153,000 571,979,000 582,661.000
deposits
Beginning with March 311928, the New York City Clearing Individual
129,932,000 —1,584,000 131,516,000 125,929,000
Due to banks
239,739,000 —4.751.000 244,490.000 246,291.000
deposits
House Association discontinued giving out all statements Time
1,947,000
836.000 —1,111,000
2,166,000
United States deposits
12,406.000 —6,554,000
18,960,000
12.958.000
previously issued and now makes only the barest kind of Exchanges for Clg. House
68.106,000
62,325,000 —5.781,000
68,910,000
other banks
a report. The new returns show nothing but the deposits, Due from legal deposit'les
73,720,000
73,075.000
+645,000
73.801,000
Res've in
8.719,000
8.780,000
+61,000
8,733.000
Cash in bank
along with the capital and surplus. The Public
1,623,000
+190.000
1,813,000
i” averca in F.R.Bk_
National
1,404,000
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
Philadelphia Banks.
—Beginning with the return for the
having been admitted on Dec. 11 1930. Soo "Financial
week ended Oct. 11 1930, the Philadelphia Clearing House
Chronicle" of Dec. 31 1030, pages 3812-13. The figures
Association began issuing its weekly statement in a now
given below therefore now include returns from these two
The trust companies that are not members of the
now members, which together add $35,750,000 to the capital, form.
Federal Reserve System are no longer shown separately,
$38,555,900 to surplus and undivided profits, $199,914,000
but are included with the rest. In addition, the companies
to the not demand deposits and $95,756,000 to the time
recently admitted to membership in the Association are
deposits. We give the statement below in full:
included. One other change has been made. Instead of
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
Cash
showing "Reserve with Federal Reserve Bank" and "
ASSOCIATION FOR THE WEEK ENDED SATURDAY, DEC. 5 1931.
"
in Vault as separate items, the two are combined under
Clearing House
Members,
*Capital.
*Surplus and
Undivided
Profits.
Net Demand
Deposits.
Average.
Time
Deposits,
Average.
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
s
a
I
14,409,400
70,486.000
13,578,000
50,804,200
25(3,788,000
42,895,000
116,616,500 a1,039,308.000 186,526,000 In Vaults" is not a part of legal reserve. For trust com44,799,500
207.845,000
24,263,000
members of the Federal Reserve System the
208,454,600 1)802,213,000
82,704.000 panies not
16,077,800
115,104,000
24,054,000 reserve required is 10% on demand deposits and includes
84,303,000
421,635,000
53,901,000
32,645.900
"
172,698,000
28,612,000 "Reserve with Legal Depositaries and "Cash in Vaults."
118.185,800
275,806.000
20,706,000
75.459,400
343,340,000
53,884,000
Beginning with the return for the week ended May 14 1928,
6,754,200
21,117.000
2,821,000
178,145,600 e1.112,672,00
116,784.000 the Philadelphia Clearing House Association discontinued show3,861.300
26,512.000
2,554,000
87,875,600 d420.323.000
55,517,000 ing the reserve required and whether reserves held are above or
24,370,600
35.311,000
1,034,000 below requirements. This practice is continued.
9.734,300
44,550,000
5,496,000
4,283.000
13,850,000
1,563,000
35,618.200
169.120,000
28,035,000
1Week Ended Changesfrom 1Veek Ended Week Ended
10,211.800
40,569,000
2,235,000
Nov. 28
Previous
NOV. 21
Dec. 5.
2,640.200
27,004,000
4,323,000
1931.
1Veek.
1931.
1931.
13,734,600
34,622,000
29,759,000
24.821.300
165,292,001)
65,997,000
$
$
$
$
5,531.700
15,482,000
2,439,000
78.052,000 Unchanged
78.052.000
78,052.000
Capital
Clearing Non-member.
242,673,000 242,673,000
242.673,000 Unchanged
Surplus and profits
Bayonne_
500.000
1,285,581,000 —5,368,000 1,290,049,000 1,299,857,000
Mechanics Tr,
737.100
2,434,000
5,050.000 Loans. discts. and invest_
+1,389,000
22,287,000
20.898,000
20,808,000
Exch.for Clearing House_
643,700,000 1,170.075.400 h 814 nal nnn gnq 717 nnn Due from banks
89,417,000
+2,957,000
92,374,000
Totals
91,776.000
152,826,000 +9.688,000 143,138,000 147,478,000
Bank deposits
649,749,000 —4.637,000 654.386,000 656.052,000
• As per official reports; National. Sept. 29 1931; State, Sept. 30 1931; Trust Individual deposits
286,890,000 —6,864,000 293,554,000 298,821,000
Companies, Sept. 30 1931. e As of Nov. 28 1931.
Time deposits
1,089,465,000 —1,613.000 1,091,078,000 1, ,351,000
102
deposits in foreign branches as follows: (a) $228,347,000;(b) $59,842,000; Total deposits
Includes
....eve with P.K. Bank
99.462.000
—147.000
99.609.000
99.1118 one
(c) $43,964,000; (d) 526,013.000.
Bank of NY & Trust Co_
Bk of Manhattan Tr Co_
National City Bank__
Chemical B & 'I' Co.__
Guaranty Trust Co
Chat Phex Nil & Tr Co_
Cent Hanover B & T Co_
Corn E'xch Bank Tr Co._
First National Bank _ _
Irving Trust Co
Continental Bk & Tr Co_
Chase National Bank_ _ _
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co
Marine Midland Tr Co_
Lawyers Trust Co
New York Trust Co
Coml Nat B & Tr Co
Harriman Bat Bk & Tr
Public Nat Ilk & Tr Co
Manufacturers Trust Co
Amer Express Bk & Tr
$
6,000,000
22,250.000
124,000,000
21,000,000
90,000,000
16,200,000
21,000.000
15,000,000
10,000,000
50,000,000
4,000,000
148,000,000
500.000
25,000.000
10,000,000
10.000.000
3,000,000
12.100,000
7,000,000
2,000.000
8,250,000
27,500,000
10.000,000
FINANCIAL CHRONICLE
3930
[VOL. 133.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Dec.10, and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 3886, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS DFC. 9 1931.
Dec. 9 1931. Dec. 2 1931. Nov. 251931. Voo. 18 1931.INov. 11 1931 Noe. 4 1931 Oct. 28 1931. Oct. 21 1931. Dec. 101930,
$
1
$
$
$
$
$
$
$
RI?S0URCES.
Gold with Federal Reserve agents
1,808,396,000 1,747.581,000 1,717,376,000 1,710.806,030 1,635,808.000 1,592.168,000 1.519,190,000 1.537.885.000 1,650,870,000
70.171,000
70,337.000
88.127,000
70,617,000
70,545,000
33,453,000
70,581.000
69,711,000
Gold redemption fund with U.E. Tress.322.000
64
Gold held exclusively aggt. F E1. notes 1,872,718,000 1,817.292,000 1.787,957.000 1.781,423.000 1,706.143,000 1,662,711,000 1,589.361,000 1.606,012.000 1.684.323.000
Gold settlement fund with F.R.Board
396,296,000 361,428,000 379.798.000 349,601,000 396,679,000 359,379,000 379,959,000 339.691,000 474.094.000
Gold and gold certificates held by banks_ 699,104,000 762,850,000 760,943,000 743,752,000 723,825,000 750.656.000 769,111,000 818,414.000 846,603.000
2,968,118.000 2,941,570,000 2,928,698,000 2,874,776.000 2.826,647,000 2.772,746,000 2.738.431,000 2,764.117.000 3,005.020.000
167,855,000 166,063,000 165,702,000 168.046,000 162,737.000 160.639,000 164,420.000 163,277.000 136.457.000
Total gold reserves
Resems other than gold
3,135,973,000 3,107,633,000 3,094,400,000 3.042,822,000 2,989,384,000 2,933,385,000 2.902,851,000 2.927.394.000 3,141,477.000
Total reserves
71,740,000
62,410,000
70,438,000
59,961.000
69./49.000
67.364,000
66,655,000
65.313,000
Non-reserve cash
67,483,000
Bills discounted:
89,676,000
338.638,000 314,356.000 327,026.000 343,692,000 330,747,000 300.064,000
Secured by U.S. Govt. obligations_ 377,525,000 363.707.000
347,657,000 353.860,000 347.763,000 347,685.000 356.738.000 361,532,000 385,933,000 398.247.000 167,421.000
Other bills d1scounted
725,182,000 717,567.000 686,401,000 662.041.000 683.764.000 705,224,000 716.680,000 898.311.000 257,097.000
Total bills discounted
339,219,000 423,407.000 479,798,000 534,017.000 595.752,000 642.033,000 724,680.000 789.066.000 243,697,000
Bills bought in open market
U. S. Government securities:
316,422,000 316,470,000
70,910,000
317,686.000 316,484,000 316,557,009 316,505,000 310,852,000 316.963.000
Bonds
26.951,000
22.829,000
22,828.000 239,282,000
26,950,000
23.968.000
19.951,000
19,953.000
19,950,000
Treasury notes
Special Treasury certificates
379,557.000 380.587,000 390,593,000 386,686,000 383.661,000 383.662.000 387,708.000 387.706,000 306,811,000
Certificates and bills
727,576.000 726,959,000 727,004,000 617,003,000
Total U. S. Government securities- 717,193.000 717
.021.000 727,101,000 727.059.000 727.463,00'
33,029,000
30,194,000
29 919 000
. .
31,599,000
30,017.000
108.000
32.209,000
30,232,000
Other securities
29.972,000
Foreign loans on gold
1,861,566,000 1,888,227,000 1,925,509,000 1,956,146,000 2.039.578.000 2.105,027,000 2,198,238,000 2,224,398,000 1,117.905.000
Total bills and securities
8.792.000
9.297,000
702.000
8,760.000
8,709.000
8.706.000
8,729,000
8.724,000
Due from foreign banks
8,725,000
16.863,000
16.931,000
17.804.000
15.322.000
16,842.000
17.739,000
16.537,000
Federal Reserve notes of other banks
,000
10.694
15 028
. .000
494,794,000 477,643,000 433.774.000 432.579.000 483,455,000 526.348.000
410,732,000 451,277,000 412,093.000
Uncollected items
59,382,000
59,742.000
59.382.000
59,389,000
59.462,000
59.410,000
59.475,000
59,501,000
59.475,000
Bank premises
41,104,000
37,633,000
20,780.000
42,442,000
44,369.000
44.846,000
41,267,000
41.102,000
39,674,000
All other resources
5,599,482,000 5.637,445.000 5,625,565,000 5,692,614,000 5,704,196.000 5.664,970,000 5.731.549,000 6,827,102.000 4,942,237,000
Total resources
LIABILITIES.
.
2,484.892,000 2,478,130.000 2.445.726.000 2,433.392.000 2.449.959,000 2 447.069,000 2.383.948.000 2,383.362,000 1.475,745,000
B. R. notes In actual circulation
Deposits:
2,086,008,000 2,073.454.000 2.117.437.000 2,123.875.000 2,098.533,000 2.122.145,000 2.228.875,000 2,275.506.000 2.447,517.000
Member banks
-reserve account
39,141,000
30.481,000
23.571.000
16.402.000
24,492,000
49,600.000
27.645.000
Government
27,595,000
22,333,000
5,557,000
117,674,000 137,136,000 145,656,000 137,415.000 133.008,000 131.431.000 157,618,000 160,910.000
Foreign banks
34,431,000
27.623.000
31,214,000
20,273,000
52.208,000
46.350,000
24,768,000
25,451,000
27,221,000
Other deposits
2,258,498,000 2.253.374.000 2.315,506.000 2,312,484,000 2.333.349.000 2,319.271.000 2.460.065.000 2,507,258,000 2,489.749.000
400.648,000 443,278,000 406,571,000 488.060.000 461.933,000 439.217.000 428,861,000 478.116.000 511,002,000
160,947,000 163.589.000 163.674.000 164.074.000 164,441.000 164,507,000 164,650.000 164.668.000 170.302.000
274,636,000 274,636,000 274,636,000 274,636.000 274,636,000 274,638,000 274.636,000 274.636.00,, 276.936.000
19,389,000
18.503.000
19.968,000
19.062.000
20.270.000
19.878,000
19.452,000
19.861.000
19.438.000
Total deposits
Degerred availability items
Capital paid In
Surplus
AU other liabilities
, . .)
Total liabilities
5,599.482,000 5,637,445,000 5,625,565,000 5,692,614.000 5,704,196,000 5,664.970,000 5 731 549 04 0 6.827.102.000 4,942,237,000
Ratio of gold reserves to deposits and
50.5%
75.7%
60.5%
59.0%
58.1%
66.5%
61.5%
62.1%
F. R. note liabilities combined
62.5%
Ratio of total reserves to deposits and
50.9%
79.2%
64.1%
59.9%
62.5%
61.5%
65.0%
65.6%
66.1%
F. R.note liabilities combined
Contingent liability on bills purchased
82.879.000
68,335,000 417,422,000
168.486,000 134.053,000 117,650.000 114,685,000 108,862,000 105.470,000
for foreign correspondents
$
$
$
$
$
$
$
$
Maturity Diseribution of Bills and
Short-Term Securities1-15 days bills discounted
16-30 days 141111) discounted
31-60 days bills discounted
01-90 days bills dbcounted
Over 90 days bills discounted
661.477.000
49,926,000
58.284,000
35,641.000
19,854,000
54 ,
4 465,000
52.002,000
65,621,000
33.426,000
20,053,000
496.318.000
63.758.000
71,242,000
33.918.000
21,165,000
474.059.000
57.838.000
80.108,000
30,214,000
19.822.000
486.659.000
49.627.000
95.123,000
35.556,000
16.799.000
503.065,000
45.789,000
98.030,000
42.670.000
15.870.000
496,925,000 464,401.000
62,234,000
61,340,000
102,795,1 1 1 94,234,000
51,075,000
76,774.000
13,651.000
11,662,000
$
171.392.000
24,410,000
30,269.000
19.530.000
11.496,000
Total bills discounted
1-15 days bills bought in open market16-30 days bills bought in open market
31-60 daye bills bought in open market
61-90 days bills bought in open market
Over 90 days bilis bought in open market
725,182,000
186,126.000
126,242,000
56,204 0
. 00
19.960.000
678,000
717,567,000
171.720.000
139,182,000
635
100. .000
11.331.000
530 000
.
686,401.000
158.236.000
139,364,000
169.359.000
11,688,000
1,151,000
662.041.000 683,784,000
135,293.000 127.817.000
155.912
.000 160.348.000
222.576.000 255.473,000
18 573 0
. . 00 49.821.000
1.713.000
3.293.000
705,224,000
122,031,000
131.387.000
290,216,000
93,941,000
4,458,000
716,680,000
113,109.000
114,504.000
275,279.000
214.263.000
7,525.000
690,311,000
124.886,000
103,446.000
248 307000
284:623:000
7,804.000
257,097,000
92.595.000
70,984.000
67,414.000
12,655.000
49.000
Total bills bought in open market
1-15 days 13,8. certifs. and bills.,..
18-30 days U.S. certifs. and bills
81-60 days U.S. certifs. and bills
61-90 days U. S. certifs. and bills
Over 90 days certificates and bills
389,219.000
52,443.000
13.152.000
23,950.000
112,704.000
177.308.000
423,407.000
53,224,000
13,152,000
22.950.000
88,866.000
202,39
5.000
479,798.000
20.588.000
53,223,000
15,152.000
88.286.000
213,344.000
5
34,017
.000
45,868.000
73,221.000
16.653.000
60.286.000
190,558,000
596.752.000
36,391.000
20.588.000
95,873.000
40.176.000
190.633,000
642.033,000
28.838,000
48.868,000
106,375.003
14,024.000
185,559,000
724,680,000
25,395.000
51.390,000
106,760.000
17,602.000
186.561,000
760.066,000
10.620.000
38,836,000
135.039,000
10,652.000
186,559,000
243,697.000
73.555,000
Total U. S. certificates and bills
1-15 daye municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 00 days municipal warrants
379,557.000
515,000
3,380.000
299,000
69.000
29,000
380.587.000
880.000
3,075.000
258.000
60,000
29,000
390,593.000
750.000
250.000
3.265,000
89,000
25,000
386.586.000
655.000
270.000
3,194.000
63.000
27,000
383,661.000
845.000
30,000
3,040.000
166,000
28.000
383,662.000
255,000
10.000
2,250,000
166,000
23,000
387,708,000
387,706,000
15.000
306,811,000
10.000
250,000
2,156,000
13,000
260.000
2,088,000
14,000
84,000
4,292,000
4,302,000
9,379,000
4.209.000
4,109.000
2,704,000
2.429,000
2.377,000
108,000
Total municipal warrants
38.707,000
194.549.000
24,000
Federal Reserve Notes
772. 05.000 2,761,416,000 2.760.892.0002.775.039.000 2,760.901.000 2,729,062,000 2,716,018,000 1,961.936,000
7
. . .
Issued to?. R.Bank by F. R.Agent-- 2 788 897 000 2.
304.005,000 294.575,000 316,690,000 327,300.000 325.080,000 313,832,000 336,114,000 331.656,000 486,191,000
Held by Federal Reserve Bank
2.454.892,0002.478.130.000 2.445,726,000 2,433,392.000 2,449,959,000 2,447,069.000 2,383,948,000 2.383,362,000 1.475.745,000
In actual circulation
Collateral Held bo Agent al &Mill for
Notes Issued to Bank
762.566,000 697.051,000 695.846,000 694,876,000 692,876.000 639,936.000 590,510.000 559,705,000 571,114,000
Hy gold and gold certificates
1,045.830.000 1.050.530,000 1,021.530,000 1.015.930.000 942,930,000 952,230,000 929,680,000 978,180.000 1.079.756,000
Gold fund-Federal Reserve Board
1,038.513,009 1.085.285.000 1,106.278,000 1,138.557,000 1.218.152.000 1,274,543.000 1,338,851.000 1.369,840,000 437,991,000
By eligible paper
Tmall
2.846.909.000 2.832.866.000 2.823.654.000 2.849,363,000 2,853.958.000 2.866.709.000 2.858,041.000 2.907,725,000 2,088,861,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC.9 1931
'
Two Ciphers (00) ortfttell.
Total.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louie. Minneatt. Kan.Cily. Dallas. Min Pram
Federal Reserve Bank of$
RESOURCES.
$
Gold with Federal Reserve Agents 1,808,396,0 104.627,0
64.322.0 4.782.0
red'n fund with U.8.TramGold
$
$
$
$
$
$
$
$
$
$
$
372,336,0 210,000,0 216.470,0 62,520,0 60,650.0 447.900.0 48,705,0 50.245,0 51.680,0 28,500,0 154.763,0
11.778.01 6.324.0 7,522.0 2.400.0 4.345.0 9.656.0 2,390.0 1.306,0 3.130,0 1,911,0 8.778,0
Gold held excl.5gst. P.R. notes 1.872.718.0 109.409,0
Goldeettle't fund with F.R.Board 396,296,0 19.384,0
Sold and gold ctfs. held by banks 899,104.0 30,311.0
384,114,0 216,324.0 223,992,0 64,920.0 64.905,0 457.556,0 51.095.0 51.551,0 54,810.0 30,411,0 163,541.0
145,803.01 21,699.0 66,162,0 9.533,0 5.236,0 38.619,0 11,384,0 10,419.0 19,794,0 12,162,0 36.101.0
482,888,01 25,653.0 22,562.0 5.864.0 10.163.0, 63,687.0 14.095.0 5.623,0 12,081,0 3,832,0 22.345,0
Total gold reserves
Reserves other than gold
2,968.118.0 159,104.0 1.012,805,0 263,676,0 312.716,0 80,317,0 80.399.0 559.862,0 76,574,0 67,593,0 86,685,0 46.405,0 221,987.0
167,855,0 17,819.0
37.587,01 12,564,01 12,883.0 8,168,0 6,361,0 29.107.0 12.995,0 4,779,0 7.950,0 3.402.0 9.260.0
3,135.973.0 176,923,0 1,050,372,0 276,240,0 325,509.0 88.485,0 86,755,0 588,969,0 89,569,0 72,372,0 94,635,0 54,807.0 231,247,0
Total reserves
1,857.0 2.947,0 5.406,0
67.483.0 11.100.0
18.594,0 3,202,01 2.557,0 2,994,0 3.985,0 9,895,0 3,205,0 1,741.0
Non-reserve cash
Bills discounted:
92,385,0 44,482.0 55.077.0 10,572.0 12,586,0 67,672,0 14,369,0 1.323.0 6.786,0 5,716,0 49.043,0
See. by U.S. Govt. obligations 377.525,0 17.514.0
347.657.0 11.798,0
44,873,0 60.221,01 51,452,0 25,694.0 41,495.0 21,827.0 12.494,0 6,769,0 21,545,0 15,235.0 34,254,0
Other bills discounted
725.182.0 29.312.0 137.258.0 104.703.0 106,529.0 36.266.0 54,081,0 89,499,0 26,863,0 8,092.0 28,331,0 20.051.0 83.297.0
discounted
Total bills
xn,..,........• ,,, -....... marked!
369.219.0 41.297.0 110.3690 5 551.01 22.081.0 12.655,0 24,440,0 70.212.0 15,821.0 13.781.0 20,628,0 8,974,0 43,430,0
DEC. 12 1931.]
IV* Maass (00) omitted.
RESOURCES (Concluded)
U.5. Government securities:
Bonds
Treasury note.
Certificates and bills
Total U.S. Govt. isecurittes
Other eecuritlee
Foreign loans and gold
Total bills and securities
Due from foreign banks
F. R. notes of other banks
Uncollected Heine
Bank premises
All other resources
FINANCIAL CHRONICLE
Tom!.
Boston.
i
3
New York.
Cleretand. Richmond Atlanta. Chicago. St. Louis. hfinneap. lian.eity. Dallas. SanFran.
Phila.
$
3931
3
$
3
$
$
3
$
$
$
5
6.066.0 53,078,0 11,350,0 15.78.5,0 7.685,0 16,993,0 17.969.0
2,432,0
119.0 3,541,0
31,0
29,0
29,0 9.693,0
8,711,0 46,500,0 15,960,0 12,054,0 11,245,0 10.614,0 2
6.415,0
317,686.0 23,367,0
19.950,0
84.0
379,557.0 33,354.0
106,299,0 22,601,0 25,424,0 11,069,0
42,0
97,0
379,0 3,472.0
129,555.0 31.424,0 37.430,0 16,295,0
717,193.0 56,807,0
29,972.0 1,770.0
236.233.0 57,497.0 62,951,0 27,406,0 17.209,0 99497.0 30,851,0 27,870,0 18.959,0 27.636,054,0770,
600,0 2,985,0
630,0
827.0
700,0
12,S50,0 7,890,0
1,720,0
1,861.566,0 129,186,0
8.725,0
692,0
15.828,0
209.0
410,732,0 47,215.0
59,501.0 3,458.0
39.674,0 1,004,0
496,710,0 175,641.0 191,541,0 77,027,0 96,330,0 262.393,0 74,165,0 50,570,0 67,918,0 57,561,0 182,524.0
25.0
17.0
350,0
315.0 1.245.0
254.0
3,172,0
884,0
263,0
913.0
595.0
828,0 2,009.0 1,541,0
503.0 1,163.0
844,0 1,506,0
374.0 2.423.0
4,090,0
338.0
114,279.0 35,988.0 36,752,0 32,205,0 11,094,0 47,121,0 17.650.0 8.006,0 21,883,0 13,328,0 25,211,0
3,635.0 1.925,0 3,804.0 1,832,0 4.622.0
15,240,0 2,626,0 8,002,0 3,723,0 2,573.0 8,061.1
15,316,0 1,799,0 4,452,0 2,943.0 3,540.0 1,506,0 2,394,0 1,508,0 1,293,0 2.778.0 1.141.0
5,599.482,0369,787.0 1.717.773,0 498.747,0 570,631.0 209,233,0 205.420,0 921,199,0 192,184,0 136,642,0 192.807,0 133,890,0 453.169.0
Total resources
LIABILITIES.
F.R.notes in actual circulation_ 2.484,892,0 149,450,0 519,304,0 274,239,0 316,136.0 98.563,0 120,552,0 501,763.0 85,505,0 07,458,0 82,034,0 48,815.0 221.073,0
Deposits:
Member bank reserve amount_ 2,086.008.0 128,602.0 895,076,0 127,783,0 148,690,0 54,645,0 48,591,0 289,575.0 65,089,0 46,067,0 70,955.0 50.048.0 160.887.0
718,0 1,266.0 1.556.0 2.377,0 2.077.0
27,595.0 1,398,0
4,393.0 3,223,0 3,162,0 1,082.0 1.897,0 4,446,0
Government
117,674,0 9,603,0
31,764,0 12,675.0 12.931,0 5,121,0 4,609,0 17.285,0 4,481,0 2,945,0 3.713.0 3.841.0 8.706,0
Foreign bank
27,221,0
817,0
482,0
304,0
169.0
41,0
214,0
310.0
165.0 5.698,0
10,589,0
276.0 8,156.0
Other deposits
2,258.498,0 139,644,0
Total deposits
400,648,0 47.200,0
Deferred availability items160.947,0 11.756,0
Capital paid in
274.636,0 21,299,0
Surplus
19,861,0
438,0
All other liabilities
941,822.0 143,957,0 172.939,0 61,158,0 55,311,0312.123,0 70.770.0 50,582.0 76,393.0 56,431.0 177.368.0
108,259,0 34,185.0 36,228.0 30,931.0 11,290.0 46.675,0 19,013,0 7,664.0 20.909.0 14,304.0 23,992,0
61.613.0 16.700,0 14,792,0 5,500.0 5,158,0 18.078,0 4,720,0 2,960,0 4,182,0 4,150.0 11.338.0
80.575,0 27,065.0 28,971,0 12,114,0 10.857,0 39,936,0 10,562,0 7,144,0 8,702,0 8,936.0 18,475.0
587.0 1.254.0
834.0
967.0 2.252,0 2,624,0 1,614.0
6,200.0
601.0 1,567,0
923,0
5,599,482,0 369,787,0 1.717.773,0 496.747,0 570,631,0 209,233,0 205.420,0 921.199,0 192,184,0 136,842,0 192,807,0 133,890,0 453,169.0
Total liabilities
Memoranda.
66.1
61.2
72.4
57.3
61.3
52.1
49.3
59.7
Reserve ratio (per cent)
71.9
55.4
66.1
66.6
58.0
Contingent liability on bills pur
168.486.0 115750
62 204 0 10 1179( 1 F CM(
1
111
n ee) n
A nen 0 21 571 0 5 sari 0 5 041 0 4 301 0 4.7400 in 711K /1
abased for foreign correspond'
FEDERAL RESERVE NOTE STATEMENT.
,
Federal Reserve Agent at-
Total.
Boston.
New York.
TIN Mbar,(00) omUtal.
8
3
Federal Reserve notes:
Issued to F.R.Bk.by F.R.Agt. 2,788,897,0 167,846,0
Held by Federal Reserve Bank 304,005,0 18,396.0
2,484,892,0 149,450,0
In actual circulation
Collateral held by Agt as seeurItY
.
for notes Issued to bank:
762.566.0 47.010,0
Gold and gold certificates
1,045,830,0 57.617,0
Gold fund-F.R.Board
1,038.513.0 70.609.0
Eligible varier
Patel &distend
2.848.909.0 175.238.0
$
Cleveland. Richmond Atlanta. Chicago. St. Louts. liftman. lran•Cittl. Dallas. EinFraes
Phila.
$
$
$
$
$
8
$
8
5
3
570.131.0303.440,0 336,945.0 108.611,0 137,315,0 588,062,0 88,955.0 70.190.0 93,552.0 56,247,0 267.803,0
50,827,0 29,201,0 20,809,0 10.048,0 16,763,0 86,299,0 3.450,0 2,732,0 11,518.0 7,432.0 46.530.0
519,304.0 274.239,0 316.136,0 98,563,0 120,552.0 501,763,11 85,505,0 67.458,0 82,034,0 48,815,0 221,073,0
347.336,0 54.700.0 64.470,0 10,420,0 10,900.0 91,900,0 15.705.0 8.945.0 9,880.0 12.300,0 89.000.0
25,000,0 155,300,0 152.000.0 52,100,0 49,750,0356,000,0 33,000.0 41.300.0 41,800.0 16.200.0 65.763.0
209481.0 93,771,01 125,086,0 47.239.0J 77,047.0,154,716,0 40.353,0 20,386.0 47.420,0 28.659,0 124.046.0
I
551.10170 505 711 111'211 ooc 0 160 759 A 157.807.0 602.010.0 80.055.0 70.651.0 90.100.0 07.150 0972 eno 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 Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 3887, immediately pre..
ceding which we also give the figures of New York and Chicago reporting member banksfor a week later.
statement or Jan. 1929.
the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsement, and Ins:dude
0
Beginning with the
all real estate mortgages and mortgage loans held by the bank. Previously acoeptanees of other banks and bills sold with endorsement were included with loam, and some
of the banks !minded mortgages In investments. Loans secured by U. S. Government obligations are no longer shown separately, only the total of loane on securities
being given. Furthermore, borrowing at the Federal Reserve is not any more subdivided to allow the amount secured by U.S. obligations and those secured by eommerelal
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 $ 35.000,000
1
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 DEC. 2 1931 (In millions of dollars).
Federal Reverse District-
Total.
Boston. New York
Phila.
Cleveland Richmond Atlanta. Chicago. St. Louis. liftman. Ken•CitY. Lade. San Fran.
Loans and investments
-total
$
20,856
$
1,381
6
8,312
6
1.224
S
2,037
Loans
-total
13,350
908
5,215
744
5,807
7,543
335
573
2,561
2,654
7,506
4,033
3,473
473
232
241
1,567
236
12,199
6,142
57
988
2,513
424
87
16
798
468
3
65
127
1(3
On securities
All other
Investments-total
U.S. Government securities
Other securities
Reserve with F.R.Bank_
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
IRnrrnualmre frnm 15 72 ,
1./.11k
3
6
6
$
619
548
2,879
614
1,302
382
371
2,060
381
363
586
716
144
238
115
256
3.097
480
735
237
1,829
1,268
188
292
387
348
115
122
765
61
5,829
1,358
20
105
945
77
15
693
288
6
72
167
114
31
894
892
10
81
188
37
15
312
233
1
53
92
,A.
''
$
$
I
$
$
353
6001
427
394
227
334
290
1,123
1,000
1,060
155
239
61
166
92
2421
82
208
295
828
177
819
220
126
266
137
739
86
91
458
361
90
130
53
73
132
1341
74
63
389
350
32
g
257
209
4
54
74
224
38
1,576
1,069
2
192
361
40
7
335
218
2
40
85
24
5
199
143
46
131
3921
1901
ii
98
149
17
30
9
255
135
4
61
80
11
91
18
659
939
4
116
178
01
Lk/
51
69
1.862
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Dec.9 1931, in
comparison with the previous week and the corresponding date last year:
Dec. 9 1931. Dec. 2 1931. Dec. 101930.
Dec. 9 1931. Dec. 2 1931. Dec. 101930.
$
s
$
Resources (Concluded)3.171,000
3,172.000
228.000
408.545,000 Due from foreign banks (see note)
4,937.000
3.436.000
4,090.000
14.092,000 Federal Reserve notes of other banks___.
114,279.000 130.007.000 136.668.000
Uncollected Items
Gold held exclusively eget. I -11•
15,664.000
15,240.000
15.240.000
f
Bank premises
noff°- 384.114.000 389,114,000
Gold settlement fund with F. R.Board-. 145,803,000 117,035.000 422.637,000
7,065,000
15.316.000
15.166.000
158,661.000 All other resources
Gold and gold cite. held by bank
482.888,000 528,250.000 504,166,000
1,717,773,000 1,734,969.000 1,638.716,000
Total resources
Total gold reserves
1,012,805.000 1.034,399.000 1,085.464.001
Rederved other than gold
37,567.000
34.801.000
35.757,000
LIa(419455
Total reserves
1,050,372,000 1,069,200,000 1.121.221,000 Fed. Reserve notes In actual circulation... 519,304.000 516.225,000 283,420.000
Non-reserve cash
18,594,000
17,683,000
13,737,000 Deposits-Member bank reserve aciet_. 895.076.000 889438,000 1,047,884.000
Bills discounted
4.393.000
3.412.000
13.882.000
Government
Secured by U.S. Govt. obligations
41,407,000
31,764.000
92,385,000
1.832.000
Foreign bank (see note)
74,752,000
23,638.000
Other bills discounted
10.589.000
9.182.000
9.449.000
44,873,000
47,052.000
Other deposits
37,137,000
ResOUTC68-•
Gold with Federal Reserve Agent
Gold redemp.fund with U.S.Treasury-.
372,336.000
11,778.000
Total bills discounted
Bills bought in open market
U.S. Government securities
Bonds
Treasury notes
Certificates and bills
137,258.000
110,369.000
372,336.000
16,778.000
941.822.000 943.239.000 1.073.047.000
Total deposits
60.775,000
108.259.000 124,908.000 129,865,000
76,423,000 Deferred availability items
61,613,000
63,835.000
66.233.000
Capital paid in
80.575.000
80.575,000
80.001,000
106,299,000 105,840.000
16.983.000 Surplus
6.200.000
6.187.000
6,150.000
379.000
66.845,000 All other liabilities
379.000
129,555.000 130.014.000 119,666,000
1,717,773,000 1,734.969,000 1.638,716.000
Total liabilities
Total U.S. Government eecurittee
236.233.000 236,233,000 203,499.000
Other securities (see note)
es
Ratio of total rerves to deposit and
12,8.50.000
13.095,000
Foreign loans on gold
71.9%
73.3%
82.7%
Fed'i Reserve note Ilabillies combined_
Contingent liability on bills purchased
and securities (see note)___. 496,710,000 479 585
Total bills
62,264,000
49,248.000 137.045.000
or foreign correspondents
000 340 697 000
NOTE.-Beginulog with the statement or Oct. 17
1925 two new Items were added In order to show separately the amount of balances held abroad and amounts due Sri
foreign oorrespondents. In addition, the caption "All other earnings assets," preeloully made up of Federal Intermediate Credit Bank debenture, w
the
,
securities," and the caption."Total earning assets" to **Total bills and securities." The latter term was adopted as A more accurate Oinsfl
rotal of the t4. thit
ehanged dis.Ounli.
eo
itiMePtences and securities aegutred under the prey isiorie of Sections 13 and 14 of the Federal Rmerve Aet, which, it was stated, are the only Items Included therein.
,
121,804.000
108,433,000
3932
[VOL. 133.
FINANCIAL CHRONICLE
gankere
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
-
Gazette.
Below
Wall Street, Friday Night, Dec. 11 1931.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 3917.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on he
Sales
for
Week.
Range for Week.
Lowest.
Range Since Jan. 1.
Lowest.
Highest.
Highest.
RailroadsPar Shares $ per share. 5 per share. $ per share.$ per share.
Colo & Sou lot pref_100
100 3934 Dec 11 393-4 Dec 11 3034 Nov 60
Jan
100
60 22 Dee 8 2334 Dec 7 20
Cuba RR pref
Feb
Oct44
457 534 Dec 7 511 Dec 7 534 Dec 531 Dec
Detroit & Mackinac 100
Duluth S S& A pref 100
100
16 Dec 8
14 Deo 8
14 Sept134 Jan
Havana Elec Ry
•
100
14 Dec 9
11 Dec 9
16 Sept 13.4 Mar
III Cent pref
100
850 15 Dec 9 20 Dec 11 15
Dec 114
Feb
lot Rys of Cent Am......
220 2 Dec 10 334 Dec 8 2
Dec 133.4 Mar
Certificates
•
10 3 Dec 8 3 Dec 8 234 Oct 11
Feb
Preferred
100
120 8 Dec 10 10 Dec 7 8
Dec 5511 Feb
Iowa Central
100
110
51 Dec 7
34 Dec 8
11 Oct 13-4 Jan
Manhat Elev guar_ 100
575 35 Dec 10 41
Feb
Dec 61
Dec 5 35
M St P&SISM Leased
Line
100
140 8 Dec 7 8 Dec 7 8
Dec 45
Mar
Nash Chat & St L...100
240 1631 Dec 11 20 Dec 7 1631 Dec 80
Feb
Northern Central___50
20 68 Dec 11 68 Dec 11 68
Dec 9034 June
Rutland RR pref
100 12 Dec 11 12 Dec 11 12
Oct 3131 Feb
100
So Ry M & 0 ctfs 100
Dec 11 11
100 11
Jan
Dec 76
Dee 11 11
Indus. & MIscell.Affiliated Products-.
Am Ag Chem (Conn)...
Amalgam Leather____.
Preferred
100
Amer Chain pref.....100
Amer Ice pref
100
American News
•
Amer Radiator & Stand
Sanitary pref._ - _ 100
Anchor Cap pref___100
Arch Dan Mid pref_100
Art Metal Construc_10
Atlas Tack
•
Austin Nichols prior A •
Budd (E G) pref_-_100
Bruns Bros class A
•
Class A Ws
•
Class 13 ctfs
50
Preferred
100
Chile Copper
25
City Investing
100
Col Fuel & Sr pref 100
Col Gas & El pf B 100
Corn Cred pref (7)25
Com Inv Trust war stpd
Preferred (7)
100
Conn Sky dr Ltg _..100
Crown Cork & S pf_...
Crown Wiliam lot pt_.
Curtis Aero & Motor.
Cush Sons pf (7%)_100
Preferred (8%)----*
6,100
100
100
200
200
300
90
1231
11
134
634
41
50
2534
Dec 11
Dec 8
Dec 9
Dec 11
Dec 10
Deo 8
Dec 10
16
14
131
734
42
50
3334
Dec 7
Dec 8
Dec 9
Dec 11
Dec 10
Dec 8
Dec 7
1234
31
16
6
41
4831
2514
110 119 Dec 5119 Dec 5 112
100 70 Dec 9 70 Dec 9 70
100 9534 Dec II 9334 Dec 10 95
1,000 9 Dec 10 934 Dec 7 9
100 134 Dec 10 I% Dec 10 134
220 153-4 Dec 11 16 Dec 8 1516
30 17 Dec 8 17 Dec 8 17
200 131 Dec 7 234 Dec 9 154
,
700 136 Deo 7 134 Deo 7 114
Dec 8 I
300 1
Dec 8 1
120 40 Dec 8 40 Dec 8 22
Co 1134 Dec 11 1131 Dec 11 1136
20 80 Dec 10 85 Dec 5 80
100 34 Dec 10 38 Dec 10 30
300 72 Dec 11 7236 Dec 10 72
50 18 Dec 8 19 Dec 8 16
Dec 9
Dec 9 1
166 1
%
80 99 Dec 10 99 Dec 10 99
70 57 Dec 10 57 Dec 10 57
700 2234 Dec 11 24 Dec 51 2234
50 3031 Dec 9 3011 Dec 9, 30
10 8 Dec 9 8 Dec ill 7
20 8034 Dec 10 8531 Dec 91 8031
10 74 Dec 11 74 Dec 11 70
Dec
Dec
Oct
Oct
Dec
Oct
Dec
20
234
234
20
88
7711
5731
Nov
Mar
Mar
Jan
Jan
Jan
Feb
Apr
Sept 150
Dec 9931 Mar
Jan
Sept 102
Dec 2031 Jan
Dec 334 Jan
Dec 28
July
Dec 50 June
Jan
Dec 61
Dec 1231 Juno
Dee 3 June
Jan
Mar 85
Feb
Sept 38
Dec 14931 Jan
Feb
Oct 115
Dec 9751 May
Oct 2534 Sept
Feb
Nov 8
Apr
Dec 109
Feb
Dec 73
Dec 3431 Feb
Jan
Oct 68
Nov 2134 May
Mar
Dec 112
Mar
Oct 107
of the transactions in
Stock Exchange.
The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Dec. 5 Dec.7 Dec. 8 Dec. 9 Dec. 10 Dec. 11
First Liberty LoanHigh
334% bonds of 1932-47. Low_
(First 3%5)
Close
Total sales in $1,000 units_ __
Converted 4% bonds ofi High
pages which follow:
STOCKS.
Week Ended Dec. 11.
we furnish a daily record
Liberty Loan and Treasury certificates on the New York
99.
81,
99 ..t
,
99.
1,,
34
-_--
Close
Total saks in $1,000 units_ __
--Converted 431% bondsI High 100,1,1
Of 1932-47 (First 4315) Low_ 100"eg
Close 1002$22
Telal sales in $1.000 tintts__43
Second converted 4-4%'High
--_bonds of 1932-47 (First Low_
---Second 4365)
Close
Total sales in $1.000 units_ _
. --__
Fourth Liberty Loan
High 100 ..,
,
434% bonds of 1033-38_ Low_ 1001.es
(Fourth 4 qs)
Close 100"eo
Total sales in 81,000 units__
31
Treasury
{High 104t.,,
434s, 1947-52
Low 101.n
Close 101..,,
Total sales in 11,000 sows__
62
{High 101.,,
4s, 1944-1954
Low_ 101
Close 1013u
Total sales in 81,000 units__
17
Illigh 99
8361, 1946-1956
03. ,,
,
Low_
Close 98",,
Total sales in 11.000 units_ _ _
45
{High 971.,,
3348, 1943-1947
97l0u
Low_
.,
Close 9715
Total sales in 81,000 units__
25
{High 90'°,,
8s, 1951-1955
Low_
90.,,
Close 9010,,
Total sates in $1,000 units._ _
70
iHigh 971.se
8361, 1940-1943
Low_
97.3,
10,,
Close 97
Total sales in 81.000 units__
30
(High 9714,
836s, 1941-43
97.s,
Low_
Close 97.4,
Total sales in $1,000 units_ _ _
201
(High 02''.,
336s, 1946-1949
92.,,
Low_
Close 9216:,
Total sales in sumo WIC/
48
Note.
-The
bonds.
11
5
99.4,
99".,
99..,,
211
----
99..,,
09 1
".
99.
1,,
106
----
99",, 991.3,
99 3111 93
"
""
091.,,! 98",,
3251
317
----I
----
981.8,
98
""
9812.1
158
--
-------------100",3 100"St 100,43, 1000j, MIS,
10(9%1 100"es 1000as' 100.1, 100.so
,
100.522 100 ..2 1000.2 1001.2 100..2
61
436
78
39
7
----------------------------101..,
1001ses
101
560
1041.0
104
104.ss
39
101 1.,,
1003.as
100"so
150
991as
98",,
99
232
971,
,,
,,
970
97111,
22
91.eo
90.,,
90.a,
332
9715ao
971.,,
97123,
16
9711,,
97'12
97.,,
26
931.so
9211,,
92",,
120
---101
100"st
10011et
123
104.1,
103"so
103"a
72
101.,,
100"as
1001.ao
114
99.so
98 .,,
,
98.
4,,
414
97.1,
96"si
96"as
106
90"eo
8910,,
891.3,
160
974as '
96"so
96.
7,,
70
9710
96...,
96.68,
108
9V113
91u,,
91..,,
325
---.,
1000
1001seg
1001.ao
212
104
103"so
103"so
186
100”,,
1001.st
.8
1001
71
08"s
98.,,
98.,,
52
961es
95"ao
96
77
89"eo
88..32
89
216
961.so
95"es
951.,,
64
968,1
95. s,
,
9511,1
58
01113,
91
91.8,
148
-- --100 ..: 100'in
,
1001.at 100us,
100"so 100"es
735
452
103.,, .102ust
102"ao 102",,
10214.2 102"as
172
453
1001.,, 100"11
100.so
99"so
1001.1, 99"to
629
121
08"so 98",,
98.,,
97un
980
,, 971.s,
178
220
951,82 95"so
95"so 04"so
951.at 941O,,
24
41
89.as
89
88..,, 88"s,
88.i, 8821,1
528
569
951.1, 951.,,
95"as 94",,
20,, 9410,,
95
25
119
951
.1, 951.,,
95..s, 94",,
95101, 941Ost
43
135
91,
ss
91
00",, 901
.8
901.so 9020,1
118
225
above table includes only sales of coupon
Transactions in registered bonds were:
4th 434s
Treasury 4s
1000 to 101
.,
101 31 to 1011a,
,
Devoe & Ray lot pf 100
180106 Dec 9 106 Dec 9 96
Dresser Mfg class A....• 1,100 2334 Dec 11 253-4 Dec 5 21
Class 13
• 1,300 1231 Dec 10 16.36 Dec 7 11
Durh Hos Mills pf....100
Dec 10 21
30 21
Dec 10 21
Elk Horn Coal pref__50
10
11 Dec 8
31
34 Dec 8
Emerson Brant cl B *
36 Dec 10
300
36 Dec 10
36
Emporium Capwell
100 334 Dec 10 334 Dec 10 33.4
*
Eng Pub Ser pi (6)._ _.
500 56 Dec 10 6416 Dec 7 56
Fairbanks Co pf eta 100
10 334 Dec 11 33-4 Dec 11 334
Fash Park Assoc p1100
200 734 Dec 9 736 Dec 9 47-4
Fed Min & Smelt_100
400 22 Dec 11 3434 Dec 9 20
Preferred
100 39 Dec 11 39 Dec 11 39
100
Food Machinery
200 11 Dec 10 11
Dec 10, 1034
*
Franklin Simon p1_100
10 68 Dec 10 68 Dec 10 67
Gen Gas & El pf A (8)•
10 30 Dec 10 30 Dec 10 30
Indian motocYcle pf 100
20 2431 Dec 9 25 Dec 9 9
Inter Dept St pf___100
10 5334 Dec 11 5334 Dec 11 533-4
Island Creek Coal pf 1
50 100.34 Dec 8 10016 Dec 8 95
200 10 Dec 11 20 Dec 5 10
Keith-Albee-Orph 01100
190 3.36 Dec 5 336 Dec 5 334
Kresge Dept Stores_ _ _*
10 455-4 Dec 11 4534 Dec 11 2434
Preferred
100
Loose Wiles Biscuit
200 120 Dec 5120 Dec 5.118
1st preferred
100
10 10 Dec 9 10 De. 9 10
Mailln.son & Co p1 100
10 4031 Deo 10 4034 Dec 10 4034
McLellan Stores p1..100
2,500 20 Dec 11 2234 Dec 10 20
Mesta Machine
,
Newport Industries- _ 1 1,500 234 Dec 11 234 Dec 9 234
N Y Shipbuilding._.-' 3,100 4 Dec 7 431 Dec 8 23-4
100 4934 Dec 10 50 Dec 10 4031
Preferred
100
Omnibus corp ptd 100
100 60 Dec 9 60 Dec 9 60
20 4134 Dec 10 4234 Dec 10 4036
•
Outlet Co
Jan 12631
Dec 20
Dec 70
Dec 2234
Dec 414
Oct 73-4
Oct 71
Sept 85
Dec 55
Jan
July
June
Dec
Oct
Aug
Aug
Mar
Feb
8
234
3931
2634
16
14
97
6
3831
7
6
12
Dec 2034
Dec 434
Sept 7211
Sept 3911
Dec 5
Dec 28
Dec 112 34
Oct 3411
Oct 51
Dec 34
Oct 3234
Oct 39
Am* I
Nov
Feb
The Curb Exchange.
-The review of the Curb Exchange is
Mar
Mar given this week on
page 3920.
Feb
Sept
A complete record of Curb Exchange transactions for the
Apr
Aug week will be found on page 3950.
Jan
Feb
Feb
CURRENT NOTICES.
10103h Dec 1110331 Dec 1110331
1,400 6 Dec 10 7 Dec 9 5
./i
% Dec 8
X Dec 8
100
70 35 Dec 9 3534 Dec 8 35
10 9636 Dee 10 9634 Deo 10 95
10011431 Dec 911434 Dee 9 11434
30 003-5 Dec 9 903-4 Dec 9 9034
10 20 Dec 9 20 Dec 9 954
10 10 Deo 10 10 Dec 10 10
20 77 Dec 10 77 Dec 10 77
200 82 Dec 9 8236 Dec 9 8031
20 25 Dec 8 25 Dec 8 20
400 383-4 Dec 9 39 Dec 8 36
Dec l233i
Sept 273.4
Dec 331
Dec 48
Nov 10834
Dec 132
Dec 110
June 60
Dec 34
Dec 97
Oct 9834
Sept 60
Oct 70
Panh Prod & Ref pf_100
Peoples Gas L & C rts._
Pierce Arrow Co pf_100
Pirelli Co of Italy
Pitts Term Coal.._.100
Preferred
100
Proctor & Gam pf 101
Rand Mines
Scott Paper
Shell Trans & Trad-C2
Sloss Shef St &Iron.100
Preferred
100
Underwood-ElliottFisher pref
100
United Amer Bosch...*
United Dyewood-100
Preferred
100
United Piece Dye pt 100
US Gypsum pref
100
Univ Leaf Tob pref 100
Union Pipe & Rad pf100
Va Iron Coal & Coke100
Vulcan Detin pref_ _100
Walgreen Co pref_.100
Webster Eisenlohr p1100
Wheeling Steel pf 100
• No par value.
30
9,300
100
400
400
60
160
280
110
170
100
210
8 Dec 9
234 Dec 11
45 Dec 11
2711 Dec 9
% Dec 10
14 Dec 11
97 Dec 10
20 Dec 10
39 Dec 10
7 Dee 9
834 Dec 8
1234 Dec 10
814 Dec 10
334 Dec 7
45 Dec 11
27.11 Dec 9
% Dec 10
15 Dec 7
9914 Dec 7
22 Dec 10
40 Dec 9
731 Dec 9
83-4 Dee 8
16 Dee 7
Mar
Sept 109
Oct 2731 Nov
Dec 18
Oct
Jan
Mar 23
Feb
Oct 6
Mar
Jan 1
Jan
Oct 10
Mar
Dec 98
Apr
Dec 12
Mar
Oct 25
Feb
Sept 80
Feb
Dec 94
Oct 3111 Apr
Mar 75 . Jan
Mar
Oct 92
Feb
May 26
Dec 68
Sept
Jan
Oct 105
Dec 10131 Feb
Dec 631 Aug
Nov
Oct 47
Aug
Mar
Apr
July
Mar
July
Mar
Jan
Apr
Aug
June
Jan
July
Quotations for United States Treasury Certificates
Indebtedness. &c.
Matttrity,
Salt.
Deo. 15 1931___ 1%%
Sept. 15 1932_. 134%
Bid.
0"n
98.,s
Asked.
Maturity,
Int.
Rate.
Mar,15
2%
Dec, 15 1931-32 33-4%
BM,
of
Asked.
9917I1 99..n
99.1as 100 n
,
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 3.3134@
3.3334 for checks and 3.3134 ®3.33% for cables. Commercial on banks,
sight, 3.31, sixty days, 3.26% ©3.27, ninety days, 3.243-46.43.25. and documents for payment, 3.27X(g)3.2755. Cotton for payment, 3.31, and
grain, 3.31.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.91 9-16
63.93 for short. Amsterdam bankers' guilders were 40.40 ©40.46.
Exchange for Paris on London, 84.68, week's range, 84.68 francs high
and 83.15 francs low.
The week's range for exchange rates follows:
Sterling, Actual
Cables.
Checks.
High for tile week
3.33%
3.333'
Low for the week
3.23!I
3.243'
Paris Bankers' Francs
High for the week
3.93%
3.9334
Low for the week
3.91 9-16
3.91 5-10
Germany Bankers' Marks
High for tho week
23.80
23.75
Low for the week
22.87
22.86
Amsterdam Bankers' Guilders
High for the week
40.47
40.46
Low for the week
40.26
40.24
-As a result of the close affiliation between Gorgas, Roberts & McFarlane,
Inc., metropolitan distributors, and Roberts, Roach & Co., Inc., sponsors
of the Twentieth Century Fixed Trust, an amalgamation has been effected.
and in the future all of the sponsor work of the Twentieth Century Fixed
Trust, previously undertaken by Roberts, Roach & Co., Inc., will be
accomplished by Gorgas. Roberts & McFarlane, Inc., at 11 Broadway.
New York. The Twentieth Century Depositor Corp. will, as usual,
perform all the functions of depositor.
-Harold B. Reed, President of Reed. Adler & Co., Los Angeles, recently announced a change in the firm name to Reed & Co., of which
ho is also President. Mr. Reed at the same time announced the resignation
of Herbert C. Adler, former Vice-President and a director, from the firm.
-James Talcott, Inc.. hasibcen appointed factor for the Crosswicks
Textile Mills, Inc., of Groveville, N. J.. manufacturers of upholstery
fabrics.
.-Charles E. Doyle & Co., 20 Pine St., New York, have prepared a
descriptive pamphlet on the capital stock of the Chase National Bank.
-M. E. Cornelius & Co., Inc., Investment dealers, have removed
their offices to now quarters at the same address, 160 Broadway.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
CC!: ...)1121KG
-PER SHARE, NOT PER CENT
11.11111 AND LOW SALE PRICES
Saturday
Dec. 5.
Monday
Dec. 7.
Tuesday
Dec. 8.
IVaIncsday
Dec. 9.
Thursday
Dec. 10.
Friday
Dec. 11.
sate.,
for
-the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Range Since Jan 1.
-share lots.
On basis of 100
Lowest.
Highest.
ran JII Attic
Range for Previous
Year 1930.
Lowest.
Highest.
Par $ per share 5 per share 5 per share $ per share
Railroads
5 Per share $ per share $ per share $ per share $ per share $ Per share Shares Atch Topeka & Santa Fe--100 8414 Dec 10 2033 Feb24 168 Dec 2424 Mar
40,400
2
864 89.
4 8414 8712 8414 88
9114 9512 93% 5612 90, 96
100 78 Dec 10 10814 Apr 13 100 Dec 108114 Sept
Preferred
7912 78
8014 7912 7912 78
7814 1,900
80
80
7914 79 4 80
9514 Dec 1754 Mar
,
Dec 11 120 Jan 23
3712 39
x3314 3434 2,400 Atlantic Coast Line RR 100 23314 Dec 10 87% Feb24
35
35
3912 3912 3912 3912 394 40
553 Dec 12238 Mar
8
100 185
Baltimore & Ohio
3
2314 2473 231 2518 224 254 1912 2214 188 208 194 207 74,100
3
7014 Dec 845 July
100 30 Dec 11 8011 Feb 27
Preferred
3214 33
34
2.600
*30
33
31
30
31
3314 3214 33
31
504 Dec 844 Mar
50 23 Dee 11 664 Feb 26
600 Bangor .8 Aroostook
24
24
30
2314 24
23
*22
23
25
25
26
.25
100 80 Dee 8 1131251ar 9 1081/ Dec 11614 June
Preferred
10
.77
80 80
8612 •
80 8012 .80
83
8612
*80
83
.80
44 Dec 112 Feb
100 15 Nov 24 66 Feb 20
Boston & hfaine
20
*11
20 .11
*10
20
20
*11
20
*10
20
•10
3
64 Dec 157 May
8June 20
61g Oct 16 133
97
200 Brooklyn & Queens Tr_No par
10
10
12
*10
12
8 9% .93
97
8
123 •10
•10
5318 May 6612 may
No par 50 Oct 8 643 June 27
Preferred
400
52
53
60
*51
5213
*53
5212 .51
60
60 .53
.53
554 Dec 7838 Mar
oMar 2
4
353 17,600 Bklyn-51anh Tran vie No Par 5178 Oct 5 693
34
337 3453 3313 35
38
4
4 34, 384 35
3312 333
83 1)ec 984 Sept
No par 66 Dec 9 0414 Feb 11
Preferred v to
600
09
66
66
*65
70
69
69
*05
,
6914 70 3 71
09
3
514 Nov 335 Apr
94 Feb 10
112 Dec 8
112
112 112 3.100 Brunswick Ter&Ry Sec No Par
158
113 112
114
113
214 214
.214 27
3514 Dec 5214 May
25 11 Oct 6 4518 Feb24
Canadian Pacific
134 14
12
1318 15
8 1218 1314 38.600
133
1312 148 1414 15
92 Dec 105
Oel
atpd--100 79 Nov 11 103 Apr 30
Caro
Caro Clinch & Ohio
•____ 75 •____ 75 *--- 75 •____ 75 •____ 75 •_._,
323 Dec .51% Sept
3
25 2312 Oct il 4612 Feb 10
Ohio
4
3
294 30 4 2918 303 2263 3118 2612 2778 2612 2814 2i1-2 29 105,700 Chesapeake & Weetern___100
77 Feb 10
4
43 Dec 17% Mar
8
27 Dec 10
Chicago Great
34 313
314 3%
3,900
27
318 312
8 31a
273 3
8
31
3
12 Dec 528, May
934 Dec 11 2713July 7
100
Preferred
4 1112 12
123
12
3
97 11
4
93 1014 8,900
1213 1213 13
12
3
414 Dec 263 Feb
8% Jan 23
8
15 Dec 11
& Pac__
g
8
2
218 214
2
I% 25
8
17
I% 18 12.000 Chicago Mew St Paul
23
I% 2
4
73 Dec 4814 Feb
212 Dec 8 1533 Feb 10
Preferred
38
212 413
253 34 21,500
8 34
25
4 34
23
5
313 37a
2812 Dec 8973 Feb
612 Dec 10 454 Feb24
754
4
1
/ 87
7
713 814
3
84 23,720 Chicago & North Western- 100 15 Dec 4 116 Mar 18 101 Dec 14014 June
73
4 811
631
7
'
611 7 2
100
Preferred
8 16
4 1518 15'
4
153 153
17
800
16
17
16
*15
15
15
4514 Dec 12518 Feb
914 Deo 2 6512 Jan 27
181 & Paellio_100
10
1114
8
95 1018
1012 1114
11
10
914 1012
7
9 8 1012 0,000 Chicago Rock
92 Dec 1103 May
3
100 17 Dec 11 101 Mar 24
,
7 7 preferred
18
1812 1713 18
20
20
1714 2,400
17
20
1814 1814 20
81 Dec 10418 Mar
100 12 Dec 10 90 Jan 28
preferred
*
6%
1414 16
12
1313 1211 1314 2.300
1712 1712 1713 1713 164 18
404 Dec 95 Feb
100 16 Dec 1 48 Jan 9
Southern
Colorado &
30
30 .10
*10
14
*10
30
*312 30 .10
30
•10
30 Dec 62 Ape
100 1213 Dec 11 424 Feb24
19
10
2,900 Consol RR of Cuba pref
17
x15
20 .17
1513 1213 14
•17
198, *17
100 70 Dec 10 15714 Feb25 13018 Dec 181 Feb
9,300 Delaware & Hudson
8214 7414 78
70
75
80
7012 72
8112 8112 794 82
6913 Dee 153 Feb
11 102 Jan 8
8
5,200 Delaware Lack & Western-50 197 Dec
8
197 31
21
,
20 2 2214 20
24
234 23
3
207 224 23
254 Dec 80 Mar
413 Dec 11 453 Feb 10
4
3 6I3
63
8
418 414
75
1,300 Deny & 1110 Or West pref_100
518 513
7
8 .518 78
75
*5
2218 Dec 6384 Feb
534 Dec 10 391 Feb24
4
100
758
4 67
714 8 2
53
67
714 9
4 614 6,800 Erle
53
813 83
,
27 Dec 678, Feb
712 Dec 11 454 Feb27
100
First preferred
8
10, 1118
858 93
712 812 2,100
*10
4
1312 1212 1212 *1018 12
26 Dec 6212 Feb
100
6 Dee 2 4012 Jan 5
Second preferred
83
9
7
400
7
812 813 *5
*512 8
8%
*713 9
51 Dec 102 Mat
20 Oct 6 6984 Feb24
20
2214 20
4 2014 22
2214 233
2018 14,100 Great Northern preferred_100
2112 2212 2113 23
1018 Nov 4613 Feb
814 Oct 5 9714 Feb 17
Gulf Mobile& Northern___100
.2
*1
.212 14
14
10
*2
14
14
212 14
•____
.
5533 Nov 0814 Mal
100 1458 Oct 5 75 Jan 9
Preferred
*5
22
22
*413 22
.5
22
*413 22
•____ 1412 .5
347 Dec 5333 Mal
100 27 Sept 19 4413 Feb17
3013 3112 2912 3014 .
2813 293
3058 31
31
*30
4 294 2914 4.300 Hudson & Manhattan
4
855 Dec 1361 Ape
100 1014 Dee 10 89 Feb24
8 1014 11
8 1013 115
8
113 133
a
8
115 127
105 115 19,150 Illinois Central
8
1113 13
58 Dec 77 May
8 Dec 4 81 Jan 23
RR Sec stock certificates__
10
10
70
1012 1013 *9
10
*9
10
10
11
10
.8
3
20 3 Jan 3912 Mae
018 Dec 8 34 Mar 2
653 7
62
613 73
712
7
4 *7
914
733 5,300 Interboro Rapid'Fran•t o_100
712
.7
34 Dec 8583 Max
8 Dec 11 45 Feb 26
100
3 88
87
812 05
8
8
83 2,200 Kansas City Southern
84 10
1013 .953 1012
10
53 Dec 70
AD!
100 1512 Dec 11 64 Feb 9
Preferred
21
.1 8 22
21
22
1512 1513
200
22 .21
•___ 23 •__
40 Nov 84% Mar
8 Dec 9 61 Jan 9
50
10
8
9
1114 1212
103
9.900 Lehigh Valley
4 10
II
1318 1212 1213
13
84 I)ec 13812 Ape
Nashville_ _100 22 Dec 10 111 Feb 9
8 22
233
23
27
24
23
3,500 Louisville h
23
22
2512 2513 27
25
24 June 424 Sept
8.18Nev 30 39 Feb 28
1014 10
11
'
1012 12
4 1018 1334 10
8 1114 133
4,400 Manbe1111ev modified 3911 100
1018 103
71 Oct 20 22 Feb 18
13 Dec 2512 Feb
712 712
912 912 *8
8
300 Market St Ry prior pref__100
912
8
912
*713 912 *8
14 Oct
54 Jan 12
21a API
14 Apr 18
Minneapolis & St Loule___100
33
%
•18
•18
3
3
*4
%
13
% .
1
'
'18
8
3
*4
814 Dec 35 Feb
14 Dec 5 1111 Feb 10
212 *1
212 212 *I
900 Minn St Paul & S S Marie_100
213 *1
212
212 212
14 118
147 Dec 66% Ape
514 Oct 5 2614 Jan 20
583 613
53
9.700 Mo-Kan-Texas RR____No par
4
3 78,
53
Oa
8 653
63
3 618
514 6
53
60 Dec 10813 Mal
100 13 Dec 11 85 Jan.16
Preferred
1713 155 1813 15% 1512 14
8
1512 13
5,800
16
147
1514 16
2058 Dec 9812 Mat
712 Dee 11 4234 Feb 16
100
73
912 1113
9
3
11
78, 9,
713 9
26.800 Missouri Pacific
10
1012 10
79 Dec 14513 Mae
100 1014 Dec 11 *107 Feb 11
Preferred
2214 2512 1913 2014 18
1914
8,800
2318 24
1614 19
4
223 24
112 July
14 Dec
4 Jan 5
18 Oct 1
300 Nat Rys of Mexico 2d pref_100
14
•13
14
14
3
3
*18
14
•14
3
3
•14
33
•14
100 24% 1)ec 9 13214 Feb24 10518 Dec 19214 Feb
247 263 2512 2713 263 283 424,477 New York Central
3318 307 3312 2612 33
3
3118
8
73 Dec 144 Feb
412 Dec 9 88 Feb 11
St Louie Co_100
5
614 613
1
53
412 5
614 612
5'2 5 2
514 2,300 N Y Chic &
5
,
75 Dee 11014 May
5 Dec 2 94 Mar 9
100
Preferred
614
74 74 3,100
5
614 7
74 75
8
7
7
614 612
60 10414 Dec II 227 Feb24 152 Dec 324 Feb
10313 10958 10514 10858 105 110
10812 110
•110 114
530 NY & IIarlem
10414 105
67% Dec 12813 Mat
1933 Dec 11 947 Feb24
3 203 274 2014 2134 19 2 21
2714 2553 273
26
1933 207 47,700 N Y N H & Hartford____100
,
8
69 Dec 10 1198, Feb24 10812 1)ec 1354 Mar
Preferred
67
•57
63
59
6712 6712 64
67
900
59
5958 6012
67
g
33 Dec 1714 Mar
8June 28
,
5 4 Oct 6 137
6% 63
714
7
3
7 14
7
612 63
4
712
*7
6% 684 2,600 N Y Ontario & Weetern_100
Oct
412 Jan
1
2 Feb 27
14 Oct 6
*33
24
2
.3
3
N Y Railways pref____No pa*
34
4 .3
3
"ii
8
7
"8
8
7
8
•2
%
414 Dec 3312 Feb
814 Jan 9
100
2 Dee 3
Norfolk Southern
,
3 213 .134 213 •13
212 •17
3 212 *14 2 2 *17
sl%
8 218
100 112 Oct 5 217 Feb 26 1814 Dec 265 Feb
125 12612 12134 124
13212 13313 126 133
120 12214 4,400 Norfolk & Western
130 132
83 Feb 9212 Adi
100 72 Dec 10 93 Mar 31
Preferred
78
•78
78
85
81
72
.78
72 .-- -- 78
30
85
.78
423 Dec 97 Feb
100 17 Dec I 60% Jan 27
1713 1914 1714 1914 1714 187
19
2 1713 1818 29,500 Northern Pacffic
18
1714 19
31a Dec 197k API
7 Mar 23
100
114June 1
2
214 *1
2
2
212 *1
214 •___200 Pacific Coa.st
*1
•____
2
53 Dec 8653 Max
4
50 193 Dec 10 64 Feb 10
1
7
8 193 207
4
3 204 215 82,300 Pennsylvania
8
22
2358 2218 2312 2112 23 3 20 3 217
412 Dec 2412 Max
100
4 May 1
94 Jan 9
.2
5
5
.2
*2
Peoria &Eastern
5
5
.2
5
*2
.2
5
7612 Dec 18412 API
100
4 Dec 10 85 Feb 10
6
5
17
.5
5
.5
4
17
400 Pere Marquette
.618 1014 *___. 17
90 Dec 101 May
100
9 Dec 8 9214 Feb 25
1013 •11
914 10
9
Prior preferred
17% 11
94 10
660
11
15
•10
9112 Oct 90 Apr
100
6 Deo 0 80 Jan 8
Preferred
612 7
6
6
8 912 .612 913
6
612
.65
618 714
280
4812 Dec 121% Feb
19
Pittsburgh & West Virginia 100 16 Sept 30 86 Jan 9
*II
20
*11
.11
19
19 .11
.11
19
19
•11
73 Dee 14112 Feb
60 36 Dec 11 9712 Feb 11
38% 41
37
3814 30
4312 4112 43
4,100 Reading
43
36
424 43
444 Mar 53 Feb
50 30 Dec 9 46 Jan 6
30 30
First preferred
353
.30
8 30
100
355 .
374 .30
33
3718 *30
.30
46 Dec 57 Feb
60 30 Nov 28 47 Jan 16
32
*30
Second preferred
30
32
30
*30
32
400
•30
31
•30
32
.30
394 Dec 1184 Mar
3 Dec 3 82% Jan 27
4
3% 414
,
54
4
412
4 5
45
8.000 St Louls-San Francisco__100
8
411 45
4
4
Api
6212 Dec 101
57
100
414 Dec 2 76 Jan 27
First preferred
6
4.710
514 6
64 73
64 67
514 6
3
,
5 2 633
1713 Dec 76% May
100
5 Dec 3 334 Jan 9
St Louis Southweetern
.54 73 '
4
1 518 8
300
5
5
7
518
.518 11
5
.5
35 Dec 9414 July
100
7 Dec 10 60 Feb24
10
Preferred
7
7
300
*Ws 918 .4
7
7
•813 10
*818 10
h Dec 124 Pet
133 Jan 12
18 Dee 11
No par
14 10,400 Seaboard Air Line
18
14
14
14
*14
14
58
14
38
14
14
h Dec 28 Feb
214 Jan 12
3
8
3 Dec 8
100
8,
Preferred
18
8
28
900
13
•3
12
3
3
2
12
12
%
*4
88 Dec 127 Fell
100 31 Nov 28 10912 Feb 11
3 3113 323
3714 3112 321
4 31
3314 32,710 Southern Pacific Co
4 32
353 373
36
34
4612 Dec 136% Jan
100
9 Dec 11 65% Feb 10
3
93 10
4
93 104
933 101
1114
9
10
8
97 13,700 Southern Railway
1012 1014
76 Dec 101 Mat
100 1414 Dec 11 83 Feb 10
10
16
15
16
Preferred
1414 15
1,800
•1553 1713 1512 1513 *1612 20
85 Dec 145 Apt
100 25 Dec 11 100 Jan 14
30 .20
•20
30
30
*25
25
•18
30
25
30
100 Texas & Pacific
*18
4 Dec 1512 Max
100
512 Apr 29 1514July 10
Third Avenue
84 8 4 .813 9
,
813 812 4,000
814 10
912 1018
,
9 2 91
713 Oct 3112 Jan
3 Dec 8 1712 Feb 17
3
3
3
3
4
4
*3
.3
*212 4
3
600 Twin City Rapid Transit 100
3
4
443 Doe 79 Feb
100 1734 Dec 11 62 Feb 9
•1912 22
4
1
/ •1912 2212 173 173
Preferred
4
•1913 26
30
8 227 *1913 23
227
4
7114 Dec 10 20513 Feb24 18613 Dec 24214 Mal
100
73
80
823
4 7812 834 7414 764 7114 70
4 80 4 843
3
7712 35,212 Union Pacific
8
8214 Jan 883 Sept
100 51 Dee 11 87 May 18
8 55
585
55
51
03
Preferred
55
63
2,300
6258 55
60
63
63
3
1114 Dec 671 Ape
8
7 Dee 2 26 Jan 9
100
1
112
182
8 Pg
13
112
112
182
118
Ps 11,000 Wabash
11.4
112
39 Dec 894 Ape
9
13 Dec 2 51 Jan
100
212 3
Preferred A
2
234 3
2
3 28
27
17
2
,
4 2
5.600
13
10 Dec 36 Mai
55, Oct 6 19% Feb24
100
75,
558 614 6,500 Western Maryland
658 73
53
4
4
4 6
813 615
7
7
6
1114 Dec 38 Mat
100
512 Oct 5 20 Feb24
71_ *4
7
8
*4
71_
*4
11 14 *612 1114 .4
Second preferred
1114
300
74 Dec 3013 Mal
14 De 19 147 Feb 9
3
100
.212 43
8 .234 47
I% 214
4 3
23
1.300 Western Pacific
4 13
13
4
2
2
23 Dec 5312 Max
8
3 Dee 11 315 Feb24
100
8 6
*45
Preferred
6
4
35
4
8 4
412
6
4
4,400
3
4
4
24 21
2% 234
214
613 8
.
*612 10
.612
3 2012 22
3
•197 297
•197
.100 -- *100 102 *100
3 47
43
43
4 5
454
5514 5714 5614 5714 *564
2712 2712 .26
27
*26
4
1212 1212 .123 1413 13
4 312
•23
3
*3
3
4
5514
573 69
55.3 573
.14 2
1
4
13
4 2
•13
1218
3
123 1313 1258 13
5
.4
5
6
*5
218
218 23
213
2
413
8
412 45
4
4
4312 43
4
414
4 43
.33
4312 5
313 312
44
.1012
.1012 15
•1012 15
234
8
2812
5
57
28
13
4
5712
4
13
1313
5
23
453
45
2
4,
15 1
253 231
'2 3
2
613
.6
*613 7
1973 2013 21
21
100 100
100 100
4
44 43
458
4
*5314 00
*5614 62
2612 2612
*2612 29
13
13
127 13
3
*3
312 *3
34
53
05
507 53
8
4
•112 13
112
1 12
3
107 1214 lin Iv:,
*414 5
*414 5
2
213
8 24
17
37
4
334 37
4 33
33
4 0312 4
34 382
*313 412
.1012 15
.1113 15
,
2 2 212
6
6
2813
*20
*96 100
8 4
35
54
51
26
2614
1k 13
.12
3
3
4
493 5112
113
s
13
in 111 4
414 414
178 2
33
4
35
31
•312 414
*1113 15
2.200
200
500
200
25,000
190
300
3.000
200
25.800
1.000
59,900
300
19.500
3,750
500
600
Industrial & Miscellaneous
8 Dec 424 Ape
278 Oct 6 144 Feb 28
Abitibi Power & Paper_No par
36 Nov 8813 Apr
5 Oct 7 52 Feb 26
100
Preferred
21 Dec 66 Apr
1978 Dec 9 39 Aug 13
Abraham dc Straus____No par
100 100 Jan 8 10812May 4 102 Nov 1104 Aug
Preferred
3
1414 Dec 371 Mar
313 Dec 11 234 Feb24
No par
Adams Express
8013 Dec 94 Sept
100 54 Dec 11 92 Apr 6
Preferred
Oct 32 Mar
21
No par 2218 Jan 14 3312 Aug 29
Adams Millis
4 Dec 345 June
4
Addressograph Int CorpNo par 10 Oct 2 2312 Feb 2
2 Sept 19 1188 Mar 17
-Advance Rumely new _ No par
8713 Dec 15683 June
No par 4934 Dee 11 10958 Feb24
Reduction Ina
Air
614 Dec 36 Mar
I% Dec 11 1013 Feb24
Air-Way Elea ApplianceNo par
413June
7 Jan 2 2018June 4
94 Jan
Alaska Juneau Gold Mln_10
6 Dec 1512 Feb
9 Aug 17
414 Dec 11
No par
A P w Paper Co
4
58 Dec 3514 Mar
8
17 Dec 10 1244 Feb24
No par
Allegnany Corp
3614 Dec 10712 Feb
8
33 Nov 28 5913 Feb 25
Prat A with 330 warr__Ioo
3711 Dec 993 Ape
3% Dec 11 59 Feb 11
Pref A with 140 warr____100
84% Oct 9614 Feb
312 Nov 28 5512 Feb 25
Prof A without warr__.100
40 Nov 72 AN
Steel Co_-__Ne par 15 Dec 3 4614 Feb 20
Allefheny
-dividend and ea-rig its. c 60% stook dividend paid.
•SW at d teiced priced: no sales On this day. a El
x Ex-dividend. y Cs-rights.
3934
New York Stock Record-Continued-Page 2
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Dec. 5.
Monday
Dec. 7.
Tuesday
Dec. 8.
Wednesday
Dec. 9.
Thursday
Dec. 10.
Friday
Dec. 11.
Sales
for
the
Week.
$ Per share 5 per share $ Per share
73
753
4 743 773
4
4 717 7714
,2
•11818 119
11812 11812 .11818 1183
4
157
.15
15
1534 •15
1512
93s
*914 9%
934
914 914
1512 155
8 1512 1534 1512 155
634 634
7
7
63
8
171 1712 1712 17% *1712 18
*501, 5012 50 5018 *50 5012
1
1
*114
112
114
112
.4
778
4
4
'4
77
8
193 193
4
4 20
2014
193 197
4
8
8018 8014 8514 8514 .8018 8514
63
6514 6434 6714 62
66
130 130 .126 131 *126 128
9
9
9
9
83
s
8
3934 4014 36
403
8 321 t 3912
.
6
9
7,
8 *6
.634 9
*34
37
35
35
35
35
8
.6
.
6
8
8
*6
73
81
8
,
78 810
8
41
*314 41
.3
*314 412
11
8
11
1014 1014 '93 11
912 1014
914 953
10
9
33
364
35'o 3478 351 .36
15
1512 1512 16
1612 17
14 33 .3214 33
33
32
33
514 514 .5
5
5
514
.2
23, .178 21
.17
212
•11
12
12
12
12
12
48
48
4814 49
4512 487
1318 13% 1312 1312 1312 1312
612 67
137
714
6% 7
•1
.12
5
8
53
.12
5
8
3
312 *234 412
412 412
8% 812
8
8
7
8
5012 503
4 504 50 4 50
50
3
21
21
21
21 12 21
21,
2
•13
4 2
134
13
13
4
4
13
4
3
53
5 4 53
4
53
4 634
4 51
'24
26 I 29
23
2413 23
8 17
112 14
17
8
.15
153
1658 17 1 173 1814 165 177
8
8
STOCKS
NEW YORK STOCK
EXCHANGE
$ Per Share $ Per share 5 Per share Shares Indus. & Miceli.(Con.) Par
. 72l_ 70
723
8 687 7212 110,000 Allied Chemical & Dye_No par
8
100
Preferred
118 11818 11612 11714 .11314 116
500
1514 148 15
15
138 1414 7,900 Allia-Chalmers Mfg_ _ __No par
914 93
6,300 Alpha Portland Cement No par
84 914
84 9
3
No par
15
1512 143 153
4
8 148 15
5.800 Amerada Corn
614 612
6% 63
618 614 6,700 Amer Aerie Chem (Del) No par
10
3,200 American Bank Note
17
1718 215
16
1534 14
Preferred
50 .50 _ _ •____ 50
190
50
50
*1
112
700 American Beet Sugar-No par
1
I
1
1
77
100
3
.4
3 12
7% preferred
180
38 4
5
1912 1934 1812 19 4 171 1812 6,200 Am Brake Shoe & FdY-No par
,
100
Preferred
120
.80% 8518 '80
80
8518 80
.35
597 623
8
0014 623 221,700 American Can
4
4 59 4 62
3
Preferred
12618 12618 12018 12018 12012 12012
100
400
7
818
412 634
534 614 7,130 American Car & Fdy_ __No par
100
31
Preferred
31
35
36
235
35 I 1,630
400 American Chain
.63
638
9
6
63
6 I
No par
3412 3412 3414 3412 2333 34 I 1.300 American Chicle
4
No par
•512 614 .512 614
6
6
300 Amer Colortype Co
No par
8 7% 9,200 Am Comml Aleohol
67
612 7%
712
No par
714
*314 5
314 314
*314 5
100 Amer Encaustic TIling_No par
912 912
9% 91 4
914 014 1,900 Amer European Sec's No par
63
8% 9
4 818
612 712 97,300 Amer & Fern Power
No par
Preferred
2,400
3512 3614 3312 3414 33
No par
35
16
16
2d preferred
No par
1212 143
1012 2,900
4 10
32
3214 31
*29
800
30
31
36 preferred
No par
43, 5
412 5
8 2,100 An, Hawaiian S 8 Co
*412 53
10
100 Amer Hide & heather_ _No par
*17
8 2
18
, 17
4 2
8 •13
11
Preferred
11
'1014 1212 .1018 11
300
100
45
46
4214 4514 4212 4434 6,100 Amer Home products__No par
1314 138 123 13
12, 123 17,400 American Ice
8
4
4
No par
63, 6 2
,
578 63 10,400 Amor Internet Corp
6
6%
No Par
12
12
12
12
12
2 1,900 An, L France&Fearnite_No par
.234 412 *23
Preferred
40
4 412 .28
100
4,
2
634 7
5,250 American LocornotIve_No par
514 6
514 6
47
4912 4612 47
Preferred
2.840
24314 45
100
3,200 Amer Mach ArFdy new _No par
20% 20% 1814 20
19
19
, 13
•1%
134 .15
134 .15
400 Amor Mach & Metale__No par
4
5% 53
8 3,000 Amer Metal Co Ltd____No par
514 512
5% 53
4
23
23
21
2212 1912 2018
Preferred (6%)
270
100
112 134
112 112
112 1,250 Amer Nat Gas met ____No par
112
16
163
4 15% 1618 1412 153,1 31,800 Am Power & LIght____No par
50
5018 .52
503 52
*5118 53
8
Preferred
56
503 5112 50
4
5114 1,200
No par
*44
6218 .42
67
*45
*94
67
Preferred A
67 .40
44
67 '40
No par
45
45
*45
4118 1,000
Prof A stamped
44
4514 43
4718 45
41
41
42
No par
714 75
8
714 8
714
712
65
8 73
63 66.500 Am Rad & Stand San'y_No par
8
6
63
4 257
2
2
212
2
*112 212 •2
2
800 American Republies
*134 212
2
2
No par
1012 1034 1034 1178 103 10% 10% 103
*
912 1014 11,700 American Rolling trill
25
1012
4 10
30 4 31
3
3018 31
313 32
4
2914 30 228
28% 2618 274 1,800 American Safety Rasor_No par
.2
3
*2
.2
212
212 .2
3
3
100 Amer Seating vi a
3
*2
3
No par
3, .
•14
12 .
3
8
12
3
8
8 1,300 Amer Ship & Comm_ No par
3
8
3
12
12
14
*3
8
*23
2912 "23
2612 .23
23
22
2318 237 237
26
260 Amer Shipbuilding new_No par
8 22
8
207 2212 2234 2412 21% 23 8 20, 207
8
3
,
8 19% 203
4
4 193 20% 23,400 Amer Smelting & Retg_No par
9912 9912 9914 9914 9812 9812 9314 9314 93
Preferred
•9914 101
500
93
100
65
597 597
*60
8
8% ruin 2d prat
200
59
*59
59
6412 .60% 05
*50
100
60
37
37
37
37
37
37
600 American Snuff
.35
3612 "3312 3412 *3312 34
25
•10114 103 .10114 103
Preferred
150
101 1011 1 •101% 103 2100 100
____ 99
100
•14
3
8
14
3,
.14
38
14
14
14
14 1.700 Amer Solvents & Chore _No par
14
14
.1
114 ai
114
11,
1
1
1
Preferred
1
700
118
1
1
No par
73
73*
0,950 Amer Steel Foundries_No par
7
6
614
5
67
73
8
4
53
614 65
4 64
81
83
Preferred
20
*7514 80 .7618 80 .76
84
707 •76
8
84 '76
100
•38
42 .384 41
3814 3814 3814 3814 38
23712 3712
600 American Stortri
38
No par
*4112 4512 43
103
94
1,200 Amer Sugar Refining
44
44
383 39
40
40
4
40
90
9818 9818 9538 953
Preferred
8 9514 9514 9314 9414 .85
609
9012
913 .84
4
100
41
47
•5
6
*5
6
400 Arn Sumatra Tobacco__No par
.5
412
6
*514 6
5I
12858 13134 126 1303 12234 12614 121% 12414 1221* 1243 376,833 Amer Teter, & Telco;
1267 130
8
100
*
80 80
7912 8012 7753 8012 72
7512 717 7212 7012 7214 10,100 American Tobacco new w 1__25
Common clam B new w i__25
80
,2 821
81,200
8112 83% 78
8212 7348 773
4
8 713 74
4 7318 747
112 112
•112 114 .112 114
111 III x10918 10918 109 109
Preferred
400
100
.30
42 .30
42 .30
American Type Founders 100
40 .30
39
40 '30
40
*30
.86
.86
94
88
88
.86
Preferred
86
86
80
90
85
80 .80
100
3
31% 3218 3114 33 4 301* 315
4 9,900 Am Water Wks & Eleo_No par
293 30'8 288 293
4
4 27% 283
.2758 28'z 2812 29
*2712 2912 *253 29
4
Corn rot tr etre
400
2512
"25
No par
2712 25
.71
71
72
71
70
1st preferred
7012 •68
72
500
71% 7112 •____ 713
8
100
4
4
4
4
4
4
334 334
312 3 8 5,110 American Woolen
312 334
5
2112 2234 22
2212 213 227
4
8 2012 213
Preferred
8 1812 2014 16% 1914 8,300
100
.58
58
58
13
8 .
12
12
58
5
8
12
15
8
12
800 Am Writing Paper etts_No par
12
Preferred oertlfleates
* *33
600
.33
4 87
3
100
*33
4 87
4 87
33
4 87
4 .3
8 *33
33
4
*3
4
*3
4
.314 4
600 Am Zinc Lead & Srnelt_No par
*314 3 8
314 314
3
3
*25
3712 .26
35 .26
37% .26
3712 *26
Preferred
35
26
•26
3713
12
13
1278 135
8 1214 133
8 113 1214 103 1128 10
4
4
1118 83,096 Anaconda Copper Mining-50
•101s 1212 •101e 1212 •1012 1212 10
10%
934 93
4
900 Anaconda Wire& Cable No par
9
912
.1612 173
18
17
18
4 1612 1612 16
17
16
15
1614 1.300 Anchor Cap
No par
•5
8
*512 8
7
100 Andee Copper Mining No par
.412 712 '4
512 512 .5
7
41214 14
1412 12% 125
8
8 1218 125 •12
1258 13 .13
1234 1,600 Archer Daniels 3,11di'd_No par
3744 3714 3834 383
, 3714 3714 38
3814 236
36,
4 3614 38
3.500 Armour & Co (Del) pref___100
55,
1 18
1
1
1
1 18
1
lis
1 18
6,800 Armour of Illinols clam A__-25
1
118
1
Clam B
12
58
12
12
12
5
8
12 2,300
5
8
N
,i
3 • •3
3
28
73
7
65
7
7
814
2,800
7
4
Preferred
712 73
4 814
75
8
100
7se
23
4 312 .23
258 2% .23
4
4 3
334 *23
600 Arnold Constable Corp_No par
4 313
23
4 23
4
534
4 •5
•5
52
57
8 •5
57
2 •5
•5
57
57
8 *5
Artloom Corp
No par
13
4 17
8 4,600 Associated Apparel Ind_No par
4 214 .134 2 8
3 •13
114 23
212 212
212 3
7
8
8
83
4
812
83,
612 714 9,000 Atom° Dry Goods
812 88
814 9
No par
*1012 17
.10% 17
*1012 17
.1012 17
*1012 17
*1012 17
Associated 011
25
14
14 .14
14
14
14
•1312 16
14
15
300 At! Cl & W ISO Line___No par
•1312 16
163 163 .1514 21
4
4
.1514 20
200
.184 17
17 .163t 17
17
Preferred
100
113* 101 107
1134 117
8 1018 107 14,569 Atlantic Refining
4 113, 1112 11
8 113 113
8
8
25
24
24
25
233 233
4
*23
4
25
25
4 1,300 Atlas Powder
2512 253 25% .24
No par
87
78
78 '78
20
7912 7912 *78
'78
87
87
87
*78
100
Preferred
*412 5
.412 5
900 Atlas Stores Corp
412 412
*412 5
5
5
*412 5
No par
11114 118 289,800 Auburn Autoreobile.„No Par
11212 120
118 12712 11512 12612 10812 11612 10712 113
300 Austin Nichols
12
3
8
14
7
8
12
12
3158
"8
3
*3
8
8
7
8
7
8 .
No par
*12
12
7
8
5
8
12
*12
*12
8 .
78
7
8
52
8
78 10.700 Autrmales Corp
No par
8 •112 234
15
8 15
Ds 112
4
050
Preferred
4 •112 23
112 112 *112 23
50
27
278 3
3
278 3
27
27
27
8 3
23
4 27 15,900 Aviation Corp
8
No par
7
55
61s 6',
612
58 5 8
3
618
5
5 12
43
4 53
8 9.100 Baldwin Loco Works
634
No par
23
2114 2234 223
24
4 23
2312 2212 2312 2112 2312 21
1,610
Preferred
100
885 885 *8812 90
8
90
8
90
88
370 Barn borger (L) & Co pref 100
89
8812
894 8812 90
Barker Brothers
*214 212 .2 4 212 *214
,
*214 3
*214 3
212 *214 212
No par
4
5
512 53
55
8
4
5
5 14
41
4 513 19,800 Ramsdell Corp clams A
25
512 53
512 5 4
3
*1812 19
1812 1834 18
4
183
8 173 18
980 Bayuk Cigars Inc
4
173
,
4 1614 163
17
No par
First preferred
64
64
"65
64
65
65
72
65
130
65 .65
100
717
8 65
4278 427 *4314 45
8
4012 4114 40
41% 43
4114 3,800 Beatrice Creamery
4314 45
50
.
Preferred_
943 94%
95
8
95
96
600
100
967 96% 95
963* 98 .967 98
8
•40% 45 .41
*3812 40 .38
900 Beech-Nut Packing Co
40
*4114 45
40
41
45
20
sly 512
314
314 .3
412
318 3% .3
600 Belding Ilein'way Co__No par
418
4% *3
55% 5478 6514
5734 65
SOO Belgian Nat Rys part pref___
•
57
5612 5612 .56
5514 5514 55
183 1914 187 193
4
No par
153 183 2143 16% 1514 1618 131.400 Bendix Aviation
4
4
8
4
4 1812 1014
26714 263
4 27
No par
28
25
2714 2714 2512 26
25
2512 25
, 3,900 Been Ar Co
2518 2812 2614 2712 24% 26% 24% 2512 2358 2412 2158 2418 77,200 Bethlehem Steel Corp No par
80
100
Preferred (7%)
823
4 823 85
7612 2,000
4
82
7810 7814 74
853 854 82
4
77
8
No par
814 814
1,900 Blaw-Knox Co
8
8
8
8
8
8
8
8
•10
20
*1314 20 .10
100 Bloomingdale Brothers_No par
197 19% •10
20
4
184
183 *10
100
87
87
Preferred
87
87
170
87 87
*87 103
87
76
87
75
2114 22
2214 2234 22
223
8 21
7,000 Bohn Aluminum & Br__No par
4
22
1918 2118 173 19
No par
*54
573
53
52
54
51
52
51
1,500 Bon A mi clams A
50
53
50% 53
•12
s
t
No par
*12
13
34
3
4
12
.12
*12
34
12
12 1.100 Booth Fisheries
101
•212 312 •21:2 312
212 212
1st preferred
212 .112 23
400
2
4 *112 3
26
4218 4334 4312 448 393 4311 3753 3912 3718 387
4
37% 383 83.500 Borden Co
10
12
1214 113 1212 12
4
12% 1112 11% 1012 113
s 1018 1012 8,600 Borg-Warner Corp
*3
4
112
*3
*34
4
112
.58
112
34
113
100 Botany Cons Mills class A_ _50
134
3138
1338
95 10
10
101: 10
4
1012
934 97
93
4 93
912 15,430 Briggs Manufacturing _No par
4
9
• Bid and asked prices; no sales on this day.
Ex-dividend, y Ex rights.
PER SHARE
Range Since J012.1 .
On basis of 100-share lots.
Lowest.
Highest.
8 Per share 5 per share
68 Oct 5 1823 Feb24
4
114% Oct 3 126 Apr 7
137 Dec 11 4214 Feb 26
8 May 27 18% Feb 9
13 Oct 5 23 Mar 21
4
518 Oct 5 293 Feb 19
14 Dec 11 623 Feb13
4
50 Dec 2 6614 Feb 26
1 Dec 5
43 Jan 9
4
3 Dec 11 177 Jan 9
s
1714 Dec 11 38 Feb 24
80 Nov 25 1243 Mar 10
8
593 Dec 10 12934 Mar 26
120% Dec 10 15212 Apr 30
412 Dec 10 3834 Feb 24
31 Dec 9 136 Mar 18
6 Dec 11 433 Feb 24
4
2
3114 Oct 6 483 Mar 20
5 Oct 5 2114 Feb 27
5 Oct 1 1412 Feb 16
3 Dec 4 16 Mar 2
9 Sept 21 3318 Feb 24
612 Dec 11 5134 Feb 24
33 Dec 5 100 Mar 20
10 Dec 11 71112 Feb 25
31 Dec 10 00 Feb 26
43 Dec 10 1133s Jan 9
1 Sept 21
8 Mar 31
81 Oct 5 30 Apr 6
37 Oct 6 84 Mar 20
1012 Oct 6 315 Feb 0
8
534 Dec 11 26 Feb 26
12June 1
11* Jan 9
2% Oct 22 15 July 3
514 Dec 10 304 Feb 26
24314 Dec 11 844 Mar 6
16 Oct 5 433 Mar 19
4
114 Oct 5
7 Mar 2
5 Sept 21 23% Feb 21
1912 Dec 11 8912 Feb 5
1 Oct 29 397 Jan 20
1413 Oct 5 6478 Feb 26
4912 Dec 3 102 Mar 27
4512 Dec 2 84 Apr 9
41 Dec 10 86 Apr 4
257 Dec 11 2112 Mar 20
17 Dec 3 12% Feb 27
912 Dec 11 375 Feb 20
Ms Dee 11 60 Feb 26
2 Sept 30
9 Feb 13
14 Oct 9
134 Fee 27
20 Oct 5 42 Jan 8
1912 Dec 10 5812 Feb 24
93 Dec 11 13812Mar 27
50 Dec 10 102% Mar 12
28 Oct 6 4214 Mar 10
100 Oct 10 1107
8July 22
41 Feb 18
14 Nov 23
1 Sept 17 1112 Feb 24
6 Dec 11 3114 Feb 20
7014 Oct 3 113 Feb20
36 Oct 0 4814 Mar 10
3412 Oct 6 60 Mar 25
90 Oct 5 10812 Mar 16
418 Oct 5 11 1s Feb13
12118 Oct 5 201% Feb 26
4
7012 Dee 11 1283 Apr 14
7134 Dec 11 132 Apr 14
109 Dec 1 1 132 May 5
40 Nov 27 105 Jan 16
75 Oct 21 11012 Feb 28
2314 Oct 1 804 Feb 26
22 Oct 2 80% Feb 26
70 Nov 28 107 Mar 19
312 Dec 10 117e Jan 12
1634 Dec 11 40 July 30
12 Deo 9
4 Jan 23
3 Sept 23 18 Feb 20
23 Oct 1
4
83 Feb 26
4
23 Oct 6 4518 Aug 23
10 Dec 11 4314 Feb 27
9 Dee 11 2614 Mar 10
13 Sept 22 36 Feb 21
614 Oct 6 19% Feb 27
8 May 18 18 Feb 4
20 Oct 1 72 Jan 7
1 Oct 1
412 Jan 6
2% Jan 7
% Oct 1
6 Oct 6 47 Jan 6
258 Dec 4
9 July 3
4 Oct 30 1012 Feb 26
114 Dee 8 28% Feb 10
612 Dec 11 29583,1ar 20
914 Oct 5 31 Feb 18
105 Oct 22 39 Jan 7
8
16 Oct 10 6312 Jan 21
912 Oct 6 2352 Feb 24
2034 Oct 28 54 Feb 11
7712 Nov 25 997 Jan 16
8
1334 Feb 10
412 Dec 11
8413 Oct 5 39512 Apr 14
214 Mar 30
%Sept 25
212July 2
% Dec 4
5 Feb 27
112 Oct 1
818 Mar 2
212 Oct 2
431 Dec 11 27% Mar 11)
2014 Nov 25 10412 Mar 19
88 Dec 11 107 Feb 11
184 Oct 5 10 Jan 2
43 Oct 6 1412 Feb 26
4
1014 Dee 11 33 Jan 19
64 Dec 10 90 Mar 5
37 Oct 6 81 Mar 19
9312 Oct 9 Ill Mar 16
3712 Oct 1 82 Apr 9
1%June 1
8% Aug 21
547 Dec 11 8034 Jan 22
12 Oct 5 2512 Feb 24
5
8
243 Oct 6 4614 Mar 19
215 Dec 11 7034 Feb 26
8
74 Dec 11 12374 Mar 6
8 Sept 22 29 Feb 21
15 00124 21 Nov 9
76 Dec 11 95 Jan 9
1734 1)ec 11 43 Aug 15
69 Oct 30 26614 Apr 15
3 Dec 2
8
3 Feb 20
2 Dec 9 1714 Feb 20
37 Oct 6 7812 Mar 20
93 Oct 6 308 Feb 27
4
%Nov 5
3 4JU1Y 80
3
814June 2 2234 Mar 25
PER SHARE
Range for Previous
Year 1930.
Lowest.
Highest.
$ per shars $ per share
170% Dec 343 Apr
1203 Dec 12814 Apr
4
3114 Dec 68 Mar
1112 Dec 4214 Mar
1618 Dec 3112 June
4518
- . Nov Ws;liii
8014 Nov 6634 Jan
2% Dec 12
Jan
8 Dec 45 Mar
30 Dec 5434 Mar
118 July 128 Feb
104% Dec 156% Apr
14014 Jan 1507 Oct
8
24% Dec 8212 Feb
70 Dec 116
Jan
27 Dec 697 Apr
8
35 Dec 5114 Ayr
157 Dec 22
,
Oct
9 Nov 33 Jan
8 Nov 30% Mar
17 Dec 5912 Mar
25 Dec 1013 Apr
4
84 Dec 11111 Apr
8312 Dec 100% June
73 Dec 101 May
51 Dec 3334 Mar
118 Dec
7 Apr
812 Dec 347 Apr
8
4612 Dec 8034 Mar
8
241s Dec 417 Mar
16 Dec 550 Apr
% Dec
4 AM'
7 Dec 36 Feb
Jan
18% Dec 105
6814 Dec 11812 Mar
293 Dec 45 Sept
4
3 Dec 1412 July
13% Dec 5112 Feb
80 Dec 116 Feb
20 Dec 96 Mar
361a Dee 1191 Apt
*
90 Dee 107 Mel
7412 Dec 877 Sept
8
743 Dec 8912 Beat
4
15 Der 393 Apr
4
518 Dec 37 Mat
28 Dec 100% Feb
6738 Apr
5212 Jun
6 Dec 2812 Feb
33 May
12 Dec
36 Dec 6412June
3712 Dee 7912 Apr
131 Dec 141
AR!
9334 Dec 10338 Auti
358 Dec 437 Jam
10018 Jan 112 Sept
2 Dec 2212 Mai
53 Oct3314 Mai
4
2312 Dec 6214 Mal
110 Dec 116 Fet
3612 Dec 6512 Apr
:39% Dec6910 Mal
05 Nov110 Apt
6 Nov 263 Fell
4
17038 Dec 274% Apr
9812 Dec 127 Sep
9914 Dec 1307 Sept
8
120 Feb 129 Sept
95 Nov 1413 Apt
4
10312 Nov 1143 July
4
475 Dec 124% Ape
8
-98 Nov 10818 On
53 Nov 2014 Feb
8
7 Feb
153, Nov 44
13 Dec
9 May
1018 Dec 4424 Feb
35 Dee 17% Feb
8
s
251 Dec 797 Jan
4
26 Dec 8112 Apr
19 Dec 6314 Feb
24 Dec 51114 API
1053 Dec 3714 Am
1318 Dec 2914 Apt
60 Dec 827 June
,
81s MeV
2 4 Nov
8
Ds Nov
43 Met
s
2534 Nov 65 June
3% Dec 133 Apr
4
414 Dec 20% Ain
20 Nov 46% Mar
19 Dec 501 Apt
30 Dec 61 June
33 Dec 80% Jan
48 Der 6514 Feb
/
1553 Deo 511 Apr
4
42 Dec 106 Mar
97 Nov 106 Mar
7 4 Dec 87 May
1
80% Nov 2633 Apr
4
7 May
1% Dec
7 Dec 10% Mar
8
It Dec 25 Mar
25 Dec
0
9% Apr
1934 June 38
Feb
84 Dec 116
Jan
103 Dec 1101* Feb
8 Nov 203 Mar
4
83 Dec 34 Mar
8
23 Nov 68 Feb
89 Dec 101 July
82 Dec 92 Apr
1)114 Mar 10914 Sept
4634 Nov 7018 Jan
218 Dec
638 Jan
7614 Dec 85% Mar
1414 Nov 571 Apr
3038 Dec 5614 Apr
473, Dec 11014 Apr
1124s Dec 134 Mar
Oct 4112 Apr
23
1612 Dec 297 Apr
Oat
95 Dec 104
153 Nov 69 Ater
4
Apr
59% Oct 78
Oct
5 Mar
1
514 Der 3314 Jan
6018 Jan 903
3May
15 Nov 5012 Mar
5 Mar
3 Dec
4
1218 Oct 25% July
3935
New York Stock Record-Continued-Page 3
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Dec. 5.
Monday
Dec. 7.
Tuesday
Dec. 8.
Wednesday
Dec. 9.
Thursday
Dec. 10.
Friday
Dec. 11.
I
Sales
for f
the I
Weelc. I
STOCKS
NEW YORK STOCK
EXCHANGE
PER WARE
Range Sines Jan. 1.
On basis of 100
-share loft.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1930.
Lowest.
Hfoliest.
E per share $ per share $ Der share E per share $ per share $ Per share Shares Indus. & Mlacell.(Con.) Par 9 per share $ per share I per Mare 9 per share
8 Sept 30 241 Mar 24
No par
16 Nov 351 Apr
14
*10
2
11
87
8 9
812 97
10
*1014 11
1.3001 Briggs & Stratton
1014 1014 10
514 Mar 2
12 Dec 1.
133 Dec 224 May
*8
4 1
7
8
12
8
4
7
8
7
3
7
8 2.2001 Brockway Mot Truck No par
*7
8 1
1
1
2 Oat 26 26 Feb 1
12
100
4 *312 534 *312 5
13 Dec 85 Apr
4
24 81
j301 Preferred 7%
34 34 *34 52
34 34
54
,
/
1
4
9818 12.
173 Mar
14
83
8513 813 83
2,8001 Brooklyn Union Gas___No par 80 Oct 5 1295 Mar 19
86
8613 8612 *8612 88
4
81
82
86
No par 321 Jan 22 4512July 27
3334 Nov 42 Feb
*35
59l Brown Shoe Co
*36
37
37
37
*35
37
3413 35
*36
*35
37
3 Dec 11 15 Feb 13
10 Dec 30% Mar
313 414
4
/ 414
1
4
4
4
3,00 Bruns-Balke-Collender_No par
3
3
314 3
318 318
/
1
4
918 55
114
g
5 Oct 1 207 Feb 1.
10
317 Mar
s
8
5
514
518 8,4001 Bucyrus-Erie Co
5
54
518
5
5
5
5 18
21 Dec 43 Mar
8
6 Dec 11 347 Feb 10
10
Preferred
67
68
74 712
7
612 5.300
7
63
4 7
6
63
4 7
100 80 Oct 5 114 Apr 21 1071 Jan 117 Sept
4
Preferred (7)
*7314 89 •____ 89 •____ 89 •---- 75 *_--- 75 *-_ _ 75
3 Dee 181* Apr
55 Feb 25
8
2 Oct 5
No par
212 212
5,700 Budd CEO) Mfg
2
212
2
23
a 212
3
8 24
212 27
8 *23
2
63 Oct 1411 Feb
4
No par
314 Dec 10 13 Feb 27
44 418
33
4 44
314 37
4
4
4
418
3
3
14 3 4 5,7001 Budd Wheel
812 Dec 43 Mar
4
312 Dec 11 153 Jan 30
No par
o
*418 458
4
/ 414
1
4
4
414 414
8001 StOnva Watch
4
414 414
313 37
9% Dec 74
4 Oct 5 23 Feb 26
No par
Apr
412 412
412 412 1,2001 Bullard CO
418 414
414 45
4
43
4 518
*43
4 53
4
1838 Dec 517 Mar
12
4 11% 1258 11
1034 11
123
1178 12
15,9001 Burroughs Add Mach No par 10 Oct 5 3214 Feb 9
11% 1214 12
214 Dec 484 Mar
5
No par 15 8 Oct 6 31 Feb 24
15 8 17
5
•17
2,500 Bush Terminal
1578 1614 16
17
17
16
18
18
*17
97 Nov 110 Mar
100 50 Dec 11 104 Jan 23
Debenture
*60
160
57
57
64
65
55
57
*60
50
50
60
61
Oct 118 Apr
100 85 Dee 10 113 Mar 17 108
•85
94
8512 8512 *85
94
85
94 .85
30 811811 Term Bldgs preS
85
85
85
Is Dee
13 Feb 20
4
4May 7
3
6
14 Jan
300 Butte & Superior NIIning__10
7
8
7
8
rg
7
8
%
*54 1
4
*34
7
8
3
*34 1
114 Dec
23
4July 17
13
414 Feb
Dianna 19
5
1141 2,200 Butte Copper & Zino
114
114
114 18 *114 112
114
14 *1% 14
1
,
414
No par
10 Nov 2938 Feb
312 Dec 10 20 Feb 26
Suttertck Co
312 4
4
412 4e
478 5
*413 5
312 4
3.100
331e Dec 1121, Apr
No par 1258 Oct 6 6034 Feb 20
4 1314 1414 134 14
133 141
4
13,900 Byers & Co(AM)
3
1514 153
4 15 8 1614 1411 IV
100 63 Oct 29 10878 Feb 24 106 Dec 114
Jan
Preferred
*30
75 •_ _ _ _
*30
76 *---- 75
75 *____ 75
*30
75
411 Dec 7712 Mar
4
9 Decll 63 Feb 18
101
1011 1011 1014 1014 1014 10s 10
918 3,400 California PackIng____No par
9 2 10
,
9
58 Dec
s14
8
2
8
8
138Mar 2
14 Oct 15
10
3
8
218 Feb
14
14
300 Callahan Zino-Lead
1
*14
*14
12
*1
/
4
3
3
285 Dec 89
8
7 Jan
Calumet cec Arizona Mining_20 z21 Oct 2 43% Mar 17
___ ___ ___ ___ ___ ___ ___ __
___
7% Dec 335, Jan
8
37
3 Oct 6 111 Feb 24
12
25
3% 3 8
4
4
3/ 38
7
7
4
334 4
3% 4
2,600 Calumet & Heels
10 Nov 30 Mar
214 714 *714 712
718 Sept 25 1658 Mar 25
713 712 *714 77
800 Campbell W & C Fdy_ _No par
8 7e
714 7% *73
3012 Dec 75 8 Mar
3
1618 154 16
1512 1614 143 1513 11,200 Canada Dry Ginger Ala No par 14 Oct 5 45 June 25
1613 163
4 161, 1612 18
8
181 Dec 3414 Mar
8
No per 17 4 Jan 2 25 Mar 24
*19
*19
20
19'4 187 1914 1812 1814
198 19
•185 20
8
8
600 Cannon Mills
7
712 Dec 2
514 Oct 1 16 Feb 26
554 53
614
53
4 1,200 Capital Aduzlnle cl A No par
5
*512 53
4
814 Apr
6
58
8
*8
514
4
2912 Dec 42 Mar
8
50 2418 Dec 10 383 Feb 25
*2418 27
27
Preferred A
*24
27 •24
•24
30
2418 2418 *24
100
39
100 3314 Oct 5 13113 Feb 24
8211 Dec 362 4 Apr
3
4 3618 3818 3718 39% 367,400 Case (J I) Co
3818 4214 3612 183
38
40 4 398 43
3
100 53 Sept 16 118 Mar 21 113 Dec 133 May
Preferred certificates
*88
75
71
71
*68
75
75
*88
*68
75
68
30
68
1
22 Doe 79 4 Ara
4 1113 1214 1012 113
13
3
1314 1212 123
134 13
/
1
4 10% 1114 12,100 Caterpillar Tractor____No par 1013 Dee 10 5213 Feb 17
113 Dec 137 Jan
*1
4 Feb 27
112 Oct 7
11
8
Cavanagh-Dobbs Inc__Ns par
118 3,1
*1
112 *1
112 *1
112 *1
112
24 Dec 75
534 Dec 11 28 Mar 7
100
*53 10
Preferred
4
*55 10
4
Jan
*53 10
4
*534 91
20
*53
4 912
53
4 53
918 Dec 2014 Oct
3 Dec 10 16 Feb 25
4
4
*33
4 413 *312 412 *358 412
3
4,500 Celanese Corp of Am__No par
334
3
33
3 Dec 80 Mar
8
23 Oct 6 143 Mar 2
8
No par
3
3 12
4
37
8 *3
318 3% *3
3
3
318 318
900 Calotex Corp
3 Dec 12 Sept
4
De Oct 6 133 M sr 21
No par
218 218 *214 3
Certificatee
*214 3
*214 3
*214
200
24
3
214 214
174 Dec 84% Apr
4
No par 1012 Dec 3 373 Mar 21
Preferred
12
12
12
1012 1012 12
*1012 16
*1012 16
340
*1012 16
18 Dec 3013 May
3
14
147
15
1514 1514 1514 1514 14
13
14
3,400 Central Aguirre Aseo No par 13 Dec 10 25 4July 31
13
14
21 Dec
4
212 Jan 6
8 May
14
814SePt 2
512 512
•5
5
5
514 512
514 514
512
1,200 Century Ribbon Mills_No par
5
5
51
Feb 69 3 July
100 50 May 28 90 Sept 1
7
*55
65
60
*6314 85
60
*0314 65
*6314 75
10 Preferred
*60
85
21 Dec 853 Jan
1312 1412 1212 14
97 Sept 21 3018 Feb 24
8
8
1334 1334 19
113 1213 1112 1214 15,300 Cerro Sc Pam° Copper-No par
13
4
714 Mar 23
2 Dec 157 Feb
214 Jan 2
8
212 27
*212 312 *23
•212 3
/
1
4
4 3
4 312 *23
500 Certain-Teed Products_No par
278 2 8
7
61 Dec 454 Mat
4
100 11 Jan 5 35 Aug 17
*22
83
•22
33
*22
*22
33
•22
33
7% preferred
33
*22
33
327 Dec 49 Feb
*
No par 26 Dec 11 371* Feb 25
2912 283 2012 20
29
297
2 294 298 2912 2912 29
2814 3,000 City Ice & Fuel
4
79 Oct 9
100 6618Sept 30 90 Apr 21
7112 70
Preferred
70
70
*70
7112 *70
7112 70
814 Feb
300
7018 70
70
51g
/
1
4
47
141* Dec 67 8 Mar
No per
314 Sept 21 23 Feb 7
7
5
*5
5
54 514
518
414 5
6,300 Checker Cab
5
45
8
3214 Dec 8211 Mar
7s7o par 1414 Oct 5 5418 Feb 24
1978 2c1 1813 1918 1814 2014 10.600 Cheeapeake Corp
8
2153 2212 2214 227 x1912 22
3 Nov 37 Mar
7
3% Oct 1 154 Feb 26
•4
6
*4
5
*4
1,900 Chicago Pneumat Tool_No per
5
3
4 413318 4
8 4
*33
2218 Nov 55% Mar
8 Dec 8 35 Feb 28
No par
97
11
8
912 10
914 1014
9
9
Preferred
*8
.8
1,200
10
20 Dec 32 Mar
13
8 Sept 25 23 Jan 9
No par
*10
*10
10
10
11
10
104 10
/
1
*10
11
40 Chicago Yellow Cab
*10
11
1011 Dee 3211 Apr
4Mar 30
812 Oct 6 123
10
*10
10
10
10
1014 *1018 1014 1018 1012 10
300 Chickasha Cotton 011
*10
1012
227 Dec 67 8 June
8
7 Dec 10 333 Feb 10
No par
*9
10
5
914
*9
Co
9
103
4
101
4 *9
7
7
718
712 1,300 Childs
1418 Dec 43 Apr
4
No par 113 Oct 5 25% Mar 0
1312 143
8 12% 133
4 1414 1518 1414 15
138 143
4 1211 1353 108,800 Chrysler Corp
212 Dec 1314 Arlf
4% Feb 1 I
13 Dec 3
No par
12
12
12
12
12
118
*14
54
12
5
8 4,225 City Storee new
5
8
*12
1512 Doe 4413 Apr
1
No par 10 Oct 21 227 Mar 25
10
10
10
10
10
10
10
*10
1212 10
10
900 Clark Equipment
10
21 Dec 60 Apr
4
4
4
•175 1814 173 183 *173 183
8
4
4 173 173 •163 18
4
4
100 Cluett Peabody dc Co No par 163 Sept 21 344 Feb 17
*16
17
9114 Jan 105
MO 95 Jan 28 105 July 20
102 102 *102 1043 *102 10434 *102 10434 •____ 1045
Preferred
Apr
4 95
4
50
95
12
No per 97 Oct 5 170 Feb 24 13314 Jan 1915
11018 1123 11012 11112 z10712 109
4
11 114 11412 11512 11712 113 116
8June
20,800 Coca Cola Co
4813 Jan 63 mar
No par 4911 Oct 16 53121une 4
*5114 5112 *485 49 4 1,000
62
Class A
5114 5114 513 515
5114 5114 51
8
8
3
275 2812 2714 273
8
44 Dec 647 Ma/
8
2814 2814 2814 2882 2812 29
8
4 267 2714 5,400 Col4ate-Pal1flolive-Peet Nova?267 Dee 11 5012Mar 18
8
100 z8313 Dec 10 1041813ept 8
97 Ma. 104 Dec
28313 88141 *85
*9018 92
9012 894 90
*893 9114 *90
4
700 8% preferred
87
12 Oct85 4 Feb
7 8 Oct 6 1712June 26
3
No pa
4
3
8
8
/ 853 .818 83
1
4
8
8
8
8
8 I
1,800 Collins & Aikman
8
8
100 71 Apr 30 95 Aug 28
73 Jan 92 Map
53 *75
83 •50
Preferred non-voting
*50
•---- 83 e_ _- 83
83
*75
80
712June 6 1013 Nov 18
8 4 Dec 20% Apr
3
•9
11
*9
11
4,2001 Colonial Beacon 011Co_No par
*9
11
*0
10
11
10
10
10
74 Dee 11 191
814 8
/
1
4
:June 27
8
8 14
834
834
*814 8%
78 8
7
-712 7% 2,000 ColoradoFuel&lronnewNo par
854 Dec 199 Mar
37
35
3712 383
8 3834 40% 3658 4014 35
3512 3412 3614 12,800 Columbian Carbon v t o No par 33 Oct 5 111% Feb 25
8
30 8 Dee 87 1017
5
187 193
4 1912 2014 1918 2018 1812 1914 163 1853 16
4
1753 74,300 Columbla Gm & Elso_No par 16 Dec 11 455 Mar 10
100 76 Oct 5 10912 Mar 18
99 Nov' 110 Apr
7634 763
4 7612 7812 76
79
*77
794 79
77
76
77
1,900
Preferred
------------------------------------I812Sept21 1614 Mar 13
718 Dec 371* Apr
8 June 3 1118 July 2
.
Ctts of deposit
_--:
iu.8 -710
Ltp2
4
11.3 - 11, "Els -7 7 If- ---- 1012 ---- ico4 6100 Commercial Credlt__-No par 8 Sept 28 2314 Feb 28
4
-7'.7 Tu.; -777 Ii3
4 3 Apr
- 4
6
x10
•25
2212 2213 *2214 2512 *2214 2512
26
26
8013 Dec4413 Apr
50 20 Sept 30 357 Feb 26
*2514 26
26
2001 Class A
4
25 15 Oct 5 2512July 9
4
*2114 213 *2114 213 *2114 213 *2114 213
2012 Deci 28 Apr
4
4 20
2012 *20
2184
901 Preferred B
764 Jan 95% Sept
12
6512 6512 *85
68 68
*66
70
70
*85
70
301 lot preferred (63.%)____l00 55 Oct 6 92 Sept 8
6314 6353
2034 21
No par 15129ept 29 34 Mar 19
20 4 21,
213 DecI 55 Mar
4
3
8 2
0
2012 1812 20
161 1714 7,20010002 Invest Trust
4
174 18
*6812 69
*6812 .69
80 Junel 87 Mar
No par 06 Dec 11 90 Jan 26
68 68
68
68
67
Con- preferred
884 66
66
soot tst prof
9713 9712 9712 9713 98
*9712 98
98
100 9713 Dec 4 100 Aug 6
974 9712 98
89 janI 10212 Nov
61.i%
340
98
7 1013
97 1014
No par
814 Dec 11 2112 Feb 24
14 Deol 38 Apr
912 97
9
283
4 914
9% 98
814 94 35,0001 Comin't Solvents
4 Dec 10 12 Feb 24
No par
74 DecI 201 Apr
412 414
44 43
4
412 43
4
412 43
4
4
412
4
4
418 98.0001 Commonw'Ith & Sott
No par 53 Dec 11 100% Mar 16
8812 Dee 1043 J111111
/
1
6312 6312 6412 6412 811 8214 604 6112 57
4
3,550, $6 preferred seriee
60
53
57
1012 1012 *12
*12
13
3112 Dccl 57 Mar
13
*12
13 •12
13
ell
200 Conde Nast Publica'ne_No par 104 Dec 9 34% Feb 16
13
54 Dec 19 4 Mar
3
6% Jan 2 14 4 Aug 21
8
914 914 *93
3 913
918 938
8 8,0001 Cengoleum-Nairn Inc_No par
98 9 1
' '
918 93
918
918
1814 Sept 5653 Mar
3
7
128ep1 21 30 4 Mar 10
No Par
812 9
93
8 98
3
4
8 93
4 *93
814
8 93
*914 93
4 *93
812 1,500 Congress Cigar__ .2214 2214 *22
27
2218 2218 *22
245 Deoj 5913 Mar
1
4June 2
700 Consolidated Clgar----No Par 20 Sept 30 373
22
22
2214 22
27
53 Dec 80 Mar
100 46 Oct 7 73 Mar 19
*53
56
53
53
*53
53
Prior preferred
56 I
54
55 I 53
50
53
45
912 912
271 Mar
4% 5
3 4June 3 15 Feb 17
3
No par
Vs
518 518
8
5
553 53
414 43
4 4,300 Consol Film Indus
1211 Dec 281 Jan
No p.r1
734 Oct 6 18% Feb 17
Preferred_
4
11
131* 1312 1312 134 1314 133* 117 1314 210
2.800
0 4 10
3
7814 D
No par 61 Oct 5 1095,Mar 1'
1387 AIM
8
623 647
4
4 6418 66
67
683
4 678 6912 6512 683
8 623 643 138.100 D011301 au(NY)
4
2
8
95
96
944 9514 95
96
93 Oct 1 z107 July 23 9912 Jan 10512 Sept
Preferred
9514 9612 96
96
96
No Pa
2.200
95
No par
1112 •104 10% 1018 1018 1,800 Comm! Laund Corp
9 Oct 6 15 8 Marl
13
7
1018 1018 *104 1112 *10% 1034 10
2 jai
14 Dec
18 Msr 18
4
3
8
3
8
3
8
3
8
3
8
14 Jan 2
12
3
8
3
8
3
8
3
8
3
8
3
2 2,900 Consolidated Textile__ _No pa4
618 Dec 2212 Feb
812 Jan 9
112 Dec 10
218
*218 214 •218 214 *218 214
2
112 2
*112 2
400 Container Corp A vot_ _No par
12
12
12
02
12
2 D
34
*12
3 Jan 12
14 Dec 11
No par
812 Feb
5
Clam B voting
4
2,100
12
14
1
12
163 12.
4
63
8 63
8
524 Feb
6
612 7
SO Feb 26
618
638 7
5 Oct
14
614 614
57
8 6
2,900, Continental Bak el A_No par
1
..72 1
7 Feb
2 Dec
No par1
Ve Feb 2
34 Oct 3
3
4
%
54
7
8
7
8
3
4
3
4
7
8 5,9001 Clam B
7
8
%
4714 4614 4612 45
62 Dec 947 Feb
100 40 Sept 30 774 Feb 27
•47% 4814 4814 4814 4712 4813 46
8
45
1,6001 Preferred
nil 3612 3612 3714 341 37'1 3334 3414 33
4312 Dec 711* Mar
/
4
4
331k 18,400 Continental Can Ine___No par 311 Oct 6 623 Mar 26
34
3253
934 D
412 434
412 43
4
i
414 Dec 11 18% Feb 27
8
*43
4 512
43
4 43
434 43
2,000 Cont'l Diamond Fibre_No par
4
371 Apr
414 45
20 8 193 2018 1914 20
5
8714 D
8
10 1914 Dec 11 5178 Feb 24
2014 21
77% Mar
2012 211z 20
2134 22
9.300 Continental Ins
24 Nov
114
114
114
418 Feb 27
114
11
/
4
814 Feb
11Sept 21
/
4
114
114 114
114
114
114
114 4,800 Continental Motor,__ _ No par
714 Dec 8012 Apr
1
63
8 612
618 638
65
8 67
63
613 7
67
5 June 2 12 Feb 13
No par
6
614 24,803 Continental Oil
84 Dec 40% API
1
1
5 Dec 10 12 Feb 24
8
1
1
3
8
7
8
3
4
7
8
3
8
7 11.000 Continental Shares__ _No par
8
7
8
14
4458 4614 46
65 Dec 11115 ADr
40
4611 4112 4353 4012 42
467
411 29,700 Corn Products Reflubng__25I 3614 Oct 6 8653 Feb 17
8 44
132 132
130 130
132 132
100 126 Oct 5 15212 Apr 2 140 Fe. 15114 Oct
129 129
131 13412 127 131
Preferred
310
37
37
7% Dee 33 Feb
8 4
*37
35
8 37
34 Dec 11 18 Feb 27
4
378 37
No par
8
4
312 32
3.800 CotY Ine
*2213 23
2512 Jan 8513 Mat
23
23
23
2314 23
*225 23 •2212 23
8
NoDonI 20 Sept 22 341s Mar 11
24
800 Cream of Wheat
11
11
9 Jan 294 Mae
*11
4
8
,
100 10 4 Nov 28 105 April
123 *1014 123 *1014 123 *1014 1234 *1014 123
4
1001 Crez Carpet
4
83 Feb 25
8
*353 334
*33
4 4
314 Dee 22 Jan
212 Dec 11
3
3
•5
34 4
2
12 3
34 34
3
1,1001 CroeleiRadboCorp__NeptInl
11153 1614 16
4
16
31 Dec 591, Apr
1534 Dec 4 3814 Feb 24
16
161 •153 164 16
4
1,000' Crown Cork & Beal___..Ne par
*15 4 18
3
10
*2
212 •2
214
23
8 *2
4% Dec 184 Feb
67 Jan 12
8
2 June 2
No par
23* *2
300 Crown Zellerbach
2
212 212
214
2712 2712 28
504 Dec 9g5 Mm
28
2713 2812 2614 28
257 263
8 25
s
2653 3,100 Crucible Steel of AmerIca_100 22 Oct 6 63 Feb 11
•52
62 .52
59
100 45 Oct 5 106 Jan 3 10113 Dec 117 Mal
•62
Preferred
60
58
80
80
4514 52
*50
60
218 24
1 Dec 10
No par
2
24 Dec 1913 May
57 Jan 8
4
1
112
17
218
1
112 112
17
114 3,400 Cuba Co
14
*13
5
8
1
258 Jan 8
par
3
8
3
8
3
8
12
14 Dec 9
_No
s8
Oct
14
7 Mat
14
3
71
3
8 8,900 Cuba Cane
*218 2
12
218 24
2 Dec
53 Mar 24
4
1% Dec 11
Products_2
21
9 Feb
17
3.700 Cuban-American Sugar ____10
2
I% 13
I% 17
•10
15 *---- 15 •--- 14
100
94 Dec 11 85 Jan 9
20 Dec 65% Feb
Preferred
12
12
12
12
50
94 10
14 Jan 8
is July 31
Cuban-Domln Sugar-No per
14 Dee
lls JaX
3
50 z29 Oct 5 4873 Mar 19
1,3001 Cudahy Packing
384 June 48
35
35
33
3312 3112 3212 *3212 35
Jam
4._ __ 30
29
29
*25
85 Dec 12818 May
271 *2518 27
1.300 Curtis Publishing Co_ ..No par 27 Dec 10 100 Feb 7
27
29
29
30
*84
No par 82 Dec 11 1185 Mar 5 112 Dec 12118 Mat
0 *-- -,. 90 •80
92 *---- 9
8
Preferred
200
897 *83
82
83
85
112 I%
13 Dec 11
8
14 I%
57 Feb 27
g
14 15*
1% Dec 143* Apt
13* 112 28,920 Curtiss-Wright______ No par
112 113
112 15
8
214
100
158 Dec 11
2
2
2
813 Mar 2
Clam A
24 214
3 1)ec 193 AD!
17
8
212
17
8 2
13
8 17
8 7.050
4
83
4 9
84 9
*812 918
75e Dec 11 41 Jan 7
8
814
25 Dec 90% Mai
2,200 Cutlar-Hammer Mfg_ _No par
8
8
74 8
3
5
5
5
*5
5
/
1
4
4 Oct 5 23 Feb 24
No par
14 2.200 Davison Chemical
43
4 43
Ba
10 Dec 43 8 Mai
4
413 43
3
418 4
4
.32
4 6
*312 5
*312 5
91 Dec 30 Apt
*312 5
15
8Sept 21 124 Jan 28
Debentiam Securities...5 Sch
•34 6
*312 5
*137 15
137 14
o
15
20 13 8 Sept 21 22 Jan 6
•14
137 143
7
4 14
20 June 24'38(y
13% 137
8 1,900 Deere & Co pref
14
12312 1231 120 121 *115 120
100 112 Oct 5 195 Feb 11 161 Dec 25
123 12314 12314 125
1,000 Detroit Edison
115 115
534 A i
*1218 16
*1218 16
•1218 16
*124 16
200 Devoe & Reynolds A_No par 11 June 17 1918 Feb 18
*1218 '16
1112 Dee 4234 Mt
1218 124
8
3
No par 124 Oct 5 23 Mar 8
1538 1414 147
15% 15 8 163 1612 1518 151s 15
8 133 1412 11,500 Diamond Match
4
2514 2534 2514 2514 25
Preferred
•2518 2614 2514 2514
25 2214 Oct 1 2812 Aeg 24
2,400
8
2518 247 25
.. _ ..... ---
aih -E.
•814 and asked prices: no sales on this day. z Ex-dividend. y Ex-dividend and ex-rights.
3936
New York Stock Record--Continued-Page 4
PER SHARE
Range Since Jan 1.
-share tots.
On Sluts of 100
Saturday
Friday
Monday
Wednesday Thursday
Tuesday
Highest.
Lowest.
Dec. 5.
Dec. 11.
Dec. 7.
Dec. 8.
Dec. 10.
Dec. 9.
$ Per share $ per share $ per share $ Per share 5 Per share $ per share Shares Indus. & Miscell.(Con.) Par $ per share $ per share
No par
658 Oct 1 x1312Mar 31
8 4 814
814
814 83
8
,
8
8,
73
4 84
4 84 4,600 Dome Mines Ltd
,
77
8 8
No par 11 Oct 6 24 Apr 13
16
1,400 Dominion Stores
16
•1612 17
15
15
163 1612 •15
g
4
157
8 143 15
3111
1.100 Douglas Aircraft Do Ina No par 10 Oct 6 2114.3008 25
13 .11
11
11
1212 113 1214 11
11
8
11
11
4
No par 423 Oct 6 783 Mar 20
34.300 Drug Inc
4
5312 55
54
5012
8 50 8 63
55 2 5214 553
,
50
513
4 49
3
814 Mar 19
212 Nov 30
212 212 .212 258
700 Dunhill International_No par
213 212
212 212 .212 25s
212 2 2
,
4
No par 10 Sept 14 143 Feb 9
350, Dupian Silk
*10
12
10
•10
1012
11
10
12
10
•10
10 .10
200' Duquesne Light 181 pref___100 96 Dec 9 10712 Aug 20
.
95 103
3195 100
*95 103
96
*95 103
96
96
96
1314 Mar 2
No par
3 Oct 1
*414 412
312 312 1,100 Eastern Rolling 131111
314
414
4
312 4
414
312 312
No par 82 Dec 11 1853 Feb24
4
913 9412 943 9612 9018 943
4
4
82
853 42,000 Eastman Kodak Co
s
4 8412 9014 8214 8512
0 cum pref
100 121 Oct 6 135 Sept 14
100
*124
_ .125 --__ 125 125 •123 2
1233 1233 12312 124
4
4
,
814
.8
714 Sept 24 2178 Mar 19
8 4,722 Eaton Axle & Spring___No par
814 85
8
8
74 75
8
8
8
814
8
20 814 Dec 10 107 Mar 19
4 56
4
575
4
8 525 5412 513 533
58 4 54
8
,
8413 563
8 513 5318 99.200 E I du Pont de Nem
8% non-vot deb
100 100 Dec 10 1243 Aug 28
4
101 101 •101 103
100 10014 1,400
10214 10214 *101 103
100 101
No par
8
314 Jan 2 1118 Feb 17
L .5
*5
55
8 *5
55
8
5
5
*3 4 47s 1.100 EitIngon Schild
,
Preferred (IA %
100 3513 Jan 5 69 Feb 18
5212 53
53
535
8 5318 5318 53
53 2 53
,
53 4 5314 5314 2.800
,
No par 20 Oct 5 743 Mar 10
8
327 3512 3414 364 3314 313
29
8
3114 39.500 Electric Antoine
4
324 34 4 283 32
,
Preferred
20
•99 100, *99 10014 •99 100 4 .99 10014 99
100 98 Sept 22 110 Jan 7
*98 100 4
,
4
,
99
Rs 118 115
No par
118 Dec 5
118
114
412July 10
118 2.400 Electric Boat
112
14 114
114
1,
8
114 •14
314 34
3
9 i July 9
7
34 25,800 Elea & Mu,Ind Axe shares__
212Sept 21
8
314 34
23
4 27
2
27
8 314
318 33
3
8
14 8 154 153 167
7
8
4
8 103 127 67,700 Electric Power & Lt._ _No par 1038 Dec 11 80 4 Feb 28
4 1214 143
2 1514 167
2 1418 153
Preferred
No par 55 Dec 10 1084 Mar 20
1,600
55
255
61
61
58
64
6112 61,
63
6114 55
2 60
Preferred (6)
No par 47 Dec 10 9814 Mar 17
1,800
48
(3 .5214 57
x48
7
55
51
52
55
53
544 55
z 333 333 .3112 33
8
4
307 32
297 314 2914 297
3 2,700 Eleo Storage Battery No par 29 Oct 6 60 Mar 19
8
307 31
8
4
18
is
is
is
is
Is
is
No par
114 Feb 26
18 Dec 7
14 1,160 Elk Horn Coal Corp
-*
.12
15
14
53
Emerson-Brant cl A
•833
8
No par
234 Mar 25
12Sept 22
• •8
313
3
3
13
*433
*3
8
*3
2
5
8
900 Endicott-Johnson Corp____50 2773 Dec 11 1.53
La .30
277 28
8
8
3012 3214 297 30 2 28
33
3Sep$ 1
3012 3012 .
28
,
Preferred
500
100 10212 Apr 15 116 Aug 28
10518 10518
(,) •10814 11214 *10814 112 •10814 11214 1073 108, 10618 107
4
4
Id *234 26 .237 27
700 Engineers Public Serv __No par 211, Oct 29 49 Star 12
24
24
24
8
2414 233 234 2318 2318
4
Preferred $5
300
CC •52
No par 50 • Oot 19 87 Jan 27
62
•4518 53
55
60 .55
62
55
*55
50
62
Q. .5512 60 .55
Preferred (535)
100
No par 55 Dec 11 91 Mar 12
55
60
62 .55
59
*55
5618 55
*55
400 Equitable Office Bldg_ _No par 1818 Oct 6 353 Jan 12
w 1320
1953 193
8 1912 1912 19
2014 •20
193
s
20
2014 20
8
312 312 1,800 Eureka Vacuum Clean_No par
4
378 4
4
453 418
4
4
44 418
4
312Sept 21 123 Mar 17
•
2
2
114 112
114 113 5,200 Evans Auto Loading
112 112
*Da 2
114
112
8
85 Feb24
114 Dec 9
5
110 Exchange Buffet Corp_No par 10 Dee 3 25 Jan 7
11
• *11
1112 •11
1112 •11
1112 11
111 4 1114 1112 •11
*14 112 .
*14
ill,
*14 112
Fairbanks Co
*14
112
1:12 .
14
3 Mar 20
25
14 112
13Sept 18
• •312 61
•3t2 614 *312 514
*312 614 *312 6 4 *312 4
Preferred
100
,
4 Dec 4 13 June 27
412 43
44 6
418 412 7,800 Fairbanks Morse
I..
No par
5
518
518 512
4
512 512
8
418 Dec 11 293 Mar 6
Preferred
100 4814 Nov 28 1094 Feb 2
-;i5
3
200 Fashion Park Assoc____No par
-Fs -. 712
8
28
•17
3 2
612 Feb24
134 Oct 8
13 --1- *17
700 Federal Light & Trao
22
•19
24
24
23 2 •20
24
20
• .24
O
,
2513 1324
27
15 22 Dec 9 497 Fob 26
8
250
Preferred
60
6212 63
58
*63
60 60
85
06212 65
44
, 63 63
No par 58 Dec 11 92 Mar 25
312 312
700 Federal Motor Truck No par
*312 33
312 312
4
*34 4
3 Oct I
312 312 31312 4
73 Feb24
2
100 Federal Screw Works No par
*2
3
3
3
.2
.2
*2
3
3
3
2 Dec 4 1513 Feb24
La
*17
8 3
413 438
44
37
8 4
4
5,000 Federal Water Seri A No par
412 6
,
5
54
378 Dec 11 30 Jan 31
4 5
43
In
131
1312 135
1212 13
8 13
2,400 Federated Dept Storee_No par 1212 Dee 11 2718 Aug 27
•135 161
8
_ 14
14
•1358 16
24
25
214 237
8 2112 2214 6,800 Fidel Phen Fire Ina N Y____10 2112 Dec 11 5614 Feb24
25
2418 253
2414 241
251
3.
•53
8 61 .
Fifth Ave Bus
*54 61
533 61
*51* 612 •514 61
No par
Feb 21
54 Oct 6 9
In *54 61
Filene's Sons
•1012 22
•10I2 22
*1012 22
•1012 22
22 .10
22
No par 1514 Oct 23 24 Aug 27
120
Preferred
953 953 *953 100
953
4
953 953
4
4
95
953 953
4
100 8514 Feb 10 104 May 12
135 1352 1314 1314
8
1314 133
8 7.100 Firestone Tire & Rubber.. 10 13 Apr 27 20 June 28
tn
14
134 14
147
8 137 14
8
52
52
51
Preferred
52
50
7, 513 513
505s 4,800
503
52
4
4 52
4 50
100 50 Dec 10 6012June 29
51
51
517 53
8
4714 5012 4712 4818 10,200 First National Storee__No par 41 Jan 2 63 Aug 14
52
52,
2 5212 53
14
14
82
4
4
14
No par
14
4
14 5,700 Fisk Rubber
14
14
14Sept 9
4 Feb24
1
*12
7
8
12
12
12
1
1s1 preferred
655
100
12
53
3 Feb 7
12Sept 25
Z
31
'
1st prof convertible
*52
*32 1
1
78
205
1
1
4
5
5
8
8
8
100
312 Mar 3
3
4
12Sept 25
*9
11
107 107
14
8
2 2.100 nor/Mehl) Shoe clam A_No par 1034 Dec 4 3512 Jan 3
*9
11
*10
107 107
2
8 *9
11
90
*80
90
Preferred 6%
90
90
*80
90
° *-*80
90
100 88 Nov 12 1024 Mar 18
53
s 53
3
5
8 51
5
5
51s 54
5
700 Follansbee Bros
*8is 512 *53
,k
11
No par
4
5 Sept 23 193 Feb 25
12
10
1013 10
1012 10
•
107 1112 1112 121,3 10
8
104 8.800 Foster-Wheeler
No par 10 Nov 27 6412 Feb24
312 312
*33
8 4
312 312
33
4 33
4 •312 6
No par
314
318 Oct 5 1612Mar 9
312 1.500 Foundation Co
19
184 173 1812 1712 18
18
Fourth Nat Invest w w
187 187
8
8 19
19
3
2.400
u•18
1 1712 Dec 11 3212 Feb24
338 378
33
4 37
8
33
4 4
4
414
318 35
8
3
33 18,200 Fox Film class A
3
s
No par
3 Dec 11 383 Feb 17
Id
1612 167
8 1618 1638 1518 16
8
167 173
2
2 1718 177
8 167 171
9.000 Freeport Texan Co_
No par 1314 Oct 5 4314 Mar 23
M .12
1
17
8 *13
1,
13
8
13
4
2 112 •112 13
4 2
3abriel Co(The) el A_ No par
4 *112 2
68 Feb 25
8
112Sept 29
3
8
8
203 203 •20 3 227 *203 23
8
*2014 23
3amewell Co
s
20
170(
203 *1912 20
8
No par 20 Dec 10 60 Feb 26
O
_
3
4
81
1,200 3ardner Motor
8
4
84
238 Mar 23
38 Oct 3
5
-31
*27
8
s
*2711 312
Z •23
3en Amer Investore___No par
4 312 *23
4 312
8
23 - 4 *25
4 21
500
74 Mar 19
23 Dec 10
4
*5312 70 •5312 70
.
5412 58
Preferred
5412 55 .534 70
300
*5312 70
100 54 Oct 6 88 Star 12
In 38
3818 39
3812 39
355 38,
8
4 35
39
10,070 3en Amer Tank Car......No par 3414 Dec 11 734 Feb 26
36
3414 35
117 13
8
1012 1112 1012 12
1312 1453 134 14
137 14
3
11.200 leneral Asphalt
No par
9413ept 29 47 Mar 28
14
1412 1312 14
15
147 1514 16
'
8
'14 8 15
1214 13
7
4,900 General Baking
5 1214 Dec 11 2553 Apr 14
0 *9818 102
95
984 95 100
*9818 102
99 100
510
100 100
$8 Preferred
95 Deo 8 114 Mar 15
Ne par
314 *3
1- *3
314 .
3
3 14
23
4 3
400 3eneral lirouze
23
4 23
•23
4
4 34
No par
912 Feb 16
234 Dec 4
,
218 23
3
▪ .2
15
8 2
312 .218 3 2
,
*158 2
153 152 2,200 3eneral Cable
No par
112 Dec 3 13 Feb24
514 6
5
b. .5
43
4 434
5
6
Class A
4
2,800
412
4
3
No par
3 Dec 11 2512 Feb24
16
1612 .16
7% cum pref
18
(;) *1612 1712 *1612 18
16
160
16
1513 1512
100 1514 Nov 30 65 Jar 12
31
30 4 30 4 2912 30
323
3
3218 32181 32
3 31
3
3.200 3eneral Cigar Inc
2912 30
No par 25 Oct 1 4812 Feb 11
253 2653 254 2613 2412 2518 269.766 3eneral Electric
4
2653 273
8 2614 28
4 2712 283
No par 2412 Dec 11 543 Fer 26
4
11,
8 1118 1118 1118 1118 1118 ills 5.600
.. 1118 1114 11
13J
Special
114 11
10 11 Nov 27 124 Jan 27
354 3812 3453 36
.."!.
344 35
33 4 353
,
8 327 335
4
8
8 303 323 55.300 3eneral Foods
No par 3014 Oct 6 56 Apr 13
/3
2
2 18
2
112 134 10.800 Den'i Gas St Elea A___ _No par
2
2
S
218
218 218
1 4 17
,
112 Dec 11
8
812 Feb 21
1512 163
2212 .16
*21
Cony prof ser A
21
223
4 2212 2212 *20
16
16
No par
4 2,500
16 Dec 10 764 Mar 20
la *204 2212 .2018
*2012 22
8
100 Den Ital Edison Elec Corp__ __
22, .21 18 2212 *2014 22
2
207 207
8
207 Dec 11 353 Mar 8
8
4
3212 3212 3212 *3112 32
32
- *3113 32
3153 2,200 3eneral Mills
313 32
8
31
No par 31 Dec 11 50 Mar 21
300
Preferred
*8712 90
1- 8712 8712 •8712 92 .8712 92 .8712 92
8712 9012
100 8712 Dec 5 1001413e118 2
3 22 2 2314 2134 223
,
8
0 2314 2413 234 2452 2318 243
4 217 225 408.200 3eneral Motors Corp
8
10 2134 Dec 10 48 Mar 21
89
8812 887
$5 preferred
89
4,400
3
83 4 89
4
87
34 883 89
8 8712 88 4 88
,
No par 8434 Oct 5 1035
8Ju1y 22
2
8
400 Den Outdoor Ad, A
812 612 *618 6'
= *6
8 *64 67
6 8 614
No par
,
64 *54 67
514 Oct 6 28 Jan 28
CC *312 4
Commack
35
8 4
353 4
1,500
37
No par
8 4
37
8 4
*312 4
314 Oct 6 1014 Feb 25
17
*12
30 General Printing lnk No par
17 .12
17
15
•15
15
.12
17
•12
15
1014 Oct 1 31 Mar 19
$e preferred
*5613 58
56
100
5618 *5514 58
• 4312Sept 30 76 Jan 9
1-3 .584 65 .564 58 .5618 58
44 43
8
45
8 453
3,300 Den Public Service_ ___No par
4
414
4
4
412 412
4 Dec 10 23 Feb 26
tn
44 434
28
273 28
4
28
No par 22 Dec 11 8418 Mar 2
2333 4,500 lei Ry Signal
x23 2 243
,
274 28
28
4 22
ia 28
9913 5
6% preferred
9912
99
99 2•
,
99
100 100 Oct 6 114 Mar 7
..1 33-- 9912
7
5
7
8
1
4.300 Den Realty & Utilitles_No par
1
14
118
912 Mar 6
lls
114
112
7 Dec 4
114
s
118
32
118
$6 preferred
No par 17 Oct 7 7418 Mar 10
17 4 2.100
,
1714 17
U) 18
18
1714 1712 1714 1714 1714 174 17
15
2,000 3eneral Refractories
15
15
15
15
4
15
No par 15 Oct 1 5733 Feb 26
• •153 16
4
1512 153 .1514 16
12
12 5,300 :IenTheatreaEaulp v I oNO Par
12
12
12
as
12
12
13
84
84
13 Dee 3 1512 Feb 18
0 131f, 137
1
1214 1314 1112 1212 113 12 2 19,900 3lilette Safety Razor...No par
4
43Iay 11
94 Oct 5 383
,
1312 14141 1314 14
s
la. 5112 514: 51
Cony preferred
950
8May 26
54 •
8 51 12 5112
100 454 Oct 6 767
51
5412 5113 513
511 t *52
3
778 Feb 18
2.600 31mbel Brut
3
No par
3
25 Dec 11
8
2% 3
284 3
•3
312
318 318
3
Preferred
500
33
33
100 3113 Dec 5 52 July 7
8
*3118 34
31 12 327 *3018 33
314 33 j *31 18 34
518 5 4 2,500 3lidden Co
No par
6
,
512 6
412 Oct 5 161s Feb 20
6
8
612 67
612 7
613 612
Prior preferred
63
63
10
*62
100 48 May 4 82 Aug 111
63
8312 *63 .63,
2
634 *63
6312 .63
.
63
6
No par
6
3 Oct 6
3,000 3obel (Adolf)
94 Mar 0
64 65
52
8
4
64 653
6 2 63
,
612 7
612 63
33.650 3old Dust Corp v t c
No par
1618 Dec 11 4218 Mar 20
173
8 165 1718 1618 17
8
1812 1812 194 1712 1812 17
18
800
9512 Dec 11 11712Mey 19
9712 97 2 9512 951
$8 sons prate-red- _No par
*9512 100
,
*9512 100
*9512 100
*9512 100
4 I)ec 11 2114 Feb 21
4
4 7 11.900 30013rich Co (B F)___ _No par
8
418 5
51
47
,
54 5 2
1
1
53
4
4
Preferred
100 15 Oct 0 68 Feb 10
16
1612 •15
500
16
21
*16
1912 *1612 20
19
19 .16
163 1714 9,500 3oodyear T & Rub___ _No par 16 Oct 5 5212 Feb 21
8
18
8 17
8
1812 1912 175 183
183 1914 174 19
4
1st preferred
No par 5612 Dec 11 91 Feb 25
300
2
,
62
584 58 4 5)312 56,
62 .58
*58
62
.60
62 .60
No par
34 Sept 30 133 April
4
3.500 3otham Silk Hose.
7
7
4
83
4 83
9
9
7 4 812
3
914 •834 913
9
Preferred
100 50 Jan 26 72 Apr 28
10
52
52
*52
60
60
60
*52
*52
•52
60
*52
60
3
4
3
4
Sy 13ec 4
No par
83 Feb 6
8
*3
4 15
8
4 15
8
600 30u16 Coupler A
43
153
434
*3
4
153
*84
153
1g Sept30
612May f
33
3 334 30.400 graham-Palge Motore_No par
8
352 412
318 412
4
312 37
27
8 314
312 33
53 Oct 6 2253 Feb24
4
6
612 2,100 3raeby Cone M Sm & Pr_ _100
4
612 63
63
4 634 *714 9
63
4 7
63
4 7
24 Deo 1 254 Mar 24
No par
2 8 27
5
8 2,400 Rand Silver Blom
258 25
8
8 3
278 27
258 3
*23
8
4 3
27
No par
7 Oct 5 187 Mar 24
+953 912
8
9
8
4 9
9
73
4 8 4 2,700 Rand Union CO
94 912
,
814 85
83
Preferred
No par 3018 Dec 11 46 May 13
800
32
31
3112 3018 3053
32
*3212 36
33
33
*33
36
No par 1312 Dec 11 2934 Feb 25
1312 1312 2.100 3ratilte City Steel
1412 1412 *1414 1512 1414 143
8 1414 14 2 1334 14
,
No Dar 25 4 Jan 2 52 Aug 29
3
4,600 3rant(W T)
3234 x2912 32
3314 3312 34
333
3 32
4 33
3114 335 343
8
1212 3.300 It Nor Iron Ore Prop...No par 12 Oct 5 2312 Apr 9
1412 15
14
14
x14
14
13 2 137
,
3 1212 1312 12
612 63
5 Oct 1
14
4
114 Jan 8
3 3,800 3reat Western Sugar No par
65
8 63
63
4 63
4 *63
4 7
64 7
53
4 63
4
Preferred
100 8012May 20 9612 Jan 8
140
847
8
•843 85
4
*84 4 85
3
85
85
84
84,
4 8312 8312 *83
No par
118 Dec 10
634 Mar 10
15
8
158
118 118 7.400 Rigaby-Grunow
118 112
112 13
4
112 15
8
112
1,
2
No par
14Sept 10
14
*14
14
200 "Juantanamo Sugar
113 Jan 8
12
•14
12
*14
12
12
12
*14
*14
4
53 13ee 11 3713 Feb24
No par
618 618
4 2,450 3ulf States Steel
53
4 53
618 1318
612 612
6
6
6 12
6
Preferred
100 32 Nov 6 80 Mar 4
30 *-__ 30
30 *--- 30
*_-__ 30
30
25 2414 Dec 10 3(113 Mar 2r
300 lackensack Water
*2414 2512 .2414 2518 *2414 25
2414 2412 2412 2412
•2414 25
7% warred alma A
25 2614 Sept 23 30 AV 6
20
*2714 2712 *2714 2712 .2714 2712 .2714 27 2 *2714 2712 2714 27,
4
,
No par
2 Dec 4
3.100 Jabs Dept Stores
214
24 218
93 Mar 26
4
2
214
214 212 *2
218
2
2
Preferred
100 25 Deo 4 633* Mar 30
•25
200
264 .2512 2612 2612 2612 26 2 2612 •
254
2518 *15
24
,
10 11 Scotia
*113 12
4
1,100 t(all PrtntIng
12
3Mar21
12
1212 *115 1212 114 12
193
8
1114 1112 11
111(111 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
r
------
---
▪ 4.4
2
o
• Bid and asked prices: no sales on this day. z Ex-dividend. y Ex-rights. b Kt-dividends.
PER SHARE
Range for Previous
Year 1930.
Lowest.
Highest.
$ per share $ Per shard
634 Jan 103 Sept
3
12 Nov 304 Apr
5753 Dec
5 Dec
13
Oct
100 Jau
814 Dec
1424 Dec
1204 Feb
1153 Dec
804 Dec
11418 Feb
218 Oct
35 Nov
33 Oct
10313 Oct
212 Dec
---- ---302 Dec
99 Dec
843 Dec
4
4712 Nov
4 Dec
53 Dec
367 Dec
2
10712 Jan
367 Nov
8
803 Dec
2
894 Dec
354 Dec
582 Oct
4
Oct
215 Dec
8
134 July
34 Dec
1912 Dec
102
Jan
212 Dec
433 Dec
4
85 Dec
54 Nov
10 Dec
174 Dec
1213 Dec
4214 Dec
673 Dee
16 Dec
89 Dec
153 Oct
8
5333 Oct
385 Dec
8
13 Dec
114 Dec
114 Dec
30 Dec
94 Dee
12 Dec
374 Dee
312 Dec
1814 Dec
184 Jan
244 Dec
213 Nov
BO
Oct
1 Nov
318 Dec
74 Dec
5318 Dec
224 Dee
8738 Mar
434 Apr
19 SW:
10638 Oot
2512 Jan
25514 Apr
134 Nov
374 Feb
14514 Atir
123 Sept
107 Feb
2
62 Feb
1144 Mar
1103 Jan
4
93 Mar
4
---- --10312 Apr
112 Ayr
102 Sept
7914 Feb
54 Mu
76 Jan
8
5953 Jan
116 Nov
674 Apr
1074 Mar
1047 Apr
8
504 June
4383 Mu
303 Feb
4
2711 Sept
94 Jan
393 Jan
4
50'1 May
11112 Mal
2714 Feb
004 Mar
984 Apr
1214 Feb
2512 Sept
43 ‘:
1 111
38 Apr
894 Mar
1013 Apr
4012 Jan
1004 Sept
334 Jan
877 Mar
8
8
613 Jan
512 Apr
21
AM
213 API
4
524 MM
10012 Oct
5073 Mar
10413 June
283 Apr
4
60 Apr
574 API
5513 API
113 Apr
4
80 May
73
4
1611
105
1117
8
7112
Fab
Feb
Apr
Apr
Apr
Jan
97 Dee 125
54 Dee 3813 Feb
612 Dec 3412 Mar
4
1314 Dec 743 Feb
4
36 Dec 1093 Apr
30 Dee 61 Mar
2
4112 Dec 953 Apr
1114 Oct 12 Aug
443 Dec 614 Ma7
8
373 Dec 184 Apr
38 Dec 10612 Apr
8
2834 Dec 443 Feb
8
404 June 593 Apr
4
89 June 983 Dee
3112 Nov 5414 Ayr
3
917 Dec 10073 Sept
203 Dec 414 Apr
3
4
6 Sept213 Apr
19 Des 4214 MM
66 Deo 904 Mal
8
123 Dec 527 Apr
4
56
Oct 1067 Mar
8
10014 Jan 115 Seel
313 Dec 194 Apr
49 Dee 100 Apr
39 Dee 90 Mar
Ps Dec 10 Dee
18 Dec 1064 Jan
4
5614 Dec 705 Nov
44 Dec 2074 Apr
39 Dec 824 Apr
7 Dec 38 Mar
834 I)ec 1054 Mar
3 Dec 19 Feb
29 Dec 474 Apr
100 Jan 11113 Aug
1514 Oct5812 Mar
82 Dee 1012 Mar
3518 Oct 9078 Mar
7814 Oct 1024 Apr
33 Dec 287 Mar
4
3
50 Nov 8213
r
4 Dec 153 Apr
8
3 Dec 133 Apr
8
12 Nov 597 Apr
8
16 1)er 52
Apr
8
10 June 203 Feb
31 Der 44 Aug
3
IS Dec 503 Apr
Jan
2653 1)ec 43
8
1711 Dec 253 Mar
7 Det 344 Jan
85 Dec 120 Mar
213 Dec 28 June
14 Dec
4 Feb
15 Dec 80 Feb
8314 Dec 109 Apr
Jan 38 July
28
28 " 80 "
J
I
613 Dee 234 Apt
4513 Dec 8813 Apr
Mar
4
16 Dec 318
3937
New York Stock Record—Continued—Page 5
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT
Saturday
Dec. 5.
Monday
Dec. 7.
Tuesday
Dec. 8.
Wednesday
Dec. 9.
Thursday
Dec. 10.
Friday
Dec. 11.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
-share lots.
On basis of 100
Lowest.
Highest.
RECORDED IN THIS LIST.
FIFTH PAGE PRECEDING.
$ per share $ per share
per share $ per share $ per share $ per share Shores Indus. & Mince!.(Corn.) Par $ Per share $ per share
Hamilton Watch pref
100 94 June 18 103 Jan 6
*---- 90
90 •-___ 90
90 *____ 90 •____ 90 *-No par 7112 Dec 9 94 Feb 19
*72
74
7112 7112 72
;ii- 74
72
72
*72
74
70 Hanna prat new
72
*1614 165 •1614 18
8
4
16
1614 15% 15% 153 15% 1514 1512 1,200 Harbison-Walk Refrac_No par 1514 Dec 11 444 Feb 16
7% Feb 24
1 Sept 21
114
1
118 •1
*1
118 *1
1
1
1%
1
1,
4 7,400 Hartman Corp claw B_No par
•13
4
4
2 Oct 3 103 Feb 9
No par
*13
8
Class A
2
4 212 *13
3
•2
3
*13
4 3
3
*2
814 Nov 27 4212 Jan 8
,
*93 10
4
10
1012 1012 1012 10 2 •10
10
1012 •10
1012
70 Hawaiian Pineapple Ce Ltd _20
8 Mar 6
118 Sept 22
No par
*114
158
15
8
114
112 112
118
114
13
8 1%
114
114 1,700 Hayes Body Corp
25 60 Oct 6 100 Feb 18
•
75
(G W)
*77
85
8112 *73
75
*75
75
*7214 7612
75
85
100 Helm.
4.81
8 Dec 11 18 Mar 24
No par
812
*813 9
8
*812 9
*812 9
9
*812 8%
300 Hercules Motors
*30
No par 30 Des 1 258 Mar 13
30
37
37
3012 3012 .30
*30
30 .2512 2974 1,196 Hercules Powder
37
101 101
*99 10012 99
*101 104 •101 104
101 101
99
30 Hercules Powder 27 Cu" p1100 99 Dee 2 11912 Mar 10
1033 Mar 27
4
No par 7118 Oct
*8012 81
*80
82
783 80
4
*
80
76
8112 8018 81
78
1,700 Hershey Chocolate
No par 80 Oct 5 104 Mar 27
85
85 .
Preferred
8814 85
8812 *85
85
85
80
88 2 *85
,
83
1.000
*212 3
No par
3
812 Mar 3
2 Bent 25
2
2
212 212 .
2
2
2
*212 3
400 Hoe(R)At Co
No par 1214 Nov 30 37 Feb 27
14
*133 16
4
1334 133 *1312 1512
*137 16
8
1414 *13% 14
4
400 Holland Furnace
712 712
53 Jan 2 1918 Apr 8
8
*712 9
7% 7%
714 712
7
7
1,100 Hollander & Sons(A)—No par
*73
4 9
124 125
100 81 Jan 6 13212Nov 16
120 123
121 129
121 121
12112 12112 3,800 Homestake Mining
12812 129
94 Mar 10
314 3 4
3 Oct 1
,
314 314
318 3,100 Houdallle-fIershey cl B No par
3
% 314
34 38
,
3
,
58% 5818 5814 58% 5812 5812 58 4 58 4 58
,
,
58
*58
59
700 Household Finance Part Pf-50 5212Sept 30 65 Mar 17
2114 22
233
2112 2312 23
21
34% 22
211
1912 2058 6.200 Houston 011 of Tel tern 01111100 19 Oct 5 6812 Feb 24
414 414
4 Oct 8 144 Feb 24
2$
414 43
414 4%
438 412
Vol tx offs new
4% 4 4
4% 414 9,800
,
No par 1113 Dec 10 2912 Feb 24
143
1314 14
*14
1112 1312 113 12% 8.400 Howe Sound
14
143 •14
4
15
4
1114 1114 12
7 4 Oct 1 26 Jan 3
3
No par
8
11
10% 11% 1012 103 21018 1058 7.500 Hudson Motor Car
113 111
4
33 Oct 1 1318 Feb 24
4
10
43
4 4%
4 5
413 43
43
4% 518
418 438
4
4% 414 7.800 Hupp Motor Car Corp
1% 1%
434 Feb 27
114 Sept 25
1% 11
1% 13
8
113 112
1% 1%
114
114 1.200 Indhsna Motocycle_ _ _.No par
10
17
8 2
43 Feb 11
8
114 Sept 15
• 8 2
13
•15
8 218
13
4
17
8 1% *15
1%
8 2
800 IndlariRetining
•2614 27
2613 28
No par 21 Oct 5 88 Feb 24
2658 27 .2612 29
2614 *25
26
27
1,300 Industrial Rayon
35% 3814 293 351
39
No par 28% Dec 10 182 Jan 3
4
3512 38
37
283 31
4
2918 3014 9.600 Ingersoll Rand
26
No par 2112 Dec 11 71 Feb 27
26
261s 2612 261 *25
26
27
22
261
2112 22
3.600 Inland Steel
*33,
312 31
4
4
4
3 2 3%
,
3
318 Oct 6 113 Feb 24
3% 31
318 3% 2.600 Inspiration Cons Copper- _-20
414 4% *4% 438
418
8 *
3 8 Dec 11
7
37
4% 414
*414 43
9% Feb 24
418
4% 2.500 Insuransharee Ctfs Ine_No par
612 Dec 11 123
7 4 714
,
*7 4 8
,
4July 21
*714 814 *714 8
718 714
612 7% 1,200 Insuranshares Corp of Del__ _1
3
4
8
3
4
..3
8 1
113 Feb 21
a
*1
4 1
*3
4 1
"4
1
14 Sept 1
200 Interoont'l Rubber_.No par
4
418
4
418
4% 418
4
4
No par
3 4 Dec 10 15 Jan 28
3
412 3.100 Interlake Iron
% 414 *4
3
,
13
8
114
114 11
8 1 114 1%
13
8
•118
No par
114 13
118 Oct 15
514 Fen 24
11s 118 5.700 Internal Agricul
•7% 11
•712 10
.712 10
100
713 71
7 Oct 5 5114 Feb 24
7
7
Prior preferred
8
.6
200
117% 11912 114% 117% 111 1141 10612 112
11614 11812 11914 121
4
lilt Business Machines_No par 92 Oct 6 1793 Feb 24
10.200
*4
4 12
4
312 31
4
312 4
8
312Sept 25 123 Feb 24
3% 3%
3.700 Internist Carriers Ltd_ _No par
313 4
2212 2212 *225 25
22% 225
8
8 2018 22
2018 2014 183 20
4
3.200 International Cement_ _No par 17 Oct 6 6212 Feb 10
12
5
4
3
8
4 Feb 2
5
8
83
3
3
12 Oct 5
3
3
5
8
12
12 2.900 Inter Comb Eng Corp_No par
.5
612
*512 7
*513 7
5 Sept 22 391 Feb 16
100
*513 7
4
Preferred
514 51
400
514 514
14
2 26
8
273
28
4 275 2813 26% 2712 25
247 26
8
25
255 20,200 Internal Harvester- _ _ _No par 2212 Oct 5 6012Mar 2
• *105 114 *105 114 *105 114 *100 114
W
100 105 Dec 10 14313/star 21
Preferred
105 105
105 105
600
8
1318 1312 1318 13'2 127 13
1214 13
1112 12
1034 1134 7,300 Int Hydro-El Sys cl A __No par 10 Sept 30 31 Feb 26
201g 21
8
2218 177 191
21% 21% 19
19% 213
19
20
10.700 International Match prat _25 19 Oct 3 7314 Mar 20
3% 3%
314 3%
212 Dec 10 1613 Jan 5
212 2%
3
3
3
3 18
234 23
4 6.900 Int Mercantile Marine oths_100
812 8%
8
81
8
812 83
818 83
73 Oct 5 20% Feb 24
8
4
74 8
3
712 8 81,750 Int Nickel of Canada__No par
84
*
84
84
84
83
100 81 Dec 10 123 Mar 31
*81
86
81
8114 *81
*80
Preferred
84
210
10
*101g 12
10
*10
12
8% Dec 11 42 Mar 26
101
10
101
10
8% 1018
630 Internal Paper prof(7%) 100
23
8 25
8 *212 23
23
8 2% *212 23
13 Oct 9 1014 Feb 26
8
4
2% 214
2
2
2,500 Inter Pap & Pow cl A _ _No par
112 112 *112 13
7 Sept 25
3
No par
114 114 *114 1%
4
6 Jan 26
Class 13
7
8 1
1
1
3,400
•1
7
2 1
7
1
7
8
118
1
412 Feb 28
No par
3
4
7
12 Oct 1
Class C
3
4
18 3,500
*11
9 Dec 9 4312 Mar 27
9
10
10
11
11
13
1018
100
018 07
Preferred
914 10
3,000
.514 612 *51, 612
.412 Dec 11 1614 Feb 26
4% 5
5
5 14
43
4 43
413 43
4 1,000 Int Printing Ink Corp_ _No pa
39
40
39
40 40
40
40
40
100 39 Dec 5 69123537 6
39 39
Preferred
39
39
200
29% 29% 30
2814 2018 243
100 20 Dec 8 42 Feb 9
8
30% 20
203 221
20
20 4 16,500 International Salt
3
20
*4218 4212 42% 4218 42
4134 42
39 4 Dec 11 54 June 29
3
48
40% 415
8 393 4033 3,400 International Shoe---.No pa
4
20
*21
2012 22
21
25
223
8 23
100 18 Sept 19 Si Misr 10
23
21
19
2112 1,100 International Silver
*58
69
*56
*55
*56
65
67
83
*55
100 5514 Aug 5 904 Mar 28
69
*55
69 I
7% preferred
838 91
9
105
103 1113 11% 117
4
8% Dec 10 38% Feb 24
8 1012 1112
8 8 912 185,612 Inter Telco & Tedeg _ _ _ _No pa
5
1014 11
10
103
1013 1012 103 103
8
10 Oct 1 213 Feb 20
4
4 10
10
10
10
2,700 Interstate Dept Stores-NO Pa
*57
65
*55
58
*56
59
59
5913 *57
55
*51
Preferred ex-warrants-100 55 Oct 8 6713 Mar 24
58
40
5 Dec 8 1812 Feb 24
5
*513 7
6
6
713
•13
812 *6
No pa
Intertype Corp
914 Feb 24
21
2% 2 4 *21s 212 *2
•2
212
13 Dec 2
4
4 2
,
No pa
13
5g 5
17
17
2,00 Investor, Equity
60
0
19
20
1912 183 18% *19
▪ 1914 1914 *19
4
1512 Oct 5 31 Jan 14
19
*18
19
300 Wand Creek Coal
O 34
321
3212
34
24 Oct 6 5712 Feb 11
No pa
31
*33
32
3514 *3413 36
303 31
4
1,400 Jewel Tea Ine
Z 19
8
1712 Dec 11 80 4 Nfar 19
185 191
1878 20
19% 1958 21
No pa
3
18 3 1914 *8712 010912 25,200 Jobrui-Manville
,
13 4
*85
100 •85 100 .85 100
100 105 June 19 126 Apr 10
98
Preferred
En fi5 107
99
*90
97
99
99
99
99
94
90
88 4 8814
,
660 Jones & Laugh Steel pref 100 8814 Dec 11 12312Mar 21
*11314
-- 114 114 *11314 114 *11314 114 *11314 1131 *11314 11312
10 K C P & Lt 1s8 pieta B_No pa 1114 Oct 30 11513 Apr 9
O
1114
4
3
4
3
4
2
*3
4 1,
112
*3
4 113
7 Jan 5
12 Oct 5
%
1
12
12
335 Karstadt (Rudolph)
es, 97
O
4 9
8 10
9% 9% *83
10
814 9
Sept 30 18 Feb 16
83
4 87
1,100 Kaufmann Dept Stores.$12.50
8
8
818
8
8
818 814
734 Dec 11 243 Mar 19
8
7% 7
7
73
4 7% 4.200 Kayser (J) Co•t o__ --No par
112
tn .18
2
13
8 138
13
8 112
114 1%
118 11
34 Mar 20
14 Oct 6
13
1
33
114 5,900 Kelly-Springfield T1re_No per
133 1414 14
13% 1414 13
1413 1218 14
14,
14
518 Oct 6 26 Mar 21
100
8% preferred
620
*2014 2712 *2014 27 *2014 271 *2014 2712
o *2118 27 .2112 27
12
100 10 Sept 22 45 Mar 24
6% preferred
4% 414
4% 418
414 412
412 412
31
4
314 41
34Sept 29 293 Feb 25
37
8 3.900 Kelsey Hayes Wheel--No par
7% 8
814 8%
Z
814 812
8
818
No par
3
6 Sept 21 1512 Mar 19
7% 7 .2 % 30
0
7
733 14,000 KeivInator Coro
31% 31
30
32
31%
Id *313 32
8
31% *29
31
No par 20 Jan 6 60 Apr 6
67.215100 Kendall Co pref
43 115 1214 1112 1218 1114 1238 11
12
8
1012 11%
9 4 Dec 11 3112 Feb 24
3
No par
934
Kennecott Copper
19
20
1914 *1812 20
20
20 20
• *1914 21
No par 18 Dec 11 41 Jan 9
218
Kimberley-Clark
18
1118
10
10
10
*912 1218 *912 1218
10
5 Dec 11 2011 Jan 9
No par
9% 91
5
712
60 Kinney Co
900
Id •1212 15
1218 1212 *10
15
*1212 15
*10
101 *10
100 1218 Dec 1 70 Jan 21
1012
Preferred
4
• 19% 19% 1912 193
4 183 1913 18% 191 2173 1812 14,610 Breese(8 8) Co
4 1914 193
10 2173 Dec 11 293 Aug 20
4
8
4
2
3412 3413 *34
*3413 43
*3412 43
43
1-• *3412 43
No par 33125ept 25 55 Feb 24
34
35
100 Kress Co
512 53
4
4% 514
518 5%
51
5% 618
4
4% Dec 4 273 Mar 25
51
512 120.400 Kreuger & Toll
17% 1812 17
O 1834 173
17
16
8 1713 18
167
145 16
29,053 Kroger Grecs & Bak__No par 16 Dec 10 23512May 8
51% 53
Z 63
5214 54
50
3
5412 53 4 55
51% 47
No par 4018 Oct 6 87% Mar 19
51
14.110 Lambert Co
*51, /g
5
513
5
512
5 Nov 24 1718 Jan 6
73
4
No par
•-4
74
3
734
750 Lane Bryant
212 *5
2
• *214 23
vs Oct 21
8
2% 218 *25 23
2
2
2
484 Mar 26
2
2.700 Lee Rubber & Tire- —No par
6%
712
*7
712
712 *7
61
61
o *82 85 *7 85 .80 85 *80 8 85 8 *80 612 612 812 900 Lehigh Portland Cement-50 614 Oct 22 1834 Feb 25
*80
100 80 Nov 28 10112 Feb 3
85
*80
Preferred 7%
85
3
Ul
3
3
3
318 318 *3
314
2% 3
83 Jan 14
8
3
3
3
2 4 Dec 11
1,700 Lehigh Valley Coal_ —No par
8
8
9%
814 *7
814 *8
W. *7
*712 8
8 Dec 4 30 July 6
50
Preferred
•
712 77
100
393
4 383 3914 3753 385
8
▪
39% 40
39
3912 40
8 3712 383, 11,000 Lehman Corp (The)
--No par 35 Oct 5 63 8 Feb 24
5
2112 198 20
19
20% 21
21
2112 •20
20
193 20
4
No par 1812 Oct 1 343 Feb 27
4
2.800 Lehn & Fink
Efl
71
7% 713
713 713
712 713
7,
3 712
8 67
65
8
638 Dec 11 207 Apr 16
7
5,800 Libby Owens Glass-..No par
48
51
5033 47
cg *5012 52
4712 46
5112 5112 51
467
8 1,300 Liggett & Myers Tobacco_ _25 39 Oct 5 91 Feb 7
4712 503
8 4612 473
52
5214 BO
4 4614 4718 12,900
25 40 Oct 5 913 Feb 24
4
Series B
O 5 34 5112 51
°
*120 12934 *120 1293 *12012 1293 *120 1293 2120 120 •119 129 4
4
4
4
100 2120 Dec 10 146 May 13
Preferred
3
100
*1713 19
1814 *171 1912 *1712 1913 .1712 1912
*1712 1913 *17
..No Par 16 Sept 30 2612June 30
TOD Cup Corp..
IALY
L *144 15
4
4
15
134 1412 123 1314 123 13
15
13
14
4
3
4,400 Lima Locomot Works—No par 12 4 Dec 9 343 Feb 26
El 204 2012 02012 28
2012 2012 2012 2012 2012 20% 201 2013 1,100 Link Belt Co
No par 20 Oct 1 33 Feb 11
18
*1812 183
18
4 18
18
8
4 1913 192 *187 193
17
No par 1514 Oct 3 5518 Feb 24
177
8
800 Liquid Carbonic
34
8 317 3
3434 357
3514 3233 333
354
3314
413 226
3014 58,100 Loew's Incorporated
No par 26 Dec 11 634 Feb 16
*7214 74
7214 7214 717 72
*83
7012 •6212 8712 *60
65
No par 70 Oct 6 99 Mar 19
300
Preferred
33
3
33
8 38
33, 33
8 4.300 Loft Incorporated
312
353 33
4
35
8 38
5
312 312
No par
64 Apr 24
2% Oct 1
•11
2
212
•14 3
•114 2131 *114 3
112 112 *213 3
No par
4 Jan 6
%July 10
100 Long Bell Lumber A
37% 37 4 377 38
,
38 18 3512 36
355
373
4 35
(11 3414 35
25 3414 Dec 11 54% Mar 25
5.800 Loose-Wiles Biscuit
1514 157
8 1518 167
8 1358 1414 13
8 1458 1538 1358 145
137 88.000 Lorillard
25 10 Oct 5 2178July 20
*
85
8912 8714 874 85
*81
87
*81
87
85
*80 4 87
3
100 76% Oct 15 10212 Aug 10
200
7% preferred
1% 1%
133
138 13
•114
112
2
114
114 Dec 11
%
412 Feb 10
No par
900 Louisiana Oil
14
,
38% _
3838 s---- 3838
35 *__-- 35
25
100 25 Dec 11 55 Jan 15
Preferred
25
1,020
2118 2118 2112 21% 2214 23
2214 2214 2118 22
_No par 20 Oct 6 3538 Feb 26
205 21
8
3,200 Louisville0& El A
.63
4 714
614 612
6
614
6
6
8
6
No par
6
54 Oct 5 19 Mar 19
6
1,200 Ludlum Steel
1818 4.6
*18
1818 1814 18
17
No par 16 Dec 11 5214 Feb 17
16
*18
1818 •18
Preferred
1812
400
15
15% .
15% *15
•15
1558 15
15
*15
20
15% 1518
300 MacAndrews & Forbes-No Par 15 Oct 1 25 Feb 24
*8212 90 .6212 00 •
6213 90
109 60 Sept 22 10013 Apr 7
*6212 85
*6212 85
*6212 85
6% preferred
16% 1614 1814 1614 153 1614 15
4
No par 14 Dec 11 43% Feb 24
16
143 16
4
14
1434 7,100 Mack Trucks Inc
84
63
65
84
6212 64
No par 53 Oct 5 10614 Feb 27
5514 12,890 Macy Co
5914 6112 54
58 8 53
7
3
3
*21 314
.
213 3
7% Mar 24
212 21
2 Sept 21
*213 353 •212 3
200 Madison Sq Garden_..No par
*73
4 8
*73
4 9
8
8
No par
712 Oct 2 27% Feb 24
8
8
7% 81
8% 81s
1.500 Magma Copper
112
*1
1
•1
43 Mar 2
7
2
1
4
1
7
8 1,200 'Mention (H R)& Co No par
1
1
7 Oct
8
12
12
*3
8
12
3
8
3
8
4.83 1
5 Max 25
%Nov 19
100
% %
170 Manati Sugar
ss
%
114
•114 2
1 4 •114 2
,
14 Nov 19 12% Jan 8
100
114
114 •1% 2
*114 2
Preferred
80
414 *3
312 3 2 *3
,
*312 414
414
No par
8 June 18
3 Sept 15
31
3
414
3
200 Mandel Bros
*712 8
7 4 712
,
*712 8
7
7
26
6 Oct 5 12 Feb 25
*65
8 7
300 Manhattan Shirt
*63
3 7
*7
8 1
7,
7
2
*2
4 1
•3
33 Feb 14
4
.No par
7
8 1,800 Maracaibo Oil Explor.
7
8
128604 24
33
7
8
3
4
8 12% 1232 12
12% 12% 12% 127
10 11% Dec 11 2414 Feb 24
123
8 1134 12
1118 113 19,600 Marine Midland Corn
4
10% 10% *1018 1014 10% 1018 10
• 8 11
103
No par 10 Dec 10 32% Feb 24
1,100 Marlin-Rockwell
10
1018 10
2
2
218
2
218 •
2
2
2
1% Oct 1 10 Feb 25
*17
g
2
17
8 1% 1,800 Marmon Motor Car._.No par
4 13% 13% 1338 1312 12
13% 1414 1312 133
133 19
4
13% 4,200 Marshall Field & Co—No par 12 Dec 11 32% Feb 4
•114 1% *1% 112 *1%
112
112
318 Jan 30
114
114 Oct 20
114
4
500 Martin-Parry Corp.__ _No par
14
,
• Bld and asked prices no sales on this day
s Ex-divilend. y Er rights.
PER SHARE
Range for Peoria°.
Year 1930.
Lowest.
Highest.
per share
99 'Jan
85 Jan
38 Dec
214 Dec
,
7 4 Dec
2612 Dec
27 Nov
8
774 Dec
1313 Dec
50 Dec
1164 Nov
70 Jan
834 Jan
4 Dec
2614 Jan
5 June
72 July
4 Dec
49 Mar
2914 Dec
613 Dec
20 Nov
18 Nov
712 Dec
2 Nov
3 Dec
Oct
31
14714 Nov
58 Nov
6$8 Dec
6 Dec
per than
10518 Oct
Apr
98
7214 Apr
20 Feb
2314 May
61 Feb
17114 Apr
924 Feb
31
Apr
85
Jan
1231 June
4
109 May
1083 June
4
2514 Feb
4114 Mar
12% Jan
83 Sept
29 Feb
68% Oct
1167 Ant
8
111 Oat
4
417 Feb
8
627 Jan
8
3638 Apr
17 Mar
28% Mar
124 Jan
239 Apr
98 Mar
30% Feb
1313 July
14 Dec
1114 Dec
338 Dec
4214 Oct
Oct
131
8% Dec
4912 Dec
14 Dec
13 Dec
454 Dec
133 Dec
1818 Dec
5214 Dec
16 Nov
123 Dee
4
114 Dec
28 Dec
513 Dec
33 Dec
8
2 Dec
21 Dec
10 Dec
55 Dec
Oct
31
4712 Dec
26 Dec
754 Dec
1712 Dec
14% Dec
583 Dec
8
12 Dec
414 Dec
25
Oct
37 Dec
483 Dec
4
117 Dec
118 Dec
108 Jan
1418 Dec
14 Dec
2412 Dec
1 Dec
29 Dec
17 Dec
94 Oct
738 Nov
25 Dec
2018 Dec
38 Dec
1713 Dec
51 Dec
264 Oct
39 Nov
20% De
1718 Dec
3
70 4 Nov
17 Dec
34 Nev
11 Dec
985 Dec
3
414 Dec
14% Dec
504 Dec
21
Oct
104 Nov
7612 Dec
7814 Dec
12718 Dec
712 Apr
287 Apr
8
84 Apr
671.4 Apr
19718 May
193 May
4
753 Apr
8
1412 Mar
78 Apr
115% Apr
14612 Sept
54
AIM
92 Apr
83 Apr
44% Apr
123 Apr
86
Apr
311e Mar
221 Apr
4
18 Apr
86 Mar
58% Apr
101
Apr
451 June
4
62
Jan
119 Feb
1124 Feb
771 Apr
8
40 Feb
80 Aug
32 Apr
29 Feb
43 Mar
6612 App
14838 Feb
1234 Nov
1234 Apr
116 Nov
1312 Jan
2012 Mar
4112 Jan
64 Apr
42 Jan
55 Jan
3912 Apt
26% Apr
89 Mat
5234 Feb
59 Mar
4012 June
97 AN
363 Jan
4
70 Jan
35% Apt
484 Jan
113 Apt
2312 Oct
11 Mar
42 Apr
10512 May
1712 Mar
374 Mar
974 Apr
35 Apr
3112 Mar
1134 Apr
11438 Ape
145 Sept
Oct
28 Dec
39 Dec
418 Dec
8553 Jan
212 Dec
3 Dec
4014 Dec
834 Der
764 Dec
313 Dec
60 Dec
25 Doc
9% Dec
34% Dec
20 Dec
93 Feb
33% Dec
81% Dec
418 Dec
1914 Dec
1% Dec
12 Dec
6 Dec
/
1
4
5 Dec
618 Dec
4
13 Dec
173 Dec
4
2114 Dec
44 Dec
24 Dec
214 Dec
451 Feb
8
817 Mar
8
951 May
4
112% June
64 Feb
1534 Mar
7014 Apr
2818 May
99 May 12 Apr
90 Sept
514 Apr
2
447 Mat
99114 Mar
393 Apr
4
1004 Nov
884 Mar
1594 Feb
15% June
52 4 Jan
3
13 July
6
Jan
60
Jan
15
Jan
24% Jan
10% Mar
8213 Aug
55 Feb
30% Apr
4.84 Apr
Oct
8
3938
New York Stock Record-Continued-Page 6
HIH AND LOW SALE PRICES
G
-PER SHARE. NOT PER CENT I Soles
for
Saturday 1 Monday
Thursday
Friday
the
TueSday iWednesday
Dec. 5.
Dec. II.
Dec. 7.
Week.
Dec. 8.
Dec. 9, 1 Dec. 10.
STOCKS
NEW YORK STOCK
EXCHANGE.
I
Shares I Indus.& Mlacell. (Coo.) Par
7,200 Mathieson Alkali Workallo par
Preferred
100
25
9:600 May Dept Stores
Vo par
700 Maytag Co
Preferred
No par
2,800
Prior preferred
No par
2,400
No par
1,100 McCall Corp
200 McCrory Stores class A No par
Class B
No par
190
Preferred
100
220
900 McGraw-Hill PublIca's No par
1,000 McIntyre Porcupine Annes--5
34,100 McKensPort Tin Plate-No par
6,900 5.1cKesson dr Robbins_No par
Preferred
60
700
No par
1.700 McLellan Store,
No par
1,400 Melville Shoe
No par
700 Mengel Co(The)
1.000 Metro-Goldwyn Pio prat ___27.
Miami Copper
5
3.7001
No par
9,000 Mid-Coot Petrol
No par
4,600 Midland Steel Prod
100
8% cum let pref
100
500 Minn-Honeywell Regu_No par
1,600 Mtun-Moltne Pew Imp'No par
_No par
Preferred
300
1,400 Mohawk Carpet Mills_No par
3,400 Monsanto Chem Wks_No par
67,720 Mont Ward Co fir Corp No par
No par
800 Alorrell (J) & Co
2,600 Mother Lode Coation_No par
2,300, AIotoMeter Gauge&Eq No par
1.200 Motor Product3 Corp_No par
No par
3,6001 Motor Wheel
No par
1.500 Mullins Mtg. Co
Preferred
No pas
200
I Munsingwear Inc
No par
1001
No par
10,800; Murray Body
Aro par
100. Myers F & E Bros
VP par
15,900 Nash Motors Co
1,200 National Acme atamped___10
No par
20 Nat Air Transport
No par
9.800 Nat Belles Hese
100
Preferred
400
to
34,600 National Biscuit new
7% cum pref
100
400
18.800 Nat Cash Register A w LVo par
No par
90,228 Nat Dairy Prod
Nat Department Stores No par
,
Preferred
100
380
_No par
2,900 Nat DLitil Prod
Nat Enam & Stamping_ _100
etts_.
100
4,400 National Lead
Preferred A
100
530
Preferred B
100
100
23,600 National Pr & Lt
No par
200 National Radlator
No par
Preferred
No par
No par
4,700 Nat Steel Corp
7,400 National Supply
60
Preferred
220
100
3,100 National Surety
60
1,800 National Tea Co
No par
300 Nelsner Brea .
__
No par
.10,000 Nevada ConsolCopisr_No par
Newport Co
No par
C151158 A
__ _ _ __
_
__
_
__
_
60
Newton Steel
No par
ãi 1 , i 1 ___
18,
3
;
5is 1
4
1
a2. 14
4
37
;
'-'i& 1
No par
812' 3,200 N Y Air Brake
*812 14
8
814 812
812 813
8
8
*812 14
100 New York Dock _
IGO
9
9 1
*8
15
*8
15
*8
15
*8
20
*8
20
Preferred
100
45
*15
40 •15
45
4115
45 .15
•15
4115
45
45
21
21
214
214
No par
214 23
218 218 4,200 N Y Investors the
8
2
2
2
2 14
No par
20 N Y Steam pre (6)
921
9812 92
9812 •90
9
8/2 *9318 9812' .90
*9012 9812 *93
1st preferred (7)
30
•1015 10612 10612 10612 *10518 108 8 *105 1083 1053 1053 *1015 10612
8
No par
8
4
4
3
/
1
4
3
1412 143
4 t3j 1412 133 137
1412 15
8
•
8 1212 1314 1212 1314' 13.900 Noranda Mines Ltd
3584 37
367 383
8
4 35
8
3713, 34
3514 313 3418 3112 3314 120.200 North American Co_ _No par
*4614 473
1.000
Preferred
42
4712, 4512 4512 43
4 4514 4614 *45
60
42
45
312 358
358 4
358 35
8
14.600 North Amer Aylation__ No pa
,
314 312
24 3
3
25
8 318
1,400 No Amer Edleon pref __No par
9034 91
90
85
90
89 89
8614 84
87
85
88
*728 812
77
8 778 *718 8
500 North German Lloyd.
8
614 67
7
7
71 71,3
/
4
20 Northwestern Telegraph...50
25
*30
*30
36
*35
36
25
36
36 i .30
30
30
1,300 Norwalk Tire & flubber
114 114
•1
114
10
1
1
114
1141
1
I
114
114
No par
7
71s 73
8
7
7 14
613 678 14,100 Ohio Oil Co
612 7
67
8 7
7 1
1.575 Oliver Farm Equip New No par
114
114
118
114
112 112
15
8
17
8'
12
4
13
4
13
4 13
4
5
5
514 514 1
512 6
53
8 52
8
*43
4 514
434 618 1,300
Preferred A
No par
218,
No par
2
214 *2
218
23
8 1,100 Omnibus Corp
2
2
2
218 214 •2
800 Oopenhelm Coll & Co_No par
1018 1018, 11
15
10
11
•12
10
10
10
•11
15
150 Orpheum Circuit Ina pret.100
714
714
8 93
4
*53
3 8
*47
8 8
3
,
6
61 *53 10 8 *53
/
4
No par
9,300 Otis Elevator
8 2014 21
185 2012 1712 19
8
8, 2218 2238 2113 223
22
227
100
100
Preferred
111 111 .108 115 *108 115 *108 115
0111 115 .111 115
No par
412 412 1,400 Otis Steel
45
8 43
434 434
*438 614
45
8 453
4
43
4 44
3
100
Prior preferred
520
1412 1414 1414 *14
11
12
1414 12
14
•14
1414; •14
2114 1.100 ONV8138-1111D018 011188 CO----25
21
2112 2212 2312 2312 2212 2312 2114 2114 2112 22
25
3312 11,400 Pacific GOA A Electric+
3414 33
3614 3418 3512 ,33
3612 35
35
3512 36
No D3r
3812 3912 2,700 Pacific Lig Corp
4113 3913 40
*4212 43 I *4213 4312 4218 42/3 40
100
300 Pacific Mille
9
93
8
938 *9
.813 1014
9
914 *9
9
11141
*9
100
580 Pacific Telep & Teleg
1007 103
8
9912 9912
983 100
4
4
4
104 104 1 1053 1053 *103 106
43
8 4
8
414 35,800 Packard Motor Car___No par
414 43
/
1
4
413 45
4
3
4
45
8 43
412 43
4
Pan-Amer Petr & Trans_ _50
*2212 25
•2212 25
*2213 25
*2212 25
*2213 25 1 *2212 25
Class B
50
2212 2212
200
2212 40
*2212 40
*2212 40
*2212 40
*2212 40
*313 33
No par
312 312 5,140 Park - Tilford Inc
312 313
312 312
35
8 33
4,
38 3
7
/
1
4
4
112
114
114
700 Parmelee Transporta'n_No par
11.1
11.1
114
1141
112 *114
•114
112 *11 1
84
500 Panhandle Prod & Ref_ No par
4
3
1
3
2
4
2
4
34
*3
4
7
8
3
4
3
4
4 1 1
*3
7
12 838i 78,800 Paramotant Publix__No par
814 8 8
7
812 914
10
9
913 103
8
95
8
9
1
114
11.11 4,100 Park Utah C M
114
114
114
114
/
4
13
8 11
/
4
114
14 11
/
1
1141
12 2,800 Pathe Exchange
12
12
12
12
5
8
5
8
5
8
No par
12
III12
12
Class A
No par
118
112 3,800
112
112
112 134
13
4
18
4
*214 212
112 112
*812 634: 1,403 Patin° Alines & Enterpr __ _20
8 *612 7
67
8 87
6
7
/
1
4,
54 5
3
58 6
7
600 Peerless Motor Car
*212
50
212 212 *212 3
214 214
4
224 214 •214 23
Vo par
2,900 PenIck & Ford
4
8
28 .2712 277 _252 2612 2514 26
28
2734 273
4 2713 28
No par
4 2781 10,200 Penney (J C)
297 303
8
8 283 30
3114 3114 3012 31
8
30 4 3118 313 32
3
$ per share l $ per share $ per share I 8 per share'$ per share $ per share
16
16 1%, 1514 1814 151
167 .15
16 ' 147 151 x1418 15
*10912 __
109 120 *10812 120 ;•10814 120 :
'10814 120 *10814 120
1
21
21
12 21
4
21/8 183 20 1 1814 1914 1714 1814
2112 20
2
2 1 *2
2
2
24
3
23
4 •2
23
4 *2
2 4' *2
3
718 7141
518 7
5
5 18 .514 7
518 514. *518 7
35
38
*4018 4218 .40
39
4418 40
39
40
40 1 40
19
1918
19
*21
19
24
24 I *23
21
22 I 20 20
2412 2412 2312 2312
*2412 30 1 *2413 30
*2412 31 1 *2412 31
•2212 2412; 23
*223 24.2, 2212 2212 2012 2112 1912 20
4
23
50
62
75
*65
75 .65
667
8
3
8
8• 607 667 .667 75 1 .85
612 813
*612 812•
6
.6
20 1
6
6
8
10 1
9
1518 1418 1412
8
1512 1512, •153 1618 15•16
1812, •1534 16
463 49
4
53
54181 5112 5314 4614 51
5212 64 1 5313 55
513 5 8
5
6181
412 5
538
514 55
7
412 5
5
8;
2018 20181
21
21
21
*2118 25 1 2118 2118 27 22 1 21
212 2 41
3
25
8 3
2 3
*3
3
3
3
3 181 •27
314
1812 185
8 1814 18121
19
2034 203
8
4 185 19 1 19
4; 1912 193
4 27
81
3
23
338
4 312
*2 3 312, *28
7
27
8 3
*3
312;
19
2012
*2012 23 1 .2012 23
*2012 23 1 2012 2012 20
4
314 312
3
312 3121
314
32
8 3521
37
8 35I
33
4 33 I
514
512
513 57
8
53
4 6 1
638,
6
6
618
116
614
9
91
93 10
8
812 812
9
9 1
73
4 918
814 814,
*45
50
50
50 I *45
50 ; .45
8
*4514 46
465 465 .45
8
18
18
20
22
22; .2012 22 I *2012 22 1 2012 2012, 20
158
15
8
13
4 13
4
13
4 13
4'
17
8 17
8,
134
13
4
.134
178'
.6
11
10
11 1 10
11 ' 3110
16 1 11
.11
10 1 *11
818 9
812 858
83
4 9
914 914
*812 858, 812 812
/ 213
1
4
8 19
8
4 1934 2014
2318 *223 23 1 2214 223
*223 23 I 23
8
838 93
9
958' 912 10
712 8
83
3
4
8
814 918
3412 35
35
35
*35
37
*341z 37
*3414 36 1 *3414 37
14
14
3
3
4
133
14
14
14
3
3 1
3
3
3
8
14
*7
8
113
7
3 1
1
I
1
1
1
118,
•1
23
23
2212 24
23
23
.23
2612: 2513 2012 *2412 26
8
512 55
53
4 6
6
7
7
7
67
8 7
678 67c
9
9
9
9 14
95
8 95
8
1014
1014 1014' 105 105
8 10
24
24
*2518 273
4 2214 2518 2218 24
25
25 I*2518 27
4
4 1414 1414
143 .1412 143 *1412 143
4
4
*1412 1434 •1412 143 *14
712 77
8
83
4 714
7
73
73
4 814
8
8141
8
8
818
25
25
30
32 .25
.25
32 .25
*25
36
.22
32
8 1518 16
1612 1514 163
167 1714 1714 17781 1628 1712 16
8
3
3
3
318 318; *318 4
318 3141
3
313 318
6
*8
612
6
8
8 I *6
*5
/ 6
1
4
*55
8 8 1 *8
1
11 113
/
4
114
138
114 13
8
112 112T
4,
112 17
11 13
/
4
8
85
8 858 *212 93
4 *312 9
3
83
4 83
4 *858 9 42
9
9
/
1
4 4018 4212 3858 4012 384 4014
4114 4212 4234 44 1 4118 423
129 13112 12518 12518
13112 13112 *131 12 132
*131 134 ;•13112 134
1211 10
11
8
3
1412 1318 1414: 123 1314 107
133 133
4
4 14
2412 253
/
4
8
4
8 211 227
8
3 2513 26 ' 235 2618: 2213 2338 213 227
•8
4 1
1
1
1
I 1
1
II
I
118
2
4 I
7
7
8
12
9
714 712
812
9
9
20
12 1812 19
2012 2018 2012 1912 20
/
1
1812 1812 184 19
*614 10
.614 10 i *614 10 I *814 712 *614 10
*6
10
7912 8414 27812 80
91
*9018 91
88
90
91
9018, 85
125 125
128 130
130 130
130 130 I 130 130 1 130 130
102 102
,4
*103 116 *103 116 ;•103 10412 '103 10412 103 103
1353 1412 1414 147
4
113 1314 113 1214
4
3
3 1414 14 4, 1314 14
18
/
1
4
*1
/
4
14 .
18
•
/
1
4
41
*18
14
*28
14
141
*12 3
*12 3
*12 3.12 3
• 13 2
*12 2
2312 23
/
4
7
4 2313 23 8 223 2324 201 2212 2014 2012
/ 2312 233
1
4
4
6
7
7
*8
.8
9
5
8
8 1
101
71,4 712
*25
22
23
23
24
25
25
28
25
30
•25
25
13
13
131*1 1014 1112 1118 1114 1112 1112
13
1312 12
812 9
812 83
4
914 914
.1
93
8 93' *914 911
8
*9
912
318 318
8
3 8 37
7
8 5
7
*4
5 1 *3 8 5 1 *37
*3
12 5
53
8 57,
53
4 57
8
514 512
518 53
8
5
518 52
8
514
1190
114
518
•19
84
141
*12
47
8
718
91
114
518
2012
84
14312
1212
51
/
4
7
/
1
4
90
*113
*5
*19
*8014
13514
*12
43
4
7
•3614
39
412
414
95
8 *912
103
4
11
37 *___,
53
0
6
*412
6
*10
12
40
43
4
1012
103
4
447
8
6
6
12
1135
38
7
3 8
'95
*10
*37
5
/
1
4
.412
*10
12
"2
*90
91 1
*114 112
8 1
*5
.19
201z,
*8014 85 1
137 140
*11
1212,
47
8 47
8'
83
4 7
39
414
93
3
*103
4
37
58
7
*413
*10
*3,
*518
1
2213
1
3
2
*6
7
812 *6
1
.1
118
1
23
*2212 2312 3122
90
13
8
8
2012
84 ;
13912
1212
47
8
7 14
*853 87
4
112
*118
5
5 1
2012 2012
*8014 84
13514 13514
*12
1212
4,
412 43
7
712
------40
33 4
7
41
/
4;
/
1
8
1012' 94 95
1412! 10
10
447
8
447 *37
8
/
1
4
512 5
6
412 4/2
6
*9
12
12
12
7 1
1
23121
"2
12
6
6
1
1
2112 22
Lateen.
1
I Per share 1
21418 Dec 11
104 Oct 9
17 Dec 11
14
178 Oct 7
5 Sept 29
35 Dec 11
17 Oct 6
2012 Oct 2
1714 Oct 8
55 Oct 6
6 Dec 7
12 Oct I
3812 Oct 5
2413 Dec 10
19 Oct 6
218 Oct 6
18 Oct 29
2 Sept 21
19 Dec 11
2345ept 30
5 Oct 2
7 Oct 1
3514 Oct 5
18 Dec 11
138 Oct 5
10 Dec 11
818 Dec 9
1614 Oct 6
712 Dee 11
31 Oct 3
14Sept 15
3 Aug 17
4
15 Oct 1
513 Dee 11
838 Jan 2
22 Oct 6
1112 Oct 5
5 Oct 5
20 Oct 22
154 Oct 1
/
1
3 Dec 10
4 Sept 19
114 Nov 27
853 Dec 9
3744843ot 21
12518 Dec 11
10 Dec 11
2014 Oct 5
34 Dec 10
714 Dec 10
18 Dec 4
6 Dec 1
/
1
4
27812 Dee 11
125 Dec 11
102 Dec 11
113 Dec 10
4
18May 29
12Sept 18
1812 Oct 1
5 Dec 10
22 Dec 11
1014 Dec 9
8 Oct I
3 Dec 1
5 Oct 5
1012June 2
41 June 5
3 Sept 2/
7 Oct 0
8 May 28
20 Sept 29
2 Oct 5
92 Dec 11
9918 Oct 5
10 Oct 6
20 Oct 5
41 Oct l
23 Dec 10
2
84 Emc II
5 Oct 13
25 Dec 11
11 Jan 9
6125ep1 21
1 Sept 25
4 Oct 6
15 Oct 6
8
10 Dec 10
43 Dec 2
8
1712 Dec 11
110 Dec 1
35 Oct 6
8
II Dec 11
2012 Oct I
2958 Oct 1
35 Oct 5
9 Dec 7
983 Dec 10
4
4 Oct 2
20 Oct 3
20 Oct 3
3 Sept 24
11Sept 22
/
4
3
4Sept 30
712 Dec 11
%Sept 22
12 Dec 2
Do Dee 11
418 Sept 22
2 Oct 3
22 Oct 1
2812 Jan 2
3
Preferred100 85 4 Dee 11
500
853 86
4
*86
87
1 14681 30
800 Penn-Dixie Cement..... _No par
1
1
118
118
100
5 Dee 9
Preferred
400
514 514
5
5
19 Dec 4
300 People's Drug Store__No par
19
20
23
.20
90
6Si% cony preferred_ _100 8014:Dec 10
8014 8014 ____ 84
129 1313
4 6,100 People', 0 L & C (Chic)_100 129 Oct 5
130 135
9 Dee 3
No par
100 Pet Milk
4
4
1212 2113 113
*12
414 Oct 6
8
414 45 18.100 Petroleum Corp of Am_,Yo par
4
412 43
618 Oct 1
25
4
814 63 11,700 Phelps-Dodge Corp
8
612 67
Philadelphia Co (Pittsb) _ _60 150 May 21
53 3513 Dec 11
8% preferred.
3512 3.312 1000
38
*34
3;e Oct 0
,
5,800 PM% & Read C .4 I__.No par
4 4
33
33
4 4
9 Jan 8
400 Phillip Morris & Co. Ltd_..10
1012
918 914 *9
5002 pniiiip3 Jones corp____No par 10 Nov 21
10
10
10
10
100 37 Nov 21
10 Plaillips Jones pref
447
8
44
/ *37
1
4
*37
13
41une 2
514 30,067 Phillips Petroleum__ _ _No par
5
518 512
312 Dec 11
6
312 312
6
702 Phoenix floater,'
-No Dar
538 Oct 2
10
100 Pierce-Arrow clam A,
*9
9
9
26
14 Dec 10
14 2.1001 Pierce Oil Corti
14
/
1
4
14
100
518 Oct 5
513 812
*512 6
4001 Preferred
7
8
1
7
8 7,700 Pierce Petroleum
7 Oct 5
2
'
7
8
V par
.111.13„hro par 2014 Oct 6
2118 2112 2112 1,300 Pillabury Flour 11
21
• Bid and asked prices; no sales on this day. b Ex-dividend and ex-rIghts. z Ex-dividend. y Ex rights.
PER SHARE
Range Since Ian. 1.
On basis of 100
-share tots.
Highest.
PER SHARE
Rangefor Previous
Yea 1930.
Lowest.
Highett.
I Per share $ per share $ pey /ea;
3112 Jan 3
3018 Dec 613 mat
3
1253 Mar 24 115
3
Jan 138
Oot
39 Mar 2
2734 Dec 5138 Jan
87 Feb 13
8
5 Nov 23 Mai
243 Mar 21
8
1418 Noy 4012 Api
7112 Mar 24
68
Dec 8412 Mai
36 Jan 7
33
Dee 60
Apt
/
4
37
511 Feb 17
Dec 74
Jan
3814 Dec 70
5153 Feb 16
Jan
9312 Mar 30
78
Oct 97 Mat
27
29 Feb 28
Dec 44
Apr
143 Jan 2084 Dee
4
2612 Mar 31
61
Jan 8912 Bing
10312 Apr 3
10 Nov 37
/
1
4
17 Jan 20
/ Apr
1
4
251 Oct 4914 Ain
/
4
373 Feb 28
3
6
Dec 2014 Jail
1012Mar 8
25 Nov 42 Apt
34 Mar 5
5
813 Feb 24
Dec 233 Mai
4
23
27 Apr 10
Dec 283 Mat
4
7 Dec 337 Feb
105 Feb 24
3
8
11 Dec 33 Apt
164 Jan 8
/
1
1513 Nov 53 Feb
3112 Feb 24
74 Nov 110 Feb
94 Foo 28
37 Dec 763 Mal
5813 Feb 9
4
314 Dec 267 Mae
7 Feb 10
12
8
44 Dec 921g1453
48 Mar 2
215 Mar 10
8
953 Dec 40 Jan
28 Aug 28
/
1
4
4
181 Dec 633 Apr
/
4
2914 Feb 26
1518 Dec 49 8 Jan
7
58 Feb 16
484 Oct 72 Feb
/
1
14 Feb 20
13 Dec
2 JAE
418 Mar 28
DI Oct 115 Apr
8
47 Apr 6
/
1
4
25 Dec 81 Ape
197 Feb 18
2
1414 Dec 34 Mat
614 Nov 203 Feb
367 Mar 28
8
4
7212Mar 5
3538 Dec 6478 Jan
3114 Jan 26
2513 Dec 5312 Feb
183 Mar 10
4
/
1
9 Nov 254 Apt
4513Mar 28
34
Oct 4912 mat
40 Mar 20
/
1
4
2114 Dec 5812 Jan
53 Dec 2614 Feb
103 Mar 6
4
4
8
13 Mar 20
6 Dec 322 Apt
10 Feb 26
504 Dee 20 Apt
32 Feb 27
13 Dec 82 Jam
/
1
4
833 Feb 24
4
684 Nov 83 May
/
1
15314May 8 14212 Jan 162 001
2753 Dec 8313 Pet
393 Feb26
4
503 Mar 25
4
35 Dec 62 June
318 Dec 2412 Feb
713 Feb 26
60 Dec 90 JSID
60 Jan 9
3633 Feb 24
1818 Dec 3913 Feb
1714 June 3312 Mat
277 Feb 20
3
132 Jan 9 114 Dec 18912 Feb
143 June 4 135 Dec 144 Sept
1204July 20 116
/
1
Jan 120 Nov
4414 Feb 24
4
30 Nov 581 Apr
412 Jan
13 Dec
11 Feb 3
/
4
Jan
11 Dec 11
/
4
21 Jan 7
/
4
41 Nov 62 July
581 Feb 27
/
4
4
60 Dec 1243 Apr
7014 Tab 27
111 Feb 27 10813 Aug 116 July
751/Mar 28
35 Dec 98 Mat
/
1
4
247 Mar 24
8
/
4
13 Dec 411 Feb
20 Dec 64 Api
2514 Feb 9
143 Feo 24
4
8
9 Dec 323 Jan
1612 Dec 1714 Dec
207 Mar 24
8
5614 Oct 14
30 Dec 86 Mal
113 Dec 58 Apt
4
24 Feb 20
2112 Dec 47 Feb
25 Jan 23
22 Dec 48 Apr
37 Jan 20
/
1
4
7713 Dec 8812 Ape
80 Jan 26
912 Dec 32 Apt
1213 Jan 27
98 Dee 10612 Sept
107 Mar 12
/
1
4
/
1
118 Apr 20 1084 Dec 117 Aug
29121.117 1-6714 Dec 131 - ; Apr
7
9014 Feb 26
61
Jan 67 June
57 Mar 27
8
11 Apr 13
414 Dec 147 Apr
993 Dec 10513 Ool
4
10713 Mall 13
2
7
28 2 Dec 553 June
35 Apr 7
/
1
4
/
1
4
4111 Doc 50 Mae
4712May 5
4 mat
12 Dec
2 Nov 9
1
Dec 32 Aug
1912 Jan 8
558 Feb 3
125 Doc - 1 Ma7
8
903
26 Jan 12
3
253 Oct ,83 Mae
612 Mar 27
22 Dec 55 Apr
2813 Feb 28
60 Dec 99 Apt
/
1
4
72 Mar 11
4814 Nov 803 ma,
5812 Jan 12
8
12911Mar 30 118', Jan 12834 Sept
913 Dec 387 Mai
163 Feb 25
2
8
75 Dec 99 API
6913 Feb 2
4
393 Jan 20
32 Dec 60 8 Feb
7
8
4012 Dec 747 Mai
547 Mar 10
8
46 Dec 1077 Mat
6912 Mar 20
8
2814 Mar 23
15 Dec 30 Feb
4
1313 Mar 19 11412 Dec 178 Feb
1178 Feb24
714 Nov 23 mat
/
1
4
42 Nov 8414 May
3518 Jan 20
30 Dec 57 May
3813 Jan 9
13
5 Dec 35
11 Mar 19
/ Apt
1
4
25 Dec 2612 Mal
8
4 Jan 21
/
1
4
414 Feb 13
ih Dec 121 May
%
343 Dec 77 Mai
5014 Feb 24
4
/
1
4
118 Dec
214 Mar 12
418 Ape
2 Feb 20
/
1
4
9 Apr
113 Dec
8 July 3
/
1
4
2 Dec 191 Ape
/
1
4
/
4
1513 Feb 24
818 Dec 324 Feb
/
1
41 Feb 24
/
4
3 Nov 14 Fell
4613 Feb 19
2818 Jan 55 Apr
44 4 Ariz 20
3
27 Dec 802 JAM
/
1
4
5
90 Dec 10134 Ma'
100148e66 2
513 Feb 10
214 Dec 12 Elope
29 Jan 30
16 Dee 5513 Mal
3512 Afar 31
2114 Dec 5014 Apt
10414 Aug 19
107 M11,
9713
1s
250 Feb 18 18514 DCCI 325 May
1713 Jan 31)
17 Dee 2213 Aug
107 Feb 2f3
8
14
578 I)ecl 27 June
25 Feb 24
/
4
/
1
4
1934 DecI 441 Apt
8
165 June 23 170
Oct 2483 Apt
5612 Mar 12
6018 Jan 5773 Sept
1214 Mar 23
54 Dec 2512 May
/
1
84 Jan 1513 Mai
125 -Aug 20
8
/
1
4
147 Nov 2
8
1014 DecI 27 Feb
52 Dccl 73 Feb
52 Jan 2
3
1112 Deej 44 4 Apr
181 Jan 6
/
4
7 Dec 2018 Apt
1014 Apr 6
16 Doc 33 Apr
2714 Feb 11
13 DAC
212 Mal
113 Feb 28
713 Dccl 52 May
23 Feb 27
/
1
4
7 Am
1e
las Deal
/
1
4
3 Feb 27
25 8 Deo 8732 Aug
1
37 Mar 9
New York Stock Record-Continued-Page 7
agar
AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Dec. 5.
Monday
Dec. 7.
Tuesday
Dec. 8.
Wednesday
Dec. 9.
Thursday
Dec. 10.
Friday
Dec. 11.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100
-,hare lots.
.714
•1
*214
1953
55
8
1314
13
*99
31
i- -ii" i 838 *714
118
1
1
1
1
118
3
218 214, *218 214
218
163
8 1913 1912 1914 1914 19
6
54 6
3
512 57
8
514
14
135 14
8
123 133
4
4 1212
133
8' 1314 143
4 1278 13I21238
100
*99 100
*99 100
99
31
*31
32
31
31
31
90 *--__ 90 •_
*1512 16 2 154 153
,
4 1512 15% *1518
12
121
12
12
8
8
88
.
28
*5
612 *5
612,
518 5%
5
•1112 13 •1118 1112 *1118 1112 •1118
•%
3
4
*%
3
4
32
212
*12
*1
2 I *114 2
1
114 *1
'
13
13
13
*124 13
1312' 13
234 25,
212 25
8;
238 23
3
25
8
16
1614 163
4 1614 17
1612' 1512
4 2412 2512 2 3
25 I 258 253
25
,
34
212
212 212
212 2.2
212 212
-- - --ii4 f1",
6
112, 1 1
2%;
13
4
1912 18
513
513
13 1 1112
13
/ 1214
1
4
99
*97
31
30 4
3
87 •__ _ _
1612 15
12
3
8
5 I
412
111, *1118
/
1
4
3
41
112
1
13 I 121
/
4
27
8,
2%
16 I 1478
247
81 23
2121
2
13
4
1814
52
3
12
/
1
4
1234
99
31
87
1512
6'
8
1112
/
1
4
152
125
8
2%
151
24
212
---67
8
1
•17
8
1612
5
1114
12
94
3034
15
8
3
4
11
12
1
•1212
25
8
1412
2214
28
---7
1
2
17
54
1238
1212
9518
303
4
87
15
3
8
4
1118
I1
118
13
234
154
2312
214
______
1,000
2,100
400
3,300
13,400
14.530
11,208
50
1,700
2,000
2,000
1,100
200
goo
4,700
1,100
8,000
44,400
20,500
13,100
•Bid and aged prime no sales on
title day. z Ex-dlv,dend. p Ex-rIghts.
PER SHARE
Range fo Precious
Year 1930.
Highest.
3 per share $ Per share
per share $ per share $ per share $ Per share Shares Indus. & Miceli.(Con.) Par 3 per share
6 Oct 3
*6
7
10
*6
10
•6
678 67
100 Pittsburgh Coal of Pa_......100
*6
7
8 *6
7
Preferred
1041 35 Oct 3
•35
3712 35
35
3712 35
397 *35
8
400
35
3 / *35
91
4
*35
414
512 *312 518
33 Oct 5
4
414
*4
33
4 4
*312 412
*33
4 5
400 Plttsb Screw & Bolt_ No par
100 25 Dec 10
*25
30
30
•30
25
33
160 Pitts Steel 7% corn pref
30
2512 2514 27
3014 30
2 Oct 29
25
2
2
23
4
8 212 *
100 Pittsburgh United
•17
8 2
2
*112 23
4 *178 212 *17
Preferred
100 45 Oct 5
*5118 63
5118 511s 504 5018 50% 5018 *5013 66
100
*5118 53
8 012 *6
8 012 *63
67 Nov 313
8
Vo pa;
Pittston Co
*638 912 *61 912 *0
/ 912 •63
1
4
/
4
8 912
3 Oct 1
414 438
414 414
*
4
438 *4
4
4
414
4
4
800 Poor & Co class Ts__ _No par
2 Sept 30
4
4 18
414 414
44 418 *418 412
1.860 PortoRican-ArnTob °IA._ 100
3 4 37
3
8
3 4 37
,
8
No par
%Sept 25
Class 13
133 1% *114 2
*114 2
300
2
*114 2
118 114 *1
512 Dec 11
74 8
,
*7
74
,
*812 10
900 Postal Tel & Cable 7% pre 100
*814 913 *814 913
612 7 8
7
25
614 612
6.12 Oct 6
6% 67
.3
67
8 7
6
6%
612 63
8 3,700 Prairie 011 & O&EI
*64 7
81
25
818 814
818 812
7% Oct 5
.8
818
814
8
814 9,300 Prairie Pipe Line
88 814
114 Dec 10
'To par
11 15
/
4
2
13
4 13
4
112 112 3.900 Premed Steel Car
114
4 2
11 2
/
4
*13
1%
4
812 812
Preferred
100
10
812 Oct 1
•10
1112 1110
1112 10
*612 93
200
4 *512 93
No par 395 Oct 1
44
8
/
1
42
4312 44
4112 42 *12,400 Procter & Gamble
43
435 4412 434 4412 43
8
114 Dec 10
11 11 *11 112
/
4
/
4
/
4
112 112
114
114
112 112
114 , 1,300 Producer* & Refiners Corp._50
13
3
3 4 Dec 11
3
50
4 67
8 *43
414 4 4
4 67
Preferred
8
5
5
*43
4 67
8 *43
170
33
4 34
,
,
62
8
58
593
4 56% 5812 5412 5714 45.800 Pub Sec Corp of N J.._ No par 517 Oct 5
60 4 6112 613 624 60
3
8
No par 8012 Dec 11
8912 868 8718 85
85
*87
85
$5 preferred
85
85
87
801z 8013 1,800
100 297 Oct 1
101 *10014 102
7 988 1,200 6% preferred
10014
99 10012 93
*100 104 *100 101
100 11212 Oct 2
115 115
11314 11314 *---- 117
1163 1163 *115 117 *115 116
4
4
300
75 preferred
100 13412 Oct 7
•13612 14312 *13612 14312 *13612 14312 *13612 14312 13612 13612 136 136
200 8% preferred
/
1
4
9612 96
96
96
923 9412 *90
4
941 __
700 PubServElee&Gas p135 No par 92 Dec 9
'
96
98
941
18
1912 1714 18
20
_No par 17 Dec 10
1812 2014, 20
17
177
8 1712 1818 19,000 Pullman Inc
*14
3,
*14
3
8
*14
50
14 Aug 25
43
100 Punta Alegre Sugar
*14
3
8
14
14
*14
3
3
513 514
518 514
43 Dec 11
4
514 514
2'
5
518
19,300 Pure 011 (The)
514 534
43
4 5
70
65
65
65
100 6412 Oct 5
*135
67
70
*65
40 8% preferred
70
4
No par 1214 Oct 1
8 13
1312 1212 1318 8,700 Purity Bakeries
137 144 1414 1514 133 1414 1314 137
8
/
1
512 618
618 63
8
518 Dec 3
512 6
58 612
512 578 91.440 Radlo Corp of Allier__ _No par
534 534
32
297 30
8
3012 30
50 29 Dec 5
30
Preferred
29
30
29
1,600
29
29
29
1312 1112 127
Vo par
12% 1412 12
1018 Dec 4
8 1212 1314 115 1312 14,500
Preferred B
1034 13
8
113
8
112 17
114
138
112
112 17
I Dec 2
114
114 112 31,000 Radio-Kelth-Orp el A _ _No pa;
112
,
4 1018 1014 10% 1018 10
1112 1112 10 8 1118 1014 103
9 Oct 1
12
1018 2,400 R13'666108 Manhattan_No par
3
24 2 4
212 23
5
10
23
4 24
3
4
2 Dec 11
214 212
238 2 8
2
214 3,300 Real Silk LIcelery
*11
15
*10
16
*11
15
1012 1012 10
Preferred
100 10 Nov 30
220
10
1018 1018
18
38 Dec 10
*12 118
1
No par
*12 1
*12 118
*12 118
38
*12 118
200 Reis (Robt) & Co
*8
9
*8
9
*8
9
*8
9
6 Sept 25
100
*8
First preferred
9
*8
9
312 3 8
7
312 3 4
3
23
8 314
27
3
2 8 Dec 3
3
No par
15,300 Remington-Rand
212 3
212 3
18
18
1712 1712 162 17
151 10
100 1014 Dec 11
15
First preferred
15
1,410
1014 14
*10
273 *10
4
273 •10
4
2712 *10
2712 *10
100 15 Dec 11
Second preferred
193
4 15
60
15
418 414
37
8 418' 2312 3%
418 414 *418 414
10
3 Sept 22
3% 3% 6.400 Reo Motor Car
1
47 Dec 11
8
5% 514
53
4 68
5
614
538 614
53
4 6
478
512e 34,400 Republic Steel Corp_-No par
4
14
1414 1412 14
/ 1412 14
1
4
14 133 1414 13
100 1112 Dec 11
Preferred cony 6%
1312 1112 1212 5,100
43
4 43
*43
4 812 *43
4 812 *438 812
3 4Sept 23
3
4
412 412 *4
200 Revere Copper & Braes No Par
434
No par
*
8
*8
15
15
*8
15
12 Dec 11
1118
*8
15
Class A
15
100
12
12 I
*912 10
10
1012
9
9 12
7 Sept 21
9
8 2,100 Reynolds Metal Co__ No par
8
/ 87
1
4
2s
5
*5
812 *514 812 *512 738 .13
212 Oct 6
812 812
Reynolds Spring new__No par
7% •
353 35% 3514 3558 39,400 Reynolds(R J) Tob clam 13.10 3514 Dec 11
8
3614 364 368 37% 36
363
4
69 •69
6912' .69
69
10 69 Juae 25
70
Class A
69 69
*69
80
70
69 69 I
3
4
%
*3
4
7
8
4
3
4
3 Dee 1
31
3
4
3
4
*3
4
7
8
3
4
it 2.700 Richfield 011 of Callf...No par
112 112
1%
112 172
114 Nov 2
1%
112 112
No par
1%
1%
138 112; 9,200 Rio Grande Oil
91
912 * 13 101*
4
9 Dec 11
No per
0
*73 11
04
3
*712 12
94
3
400 Ritter Dental ktfg
9
94
8
414
43
4
334
4
518 514
5
334 Dec 10
5 4 63
512
418
3's.
4; 4,500 Rosins Insurance Co
314 33
147 1518 153 155
8
8 154 155
/
1
8 143 104 137 1438 1412 153
3
81 8,000 Royal Dutch Co (N Y sharee) 1312Sept 21
1114 1114 1118 1114 10 8 1118 1018 1038 895 1018 10
3
10
8
914 Oct 6
10
6.075 St Joseph Lead
4712 49
453 47
50
50
49
50% 49
50
5
4212 45
14.200 Safeway Stores------No Par 38 8 Jan 16
79
79
79
79
•79
82
*79
82
100 75 Oct
79
79
7512 7512
Preferred(6)
140
8912 87
8512 *8718 8912 *87
1047 80 Dec 11
8714 85
85
Preferred (7)
83
530
867
8 80
6
6
*5
6
5
5
514 *518 6
5 Oct 6
5
900 Savage Arms Corp.,,.,._NO par
5
5
4
4%
418
4
4
4
4
4
4
4 Jan 1
4
12,900 Schulte Retail Stores__No par
4
4
*40
43
40
1140
45
100 40 June
*40
40
40
40
43
Preferred
40
40
230
6% 714
6% 7
7
7
7
712
718 712
512 Oct
63
4 718 11,300 Seaboard Oil Co of Del_No per
31
4
*312 4
312
*312 412 *312
3
12May 2
*314 4
100 Seagrave Carp
*314 312
r
342 3618 3418 353
37
3814 3814 393* 3612 39
N
8 337 35
58,600 Sears. Roebuck & Co_NO par 31 Oct 5
8
112 112 *132 112
11 Dec 3
/
4
1
112 112 112 112 *112 2
•112 2
Second Nat
400
3514 3514 3314 3314
t
.
*3514 39
38
39
38
•38
443 *38
4
Preferred invancire jsiA00 pporal 33 June 2
300
*3
8
12
12
12
*3
2
12
/
1
4
/
1
4
3
8
/Sept 18
1
4
32
32 1,o00 Seneca Copper
3
8
414 4
45
412 453
/
1
4
434
412 412
418 412
3 8 Oct 5
5
418 414 12,900 Servel Inc
9
/ 1018
1
4
9 8 10
5
8
10
No par
,
10,
4 103 1038 1014 10 4
914 Dec 11
7,000 Shattuck (F 0)
914 10
4
4
3
*312 5
312
4
4
4
4
3 Dec 10
No par
1,600 Sharon Steel Hoop
3
3
5
5
4% 478
*5
53
4% 5
3% Oct 5
5
518
No par
414 5
2,000 Sharp & Dohme
38
•38
44
*38
45
38
*38
44
35
No par 35 Dec 10
Preferred
3518 3518 3512 1,600
418 438
4
4
4 18
414 43
4
418
4
No par
3 Oct 1
14
4
Shell Union 011
3% 3% 17,400
2912 27
27
.27
2712 2712 26
2612 23
100 23 Dec 10
2514 23
Preferred
23
3.000
*12
8
8
1,
12
12
*12
2
1
•
12
12 Nov 18
/
1
4
12
t238
500 Shubert Theatre Corp_No par
93 1018
4
9% 93
83
4 9
9
10
8
7 Dec 11
No par
/
1
4
8
/
1
4
7% 8
16.200 Simmons Co
5
5
53
4
*5
5 4 *5
,
5
5
5
43 Sept 21
4
10
5
434 5
3,000, Simms Petroleum
6
6 14
6
6 14
6
618
53
4 64
514 5
51 63,704y Sinclair Cone 011 Corp_No par
5 Dec 11
/
1
4
5
71
70 70
71
71
69 69
68
71
..
100 68 Dec 10
Preferred
3
432
8001 Skelly 011 Co
312 35
8.
33 6912j *6712 7314'
8 3
3 8 3%
,
312 3%
3% 3 4
,
25
31aune 3
3
1,500
1512 1538 151 15
/
4
15
15 4 1512 15% *15
,
100 10 May 28
Preferred
,000
1 *1 112 •1 112 *I 1512 15 15
1
*7
8 1%
112'
No par
1
2Sept 24
3
400 Snider Packing
8 *318 5
3% 35
*2 8 5
,
318 318
25
8 2 8: •212
,
No par
2 Oct 1
Preferred
200
51 1
8
/
1
1112 107 114 1012 11
11
11% 11
10
1012 1014 1114 87,600 Sofson7-Vacuum Corp_____ _25 10 Dec 10
56
56
56
53
55
*53
57
52
*53
52 1 51
_100 49 4 Oct 16
3
52 I
800 Solvay Am Inv Trust prof.
814
72
4 77 44 3 9 7
8
712 858
84 9
,
9
9
7 Oct 5
No Par
7 81 6,700 So Porto Rico guitar
8
7
,
98 21
9812 100
9812 9812 08
*97 100
.97 100
1(X) 87 Oct I
Preferred
30
3
3314 3212 33 8 3112 32381 303 313 1 303 303
33
4
3212 33
251 283 Oct 5
8
4,
8
41 9,200 Southern Calif Edison
212 212 *2
*212 9
9 1 *2
*212 9
24Sept 21
9 I 32
No pa
9 I
100, Southern Daftles 01 B__Ne vsr
18
•1812 19
1814 1814 1712 1814 18
18
174 Dec 8
18 I 1118
185
8 1,100 Spalding Brost
*9414 100
*9414 100
19414 100
*9414 100
14141.
9414 92 :n 100
100 94 Dec 10
/
1
4
ist preferred
12
20
12
12 *____
12
*5
*5
*5
12
Span Chalfant&CoIne No par 11 Nov 213
*50
•50
75
75
75
75 .50
*50
*50
75 1 *50
Preferred
100 4812 Oct 5
75
3
314 314
3
3 14
3
314
3
24
,
254 Dec 11
5.900 Sparks Withington____No pa.
1112 10, 10 2 *10
8
*1112 1214 3114 1214 11
,
A 1 *1058 121'4'
2
9 Sept 30
500 Spencer Kellogg Is Sons No par
*6
7
6
6
*6
*6
7
116
7
6 Sept 15
18
6121 16
_No pa
8
18
6
1,300 Siam Mfg Co
1812 1812 18
*1812 1912 *1812 1914 *1812 19
No par 18 Oct 14
Preferred A
590
3
,
33
4 3 ' 33
4
3 4 32
4 *3 4 5
3% Oct 6
*33
4 5
33
4 33
/
1
4
4 3 4 1,600 Spiegel-May-Stern Co_No pa"
3
1418 143 2134 148 133 14% 1318 1418 13
4
1312 1238 1278 43,200 Standard Brands
No par 1214 Oct 1
•1197 124 2119 11918 *118 119 4 *11812 11914 11914 11914 *11812 135 I
,
8
Preferred
No par 118 Jan 5
300
2
2
2
2
2
218
2
2
*2
2
1,200 Stand Comm Tobacco _No par
2 Sept 25
4
35 4 318 3214 3018 6938 6
,
3174 2
, 3114, 19.900 Standard Om & Elee CoN0 Par 294 Oct
7
35
36
32
33
35
40
41
*4014 42
40
4038 4012 41
37 4 39 I 37% 38 4! 1,400
,
No pa , 37 Dec 11
/
1
4
Preferred
,
.
62
68
68 2 *60
*60
64 1 60
70
,
*62
694 *62
60 1
No pa 1 60 Dec 11
200
36 cum prior pet
*67
*7312 75
72
72
69 4
3
743 743
4
4 72
67 cum prior pref. _.No par 6912 Dec 11
800
2 694
*5
2
1
*12
3
4
1,
84
*12
12
12,
•12 1 I
300 Stand Investing Corp_.No par
12 Nov 28
*9318 95
92
92 1 91
93
93%, 92
93
91 1 x8712 83 4 1.700 Standard 011 Export pref _ _1 0( 28712 Dec 111
3
293 3014 2912 3012 295 3018 294 2911 2812 293
4
/
4
8
8 2818 285 33,600 Standard Oil of Calif__ _No pa
8
284 Oct 6
103 103
4
4 1012 11; 11
103 103
4
4, 10
1012'
11
914'2,800 Stand Oil of Kamm
9
26
814 Oct I
313 32 I 303 311 303 3114 3012 31 1 30
8
4
303
4' 29 4 303 161,800 Standard Oil of New Jersey _25 2814 Oct 6
/
4
'
4
3
8
313
35,2 36% 414
3939
Lowest.
Highest.
I per share
2812 Jan 12
80 Jan 27
1514 Feb 24
87 Jan 15
15 Feb 27
9078 Feb 27
1814 Jan 6
13 Jan 10
/
1
4
27 Feb 28
8 Feb 27
39 Jan
/
1
4
203 Feb 26
2
264 Feb 26
74 Feb 19
47 Feb le
/
1
4
714 Mar 10
6 Feb 27
16 Feb 27
9612 Mar 19
10212Ma7 16
12014 Aug 18
139 4 Aug 12
3
16012 Aug 3
10714 Aug 14
5812 Feb 27
2 Jan 9
111 Jan 6
/
4
1017 Jan
8
5514 Mar 17
274 Feb
/
1
554 Mar 26
/
1
60 Mar 21
2412 Mar 21
291 Mar 25
2
307 Fob 1
8
90 Feb 3
11 Jan 8
/
4
13 Apr 22
1934 Feb 27
88 Jan 7
98 Jan 6
10 Feb 11
18
25 Feb 24
/
1
4
54 Feb 19
13 Jan 2
30 Jan 6
2238Mar 10
1814 Mar 12
5412June 24
7512 Feb 19
64 Jan 5
/
1
1014 Feb24
411 Mar 2
/
4
26 Feb 24
4252 Feb 10
303 Feb20
8
6912 Aug 19
9818Sept 4
1084 Aug 6
20 Feb 27
/
1
4
1118 ?star 30
65 Mar 27
20 4 Apr 11
1
11 Feb 27
6314 Feb 26
612 Feb 27
581 Feb27
/
4
11 Feb 11
/
4
111 Apr 9
/
4
2912 Feb 20
13 Feb 18
/
1
4
21 Mar 25
6111 Mar 25
/
4
1014 Jan 12
78 Feb 17
934 Mar 6
231 Feb 26
4
11 Feb 26
151 Feb 26
/
4
103 Mar 14
127 Jan 7
2
62 Jan 8
41 Feb 16
/
4
1552 Feb 18
21 Aug 20
95 Mar 19
17 Jan 8
/
1
4
/
1
4
112 July 22
5412 Feb 26
.5 Mar 12
86 Jan 6
11512May 7
2712 Feb 17
9212 Jan 21
1352 NIar 16
1612 M ar 25
17 Feb 21
/
1
4
3312 Feb 20
1712 Mar 24
2012 Feb 25
124 July 1
4 Feb 10
881 Mar 10
/
4
641 Mar 23
/
4
101 Mar 23
1093 Mar 6
4
414 Feb 13
106 IMO 14
4
513 Feb 13
19 Jan 5
5212 Feb 24
per share
18 Dec
66 Dec
13 Dec
12
84 Dee
/
1
4
11 Dec
9112 Dec
1814 Dec
101 Dec
4
144 Dec
/
1
4
Oct
20 Dec
1114 Dec
1652 Dec
314 Nov
26 Dec
525 Jan
8
1 Dec
1112 Dec
65 Dec
911 June
4
1041 Dec
/
4
Jan
121
142 Dec
10714 Feb
47 Dec
12 Oct
75 Doc
8
90 Dec
/
1
4
36 Dec
111 Dec
/
4
47 Dee
311 Dec
8
14 Dec
/
1
4
164 Dec
/
1
224 Dec
83 Dee
/ Dec
1
4
8 Nov
1418 Nov
84 Nov
95 Jan
7 Dec
/
1
4
1012 Dee
28 Dec
514 Dec
34 Dec
10 Dec
per shard
7812 Jan
110 Jan
22% Feb
103 Jan
1214 Oct
103 Oct
227 Apr
8
34 Mar
/
1
4
301 July
/
4
271 Mar
/
4
103
Jan
54 Apr
6012 Feb
161 Feb
8
7012 Feb
78 June
/
1
4
117 Mar
8
40 Mar
12314 Apr
100 001
117 Sept
13514 Oct
158 June
112 May
89 8 Jan
3
8
/ Jan
1
4
2714 Apr
11414 Apr
887 Feb
8
Ws Apr
67 Apr
85
Apr
50 Apr
581 Apr
/
4
64 Mar
/
1
4
100 Mar
67 Feb
2
37
Jan
4911 Apr
10078 Mar
104 July
147 Map
2
764 Apr
934 May
30 Jan
72 Jan
343 Apr
4
40 Dec
70 June
4 Dec
/
1
4
5 Dec
253 Dee
8
143 Dee
4
36 Dec
/
1
4
1914 Dec
383 Dec
4
84 Dec
95
Oct
121 Dee
4
4 Dec
35
Jan
Vg Nov
53 Dec
8
434 Dec
214 Dec
35 Dec
1 Dec
318 Nov
2018 Nov
9 Dee
1118 Dec
54
Ja.
5 Dee
/
1
4
55 Dec
44 Nov
11 Nov
518 Dec
9 Dec
/
1
4
86 Dee
1018 Dec
42 Dee
112 Nov
8 Dec
58 8 Mar
3
80 Jan
9 4 Dee
3
25 Apr
/
1
4
59 4 Feb
3
48 Mar
/
1
4
5312 Apr
5714 Feb
1223 Jan
8
997 Feb
8
109 Mar
/
1
4
3141 Apr
1312 Jan
76
Jan
37 Ape
1414 Mar
100 2 Jan
3
23 Feb
8234 May
312 Jan
13 Apr
/
1
4
53 Apr
323 Feb
4
271 Mar
4
633 Mar
4
2512 Apr
10614 Apr
35 Apr
94
/ Jan
1
4
37 Mar
3 Apr
11214 Apr
42 Apr
99 4 June
3
8 Jan
363 Feb
4
STRIldard 011 of New York_25 137
8June 3 26 Feb 1
etarrett Co (The) L EL-.4 o pa'
6 Dec 11 3414 Feb 24
/
1
4
.
v
V
r
Sterling Securities al AN,par
1
Oct 2
51 Feb 10
/
4
14 Dec 10
/
1
No pat
9 Feb 16
/
1
4
Preferred
Convertible preferred_ ...5.) 1612 Dec 11 40 Mar 26
Stewart-Warner Bp Corp __1()
217 Marl
8
43 Sept 21
4
111 Dec 11 544 Mat 21
/
4
Stone & Webster
Si udeb'r Corp (The)__ _No par
9 Oct I
26 Mar 26
1041 94 Dec 11 11814 AM 6
Preferred
No par 2614 Oct 1 4614 Feb 25
Sun 011 ,
/
4
100 ss1 Nov 20 1044 Feb 2
Preferred
Superheater Co (Th.)--No Po" 15 Nov 28 4052 Feb
33 Dec 8
No par
Superior 011
144 Feb 17
Superior Steel
3% Oct 6 1878 Mar 5
50 11 Dec 11 15 Aug 313
/
1
4
Sweets Co of America
Symington
No par
21 Feb 2
/
4
12Sept 22
No par
1 Oct 3
612 Jan 28
Clain A
Telautograph Corp
No par 1218 Dec 10 2112 Mar 6
212 Dec 8
5 par
/e
lot Jan 5
Tennessee Core
25 1412 Dec 11 357 Jan
8
Texas Corporation
8
Texas Gulf Sulphur__ __Ne par 201 Oct
5514 Feb 24
all Jan 9
Texas Pacific Coal & OIL..10
2 Dec 10
WI;IV.; 1217 Apt
2
99 Der 30 4 Jan
/
1
4
3
103 Aug 121
Jan
6018 13ee 72 Apr
3 Jan
/
1
4
9 Mar
32 Dec 46 Mar
108 Jan 115 Aug
19 Jan 3734 June
/
1
4
92 Jan 26
Jan
/
1
4
8 Dec 30 Apr
8 Dee 25
/
1
4
AM
75 Dee 3612 Feb
8
25 Dec 454 Mar
412 Dee 52 Feb
1412 Nov 2914 Feb
114 Nov 12112 Sept
24 Dec
7 Feb
/
1
4
534 Dec 12914 Apr
/
1
55 Dee 67 May
922 Dee 104 Sept
4
9312 Dec 1144 Sept
112 Nov 154 Mar
/
1
98 Feb 1064 Oct
4214 Dec 75
Apr
144 Dec 49 Apr
/
1
434 Dec 847 Apr
8
1934 D
40 Apr
/
1
4
19 D
471 Apr
/
4
238 Dec 2012 Mar
5 Dec 1414 Mar
3018 Nov 48 Mar
14 Dec 47
/
1
4
Apr
3712 Dec 113 Apr
/
1
4
I84 Nov 474 Feb
/
1
116
Jan 125 Mar
39 Dec 70
Apr
973 Dec 10312 Sept
4
30 Nov 454 July
3 Dec
4
2 May
/
1
4
53 Dm 291 Mar
4
2
812 J
15 Mar
/
1
4
11 D
8
7
Apr
4 Dec 17
/ Apr
1
4
15
/ I
1
4
264 Apr
714 Dec 17
Apr
2814 Dec 6012 May
4014 Dec 67 Mar
/
1
4
4 Dec 1412 Mar
New York Stock Record-Concluded-Page 8
3940
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Dec. 5.
Monday
Dec. 7.
Tuesday
Dec. 8.
Wednesday
Dec. 9.
Thursday
Dec. 10.
$ per share 3 per share I Per share
per share I per share
514
51s 6
8 514
514 6
55
8 612
4 *518 514 *5k 53
6
5k 5.
4
•
518 53
31243 281 .245 2812 *245 2812 *245 28':: •24k 281z
! !
8
8
8
81z 912
•812 1014 *812 1014
9
9
812 812
2
*218 214
2
2
218
218 218
213 21s
*16
155
17
8
*15
16
16
1712 1518 151s 15
1512 1512
•1512 17
155s 163 •I512 17
•163 17
8
s
8 7
•67
8 712
712 73
4
• 8 712
67
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59
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11
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3
44
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3s 4
7
4
4
38 3 4
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814 812
9
94
9
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8
85
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20
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20
20
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8
7 8 77
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Is .17
.
a
Friday
Dec. 11.
Sales
for
the
Week.
PER SHARE
Range Since Jan. 1.
-share Iota.
On Mete of 100
LOW811.
Highest.
PER SHARE
Rangefor Previous
Year 1930.
Lowest.
Highest,
per ewe 3 per share $ per share $ per shard
per share Shares Indus.& Miscall.(Cond.)Par
10 Dec 32 Mar
/
1
4
/
1
4
dte Oct 5 17 Feb 13
1
518 512 10,200 Terse Pac Land Trust
1213 Dec 365* Apr
412 Dec 11 22 Feb 27
Thatcher Mfg
No per
412 818 1,400
85 Dec CI Mar
Preferred
No par 25 Oct 5 61 Mar 5
8
*245 2812
2114 Dec 32 Jan
23 Jan 9
No par
712 75
8
700 The Fair
3 Dec 264 MaY
/
1
4
/
1
9 Feb 13
2 Sgt 16
No par
712e 1
r
500 Thermold Co
*2
218
1512 Dec 488 Apr
4
1 13 Sept 29 27 Feb 21
400 Third Nat Investors
•15
1712
23 Dec 4712 Mar
25 14 8 Oct 6 35 Mar 2
3
600 Thompson LI R) Co
1512 1512
10 Nov 139 Apr
/
1
4
8 Oct 1 18 Feb 24
/
1
4
500 Thompson Products InoNo par
67
67
8
313 Dec 187 Mar
2
k Dec 11
83 Mar 7
8
7
8 1,800 Thompson-Starrett Co_No par
7
8
235 Dee 4953 Mar
8
/
1
83.50 rum ma
No par 15 Dec 5 344 Mar 19
700
•15
20
/
1
4
57 Dee 17 Apr
4
9 Jan 7
No par
21,700 Tidewater Assoc 011
25* Dec 11
25, 3
/
1
4
53 Dec 89 Mar
Preferred
100 2012 Oct 1 68 Jan 8
28
2912 1,800
12 Dec 31
Apr
Tide Water 011
9 8 Nov 6 18 Mar 16
7
100
*5
12
8
68 Dec 947 Apr
Preferred
100 35 Oct 8 83 Feb 26
1,500
37
38
/
4
8 Oct 211 Apr
3 4 Dec 11 12 Feb 20
3
10
2.000 Timken Detroit Axle
334 4
401s Dec 8914 Apr
/
1
1812 193 14,700 Timken Roller Bearing_No par 184 Dec 11 59 Feo 17
4
612 Jan
2 Dec
412 Nov 25
11
/
4June 3
212 28 12.500 Tobacco Products Corp No par
/
4
/
1
4
7 Jan 131 July
Dec 11 14 Apr 10
Class A
No par
63
4
63
4 718 8.500
4
103 Dec 251 Sept
8
25
2 Dec 11 18 Feb 215
/
1
4
38.100 Transits'erIca Corp
2k 3
/
1
64 Nov 284 Jan
/
1
43 Dec 11 1712 Mar 6
8
500 Transue & Williams SVI No par
48 47
54 Dec 2014 Apr
/
1
4
3 Oct 8 113 Feb 24
8,500 Tri-Continental Corp__No par
3
318
/
4
8914 Apr 961 Sept
8% preferred
100 51 Oct 5 9414June 15
900
62
62
/
4
2614 Oct 411 Mar
/
1
4
244 243
4 1,300 Trico Products Corp___No par 2414 Oct 6 45 Feb 27
912 Dec 22
Truax Truer Coal
14 Dec 11 10 Jan 20
/
1
No par
800
lk
17
s
203 Nov 371/4
4
10
100 Truscon Steel
718Sept 22 24 Feb 24
7 s 77
7
8
1414 Dec 24 Sept
No per
238 Dec 10 213 Mar 10
4
2,000 Ulm .t Co
*212 3
49 Dec 138 Mar
8
4
r2018 2014 2,800 Under Elliott Fisher Co No par Z20' Dec 11 753 Feb 27
/
1
888 Dec 194 Sept
Union Bag&Paper Corp No par
612 Oct 6 14 Aug 31
•8
10
521 Dec 1004 Mar
/
4
/
1
2918 301z 92.550 Union Carbide & Carb_No par 2712 Oct 5 72 Feb 29
201s Dec 50 Apr
25 1134 Oct 1 28 Feb 13
/
1
4
123 13k 8,800 Unlon 011 California
4
23 Dec 3812 Apr
No par 1712 Dec 10 2518 Jan 3
4 1.600 Onion Tank Car
1712 183
183 Dec 99 Apr
8
/
1
111 123 57,600 United Aircraft de Tran _No par 114 Dee 10 3878 Mar 26
/
4
4
4
413 Dec 773 Apr
4
Preferred
4
50 40 Oct 5 611 Aug 14
45 4512 1.000
4
3212 Dec 588 May
No par 2134 Dec 11 411 Mar 26
/
4
1.800 United Biscuit
2134 23
Oct 142 May
Preferred
100 los Nov 6 122 Mar 23 115
105
144 Dec 84 Apr
/
1
No par
2
61 Oct 5 283 Feb 11
/
4
Ok 1014 1,600 United Carbon
8 June
/
1
4
3 Dec
/
1
4
No par
I% Oct 27
74 Apr 9
/
1
13
4 18 4,100 United Cigar Stores
Jan 68 June
Preferred
26
100 28 Dec 11 z76 Apr 10
1,000
26
26
97 222,655 United Corp
134 Dec 52 Apr
/
1
No par
8 4 Dec 11 3114 Mar 19
3
834
/
1
4
6312 Dec 53 Apr
Preferred
No par 31 Dec 11 521 Mar 26
/
4
11,800
33
31
314 Dec 19 Feb
/
1
4
No par
3 Jan 2 12 Feb 27
1,300 United Electric Coal
33
4 4
Jan
4612 Dec 105
No par 224 Dec 11 673 Feb 27
/
1
4
13,200 United Fruit
2214 23
/
1
4
2414 Dec 4938 May
Dec 11 37 Mar 17
United Gas Improve
/
4
No Par 191
93.541
1914 20
Jan 10412 Oct
97
/
1
4
Preferred
No par 9214 Dee 11 106 Aug 26
2,200
9214 93
212 Dec 14 Mar
United Paperboard
2 Sept 8
3 Jan 71
/
1
4
100
3
/
1
201 Dec 324 Apr
/
4
United Piece Dye Wka_Na par
4
93
/
1
4
93
9 Dec 11 313 Feb 19
8
41 Jan 147 June
/
4
/
1
4
9 Apr 9
14Sept 30
/
1
3.000 United Stores elms A __No par
2
2
1512 Jan 503 July
4
Preferred class A ___No par 21 Oct 3 52 Apr 9
2,600
SO
30
19 Aug 39 Mar
/
1
4
7
700 Universal Leaf Tobacco No par 15 8 Oct 6 4112 Apr 11
•18
1814
27 Dee 76 May
/
1
90 Universal Pictures 1st pfd-100 24 May 6 574 Aug 3
421t 421z
9 Apr
2 Dec
4 Feb l!
52 Oct 6
400 Universal Pipe & Rad__No par
81
81
1812 Jan 3814 Apr
20 11 Sept 21 3718 Mar 26
,890 I, 8 Pipe & Foundry
113 123
4
s
154 Jan 21 May
/
1
at preferred
No par 14 Oct 2 204 Mar 20
147
/
1
400
148
/ Jan
1
4
7 Dec 20
U 8 Dletrib Corp
8June 2 10 Mar 20
No par
67
*5
10
452 API
/ Dec
1
4
k Dec 9
154 Jan 7
*14
84
100
100 U 8 Express
1612 Dee 103 Apr
No par
8 Dec 11 3012 Mar 24
84
4,800 U 8 Freight
53
4 6
s
6 Dec 327 Mar
/
1
4
11 Oct 1 1212 Feb 24
/
4
No par
25s 1.600 U 8 & Foreign Seour
2k
73 Dec 101 Mar
Preferred
No par 4812 Dec 7 80 Feb 17
200
58
*41
20 21 Dee 11 50 Mar 27
213
4 2,600 U S Gypsum
21
/
1
4
5 Dec 30 Mar
314 Dec 11 1238 Apr 1
400 U S Hoff Macb CorpNo par
314
312
5012 Dec 13038 Jan
/
1
4
2718 2912 53.600 U S Industrial Aloohol_Ne par 20313 Oct 5 77 Feb 25
314 Dec 1512 App
3
23 Oct 5 10 4 Mar 19
8
No par
g
2 s 2.240 U S Leather
7
27
514 Der 26 Apr
/
1
3 Dec 10 154 Mat 19
/
1
4
Class A
No par
2,10u
37
8 4
64 Dec 94 June
/
1
4
Prior preferred
100 66 Dec 4 86',J,117 2$
7018
*63
25 Dee 75 Mal
/
1
4
512 Dec 9 8614 Fet 26
512 5 8 9,050 U 13 Realty & Impt____No par
7
11
Oct 86 Apr
4 Dec 11 20k Mar 20
No par
414 16,340 U 13 Rubber
4
1912 Dec 63 Apr
/
4
/
1
4
lit preferred
100
73 Dec 10 361 Mar 21
4
5,433
3
7 4 814
171 July 3012 Jan
/
4
/
1
4
1358 1418 14.900 U S Smelting Ref & Min___50 12 Sept 13 2534 Nov 10
40 Dec 53 Jan
/
1
4
Preferred
50 35 Sept 17 47 Apr 1
700
3918 391s
/
1
8
4
3
U S Steel Corp
100 45 4 DeC11 1528 Feb 26 1344 Dec 1983 Apr
4
453 4812 507.800
Preferred
100 10234 Dec 11 150 Mar 20 140 Jan 18114 Sept
4
1023 1035* 10,200
/
4
591 Dec 68 Feb
/
4
No par 60 Sept 25 711 Mar 11
800 U 8 Tobacco
60
60
19 Dec 453 Apr
/
1
4
4
8 Oct 8 31 Feb 28
No Par
.
214 9 37 000 Utilities Pow & Lt A
1 Oct
12Sept 26
2 Feb 26
712 Mar
No par
k 3,200 Vadeco Sales
100 14 May 19 28 Feb 18
1212 Dec 697 Alff
2
Preferred
400
•1612 1718
/
1
No par 12 Dec 11 764 Mar 25
443 Nov 14314 Apr
8
/
1
4
124 133 18,300 Vanadium Corp
Oct12
1
8 Apr
/
1
4
314 Feb 20
11 Dec
/
4
84 1,300 Virginia-Caro ChemNo par
18
8 Oct 5 17 Feb 19
100
9 Dec 344 Apr
/
1
6% preferred
318 312 1,300
7% preferred
100 41 Dec 11 711 Jan 7
/
4
6712 Dec 828 Apr
8
300
41
41
60 Virginia El & Pow pf(0)No par 8538 Dec 11 109 May 12 100 Dec 10712 Oot
8.55* 87
100 3018 Dec 11 711 Feb 24
/
4
361 Dec 156 Mar
/
4
420 Vulcan Detinning
8
3018 307
4
No par 178 Oct 1 277 Feb 17
8
g
211 Dec 318 Apr
/
4
1,400 Waldorf System
2014 21
/
1
4
No par
213 Oct 5 15 Feb 18
1012 Dec 42 Apr
212 212 3.000 Walworth Co
1314 Apr 29 2711 Mar 12
1218 Dec 54 Mar
2.200 Ward Bakeries elms A_No par
12
•
9
134 Dec 11
Class B
No par
3 Dec 153* Apr
8 Jan 30
/
1
4
1.100
184 2
/
1
4
Preferred
45 Dec 77 Apr
100 24 Apr 29 5712 Jan 30
200
44
42
*
.No par
9 Dec 8014 Mar
/
1
4
218 Dec 10 20 8 Feb 17
3
218 28 64,725 Warner Bros Pictures..
812 Dec 11 4012 Jan 9
31 Dec 7014 Mar
Preferred
No par
300
812 10
414 Dec 27 Ape
No par
1 Oct 1
7 Feb 4
/
1
4
•114
15* 1,100 Warner Quinlan
261 Dec 63 Apr
/
4
/
1
4
No par
45 Dec 11 4684 Feb 27
8
458 514 7,400 Warren Bros new
40 Nov 56 Sept
/
1
4
Convertible pred
No par 15 Sept 29 4978 Feb 27
240
17
17
No par 13128ept 21 32 Feb 20
224 Dec 4312 Ma)
/
1
2.500 Warren Fdy & Plpe
•1418 16
2 Dec
/
1
4
94 Mar
/
1
No par
/ Dec 11
1
4
6 Feb 24
12
k 18,660 Webster Eisenlohr
8
8
193 Dec 297 Mar
8 1,800 Wesson Oil& Snowdrift No par 1214 Oct 6 2614 Mar 20
153
15
5012 Jan 594 Apr
/
1
Preferred
No par 444 Oct 6 57 Feb 11
/
1
4
/
1
300
62
*49
4
4
44k 468 35.000 Western Union Telegraph_100 4212 Dec 4 1503 Feb 24 12218 Dec 21938 Feb
3114 Dec 52 Feb
/
4
1212 133 10.800 Westinghlai Air Brake_No par 1212 Dec 11 361 Feb 21
8
881 Dec 20112 Apr
4
8
2714 287 101,340 Westinghouse El & Mfg----50 2714 Dec 10 1073 Feb 28
/
1
4
4
1st preferred
7118 7118
60 7118 Dec 11 11912 Feb 27 107 Nov 1973 Apr
350
1712 Dec 487 Mar
8
612 612 1,100 Weston Eleo Inetruml_No par
614 Oct 1 28 Feb 21
83 June 36
Jan
Class A
/
1
No par 823*June 11 364 Jan 5
2912
*20
95 Dec 110 Apr
West Penn Elec class A-Ne par 61 Oct 5 10514 Apr 22
80
*70
/
4
Mar
Preferred
100 65 Oct 1 112 M 27 102 Nov 1121 Sept
4
390
4
793 793
9014 Dec 104 July
100 50 Dec 11 103 Mar 19
150
(6)
5518
50
1
120 West Penn Power pref
1001m Oct 6 120 Feb 17 11312 Jan 11814June
108 109
6% preferred
100 z90 Oct 5 11312Ju1y 10 10314 Dec 11112 Sept
97
80
97
20 Oct 50 Mar
-No par 1011 Dee 7 4412 Feb 20
105 105
8
8 1.600 West Dairy Prod el A.
4 Nov 24 Apr
/
1
4
/
1
4
/
1
4
Class B
Na par
212 Dec 5 12 Mar 25
212 212 1.600
18 Dec 5912 Feb
8 Dec 10 40 Mar 16
84 8 4 2,400 Westvaco Chlorine ProdNo par
1
Nø par 1014 Dec 10 20 July 7
800 Wheeling Steel Corp
1014 1014
/
4
Dec
No parWI;
7 8 Oct 8 261 Jan 12
2
10
105
8 3,500 White Motor
/
1
4
82 Dec 5474 Mal
1.100 White Rook Min Spring ott_50 2214 Oct 5 47 Mar 20
*2412 29
5 Apr 6
White Sawing Mathine_No par
1 Dec 11
218 Dec 13 Mar
/
1
4
900
I
1
3
Preferred
2 Deo 2 10 4 Apr 13
4 Dec 39 AP
No par
600
/
1
4
2
2
9 8 Mar 26
8
3 Oct 1
No par
64 Dec 21 Apr
/
1
1,100 Wilcox Oil& Gee
4*
*3 4
3
/ Jan
1
4
1911 Dee 84
100 Wileon-lth ol A sone *IAN@ pat 1814 Oct 2 80 Mar 19
20
20
8 Mar 19
13 Oct 2
4
3
Apr
5
/ Oct 11
1
4
8 212 8,600 Willys-Overland (The)
23
Preferred
100 1412 Oct 6 5614May 9
451 Nov 85 AIR
/
4
100
25
*22
4 Feb 10
No par
re Oct 17
11 Dec
/
4
754 Mar
900 Wilson & Co Ine
3
4
8
1
184 Oct 6 103 Feb 17
Clam A
No par
4
48 Nov 18 Mar
4
214 3.300
2
Preferred
100 15 Oct 6 513 Jan 12
4
85 Dec 5412 Mar
200
21
•17
10 4111 Dec 11 723 Aug 18
/
1
4
4
5112 Dec 72 Jan
4112 433 124,800 Woolworth (F W)Co
8
100 20 Oct 6 1067 Feb 24
8
47 Dec 169 Apr
0,600 Worthington PAM
227 24
8
Preferred A
100 40 Oct 3 95 Mar 7
Jan 107 Apr
88
300
41
4314
100 37 Nov 21 833
Preferred B
83 Dee 93 Mar
8Mar II
30
•20
7 4 Oct 16 27 Feb 25
8
Wright Aeronautical___No par
1012 Dec 5912 Mar
12
*8
/
1
4
65 Doe 80 July
4 4,300 Wrigley(Wm)Jr(Del)_No par 50 Oct 5 8038 Mar 4
53
543
25 10 Dec 11 30 Jim 23
Yale & Towne
25 Dec 77 Mar
2.600
11
10
/
1
4
314 Dec 11 1518 M ar 20
812 Nov 32 Apr
314 313 10,500 Yellow Truck & Coach cl B-10
100 1712 Oct I 78 Mar 19
Preferred
50 Dec 105 Apr
200
25
25
19 Oct 47 Mar
814 Dec 10 29 Feb 24
914 914 2.000 Young Spring & Wire__No par
8914 Dec 152 Apr
Oet 1
5
8
197 19 s 3.500 Youngstown Sheet & T_No par 1978 D ce 16 7 14 Feb 28
8
7
27
7
8 1
1,100 Zenith Radio Corp____No par
1 -8412
D
11
_!-- -.!!- 6 2-.°
1
7 Oct 6 14 June 24
F
712 8,900 Unite Products Corp
7
•Bid and asked prices: no sales on this day. I Ex-dividend. y Ex-rights,
STOCKS
NEW YORK STOCK
EXCHANGE.
Ii""iii
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
3941
OM Jan. 1 1909 the Exchange Method of gaoling bends was ehansed and oriceA are now -arta Inter air-ercepi for income and defaulted bonds.
BONDS.
N. Y. STOCK EXCHANGE.
Week Ended Dec. 11.
t.1
Price
Friday
Dec. li.
Week's
flange or
Last Sale.
Range
Since
Jan. 1.
Ask Low
Bid
U. S. Government.
High No.
First Liberty Loan
9931 1151
,
• D 091233 Sale
834% of 1032-47
ii)100 1001.33 100133 Dec'31
Cony 4% of 1932-47
,
ID 100.33 Sale 100.33 100 .3 664
Cony 414 % of 1932-47
1011633Sept'31
24 cony
J O)
% of 1932-47
Fourth Liberty Loan
•0 100,133 Sale 1001.33101.33 2403
41% of 1933-38
/
4
100 Sept'30 _J
Conversion Sc coupon
031 Sale 10210331041.3 984
Treasury 4118
1947-1952 AO 102.
033 Sale 99.43 101.33 1092
Treasury 4s
1944-1954 JO 99.
/
4
Treasury 3(e1948-1956 MS 973,as Salo 97..33 99113 1141
033 Sale 94,033 971,33 295
Treasury 31
1943-1047 J D 94.
/
48
Treasury 131__ _Sem 15 1951-1955 Ms 88..33 Sale 88.433 91.33 1875
033 Sale 9521133 97"33 334
Treasury 334e June 15 1940-1943 J D 94.
043 Sale 942033 9713,1 571
19411943 MS 94.
Treasury 3340
Treasury 334e_June 15 1948-1049 J I) 90.633 Sale 901233 931.33 984
9834 Sept'30
1961 Q NI
Panama Canal Sc
State and City Securities.
NYC a% Corp eitk-Nov 1954 MN
1965 MN
8340
1936 NI N
4$ registered
1955 NI N
is registered
1957 MN
4% corporate clock
N
434% corporate stock _ _ _ _1957
I957 NI N
434% corporate stock_
1958 MN
4% corporate atock
1959 MN
4% corporate stock
1960 M
41 corporate stock
/
4%
•B
434% corporate stock _ _ _1963
434% corporate stock _ _ _ _1985 J
1963 M S
New York State 434a
Foreign Govt. & Municipals.
1947 P A
Agri° Mtge Bank ,f 6a
Sinking fund 6a A _ _Apr 155948 AO
Akershue (Dept) ext 5s__ _1963 MN
Antiouula (Dept) col 7e A 19415 ii
External e f 78 eer 13
1945 J i
External e t 78 ser C
1945 J i
External e 1 70 eer D
1945 ii
External a t 78 let ser_ _ _1957 AO
External aec I 7s 24 eer_1957 A 0
External ice e 1 78 3d ger_1957 AO
Antwerp (City) external 56_1958 JD
Argentine Govt Pub Wks 66_1960 AO
Argentine Nation (Govt
Sink funds Os of June 1925_1959 in
Ext1 • 1 tis of Get 1025_1959 AO
1957 SI S
Exit I 1 68 merles A
External 613 sales B _ _Deo 1968 J O
Ertl t fis of May 1928_ _1960 MN
External 218s (State Ry)-1960 M S
Exti (le Sanitary Works_ _..1961 FA
Ext1 (is pub wks(May'27).1901 MN
Public Works call 5318.-1962 FA
Argentine Treasury 5e
_ _1945 56 S
Australia 30-yr 5s_ _July 15 1955 J J
External Scot 1927_ _Sept 1957 NI S
External g 4342 of 1928-1956 MN
D
Austrian (Govt) $ t 78
1943
Internal e 1 71
1957 J
92 Nov'30
0234 Apr'31
10012 Apr'31
9912 July'31
102 May'31
9812 Dec'31
109 May'31
10012 Apr'31
10012 Sept'31
9912 Oct'31
10614 Dec'30
11018 10512 Dec'30
112
Jan'31
24
25
45
1634
1712
17
17
1812
1612
1612
Sale
Sale
48
Sale
Sale
Sale
Sale
Sale
18
1712
7434
534 Sale
62
53
5212
52
52
51
5118
52
4218
46
48
48
4312
83
393
4
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
5012
Salo
Sale
Salo
Sale
Sale
24
29
25
265
8
48
51
16 8
,
1818
1712
1818
17
1818
17
1818
1612
173
15
18
15
18
78 Dec'31
534
55
36
10
26
11
12
9
30
15
16
14
52
53
5212
52
52
51
5118
52
4218
50
47
4712
41
83
35
51
80
57
51
79
81
51
13
53
5558
544
/
1
553
4
56
54
/
1
4
55
544
/
1
545
8
4914
51
4912
50
443
4
87
4212
40
5
239
192
84
120
105
Bavaria (Free State)6 As_ -1945 A 2114 Sale 20
2734 79
Belgium 25-yr exti 634e
1949 M S 851s Sale 84
873 108
4
External s f 6e
1955
.▪ 1 78 Sale 74
81
279
External 30-year 1 7a_ DM J 1) 8914 Sale 8412
9114 316
Stabilization loan 78
11/56 MN 89 Sale 8412
91
460
Bergen (Norway)Esti sink funds 5a Oct 151949 A 0
80 Dec'31 -External sink fund 58
1960 51 S
06 Sept'31
Berlin (Germany) e I 6/ -1950 AG 22 Salo 22
1
411..
25
69
External. f 68_ _June 15 1968 J D 20 Sale 1714
23
59
Bogota (City) extls f88_ _1945 AO 25
29
25
30
12
Bolivia (Republic of) art'88 _1947 MN
10 Sale 10
11
65
External secured Ts W80_1958 J J
Sale
7
7
9
37
External a f Ta (fiat)
1969 M S
67 Sale
8
678
812 29
Bordeaux (City of) 15-yr 68_1934 NI N 1007 Sale 10012 1012
e
4 77
Brazil(U H of) external Sc. _1941 J D 23 Sale 2212
25
43
External.1634 01 1(138 1957 AO
,
17 Sale 17
19
37
Extl
1957 A 0 1612 Salo 1612
634e of 1927
2014 40
71 (Central Ity)
1952 J I
1612 Salo 1612
18
17
7341 (coffee eeeur) (flat)_1952 AO
17
18
131
61
12
Bremen (State of) extl 7s_ _ _1936 NI S 3018 Sale 28
3112 62
Brisbane (City) a 1 58
1957 M
35 Sale 35
40
33
1958 A
Sinking fund gold 58
35
39
40
40
18
1950 J D 38
20- year s I Os
40
38
45
17
Budapest (City) extle f 0_1962 J D 2112 Sale 2114
2312 73
Buenos Aires(CRY)6 3442 11 1955 J J 5212 Sale 514
57
48
External.1 Os ger C-2.. 1960 AO 40
45
41
41
1
External I 1 6e err C-3_ _1960 AO 40
53
45
45
1
Buenos Afro/ (Prey) ext1 68_1961 M S 2612 Sale 26
307
8 67
1961 F A
Exti e I 6348
2712 Sale 26
2812 56
Bulgaria (Kingdom) I 7e_ _1967
27 Sale 27
29
20
Stabien c 1 734s Nov 15-1068 M N 387 Sale 3714
48% 47
r, •
4u,
Price
Friday
Dec. 11.
Week's
Range or
Lail Sale,
461
Range
Since
Jan, 1,
Bid
Ask Low
High
High No. Low
Rich
Cundinamarca (Dept) Colombia
20 Sale 18
.191"n
22
1959 SIN
9811
External e t 634s
29
1512 (1212
991.33101"n Czechoslovakia(Rep of) 8s_1961 AO 9912 Salo 9912 103
6
957 III
2
100
12, 9511 110 4
9910 31011.33
4
Sinking fund 88 ser 13
A0 99 Sale 99
3
_194 2
1001
.n102
-year esti 6I__1952 J J 7412 Sale 7412
8014 80
Denmark 20
69 10714
1955• A 60 Sale 6418
69
23
External gold 6345
6412 102
/
1
8
74
100 105.33
60
External g 4 AB_ _Apr 15 1962 AO 534 Sale 535
534 10018
/
1
93
70
Deutsche Bk Am part ctf 81_1932 MS 63 Sale 5974
59% 1004
32
/
4
75
Dominican Rep Cust Ad 618 '42 MS 62 Sale 62
50
96
1940 AD 47 Sale 47
47
3
99.43100.33
let ser 534e 01 1926
40
91
14n107.In
453
4 16
97
24 series sink fund 534s. _1940 A0 43 Sale 43
42
94
2812 2812
25
'320135(n Dreeden (City) external 75..1945 SIN
29
941
3
25
ge
4
881411, 9915
10
85
.Dutch East Indies esti 63_1947 ii 773 Sale 77 4
,
771 10212
2
772 Sale 75
4
1962 M
83
39
941...210315”
-year external (Se
40
76 10238
724 Sale 7212
3
94112.11011.21
-year ext 534e Mar___ _1953 M
80%
80
724 10312
723 Sale 723
4
13
4
80
9013a 1011,,
-year ext 510 Nov __ _ _1963 MN
30
72, 10234
4
1948• y 52 Sale 494
54
13
El Salvador (Republic)8a
40 107
25
36
(Republic of) 78.-1967 J J
383 26
9
Estonia
4
26
72
45
5218 11
Finland (Republic) art' 813_1945 56 S 454 50
40
97
51
56
6014 16
External tanking fund 78_1950 MS 50
35
99
511
1
48_
5212 48
92$g 928,
13
External sink fund 6/ _1956 MS 22
3618 96
44
38 Sale 38
1004 10012
39
External sink fund 5348_1958 FA
34
888
4
9912 9912 Finnish Mun Loan 634e A 1954 A0 4012 54
58 Nov'31
40
94
54
102 102
43
43
1
External 6348 eerie.] B._ _1954 AD 43
43
9312
9812 1071 Frankfort(City of) s I 834e_ _1953
2018 Sale 184
227
51
N
/
4
18
87
1074 109
8 1141 374 108 127
French Republic 6211 734._194l it' 11214 Sale 1107
1949 JO 11214 Salo III
100 112
0414 0 1
113
321 108 121%
External 78 01 1924
Lou
9912 1003 German Government Interna4
311
1
431
tional 35-yr 5/ of 1930_ _1965 J D 28 Sale 263
4
_
German Republic ext! 75 _ _ _1949 A0 5014 Sale 46
51
0611116/1 Prey & Communal Bka
112 112
/
4
221
183 Sale 1834
4
(Cons Attie Loan)011-1958 .11
1954 MN 30
Graz (Municipality) 84
50
50 Dec'3
20
75 (31 Brit & Ire(U K of)530_1937 FA 89 Sale 88
91
Reglinered
2112 7312
FA
943 Sept'31
4
97
48
53
554 e5234
e4.% fund loan £ opt 1960_1990 MN e54
4
164 69
e5% War Loan £ opt 1029_1947 in e613 644(6312 Dec.3
16 0194 Greater Prague (City) 7348_1952 MN 98 Sale 98
983
1614 88
Greek Clovernment e f ear 78_1964 56 N 60
70
68
70
1988 FA 42 Sale 42
521
Sinking fund sec 68
164 88
11994562 A0 6912 75
14
6912
661 Haiti (Republic) a f 6.
/
4
691
13
Hamburg (State) 68
28
24
87
293
AO
13
Heidelberg(Germany)exti 732850 J J 27ls Sale 271
/
4
65
271
/
4e_
Helaingfors(City) ext 61 _1960 AO
46
76 104
443
4
471
22
2012 Sale 17
3512 983 Hungarian Munic Loan 7345 1915 J J
8
17 Sale 163
External I I 7s_ _ _Sept 1 1946 J J
4
19
30
81
354 99z Hungarian Land M Twit 7320 '61 81 N 30 Salo 2978
351 9 is
34
Sinking fund 7348 ger 13_ _1961 MN
3112 Sale 3112
9513 984 Hungary(Kind ol)sI 7348_1944 FA
3334 Sale 314 34
513-.1960• N 6712 708 7612 Dec'31
314 984 Irimh Free State extl
3512 983 Italy (Kingdom of) ext1 78-1951 J D 8312 Sale 8214
8
85%
33
9834 Italian Cred Consortium 78 A '37 M
85 Sale 82
8512
External sees 17e ser B-_1917 M
7418 Sale 74
344 9812
76
aril 731_1952 J J 60 Sale 60
36
983 Italian Public Utility
8
65
31
92
Japanese Gov 30-yr if 6346_1954 FA
9014 Sale 90
935e
88
Exti striking fund 5 341._ _ _1965 MN
40
75 Sale 75
79
Jugoslavia (State Mtge Bank)35
85
76
75
1957 AO 3112 Sale 3112
Secured •f g 70
37
1947 FA
.1 78
30
693 Leipzig (Germany)
4
22
26
25
/
1
4
271s
45
83 C10812 Lower Austria (Prov) 734g_ _1950 J D
44 Nov'31
35
-year 68_ _1934 • N 1003 Sale 1003
974 Lyeni (City of) 15
4
4 1013
4
8711
20
83 111
74 105
8412 11(34
8412 111
75 100
944 100
19
91
15 884
25
92
10
55
5
38
4
6
383
95 10614
20
92
17
7012
1612 70
15
7612
61 /110
26
99%
284 7212
2814 69
28% 83
2114 78
8011 95
2914 964
43
9314
1912 8312
1814 854
1818 77
29 4 85
,
Caldm Dept ot(Colombia)7341'46
2012 Sale 20
24
36
20
76
Canada( Domln of) 30-Yr 48-1960 AO 72 Sale 7114
754 78
/
1
71 14 97
6.3
1952 MN 89 Sale 89
/
1
4
911 132
89 10814
4%8
1936 FA 88 Salo 86
9114 45
88 103
/
1
4
1954 J J 81 1021 85
Carlsbad (City) c I 80
921
33
74 10912
Cauca Val (Dept) Colom 7348'46 A 0 2012 Sale 20
24
27
20
7718
Central Agile Bank (Germany)
Farm Loan a t 7s_Sept 15 1050 56 S 3512 Salo 32
34
2712 95
45
Farm Loan I (38_July 15 19130 J .1 3012 Sale 2212
265
8 99
18
84
Farm Loan e f tie_Oct 15 1960 A 0 293 Sale 2112
261 240
4
1812 83
/
1
4
Farm Doan Ils ser A Apr 15 1938 A 0 3012 Sale 26
301
2218 89
/
1
4
98
Chile (Rep)-Ext s 1 78_ ...,i942 56 N 21 Sale 21
251
15 100
20
External sinking fund 88_1960 AO 13 Sale 13
1538 62
10
86
External•f Oa
1961 FA
14 Sale 14
1538 32
12
80
Ry ref exile 1 fhi
1961 J I 11 Sale 14
151
12
48
86
Ext1 sinking fund 6e
1961 M S 14% Sale 101
4
131
72
10
87
Ertl sinking fund fis
1962 MS 16 Sale 157
3
16
12
18
88
EU) sinking fund 68
1963 M N
151
1318 Sale 1318
10
22
86
Chile Mtge Ilk 634s June 30 1957 J I) 13 Salo 13
16
12
24
88
8 I 61e of 1928_ _June 20 1961 • D
/
4
2712 sale 2618
30
79
234 90
Guar t 68
Apr 30 1961 A 0 1312 Sale 12
153
46
10
85
Guar a t Os
1962 MN
12 Sale 12
1338 28
74 85
Chilean Cons Muni()78
1980 MS
151
1214 8612
22
Chinese (Ilukuang Ry) 534_1951 J B 14 Sale 14
11
734 11
11
11
28
1
Chriatlania (Oelo) 30-yr. t 68'54 MS
76 Sale 75
76
/
1
4
7018 103
7
Cologne(City)Germany 634s 1950 M
2014 29
204 c25
/
1
20
/ 8914
1
4
15
Colombia (Republic) 613_ _ _1961
J
3012 90
20
78
External a 1 68 of 1928.....11161 AO 2238 Sale 2214
31
19
128
78
Colombia Mtge Bank 634o 011947 AO 22 Sale 22
19
25
22
25
24
73
1
Sinking fund 7e of 1928_1946 Si N
2412 Sale 22
26
22
83
15
Sinking fund 7e of 1927_1947 VA
2012 25
2234
28
223 7614
4
13
Copenhagen (CIO') 68
1952 J D 94 Sale 54
54 101
60
15
35-yr g 4 44
1953 MN
58
63 Dec'31
90
/
1
4
_
59
Cordoba (City) cat! a I 78-.1957 F A
(5i' sale 204 2234 24 10 75
s
External I I 79_ _Nov 15 1937 MN
3412 42 .7
30
92
37
1
Cordoba (Prov) Argentina 7$ '42 J J 40
8814
41% 4112
4112
40
5
Coot' Rica ()tepub.) exti 78-1951 M N
4012 Sale 36
7914
4278 61
35
Cuba (Republic) /35 of 1004_1944
7634 98
763
4
7712 13
External 5s of 1914 Mr A..1949 FA_
79
82
79 100
82
1
External loan 41 sex C_1949 F A
/
431
M N 76344 Sale
1
6212 873
4
61 4
,
613
4
1
/
41
Sinking fund 51 Jan 16 1953 J J
773 sale 734
4
704 99
44
80
/
45
Public wire 51 June 30 1945.5 1) 41 Salo 40
34
81
4212 229
C Cash sale. e On the basis of 63 to sterling. s Deferred delivery.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 11.
Marseilles(CRY of) 15-7r 60-1934 MN 1007 Sale 1007
8
8
10112
Medellin(Colombia)834......1954 J O 20 Sale 19
21
Mexican Irrig Asstng 43411_ _1943 MN
2 Sale
2
2
19
Mexico (US) ext11,3 of 1899 L '45 Q J
Apr'31
--__ 26
Amenting Mot 1899
214 3 Nov'31
ASBC130111 5e large
3
8
978 Nov'31
Assenting 42011904
2 Sale
2
3
21
Assenting 42 of 1910
212
212 Sale
Assenting 42 of 1210 large
3
4
Oct'31
4
1910 small
Assenting 48 of
214 Sale
214
214
Treas 68 01'13 assent(large)'33 i--5
2% Sale
3
27
Small
214 214
318
Milan (City, Italy) esti 5 348 1953 115 60 Sale 60
6412
Minas Gorses (State) Brazil
1958 MS 14 Sale 14
External 0163413
17
1959 56
Ertl sec 0342 scrim A
15 Sale 15
1518
Montevideo (City of) 78-.1952 ▪ I) 24 Sale 2234
2412
1959 MN
External If (is series A
21
21 Sale 21
Netherlands 6e (fiat irricus)_ A972 MS 10112 Sale 10012 102
New Bo Wales(State) ext152 1957 FA
4734
4512 Sale 42
Apr 1958 AG 451 Sale 41
External s I 52
/
4
473
4
1943 FA 76 Sale 7.538
-year exti 68
Norway 20
77
-year external (ls
20
FA 74 Sale 74
78
19441962 A 0 70 Sale 70
0-y mr e tte n e
3
40_ y ear 8x 5rial 68
78
191351y n 65 Sale 85
68
'm
External • I 6a___Nlar 15 I963
613 Sale 6134
4
62
Municipal Bank extl t 58_1967 y D
70
8014 Oct'31
58_1970 y
Municipal Bank extls
72
75 Nov'31
63
Nuremburg (City) extl 6.__191'2 F A
1814 Sale 17
/
1
4
22
8
1
OrIental
72
65 Sale 65
1958 ai N 6212 Sale 6212
m S
Extl deb 5348
6514
-year c I6
Oslo(City)80
3
1955 hi N
70
80
76
80
Sinking fund 5348
1848 F A 99% Sale 997
997
660
670
2412 84
44 10512
44
18
833
8
35 1014
88 10834
9414 107
73 e52
944
4
01314 1014
5
94 106
8 80 c1031
/
4
28
g84
42
5
55
97
20
24
92
19
2718 984
24
38
9114
23
17
9412
21
163 877
4
1
19
29
95
20
3112 941a
97
24 102
_
7614 1074
173
71) c101
10
79 2 100
2
56
6912 98
61
80
97
613
88 107
/
1
4
148
72
013%
952
18
2
_
72
30
8512
2533 95
4012 10014
95 1061
4
147
12
4
94 10712
1452 75
844
2
30
5
11
10
53
131
8
11
/
4
2
1%
114
212
13
4
212
112
57
1214
114
10
111
4
1014
93
4
1302
1314
91
12
43
35
45
33
12
65
12
65
18% 92
1812 843
4
97 610614
28
694
274 6813
75 8c1084
3
74 10714
70 103
65 103%
613 102
4
75 10214
75 103
1738 8312
65 10114
6212 961
4
6611 1041
4
97 10214
Panama (Rep) extl 5l,4,.__.1953 in 83
86
87
1
86
Ertl *168 ger A...May 15 1963 MN 58 Sale 58
.59
9
914
Pernambuco (State of) esti 7$ '47 M
814 Sale
6
8
Peru (Rep of) external 7o_1959 56 S 15 Sale 15
1812 33
Nat Loan ext1s1(30 lit err 1960 J O
8 Sale
8
912 86
Nat Loan extl If 6,24 ser_1961 A0
8
814 Sale
83
4 41
1940 AO 50 Sale 50
5512 25
Poland (Rep of) gold 6s
70-1947 A0 48 Sale 48
Stabilization loan
51
186
1950 J J 5012 Sale 494
External Ent fund g 13s
541
81
Porto Alegre (City of) 88_ _ -.1961 J O
14
14 Sale 14
1
Ertl guar oink fund 734,_ _1966 ii 10 Sale 10
10
2
Prussia (Free State) exit 6340 '51 MS 2212 Sale 1934
25
124
1952 A0 20 Sale 194
External.151
233 254
/
1
4
Queensland (State) esti $17.1941 AD 61 Sale 5912
68
27
1947 A
25-year external 0$
53
55
50
53
10
Rhino-Main-Danube 70 A_1960 M
361 Sale 35
/
4
397
40
Rlo Grande do Sul extl If 8e.1946 AO
1514 1624 20
20
1
External sinking fund 61_1988 in
912 Sale
914
12
47
External 8175 of 1926_ _1968 MN )218 18
12
14
27
External a 1 78 munic loan_1957 ▪ D
1212 Sale 1212
1334 13
-year II 88_1948 AO
Rio de Janeiro 25
1418 Sale 1418
24
22
1953 FA
External II I 6 342
1218 Sale 11
1318 83
1952 AO 66 Sale 66
Rome (City) MI 8340
703
4 96
ext1 80_ __ _1964 MN 8512 Sale 8512
Rotterdam (City)
2
8912
Roumania (Nlonopolies) 78_.1959 A
5112 sale 5012
54
38
1953 iJ
Saarbruecken (City) Gs
75
66 Nov'31
Sao Paulo(City)s f 88__Mar 1962 MN 20
213 14
4
2014
5
External 81 634. of 1927 _ _1957 MN
15 Sale 10
17
18
San Paulo (State) extI If 86.1935 iJ 3634 Sale 363
4
37
17
1950 J J
External eece 18,
1718 1812 1712
22
54
External g t 7s Water L'n_1958 MS 16 Sale 15
16
11
1988 ii 10 Sale 10
External s 160
12
8
1940 A0 5012 Sale 49
Secured s 1 70
/
1
4
53
99
Banta Fe (Prov Arg Rep) 78_1942 MS 48 Sale 48
50
7
Saxon Pub Wke (Germany)741 FA
2718 Sale 235s
277
8 48
1951 MN 20 Sale 19
Gen ref guar 6 349
2278 34
Saxon State Mtge lost 7._ 1946 J
273 Sale 273
4
4
297
Sinking fund g 6318_ _Dec 1998 3D 20
30
26
28
5
Seine, Dept of(France) ext 7,
'42 J J 10518 Sale 105
10514 120
Croats & Slovenes 88_1982 MN 3614 Sale 32
Serbs,
40
54
External sec 7s aer 13..
1962 MN 34 Sale 3314
40
36
85 10412
9334
55
67
7
97 61
2
514 1014
110
7
73
35
5012 83
82
90
EA)
12
71
10
1914 870
83
17
99
51
884 87as
35
987
s
1912 884
94 51.4
85
12
64
10
1312 8702
10
68
6014 914
854 10514
83
45
58
89
14
99
10
64 2
7
284 93
12
/ 8414
1
4
10
7812
10
58%
47
88
30
90
231 93%
/
4
19
884
273 98
4
25 C0334
103 108
30
93
29
844
21
23
12
20
132
145
13
47
4
25
12
New York Bond Record-Continued-Page 1
3942
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 11.
Price
Friday
Dec. 11,
Railroad
Ala Gt Sou lot cons A 58____1943 J O
1943 J
let cons 4e ser B
Alb & Susq let guar 3348-1946 AO
Alleg & West let g gu 411- ---1998 AO
Alleg Val gen guar g 49__ _1942 MS
,
Ann Arbor lit g 44_ __Jul- 1905 Q J
Atch Top & S Fe
-Gent 48_1995 AO
AO
Registered
Adjustment gold 41-_July 1995 Nov
July 1995 MN
Stamped
MN
Registered
Cony gold 4s of 1909____1955 ▪ LI
1965 ID
Cony 44 of 1905
Cony g 4e issue of 1910-1960 ID
1948 ID
Cony deb 43.48
Rocky Mtn Div let 4a-1965• J
Trans
-Coo Short L let 45_1958 Ii
Cal-Aria let & ref 414e A_1982 M
Atl Knox,& Nor let g 6e 19 J O
46
AU & Char! AL let 430 A..1944 J J
1944 .1 1
let 30
-year Si series B
1951 J J
Atlantic City let cone 4e
MI Coast Line let cone 44 July '52 M
General unified 434e_ _1964 ID
L & N coil gold 4s__Oct 1962 MN
.• 1
1948
Atl & Dan let g 4s
1948 Ii
26 42
1949 AO
AU & Yad let guar 4e
Austin & N W let au g 6el94l J J
Silt & Ohio let g 4s___July 1948 AO
July 1948 Q J
Registered
1933 MS
-year cony 4341
20
Refund dz gen 58 series A1995 J O
J O
Registered
July 1948 AO
let gold be
Re/ 5, gen Se series C__1995 J O
PLEA W Va Bye ref 0_1941 MN
1950 J 1
Southw Div let be
Tol & Cln Div lit ref0A..1959 Ii
2000 MS
Ref & gen be series D
1960 FA
Cony 434e
Bangor & Arooetook let 5s 194311
1951 J J
Con ref 48
Battle Crk & Eltur let gu 38-1989 JO
Beech Creek let gu g 48-.1936 J J
1938 J J
26 guar g Ss.
Beech Crk ext let g 330-1961 AO
Belvidere Del cons gu 3;46_1943 J J
1944 ID
Big Sandy let 0guar
Boeton & Maine let be A C_1967 M S
1965 MN
let m 55 aeries 2
1961 AO
let g 410 ser I .1
Boston & NY Air Line let 481955 P A
Bruns & West let gu g 48_1938 .1
1937 54 S
Buff Roch & Pitts gent 58.
1957 MN
Consol 430
Burl C R & Nor let & coil be-1934 AO
Canada Sou cons gu 649A___1962 A 0
Canadian Nat 430.Sept lb 1954 M S
11)571 J
30
-year gold 434e
19681
Gold 430
Guaranteed g 55--JulY 1969 J
Oct 1969 A 0
Guaranteed g be
_1970 F A
Guaranteed g 5s
Guar gold 4318___June 15 1955
1968 F A
Guar ets
Canadian North deb 51 78_ A940 J D
19481 1
25
-year f deb 6 Ms
10-yr gold 130___Feb 15 1933 F A
Canadian Pao Ry 4% deb stock_ J
1946 M S
Col tr 434e
1944 .1 1
Se equip It ctfe
Deal 19541 D
Coll tr g be
1960 J J
Collateral trust 430
Carbondale & Shaw let if 48-1932 M B
Caro Cent let cons g 48---A949 I
Caro Clinch & 0 181 30-yr 5e 1938 J D
let & con g 6s ser A Dec 15 '52
19811 D
Cart & Ad let gu g 48
1948 .1 D
Cent Branch U P let g 4s
Central of Ga let g 55__Nov 1945 F A
1945 M N
Coneol gold be
1959 A 0
Ref & gen 53485m-1es B
1959 A 0
Ref & gen 58 series C
Chatt Div pur money g 45_1961 .1 D
Div let g 55_1946 J J
Mac & Nor
Mid Oa & Atl Div pur m 611'47 J J
1945 J J
Mobile Div let g Se
1961 J J
Cent New 3.1ng let gu 48
Cent RR & nkg of Ga coil 581937 M N
J gen gold 5e-1987 J J
Central of N
1987 Q J
Registered
1987 J J
General 44
1949 F A
Cent Pac let ref gut 4e
F A
Registered
Through Short L let gu 4s 1964 A 0
1960 F A
Guaranteed g Se
Charleston & Sav'h let 7e_ _1936 J J
N
Chen & Ohlo 1st eon g 5s--1939
MN
Registered
1992 M
General gold 430
M S
Registered
1993 A 0
Ref & Inapt 430
1995 J
Ref & Inapt 430 ser B
Craig Valley let be__May 19401 J
Potts Creek Branch let 42_1946 .1 J
-1989 J J
R & A Div let eon g
1989 J J
26 coned gold 48
Spring V let g be_ _1941 M S
Warm
Clew Corp 5e-Bee under Indus trle
Chic & Alton RR ref If 55.1949 A 0
CU den etpd Apr 1 1931 bit.......
Railway first lien 3Ms_ _ _1950 3 J
C Cash sale
a Deferred del very
Range
Since
Jan, 1
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Dec. 11.
Price
Friday
Dec. 11.
Week's
Range or
Last Sale.
4'0
High Mak
Ask Low
Bid
High
HOS Na. Low
8112 24
2512 6914 Chic Burl & 14-Ill Div 3348_1919 J J 8112 Sale 8112
31
40
91 June'31
J .1
Registered.
16, 80
8
13
18
9318 9112 Nov'31
1949 J
85
Illinois Division 40
963
8c10814
50
102
8512 54
1958 M S. 85 Sale 84
General 48
5614
48
6
9512
27
89
1977 F A 87 Sale 87
lilA ref 430 eer B
68 107
91
833
35
981 107
1971 F A 9512 Sale 9512 100
/
4
let & ref Miseries A
51
103
90 Nov'31
Chicago & East Ill let 68_1934 A 0 7514 85
30
76
35
41
43
17
CA E lii Ry (new co) gen 5e_1951 MN 1312 Sale 1312
663 97 Dec'31
4
Chic & Erie let gold be_ _1982 M N
95
82
66i 34
62 Sale 62
497 136
8
8412 Chicago Great West let 48_1959 M S 4.2 Sale 41
35
3812
5
381 Sale 3812
,
1
53
53
90
1947 I J 29
63
0712 Chic Ind & Louis, ref 6e
56
69
63 Sale 63
Apr'31 -98 101
Refunding gold So.......1947
48
23
76
2
25
25
15
29
91 Apr'31
Refunding 4m aeries C
1947 J I 0 91
65 10014
6512 Dec'31...1
35
1966 M N
3412 35
1st & gen be series A
894c104
/
1
96 Sept'31
65
35
1st & gen Os ser B.__May 1966
3512 40 Dec'31 -60
915
4
Oct'31
60
26
51
91 Sept'31
Chic Ind & Sou 50-yr 4e
1956 J I 61
3012 104
14
45
4412
40
50
08
9912 Oct'31 -1969 1 D
25
887 Chic L S & East let 430
5
311 95
/
4
27 Sale 27
12
60
56
88
/ ch M & St P gen 48 A_ MaY 1989
1
4
I 54
25
3114 27
2714 Sale 2714
'
5 31
Gent 330 vet B____May 11189
J 4214 55
55 Nov8
8214 1007
8312
1
8
8212 8512 8312
Gen 430 series C_May 19893 1 58
63 4 6512 Dec'31 -3
50
89
45
56
5614 Sale 5412
22
65
Gen 430 series E_ __May 1989 J J 58
64
57
2614 70
3818 26
3612 Sale 3612
31
Gen 44sseries F___May 19891 1 60 Sale I 60
65
70 1014
7814 116
70 Sale 70
333
6
33
Chic Mllw St P & Pee 5a..1975 F A 263 s e 2534
634 Sale
4
ba
9 639
Cony
Jan 1 2000 A 0
12
52
4
4
9614 105 Sept'31' ____ 1024 10512 Chic & No West tent 330_1987 MN --_- 513 5118
Registered
Q F
7912 Mar'31
92
/ 9444
1
4
9414 Aug'311__
553
8 15
General 45
1987 M N 53 Sale 53
9214
82
82 Nov'31,-75
Stpd 48 non-p Fed Inc tax '87 M N
67 67 Nov'31
/
1
4
88
9014
Oct'31i____
86
____
Gen 4ke etpd Fed We tax_1987 SIN 30
Oct'31
80
85
82 100
82
5
82
87
70
Gen 55 iitpd Fed Inc tax_1987 MN 31
4
88
8612 Nov'31
4014 801
44 Nov'31
10
30
Sinking fund deb be
1933 M N 65 Sale 65
65
8414 101
88 I 152
8515 Bale 8414
Registered
M N
80
99 June'31
/
1
891s 994
90 Nov'31.
15
-year secured g 6;0_1936 M
7712 Sale 77
80 c9912
3800144 21
2
81 1
85 80
78
let ref g be
1
May 2037 J D 3518 40
78
9812
3934
80
6
79 Sale 7914
/
1
4
& ref 430
May 20373 D
44
50 Dec'31
84
9412 May'31,-031 9412
/
4
let & ref 430 ser C_May 20371 D
8118 98
2
39
44
4418
8118
811
/
4
' 4
78
Cony 430 series A
1949 M N
243 Sale 243
4
4
3038 366
087
8
79
81
81 I
3
78
9414 951s
86
95 Sept'31 --__
Chic RI & P RallwaY gen 4 19881 3 6514 Sale 6518
6558 44
8
90 •4 122
98 I 77
9212 Sale 90
J
Registered
6514 70
71 Nov'31
8412 98
89
8412 Oct'31,---1934 A 0 47 Sale 47
56
199
Refunding gold 48
89 10014
5
89 i
89 Sale 89
A Ci
Registered
9614 Apr'31
_
84 106
12
84
8712
90
83
S 41 Sale 40
50
Secured 430 serles A__1952
152
10312 Feb'31I ____ 10312 10312
19130 MN 2812 Sale 27
37
158
Con, g 4148
90
991
4
Oct'31
897 90
8
6518 Nov'31
81
86 1044 Ch St L & N 0 Ile_June 16 1951 J D 55
/
1
86
93 Nov'31I --__
J D 58
4518 98 Sept'31
Regletered
86
9418
89 Mar'31
84
8512 May'31
Gold 330
June 15 1951 J D
777 99
8
77 8
7
81 I 40
78
81
8
MemphlaDivle%ga....,.19513 10 ---- 647 70Sept'31
80 102
80
7
80
86
80
3
4
67
923 Ch St LAP let eons g 6s--1932 A 0 963 1003 9914 Nov'31
4
4
4114 644 67 Dec'31
. A 0 95
Feb'31
9914 101
Registered
2112 52
24 I
2112 Sale 2112
8
45 Nov'31
43
Cb1cTHASoEatlst5e..1960J D 30
27
41
15
25
34 Nov'31
22
28
Inc gu 58
Dec 1 1960 M S 23 Sale 23
604 75
60
64 Sept'31 _
897 93 Dec'31
8
99 104 Mar'31 --__ 10114 10414 Chic Un Sta'n let gu 430 A_1963 3 J
1
1963 3 J ____ 100 00
1st be series B
19443 D 0814 Sale 9814
Guaranteed g be
983
4
9
8112 9912
823 Sale 8112
8
84
147
4
8 10712' 26
let guar 630 series C___ _1983 J 1 1063 Sale 1063
9712
924 Aug'31
/
1
92
7118 14
J J 67 Sale 66
/
4
68 1011 Chic & West Ind con
6- 912 Sale 69
743 118
8
14
91
91
88
let ref 530 iieriee A
196254 S 80
52 1043
52 Sale 52
64
29
4
80 Dec'31
85
80 103 (hoc Okla & Gull cone be 1952 MN
80
Oct'31
$91
1
CM H & D 2d gold 4 Ms__ 1937 J J 90 ....a91
9014 100
91 Sale 9014
94
47
9444 9212 Nov'31
60 11012 CIStL&Clitg4a.Aug2 1908Q F 89
61 Sale 60
7518 53
9818 Apr'31
Registered
Aug 2 1936 Q F
70
99
78
3
70 Sale 70
9412 July'31
8012 10512 ('in Leb & Nor let con gu 0_1942 M N
75 8 8012 Dec'31
3
90
5
60
60 Sale 60
60
1
867 Cin Union Term let 430_2020 J J 87 Sale 87
8
973 149
8
1st m 55 series B
20201 J 9612 Sale 9612
55 1044
56 Sale 55
65
13
4
9814 Apr'31
Clearfield & Mall let gu bil 1943 J J
42 Sale 42
42 199
53
235
1
75
cieve Chi Ch & St L gen 4s19931 D 70 ics
- 75
88 105
100
88
93
2
97 Nov'31
General be series 11
1993 J D 99 100
69
94
61
86
69 Nov'31 Ref & inapt 65 ser C
1941 13 ____ 10212 103 Nov'31
71
71
70
71
Feb'31
8
ars 893 Dec'31
Ref di !rept Sc ser D
1983II 50
60
95 10012 Sept'31
9712 101
6212 11
Ref &!mot 430 ser E
1977 J J 58 Sale 58
100
Jan'30
Cairo Div let gold 48
873 91 Nov'31
4
1939 31 75
51
____ 88 Mar'31
85* 88"
66
5
CInW&MDiv let g 0_1991 II
___ 66
71 Dec'31
St L Div let coll tr g 48.._1990
N 6580
8554 98
90
Oct'31
Sor & Col Div let g
MS 70._.. 75 Dec'31
62 10314
643 Sale 6314
8
67
46
WW Val Div let g 4e--1940 Ii 62
973 July'31
4
61 10314
96
64 Sale 61
64
13
55
4
62
24
60
75
593
964
Oct'311 ____
CCC&IgenCOD86611_---19341 I 94 102 102
St
65
81 Sept'31
85
98 Nov'31
88
88
Oct'31
0814 Clev Lor & W con let g ba1933 A 0
93
83 10314 Clevel & Mahon Val g be____19311 J J
101 Sept'31
83
89
87 Dec'31
CI & Mar lst gii g 4 qe
1936 M N
9912 Oct'31
51
19
49
90
51 Sale 50
98 Dec'30
90 1024 Cleve & P gen gu 430 eer BA942 A 0
4
85
9614 90 Nov'31
Series B 330
1942A0
1942 J J
10114 Nov'30
8812 Dec'31
:
60
68
881 10812 Sorted A 430
Series C 330
73 10212
/
1
4
194s M N
8014 Dec'31
78
5
7614 73%
Series D 314e
73 10248
73
773
8 40
8639
1
731 75
Gen 4 Me ear A
1970'A 957 l'
F
25
_
10112 Aug'3F____
72 10212
72 Sale 72
77
80 10814 Cleve Sbor Line let gu 4348_1961 A 0 --__ - 1 10014 Sept'31
91 8
84
21
8018 Sale 80
9812 34
80 19814 Cleve Union Term let 5341_1972 A 0 9618 Sale 9618
71
83
8012 Sale 80
1st a f &a series B
97's 31
1975* 0 93 Sale 93
8012 1073
14
4
83
/
7812 8173 8012
lets f guar 43.48 serial C 1977 A 0 85 Sale 85
9012 10
7512 104
80
92
7512 Sale 7512
92 Nov'31
1945 J D 87
95
7312 10114 Coal River Ry let gu 4a
774
4 40
7312 Sale 7312
8512 37
917 11312 Colo & South ref & ext 430_1935 M N 8212 Sale 8212
8
112
96
/
1
924 Sale 9178
58 s 19
Gni m 430 ser A
55
1980, MN
564 61
/
1
9314 121
67
99
933 Sale 9314
8
1948:A 0 70 __-_ 954 June'31
5 86 10312 Col & II V 1st eat g 418
4
91
8812 9212 893
9614 June'31
67
8912 Col & Tol let ext 4s
67
160
65
62 Sale 6134
Conn di Paneum Ely let 4e_1955 F O 70
90 Dec'30
1 43 A A
'
68 102
6914
71
7
74
69
54 Dec'31
58
87 107 °maid Ry non-cony(1044_1950 J 44
14
87
89
88
86
Non-cony deb 48___
58
72 Sept'31
195512 J 44
67 10612
21
67
75
5612 Nov'31
Non-cony Itch 44
44
_
1955IA 0
65 100
7012 64
67 Sale 67
Non-cony deb 44
58
1956 J J 44 - -- 2712 Nov'31
93 8 Oct'30
3
21
26
Cuba Nor Ry let 530
1942 ID 2312 Sale 23
40
75
40
40 Nov'31
15
4
413
4
Cuba RR let 50
-year Si 6_1952 J J 3712 3912 3012
/
1
100 10012 10012
5 1004 104
4018 10
40
44
let ref 730 series A
90 10912
1936 3D 40
85
90
90
2
2
40
let lien & ref 68 sec B
J O 40 Sale 40
92
80
1938
80
Oct'31
83
/
1
4
78
32
87
78 May'31
8514 27
78 Sale 77
90 10314 Del & Hudson let & ref 48__1943 M N
91 Nov'31
65
91
1
8314
30
-year cony be
70 10214
1935 A 0 8314 Sale 8314
25
65
70 Dec'31 _
2
8812
15
-year 530
193751 N 8814 Sale 8814
47 100
20
4214 49 Nov'31
Oct'31
90
9518 D RR & Bridge 1st gu g 49._1936 F A
18
21
29
2012
22
17
6212 47
Den & It G let cons g 45
1936 ▪ j 60 Sale 60
74
88
75 Sept'31
62 Dec'31
82
Consol gold 430
1936• j 60
9314 June'31
9314 102
26
72
Den & P.O West gen 5e_Aug 1955 FA
4
173 Sale 15
3
9778 10212 sept 30
5 0, Se : 1
40
19
Ref & Impt 5e see B_Apr 1978 AO 35 Sale 35
95 10139
3
712 30 Sept'31
63
61
6712 63 Dec'31
8914 Des M & Ft D let gu 4e...,..1935 J
4 Dec'31
3
20
Certificates of deposit
II
50
9914
50 Sale 50
60
5
_- 99 Nov'30
Dee Plaines Val 18t gen 4(48.1947 M
98 Sale 98
95 115
98 12
8
/
1
1955 ID 354 -- -- 35 Apr'31
100 11412 Det & Slag let Hen g 4e
100 100 Nov'31 38 Dec'30
45
Gold 4s
1995 * D 30
87
/ 9812
1
4
9712 973 Aug'31 2
Dec'31
Detroit River 'funnel 430..1961 MN 9014 ---- 91
80 Sale 797
844 59
/
1
797 99
8
8
Dul Nilseabe & Nor gen 60_1941 31 ____ 104 1043 Nov'31
97
9614 July'31
95
0812 97
9812 17
9514 9814 Dui & Iron Range let 55_ _1937 AO 96
66
83
9512 Sept'31
46 Aug'31
10
40
j
79 1054 Du)Sou Shore & Atl g 1a1937
79 Sale 79
/
1
7912 12
93
973 July'31
4
Emit Ry Minn Nor Div hit 45'48 * 0 87
109 111
111 June'31
8
East T Vs & 0a Div let 58._10841 MN ____ 867 87 Dec'31
15312 Sale 102
/
1
10312 47 1004 108
8812
1
--__ 10112 10314 Nov'31
_ 101 10312 Elgin Joliet dr East let g 58.1941 MN _--- 8812 8812
94
98 Sept'31
1965 * 0
_
El num & SW let be
9114 Sale 9114
9312 23 90 108
44
5614 Sale
1996 J
57
41
4
10412 July'31 --- 102 10412 Erie let cony g Is prior
84 June'31
1996 J
Registered
76 10318
7(3 Sale 76
80
46
39 Sale 39
let consol gen lien g 4e._ 1996
4912 66
79 Sale 76
76 1023
793
4
4 65
Registered
__ 1996 II
5712 Nov'31 _993 103 10014 Dec'31
4
10014 10312
9912
Penn coil trust gold 45_1951 FA
9912 Dec'31
8
- -- 90 943 Aug'31
941 954
/
4
/
1
393 40
4
50
-year cony 41 series A. _1953 * 0 35
40 18
6
74 Sale 74
74 C102
74
1
1953 * 0 35 Sale 35
17
Series B
41
86
80 Nov'31 9412
80
1953• 0
Gen cony 41 sales D
6712 Aug'31
70 10212 10444 May'31
1044 1044
/
1
4
134
1967 MN 32 Sale 32
Ref & impt 58
41
413 191
4
1976 * 0 32 Sale 32
Ref Az !rapt be of 1930
3814 73
3814 Bale I 3814
43
3
Erie & Jerwy late f 63 -.1956
.4 32
33 100 Nov'31
36
4412 40
38
70
44
20
97 Nov'31
Genesee River 1st a f 6s_1957 .1 .11 80
95
794 79
4
/
1
4
793
4
791 Oct'31
4
Ask
Bid
Foreign Govt. & Municipals.
8
1958 ID 367 Sale
Silesia (Pow of) esti 78
17 Sale
Silesian Landowners Men 6a_1947 FA
Soissone (City of) esti 6s_..1936 MN 10018 Sale
1946 FA 56 Sale
Styria(Prey)external 78
Sweden external loan 530_ _1954 MN 81 Sale
Switzerland Govt esti 530-1946 AO 10212 Sale
/
1
4
1955 P A 40 Sale
Sydney (City) If 530
Taiwan Else Powi I 530 -1971 Ii
Tokyo City 541 loan of 1912_1952 M S
1961 AO
External s f 630 guar
Tolima (Dept of) esti 7e
1947 MN
Trondhjem (City) let 534e-1957 MN
Upper Auetrla (Prov) 75___ _1945 J
External e f 630 June 15_1967 ID
Uruguay (Republic) esti 88_1946 FA
N
1960
External s t 68
Esti e 1 lie
May 1 1964 MN
Venetian Pros Mtge Bank 79 '62 AO
Vienna (City of) extl 8 f 68..1952 MN
Warsaw (city) external 7e._1958 FA
Yokohama (City) esti 68_ A961 J O
Week's
;
•
o
Range or
Last Sale.
Low
367
8
1618
9912
56
76
1013
4
38
--_-
Range
Since
In 1.
Low
High
804 93 4
/
1
3
91
91
9012 1003
4
82 100
87 10412
9512 110 4
3
70 10112
1312 60
9212 108
43
698
4
41 110
1004 102
4
/
1
4
91
93 4
3
31
90
/
1
4
86 100
9 4 96
04
9912 10114
/
4
5312 171
56
75 4
5
984
65
364
/
1
57
60 161
2512 79
6
35
5118 91
7712 7939
53
91
91
67
85 c103
12
85 11012
65 102 4
8
99 10112
77 10912.3918 103
45
96
44
3578
2414 93
62
/ 98
1
4
71
91
47
994
/
1
.
9614 9811
4
0
1/5
/
1
4
wait
26
6518 1044
98 100
854 85
/
1
/
1
4
70
911s.
97 102
101 101
4314 894
/
1
23
78
92 105
/
1
4
100 106
/
1
4
98 10644
1061 11644.
/
4
66
0214
90 105 s
7
80 115
al 100
92
/ 9914
1
4
9818 98
/
1
4
93
98
87 106
9612 98
9814 981
4
76
07
97 110
102 105
86 106
58 1011
/
4
84
99
/
1
4
66
04
71
93
/
1
4
75
9554,
954 973
/
1
4
102 10514
98 103
/
1
4
101 4105
991 102
/
4
/
1
4
___.
-8014 --1
92 14
ioi- 105
loou 10412
95 WU
03 10912
85 104114
92
961s
8212 10214
4912 9739
92
96
/
1
4
93 9814
/
1
4
64
5612
7
0
5814
23
29
40
40
71't
8414
727
4
75
47
70
/
1
4
804
/
1
72
76
9914
8314 100
85 106
/
1
4
90 100
8
577 99
59 101
/
1
4
15
83
85114
15
80
/
1
4
4
"iis 35
r
-lie
:11641
10418 10458
97 1948
4
3618 6018
905, 9748
87 108
8812 10712
98 1063
4
54
8113
4
8012 111-12
39
7914
5712 573
98 1011
/
1
4
4
40
7811
35
787
s
671 754,
/
4
8411
32
32
84
96 11212
95 lieu
New York Bond Record-Continued-Page 3
BONDS
H. Y. STOCK EXCHANGE.
Week Ended Dec. 11.
Price
PrMay
Dec. 11.
t
Bid
Erie & Pitts gu g 8346 ger B_194 .13 70
Series C 3345
194 -33 70
Fla Cent & Pen lit cone g Si '4 J .1 4212
Florida East Coast let 4348_195 3D 45
lot & ref be series A
197 SI S
5
Fonda Johne & Glov let 434e 195 MN 10
Fort St U I) Co 1st g 4345.1941 J J
Bs W& Den C lyt g 534e_ _ _1961 3D "9&
lerem Elk & Mo Val let Si._1933 AD
Only Hone & Hand lit 54_1933 AO
Ga & Ala Ry let ooze 58 Oct 1946
Ga Caro & Nor let gu g 55 '29
,
Extended s46% to July L1934
Georgia Midland let 35
1946 * 0
Gouv & Oswegatchie let 54_ _1942 3D
Or R & hit let gu g 4 3411-1941
.1
Grand Trunk of Can deb 76_1940 AO
15
-year e t 68
1936 61 S
Greys Point Term lit 5.5
1947 J o
Great Northern gen 7i set A.1936 .1 J
J
Registered
lit & ref 434e series A____19131 3 .1
General 534e series B____1952 J J
1973 J
General be series C
1978 J
General 434e series D
J
1977
General 431e series E
Green Bay & West deb ett2 A... Feb
Debenturesefts B
Feb
Greenbrier Ry lit gu 4s____1940 MN
Gulf Mob & Nor 1st 6346_1950 AO
1950 AO
let M Si series C
Gulf & S lilt ref & ter Se Feb '52 .1
Hocking Val let cone g 4348_1999 .3 .1
Rendered
1999 .1 .1
Housatonic Ry cons 5 58___ _1937 MN
H &T C Inca be Mt gnat
1937 .1 .1
Houston Belt & Term lit 55_1937.1-I
Houston E& W Tex 1st g 62_1933 M
let guar Si redeemable_ _ _1933 MN
Hud & bientet 1.1 58 ger 4_1957 FA
Adjustment Income 55Feb 1967 AO
Muter Central let gold 48
1951
lot gold 3344
1951 3.1
Registered
Extended lit gold 8348_1951 A• 0
let gold 35 sterling
1951 MS
Collateral trust gold /
3
1
4_1952 AO
let refunding 45
1955 MN
Purchased Ilnel 3341
1952 3 .1
Collateral trust gold 413_1953 MN
Refunding 55
1955 MN
15
-year secured 634e g. __ _1936 3 .1
Aug I 1966 FA
40-year434s
Cairo Bridge gold is
1956 J O
Litchfleid Div let gold 38_1951 3.1
Lorne Div & Taring 33581963.1.1
Omaha Div 1st gold 3s_
1951 FA
St Louie Div & Term g 311.1961 J 3
Gold 330
.1
1951
Springfield Div lila 330_1951 .13
Western Lines let g 4s..
1961 FA
Registered
FA
Ill Cent and Chic Bt L & N ()Joint lot ref Si series 4_1963 J O
let & ref 4%5 seders C
1983 J O
Ind Bloom ds West let ext 48_1940 A
Ind Ill & Iowa let g 4e
1960 J J
Intl & Louisville lit gu 4s
.1
1956
Intl Union fly gen be set A..1065 J J
Gen & ref 10) series B
1965 3-3
lot & Grt Nor let(beer A...1952 ii
Adjustment 6s set A_July 1952 AO
1st be series 11
1956• J
lirt g be serlea C
1956'.1
Int Rye Cent Amer lit 50._1972 MN
let roll It 8% notes
N
1941
let lien & ref 6345
1947 FA
Iowa Central let gold 6 __ _1988 J
Certific,ates of delved
3D
lit&refg4.
1951 MS
James Frank & Clear let 48__1959 J
Kid A & G R let gn 68
1938
Ean&Ml,tgug4a
1990 A
K C Eta & M Ry ref g 48_19361A
Kan City Sou lit gold 88-1950,A
Red & inapt 55
Apr 19501.1
Kansas City Term let 4o...l900tJ
Kentucky Central gold 4a.
.1987.1
Kentucky & Ind Term 4343_1961 J
Stamped
1961 J
Plain
1961 J
0
0
0
J
.1
J
.1
Lake Erie & West let g 55-.1937 J J
2d gold fai
1941 J J
Lake Sh & Mich So g 330_1997 J D
Registered
1997 J
Leh Val Harbor Term in 58_1954 F A
Leh Val N Y let gu g 430-1940 J .1
Lehigh Val (Pal cons g O.-2003 M N
Registered
M N
General cons 4341
2003
Gen eons 55
2003 M N
Leh V Term Ity let gu g 58_ _1941 A 0
LehIgh & NY let gu g 42_1945 SI S
Lex & East 1st 50-yr Si go 1965 A 0
Little Miami gen 45 series 4_1962 MN
Long Dock comer! g Si...
-1935 A 19
Long Island
General gold 41,
1938 31)
Gold 4s
1932 3D
Unified gold Is
1949 MS
Debenture gold 5a
1934 3D
20
-year p In deb Is
1937 MN
Guar ref gold 413
1949 MS
Nor Sh 13 1st con gu 58 Oct'32
•J
Louletana & Ark let baser 4_1909
3
,▪
Louis & Jeff lidge Co gd g 4.3_1945 MS
Louisville & Nashville ti..._1937
N
Unified gold 413
1940 J J
Rendered
• J
lot refund 5348 series A _ __2003 Au
1st & ref 5e series B
2003 * 0
let & ref 434e settee C
2003 * 0
Is Interim rcts w I
1941 AO
Paducah & Mein Div 411_ _1946 FA
St Louis Div 2d gold 35..1980 MS
Mob & Montg let g 4348
-1945 MS
South Ry joint Monon 45_1952 3
A:Ignore & Cin Dly 4...1955M N
Week's
Ranges
Lou &as.
Ask Low
9712
954
16 4212
45
g;1e- 5
Sale 10
96
103
97
99 100
85
1.1
High No. Low
July'31
93%
July'31 ____
9515
July'31
4212
Dec'31
45
5
7
12 88
10
1
•
Oct'31
96
Dec'31
97
Nov'31
90%
9512 July'31
17)8 Nov'31
45 Nov'31
73
Jan'31
100
Jan'31
_
100 Sept'31
_
92 Sale 9112
96
75
8912 Sale 893
8
93
50
26
_ 96 Mar'30 _ _
86 do",fe 85
90
165
9712 Oct'31
2518 Sale 754
/
1
80
2
72 Sale 70
15
79
70 Sale 70
70
5614 Sale 5614
5614
1
563 Sale 563
8
8
65
12
__70 6712 Ape31
5E8 5
5
5
10
_95 9518 Mar'31
18
i8
5012 5012
5012
1
40
50
45 Nov'31
--_- 95
98
Oct'31 _
92
84
8418
8814 254
10012 Ape31
917- 100 Sept'31
8
60
100 100 Sept'31 _ _
75
9812 100 Sept'31
_ 100 100 Nov'31
98 100 Nov'31
i
78 Sale 78
8212 99
54 Sale 54
584 124
9214 84
5
85
80
74 Dec'31
8614 June'31
_
44
7512 85)8 July'31
73 Mar'30
35 Sale 35
4212
7
35 Sale 35
3814
9
70
8414 July'31
47 40
35
41
3
647 70 Nov'31
8
6478 83 Nov'31
-30 Sale 30
3318 140
79 Sept'31 _
- _ 70 Sept'31
75
57
70 Sept'31
71
48
65
Oct'31
7414 7218 Sept'31
50
_ 79
79 Aug'31
_
2
- 787 85 Sept'31
____ 75
80 Nov'31
904 July'31
83
44
3112 Sale 31
45
27 Sale 27
36
75 Bale 75
75
_
85
9114 Sept'31
69
38
35 Nov'31
95
93 Nov'31
98 10318 Oct'31
48 Sale 48
55
1212 Sale 12
16
43
50 Dec'31
____ 40
40
40
40 Sale 35
4014
45
40
4512
50
29
28
28
3%
5
314 Sale
3
3 12 5
Oct'31
11 Sale
/
4
114
1
37
22
1
49
95
1
3
3
1
19
13
91
943 Aug'31
8
---- 103 May'31
91
83 Sept'31
43
45
45
47
8
604 60% 55
6018
5
55 Sale 60
60
211
8314 Sale 834
8614 40
8412 82 8 Nov'31
7
90
84 Aug'31
40
92 8914 July'31 _
---- 89 Ape30 _
70
70
70
94
75 Dec'31
-i5T2 75
73
73
_ 75
72 Nov'31
96
76
95 Dec'31
89
/ 91 Nov'31
1
4
"45
45
" 55
55
92
64 Nov'31
60
70 Dec'31
8
LO
" 617 69 Dec'31
85
78
85 Dec'31
8612 9514 Aug'31
95 105 Sept'31
_
9112 May'31
103
- - 99
as
Sale 903
8
903
8
---- 100
Oct'31
8812 Dec'31
88
9412 9312
95
90
9212 Dec'31
76% 79
79
79
99 1004 993 Dec'31
8
40 Sale 40
44
90
85 Nov'31
90
9814 95 Nov'31
8014 Sale 8014
83
97 Sept'31
85
85
94 Nov'31
72
7812
7812
95 Sale 9112
95
93 93 July'31
65
Oct'31
8014
8712
8712
62777
8278 Nov'31
80
80% Oct'31
:::: 278
7;78
3
5
2
3
1
201
42
35
5
3
5
4
Mahon Coal RR let Si
1934 J
102 Sept'31
Manila RR (South Linos)48_1939 M N
51
52
8
lot ext 4s
1959 M N -_-_ 77
59 Dee'31,
Manitoba S W Colouiza'n be 1934 3 D
10114 9812 Sept'31: _
Man
&N
1st 34s-19 J
41
8712 Aug'311 ____
C Cash sale, • Deferred dellvere.
High
9813
9518
93
80
31
2812
90
1074
10512
9512 100
1212 5712
50
61
903
8
973
3
55
80
Range
Since
Jan. I.
30
95
73
73
100 105
9938 101%
91% 11311
8411 108;1
8410 112
9713 110
75 102
70 111
70 c108
5614 100
583 99%
2
674 6712
5
21
KA 958
8
5012 994
/
1
45
92
98 1048
4
83 1067
/
1
4
8
10012 100%
93 10114
100 102
100 103
100 102
98 102
78 10214
64
79%
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Dec. 11.
3943
Price
/Friday
Dec. 11.
Week's
Range or
Last &as.
.143
Range
Sine.
Jan, 1.
Bed
Ad Low
High No. Low
High
%lex Intermit let 4s aestel___1977 MS
24 Dec'30
-Mich Air L 48..1940 J J
Mich Cent
98 Aug'31
ail* "99i4
"
Jack Lens & Sag 3341 --1951 58 S
1-79 May'26
lot gold 334s
1952 MN iiis gale 7612
7614 91
7612
1
Ref & !met 4 3411 ser C-- _1979 JJ
95
95
Oct'31
Wag 1041
s
Mid of N list ext 58
1940 A0
75
72 Sept'31
72
8713
MO & Nor 1st ext 4348(1880)1934 3D
90 c108 Sept'31
9713810g
Cone ext 434e (1884).-1934 3D 35
98
90 Sept'31
90 100
Mil Spar AN W lit In 4s_ _ _1947 61
__ -- 70
78 Nov'31
78
95
Mllw & State Line let 8348_1941 3' ---90 Apr'28
Minn & St Louis let cons 53_1934 MN __-- -iki 7 4
3
6
8
7 4 .10
3
1934 61 N
Ctts of deposit
7
7
7
8
8
2
30
1949 MS
let & refunding gold 48
2
2% 212
2
14
212
1
Ret & ext 50-yr &seer A
I962 Q F
8
15
8
8
53
Certificates of deposit
• F -7
;
8
8
15
83
4 8
M IStPA SS M con g 413 Int gu '38
47 Sale 47
49
40
21
8914
Lit CODS 51
1928
.1 35 Sale 35
85
35
3
8412
let cone193 gu ree to trit
1928
94%
4712 Sale 454
45
5014 10
lat & ref 13e series A
1946
1914 89
.1
193 Sale 10 4
4
3
193
4
2
25
1949
-year 5145
40
23
40 Sept'31
87
let ref 534e ser B
1978 3 3 5018 Sale 5018
5018 904
56
11
let Chwago Term a f 48_1941 MN
953 Dee'30 ____
8
Mlesiesippi Central 1st 65-1949 I .3 72
72
80
72 Nov'31
97
1959 J
Mo Ill RR let bs set A
213 Sale 2134
213 6( 4
4
4
213
4
1
1
Mo Kan & Tex lst gold 4s_1990 3D 70 Sale 70
70
02
724 39
Mo-K-T RR pr lien Si set A_1962• .1 627 Sale 62 k
8
7
627 1033
8
6512 14
4
1962 3'
-year 45 merles B
40
53
53
53
53
92
1
1978 J
Prior lien 4342 der D
6912 72
55
56
11
55
98
Cum adjust Si sac A-Jan 1967 AO 37 Sale 37
34
95
42
30
Mo Pie lit & tel 55 ear A-1965 FA
563
5018 Sale 50
60 100
4 28
1975
General4s
27
S 27 Sale 27
343 384
4
75
1977 MS 454 Sale 4514
4514 gcts
1st & ref 58 series F
5212 207
1978 1.1 N 46 Sale 46
lst& cell be ear a
46
64)
6212 104
1949 MN 32 Sale 28
Cony gold 630
28 101
413 102
8
1980 AO 45 Sale 454
4514 gg
/
1
4
let ref g be series H
523 156
4
1981 FA 46 Sale 46
46
let & ref 5s ser I
95%
523 221
4
1938 MN
Mo Pie 3d 78 ext at4% July
9512 99
9512 Aug'31
Mob & Bit prior lien g 51-1945 J 3
95 95
95 Aug'31
3
Small
3,
98
97 Sept'31:
97
_
1945 3
69
let 51 gold Is
69 Nov'31
92
Small
81 July'31
79
.13
88
48_ _1938 58 S "io
Montle & Ohlo gen gold
80 May'31... 80
52
83
84
98
95% Sept'31 -Montgomery Div 1.tg 51 -19 FA
9512 102
80
3 47
71
851
4
1977 MS
1014 60s
1014
lief & impt 430
1212 27
712 12
864 8614
15
90
4
1938 61
16
25
15
See 5% notes
20
4
854 87
75
Motu At Mal let iru gold 4s_ _1991 M S
_
75 Dec'31
934
1987 J 3
1014 1094
1014 Nov'31
Mont C let gu 85
35
16
1937 -33
1024 104
---- 104 July'31
let guar gold 158
35
93
72
69 4 85
693
Morris & Essex lst gu 3348-2000 3D
3
4
12
80
8814
1955 MN
,
3
Constr M 5s set A
1003
4
95 95 4
7 59534 14824
/
1
4
40
9014
1955 MN ---- 88313 8934 Dee31
Constr M 434e ser B
810‘ 103
70 106
8218 110
90
90 Aug'31
60
Nash Chad & St L 4eser A_ _1978 FA 50
954
8
30 100
1937 P A
Oct'31
_
99 1044
99
N Fla & 1st HU g 511
/
1
79
03
18 July'28
Nat Ry of Max pr lien 434e_ _1957.1 .1
7812
70
1914 coupon on... 3,
123 July'28
4
July
70
8514
114 2
13 1)ec'31
4
1
Assent cash war rct No.4 on
_
65
78
3 Mar'31
8
8
Guar 45 Apr'14 coupon_ ._1977.16
49
70
14 Oct'31
Assent cash w..t rct No. 5 on
lh 5
79
8414 Nat RR Max pr lien 4345 Oet'26
_ 3512 July'28
82 4 85
1
13
24 Nov'31
8 5
4
Assent cash war rd No.4 On
- --14
80
03
1951 AO
22 Ape28
let coffee' 48
9012 9012
118 2
112 Dec'31
"
Assent cash war rct No.4 on
1
66
Naugatuck RR let g 48_ ..1954 MN 66 Sale 66
68
87
31 10214 New England RR cons 5a...1945 -1 3 70
85 100 Sept'31
_
994 103h
4
27
96
1945 J J 55
8912 90 Sept'31
861s 93
Conaol guar 45
75
91% N J June RR guar let 4s
1986 FA
92 Nov'30
9114 9712 N OAK E let ref & impt 414eA52 .1
;Tr
717 764 Aug'31 -- 8
70
/
1
85
8813 New Orleans Term 1st 4e_ 1953 J J
59
59
I
9313
59
9314 10348 N 0Texas & Mex n-c Inc 65_1935 AO
188 10448
_. 70
987 Mar'3I _ _ _
8
10238 lops
1954 AO 35 Sale 35
3
33
2
934
38
lit Si series 13
48
90
54
1956 FA 31
38
45 Dec'31
94)8
let be series C
12
65
1958 FA 304 40
30
3014
72
317
8 13
let 4348 series D
39 4 81
3
1954 AO 33 Sale 33
33 101%
35
151 534t3 series A
3
40
8012 N & C Beige gen guar 430..1945• J
101 100
96 100
Oct'31 _
35
73
94 1014
N Y B & B Ist eon g 56-1935 AO
10112 94 Dec'31
4
40
8314
28
74
1935 M N 74 Sale 74
74 10784
78
39
N Y Cent RR cony deb 65
34 I5
1998 F A
71 Sale 71
Coned 45 series A
76
71
71
97%
•
15
6314 39
584 104
Ref & Mit4 Sie series A 2013 A 0 5814 Sale 5818
1
6
5818 Sale 5818
5818c100
When issued
6312 170
/
1
4
6034 199
4
Ref & inlet 58 series C---2013 A 0 603 Sale 60%
713 146
4
967 NYCsnt&HU4R1YM334S1997J J 7114 Sale 09'4
8
94
69
8714
721e 122
103 103
19973 i
Registered
70
7012 Oct'31
12 853
8
133
9212
1934 9.1 N
Debenture gold 42
Sale" 88418
84 10214
23
86
45
99%
19423 J
85 1015
85 Nov'31
-year debenture 4a
80
8
59
81%
85
Lake Shore coll gold 3143_1998 F A 66 Sale 66
68
3 66
55 102%
Registered
1948 F A
71
70
72 Nov'31
8212
14 984
83
76
68
68 Dec'31
Mich Cent coil gold 3943_1998 F A 68
8512
824 94%
84
1998 F A
Registered
8212 Mar'31
80
84
84
93
94 83
83
BO 1004
N Y Chic & St L lst g 48-1937 A 0 83
3
881 94
/
4
1937.A 0
9314 Mar'30
Registered
1932 A 0 23 Sale 23
23 161
137
29
6% gold noted
- .
254 Sale 22
Refunding 634,series A _1974 A
20 107
94
30
70 10314
197858 S 203 Sale 193
8
Ref 434s series C
4
27
19
225
93
75 100 4 N Y Connect 1st gu 4341 A_1953 b' A 88
3
98
90
86 1033
89
3
4
70
8718
1953 F A 90 10512 98 Nov'31
93 10154
let guar be series B
72
85
NY & Erie lutextgOldla..1947M N 81 Bale 81
81
81
2
92%
94 10712
1933M S
3d ext gold 434e
-__- 100 Sept'31
100 100
90 10112
45
9018 N Y & Greenw L gu g be- -1948 M N 25
757 8834 Nov'31
8
BA 973
4
64
se
N Y & Harlem gold 8345-2
000 MN 7212 74
88
88 June31
88
69 4 101
3
N Y Lack & W ref 4318 B-1973 M N
Oct'31
95
95 103 8
7
69 1065 N Y & Jersey let
4
1932 F A RIO f668 10018 Dec'31
511
3
4
9912 1021
85 105
N y & Long Branch gen 411-1
94 Apr'3
94
94
s
84
96
N Y&NE Bost Term 4s...1hF
I,
754 July'2
1024 111
N Y NH &H n-cdeb
MI 13 5212 74
873 July'31
4
-97E s gas
Al 1g 9312
Non-cony debenture 3345_1947
46
72 Nov'31
70
70 4 84
3
99 1(18
Non-cony debenture 3348_1954 A 0 46
743 50
50
60
2
4
8112
Non-cony debenture is
1955 J .1 52 4 67
56
3
88
56
5
56
874 93
Non-cony debenture 48-.1956 M N 54 Sale 543
541 8713
56
/
1
4
8
8
13
9712 1003
4
Cony debenture 3As-.--1956 J
54
46
63 Nov'31
574 83
8812 9512
Cony debenture 65
851
84 118%
1948 3 J 84 Sale 84
36
9312 102
10012 11(1s
Registered
10012 Nov'31
J J
9211 103
76 10612
Collateral trust Se
84
21
1940 A 0 81 Sale 76
79
97
50
Debenture 4s
31
1957 NI N 50 Sale 50
77 e
7
551
99 1013
4
64
let & ref 43-4* set of 1927_ _1967 3
95 4
3
6412 Sale 64
31
653
36
75
79
Harlem R.& Pt Ches let 4.1954 N N 79 Sale 79
96
79
2
85
974
95 10312 N YO&W ref g 4133tme-1992 M S 40 Sale 40
45
21
37
6012
80141102
General Is
1955 J D 40
4.278
427
31
5
52
97
97
4278
98
96 Mar'31
N Y Providence & Boston 4s1942 A 0
96
96
85 1052. NY & Putnam let con gu 4m_1933 A 0 7714 -- 80
4
Oct'31 __-80
9614
3612 106
30
58
50
50
N Y Buse & West let ref be_ _1937
etra 80
1
1937 F A
60
75 Mar'30
%
24 gold 4348
78 10214
9412c1013
45
45
4
General gold Si..1940 F A 36
45
1 -4081- 194310 N
93
Terminal let gold Si
0818 Sept'31
93
9512 101
63
63J 46 Sale 45
19
8712
531
45
70
14 N Y W'chee & 13 Ist ser 143-45 4
874 1013 Nord Ry ere!eluk fund 6%51950 A 0 95 Sale 95
102
123
4
94 5 108
3
827 95
16 Bale 16
8
1718
Norfolk South let & ref A 5e _1981 F A
3
16
45
25
8012 9712 Norfolk & South let gold be_1941111 N
6512 Oct'31
60
65
/ 135
1
4
_ _ 00 Dec'31 ____ 100 105
Norf & West RR leapt & ext 65'34 F A 102
111114 10218
2
New River 1st gold Si....1932 A 0 997 10114 00
49 100 1023
100
8
51
8
16
N & W Ity 1s1 oons g 431-192 A 0 877 Sale 877
77
/
1
4
911
63
8714 IOC%
Rendered
1996 A 0
59
7211
9714 July'31 ____
96
9714
9813 100
Div'l let lien & gen 11 48..1944 .1 .1 94
98
94
9412 12
91 103
87
/ 904
1
4
Poeb C At C iolnt 45
1941
D 91 Sale 91
92 I 25
91 I)I)
3944
BONDS
t
R. Y. STOCK EXCHANGE. 5',
Week Ended Dee. 11.
New York Bond Record—Continued—Page 4
Price
Friday
Dec. 11.
Week's
Range a
,
Last Sale.
•te •
=11
4
Range
Since
Jan, 1.
High No. Low
1,125
Ask Low
810
10112 107 Nov'30
North Cent gen & ret 5e A__1974 MS
ioiis 1(410212 104 Sept'31
11)74 MS
Gen & ref 4345 set A
.78.4, 97
783 Oct'31
65
North Ohio let guar g 68_1945 AO
108
97
74
78
4
763 Sale 74
North Pacific prior lien 45_11197 Q J
3
7218 95
73
4
Q J 7218 733 72%
Rcilstered
5312 6914
5714 35
55 Sale 5312
Gen lien ry & Id g 39..Jan 2047 Q F
67
65
66 June'31
Jan 2047 Q F ---- 65
Registered
65 101
6912 65 Dec'31
55
Ref & Imps 4 4s series A__2047 J
72 11312
4 72
763
72 Sale 72
Ref & Impt Bs series B__2047 J
5
70 10512
70
70
J
Ref. at Rapt Is merles C _...2 47
76% 10512
77 Nov'31
Ref & inapt 54 series D___2047 J J
3 1033 108
8
10312
10312
'3 10012
Nor Pac Term Co let g 13e__1933
9514 1035
8
9514 Oct'31
Calif guar g 51-193 AO
8
Nor Ry of
77
60
60 Nov'31
50
Og & L Cham let u g 49_1918 3,
97
97
97 May'31
Ohio Connecting Ry let 4s__1943 M S
101% 103%
103 Sept'31
1936 ID 83
Ohio River RR let g 54
89 103
89 Nov'31
1937 AO
General gold 55
797
797
% 08
79
4
RR.& Nay corn g 413_1946 JD 703 82
Oregon
3
95 10912
10112 10012 10012
Ore Short Line let cone g 54_1946 I
3
08 109%
101
1946 ii 96 100 101
Guar. stud cone 50
70% 98
34
76
8
s
1961
J 707 Sale 7137
Oregon-Wash let & ref 4s
53
14
2512 29 Nov'31
15
Pacific Coast Co let g 59-1946 JD
8712 9811
1
95
8712
8712
Pao RR of Mo let Oct g 49_ A938 FA 84
88 103
947 86 Dec'31
1938 3' 78
211 extended gold 65
8
100 1015
Oct'31
100
Paducah & 1119 let erg 4349_1955 _f
8
9714 230
9314 1067
Parte-Lyons-Med RR ext 69_1858 FA 9512 Salo 9412
95% 107%
4 111
Sinking fund external 791058 MS 9712 Sale 9712 1013
105
130
96
4
043 Sale 93
534e 1968 M
Pajta-Orleans RR eat
65 65 Dec'31
Paulh3ta Ity let & ret e f 71._1942 MS
901176
65 102
1
9712
75
7812 75
Pa Ohio & Dot let & ref 414e A '77 AU 75
2
90 101%
90
90
Pennsylvania RR cone g 48_1943 Ml's 8312 02
9
8812 101,
4
92
90
92
1948 MN 91
Coneol gold 41
93 04
89% 104
947 8912 Nov'31
49 Merl eptd dollar May I 1948 MN 90
9612 94
8
Coneold sink fund 410_1960 FA 935 Sale 0312
7612 105
62
82
'B 77 Sale 7612
General 4 Me series A_., 1965
8312 11114
69
93
4
1968 JO 843 Sale 8312
General Is series 13
4
9714 1 104
997 129 1,1,14 1093
98 Sale 9712
1938 PA
-year secured 634e
15
_ 10914 Feb'31
FA
Registered
4
16
70 1053
84
40
-year secured gold 59_1964 MN 70 Sale 70
9918
60
126
70
1970 AO 61 Sale 60
Deb g 4 49
37
7612 08
82
1981 AO 7612 Sale 7612
D
General 434e set
94
88
Ps Co gu 33.4s coll tr A reg_ -1937 as S 8118 ____ 88 Nov'31
9414
88
88 Sept'31
80
Guar 348 coil trust ser B_1941 PA
97%
87
1942 JO
87
87 Sept'31
Guar 3349 trust ctle C
8612 93%
1944 JO
8612 8612 Dec'31
Guar 3349 trust ctfro D
3
4
77, 97%
7714
E trust ctfe_1952 MN 7714 Sale 7714
Guar 45 see
67% 10212
7414 31
1963 MN 6714 Sale 6714
Secured gold 454e
4514 88
4514 Dec'31
Peoria & Eastern let eons 45 1940 At)
Vs 13
212 712 712 Sept'31
April 1990 Apr
Income 4e
8114 10312
90 8114 Nov'31
Peoria dr Pekin Un let6 As-1974 FA 81
1
48 10514
48
48
48
Pere Marquette let set A 55_1958 ii 25
$
45
952
4514 Dec'31
45
1966 ii 35
1st 4s aeries B
20
34 10113
44
1980 MS 34 Sale 34
let g 43.4e [lades C
,
9014 100 8
15
92
8
933 92
Wash let g 48_ A943 MN 91
Phila Bait &
108 10912
1974 PA 86
99 10812 Sept'31
General Is aeries B
89 10412
6
.1 --__ 1017 8914
8914
1977
8
Gen'l g 4 345 tier C
25
19
7
2012
a f 4e '37 J J 20% 2212 2018
Philippine Ry let 30-yr
102% 102%
4
1032 J
4
973 100 1021 July'31
Pine Creek reg let 68
96 103
96 Dec'31
1940 AO 86
96
St L go 4348 A
PCC&
94% 103
9538 Dec'31
1042 AO 86
95
t3erles B 434e guar
95 102
97 Dec'31
1942 MN 9512
Series C 434e guar
95% 98 8
,
____ 98 Sept'31
76
1945 MN
Series I)4e guar
7712 ____ 95 June'30
,
Series E 834e guar gold_1940 PA
-97% 99
98 Sept'31
1953 3D 76
Series F 4e guar gold
8912 1014
8
8912 Nov'31
1957 MN 895
Series (1 48 guar
9712 981,
9712 Sept'31
1960 FA
Series H cons guar 48
10011 105
cons guar 4 349_1963 FA 8518 89 10012 Oct'31
Serles I
90 105%
Series J cone guar 449_1964 MN 85% 9812 99 Sept'31
9312 1103
4
1970
D --__ 93% 95 Dec'31
General M Is series A
93 110%
917 93 Dec'31
Gen mtge guar 5e set 13-1975 AO
84 10238
4 10
863
1977 J J
84
81
Oen 4 As gala C
90% 103
103 l027 July'31
Pitts McK & Y let gu 69-1032 J J
100 104
1934 3'
00 Nov'31
20 guar 65
99 103%
Oct'31
99
90
Pitts Sh & LE 1st g 59—.1940 AO
1943 J J
4
003 Aug'28
let eonsol gold 51/
98% 983
s
1043 MN
9858 June'31
Pats Va & Char let 4e
45
9512
53
91 53
Pitts & W Va let 4 As aer A.1958 JO 451 53
9514
5
63
1958 AO
53
55
series 13
let M 443
45
95%
4
54
1960 AO 30
49
53
let M 434e series C
92% 97
9514 Sept'31
Pitts Y & Ash let 49 set A 1948 in
9911 1053
4
1962 FA 91
9912 Oct'31
lateen 59 series B
1974 'ID 91
let gen Is serles C
68% 75
1957 MN
4
713 July'31
Scour deb 4e
Proaldence
83% 91
8318 Sept'31
S
Providence Term let 44.-1956
78
8
827 Nov'31
Reading Co Jersey Cen colt 4e '51 AO
1907 J J 70 Sale 70
7518
Den & ref 43.4a series A
73
71
4
ref 434e series B-1997 ii 683 72
Gen &
Oct'30
1941 MN _ 103
Rensselaer & Saratoga 6s
1948 MN
745
-. 8 7912 Sept'30
Rich & Meek let g 4e
Oct'31
'3 83 10112 94
Melon Term Ry let go 59-1952
Rio Grande June let gu 59-1939 JO ---- 96% 85 Sept'31
---- 214 June'31
Sou let gold 49_ _1949 Ji
Rio Grande
712 Apr'28
____ _
Guar 48 (Jan 1922 coupon)'40
45.1939
68
6614 Salo 6614
Rio Grande West let gold
I949 AO 40 Sale 40
6612
let con & coil trust 4e A
4
55
4712 Sale 4712
RI Ark & L0111.8 let 430-193 M
41 Nov'31
1910 Ji
go a 45
-Canada let
Rut
1941
4612 65 65% Oct'31
Rutland 1st con 4340
6
7
7
8712 82 Nov'31
50
1947
Bt Joe & Grand MI let 4a
95 Apr'31 _-_1996 Ji
St Lawr & Atilr lot g 56.- 1906 AO 25 16 097 July'31 ____
- 8
20 gold 65
St Louie Iron Mt & Southern—
15
73
70
1933 MN
3
Riv & G DIY let g 4/
3134 268
27 Sale 26
1950
St 1,-13an Fran pr lien 4e A 1078 MS 17 Sale 17
701
23
M 4 45 aortae A
Con
JO
4212 Aug'31
Registered
116
36
1950 3' 30 Sale 30
Prior lien 59 series B
105 Aug'31
W 1st gU 69 1948 ii
St L Poor & N
MN
54 Dec'31
69
St L S W let g 45 bond ctf9_1989 J J 50% 40
6
27
25
20 g 4a Inc bond Mfg Nov 1989 in 24
21
43
1932
37 Sale 37
Consol gold 45
2912 18
J J 24 Sale 24
let terminal & unifying 64_1952 PA
____ 5334 55 Dec'31
At Paul & K C Sh L let 440_1941
D
9312 Oct'31
81P & Duluth let con g 4s 1968
J
9718 Aug'30
St Paul E Or Trk let 434e_1947
J ___ 9912 96 Dec'31
45_1933
St Paul Minn A Man con
J
a
4
1003
4
4
1933
1003 1003
let consol g 85
96 12 10
1533ii _--- 9512 96
Os reduced to gold 434s
D
Apr'31 --_100
Registered
1937 J D "ao
__ 90 Nov'31 ____
Mont ext let gold 45
8014 10
77
85
80 Pacific ext guar 49 (sterling)'40 J
J 97
98 Dec'31
98
St Paul Un flop let A ref 5a_1972
J J
6812
6812
70
A & Ar Paaa 1st iru g 49
1943
S
4
Santa Fe Pros & Pheia let 55_1942 MS -95 1033 10112 Oct'31
10718Sept'31
Say Fla a, West let g 8e__ 1914 AG 90
Oct'31
1934 AG 100
101
I let gold 55
2
81
90 81
Scioto V & N E let gu g 48 1989 MN 81 1
14
3412 14
Air Line late 49_1950 AO 10
Seaboard
2
1950 AO 10
15
1518
14
Gold 4s stamped_ _
A 0 10
1
10
10
15
Certlficatea of deposit
10
1
Oct 1949 FA
Adjustment 5a
114 1
1
18
5
1959 AO
5
5 Sale
Refunding 4a
15
5
412
-Certificates ot deposit
42
1945 MS
5
214
3 gale
1st & cone Be series A
312 Sale
114
312
5
Certificates of deponit-----20 Dec'31
20
AU & BIrm 30-yr let g 4J-41933 MS 15
c Cash sale. d Duo May. k Due August. s Deferred delivery.
80
70
71
98
10318
103
94
85
3
48
94
100
214
-ar2
40
4712
41
6514
27
8612
10114
75
92
93
82
95 101
994 103
1
70 100
894
23
1414 80
424 69
4
1
/
29 102
s
10212 1087
54
s
877
25
78%
37 10012
24
9712
55
9812
911%
89
"ii-
102
9512 1054
294 10212
100 100
4
993
(I13
98
77
98 112
6812 Ws
10112 10514
101 010718
10014 101%
8014 9812
14
544
4
542
14
21
10
8
I
4
2012
412 16
214 19
312 1612
81
10
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Dee. 11.
4t
Price
Friday
Dec. 11,
Week's
Range or
Last Sale,
.3 •
c‘3,
Range
Since
Jan, 1.
High No Low
Ask Low
Bid
High
89
2
21
2 Sale
2
1
124
A_1935 PA
Seaboard All Fla let gu
8 32
1
13
1% Sale
3
1
Certificates of deposit
4
12
1)4 212 13 Dec'31
1
1935 F A
Series I3
8
112 2%
218 312 25 Oct'31
Certificates of deposit
oct 330
A ug: 1
4
9012 921
Seaboard & Roan let Is extrl 1931
1099212
1936 F A
& N Ala cons gu g 58
100 Nov'31
Ina" fifi
Gen congener 50-yr 5a ....1963 A 0
18
68
61
97
61
62
So Pac coil 4s(Cent Pac coil)4493 D 52 Sale 75
57
84
75 1021
2
/
79
let 44e (Oregon LInes) A_I977 M
2
07
97 1037
97 Sale 97
s
20 year cony 5e
gi71j
65
6814 26
8
63 657
61
1284
Gold 434s
47
72
63 100
MN 63 Sale 63
1969
Gold 434e with war
6012 94%
Sale 6012
6912 113
1981 MN 60 sale 8112
Gold 434e
4
84
8112
7912 98
San Fran Term let 45__1930 A 0
97
95 5106%
07 Sale 97
Bo Pao of Cal let con gu g 58.19377.1 N
06 June'30
1937 J J 783
So Pao Coast 18t gu g 48
84
83
78(3 119
Sale 7814
1955 J J
Bo Pao Rrt lst ref 4s
953 9612
9512 Nov'31
J J
Regletered
9212 alay'30
Stamped (Federal tax)-1955 J J
53 -7 3- cif'
7
74
73
_723_4
Southern Ry let cons g 551_ _1994 J
104 1084
04 July'31
RegisteredJ J
4812 66
4
2
35, 882
& gen 49 eerie); A ___1956 A 0 3512 Sale 3512
Devel
7
494 11314
5812 22
1956 A 0 50 Sale 49
Devel & gen 65
0218 42
5712 1177
2
1956 A 0 577 Sale 5712
Dave! & gen 6349
93 10214
9434 93 Nov'31
19963 J
alem Div let g 69
93
83
8
1951 J J --- 787 83 Sept'31
St Louis Div let g 45
1
/
9812 1012
90 101 Sept'31
East Tenn reorg lien g 58 1938 7.5 S
4718 061s
50 Dec'31
50
Mob & Ohio coil tr 4s_1938 M S 25
3
20 s 50
2012 Dec'31
40
1955 J J 22
Spokane Internet let g 59
Oct'30
87
Staten Island Ity let 4 49_1943 J D
97'4 11714
Sunbury & Lewiston let 45_1936 J J ---- 9514 97% Nov'31
Tenn Cent let (is Ant B. _1947 A 0
Term Assn of St L let g 430_1939 A 0
1944 F A
let cone gold 5s
11)53 J J
Oen refund, f g 49
Texarkana & Ft Slit 5349 A 1950 F A
19433 J
Tex & N 0 Con gold as
Texas A Pac let gold 59__2000 J D
20 Inc 5a(Mar'28 cpon)Dec2000 Mar
1977 A 0
Gen A ref 159 aeries B
1979 A 0
Oen & rot 59 series C
1980 J D
Gen & ref Is series D
Tex Pac-Mo Pac Ter 549_1964 1.13 S
J
Tol & Ohio Cent let gu 59-1935
1935 A 0
Western Div 1st g 51
1935 J D
C11312 gold 58
1950 A 0
Tol St L & W 50-yr g 4s
Tol W V &0gu 440 aer 13_1933 J J
1942 Ni S
let guar 49 series C
Toronto Ham& Buff let g 481946 I D
Ulster & Del lit cone g 5(4_1928 J
Sptd as to payt Dec 1930 int.__
let con 69 eta of deposit-----CUB of dep stud Dec '30 Int. ---A 15
1952 - -1st refunding g 49
Union Pao lot RR & Id gr 0.1947 J .1
J .;
Registered
June2008 1.3 S
let Ilen & ref 4iti
1067 J .1
Gold 434s
Juno 2008 al 5
let lien & ref 5e
40
-year gold 4i3
1
41 3 3
19 M 3
U N J RR & Can gen 4e
J
1933
Utah A Nor let ext 45
Vandal% cone g 48 caries A NW F A
1957 al N
Cons s f 4s series 13
Vera Cruz & P assent 441_193 J J
1936 M N
Virginia Midland gen 5s
J
Va & Southw'n let gu 55—.2003
-year 5e
let cons 50
912 A N
Virginia Ry 1st Is series A _1 8 M 0
1982 MN
let al 43.4s series B
Wabash RR 1M gold 5e__1939 MN
1939 F A
2d gold 5e
1975 M S
Ref & gen a t 531e ger A
Deb (3e series 13 reglatered_1939 J J
let lien 50
-year g term 49_1954 J J
1911 J
Det& Chic ext 1st 65
Des Molnee Div 1st 413-1939 J J
Omaha Div let g 334g.__..1941 A 0
1941 M S
Tol & Chic Div g 42
Wabttala Ry ref & gen 59 B - —1976 F A
1978 A 0
Ref & gen 4349 aeries C
1980 AU
Ref & gen 59 scrim D
Warren let ref gu g 334e-----000 F A
Washington Cent lat gold 49-1948 Q M
1945 F A
Wash 'term let gu 34e
1946 F A
-year gum 42
let 40
Western Maryland let 48_1952 A 0
1977
1st & ref 534s series A
1937 J J
West N Y & Pa lot g 59
1943 A 0
gold 4e
Gen
M S
Western Pac let 5e @or
2361 .1 J
West Shore let 4e guar
Registered
6
236 1 3
Wheel & E ref 414s ler A...1961 3 3
8
9 9M S
1048 1,4 s
Refunding Is series 13
RR 1st conaol 41
94,_I D
Wilk & East 1st gu g 59_1932 I D
Will & B F 1st gold 5s
Winston-Salem SB let 49_1960 J
Win Cent 60-yr let gen 4a_ 1949 J J
Sup & Dill div & term let 4s'36 M N
Wee & Conn East lit 4343._1943 J J
INDUSTRIALS.
Abitibi Pow & Pap let 69-1053 in
Abraham & Straus deb 534o-1943
AO
With warrants
1052 AU
Adriatic, Elec Co ext171
Adams Express coil Ire 45 1948 M
Ajax Rubber let 15-yr it 89-1936 3D
1925 MS
Alaska Gold M deb 6s A
1926 MN
Cony deb Be 'erten Ii
Albany Pefor Wrap Pall 041-1948 AO
1944 FA
Allegany Corp coil tr 51
1949 JD
Coll & cony 5s
1950 AO
Coll & cony 69
Allis-Chalmers Mfg deb ge-1937 MN
Alpine-Montan Steel let 711-1955 MS
Amer Beet Sug cony deb Os. 1935 PA
American Chain deb $ t 69 1033 AO
1042 AO
Am Cyanamid deb 55
Am & Foreign Pow deb 5a-2030 M
1953 ID
Amer Ice s t deb 55
Amer I G Chem cony 549_1949 MN
'3
Am Internet Corp cony 5345 1049
1039 AO
Am Mach & Fdy a f Be
Amer Metal54% notes__ 1934 AO
Am Nat Gaa 845(with war) 1942 AO
Am Sm & It let 30-yr 152 aer A '47 AU
1937 J
Amer Sugar Ret 5-yr 6s
1036 M
Am Telep &Teleg cony 49
1946 JO
-year coil tr 59
30
35-years f deb Se
1960 J J
1943 M N
-year it 5345
20
Cony deb 434s
1039 .1
-year deb 51
35
1965 FA
36
Sale 36
8
987 1011 Oct'31
100 Nov'31
8212
8212
7
64
63 Sale 63
10012 Nov'31
6
87
85
94
85
95 Mar'29 _8
60
55 Sale 54
60
6312 25
9
59
69 Sale 59
9012 Dec'31
95 Nov'31
100
102 10014 Sept'31
95 Sept'31
74 Nov'31
10018 Oct'30
9618 Apr'31
88 Dec'31
8
905 Jan'31
61% 8412 63 Dec'31
36
"isi% 6;1.-
617
91-7- 8
36 Nov'31
01
4
883
85 Dec'31
79%
7512
80
73
0912
9614
7412
67
Oct'31
0
6
97 80ale 04
l
100 July'31
953 June'31
9312 Sept'31
3 Nov'31
2
---- 9314 9514 Dec'31
86 Nov'31
86
GO
52 Dec'31
86
3214 62
84 Sale 84
80 8712 Nov'31
71
33
8912
7512
,
75 2
73
94
44
Sale
7612
Sale
Sale
100
66 Sale
44 Sale
4
113 Sale
60
9818
1614 40
1312 Sale
12 Sale
1214 14
84
85%
88
4314 Sale
45 Sale
8014
41
66
68
59
45
25
87
Salo
Salo
Sale
7212
49
33%
9012
29 Salo
3014 Sale
317 Salo
: 7
61
61 10
55
Sale
Sale
Sale
89
40
Sale
90
0
8 10
s3
69
6412
71
103
0
50
9 14
50
4
47
9
6
46
15
'&1" far
60
59
4
893
95
100
95
74
100
101
107
103%
100%
102
94
9518
88
90%
60
11618
97
90%
a
797
-60re /I33
00
4
885 102%
85
99%
7512 08%
73 10272
Ws 11$
95
67
94
99's
100 100
95% Oft
934 98
112 gts
02 103
85 WO%
32
77
84 10814
8712 102
71
66
44
4614
1618
4
113
9818 May'29
81 July'31
60
60
8818 Apr'31
79 Aug'31
9212 Aug'31
12%
15
12
15
15
1112
78 July'31
8912 July'31
84 Dec'31
9712 Sept'31
52
4314
4914
45
05
9312
80
80
39
45
7434
66
68
68
55
55
9812 Aug'31
9114 July'31
34% Dec'31
91% Oct'31
96 June'31
30
29
32
3014
8814 Sept'31
64
22
12
317
358
68
25
4
883
78
6912
2
22
1
8
8
88 101
73 10012
6808 89
14
2
10
5
7
5
78
ISO
3Ih 874
24
851a
3
157 85
87 C104
94
35
15
47
89% 102
78
98
30
88
85
60
60 102
68
95%
103 1081e
05
50
314 5115
89 10418
102 105%
9814 106
101 10814
091451097
1
102,8 Ill's
107 135
0014c11014
8
847 88
70
__ 7334 78
6912 Bale 88
2
4
1
32
2512
8
157
8814
39
15
8914
70
48
10
94
93
36
9912 102
100 105%
81
4
963
61 18 106%
10019 102%
85 113
612
61
50
32
24
157
3
89
3712
15
8914
78
39
6
24
24
96
68
54
3
1
49
49
3
16
33
3
1
6
612
612
53
4
38
114
34
57
26
71
90
11
41
4
25
9
9034 34
11
81
4812 152
Sale
Sale 62
9
9
6%
68
Sale
7
68
____ 103 Nov'31
Sl
sale 50
58
4
314
Sale
89
98
10212 Salo 10212 103
101
100 10012 1007
8
103
8
102 Salo 1017
06
1
80
61
23
72
99
18
95
13
04 2 7
9 0 4 311
: 104, 673
911
1
92
10912 Sale 1(12
e
11112 108
9
0
0
, Sl
10714 0ale 19714
59 105
4312 102%
11 10212
Il 9412
60 10211
88
91
tarl
79
02%
00
1118 9612
% 8912
10
10
96
78
77
87
8913
ga
84
974
87
43% g4
97
45
2
93, ic,e1
9814
80
97
39
4
941
60
93
68
994
60
9812 10214
9312
86
34% 5314
01% 102%
9712
92
6612
29
301. 80
744 8814
78
New York Bond Record—Contmuetl—Page
BONDS
N. Y STOCK EXCHANGE.
Week Ended Dec. 11.
134
Prue
Friday
Dec. 11.
Ask
99(8
Sale
79
Sale
Sale
10
1
5
92
90
7412 Sale
648 Sale
8
_
78
Bid
Am Type Found deb 88_ _ _ _1940 AO
Am Wat Wks & El coil tr 5s_1934 AO
Deb g its series A
1975 MN
Am Writ Pap lot g 85
1947 J J
Anglo-Chilean St deb 7s__ —1945 MN
entilla(Comp Alum)7Sis
1939• J
Certificates of deposit
J J
Ark & Mem Bridge & Ter 55_1964 M
Armour & Co (Ill) lit 4 Hs_ A939 J D
Armour & Coot Del 530_1943 J J
Armstrong Cork cony deb 55 1940 J D
Associated 0116% gold notes 1935 St S
Atlanta Gas L let 5s
1947 J D
All Gulf & WISS L coil tr 581959 J J
Atlantic Rehr deb 13s
1937
Baldwin Loco Works let 58_ _1040 MN
Baragua (Comp Azuc) 730_1937 J J
Batavian Pete guar deb &Hs 1942• J
Belding-Flemingway 65
1938 J J
Bell Telep ot Pa On series B_ _1918 J J
1960 AO
lst & ref 56 series C
•S
Beneficial Indus Loan deb 1351946
Berlin City Else Co deb 6148 1951 JO
1959 FA
Deb sink fund 545
1955 AO
Deb 68
Berlin Elee El & Linde 6 34s 1956 AO
Both Steel let & ref 58 guar A '42 MN
30-yr p m & Met s f 64_1936 J J
1950 MS
Bing & Bing deb 6131
Botany Cone Mills 6 Hs_ __ _1934 A0
Bowman-Bilt Hotels lat 78_1934 M
B'way & 7th Ave lst cons 58_1943 J D
J D
Certificate') of deposit
Brooklyn City RR let 58_ _ _1941 J J
Bklyn F.disou Inc gen 5s A _ _1949 J
Bklye-Manh R T sec 6s_ __19(18 J J
Bklyn Qu Co & Sub con gtd 58'41 MN
let 55 stamped
1941
Brooklyn R Tr let cony it 4s 2002 J J
Bklyn Union El lst g 58
1950 FA
Bklyn tin Gas 1st cone g 58 11345 MN
let lien & ref 88 series A_1947 MN
Cony deb g 614s
1936 J J
Cony deb 55
1950 ID
Buff & Bust Iron let s f 5:8_1932 3D
Butt Gen El 4 Ha ser B
1981 FA
Bueh Terminal list 4s
1952 A0
Consol Os
1955 J J
Bush Term Bides 58 en tax-ex '60 AO
BY-Prod Coke 1st 5(4s A.__1940 MN
8912
7314
25
13
5612 sale
94
4112 Sale
9512 Sale
100 Sale
7
15
76 Sale
85 Sale
10312 Sale
1033 Sale
4
79 Sale
30 Sale
234 Sale
233 Sale
4
25 Sale
96 Sale
95 Sale
32
34
1912 26
60 Sale
318 Sale
278 Sale
663 70
4
10314 Sale
8914 Sale
55
58
5614 80
85 ____
71 Sale
1043 Sale
8
120
220
99 1 Sale
9512 _ _
9712 gale
79_
6812 -.
75"
92 Sale
61
70
Wed'.
Range or
Last Said.
Lou
HOD No.
4
5
9918
983
8912
91
7
75
82
28
25
28
4
13
15
127
10 Sept'31
1412 July'31 _
88
Oct'31
70
74
140
6018
62
518
794
793
4
1
9912 101
39
95
Oct'31
4112
4514 43
9514
9512 11
100
10034 12
7 Nov'31
76
78
42
85
85
1
103
10412 89
1033
4 106
37
79
83
33
28
333
4 60
23
2814 60
22
2614 66
2484
26
29
96
1047
8 19
5
99
22
33
33
30
26 Dec'31
574
69
4
312 16
318
27
8
27
8
6
67
67
2
102
105
42
89
91
407
55 Nov'31
56 Dec'31
9212 June'28 _ _ _
71
80
7
10412 105
27
114 Nov'31
218 June'31
99
1003
8 33
96 Nov'31
97
98
43
84 Nov'31 _
68
69
12
9114
7
92
60
65
4
Cal0& E Corp unit & ref 58_1937 MN 10112 Sale 10112 10112
Cal Pack cony deb 58
1940 J J 65 Sale 65
70
Cal Petroleum cony deb st 581939 FA _ go_ so
78
78
Cony dsbstgs54s
1938 MN
87
88 Dec'31
1942 A 0 12 Sale 12
Camaguey Sug islet7s
1234
Canada BS List & gen 6s1941 AO
_ 30
30 Dec'31
Cent Dist Tel lst 30-yr Os _ _1943 J D 102 sale 100
103
Cent Foundry 1st et 6s May 1931 FA 8614 loo 5100 5100
Cent Mud 0 & E 5aJan 1957 M
101 1038 10188 Oct'31
71% Sale 717
Cent Ill Elea & Gas 1st 5s_ _1951 FA
8
79
Central Steel 1st get 8s_ _ _1941 St N 80 Sale 80
92
Certain-teed Prod 0145 A
1948 MS 42 Sale 42
4612
Cospedexi Sugar Co 1st et 714s'39 MS
6
12
6
Oct'31
Cheep Corp cony 5s_May 15 '47 MN 7312 Sale 73
78
Chia City &Conn Rys 55 Jan 1927 AO
2718 July'31
Ch L & Coke lat gu g 5a-1937 J J 1511 g;.fe 10012 Dec'31
4
Chicago Rya 1st 5s etpd rcts 15%
FA
Principal and Aug 1931
5014 53
50
50
Child' Co deb Os
_1943 AO 60 Sale 5812
6114
'
3 55 Sale 55
Chile Copper Co deb 5s
1947
56
AO 87 Sale 86
ChiG&E letM 4aA
1908
884
Clearfield Bit Coal 1st 48_ _1940 J J
74
77 Dec'30
Colon 011 cony deb as
1938 3' 3278 Sale 2934
317
8
FA
Colo F & I Co gen s I 5e_ _ _ _1943
70
70
70
Col Indus 1st & cell I. gu _ _ _1934 FA 64 Sale 6412
643
4
Columbia Gi & E deb 5s May 1962 MN 79 Salo 79
85
Debentures 5s_ _ _ _A pr 15 1952 A0 7912 80
7912
84
'
3 8012 Sale 78
Debenture 5o
Jan 15 1961
8312
Columbus Gas lot gold 58_1932 3'
93
95 Sept'31
Columbus fly PA I. 181 4348 1957 J J 93 Sale 884
93
Commercial Credits I 68_ __ A934 NI N 9112 Sale 9112
9112
Coll tr s t 5135 noted
1935 J J 87 Sale 87
8912
Comm'l Invest Tr deb 5538_1919 FA 88 Sale 88
00
Computing Tab-flees f 6a_ _1941 J J 1053 Sale 1053
4
4 107
_ 1018 July'31
Conn fly & L 1st & ref g 4145 1951 J J 9312
8
'
3 9312 - --14 9312
Stamped guar 4 He
1951
97
9312
COnsol Agile Loan—See German Pro V. Comm Banks
Consolidated Hydro-Eleo Works
of Upper Wuertemberg 78_11)56 J J 31
4512 42 Dec'31
25 Sale 25
Cons Coal of Md lst & ref 50_1050 J
26
Consol Gas(NY) deb 5)38_1945 F A 103 Sale 103
105
1951 J D 9312 Sale 91
9612
Consumers Gas of Chic gu 55 1936 JO
v_ 10012 100 Dec'31
Consumers Power lst 521_ _ _ _1952 MN la Sale 101
102
Container Corp let Os
1946 3D 37 Sale 3612
3712
10
-year deb 58 with wart_ _1943• D 20 Sale 20
24
1954 FA 65
Copenhagen Telep 55 Feb 15
80
65
75
Corn Prod Rote let 25-yr at 5s'34 MN 10112 Sale 100
1014
Crown Cork & Seals I 6s_ _ _1947 3D
8412
85
Crown Willamette Pap 612_1951 J J ____ 80
78
78
Crown Zellerbach deb 65w w 1940 MS 52 Sale 52
55
'
3
Cuban Cane Prod deb 68_ _1950
2 Sale
1
3
Cuban Dom Sus let 74s_ _1944 M N
618 Nov'31
Stpd with much war attached_
3
3
5
Ctil of dry ILO and unstpd,
_
3
3
3
Cumb T T 1st & gen 58---1931 3-"J iOi 102 102
10212
Cuyamel Fruit led s f its A 1940 A0 98 Sale 98
100
Del Pow & Light 15$ 4342_1971 J J
1st & ref 4Its
1909 J J
let m 4Sio
Den Gaa & KI L let & ref at 5119
1
Stamped as to Pa. tax _ _1951 M N
Der)
(DO)Corp let it 71_1942 NI S
20 7s land Sept 1930 coupon_ - M
Detroit Edison 1st coll tr 58_1933 3 8
J
Gen & ref 5s aeries A
19-19 A
Gen & ref 58 series 13
11
Gen & ref 5s series C
1982 F A
Gen & ret 413s series D
1961 F A
Del United 1st con g 4 Hs_ 1932 J J
Dodge Bros oonv deb 68_ _1940 M N
Dold (Jacob)Pack 1st as _ _1912 MN
Dominion Iron & Steel 621_ _1939 M S
Donner Steel lat ref 7s
1942 J J
Duke-Price Pow 1st 68 ser A1988 MN
Duquesne Light Ist 4 Ha A _ _1967 A 0
East Cuba Su 16-yr s t If 735e '37 M s
12iStarnped as to 5 f guar
Ed El Ill Bkln 1st con is _ _ _1939
J
Ed Else(N Y) 1st cons; 50_1995 J J
El Pow Coro (Germany)635850 M H
1953A 0
Ists163311
Elk Horn Coal 1st & ref 6(4s 1931 J D
Deb 7% notes (with waft) 1031 J D
Eqult Gas Light 1st coo 58_1932 M 8
Ernesto Breda Co 1st m 78_ A954
With stock nurehase warrant. F A
C Cash sale. S Deferred delivery.
ietZ
94 Salo 94
94
; 9012
_
04 Nov'31
995
- 95
93 96 Nov'31
1
3 61
Oct'29
1
64 515 June'31
102 Sale 1018
8
102
10114 Sale 10118
10214
10112 Salo 10112 10214
10112 10312 10112 102
9212 Sale 924
9512
90 Sale 90
93
8118 Sale 8118
8512
57 Sale 5214
573
8
100 Nov'31
80
90
82
83
75 Sale 75
80
9712 Salo 973
8 100
6 Sale
6
6 18
618
618
95 16
- 968
10812 1173 108 8 Nov'31
8
108
2618 Sale 2314
29
264 Sale 23
29
_ 20
33
20
2114
20
15 Aug'31
155% loco, 100 Dec'31
48
4812
14
27
3
__
3
11
1
_
4
3
81
106
_
13
13
25
114
79
6
19
75
10
68
Range
Since
Jan. I.
High
Low
964 100
894 104
75 10612
25
77
13
87
10
28
13
1412
88 1017
s
6512 92
53
8012
774 98
9912 19412
95 104
40
68
948 10314
4
984 10712
7
48
7512 967
a
85
9912
10214 1114
1024 115
78 C9912
254 8818
20
864
1818 807
8
20
8512
96 10618
95 104
31
8312
19
3612
574 105
318 9
24 5
66
87
102 1084
864 10213
55
89
56
6012
71
101
114
218
98
94
97
818
4
67 4
8
85
60
021g
113
12113
218
106
96
10714
93
10114
1034
104
101 100
65 100
771s 9878
87 101
12
45
27
70
8s
100 10614
335tc100
1014 1064
7178 gcoR
80 118
3112 60
6
69
73 1018
s
2718 48
90 8 10612
3
394
67 4
8
5312
86
74
83
954
99
"20- 16"
70
993
2
82
9412
79 10118
7912 10114
78 100
94
994
884 lin
9112 102
87
99
84
88 10018
105 108
9914 1018
8
9312 1034
BONDS
47,
r.
N. Y. STOCK EXCHANGE.
Week Ended Dec. 11,
-F.o,
Federal Light & Tr 1st 5a1942 M
1st lien s f 5s(tamped_ _ _1942 MS
1st lien 65 stamped
1942 M
80
-year deb 6s series B
1954 J O
Federated Metals e I 7s
1939 3D
Flat deb e I g 75
1946 33
Fisk Rubber let a 1 8a
1941 N.I S
Framerican Ind Dev 20-yr 73318'42 3J
Francisco Bug let 5 1 7.4s-1942 MN
Gannett Co debits
1943 FA
Gas & El of Berg Co cons g 551949 3D
Gelsenkirchen Mining 6s_ _ _1934 M
Geni Amer Investors deb lie_1052 FA
Gen Baking deb St 5 He__ _ _1940 * 0
Gen Cable let s t 534e A— --1947 3'
Gen Electric deb g 33-4e
1912 P A
Gen Eke(Germany) 7s Jan 15'46• J
t deb 6 He
1940 J O
20
-year s f deb 65
1948 MN
Gen Mot Accept deb 68_ _ _1937 FA
Gen! Petrol 1st 5 f 50
1940 FA
Gen Pub Serv deb 1534s
1939• .1
Gen Steel Cast 5338 with warn '49 J J
Gen Theatres Equip deb 68_194(1 A0
Good Hope Steel & I eec 78_1945 AO
Goodrich(B F)Co 1516Ha 1947 J 3
Cony deb 6s
1945 3D
Goodyear Tire & Rub let 58_1957 MN
Gotham Silk Hosiery deb 68_1936 3D
Gould Coupler lets I 6s_ _ _1940 FA
Gt Cons El Pow (Japan) 78_1944 FA
let & gen 1 6 Hs
1950 .1 .1
Gulf States Steel deb 5 Hs_ _1942 3D
Hackensack Water let 4s_1952 J J
Hansa 88 Lines(is with warn..1939 AO
Harpen Mining 68 with stk purch
war for corn stock of Am shs'49• J
Havana Elea console 5s_ _ _1952 FA
Deb 5345 series of 1926..190i MS
Hoe(R)& Co lat 634s ser A_1934 AO
Holland-Amer Line 68 WM1_1947 MN
Houston 011sink fund 5348..1940 MN
Hudson Coal let erOs ser A_1902 3D
Hudson Co Gas Isle 58
1949 M N
Humble Oil& Refining 5349_1932 .1 .1
Deb gold 55
1937 *0
Illinois Bell Telephone 58_ _1956 3D
Illinola Steel deb 414s
1940 A0
Raeder Steel Corp mtge as_ _1948 FA
Indiana Limestone islet 65.1941 MN
Ind Nat Gas & Oil Re 58 _1936 MN
Inland Steel 1st 434s
1978 * 0
1981 P A
1st rn f 4Hs ser B
Interboro Metrop 434s
1950 * 0
A0
Certificates of deposit
'
3
Interboro Rap Trail let 6e,..1966
ii
Stamped
-year 68
1932 AO
10
10
-year cony 7% noted) __ _1932 MS
N
Interlake Iron 1st Is B
1951
Int Agri Corp 1st 20 yr Os_ _1932 MN
Stamped extended to 1942_ _ MN
lot Cement cony deb 5s_ _ A948 MN
Internal IIydro El deb 68__ _1944 A0
Internal Match at deb 5s_ 1947 MN
Cons' deb 68
1941 33
Inter Nlercan Marine et 6s 1941 AO
Internet Paper 5s ser A & 13_1947 33
Ref f Os series A
1955 M
Int'Foley & Teleg deb g 434s 1952 J J
Cony deb 4345
1039 33
Deb 5s
1955 FA
Investors Equity deb 5a A _A947• D
Deb 58 ser B with warr._ _1948 AO
Without warrants
1948 AO
3945
Price
Friday
Dec. 11,
Werra
Range or
Last Sale.
.•
48
Range
Sines
Jan. 1.
Bid
Ask
68
75
68
86
8312 86
66 Sale
80 Sale
7514 Sale
21 Sale
97 Sale
15 Sale
77 Sale
Low
High
78 Nov'31
654
70
83
833
8
66
76
80
83
754
758
8
21
25
963
8
9718
15
2112
76
77
10314 Sept'31
28
3234
80
8012
92
94
50
57
96
96
3012
37
3012
35
2478
29
9912 1007
8
99
100
8212
8312
61
623
4
2
5
2612
28
72
56
4014
487
8
76
71
77 Dec'31
2784
273
4
744
70
61
65
30
38
No
)
Low
mg
78
98
6518 97
8234 10313
63 loci
80
95%
7111 931
4
21
434
893 109
4
15
69%
69
90
10314 lost,
28
goy
80
9113
92
99%
928.4
50
99 .1
1
95
29 104
25
98
2114 02
988 1044
4
99 10334
81
gm
59
084
2
74
30
79
92
50
96
31
33
26
100
99
8212
6212
3
2718
56
4014
71
Sale
8212
Sale
Sale
9812
42
Sale
Sale
Sale
Sale
Sale
Sale
Sale
29
Sale
Sale
Sale
7812
273 Sale
4
70 Sale
61 Sale
30 Sale
8212 9012 85
25 Sale 25
26 Sale
4
93 39
26
30
65 Sale
3714 Sale
100 102
10018 Sale
100 Sale
103 Sale
973 98
4
2218 Sale
1314 20
9512 100
80 Sale
80 Sale
912 12
45
45
32
63
50
Sale
Sale
Sale
Sale
Sale
40
693
4
4712
483
4
5014
48
51
36
41
45
42
597
8
61
597
8
55
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
80
70
72
K C Pow & Lt 1st 4 Hsser BA957 J J 9512 Sale
lst Ni 4 Hs
1961 F A 953 Sale
4
Kamm Gas & Electric 4138_1980 J D 81
8314
2
Karstadt (Rudolph) let 613_1943 1st N
20 Sale
4
Keith (1) F) Corp let 6s_ _ _ _1948 M
40 Sale
17
Kendall Co 5345 with warr.._1948 M S 5012 Sale
121
Keystone Telep Co 1st 5s_ _1935 J J
77
70
4
Kings County El L & P 5s_1937 A 0 10212 ____
Purchase money 68
1997 A 0 125 Sale
1
Kings County Elm 1st g 4e_1919 F A 64 Sale
,
Kings Co Lighting lit 5e- _ _ _1954 J
1024 ____
First and ref 630
1954 J
115
84
93% Kinney(OR)& Co 733% notes'36 3 D 55
84
19
234 484 Kresge Found'n coil tr 135_ _1936 J D 9614 97
103 103 10812 Kreuger & Toll aeo
5a _ _1959 M
498 Sale
8
225
91 104
994 105 8 Lackawanna Steel lot 5a A._1950 M
8
95 Sale
41 10013 106% Laclede(3-L ref & ext
__1934 A 0 9114 Sale
5
3812 85
Col & ref 534s series C____1953 F A
70 Sale
40
20
Col & ref 51as ser D
64
1960 F A 803 Sale
8
15
61 10212 Lautaro Nitrate Co cony 65_1954
34 100 1055
Without warrants
8
33
9 Sale
12
84
9914 Lehlgh C & Nay f 4 Hs A_ _1954 J
3
70
962
4
Cons sink fund 434s ser C.1954 33
42
52
85
Lehigh Valley Coal lst g 58..1953 J .1 94 Sale
32
1
1st 40-yr gu lot red to 47..1933 33 95
147
8
993
8
6
16
let & ref s t 58
1934 FA
9512 991
8
212 17
1st & ref s f 51
1944 P A
56
74
4
3
lat&ref a158
10
1954 P A
50 Sale
23 1004 106%
lst & ref s 551
1964 P A 47 Sale
39
98 105 4
lat & ref d513
3
1974 FA 4018 50
Liggett & Myers Tobacco 7a_1044 AO 116 Sale
93 10112
5s
1951 FA 1021 103
8
Loew'slncdeb.f 88
1951 *0
Sale
5512 100 Lombard Elec 71 without warn'52 3D 85 Sale
57
95 105
With warrants
J O
93 10413 Lorillard (P) Co deb 7s_ _ _1944 AO 100 Sale
58
1951 FA 87 Sale
8 515
Deb 51411
1937 3' 10112 Sale
9 10014 104 4 Louisville Gas & El(Kg)05_1952 MN 10018 Sale
8
27 101 10912 Lower Austria Hydro El Pow—
4 10112 1084
lsts f 6343
1944 FA 403 Sale
4
2 100 110
9212 105% McCrory Stores Corp deb 6145'41 J O 79 Sale
81
21
McKesson & Robbins deb 513850 MN 58 Sale
90 100
87
794 931a NIanati Sugar 1st s I 7 Hs_ _1942 * 0 10
18
Stamped Oet 1931 coupon 1942 * 0
8
5214 73
1
94
84 100
Nlanhat RY(NY)cons g 48_ _1990 * 0 34 Sale
2d 48
5
82 101
2013 3D 3018 3513
26
Manila Elea 1111 & Lt 5 f 58 _1953 M
75 10612
--__ 9713
71
973
8c106 4 Mfrs Tr Co ctfs of partic in
8
A I Namm & Son let 68_1943 3D 88 Sale
128
6
42
612 9
Marion Steam Shovel it es_ _1947 * 0 2514 Sale
4
Market St fly 78 ser A _A pill 1940 Q J 87 Sale
963 110
8
2 1078 12312 Mead Corp Bites with warr _1945 MN 43 Sate
8
Meridional° Elea 1st In A _ _1957 AO
2314 89
94
'
3 9984 Sale
23
39
874 Metr Ed 1st & ref 155 ser C 1953
lstg 4338serD
1968 MS 8814 893
81
20
6
4
Metrop Wet Sew & Dr 634s _1950 * 0 3412 Sale
10
20
_
994 1018 Metr West Side E (Chic) 48.1938 FA 4012 42
4
Ming Mill Mach lot 51 71_1956 3D
18
277
8
Midvale At & 0 coil tr a I 5e_1986 M
76
2
85
9512 Sale
Nov'31
26
34
8
19
26
11
154
6
21
20
41
52
13
1
54
55
69
148
10
39
21
218
22
43
89
79
2612
9671
58
4014
71
75
23
1
10
4
11
60
30
10212
76
924
90
685
8
1014
9318
90
9
85
22
9512
gar
s
owl
26
26
4
26
8413
25 Nov'31
25
5313
8 Dec'31 _8
30
25
3
25
68
3478 Oct'31 -3478 65
65
65
14
65
4214 801 87
37
63
100
100
171 100 1084
1008
100
8 78 100 510414
100
10018 61
97 8 103 4
7
8
1023
4 10312 451 10114
1074
9914 571
97
95 10413
1712
23
35
1713 82
1214
1214
1
10
69
97 Nov'31
97 10314
8412 23
80
80
97%
834 17
8012
80
962
4
104 Sept'31
94 1018
912 Jan'31
94 9%
45
5012 301
45
77%
45
364
51
45
78
2914
32
37
2311 64%
62
134
67
62
95
50
5612 22
50
87
9912 Dec'31
984 99 8
8
11
42
45
42
76%
69
72
29
60 100
56
4712
65
4013 9314
48
164
57
48
99%
57
5014
146
60 100
48
108
54
48
97
51
57
30
51
77
36
44
39
86
80
1e
4018
50
149
4018 8412
45
227
57
45
gel
42
165
55
42
91%
60 Dec'31
60
75
2
605
8
6012
60
76
60
Oct'31
60
75
9512
97
13
9514 10514
953
4
963
4 32
953 107
4
8312
17
85
80 100
2114 111
1912
753s
19
42
40
16
40
784
24
56
5012
318
71
70
70
4
70
82
1023
8 103
10 10184 1057
1
125
130
8 120 140
64
9
6712
64
8512
103 Nov'31
103 1074
110 Dec'31
110 120
60 Dec'31
60
96
96
3
97
94 103
48
5612 261
48
9438
95
9114
70
79
96
97
81
84
2
21
22
9
784
1111 122
00
9112 11
9012
903
8
2
9412 19
94
94
94
2
93 Nov'31
50
4
50
5212 13
50
491
40
11
48
1
48
116
1168
4 11
21
103
10214
90
85
105
57
60
7
69 Nov'31
106
32
1078
14
86
87
10112 10112 43
993
4 1013
4 64
40
79
58
26
1218
34
32
98
43
112
857
8
611
Oct'31
Sept'31
3714
Dec'31
Sept'31
5
83
86
89
2514
251
87
88
42
457
78 Dec'31
9912
998
87
894
381
3412
4812 Nov'31
29
31
9512
963
8
2
3
13
40
16
19
26
8
50
95
9114
70
79
105
10411
1037
4
10384
6
7512
90 10214
404 10214
94 1027
3
94 10211
98 10014
50
78
40
52
40
55
48
57
11578 126
99 /110
82
99 4
3
51
95
54
9538
10284 115
82
951
4
8514 1014
993 108
4
30
79
52
20
1218
34
80 8
,
95
8712
100
84t2
40
35
6211
51
100
86
9413
25
47
84
98
42
90
76 10012
97 1058
4
87 104so
25
75
4812 77
27
847
1
9518 10438
New York Bond Record-Continued-Page 6
3946
BONDS
Y.U
STOCK EXCHANGE
Week Ended Dec. 11.
tysc,
Fr(das
Dec. 11.
h
a.
Milw El Ry & Lt 1st 66 B1961 .1 D
J
1971
lst mtge 58
J
Montana Power let 5a A.._ i943._
1962.3
Deb be series A
D
Montecatini Min & AgrioDew 7, with warrants-1937
J J
Without warrants
Montreal Tram Int & ref Ze__1941 J .1
Gen & ref f 56 series A___1955 A 0
Gen & ref f be ser B_ _1955 A 0
Gen lc ref s I 4348 eer C _ _1955 A 0
Gen & ref a I 5e ser D___ _1955 A 0
1939.3 .3
Morris& Co list f 434a
Mortgage-Bond Co 4s ear 2_ _1966 A 0
1932 .3 J
10-26 year be series 3
1934.3
Murray Body 181 6348
Mutual Fuel Gas let gu g 52-1947 M N
Slut Un Tel gtd dealt at 5%.1941 M N
Bid
85
NAIIIM (A 1) ds Son See Mfrs Tr
N94144U Elec guar gold 43_ _ A 951 J J
1942.3 D
Nat Acme .1818068
Nat Dairy Prod deb 531a._1948 F A
1947 F A
Nat Radiator deb 8346
1958 A 0
Nat Steal lat coil 5a
Newark Conisol Gas cons 56_1948 J
NJ Pow & Light 1st 431s_ _ _1960 A 0
Newberry (J J) Co 534% notes'40 A
1952 J D
New Engl Tel & Tel 58 A
1961 MN
bit g 434s series B
New Orl Pub Sery 1st 58 A-1952 A 0
D
1955
First & ref ba aeries B
N Y Dock 50
-year let g 4
8-1951
A
1938 A 0
Serial 5% notes
N Y Edison 1st & ref 6343 A_1941 A 0
_1944 A 0
lst lien & rails series B.._
N Y Gaa El Lt H & Pr g 5(3_1948
Purchase money gold 43_ _1949 F A
NYLE&W Coal & RR 5345'42 MN
NYLE&W Dock & Imp ba '43 J .1
1942 J .1
N Y Rya lst R E & ref 43
Certificates of depoalt------year adi Inc ba. Jan 1942 :t"
30
ceruncatet of depoalt_ - -_ •0
N Y Rya Corp Inc ils_Jan 1966 Apr
1965.3 .1
Prlor lien 6e series A
NY & Mehra Gas let 135 A 1951 MN
N Y State Rye 1st cons 430..1962 MN
MN
Certificates ot deposit
60-yr let cons 8345 series B1962 M N
(laser A 1947 M N
N Y Steam 181 25-yr
1951 M N
let mortgage be
NY 'relep let & gene I 4348_1939 It N
1946J D
N Y Trap Rock 1st Os
.1
Niagara Falls Power let 58-1932
Jan 1932 A 0
Ref & geo 68
Nies Lock & 0 Pr 1st 58 A _ _1955 A 0
1950 MN
Niagara Share deb 5 As
Norddeutsche Lloyd 20-yr 816347 M N
Nor Amer Ceas deb 834e A _1940 M S
1961 F A
North Amer Co deb 5e
No Am Edison deb be ser A _ _1957 M
Aug 15 1963 F A
Deb 534s eer B
Deb ba serlea C _Nov 15 1989 M N
Nor Ohio Trac & Light Os- _1947 M S
Nor States Pow 25-yr bs A-1941 A 0
1941 A 0
lst & ref 5-yr 68 ser B
North W T lst fd g 4343 gtd-1934 J .1
Norweg Hydro-El Nit 534a_ -1957 M N
97
4.k Low
Sale 85
8
867 87
Sale 97
83% 838
4
683 78
4
663 75
5112
_
7212 Sale
40
8
697
_
9914
92
85
fthi
Pacific Gas & El gen & ref 53_1942 J
.1936 DI
Pac Pub Sery 5% notes
1937 J J
Pacific Tel & Tel let ba
1952M N
Ref Mtge be series A
Pan-Amer P & T cony f 68_1934 MN
Pan-Am PetCo(ofCal)cony 68 '40 J D
Certificates of depoeit
J
Paramount-Wway let6 he_ _1951
Paramount-Fern's-Leaky 68_1947 J D
Paramount Publis Corp 53491950 F A
Park-Lea let leasehold 6348-1953 J
1944 A 0
Parmelee Trans deb 68
Pat dc Passaic0& El cons 581949 M S
Pathe Each deb 75 with warr 1937 MN_
Penn-Dixie Cement lit 68 A1941 M b
Pennsylvania PA L 181 4348.1981 A 0
Peon Gas LA C lit cons 6e-1943 A 0
1947 MS
Refunding gold ba
M S
Registered
1967 3 0
Phila Co sec be ser A
Ptilla Elea Co lit A ref 4441_1967 MN
F A
let & ref 43
1
197 1
Phil& & ReadingC&I Ref 58 1 9 3 •11 J
1949 MS
Cony deb 68
Phillips Petrol deb 53(3
1939 .1 D
Pierce 011 deb a f 831_ _Dec 15 1931 J D
Pillsbury Fl Mills 20-yr 6a-1943 A 0
Pirelli Co(Italy)cony 75__ _1952 MN
Pecah Con Collieries let at 58'57 J J
Port Arthur Can & Dk 68 A_1953 FA
1953 FA
1st NI Os series B
Port Genl Elec tat 434e ser C 1960 MS
let 5e_ ..193b J J
Portland Can Elec
Porto Rican Am 'rob cony 68 1942 .1 3
Poeta! releg dr Cable coil 58_1953 J .11
• Pre sed Steel Car cony gs 56_1933 J J
Pub dery El & lat & ref 4311'67 J 0
1970 F A
lat & ret 4449
1971 AO
1st & ref 43
Punta Alegre Sugar deb 7s_ _1937 ..1 .1
1937 F A
Pure 011 s t 534% notes
S f 534% notes
1940 M 8
Purity Bakeries s I deb 58.- _1948 J J
25
2
5
20
49
Sale 4614
95 Sept'31
90
285
92
Sale 8753
Oct'31
14
11
220
77
Sale 69
1023 102 Dec'31
4
4
96
-98 Sale 96
19
78
80
78
75
4
1013 Sale 101% 104% 34
9914 34
97 Sale 97
24
78
71 Sale 71
7812 26
72 Sale 72
2
60 12
60 Sale 60
14
40
39 Sale 39
110 Sale 109% 110% 30
28
s
1043 Sale 102% c106
8
10418 1047 105
10514 27
4 89
943
93% Sale 93
---- 9712 102 Sept'30
10218 100 June'31
=_ 4318 Oct'30
40 Dee'30
50
40
io212 Dee'30
14 July'31
1% Sale
112 11
3
13
2
33
12
40
37
3712
--__ 101 10112 Nov'31
4614
65
88
5
69
Sale
3
314 14
4
314 Nov'31 _
4
3
Sale
3
18
10612 105
106
14
Sale 100
101
Bale 99 4 10012 149
3
6
85
78
79
2
10012 98
3
99 4
52
10014 100
100
Sale 98
10014 10
Sale 713
4
7812 15
Sale 22
2612 113
2512 30
Sale 20
Sale 80
12 59
87
1
87
90
87
38
84 Sale 84
91
20
80 Sale 7912
87
18
951s 9912 993
4
9912 34
4
983 Sale 98%
9
10234 Sale 10212 103
---- 9712 9912 Nov'31
57 Sale 56
3
59 4 22
314
114
3
105
101
100
79
100
100
98
72
3
25 4
20
80
10512
108
21
95
55
Dec'31
7
3
3
2
16
61%
55
4
11
3
4 10053 62
99 4 Sale 993
4
883 8912 90 Dec'31 ___ _
10213 19
8
4
10113 1013 1017
5
4
1003 10114 1004 102
10112 sale 10112 10153 37
16
16
15 Sale 15
4
143 31
1614 Dec'31 ___ _
11
85
75
79
71
4612 Sale 45
5312 81
4713 152
40 Sale 40
22
20
18
20
18
2
1614
1614 Sale 1614
Oct'31
6412 27
6414 60
60
4014 43
3813 Sale 3712
8814 163
8412 Sale 8413
109%
1
10712 109 lO9Is
3
100 8
99 100 100
9
10912 July'31
7
83 3 Sale 837
61
91
97 Sale 97
71
100
41
91
874 Sale 873
.54 Bale 54
58
89
42
33 Sale 33
123
57
4
543 Sale 5418
75
99 10014 99
_
Oct'31
101 Sale 101
10312 -15
89
95 89
8912
2
1
89
95 89
89
80
79 Nov'31 -- _ _
89
104 Mar'31
58 Sale 58
113
64
4
4
993 Sale 993
4
993
5
36 Sale 36
3712 12
25 Sale 25
3453 121
75
75 Sale 74
41
9814 97
9714 Sale 9714
99
3
97 4 Sale 97 4
3
32
87 Sale 87
92
58
312 Nov'31
5
78
75 Sale 75
9
73 Sale 72
29
75
70 Sale 70
7312 27
11/37 MN
Remington Arms lets I 6s
70 Sale
Rem Rand deb 5345 with war '47 M N 40 Bale
Repub I & 1310-30-yr be 3 t_ _1940 A 0 76 Sale
Ref & gen 53411 series A_ 1953
J
60
52
Revere Cop & Br 6a __ _July 1948 M 13 70
74
Rhelnelbe Union s 17s
J 2514 30
1946
RhIne-Main-Danube-See Foredg 0Go vernmenta
19533 .1 21 Sale
Rhine-Ruhr Wat Ser 6a
Rhine-Westphalia El Pr 7s-1960 M N 5112 53
Direct mtge 63
1952 MN 37 Sale
Cons M as of 1928
1953 F A 3018 Sale
Con m 68 of'30 wIth warr.1955 A 0 3212 Sale
Metalled 011 of Calif 66
1944 M N
15 Bale
M N
Certificate(' of acnomit
.
1434 16
C Cash sales. a Deferred delivery.
3
19
69
40
76
54
7018
2614
71
5314
80
5618
74
3018
10
55
18
16
6
11
1612
4414
26
30
28
15
18
2212
51
37
3413
33
1612
16
41
25
48
67
84
53
1
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 11.
h
h
a.
Price
Nide,
Dec. 11.
Wert's
Range or
Lan Sate
Ask Low
1110n
Bid
11198
45 Dec'31
1955 FA
25
40
104% Rime Steel let I Ts
4
1013
5
104 3 reach G&EI gen mtge5148 serC'48 M S 101 Sale 101
95 Nov'31
Gen mtge 434s serlee D.. _ _1977 SI S
106
85 Dec'30
1g4 Roch & Pitts C&Ipm ba__ _1946 MN
7212
Royal Dutch 48 wIth warr_ _ _1946 *0 72 Sale 7112
1712
20
1948 *0 1712 20
67 1210013 Ruhr Chemical a I ths
53
87% 99
8912
1941 MN 8612 Sale 8612
85 1013 St Joseph Lead deb 534s
1
80
80
St Joe Ry Lt II & Pr 1st be _ _1937 MN 80
90
90% 96
45
45
'3 45
St L Rock MIA P bs etmpd_1955
50
93% 94
7
193
88 June'31
62
8718 8718 St Paul City Cable cons 53_ _1937'.3 20
3' 20
88 June'31
69
Guaranteed ba
$
917 9313
96
San Antonio Pub Sem,1st 68_1952 J J 96 Sale 96
6413 83
-See under
70 Saxon Public Works
70
Foreign Government',
Mt
95
'3 50
50 18
1948
50
54
Schuleo Co guard 348
98
85
60
1946 A0 60 Sale 60
Guar a 16%3 aeries B
100 10912
4412
47
45
99% 10412 Sharon Steel Hoop 8 f 5)48_ _1948 FA
7818
8
Shell Pipe Line at deb be__ _1952 MN
74 Sale 737
6112
1947 MN 60 Sale 59
Shell Union Oil 3 f deb 5e
1949 AO 5912 Sale 5912
6114
Deb 58 with warr
5314
85
5614
9612 Shinyetau El Pow let 6348_ _1962 Jo 49 Sale 49
93
3
212
3 Sale
4
8714 1023 Shubert 'rheatre 88_June 15 1942 3D
1935 33 48 Sale 48
4912
'25% Siemens & Ilahake a 17e
11
4414
1951 NI S 42 Sale 3653
Deb f 6348
69
9113
8
947
94
94
102 10812 Sierra & San Fran Power 58_1949 FA 92
2214
20 Sale 20
95 10318 Slleela Elec Corp t 6343_ _ _ _1946 FA
A
43
Silesian-Am Corp coll tr 78_ _1941
4218 Sale 417s
74
95
8312
101% 11214 Sinclair Cons Oil 15-yr 7s_ _ _1937 MS 8014 Sale 8014
1938 3D 7618 Sale 7618
80
let lien 6348 series B
9618 10814
4
9912
943 Sinclair Crude 011534.ear A.1938 3, 9812 Sale 9812
67
1942 AO 95% Sale 957
9412 Sinclair Pipe Linac f 58
96
13
65
1939 MS 53 Sale 53
5514
60
6412 Skelly Oil deb 534s
10114
39
a
817 Smith (A 0) Corp let 6348_ _ 1933 MN 101 Sale 01
1942 MS 8114 8412 85
89
10912 11714 Solvay Am Invest 53
3 1003 Sale 0012 102
4
4
1021 10814 South Bell Tel & Tel lit 3 f re '41
10314
103 11212 Wawa Bell Tel let & ref 58_ _1954 FA 10012 Sale 0018
91
90
91
85
92 10218 Southern Colo Power tls A _ _A947 J
10112
Stand 011 of N J deb5cs Dec 16'46 FA 1011s Sale 01
4
8
Stand 011 or N Y deb 4 Me_ _1951 Jo 923 Sale 927
4
943
Rio 166
'3 2912 Sale 2912
32
Stevens Hotel let 03 ear A_1945
2 12
2 Sale
2
Sugar Estates (Oriente) 73..1942 MS
MS
7
_
3 Sept'31
Certificates of depoalt
4
1 Syracuse Lighting let g ba _1951 ID 102 10614 02
14
Oct'31
412
1
-See under
Taiwan Elea Power
37% 61
Foreign Government",
96% 108
10112 0212 Dec'31
Tenn Coal Iron & R Rgen 58_1951 J J
E 55
65
6812
8
1112 Tenn Cop & Chem deb Ss 11_1944
1947 3D 97% gale 9712 101
9
3
Tenn Elec Power let 613
A0 7614 Sale 7412
8314
12
3
Texas Corp cony deb ba
4712
10412 1097 Third Ave fly let ref 48
914
1960 J J 43 Sale 43
3
31
Adj Inc ba tax-ex N Y Jan 1960 A0 29 Sale 29
99 105%
95 95 Nov'31
9914 10614 Third Ave RR let st 58
1937 J .1 90
74 10012 Tobo Elec Power let 78
1955 M
7314
3
69 4 Sale 69%
J
98 103%
94%
9518
99
95
6% gole 9
Tok yo Eldc Lrght Co. Ltd
o
100 103
-1932
1963 3D
55
60
let 68 dollar/series
5612
98 106
1949 MS 3118 33 10753 June 31
71% 98+4 Trenton G & El lat g 5e
3312 Dec'31
3
20 3 87
Truax-'lraer Coal cony 630_1943 MIS 6414 70
NI N
1512 6412
67
12
20
5811 Trumbull Steel lit is I lie. _1940
2 42
14
14
50
80 c10214 Twenty-third St fly ref be_ _.1962
49
49 Sale 49
75% 105% Tyrol Hydro-Elec Pow 730_1951 MN
40
84 105
1952 FA
38 Sale 36
Guar sec s f 7e
4
7912 1023
84
1945 MS 8053 Sale 8052
9913 10812 Ujigawa Elec Pow if 7s
98 105+4 Union Elec LC & Pr(Mo)5a_1932 at S 101 Sale 10012 101
10112
1933 MN 101 Sale 101
Ref & ext be
100 107%
.) 10153 Sale 101
10153
Un E LAP (111) lat g 5348A 1954
99 102
44 Dec'31
53 10114 Union Elev fly (Chic)58.._ _1945 AO 4114 60
9912
95
9912 95
Union 01130-yr 8a A_ _May 1942 FA
4
93
4
let lien e f Os caw (I_ __Feb 1935 AC 923 Sale 923
105 114
80
Deb 5s with warr_ _ _Apr 1945 J D
75 Sale 75
102 116
N 95
4
4
983 95
953
19
5014 United Biscuit of Am deb 68_1942
1953 MS 8814 Sale 8614
91
93 10714 United Drug 25-yr ba
'3 44
1934
43
48
43
2
947 United Rye St L 1st g 4is
50
43
90 10714 US Rubber list & ref ba ear A1947 .1 2 35 Sale 35
N
1937
82
84
86
84
United SS Co 15-yr 85
23
58 100
Un Steel Works Corp 634e A 1951 3D 21 Sale 19
1951 31) 21 Sale 19%
50
Sec 8 f 6348 series C
99%
2214
1947 J J 2014 Sale 183
S f deb 634s ser A
4
4
213
3
994 10653 United Steel Wks of Burbach89
9112
Each-Dudelange s f 7s__ _1951 *0 75
8318 80
84
100% 1063 Universal Pipe & Had deb 68 1936 Jo 20
4
30
20 Dec'31
1953 A 0 24
3
100 4 10812 Unterelbe Pow & Lt On
2412 2212
2512
100% 103
Utah Lt & Ti-ac let & ref 58_1944 AC 7518 807 81
81
8
78
lb
1944 F A
Utah Power A 1,0 let 5s
90 Sale 88
90%
13% 33
Utica Elec LAP 1st s f 865.1910 ii
107 Sept'31
'3 loo 102 100% 10018
75 105
Utica Gas & Elec ref & ext 65 1957
"
46
97
Util Power 5c Light 530_ _ _1947 3D 40% Sale 4014
53%
89
Deb 53 with warrants
40
5314
1959 FA 42% Sale 4012
18
FA
6212
Without warrant,
4812
7
15 s 38
60
102 107% Vanadium Corp of Am cony 58'41 A 0 55 Sale 55
814
4
503 90
Vertientes Sugar let ref 78_ _ _1942 J D
7 Sale
12
12
36
80 4 Victor Fuel 1st ef58
15
1953.3 J
3
14
86
8418 100
4
693 6712
Ye Iron Coal & Coke 1st g 5e 1940M S 65
101%
108 11718 Nea Rs.& Pow 1st & ref 58_ _ _1934 J .1 100 Sale 100
100 11012
25
108 10912 Walworth deb 6348 with warr1935 A 0 25 Bale 25
30
29
A 0 25
30
7
83 0104
Without warrants
35
A _1945 A 0 30 Sale 32
96% 10613
1st sink fund &series
32
873 10014 Warner Bras Pict deb 66-1939 M S 2612 Sale 2612
4
66 Dec'31
85
8514 Warner Co 181 68 with warr 1944 A 0 67
64
67 Nov'31
0 ____ 66
A
83
Without warrants
33
35
5013 9214 Warner-Quinlan Co deb 133_ _1939 M S 33 Sale 33
10312
03
99 10312 Warner Sugar Refin let 7s_ _ 1941 J D 10314 104
712 sale
711
712
100 106
Warner Sugar Corp let Ts _1939 3 J
712 Sale
712
714
8+54 104%
Stamped July 1931 coup on '39 3
50
M E 4614 Sale 4614
1941
89
95
Warren Bros Co deb 11s
4 Dec'31
79 106
Wash Water Power a bd.__ _1939 .1 _1 101 _4- -- 003
104
102 104
0 102 Bale 02
Westchester Lug 58 MIA gtA- 1960
101
4
9218 West Penn Power ser A 5e_ 1946 M S 100 1013 00
58
4
1023
101% Sale 01
1963 M
98 1047s
ist 53 series E
1956 J D 10112 Sale 0112 103
3412 79
let sec 55 series 0
8
3
747 Western Electric deb 5e.l944 A 0 9958 Sale 9953 1007
25
8518
76 Sale 76
Western Union coil trust56_1938 J J
88
65
80
73 Sale 73
N
_1950
Fund & real eet g
9714 106
4
853
1938 F A 80 Sale 80
-year 634s
15
1051*97
/1
67
1951 J D 647 Sale 6112
-year gold 543
87 10014
25
6818
4
65 Sale 623
1960 M
-year 531
3
30
1212
19 Sale 1814
2114
Westphalia Un El Pow fie_ 1953 J J
96
72
7313
J
7013 Sale 7018
93% Wheeling Steel Corp lit 53481948
72
84
let & ref 4348 series B.__ _1953 A 0 5412 Sale 5412
70 89811
Eagle Oil & lief deb 5145'37
White
8
987 100
98
101
With stock purch warrants._ _ - M
3
95 4
69
_ 33 Sept'31
White Sew Mach 68 with wan.'36 3 J 203
92
40
3 J
20% 2
-1.
4-4
203
2118
Without warrants
14
76 102
1814
10 2
147 15
1940 M N
Perth) ci deb 68
98
64
5
7
312 9 8 3 3 Nov'31
.
'
Wickwire Span St lot 78_ _ _1935 J
101
66
2 3
67
3
Bank.......
3
Ctf dep Chase Nat
9328
24
4
6
Oct'31
3
Te (Nov 1927 coup on)Jan 1935 MN
N
312 312 Dec'31
CU dep Chase Nat Bank_
4
783
18
S
91
44 10112 Willye-Overland if 634e_ - _1933 M 0 - _ 91% 91
8413
84 Sale 83
8914 Wilson & Co 1st 25-yrs t 65-1941 A
26
5953 Dec'31
60
Arms 734.'41 A 0 56
Winchester Repeat
88
28
60
A 0 59 Sale 59
CertIficates of depOelt
86+4
28
72
64% Sale 6414
Youngstown Sheet A, Tube Sc'78
1214 87
7312
1970 A
66
70
64
Iss M f Sy ear
1114 6012
11341A No. Low
85
90% 62
87
915a 11
9414
9914 33
83%
1
83%
8712
6712
6918
6718
85 Noy'31
7
92 8 Sept'31
94 May'31
8718 Mar'31
9312 May'31
7314
71
70 Sept'31
99 Dec'31
8518
8513
10053
100
99% Nov'31
Ohio Public Service 730 A.._1946 A 0 100 10412 105
1947 F A 102 Sale 102
1st & ref 7s series B
1944 le A
20
20
25
Old Ben Coal let(la
1943 F A
94 Sale 94
Ontario Power N F 1st be
lot 630_1950 J .1 50 Sale 50
Ontario Power Set!
Ontario Tranamistion let 53-1945 MN 9113 9512 90
-See Forel en overments
Oriental Development
58
Oslo Gas & El Wks extl 58 _ _1963 M11 S
_1941 M 8 54 Sale 54
Otis Steel Ist M 88 ser A
J
gunge
Since
Jan. 1
see'.
Ranoe o•
Last Sale
43.3
Bang.
Since
Jan. 1.
No. Low
30
22 100
95
81
26
49
2
1
16
6
3
11
14
89
160
9
4
7
33
3
24
99
19
121
31
88
16
86
45
19
2
279
38
16
8
6
49
231
30
202
_
77
24
225
20
1
1
11
74
13
35
30
10
14
8
5
53
5
90
10
91
11
72
10
10
11
46
1
90
279
27
12
14
47
2
3
181
21
2
5
14
24
14
19
40
22
41
20
11
79
47
83
137
30
15
33
18
2
1
2
47
21
11
8
Moe
88%
1074
10313
94
7
-7 6
1712 54
8612 99%
60 100
45
57
8733 92
88
92
94 1093
4
69
75
48% 91%
9013
44
92%
71
89
59
5912 90
9314
49
25
2
48 104
8% 101+4
3
94 105 a
5
81%
20
25
85
75 10014
9812
75
9411 10314
90 102%
84
41
100 104
981s
76
1001s 106%
7
100% 107 a
90 1015+4
100 10511
90 c102
24
68
30
2
13
3
3
102 11113
101 107%
60
99
97% 108
7412 102
58
39
23
48%
93 101
65 01018
4
86 10014
5612 9134
104 107%
72
26
5212 10011
14
2612
42 100
85
984
80 10213
100 103
99% 103%
98% 10453
73
44
94 108
9113 101
97
75
95 10514
8614 1021
,
40
82
35
7514
84 101%
19
837
s
19
4
833
4
183 83%
79
1514
2212
80
86
104
100
4014
39
50
7
10
87%
97
1(38
5112
83
10114
10414
107%
11312
84
76%
87
45
22
85
105
25
85
90
24
79
25
7414
25
97
65
80
97
69
81
10012 10684
17%
7
6% '23
45
91
9913 105
102 11011
99% 107
101 11114
9911; 10711
9912 10711
76 10714
73 1024
80 111
4
6112 1047
3
62 4 10414
18
791s
52 103
92
50
100
30
'20
7
353
3
34
3
91
8214
26
281s
6413
66
10312
40
46%
4413
10
13%
101s
11%
101%
101
83
6314
10312
101
DEC. 12 1931.]
FINANCIAL CHRONICLE
3947
Outside Stocei Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, Dec 5 to Dec. 11, both inclusive, compiled from official sales lists:
Stocks-
Friday
Salts
Last IVeek's Range for
Sale
of Prices.
Week.
Par, Price. Low. High. Shares.
Railroad
Boston & Albany
100 12034 120
Boston Elevated__ 100 7834
7834
Boat & Maine pr pfd stp100 57
55
East Mass St Ity adjust 100
134
131
er 'I N H A Hartford lt)O
1934
Old Colony RR
100
99
Pennsylvania RR
60 2034
1954
Vermont F.: Mass RY
110
100
12534
8154
58
135
27
100
24
110
Range Since Jan. 1.
Low.
273 120
911 8234
150 55
90
134
1,083
1934
30 99
3,160 1954
5 110
Dec
Apr
Dec
Dec
Dec
Dec
Dec
Dec
High.
188
9534
108
4
9234
140
6814
122
Oct
Jule
Mar
Jan
Feb
Mar
Feb
Feb
Miscellaneous
Amer Coot Corp
235 351
•
1
American Founders Corp •
131
135
amer Tel & Tel
100 12434 12134 131%
4
•
Amoskeag Mfg
434
Aviation Sec of New Engl.
235 234
•
Blgetow Sanford Carpet • 1735 17
1935
Preferred
100
75
76
11
Boston Personal corn
11
Beaton Personal Prop of • 1034
1034 1034
Brown Co preferred_ -100
10
1234
Continental Securities_ _ _. _____ _
2
33.4
Crown Cork & Intl Seal.
154 2
134
East Gas & Fuel Assn
Common
•
83-4 9
834
69
71
4ti% Prior preferred 100
6% ium preferred_ _100
70
71
Eastern SS Lines
•
8
Common
734 934
lot preferred
100 87
87
87
Economy Grocery Stores_• 17
1634 1654
Edison Elea Blum
100 19031 18935 218
Empl Group Ammo T C___• 10
10
1013
Gals-Boos EleoPreferred
100 25c
20c 25e
General Capital Corp____ • 1835 1834 21
Gillette Safety Rater_
11% 1334
*
Preferred
5135 5135
Grief Bros., class A
14
14
Hathaway Bakuries el B_ _•
6
6
735
IlYgrade Syl Lamp Co_
27
28
Preferred
80
80
Internist Nat Hydro-Elec-.
12% 1235
Jenkins Television_
_ ___•
135
134
115
Libby McNeil & Libby_
435 531
Loew's Theatres
25
734 734
Mass Utilities Assoc•t o..
235
234 234
Mergenthaler Lino
• 58
56
60
Nat Service Co corn .be _•
111
1
134
New England Equity Corp 1634 1635 1911
New Eng Tel & Tel __MO 11034 11034 119
Northern Tex El pref__100
100 100
9
Pacific Mills
Inn
834 10
Reece Buttonhole Mach_10 13
1334 1431
•
7
BASIVMUL Assu T C
735 834
Stone & Webster
1135 1434
•
Swift & Co new
• 18
17
2234
Torrington Co
32
• 3034 28
Union Twist Drill
12
5
12
United Founders Corp cm•
2
134 235
United Shoe Mach Corp_26 37
3634 42
Preferred
25 31
31
31
US Eleo Power
•
131 2
Venezuela Met 011 Corp_ _
1
1
Waldorf System Inc
235 235
Waltham Watch pref__ 100
18
18
Warren Bros Co new
•
411
434 65-4
Cony preferred
17
17
Weetfleld Mfg
•
1834 19
233
20c
1,390 1834
888
434
50 5134
225 15
90
6
60 19
15 75
102
935
100
134
223
435
200
7
1,233
2
460 56
238
1
148 1635
986 105
500 100
725
834
795 1335
1,375
735
1,031
1135
1,344 17
540 28
195 11
4,654
1%
5,364 36
625 31
71
135
300 50c
50 1734
10 19
4,750
454
200 35
79 18
Dec
534
Dec 3934
Oct3834
Dec 5134
Nov 21
Dec 15%
Jan
303-4
Dec90
Sept3035
Dec8
I)ec 1334
May
934
Oct
5
Dcc 89
June
334
Dec 30
Oct 143
Nov
135
Dec 2534
Dec 1535
Dec 18
Dec 5434
Dec 3034
OM
47
Oct 30
Dec 1034
Oct 58
Jan 32%
Oct
8
Oct
3
Oct 27
Oct 50
Dec 4614
June 4154
Oct 2734
Jar
Apr
May
Dec
Jar
Jar
Sere
Mai
Mai
Ate
Fel
Jar
Fel
Jar
Jar
Jar
Atli
Jar
MA
Fel
Fel
Ma
Jar
Fel
Fel
Ma
Jar
Am
Ma
Jai
Au
Jai
Fel
Jai
Ma:
Mining
Calumet & Heels
25
Copper Range
25
Isle Royal Copper
'5
,
Mohawk
25
Nippissing Alines
5
North Butte____.
__235
Pond Creek Pocahontas Co
_Quinoy Mining
25
St. Mary's Mineral Lan525
Utah Apex Alining
6
Utah Metal & Tunnel_--- 1
10
2,075
365
625
65
8,069
55
310
2,901
600
3,600
354
235
135
1134
75c
35e
7
2
2
50o
15e
Oct 1134
Oct
8%
Dec
634
Oct 21
June
13-4
Dec
534
Oct1554
Oct 1014
Dec
9%
Sept135
Ot 590
Fel
Fe,
Fe
Fe
Ma
Ma
Ja
Fe'
Ma
Ja
Fe
60
20
Oct81
Sept34
MB
Jun
33.4
235
135
40c
9
2
35c
33.4
234
135
12
1
350
9
2
2
50c
35c
BondsAmoskeag Mfg Co 6s.1948
62
East Mass St Ity 4348 1948 25
25
Eastern Mass. St. RySer B 58
1948 25
25
Kan City Memphis Birm
Ry income Is
90
1934
New Eng Tel & Tel 95.1932 10034 10034
Western Tel & Tel 55_1932 100
100
4
334
2
1334
135
53e
931
235
254
60e
35c
62
26
300
235 Dec 1534 Feb
633 8755c Oct
635 June
8,359 12034 Oct 20134 Feb
145
4
Oct 14
Mar
65
I% Oct
534 Max
416 17
Dec 35
Aug
40 75
Oct 85
Jan
10 10
Nov 2135 Feb
50 10
Nov 2134 Feb
132 10
Dec 66
Feb
325
2
Dec 2834 Mar
760
134 Oct
8
Mai
125
48
88
7
69
70
Nov
Dec
Dec
2834 Mai
8934 Sepl
95
Jan
850
754 Dec 2834
50 87
Nov 104
270 16
June 26
775 18935 Dec 26634
2,400 10
Oct20
52,000
31,000
Mai
Aug
Fel'
Fet
Mar
2535
2,000 2335 Feb35
Ja
90
1,000 90
Dec100
Fe
10054 2,000 100
Oct 10254 Bet
100
21,000 9934 Oct 10114 JaII
• No par value. a Er-dividend.
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange,. Dec. 5 . Dec. 11, both into
clusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Abbott Laboratories corn.'
Acme Steal Co
25
Adams (J. D.) Mfg. corn_•
Adams Royalty Co COM
Ainsworth Mfg Corp com10
All-Am Mohawk Corp A.5
Allied Motor Ind oom__ •
Allied Products Corp A_ •
American Equities Co corn.
Amer Pub Serv pref. -100
Am Radio & Tel Stores •
Amer-Yvette Co Inc corn_•
Appalachian Gas Corp corn'
•
Art Metal Works corn_
Assoc Tel & Tel
•
Clan •
86 preferred (w w). •
100
7% preferred
•
Assoc Tel Util Co corn....
•
$6 cony pref A
Balaban &KatzCorpcorn25
Bastlan-Bleesing eom--- •
•
Bandit Aviation oom_
Binks Mfg Co cony A pfd.'
•
Blum Inc cony pref
Borg-Warner Corp oom_10
100
7% preferred
Is
53
16%
6
85
Range Since Jan. 1.
Low.
High.
381
150
60
200
400
50
100
100
750
60
50
50
850
100
28
1511
12
%
6
34
%
6
2
54
35
1
34
234
Oct
Dec
Nov
Aug
Dec
Sept
Oct
Nov
Oct
Dec
Aug
Jan
Dec
Dec
39%
41%
251(
4%
1334
1%
314
31
7%
94
1%
535
834
8%
Mar
Feb
Mar
Feb
Mar
Sept
Jan
Apr
Feb
Feb
Feb
Apr
Feb
Feb
100
30
20
7,650
50
50
200
15% 45.300
134
10
170
1235 6.750
85
50
51
68%
77
18
39
3434
8
1254
11(
6
10
85
Oct 70
Oct 8834
Oct 100
Oct 25%
Dec 82%
Dec 69
Dec 14
Oct 25%
Dec
9%
Oct 10
Oet 3034
Dec 9834
Mar
Mar
May
Feb
May
Feb
Feb
Feb
Mar
Feb
Feb
June
29
1554
12
1
6
Si
34
7
254
54
35
1
35
2%
3154
1634
12
1
6
A
34
7
235
58
35
1
35
234
53
74
85
1655
39
34%
8
14%
154
6
10%
85
56
75
87
17
39
34%
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Continued) Pa Price. Low. High. Shares.
Brach & Sons(E J) corn...
Bright Star Elec Co A__ •
Brown Fence & Wire
Class B
2
•
Bruce Co(EL)common_ _• 10
Burnham Trading corn •
Convertible prat A____•
A
Soder Brothers
26
234
Canal Constr Co cony pf_.
Castle & Co (A MI
10 ioy,
CeCo Mfg Co the oom___•
54
Cent Illinois See CO COM •
Convertible preferred _• 1534
.
Centra1111P S pre
• 83
•
Cent Pub Ser Corp A _
Cent el W 11 til corn new_ •
Preferred
•
Prior lien pref
" 67
Chic City & Con Ry pt pf_*
Certificates of deposit__•
ewe Investors Corp
•
Common
Convertible preferred..' 173.5
• 10
Chits Yellow Cab Co
Cities Service Co cont. •
Commonwealth Edison 100
Constr Marl Corp $334 pf * __ 6
Common
*
135
Consumers Co corn
1
5
6% prior pre! A
100
100
7% preferred
Cont Chicago CorDCommon
2
•
Preferred
• 1835
5
Cord Corp
Corp Sec of Chic allot otf_• 16
sx
•
Common
Crane Co
100
Preferred
Curtis Lighting Inc corn •
Curtis Mfg Co corn
Decker (Alf) dr Cohen corn*
De Mets Inc pref w w_ __ _*
Dexter Co. (The) com_-_6
Eddy Paper Corp com_ *
Elan Household Litll Corplil
Emp Gas dr Fuel
100
6% preferred
8% preferred
100
Fitz Simmons & Connell
D & D Co common____. 17
15
_5
Foote Bros G & M Co
Preferred
100
Gen Wat Wks &El A corn •
Godchaux Sugar Inc Ii...'
Goldblatt Bros Inc corm.. 1635
Great Lakes Aircraft A_ •
• 1235
Great Lakes D & D
Grief Bros CoopRe A cons •
Grigsby Grunew Co corn.'
Hall Printing Co oom___10 12
Harplschtleger Corp cont.°
'
Hart-Carter cony pref
Hormel & Co com A
• 15
Houdaille-Hersbey Corp
* 1235
Class A
3
CIAO.
II.
Illinois Brick Co cap_ _25
Illinois Nor Utll pref__100
"
Ind Terr Ilium 011A
•
InsuU Litil Invest Ina_
• 2735
:Id preferred
234
_•
Inv Co of Amer
4
corn__Iron Fireman Mfg Co•te*
8
Jefferson Elee Co com •
Kalamazoo Stove com___ -•
835
1
Katz Drug Co coat
Kellogg Stv'tid&SuP
Common
3
10
100 55
Preferred
lien-Rad T & L corn A_ •
Ky Iftll Jr cum pref__ _ _50 4434
Keystone St & Wire corn_•
La Salle Ext Univ corn_ _10
Libby 3.1cNelll & Libby_10
__• 16
Lincoln Printing
8
corn_Lindsay Nunn Pub S2 pf_•
*
Lion 011 Ref Co corn
Lynch Corp eemmon____•
4
McGraw Elec common..'
AfcQuay-Norris Mfg__ •
McWilliams Dredging Co.' 1134
Male.stic Hsehold UM corn.
6
Aianhatt-Dearb Corp com •
Marshall Field & Co oom_• 1235
Material Service corn...10 1434
Maytag Co (The) pref.._•
Meadows MM Co corn_ _ _•
5
Mersh & Mfrs See A eom_•
Metrop Ind Co allot etre_ _* 20
Alickelberry's Food Prod
1
Common
554
Middle Watt Ctll new_ __.•
•
143 oonv pref A
Warrants A
Warrants II
831
Midland United Co com _•
Convertible preferred..' 19
35
*
Warrants
Midland 1JUI100
6% prior lien
67 preferred A
100
77: prior lien pref..-- 100
Miller A Hart Inc cony of •
7
•
Miss Vail Util $7 pref_
Prior lien pref
•
mo-Kan Pipe Line com b
Modine Mfg COM
•
Mohawk Rubber Co corn.'
Monroe Chemical
Common
•
•
Morgan Ming oom
Mower Leather Corp corn •
Mountain States Pr D1_100
Muncie Gear Co
Class A
54
•
Common
•
35
Muskegon Mot Spec Co A •
Nachman-Springfield corn•
National Battery Co pref..*
__• 11
Nat Elsa Pow A
eonv_Nat'l Repub Invest Trust
Cumul cony pref Ws •
135
•
Nat Occur Inv Co corn...
100 40
6% ore
-Standard emu
• 21
Nat
734
54
734
58
200
100
235
2
10
10
Si
Si
34
St
255 2%
134
135
ion 12
13.4 2
1
54
1535 1534
80
87
134 235
791 935
54
60
67
7134
2
2
134 I%
50
100
700
450
2,500
260
700
950
1,000
1,350
2,090
3,500
1,300
360
200
100
100
1
1
173-4 1935
1035
10
535 654
isoy, 140
6
10
135 135
1
1
1234 13
13
13
Range Since Jan, 1.
Low.
71( Nov
.% Dec
154
10
34
11
214
1%
1033
1
Oct
Dec
Sept
Sept
Dec
Dec
Septc
1e
)
14
15)4
80
1%
614
54
67
1
154
Oct
Nov
Dec
Dec
Oct
Dec
Dec
Nov
Dec
High.
17% Mar
114 Jan
10% Feb
26% June
3
Mar
11
Feb
73( Mar
12 IMar
34% Feb
714 Feb
1% Oct
18
Oct
95
Mar
191( Mae
24% Feb
963 Apr
4
10414 Jan
514 !Mar
5 t Jan
1,500
OOct
4% • Feb
1,200
DecD
3114 Mar
900
Sept 23% Mar
6,850
534 Oct 20% Mar
2,725 128
Oct 2554 Feb
250
Dec 3215 May
6
100
134 Dec 10% Jan
700
3.1 Oct
434 Mar
12
12% Dec 4534 Jan
10 12% Nov 43
Jan
17711
2
235 7,400
1834 21
12.750
6% 8% 41,900
1135 19
800
5
554 5,850
1341513
14oct8
78
79
534 554
6
3
3
11
11
5
535
6
6%
6
6%
180
240
50
100
100
30
200
200
78
(
4354 433
5735 5735
50
50
35
53
Oct
Sep
65
92
350
2,900
200
10
100
400
900
2,180
70
3,556
2,000
150
100
650
16
BeOpc
29
434
12
1435
1034
223(
51(
28%
21
13%
19%
1635
1314
29
5
6
1
Cm
5
6
6
DO
Mayecet
Dec
1014
4034
15
50
2134
Feb
Feb
Apr
Feb
Feb
Dec 119
8
Dec 18
Oct
7
Sept 14
Oct 1035
Dec 1034
Dec 29%
Feb
June
Jan
Jan
Jan
Feb
Mar
Feb
Oct
Jan
Jan
17
34
12
54
235
1635
2
12%
15
1%
11
4%
535
15
17%
5
12
54
235
17%
2
14
15
I%
12%
4%
535
15%
1235
3
5
9754
635
835
25
254
4
735
8%
23
14
550
334
700
300
554
98%
220
56
634
11
25,800
38
2,650
700
2%
4
150
8%
250
300
9
100
2335
11%
3
5
96
635
7%
22
2%
4
735
81
1631
Jan
19
Aug
Oct
9% Mar
Dec
1631 Jan
Jan 101
Sept
Dec 100% June
Oct 4934 Feb
Oct 92% Mar
Dec 13% Feb
Dec 221( Feb
Dec 23% Mar
Dec 34 • Jan
Jan 31
Aug
3
55
135
40
8%
1
435
15
8
234
13%
4
30
1035
135
534
12%
14
5
1.4
5
20
60
334
11
55%
10
155
49
4535
50
6%
200
1
5% 2,300
1,030
16
1,550
1034
100
3
50
13%
800
7
34
60
1335
550
150
135
1,800
6
750
14
400
15
10.000
5
% 3,600
450
5%
20
70
2%
50
1
40
6
54
435
15
5
234
4
30.
1035
1%
554
12%
1054
5
55
5
20
Sept
Jan
Sept
Dec
Oct
May
Dec
Oct
Nov
Oct
Sent
Dec
Oct
Dec
Dec
Dec
Dec
Oct
Dec
Dec
Dec
Dec
535 534
100
8
935 51,350
48
53
950
50
54
54
100
A
34
200
8
934
18
19
150
200
34
3.4
534
8
48
34
34
8
18
35
Sept 14% Jan
Dec 2534 Mu
Nov 100% Ape
4
Oct
Feb
Dec
5
Feb
Dec 33
Jan
Dec 4334 Feb
Nov
I% Jan
45
50
.54
7
59
58
134
10
2
Dec 90%
Nov 85
Dec 100
Oct 24
Dec 97
Oct 9635
Dec 10%
Dec 38%
Nov
8
34
12
De
occ
2
13%
135
103(
15
135
11
4
Oct
Jan
Jan
Oct
Dec
Dec
Sep
Oct
ef
14 '
5
(
1
11%
7)4
75
5%
51
1331
135
14%
2854
19
635
20
16%
40
3134
734
20%
3234
25.31
.5
2%
23%
42
Jan
Jan
Dec
Jan
Mar
Aug
Apr
Feb
Mar
May
Mar
Jan
Feb
Feb
Mao
Apr
Mar
Feb
Mar
Feb
mar
Apr
Feb
Jan
Mar
Jan
Mar
Mar
Jan
Feb
Feb
Apr
Dec
Jan
Mar
Mar
46
50
55
835
59
59%
134
10
2
70
20
110
150
10
30
85
10
100
45
50
54
6
59
53
111
10
1%
334 4
2
234
5
6
68
68
20
250
1
5
3
Oct
134 Oct
5
Dec
68
Dec
535 Jan
9
Feb
811 Ap
93
May
54
55
15
35
10
10
5% 535
20
20%
11
13%
250
50
150
50
560
1,250
35
34
9
435
20
11
Nov
Nov
Oct
Sep
Ma
Dec
655
454
15%
113.4
33
38
4
4%
135 135
39
40
20% 2334
200
1,250
1,000
80
4
1
35
20
Oct
Oct
Oct
Sept
31
Jan
734 Feb
713
Jan
8434 May
Feb
Mar
Feb
Feb
Jan
Apr
Mar
Jan
Ma
Apr
Apr
Feb
Feb
Aug
May
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Nht Union Radio Corp__•
NoblItt-Sparks Ind com„.
North Amer Car com----*
North Amer Gas & El A --•
North Am Lt & POW COM *
No dr So Amer Corp Acorn *
Northwest Bancorp com 60
No'west Engineering com_*
Northwest Ut117% preferred
100
7% prior lien pref. -100
Ontario Mfg Co corn
*
Parker Pen Co(The)comb0
Penn Gas & El A com_
*
Peoples Gas L & Coke
Rights
Perfect Circle (The) Co- •
Pines Winterfront cam_ •
Polymet Mfg Corp com- *
Poor & Co ci B corn
*
Potter Co (The) corn_
•
Process Corp common___•
Pub Serv of Nor 1:11
Common
•
100
Common
100
6% preferred
100
7% Preferred
Pub Utll Sec Corp $7 pref_.
Q R El Ds Fry Corp com__•
Quaker Oats Co
Common
•
Preferred
100
Railroad Shares Corp aom •
Rath Packing Co corn_ _10
Raytheon Mfg Co corn-.
Reliance Mfg Co com---10
Ross Gear & Tool Co corn *
Ryan Car Co(The) corn_ _*
Ryerson & Son Inc com--*
Sally Frocks Inc com
*
Sangamo Electric pref_ _100
Seaboard Pub Serv cony pf*
Seaboard Utll Shares Corp*
South East Gas & Water
*
Panic ctfs A
So Colo Pow Elec A com 25
South'n Union Gas com-,•
Standard Dredge cony pfd•
*
Common
Stelnite Radio Co
*
Super Maid Corp com__10
Swift International
15
Swift & Co
25
Telephone Bond & Sh*
Class A
100
1st preferred
Thompson (J R) com_ _25
12th Street Stores A- •
20 Wacker Dr Bldg $6 pf_*
United Am Util Inc com--•
*
Class A
Union Carb & Carb com--*
Unit Corp of Amer pref-- *
Malted Gas Corp common•
Unit Ptrs & Pubs
*
Common
20
U El Gypsum
100
Preferred
U 8 Radio & Telev com__•
Utah Radio Prod com----•
Dill & Ind Corp com____•
Convertible preferred_'
Viking Pump Co com----*
*
Vorsec Co part pre
•
Vortex Cup Co corn
Class A
Wahl Co common
*
•
Walgreen Co common
Purchase warrants
Warchel Corp common__ *
Waukesha Motor Co corn.*
Wayne Pump cony pref__*
Common
*
Western Conti UtIl Inc A..*
Western Pow Lt & Tel clA•
Williams 011-0
-Mat come
Wisconsin Bank Shs com 10
Zenith Radio Corp coin_ •
%
1536
6
634
6
231
4
300
500
600
300
255
1,500
1,300
1,200
6734 6931
76
77
5%
5
6
6
6
6
2
21%
5
34
1
15
1534
6
734
634 734
24
27
2
336
21% 2336
5
5%
30
20
40
400
100
234 334
2634 29
8
9
34
34
4
4
134 136
4% 434
5,200
500
100
100
500
100
50
142
145
136 150
140 147
110 114
11634 117
45
45
34
%
16
98
1634
334
9
19
1134
136
1%
3
1%
%
234
94
5
136
2934
97% 108
101 110
134 136
1634 17
1
1%
834 9
19
19
34
%
11
1214
234 234
75
75
33
3634
134 1%
4534
98
17
534
1734
1%
3
34
1
23.6
1% 136
21% 25
115 116
834 1134
9
1
134
1
234
214
9
1034
4
4
134
134 134
15
15
1634
2331 2436
1
1
1
1136 11
1234
2
2
134 134
31
3234
434
436 474
1
1
4% 734
17
1634 1734
434 4%
4
4%
1
131
Low.
High.
5
4734
31
1334
74
1134
57
1834
Feb
Mat
Feb
Feb
Aug
Mar
Jan
Mar
Oct 98
50
Dec 102
76
Sept 1034
4
Oct 2434
6
534 Oct 1334
Feb
Feb
Feb
Jan
May
13
4014
2234
636
5
13
8
Jan
Aug
Apr
Mar
Feb
Mar
Oct
34
15
6
5
2034
2
2134
5
234
2434
8
35
4
134
834
Dec
Nov
Dec
Sept
Oct
Dec
Oct
Oct
Dec
Apr
Dec
Dec
Dec
Sept
Sept
831
Feb
Feb
Mar
Feb
Dec
Ma!
Oct 170
860 93
Dec 122
220 101
5
134 Dec
350
350 1434 Sept 2034
Dec 1534
1
250
Apr 1034
5
150
May 29
200 19
136
36 Dec
50
Dec 26
800 11
9
120
234 Dec
Dec 95
100 75
Dec 48
90 33
514
2,900
134 Sept
Jai:
Aug
Feb
Jar
Mar
Aue
Feb
Ain
Jar
Mar
Mar
Fet
Jai
,
600
525
100
80
10
7,000
50
%
%
17
50
17
550
1% 236
3
500
334
550
134 136
too
%
34
2
334 2,700
2036 30
10,450
18
2231 9,700
44
94
16
5
1731
134
3
293.4
1
234
Range Since Jan. 1.
150
120
150
2,200
10
600
50
326
50
50
Dec
136
Dec
140
Sent
100
Sept
100
Sept
40
% Dec
%
17
154
3
134
Dec
Oct
Dec
Sept
Aug
A Oct
Aug
2
2034 Dec
18
Dec
44
93
15
5
1734
1
3
2934
1
234
250
134
1,050 21
70 114
4,550
831
1
650
1,250
234
8%
1,25
100
4
600
1
800 1134
200 23
1
850
6.300 11
2
30
134
MO
130 31
300
4
300
1
150
4
600 1636
150
2
1,750
4
1,150
1
262
265
137
147
45
Nov
Mar
Fet
Jan
Jan
Feb
1
Feb
7
4034 Apr
3034 Jan
231
24
12
16
8
Dec 6534
Oct 104
June 34
Nov 11
Dec 47
9
Oct
Dec 16
Dec 68
July 1234
Dec 1131
•No par value. z Ex-dividend
Feb
Feb
Mar
Feb
Apr
Feb
Feb
Mar
Feb
Feb
Jar
Nov 10
Mar
Oct 49
Oct 134 Jun(
Dec 3534 Aug
534 Fel
Dec
934 Feb
Dec
Oct 1934 Fet
Dec 1234 Mal
834 Mai
June
Mal
Oct 23
Fel
Oct 29
4
Alr
June
Dec 2936 Mal
Mai
Dec 10
234 Jar
Dec
Fel
Dec 73
Fel
Sept28
634 Fel
Dec
Jar
Ott 22
Dec 2334 .11113
Jar
Sept6
Sept
636 Jar
536 Fel
Dec
Bonds$
4834 49
Oct7234
7,000 35
Chic City Rye 5s etfs_1927
Chicago Rye
Dec 7331
as Ctfs of deposit-_1927 5034 5034 50% 13,000 49
1927
10
1234 10,000 10
Dec 5234
fts series A
736 736 7,000
1927
736 Dec 32
5s series B
9634 9631 2,000 9634 Dec 98
1936
Ind Nat Gas 5s
Dec94
37
47 260,000 37
1940 38
Instill Util Inv 6s
94
94
Dec 94
1,000 94
London G & A Bldg 65 '62 94
19,000 10034 Dec 10434
Swift dr Co late f g 53_1944 10134 10034 102
Dec 100
100 100
20.000 100
Ttanictorpd
100
Ma.
Ma
Ma
Ma
Oc
Fel
De,
Au:
De
y Ex-rights.
-Record of transactions at
Toronto Stock Exchange.
the Toronto Stock Exchange, Dec. 5 to Dec. 11, both inclusive, compiled from official sales lists:
Stocks-
[VOL. 133.
FINANCIAL CHRONICLE
3948
awes
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
3
3
Abitibi Pr Paper com-*
.&
834
100
836
6% pref
27
Alberta Pacific Grain pf 100
10
*
Beatty Bros com
60
100
Preferred
121
100 121
Bell Telephone
15
Blue Ribbon Corp corn__*
30
50 31
634% pre
1734
Brantford Cordage 1st pf 25 1734
Brazilian T L & Pr com__• 1031 10
6
B C Packers pref
100
Building Products A
* 1734 1716
32
Burt F N Co com
25 32
2%
Canada Bread com
•
Canada Cement com
*
634
834
6814
'Preferred
100 69
Canada Wire & Cable Es_ *
2034
9
Canadian Canners cony pf*
Canadian Car & Fdry corns
634
634
16
Preferred
25 16
Candn Dredg & Dock com* 1834 18
Candn General Elec pf_ _50 5534 55
Candn Indust Alcohol A__*
114
Canadian Oil corn
10%
* 1031
Candn Pacific Rallway_25 1514 1434
Cockshutt Plow corn
•
431
434
Conduits Co com
331
5
316
Consolidated Bakeries_ _ _*
7
7
7
s
Comol Industries
7
3%
10
27
1031
60
125
17
33
1734
1134
6
20
34
334
7
70
205%
9
7
17
2331
55%
174
1034
17%
534
3%
8
734
Range Since Jan. 1.
Low.
High.
2% Oct 1334 Feb
240
Feb
Oct 50
8
30
Jan
July 30
10 18
Jan
Dec 20
.55 10
Jan
Dec 80
25 60
Dec 15134 Feb
524 121
July
Mar 20
105 12
May
Dec 38
47 30
300 15 June 2236 Jan
Oct 2831 Mar
8
3,282
Jan
5 May 22
142
Feb
185 1631 June 26
290 2934 June 4434 Feb
714 Jan
234 Dec
775
Oct 1814 Mar
5
113
6416 Sept 9631 Apr
118
July 3034 Mar
210 20
Jan
814 June 14
20
5% Sept 2334 Mar
265
30 1434 Sept 253.4 Mar
Dec 3616 Feb
550 18
Dec 6316 Apr
420 54
534 Jan
30
134 Oct
9 /way 2314 Jan
230
2,803 1234 Oct 4514 Feb
Jan
3 Sept 10
775
Mar
9
Oct
3
25
Dec 1274 Feb
7
740
Dec 1734 May
200
7
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
76
521 64
68
Cons Mining & Smelting 25 68
190 163
163 177
Consumers Gas
100 165
8.00
650
Dome Mines Limited_ ___*
9.45 9.45 10.00
a
960 1331
Dominion Stores com_ ___* 1831
50
log 1031
931
Fanny Farmer com
2,332 1034
12
13
Ford Co of Canada A _ _ _* 12
22 90
90
93
Goodyear T & R pref__100
5
635
Gypsum Lime & Alabast_*
5
5%
5
Hamilton United Theatres
10
134
136
Common
25
334
100
334 4
Hayes Wheels & Forg core *
334
4.70
Hollinger Cons Gold Min_ 5
5.50 5.45 5.85 1,000
28 92
Internet Milling 1st pf_100
96
96
834
9
Internet Nickel corn
1034 6,720
916
195 14
1634
International Utilities A_ _* 14
14
234
50
3
3
705 21.00
1 27.00 27.00 27.75
Lake Shore Mines
75 33
38%
Laura Secord Candy com_*
38
450 10
Loblaw Groceterias A_ _ _ _*
10% 11
1011
33 10
1036 1034
1034
Loew's Theatres Marcus
50 30
Common
38
38
100
41%
25
Maple Leaf Milling com__*
434 471
1%
1,085
Massey-Harris cora
336
3% 434
555 14.00
McIntyre Porcupine Min_6 17.00 17.00 19.00
25 11
11
11%
Moore Corp corn
10 95
100
95
A
95
5 99
100
99
99
2
25
2
2
Mulrheads Cafeterias corn *
6
100
Preferred
10
9
9
8
75
8%
Ont Equit Life 10% pd 100
8
45
10 45
45
Orange Crush let pref_ _100
1
1
1
95
2d pref
70 68
Page-Hersey Tubes com _ _* 69% 6934 69%
16% 19%
53 1636
Photo Engravers&Electro * 17
11
113.4
9
85
Riverside Silk Mills A _ _ _ _* 11
_100
10 7234
7234 7234
Russell Motor pret_
St Lawrence Paper Mills
1234 12%
5 10
100
Preferred
2 60
60
60
Simpson's Limited pref..100
4
6
10
6
Standard Chemical com.._*
2% 3
555
231
Stand Steel Cons com _
30
30
6 30
Preferred
813 2134
22
23%
Steel Co of Canada corn_* 22
130 29
29
29
25
Preferred
7
200
7
7
Tip Top Tailors com
120
2%
234
331
Twin City Rap Tr corn 100
2% 3% 16,445
234
2.
3
4
Walkers-Gooderh Worts_ _*
5 70
70
70
West Can Flour Mills pf100
5%
125
5% 634
5%
Winnipeg Electric com___*
Banks
Commerce
196
100
196
5 196
High.
Sept 187
Dec 187
Oct 13.40
Oct 2434
June 18
Oct 2934
Dec 10736
Dec 1234
Mar
Apr
June
Apr
Mar
Mar
Feb
Jan
Dec
436
Dec 12
Oct 8.70
Sept 103
Oct 2034
Dec 45
Oct 1036
Oct 29.50
June 46
Nov
1434
Nov 1431
Apr
Feb
Apr
Mar
Mar
Apr
Feb
Nov
Feb
Mar
Mar
July 38
Dec
Dec 1036 Nov
Oct 1034 Jan
Oct 26.30 Apr
Dec 1734 Jan
Dec 10834 Jan
Jan
Dec 126
Dec
33( Feb
May
Jan 10
Mar
Dec 21
May
Dec 60
534 Mar
Dec
June 9236 Feb
Dec 2834 Mar
Jan
June 16
Jan
Dec 95
June
Dec
Sept
Dec
Dec
Oct
Dec
Dec
Dec
Dec
Dec
Dec
3036
9234
15
934
35
4231
3634
13
17
874
96
2034
Dec 231
Jan
Jan
Jan
Mar
Mar
Feb
Feb
Jan
Feb
Feb
Mar
Mar
Mar
* No par value.
-Record of transactions at the Toronto
Toronto Curb.
Curb, Dec. 5 to Dec. 11, both inclusive, compiled from
official sales lists:
Stocks-
bUMS
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
2
45
34
216
831
1214
16
1031
16
234
50
334
5
5
27
5
5
331
84
3
40
2134
874
38
12
6
4
101
17
11
2
45
34
4
934
1314
16
1034
16
234
50
334
5
6
27
536
534
334
88
3
47
2134
836
38
12
631
4
101
18
11
1634
5
10
234
1036
1034
.17
2.75
1636
5
1034
3
11
12
.17
3.00
18
6
5
3
.46
1
*
5
* 15.75
1
4.90
1
•
216
.45
.40
1.43
15.00
.61
4.90
289
314
.46
.4536
1.44
17.40
.61
5.25
3.00
*
Biltmore Hats corn
100
Preferred
Brewing Corp
*
*
Preferred
Can Bud Breweries com_.
5
Canada /4f ailing Co
*
Can Pay & Supply com
100
1st preferred
Canada Vinegars corn__..*
*
Canadian Wineries
Cons Sand & Gravel pf_100
Cosgrave Export Brewy _10
fisher Steel Cons com._._*
Distillers Corp Seagrams_*
*
Dominion Bridge
Dom Tar & Chemical com *
Duff Pay & Cr Stone com_*
10
Dominion Motors
Goodyear Tire & Rub com*
Honey Dew corn
*
*
Preferred
Humberstone Shoe corn_ _C
Imperial Tobacco Ord_ ___5
Montreal L H & Pow cons *
Robinson Cons Cone Co_ •
Service Stations com A_ _ _*
Stand Pay & Is.fatts com__*
Tamblyns Ltd 0 pref_100
*
Thayers Limited pref.
Toronto Elevators com_*
Oils
*
British American Oil
Crown Dominion 011Co- •
*
Imperial Oil Limited
•
International Petroleum..
*
Nordon Corporation
5
North Star 011 corn
Supertest Petroleum ord_•
Union Natural Gas Co._*
Unlisted Stock
Coast Copper
Kirkland Lake
Maca.ssa
Mining Corp
Noranda
SherrItt Gordon
Teck Hughes
Wpfaht Warwroftvoca
36
931
1274
234
50
334
536
5
5
84
40
38
6
10
1016
1034
Range Since Jan. I.
Low.
2
25
25 45
75
34
216
32
8
195
570 1034
A
65
4 1034
25 1416
2
75
20 50
136
104
5
5
5
1,830
5 27
5
20
3
20
234
10
10 70
3
30
35 40
10 15
834
1
3 38
50 11
6
385
4
35
5 100
50 17
934
25
High.
434
Dec
Dec 65
Oct
ig
7
Dec
Nov 1336
Oct 1634
5%
Dec
Sept 51
June 20
6
Dec
Dec 7836
May
334
Dec
9
Dec 12%
Dec 5534
Dec 1336
May
734
434
Oct
June 119
7
Dec
Dec 59
May 22
Dec 1034
Dec 6831
May
1934
Dec 3634
Dec 16
Dec iosg
Dec 30
Jan
15
5,624
734 Oct
2 June
205
836 Oct
5,199
836 Oct
2,826
200 .1634 Nov
2.00 Oct
100
225 1234 May
Dec
5
280
1636
694
18%
1534
.51
6.00
3236
16
Apr
Apr
Nov
Nov
Apr
Feb
Mar
Mar
Jan
Mar
Jan
Dec
Aug
Jan
Feb
Mar
Mar
Nov
Mar
Feb
May
Nov
Mar
Max
Mar
Feb
Max
Sept
Apr
Mar
Jan
Mar
Jan
Jan
Max
Max
Jan
Jan
234 May 1034 Feb
35
.45 Dec
.93 Apr
700
2,050
.25 May
.55 Apr
600
1.28 Oct
2.66 Apr
6,917 11.75 Oct 29.65 Mar
300
.49 June
1.25 Feb
3,100
4.65 Sept 8.65 Apr
1.410
1.94 Jan
3.25 Sent
•No par value.
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, Dec. 5 to Dec. 11, both
inclusive, compiled from official sales lists:
Stocks
Friday
Sales
Last 1Veek's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
38
38
American Stores
10
10
Bankers Securities, pref_ _
Bell Tel Co of Pa pref _ _100 -11236 11211 11316
2% 2%
Budd(E G) Mfg Co
19
19
Preferred
3% 416
334
Budd Wheel Co
39
50 39
39
Cambria Iron
11.
11
13%
Camden Fire Insurance
2%
236 2%
Central Airport
30
33
Electric Storage Battery100
10
8
911
8
Fire Association
110 115
Horn & Hard (Phila) coin •
28
28%
Horn & Hard(NY) com_•
100
100 100
Preferred
Range Since Jan. 1.
Low.
High.
400 35% Oct 48%
Dec 37
200
9
700 112% Dec 120
516
1,612
2% Oct
Dec 37
100 19
3
Nov 2134
602
Nov 43
30 39
Dec 29%
1,400 11
5
1% Nov
700
497 2936 OCt 85%
Dec 24%
8
1,800
95 10416 Oct 182
Oct 4416
1,000 28
Oct 104%
80 100
May
Oct
Oct
Feb
Jan
Feb
July
Jan
Mar
Mar
Feb
Mar
Apr
July
DEC. 12 1931.]
FINANCIAL CHRONICLE
Friday
Last Week's Range
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High.
Insurance of N A
10
Lehigh Coal & Nav
Lehigh Valley
Mitten Bank See Corp_
Pennroad Corp
Pennsylvania RR
50
Penns Salt M tg
Pbila Elee of Pa $5 pref....
Phlla Elec Pow pref
25
PhIla Insulated Wire
Phila Rapid Transit_ _ _ _50
7% preferred
50
V.t e
.
Philadelphia Traction_ _ _50
Railroad Shares Corp
Reading RR
1st preferred
Reliance Insurance
10
Scott Paper 7% A
Seaboard Utilities Corp
Sentry Safety Control
Shreve El Dorado Pipe L 25
Telephone Sec Corp pref.
Tono-Bel moot Devel ----I
1
Tonopah Mining
Union Traction
50
United Gas Imp corn new *
*
Preferred new
U S Dairy Prod class A_ •
•
Common class B
•
Warner Co
Westmoreland Coal
Westermoreland Corp
3031
1034
231
3O3i
1034
5
334
234
1931
3934
96
2934
3034
534
16
534
2734
134
40
30
1
9834
1
1
231
7
%
34
17
1934
93
59%
7%
6
9%
9%
Sales
for
Week.
Shares.
33
14
1334
334
3
2334
3931
9834
3031
3034
534
1854
534
2734
134
4
034
39
334
9835
134
1
231
7
34
%
1931
22
96
60
8
6
9%
974
4.000
12,000
890
500
10.700
15,900
100
1,100
1,300
5
400
1,000
1,600
1,000
90
15
19
500
18
640
200
700
25
900
1,300
2,100
14.900
1,000
200
200
800
200
100
Cleveland Stock Exchange.
-Record of transaetions'at
Cleveland Stock Exchange, Dec. 5 to Dec. 11, both inclusive, compiled from official sales lists:
Range Since Jan. 1.
Low,
3949
High.
3031 Dec 6331 Apr
1034 Dec 2734 Feb
Feb
13% Dec 65
134 Sept 1334 Aug
234 Dec
831 Feb
Feb
1931 Dec 64
3934 Dec 8131 Feb
8834 Jan 10531 Sept
2934 Dec 3534 Sept
30
Oct 4531 Jar
5
Oct 2734 MaY
16
Dec 4434 Mai
5% De(
534 Dec
2734 Dec 4034 Mal
% June
334 AUl
40
Dec 6134 Sepl
30
Del
Dec 30
1
Dec
7% Mal
9834 Dec UM
Jul3
1
Dec
534 Am
% Sept534 Am
7% Aut
1% Jan
Ma
Dec
8
7
3-16 Oct
734 Ain
Ap
7-16 Oct1
Dec2234 AM
17
1831 Nov3734 Ma
93
Dec 16034 Alli
53% May 63
Sep
534 Nov 15
Sep
6
Dec 3234 Fe
Jun
9% Dec 11
9% Dec 1
6% Ma
Stocks
-
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
100
Bulkley Bldg pref
Central United Nat'l__- _20
9631
Chase Brass & Cop pf A 100
2934
City Ice .St Fuel
* 27
City Ice & Fuel pref..„100
Cleve-Cliffs Iron pref.---•
1734
Cleve Elec 111 6% pref.-100 108
Cleve Railway ctfs dep_100
24
•
Cleve Secure P L pref_
Cleve Union Stkyards coins 1534
Cleve & Sandusky Brew 100
•
Cliffs Corp v t c
1
Commercial Bookbinding-*
334
* 33
Dow Chemical, com
1
Preferred
100
Ferry Cap & Set Screw...*
*
Goodrich B F
Goodyear T & Rub corn...* 1734
34
10 10
Halle Bros Co
.
Hanna M A $7 cum pref- 5
17
*
7
Harbauer corn
1931
Harris-Seyb-Potter com_ *
India Tire & Rubber corn.*
Interlake Steamship coin.* 32
100
Kaynee, pref
6
Kelley Isl Lime & Tr corn.*
*
Lamson Sessions
9%
134
Mohawk Rubber cora---_•
National Acme corn
10
3
BondsNational Carbon, pref_100
26
Elee & Peoples tr offs 48'45
28% $10,600 24
May 45 Ma
*
National Tile com
26
Ctrs of deposit
28
25
Mar 3731 Fe
7,00
100
5
National Tool pref
1936
Keystone Tel 55
70
70
Ja
10,00
69
Oct 82
Packard Electric com- •
Penns,Pow & Lt 4348_1981
88
88
1,000 87% Nov 9834 Au
*
Packer Corp corn
Philp, Elec (Pa) 1st 58_1966
104 105
3,200 8931 Nov 106% 0(
*
Phila Elee Pow Co 5%81972
103 103
5,000 93
Feb 10634 setSt Patterson Sargent
n..
.-._ 1 nnn
27
47
Irnr1r 12alltoava 1 at as1027
ItlehMan Brothers com-*
2834
-Selberling Rubber corn.. _*
43.4
* No par value.
100
Preferred
•
935
Selby Shoe com
Baltimore Stock Exchange.
-Record of transactions at Sherwin-Williams com_ _25
100 100
AA preferred
Baltimore Stock Exchange, Dec. 5 to Dec. 11, both inStand Textile Prod A pref *
clusive, compiled from official sales lists:
*
Thompson Aero
Thompson Products Inc_ _•
Friday
Soles
..t
Union Metal Mfg corn
Last Week's Range for
Range Since Jan. 1.
25 32
Union Trust
Sale
of Prices.
Week. Van Dorn Iron Works corn"
StocksPar. Price. Low. High. Shares.
Low.
High.
•
Vlchek Tool
Appalachian Corp
Arundel Corporation
•
Baltimore Trust Co
10
Black & Decker com
•
Ches&Pot Tel of Balt pf100
Commercial Credit pref _25
Preferred B
25
634% 1st preferred-100
Commercial Credit NO pf_
Consol Gas E L & Power.*
6% preferred ser D--100
534% pref w i ser E__100
5% preferred
100
Consolidation Coal-100
*
Eastern Rolling Mill
Emerson Bromo Seitz A w I
Finance Co of America A.*
First Nat Bank w I
John E Hurst
Mfrs Finance corn v L_25
1st preferred
25
2d preferred
25
Merch & Miners Transp--•
New Amsterdam Cris Ins__
Northern Central
Penne Water & Power_ •
Sou Bankers Sec Corp
Wash Bait Pc Annapolis_ 50
Bonds
Baltimore City Bonds
4 sewerage impt_ _ _1961
1959
4s P & B
Benesch LicSons Inc w 1 '39
Md Electric By
1st & ref 634s ser A.1957
26
434
116%
1734
62
101%
1
7
6
20
20
50
40c 50c
2534 2634
3
3
4% 4%
116% 117
18
18
20
20
6534 6534
1734 1734
62
68
111. 111
107 107
101% 102
1
1
334 434
25
24
7
7
3434 3434
80
80
1
1
7
7
6
6
20
20
20
21
6934 6934
48
51
Sc
5c
200 200
5.230 40c
915 2534
104
3
3%
200
27 112
9 16
2 15
10 60
40 16
789 61
9 110
26 10531
89 98
2,125
1
42
3
75 24
5
7
10 34
20 80
35
1
83
6
184
431
248 1734
812 19
10 6
934
149 47
2,000
Sc
25 20c
9734 9734 $4,000
97
9734 2,000
85
85
1,000
30
30
30
20
Tl..1....... D.. 1- r• 1.• a.. 11,10
.
90
8,000
n nnn
,
Dec
134 June
Dec 42
Jan
Sept 3234 Feb
Sept 15
Feb
Feb 11834 Mar
Oct 2531 July
Oct 25
July
Oct 91
Sept
Oct 2531 July
Oct 10034 Feb
Jan 113% Aug
Oct 111
June
Oct 10834 Aug
Oct
6
Apr
Oct 12
Feb
Sept 3234 Jan
Mar 10% mar
Sept50
Feb
Sept87 May
Sept434 Feb
Mar
Sept15
9
Am
Jan
Sept3334 Jar
Sept3635 Fel
Dec90 May
Oct70
Fel
Dec
Sc Del
Dec
1
Jar
9734 Dec 10634 Am
97
Dec 102% A p
70
Jan 85
Oc
30
.••.
.
Sept
.
.-
5 - LA4a.
631 00
Jan
•No par value.
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, Dec. 5 to Dec. 11, both
official sales lists:
inclusive, compiled from
Stocks-
Friday
sates
Last Week's Range for
of Prices. 6 Week,
Sale
Par. Price. Low. High. Shares.
•
Allegheny Steel
Arkansas Nat Gas Corp..*
10
Preferred
*
Armstrong Cork Co
*
Blaw-Knox Co
Carnegie Metals Co_ _ - _10
Clark (DL)Candy
*
Devonian 011
10
Hachmelster Lind Corp- -*
Harbison-Walker Refrac-*
Independent Brewing_ _50
Jones & Lau's()Steel pf _100
Koppers Gas& Coke pf_100
Lone Star Gas
•
McKinney Mfg
•
Mesta Machine
5
Nat Fireproofing pref.-50
Pittsburgh Brewing.,,_.50
Pittsburgh Coal pref.-100
Pittsburgh Forging
•
Pittsburgh Plate Glass_ _25
Pittsb Screw & Bolt Corp.*
Plymouth 011 Co
5
.
Ruud Manufacturing_ _ _•
San Toy Mining
1
Shamrock 011 & Gas
•
Union Storage Co
United Engine & Fdy__ -0
Vanadium Alloy Steel_ .
Waverly 011 Worlcs classA•
Westinghouse Air Brake..*
n
23,4
5
6
7%
1
83,4
a
22
4
1934
,
4
1%
23
13
Unlisted*
Copperweld Steel
Lone Star Gas pref... _100
Western Pub Serv v t c....* - - 4 3(
* No par value
15
234
5
9
734
1
834
4%
10
15%
23(
92
78
8
134
1734
93,4
4
3734
33,4
1934
4
8%
10
20
%
40
23
14
4%
13
15
234
5
10
8%
134
834
43,4
12
1531
234
99%
78
93i
134
22
11
4
3734
4
21
5
931
10
20
13,4
40
24
14
5
1634
10
85
4
10
85
434
Range Since Jan. 1.
Low.
High.
20 15
Dec 4634 Feb
100
2
Nov
6% Jan
900
4
Oct
7 June
490
9
Dec 30
Jan
4,495
7% Dec 2934 Feb
775
1
May
33,4 Jan
135
7% Oct 1331 July
60
4
Oct
8
Apr
350 10
Jan 1331 J1113
,
100 1531 Dec 44
Feb
100
1
June
5
Sept
20 92
Dec 12234 Apr
10 70
Dec 10231 Mar
7,383
7
Oct 29
Feb
125
134 Nov
5
Feb
550 1634 Dec 37
Apr
425
9% Dec 33
Jan
25
234 June
634 June
1,150 373-4 Nov 38
Oct
325
3
Oct 133,4 Apr
1,012 183-4 Oct 423,4 Feb
1,345
3
Sept 1534 Feb
620
6
Oct 193,4 Feb
10 10
Mar
Sept 24
1,000
lc
Feb
3c July
55
ii Dec 12% Feb
96 40
Mar 40
Mai
70 15
Feb
Oct38
50 14
Dec 35
API
160
2 June
734 Fel
455 13
Mat
Dec 35
20
25
6.541
534 Oct40
85
Dec108
au anne
IA
Fel
An
Fel
10
10
32
32
90
90
27
29%
70
70
35
35
10734 108
45
4534
1
1
1534 16
2
234
1334 1331
334 334
33
3534
101 101
35,4 334
434 43,4
163-4 1934
10
10
713,4 72
8
7
%
%
9
8
32
32
85
85
16% 17
4
53,4
I% 134
3
3
115 115
3
3
5
5
7
7
7
6
17
17
28
3034
434 4%
35
36
93,4 93,4
39
35
100 10134
5
5
8
8
7
7
634 7
32
35
23,4 23,4
4
4
Range Since Jan. 1.
Low.
High.
25 10
Sept 4334 Jan
55 32
Dec 63
Feb
10 90
Dec 106
Apr
480 27
Sept 3731 Feb
50 68
Oct 8934 Apr
10 35
Dec 94
Jan
230 10654 Oct 11434 Aug
140 45
Sept 84
Mar
163
1
Oct
23,4 Jan
272 15
Jan 17
Jan
300
5
Mar
23.4 Dec
101 1334 Dec 8134 Mar
Sept 13
Feb
100
3
Oct 5134 Mar
361 30
30 101
Aug 10534 Jan
Sept
8
Jan
10
3
4% Dec 1634 Jan
313
Jan
965 16% Dec 45
Oct 2374 Feb
100 10
20 7134 Dec 94
Mar
150
7
Dec 19
Jan
90
% Dec
4
Feb
155
Oct 1334 Feb
6
205 26
Oct 60
Jan
10 85
Dec 983,4 Jan
125 16% Dec 35
Feb
413
4
Dec 1534 Feb
134 Dec
8
70
Mar
100
3
Dec 103,4 Mar
100 115
Oct138
Jan
70
2
Oct
8
Mar
Dec 25
Jan
100
5
25
6
Oct13
Mar
175
5
Sept15
Mar
Dec 2834 Feb
10 16
2,222 28
Nov 7634 Feb
305
434 Sept 1034 May
10 32
Feb 50
May
20
934 Dec 16% Feb
352 35
Dec 683,4 Mar
797 100
Dec 109
Jan
10
5
Dec 28
Feb
25
8
Feb
834 Nov
25
7
Oct 1734 Feb
196
63,4 Nov 343,4 Mar
Dec 75
602 32
Jan
25
2
Sept
831 Mar
100
4
Oct10
Mar
• No par value.
-Record of transactions
Cincinnati Stock Exchange.
at Cincinnati Stock Exchange, Dec. 5 to Dec. 11, both
inclusive, compiled from official sales lists:
Stocks-
--Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Aluminum Industries Inc.*
Amer Laund Mach com_20
Amer Rolling Mill corn._25
Amer Thermos Bottle A_ *
Carey (Philip) pref_ __ _100
100
Champ Fibre pref
20
Cinti Car pref
Cmn Gas & Elec pref.. _100
50
Cln Street RY
50
Cin & Sub Tel
Cin Union Stock Yards *
*
Crosby Radio A
Eagle-Picher Lead com .20
*
Formica Insulation
•
Gibson Art com
•
Hobart Mfg
Kahn participating A._..40
*
Kroger com
100
Lazarus pref
*
Moores Coney A
Nat Recording Pump----*
Proeter&Gamb corn new.*
100
5% preferred
100
Pure 0116% pref
*
Randall A
United Milk Crate A_ ....*
10
Playing Card
US
*
Waco Aircraft..
18
934
95
21
70
14
30
2634
1534
94
33,4
374
4134
1234
22
1
1131 113-4
1731 183-4
934 1134
4
4
9931 100
95
95
34
34
8654 8834
21 34
21
75
70
18
18
33-4
3
5
5
14
14
30
30
263,4 283,4
17
17
14% 18
95
94
33,4 334
334 3%
4134 4434
97
983,4
543-4 56
1234 1234
12
12
21 34 2234
1
1
35
973
1,437
23
25
10
446
247
1,323
430
15
118
275
135
100
448
35
1,72
160
90
30
3,390
30
110
48
22
850
25
Range Since Jan. 1.
Low.
June
11
17% Dec
934 Dec
4
Oct
9934 Dec
Dec
95
34 Oct
863,4 Dec
Nov
20
Oct
63
Sept
18
Dec
3
43,4 Feb
Dec
14
Nov
30
26% Dec
Nov
17
14% Dec
Dec
94
Oct
3
3% Dec
39% Oct
Dec
97
54% Dec
12 June
Sept
8
2134 Dec
Dec
1
High.
1931 Feb
45
Jan
27
Feb
18 June
120
May
1053( Mar
2
Jan
10434 Mar
Jan
40
8934 Nov
May
29
8% Feb
7
Mar
293.4 Mar
39
Jan
Jan
41
3034 Apr
May
35
10234 July
14
Feb
Nov
4
Jan
71
112
July
Jan
85
15 May
14 May
Jan
50
434 May
* No par value.
-See page 3921.
San Francisco Stock Exchange.
-See page 3921.
Los Angeles Stock Exchange.
-See page 3921.
St. Louis Stock Exchange.
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, Dec. 5 to Dec. 11,
both inclusive, compiled from sales lists:
Stocks-
owes
'
,
may
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Admiralty Alaska Gold...1
" 3031
Atlas UM $3 pref
1
.40
Bagdad Copper
10
BamcanaerIca Blair
• 2.15
Basin Montana A
1
Belmont Metals
*
British Can Shares
.48
California Juneau Gold..1
20 x3234
Chase Nat Bank
1
Como Mines
4
Dardelet Treadlock rights.15
Detroit & Can Tunnel......0
1
534
Eagle Bird Mine
*
.05
Flag 011
10
23,4
Fuel 011 Motors
.33
1
Gen Min Mill dc Pwr
•
834
H Rubinstein pref
1%
Hendrick Ranch Royeles_ 0
1
.24
lot Rustless Iron
*
Interstate Nat Gas
•
2%
Ironite Iron
5
Jencks M tg
0
134
Jenkins Television
.20
.21 8,000
300
305,4 31
.40
.40
500
2
2
100
600
1.90 2.15
.29
.29
500
100
34
34
.25 .62 4,500
12
3234 32 34
.12
.12 3,300
4
116
63,4
.15
.20 4,000
54 5% 3,600
.05 .06 1 500
2
3
1,400
.33
.33 1,000
300
8% 8%
% 13-4
700
.22 .29 12,000
100
8
8
1% 334 2,100
916 934 1,500
1% 23,4
500
Range Since Jan. 1.
Low.
High.
.20 May
1.40 July
30
Oct 40% Feb
.39 July
1.48 Feb
2
Dec
334 Oct
1.90 Nov
2.15 Nov
.25 Nov
.32 Nov
34 Dec
7
Jan
.25 Dec
.92 Oct
3234 Dec 102
Feb
.05 Feb
.90 Apr
2% Nov 14
Nov
.15 Dec
4
Jan
1.50 Mar
53.4 Dec
.05 Dec
13( Mar
1% Oct
7
Feb
.2.5 Aug
.71 Nov
6
Oct 1834 Feb
% Dec
234 Oat
.22 Dec
1.20 Feb
R
Dec 1974 Feb
1
Jan
33( Deo
3
July
1131 June
134 Dec
534 Apr
3950
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High Shares.
Keystone Cons Mine__ --1
Kildun Mining
*
%Inner Air
•
Lusalugs
5
Macassa Mines
1
Mexican Oil& Coal
5
2.55
.36
National Liberty Ins----5
2%
North Amer Trust Shares_
2.64
Pan Amer Air 1934 warr-- -----Patricia Birch
1
.09
Petroleum Conversion.-5
Pioneer Gold
1 :2.50
Rhodesian Sel
59
14
Seaboard Fire
10
Range Since Jan. 1.
Low.
High.
.48
.60 4,500
2.55 3.10 1,100
1%
135
300
100
83.4 834
.34
.42 125,500
.65 .65
500
.35
2%
1
83.4
.22
.65
Oct
Oct
Dec
Dec
Oct
Dec
2.25
9%
435
1234
.57
.65
Aug
Mar
Feb
Jan
Aug
Dec
100
900
200
2,(100
400
3,500
100
200
231
2.64
34
.07
2
1.50
13.4
Dec
Dec
Dec
Dec
Dec
Oct
Dec
Dec
935
635
2
1.10
73.4
2.70
4,1
14
Jan
Feb
Jan
June
Jan
Aug
Feb
Feb
231 231
2.64 2.85
54
34
.07 .09
2
2%
2.25 2.50
151 1%
5
5
[VOL. 133.
Friday
dates
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Seaboard Surety
10
Shortwave & Television_ _1
134
Solid Carbonic
•
Super Corp A
Tobe Deutschmann
*
4
Trent Process
•
.05
Trust NY C Bank Stocks.
4.32
U S El Lt & Pwr B
Van Sweringen
•
54
Warner Aircraft
•
134
Wellington 011 Ltd of Cal_ 1
Western Television
•
334
Wing Aeronautical
10
• No par value. z Ex-dividend.
100
9
131
5,800
334
400
100
3.50
4,300
4
.05 8,000
4.32
200
4.20
300
1,800
Si
135
200
1.75
300
33.4 20,200
5
200
9
13.4
3
3.50
334
.05
4.32
3.91
34
131
1.75
334
434
Range Since Jan. 1.
Low,
754
134
234
3.50
334
.05
4.32
334
.25
134
1.75
134
434
Nov
Feb
Oct
Dec
Nov
Dec
Dec
Oct
Nov
Dec
Dec
Aug
Dec
High.
20
4
73.4
734
4
k
4.32
834
1.50
23.4
1.80
335
734
Jan
June
May
Mar
Dec
Jan
Dec
Mar
Oct
Feb
Nov
Nov
Jan
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 (Dec. 5) and ending the present Friday (Dec. 11). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bonds, in
which any dealings occurred during the week covered.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Week Ended Dec. 11.
Stocks-
Indus. & Miscellaneous.
25 15
Acme Steel corn
Acme Wire com v t
_25
Adams-Millis 1st PE -100
Aero Supply Mfg cl B. •
Aero Underwriters
• 1255
Agfa Ansco Coro corn-- -•
1%
Ainsworth Mfg corn_ _10
Air Investors corn v t c •
3.4
Convertible preference.•
Warrants
Alexander Industries
•
Allied Intern Invest pfd- •
•
Allied Mills Inc431
Aluminum Co uom
• 5534
6% preference_ _
_ -100 69
Aluminum Goods Mfg-.• 10
Aluminum Ltd corn
• 20
Warrants series B
31-4
Warrants series C
Warrants series D
Amer Arch Co corn
Amer Austin Car corn
Amer Bakeries class A
•
Amer Beverage Corp_
*
Amer Brit & Cont'l coin •
34
Amer Capital Corp corn 13•
Amer Cigar Co corn_ _100 8034
100
Preferred
American CotPoration _ _•
34
Amer Cyanamid corn A_ •
•
Common 13
334
Am Dept Stores com__ •
034
First preferred
ioo
American EGIMSIte com--•
254
Amer Founders Corp_ _•
1
Amer Hardware Corp_ _ _25 2434
Amer investors el 0 coln.•
25.6
Warrentc_
- -- -34
Amer Laundry 13-Iachy__20
Amer Mfg, pref
100
Amer Phenix Corp
50
Amer Pneumatic Serv_ _ _25
Amer Thread pref
5
134
Am DOI& Oen 01 v e_.•
3.4
American Yvette Co own •
•
Anchor Post Fence
Anglo-Chum.. ri Witte
si
Ex-stock distribution _•
Arcturus Radio Tube_ _ _*
134
Armstrong Cork common'
Art Metal Works corn_
2
Associated Elm Industrie'
Am dap Tete ord allergen
33.4
•
2
Atlantic Coast Fish
1 1-16
Atlantic Fruit & Sug
Atlantic Securities corn_ •
•
Atlas Plywood
44
Atlas lithium Corp core..'
1%
Warrants
Automatic Vol Mach corn*
Prior panic stock
•
Aviation Secur of N E
Axton-Fisher Tob corn A 10 3455
100
Babcock & Wilcox
Baumann (L) Se Co, pf.100
11
Beneficial Indust Loan__
•
Bickford's Pm coin
•
4
Bliss(li W)Co coin
EX
Blue Ridge Corp corn.,..'
Opt 6% oonY pref--50 2034
Bohack(H C)Co corn- •
3%
•
Bourjols Inc
Bridgeport Mach corn_ __ _•
Bowm Blitm Hotel
100
First preferred
•
Brill Corp class A
•
Brill° Mfg Corn
Brit
-Amer Tobacco
Am dep rcts ord bear.£1 12%
Amer lop rcts ord reg.£1
Britian Celanese LtdAm dep rots for ord resr_
135
Brown Co 6% pref____100
Bulova Watch, pref
•
Burco. Inc
6% pref with warrants-_ -----Warrants
Burma Corp-Am dep rcts reg
Butler Bros
20
2,55
Cable Radio & Tube• I•
Carnation Co corn
• 18
Carrier Corp corn
• 14
Celanese Coro 1st pref_100
Prior preferred
100
Celluloid Corp corn
•
Centrifugal Pipe
•
3
Chain Stores Devel com- •
Chain Stores Stocks
6
*
Charts Corp corn
•
Cblids Co pref
100 60
Mee Berrie. common....'
531
Preferred
• 5055
Preferred B
•
Claude Neon Lights com-1
Colombia Syndicate
1
35
Columbia Pict com v t c •
23.4
Range Since Jan. 1.
Low.
15
50 15
16
200
4
455
4
85
85
125 75%
2
2,4
400
1%
300
1235 1255
634
SOO
134
134 2
534
6
655 4,900
51
1,300
31
55
4% 435
100
451
100
k
51
51
600 3-16
34
31
10
10
200 10
434 43-4
1,200
351
5,700 5551
.5534 68
68
75
1,000 68
10
10
500 10
20
500 20
26
3
4
2,960
255
451 5
15
3
5
10
210
5
18
18
100 15
100
31
34
54
13% 16
600 1354
2% 2%
100
23.4
300
55
55
35
700
Si
%
54
803.4 8034 1,500 46
100% 100%
350 75
,1 1,400
56
3.4
6
6
100
435
351
43.4 17,700
33.4
55
o55
600
55
100
5
555
334
155
235 33% 7,200
1
134 4,800
1
2455 2455
120 24%
234 234 4,900
234
1,200
14
55
54
1856 1855
25
18
48% 48%
50 4034
2% 2%
100
2%
100
1.4
35
55
134 134
100
154
31
Si 2,200
51
134 2,100
14
35
134 1% 1,400
154
35 11-16
131 2%
9
1055
2
255
334
2
1-16
2%
431
434
1%
1%
551
2
3434
5035
51
11
11
4
134
20%
45
334
1.4
334
2
1-16
2%
3
174
1%
13-4
6%
2
3434
5034
51
12
11
4,1
135
2154
45
451
5.1
2
2
7
2
2
7
1,801
1,20(
451
30(
Oct
Dec 14%
Oct 95
Oct
454
Feb 1255
Dec 19%
Oct 13
Nov
135
Oct
9
Si
June
.31
Nov
Dec 23
Oct
551
1.)ec 224
Dec 109%
Sept 16%
Dec 102
Oct 60
Oct 60
Dec 60
Sept 29
Sept
135
Dec 3354
Dec
7%
Nov
23.5
Nov
6
Oct 82
July 85
Dec
534
Oct 11%
Dec
1234
Oct
3
Dec
17
755
Ord
5%
Sept
Oct 52
Dec
7%
Oct
2%
Oct 45
Sept 50
Dec 19
Dec
23-4
335
Dec
Dec
6
0
Dec
534
Dee
July
Mar
Feb
Dec
Apr
Feb
Feb
Mar
Mar
Jan
June
Nov
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Jan
Mar
Nov
Apr
Feb
Apr
Nov
June
Apr
Feb
Apr
Mar
Feb
Mar
Feb
Feb
Feb
Jan
Sept
Mar
Feb
Mar
Jan
An'
Feb
14
10
2654
8%
July
Apr
Jab
Feb
535
8
si
13%
14%
8%
2%
8%
16
6
41%
110
7134
19
18%
1634
6,4
38%
80
1034
2%
Mar
Mar
Jan
Feb
Mar
Mar
Mar
Feb
Feb
Feb
Apr
Jan
Mar
Mar
Feb
Feb
Feb
Mar
Mar
81ar
Feb
34 July
1% Dec
Dec
Dec
2
300
2%
30(
2
100 1-16
100
255
3.700
3
8.700
354
2,200
154
200
155
500
5%
100
2
Essi 3436
25 50%
10 5055
600
836
100 10
500
4
6,700
134
5,200 20
100 45
200
331
100
34
High.
Sew
Oct
June
Nov
Sept
May
Dec
Sept
Dec
May
Dec
Nov
Oct
Nov
Dec
Dec
Oct
Dec
Oct
June
300
200
100
Dec
3.4 Oct
554 Jan
1234 1234
1234 1254
4,600
700
1255 Dec
1235 Dec
2434
2035
134 1%
934 93.4
134 1355
4,200
50
200
Oct
955 Dec
133.4 Dec
134 Feb
Jan
35
Feb
31
100
300
1555 Dec
55 Nov
40% Mar
Feb
1555
3-16
15%
3-16
900
134
1,100
3
2,000
1
400
18
1835
1434
100
14
20
425
19
25
39
39
50
255
255
3
3% 1,000
55
11 5,700
6
631 1,300
14% 15
600
130
60 168%
554 654 69,000
50% 5331 1,300
400
555 534
1
1% 6,700
'ut
34 2,100
21i 34i
400
14
23.4
I%
23.4
35
18
14
19
36
2
3
54
6
1434
60
5%
35%
435
1
1-16
234
415 June
Feb
6
Nov
9
June
2%
Oct
7
234
Oct
Oct 26
Dec 25
Dec 65
Nov 81%
Nov 10
Dec
835
Nov
Dee 11%
Dec 2434
Dec 108
Oct 2034
Oct 84%
Oct
755
Dec 1031
Dec
34
Dec 22
Jan
Jan
Mat
Jan
Apr
Feb
Feb
July
July
Jan
Feb
Mar
Feb
Apr
Jan
Feb
Feb
Mar
Feb
Jan
Feb
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.
Consol Aircraft corn
•
Congo, Automatic
Merchandising com v t cs•
33.50 preferred
Consol Theatres corn v t c•
Conti Chic Corp coin_
•
Convertible preference.*
Cont'i Shares cony pref 100
331
Preferred series B__ -100
Cooper-Bessemer Corp.
.°
$3 pref with warr___100 1351
Copeland Products Inc
Class A without warr_ •
Cord Corp_
5
635
Corporation Scour com_- _•
5Si
Corroon & Reynolds corn.'
1%
10
$6 preferred A
Courtauld, Ltd
Am dep rcts ord reg.£1
Crocker Whether am. _ _•
234
Crowley Milner Se Co corn •
Crown Cork Internet A_ •
Cuban Cane Prod warr •
Cuban Tobacco com v t c_•
Cuneo Press com
•
Curtis-Wright Airpts vtc_•
Curtis-Wright Fly Serv •
36
Vertlep-WrIght Oen" seer
Davenport Hosiery M. •
Dayton Airplane Hug own"
Deere & Co common
• 10
De Toren Railia cam...."
1
De Haviland Aircraft
Am dep rcts ord reg_ _£1
Detroit Aircraft Corn- •
34
•
Doehler Die-Casting
23-4
Driver-Harris Co com_10
Dubilier Condenser corn..
1%
Durant Matore Inc
•
Eastern Util Invest com A•
Edison Bros Stores
•
Educational Pictures
8% pret with warr._.100 13%
Fidler Emetric orson3on_ •
i34
Flee Power Associates. •
8
clas• A_
•
7
Elec Shareholdings corn...*
4
$6 pref with warr
• 49
Electrical Prod of Col_ •
Fajardo Sugar Co
i00
•
Fansteel Products
Fedders Mfg clam A
•
Federal Bake Shops
•
Federated Capital Corn. _5
25
6% cum pref
Federated Metals
7
•
Film Inspect Mach
755
10
Fire Assn of Filth.
Filotkote Co own A
23.4
*
Foltis-Fisher Inc com
Ford Motor Co Ltd
5
Amer deo rots ord reg..
Ford Motor of Can el 4 • 10
Foremast Dairy Prod com •
34
Preferred
•
Foundation Co
Foreign shares clam A___
231
•
34
Fox Theatres com A
Franklin Hi 1-11 Mfg oorn_•
Garlock Packing corn_ _ _•
1%
General Alloys Co
*
General Aviation Corp..'
234
Gen Else Co (Git Britain)
634,
Am dep rots ord
General Empire corp. •
Gen Theatre Equin Dref •
3.4
Gilbert(A C) Co pref__ *
• 2451
Glen Alden Coal
5
Globe Underwriters Etch •
Godchaux Sugars B
•
Golden State Co Ltd_ •
Goldinert-slae15. Trading _ •
2
Gold Seal Electrical Co..*
34
Gorham Mfg corn v t c_ _ _• 1256
Gotham Knittbac Mach.._•
3-6
Graymur Corp COM
•
Gs AO & Pao TesNon vet corn stock.... 159
7% first preferred_ _100
Greif (L) de Bros pref _ _100
Grier (5 W) Stores com •
Hacmeister-Lind Co
*
Happiness Candy St com_.
Hazeltine Corp
•
Helena Rubinstein
•
7
Heyde° Chemical Corp_10
13.4
Horn(A C) Co common..'
Horn & Harden Co coin.* 28
Huylers of Delaware com.•
73.4
Hydro-Elee Sector com__ _•
Hygrade Food Prod own."
334
Hygrade Sylvania Corp__ 2635
Imp Tob of G B & Bel
Am dep rcts for ord Aral 113i
10
Indus Finance v t c
814
Ineull Utility Investment_•
26 pref with warr
Insurance Coot No Am_10 30
2
2
lid
Si
k
31
Pi
34
2% 254
20% 2031
255 43.4
33.5 435
3% 355
12% 1354
100
2,100
100
100
100
200
1,575
325
400
1,100
100
10% 1035
6% 831 27,000
4% 531 1,500
100
1% 1%
400
10
1134
5% 535
235 535
10
10
135 131
II
,
2
15
I
ill
2
15
1
2
2
3{4
54
234 3
73.4 7%
134 134
34 1
31
1
5
5
13%
134
735
7
4
49
2;1
20
24
4%
1
%
11%
5%
%
734
254
134
15
131
834
834
4,5
50
203.4
2%
43*
1
.
3
4
11%
74
%
734
4
1%
6,4
12
36
30
:2414
5
23.4
751
z2
34
1234
%
16
104
Jan
1-16
%
31
2%
20%
2%
335
354
831
Mar
Sept
Dec
Oct
Dec
Dec
Dec
Nov
Oct
e51
155
3
1051
3755
64,4
51
335
36%
Jan
Jan
Apr
Feb
Feb
Jan
Feb
Oct
Jan
8 June
434 Oct
4% Dec
134 Dec
10
Nov
23%
16
22
6/4
5135
July
ADC
Feb
Mar
Jan
Dec
Dec
Dec
Oct
Sept
Sept
Nov
Jan
Dec
Sept
Jan
Dec
Oct
Dec
8%
1434
19
855
51
655
36%
2
254
35
19
2%
44%
834
Apr
Mat
June
Mar
Jan
Jan
Mar
Mar
Jan
Mat
Aug
Jan
Feb
100
5,900
2,000
100
900
5,800
200
200
2
51
234
7%
1%
35
31
5
Dec
Nov
Dec
Oct
Dec
Sept
Dec
Dec
531
334
7%
4135
434
3%
7
10%
Apr
Feb
Mar
Feb
May
Mar
Jan
Aug
175
1,000
2,100
3,000
400
800
100
650
500
100
200
100
1,500
1,0011
100
133
1,000
100
13%
134
6
53.4
355
49
155
20
1%
2
1
54
1155
5%
3.4
73.4
254
135
Dec
Dec
Oct
Oct
Oct
Dec
Oct
Oct
Oct
Sept
Dec
Dec
Oct
Oct
July
Dec
Dec
Nov
42
635
22%
22%
18
88%
551
42
11%
6%
431
5
15
10%
1%
24
12
3
June
Mar
Feb
Feb
Mar
Feb
May
Jan
Feb
Apr
Mar
Feb
Apr
Jan
Jan
Mar
Mar
Jan
800
3,800
200
400
200
2,500
Max
Dec
5
8% Oct
51 July
Si Sept
19% Jan
'4935 Mar
335 Jan
4
Jan
1%
35
1
8
1
2%
Oct
Dec
Nov
Dee
Sept
Sept
5
655
7%
18%
555
12
Feb
Jan
Feb
Mar
July
Mar
Sept
Dec
35 Dec
30
Nov
24
Sept
6
Nov
235 Dec
7% Dec
z2
Dec
51 Nov
1234 Dec
3-16 Sept
14% Oct
11%
18
3151
35
60
9
455
17
11%
1%
23
%
2954
Feb
Mix
Feb
Mar
Jan
Apr
May
June
Mar
Feb
Feb
Jan
mar
1)ec 260
Oct 12234
Jan 9834
4%
Oct
Oct 1834
Jan
2
Oct 23%
3%
Sept
Dec 13
Dec
451
Dec 43%
4
May
Oct 30
6%
Oct
Dec 3055
Apr
Nov
July
Aug
Aug
May
Feb
Feb
Jan
Jan
Mar
Jan
Feb
Apr
Nov
22%
11
49%
85
6351
July
Jan
Feb
Mar
Mar
4
12
1051 1034
Si
34
7
7
54
34
7,5
7
1% 1%
28
28
331 314
o754 8
33.4 3%
2555 2735
180 159
51 116%
25 97
400
34
100 10
400
Si
100
7
400
51
400
7
100
134
100 28
2,800
3
300
7
7,100
2%
1,000 2535
1174
2
831
36
30
300
1,600
3,500
100
2,400
113.4
23-4
11
3655
333.4
High.
Dec
535
2%
10
135
1-32
2
15
1
35
34
1255
3-16
834
1
634 4,100
600
12
54 8,900
100
30
3,200
26
1,800
5
100
234
200
74
2% 26,300
% 1,900
600
13
900
34
400
17
159 170
11935 120%
97
97
Low.
2
100
3,500
100
400
20,900
200
200
200
100
2,600
50
2,100
9,330
11,700
18,600
43.4 6
955 10% 3,100
900
34
31
200
Si
35
2% 2%
%
%
2
2
8
9
1,4 1%
254 235
Range Since Jan. 1.
1135
2
73'
27
ao
Nov
Dec
Oct
Oct
Dec
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Ineurance Sentrales _ _10
Internet Cigar Machy---•
Internet Products com•
•
Jut Safety Razor B
Isteretate Equities sem•
$3 cony pref
•
Irving Air Chute com
•
Ken-Rad Tube & Lamp_ -•
•
Knott Corp
Holster Brands Am she /1
Kress (El ID Ar Co spec pf 10
Lackawanna Secur
•
L'Air LiquideAm dep rcts ser 0 bear_
Lefcmut Realty Corp_ _.t
Preferred
•
Lehigh Coal & Nay
Lerner Stores Corp com •
Libby McNeil& Libby._10
Louisiana Land & Explor-•
Ludlow Mfg Associates_ _c
*
Mapes Consol Mfg
Mavie Bottling class A. _5
Mayflower Associates----•
May Hosiery Mille
•
$4 pref with warr
McCord Rad & Mfg B. *
•
McQuay-Norris Mfg
•
Mead Johnson & Co
Melville Shoe
.
1st pref with warr_ _100
Mercantile Stores com_ •
Merritt Chapman & Scott•
5
Mesta Machine corn
Metal & Mining Shares_ •
Metrop Chain Stores___•
Midland Steel Prod 2d pf.•
•
Midland United core
Minneapolis-Honeywell
Regulator pref
100
Moody's Invest Serv prof •
Morison Elec Supply__ •
Municipal Service Corp_ _5
Nat American Co Inc__ __•
•
National Aviation
National Baking corn___ _•
Nat Bancservice Corp__ •
Nat Bond & Share Corp_ _*
Nat Cash Credit Assn pf_10
Nat Container Corp pref_*
Nat Dairy Prod pf A._.A00
Nat Food Prod cl A w w_ •
•
Class B
*
Nat Investors corn
10
Nat Leather corn
Nat Rubber Maehy corn_•
Nat Sewer Serv Corp_ _ __*
Nat Service Cos csommon_•
Nat Short Term See A-•
National Steel Corp warr__
Nat Sugar Refining
•
Nat Union Radio Corp_ •
Nebel(Oscar) Co coca _ _ -4
.
•
Neill Corp corn
Nelson (Ilerman) Co
5
Neptune Meter class A_ *
Newberry (J J) Co corn_ *
7% preferred
180
New Mexico dr Ariz Land.1
New Process Co corn
•
N Y Ilamburg Corp_
50
N Y Stipblds fdrs slur- •
Niagara Share of M6......5
Warrants
Nike-Bement
-Pond Isom ... _•
Nitrate Corp of Chile
(Cassels) ars for ord B_
i
Noma Corp corn
Norden Corp Ltd corn_ _5
•
No & So Amer Corp A
Novadei-Agene Corp corn•
•
011stocks Ltd class A
Oliver United Filters A •
Outboard Motors corn B. •
Preferred A
•
Oversee Securities Co_ __ _•
Pan American Airway,__•
•
Paramount Cab Mfg
•
Parke Davie & Co
Parker Rust-Proof Co... _•
Patterson-Sargent Co corns
Fender(D)Groc class A._*
*
Class 13
Pennroad Corp corn vs e_•
100
Pepperell Mfg
Perfection Stove Co_ _ _ _25
Philip Morrie Consol com..•
Class A
25
Phoenix Seen? Corp come
Convertible pref A _ ___•
Pilot Radio & Tube el A __•
Pitney BOWes Postage
•
Meter Co
Pitts& Lake Er RR com _ 50
Pittsburgh Plate Glase__25
*
Polymet kifg corn
•
Pratt & Lambert Co
Propper-McCallum Hos *
Prudential investor(' corn •
•
$6 preferred
Public Utility Holding Corp
Corn without warrants.
•
$3 cum preferred
•
Warrants
Pyrone hlfg corn
10
Quaker Oats corn
•
Radio Products corn
•
Railroad Shares Corp corn •
Rainbow Lum Prod A •
Raytheon Isffg corn v t c_ *
Reeves (Daniel) Inc corn*
Reliable Stores Corp corn •
Reliance Internal cons A_*
Reilancomanagement eotn•
Republks Gas
•
Reybarn Co Inc
10
•
Reynolds Invest own
•
Richman Bros
Radiator corn.*
Richmond
•
Roosevelt Field Inc
*
Rossi& International
•
Rueseke Fifth Ave
Safety Car Heat & Ltd_100
BS Regis Mar CO oom...10
•
Schiff Co cons
•
Schulte Real Estate
Seaboard Utll Shares-- --•
Securities Allied Corp
(formerly Chat-Ph Al) *
Segal Lock * Hardware...
•
Selby Shoe corn
3951
FINANCIAL CHRONICLE
DEC. 12 1931.]
Range Since Jan. 1.
High.
Low.
114
2614
1051
431
54
30
19
47
31
7
134
294
2
22
45
215
3
18
1
14
13%
11
54
17
z2
25
4
6
4
10
411
1
6
114
1011
264
214
30
4
6
31
10
5
1
6
134
1031
283
%
3,700
800
100
200
4,400
2,800
2,100
100
100
4,200
100
1,400
z2
25
1.1
2
11
10
44
1
6
31
10
26
Nov
Dec
Oct
Sept
Dec
Oct
Dec
Dec
Dec
Jan
Jan
Oct
9%
50
44
134
4%
35
11
1
14
2
10%
37
Feb
June
Mar
Feb
Apr
Mar
May
Dec
Feb
Aug
Sept
Jan
164
44
1511
10%
9
41
55
6235
36%
1
30
1634
5
1731
13%
10
514
55
65
3731
1%
30
100
600
900
2,000
200
700
5,100
40
200
300
1,300
1641
3
154
10%
7
44
14
624
32%
1
22
Dec
Oct
Dec
Dec
Dec
Dec
Sept
Dec
Jan
Oct
Oct
1611
124
2551
274
36%
1415
2
120
41
554
50
Dec
Mar
Mar
Feb
Mar
Mar
Jan
Feb
Apr
Ave
Mar
19
4
31
47
241
25
41
6
15
10
415
19
4
31
61
100
300
50
500
16
135
31
444
API' 20%
Nov
84
Dec 31
Oct 11345
Feb
Jan
Dec
Mar
25
100
400
900
300
1,400
100
200
75
17
215
1631
34
11
7%
8
Dec
Nov
Sept
Dec
Jan
Dec
Oct
Dec
July
Jan
Jan
Apr
Apr
Feb
Mar
Feb
75
75
17
17
236 24
174 22
15
34
15
Si
715 731
8
94
60
7
2
3
14
24
2
1
22
14
9%
98%
2
31
24
55
3
18
1
135
14
2615
1
15
2
5%
1215
164
834
11
65
84
2
3
14
34
2
14
224
14
9%
9915
2%
%
234
15
3
18
14
134
1%
2615
134
31
24
511
1231
1711
83%
311
8
8
24 216
3
331
34
1-16
34
851 10%
891
2
11
1534
311
20
40
17
1594
4
211
32
17
151
1531
16
1334
214
4
311
11
2
37
1%
7
4
2
15%
211
18%
36%
17
1515
3
24
32
15
4
10
14
134
2
Nov
1St July
Oct
6% Mar
July
41 Mar
Dec 114 Feb
Oct 43
Aug
Dec
14 Nov
Dec
Dec
7
Nov
3;4 Jan
Oct
Feb
6
Dec
6
Feb
Dec 305-1 Apr
Apr
6.54 Sept
Oct 304 Jan
Oct 1094 Mar
Dec 28;5 Mar
Dec 30
Feb
Nov 1011 Apr
Dec
834 Fell
Dec 79
Apr
Feb
18
Dec
Jan
334 Atm
Jan 2011 Sept
Dec
2
Feu
Dec 263-5 July
Oct 2
34 Ars
241
3511
184
11
24
14
311
6415
3
41
214
44
274
14
434
6515
400
750
1,100
1,400
800
100
4,100
150
2%
3511
184
11
24
134
3 9-1
644
Oct 10
Dec 109
Dec 42%
Dec
64
Dec 4015
Nov
5
Dec 14
Dec 91
51 9,800
11
200
2
3
8,700
11 3-1
400
215 234
30
100 100
300
1
1
700
115 111
1,000
15 3-1
200
1H
1
200
1615 17
100
311 331
700
1
115
2
211 1,200
5,500
16
1
ii 5,600
14
4 2,300
4
125
30
30
500
15
15
1,300
14 134
1,000
% 1
335 5
600
18
20
1,125
331 54 16,000
1815 184
200
1
14
300
151 134
800
15
2
3,4
1
98
1
1H
35
1
16%
311
1
111
15
34
34
30
H
1
115
315
18
331
17
1
131
Dec
734 Feb
Dec 3694 Feb
Oct
14 Jan
Dec
715 Mar
Oct 165
Feb
May
24 Jan
Dec
451 Mar
Sept
4
Jan
Nov 144 Mar
Dec 27
Apr
Dec
911 Jan
Oct
411 June
Nov
734 Feb
Dec 1331 Apr
Oct
5
Feb
Sept
1% Jan
Dee 7334 Mar
Oct
131 July
Sept
334 Mar
Dec
514 Feb
Sent
7 June
Dec 904 Jan
Dec 214 Mat
Oct 21% Aug
Sept
351 Jan
54 Fels
Oct
16
351
374
111
2
3715
1%
7
1534
4
211
32
17
111
154
14
1334
24
29-4
39
1851
15
24
1 11
334
11
34
100
164
334
1
2
11
34
li
4
115
335
,
19
331
14
64
211
831
100 60
Dec 91
Mar
300
7
Dec 32
Mar
100
1
Sept
3 Sept
100
3
Dec
6
Feb
1,700
14 Dec
45t Jan
1,300
251 Dec 10
Mar
100
2
Mar e3
Sept
300
Aug
1
34 Jan
6,000 22
Dec 34,4 June
100
111 Dec
May
6
9% Oct 17
100
Mar
200 95
Oct 10914 May
14 Oct 10% Mar
300
600
35 Nov
2
Mar
2,700
231 Dec
7% Feb
1,400
1
Feb
4 Sept
600
24 Oct
54 Feb
200 154 Oct 24
Feb
600
Oot
1
11% Mar
1,800
131 Dec 22
June
100
111 Oct 13
Feb
200 2
634 Dec 34% Mar
300
% Nov
54 Feb
100
34 Nov
251 Mar
300
2
Dec 13
Jan
400
5
Nov
17
Mar
12
200
Oct 23
Mar
1,100 164 Dec 2634 Mar
100 834 Dec z99
May
500
4 Oct
3
Feb
2
1,400
Nov
311 Dec
100
631 Dec 294 Mar
100
115 Oct
1745 June
10,162
Dee 11% Mar
3
500 1-16
Dec
1
Jan
1,200
614 Sept 22% Jan
15 15,400
314
400
1,000
2
200
374
400
14
500
7
100
600
215
400
I
400
18
2,000
54 2,800
2034
60
4111
30
17
25
1534
10
4
10
22,10
3
35
16
18
7
231 11,40(
10
1534
4 1,60
15
700
33/4 16,11
%
311
14
153%
34
204
40
96
30
144
36%
215
4%
18
23
611
2
84
7
10,100
24 6,100
9
200
65,4 Sept
2
Dec
84 Dec
Mar
Apr
Jan
Mar
Apr
Feb
Mar
Apr
1331 Aug
735 Mar
16
Feb
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
1
Selected Industries eons _ _ •
• 35
$5.50 prior stock
31
Allot cafe full pd unstpd_
1
Seatry Safety Conirol...•
•
Seton Leather corn
Sheaffer(WA)Pen
11%
Shenandoah Corp corn..-•
50 1035
41% °our pref
Silica Gel Corp corn v t c_•
Simmons Boardm Pub pt.•
100 13211
Singer Mfg
Singer Mfg LrdAmer dep rcts for ord reg
Smith (A 0)Corp corn •
Smith (L C) & Corona
Typewriter vot tr ctts *
Snla Visconr
Southern Corp common..'
So'west Dairy Prod com__•
3.4
Spanish & Genii Corp
Am dep rcts for ord reg__ -----Spiegel May Stern pret_100 20
•
Standard Invest pref_
•
Stand Motor Constr
•
Starrett Corp corn
2
6% pref with privilege 50
Stein Cosmetics cons_
Stlx-Baer & Fuller com •
• 10
Stutz Motor Car
1731
Swift & Co
?2, 22
Swift International
315
Syracuse wash Mach B__•
•
2
Taggart Corp Corn
Tastyeast class A
25-4
Technicolor In corn.
•
Tobacco& Allied Stocks_ _• 18
Tobacco Prod (Del) new w
•
Tob Prod Exports
•
Todd Shipyards Corp_
. 3
Transoont Air Transp
Trans Lux Piet Screen-.
•
2
Common
13,4
TO-Continental Corp warm
rri Utilities] corn eom_ •
Triplex Safety Glass Ltd
44
Am dep rcts for ord reg..
Trunz Pork Stores
rubies Chstillon CorD•
214
cjonlmonifvtc
4
Tung Sol Lamp Wits corns
• 16
$3 cony pref
Ungerlieder Finance Corp• 254
Union Amer Invest cora...*
Union Tobacco common...*
United Cnem partic pref_• 103%
134
United Founders eons ___.•
United Milk Prod com___•
--100
7%
Molasses Ltd
Unitedpreferred_- 14
Am dep rcts for ord regEl
3-4
United Profit-.Sharing____•
United Shoe Mach com_25
United Stores Coro vte ....•
United Wall Paper Fact_ •
U S Dairy Prod class A__." 60
8
*
Class B
•
S Finishing corn
•
334
S Foil eifies B
4
U S & Internet Sec corn •
First pref with warrants• 2354
•
S Lines pref
U 5 Playing Card com__10
US Shares linen with wary
531
25
Universal Ins Co
Utica Steam & Mohawk
Valley Cotton Mills...100
..
111
Utility Equities cow .____•
Priority stock
Utility & Indust Corp eom•
9%
Preferred
•
254
Van Camp Packing corn. •
2
25
7% preferred
10
44
Vick Financial Corp_
Waitt & Bond class A_ ___*
• 11
Walgreen Co corn
1
Warrants
walkeraltram) Gooderham
& Worts Corn
234
Watson (Jno Warren) CO.*
Wayne Pump Co
•
•
Convertible pref
Western Air Express
_10
West Meryl Ry let p1.100
Cafeterias corn_•
•
Wilson-Jones Co
Winter (Beni) Inc corn_ •
Woolworth (F W) Ltd
73-4
Amer dep ram for ord ohs
Rights
Assoc Gas & Elec deb rights
Stock porch rights
Commonwealth -Edison
Public Serv of Nor Ills...
Radio Keith Orpheum
Public Utilities
Alabama Power $6 prof_ •
•
$7 preferred
•
Allegheny Gas corn
Am cities Pow & Lt Cl A..
•
Class B
Am Comiwith Pow cora A•
Common class B.
•
$7 1st pref A
Am Dist Tel NJ 7% pt 100
smer & Foreign Pow warr_
smer Gas & Flee com___•
•
Preferred
Amer L & Tr coru
25
•
Amer Nat Gas COM
A Mer Sts Pub Serv cl A. •
Am Superpower Corp corn*
First preferred
•
$6 cum pref
•
Appalachian Gas com
•
Warrants
Arkansas P & L $7 pref._'
Associated Gas & El el A_•
Allotment ctfs
Warrants
381st. bear allot ctfs_
105
Bell Telep of Can
Brasilian Tr 1.1 & Pr ord'
Buff Mart & East Pr pi_ _25
•
1st preferred
Cable & Wireless LtaAm dep rcts A ord she El
Am dep rots B ord she El
Am dep rcts pref she--£1
Cent Hud G&E corn v t e•
14 131
35
3941
31
39%
14
111
5
5
23
2411
111 1%
1015 11
1% 2
10
10
1324 18611
151
135
49
5911
315
1%
1
/1
975-'
394
3711
85
23.11
331
60%
so
14
5
104
34
4215
10015
9
224
8216
15
High.
Low.
4% Feb
7,200
41 Dec
Dec 70
Mar
500 35
Dec 7054 Mar
2,400 31
231 Feb
9,000
34 Sept
Dec :15
Apr
100
Jan
Dec 42
300 23
1,900
641 May
14 Oct
1,800 *1015 Dec 26
Feb
400
131 Dec 104 Feb
10
600 10
Nov
Nov
Oct 34315 Feb
660 130
600
60
325
54
111 10,200
5,900
1
300
15
134 Dec
49
Dec
315
14
1
34
44 Feb
192 Mar
Dec
Dec
Dec
Aug
1831
154
435
214
Mar
Jan
Feb
Mar
34
39
56
1
124
254
1151
9
28
3011
4014
8
1835
51
1414
3914
1
1%
50
8%
Feb
Aug
Mar
Jan
Jan
Feb
Mar
Dec
Mar
Jan
Ara
Mar
Mar
Dec
Mar
Apr
Dec
Jan
Feb
May
31
20
5
34
51
134
151
9
9
14%
1834
315
2
51
24
18
54
%
22
3
15
22
531
41
25,4
334
14
9
10
224
30
34
235
31
251
1911
41
%
22
34
500
700
180
100
1,075
2,100
100
450
300
8,800
8,400
100
200
100
3,600
300
4,300
200
200
2,500
11 June
13
Jan
4
Nov
% Dec
41 Dec
111 Dee
115 Sept
9
Dec
9
Sept
144 Dec
1811 Dec
315 Dec
2
Dec
41 Dec
241 Dec
14% Oct
35 Dec
35 June
22
Dec
Dec
3
2
1%
34
234
134
11
2,000
1,800
700
14 Sept
1
Oct
4 Nov
1334 mar
635 Mar
29% Mar
435 44
12
12
100
100
44 Dec
1035 Oct
846 Feb
14% Feb
2
33‘
16
254
114
34
10
114
51
15
1,950
v,g
400
451
200
16
900
27
300
12
300
11
700
114
215 42,300
100
175
15
2
3/
1
16
214
1034
4
10
14
41
15
Dec
Dec
Dec
Jan
Oct
June
Nov
Dec
Dec
Oct
16
12
26%
294
22
35
28%
104
211
37
Feb
Feb
Aug
Feb
Mar
Mar
Mar
Mar
Feb
Feb
111
35
40
34
2
60
7
111
3
54
23)4
14
21
31
545
111
15
40
55
2
80
8
111
334
54
2511
1
22
11
515
1,000
100
100
3,200
200
700
600
800
1,100
1,100
2,700
500
450
100
50
1
11
40
11
14
58
7
115
23%
51
1715
ti
21
31
515
Oct
Oct
Dec
Dec
Sept
Oct
Dec
Dec
Oct
Sept
Oct
Dec
Dec
May
Dec
3
2
1513%
2%
63.5
6535
15
814
10
34
60
6%
49
131
25
Jan
Jan
Mar
Feb
Feb
Mar
Feb
Mar
May
Feb
Feb
Jan
Jan
Jan
Apr
25
154
444
244
9
2
154
44
94
1011
1
25
294
45
3
10
3
3%
415
10
12%
2
100
1,10
45
60
50
7,40
1,10
2,20
600
2,30
600
25
114
434,
24
9
2
14
431
931
109-1
1
Dec
Dec
Dec
Dec
Oct
Nov
Dec
Dec
Dec
Dec
Dec
304
93,4
78
94
19%
711
9
7
1911
29%
10
Aug
Feb
Apr
Mar
Feb
Mar
Mar
Jan
Mar
Mar
Mar
24 211
14
11
1
1
414 4%
6
6
2911 30
154 2
831 10
3.1
11
4,200
200
100
500
100
50
300
700
200
211
94
1
43%
5
25
14
711
11
Dec
Sep
Dec
Dec
Nov
Sep
De
Sep
Sep
8%
2
641
29
22
85
614
2214
14
Feb
Feb
Jan
Feb
Apr
Jan
Mar
Jan
Jan
7
14
1
23-4
24
3%
3%
34 1-16
2311
2
2
2;1
Range Since Jan. 1.
731 15,900
514 Sept
1214 July
14
300
1.
100
10,40
3
431 1,500
3-16 47,900
114 'Jan
15 Sep
215 De
34 Dec
1-16 No
4%
435
411
5
9-16
82
82
9434 9711
11
51
2346 264
254
2
1% 24
2%
2
15
1711
974 973"
351 541
x371‘ 444
85
90
23
2511
11,
54
34 63.4
3% 535
60
65
50 :5331
11
15
lie
31
86
86
5
6
10
104
11
11
424 44
99 101
811
22% 2315
8211 87
10
210
900
5,40
5,700
6,200
1,100
100
50
21,600
26,700
600
4,900
1,100
200
54,800
1,300
700
13,800
5,100
10
14,400
60
3,20
15
10
8,58
1,100
300
82
94%
16
194
2
1%
2
15
974
34
824
85
2014
15
3
34
58
50
11
41.•
85
5
10
11
42
99
7
22
82%
De
Dee
Oct
Oct
Dec
Dec
Dec
Dec
Dec
Dec
Oct
Dec
Oct
Dec
Apr
Dec
Nov
Dee
Dec
Dec
Nov
Dec
Sept
Dec
Oct
Dee
Oct
Oct
De
14 14
1314 15
400
2,800
100
1,400
3.1
11
114
13%
Sep
May
Sep
Dec
Jan
Feb
Nov
Nov
Nov
1034 Mar
11516 Mar
314 Feb
38% Feb
10
Feb
17
Mar
294 Jar,
90
July
112 'mar
3134 Feb
8854 Feb
1114 Aug
544 Feb
514 Mar
204 Apr
1934 Mar
Mar
9
9
89% Mar
84 Feb
:4 May
10915 May
23% msy
24;5 May
15-16 Jan
91% Feb
153
Feb
2814 mar
2735 stps
105
Aug
1%
Si
315
31
Mar
Feb
Feb
mar
3952
FINANCIAL CHRONICLE
Friday
Public Utilities
(Concluded)
dales
Lori Week's Range for
Sale
of Prices.
Wed.
Price. Low. High Shares.
Cent Pow & Lt 7% pref 100
76)4 76%
50
Cent Pub Serv class A __ •
131
114 255 9,700
Cent & Sowest Utll com_ *
500
714 8%
Cent States Elea corn14 234 28,000
131
Cities Serv P & L $7 pf-• 66
66
70
250
Commonwealth Edison 100 130 0130 137
375
Com'w•ith di Son Corn
Warrants
34,600
31
Community Water Serv..'
131
14 2
600
Consol GE L&P Ball earn* 614 61% 67
1,700
Consol Gas Ufa 01A
•
1% 2
2
400
ClassBytc
*
4
4
4
400
Cent G & E 7% pref___100 69
69
70
.50
Duke Power Co
100
275
75
82%
•
31
Duquesne Gas earn
1,000
14
East Gas & Fuel Assoc-8% 94 1,700
Hart States Pow cam B-•234
--2% 34 35,000
East Util Assoc corn
• 23
23
100
23
Convertible stock
•
34
314 43-1
900
Elee Bond & Ens Co corn...* 1111 1151 16% 288,300
11.6 preferred
.5231 52
61% 6,100
NI earn pref
454 454 54
2,800
Elec P & L 2d pref A
* 464 464 51%
300
Warrants
511
53-1 714 3,100
Empire Gas & Fuel
7% preferred
100 504 .50% 52%
200
8% preferred
100
57
100
57%
Empire Power partic stk_. 19
19
21
600
Empire Pub fiery corn A-..•
31
200
34
31
European Elea class A__10
34
400
34 4
Tie 15,000
Option warrants
713
615
Gen Oa E 6% pref B_--• 18% 15
204
650
Georgia Power $6 Prat- • 74
74
200
78
Hamilton Gas Co corn vie
2,100
14 I
Hartford Elee Light_ _25
53
25
53
Illinois P & L $6 pref____' 60
150
60
62
Internet Superpower
• 10
934 10
1,300
Internal Utilities ci A
• 114 1114 144
200
Class B
•
214
2
4,000
3
Warr for class B stock300
31
%
Interstate Pow $7
46
20
•
494
Italian Superpowerpref_corn A.
131
1% 114
500
Warrants
100
15
34
34
Long Island Lt coin
•
2014 21)1 3,100
7% preferred
100
99 101
50
6% pref series B_ _ _ _100 88
175
88
95%
Marconi Wirel T of Can_ _1
1
1
1% 7,700
Maas 1%11 Assoc corn v t o•
214
214 2% 1,000
5% cony panic pret_50 22
125
22
234
Memphis Natural Gas_ -•
411
900
431 51.1
73
4
Middle West Dill eons_ _ _•
74 9% 22,700
$8 eonv pref tier A....--• 47
300
47
51 •
Class B warrants
100
3-1
38
Minn Power & Lt 7% 0f100 100
50
100 100
Miss River Power pret_100
20
90
90
Mohawk & Hud Pr let pf_• 884 884 94
175
Nat Elec Pow class A....' 11
11
114
200
National P & L $6 pret__• 67
67
650
704
Nat Public Serv corn cl A.*
11% 1211
400
7% preferred
50
50
50
100
Nebraska Power pref.. _100
25
105 105
New Eng Pow II% prel_100 554 5511 604
170
175
100 100%
NYPow&Lt7% pref-100 100
NY Steam Corp corn___,•
300
544 56%
NY Telep 631% Pref--100 113
575
113 115
Niagara Held Pow com_.10
634
6% 74 48,400
Class A opt warrants.- 11,400
31
31 1
Class B opt warrants- _ _
2%
214 2% 1,700
Class C opt warrants...
7-16
200
4
Nor Amer Lt & Pow corn •
2514 2515
100
No Amer UtilSecur cons_ _•
100
)1
)1
Nor States Pow corn..
1,400
.100 794 79% 83
7% preferred
600
100 904 90)4 93
6% cum preferred
100 87
87
90
350
Pacific0& E 6% let pf-25 25
25
2551 1,900
531% 1st pref
23% 234
100
25
Pee Pub Serv new com___.•
3
3
400
3%
Pa Gas& Elec class A _ ___•
534
54 6
200
Penn Pow dr Lt $7 prat_ •
99
99
100
Pa Water & Power
• 50
49
52
1,800
Peoples it & Power el A..•
35
400
4
Philadelphia Co com
17
19%
500
•
Pub Ser ot Nor Ill com__ •
144 14911
150
Common
144 144
25
100
Quebec Power common..'
22
22%
50
Railway & Lt See corn...' 164 164 21
350
Rochester Cent Power_ •
4
44
200
Rockland Light de Pow__10 10
10
10% 2,200
Sou Calif Ed 7% pf A__25
2714 28
200
6% pret series B
25 24% 244 24% 1,400
514% pref class C__ 25 2231 22
23
2,300
So Colo Power class A._25
17
100
17
Southern Nat Gas eom
300
34
55
31
•
fewest Bell Tel 7% pi_ _100
118 118
50
So•west G & E 7% pref_100
79
79
10
1
Elo'west Gas Util
1
900
18
100
Standard Power & Lt cons*
18
Common B
18
18
100
Preferred
50
65% 69
Swiss Amer Elea pref-50
50
48
48
Tampa Electric corn
304 1,300
• 28% 28
Union Nat Gar of Canada*
4
4
511 1,900
34 431 4,200
United Corp warrants.
334
UnitedGas Corp Corn-•-•
13-4 2% 31,400
13-4
Prof non-voting
35
474 2,700
• 35
2,600
Warrants
1-4
31
N
United Gas St Elec 7% pref
10
7631 76.4
United Lt & Pow corn A__•
64 94 16,300
6%
Common Class B
500
10% 124
2,800
39% 3814 47
116 eons let pref
4,200
II 8 Else Pow with ware_.•
114 2
155
200
Stock perch warrants__
14
34
Utah P & L S7 pref
25
86
86
Ut11 Power & Light com_•
24 311 13,215
234
Class B vot tr ctf
9
134 1,200
•
7% preferred
400
46
60
100 46
Western Power pref
300
94% 95
100
Former Standard 011
Subsidiaries
Buckeye Pipe Line
39
50
Cheeebrough Mfg
289
25
Cumberland Pipe Line_50
2511
Humble 011 & Refining_25 47% 47%
Imperial 011(Can) oODD__•
8%
83-4
National Transit_ _ __I2.50
8
8
New York Transit
84
10
8.4
Northern Pipe Line__ _50
33
Ohio 0116% pf
69
100 69
Penn Mex Fuel Co
25
7
Southern Pipe Line
10
83-4
South Penn Oil
25 13
13
Standard 011 (Indlans).._52 17
17
Standard 011(Hy)
25 514% z14%
Standard Oil(Neb)
25 21
21
Standard 011(0) com
25 3414 3414
Other 011 Stumm•
Amer Maracaibo Co
31
Si
Ark Nat Gas Corp eem *
24
231
•
Claes A
2%
231
10
Preferred
5
5
100
39
200
94
50
26%
504 6,700
9% 6,000
8
100
400
8%
33
100
73
1,400
7
100
10
1,200
13
1,400
184 31,400
16% 5,000
214
200
38
650
400
34
234 1,300
231 11,100
54
700
Range BOwe Jars. 1.
Low.
764
134
7
I%
66
130
High.
Dec 10431 Apr
Dec 1934 Apr
Oct 2431 Feb
Dec 1215 Mar
Dec 89
Apr
Oct 25631 Feb
1151
41 Oct
134 Dec 1231
TM% Oct 101
114 Dec1734
8
Oct34
69
Dec 10311
Oct 145
69
54 Sept854
Nov27
7
211 Dec24
2014 Oct3514
Oct814
3
114 Dec 81
52
Dec 10831
454 Dec 97
45
Nov 101
54 Dec 3731
Mar
Apr
Feb
Mar
Mar
Apr
Feb
Feb
Mar
Mar
Mar
July
Feb
Mar
Mar
Mar
Feb
394 Oct 7911 Apr
4531 Sept 893.4 Jan
19
Dec 5254 Feb
Ills Dec
734 Jan
Sept 11,
8
Mar
he Dec
4
Mar
15
Dec 78
Mar
74
Dec 1004 Mar
Apt
6
31 Dec
53
Dec 7511 June
60
Dec 943- Apr
931 Dec 334 Mar
1031 Oct 45
Feb
Nov 1034 Feb
2
4 Sept44 Feb
46
Dec 88
Mar
14 Dec 104 Jan
34 Dec
34 Mar
Sept3611 Mar
17
97
Oct1124 Mar
Oct10714 July
83
Dec4 Nat
1
2
Oct434 !Mar
22
Dec35
Mar
411 Dec124 Feb
734 Dec2551 mar
47
Dec101
Mar
311 Feb
31 Oct
100
Dec 10914 [Sept
90
Oct 110
Aug
884 Dec 10714 Apr
11
Dec 20
Apr
67
Dec 10431 Apr
1131 Dec 2114 Mar
4914 Nov 8734 Mar
1044 Oct 110
Mar
5531 Dec 86
Feb
100
Oct 1174 Aug
4634 Jan 89
Mar
112
Oct 11835 Mar
631 Dec 1534 Mat
54 Dec
33.4 Mar
2 Oct
834 Mar
7-16 Dec
354 Mar
22
Oct 735-4 Aug
454 Mar
45 Sept
794 Dec 15214 Mar
904 Dec e10951 Mar
87
Dec 101
Mar
2434 Oct 50
July
234 Sept 2711 Aug
3
Dec 1134 Apr
Nov 1334 May
5
9714 Oct 11231 Aug
4434 Oct 7031 Mar
34 Dec 2631 Feb
17
Dee 3134 Feb
144
Dec 258
Feb
144
Dec 2694 Feb
22
Dec 504 Mar
9
Feb
Oct 50
4
Sept
Mar
8
Oct1831 Mar
9
274 Dec 3131 Aug
2434 Oct2934 Aug
22
Dec 2712 May
1614 Nov 2434 Mar
55 Dec
934 Apr
110
Oct12331 Sept
764 Oct97
Feb
1
Nov
634 Feb
18
Dec 50
Mar
18
Dec 50
Feb
Mar
6534 Dec101
48
Mar
Dec 95
27
Oct 61
Feb
4
Dec 1711 Jan
34 Dec1534 Mar
131 Dec 1114 Jan
35
Dcc 94
Mar
455 Jan
14 May
764 Dec 764 Dec
614 Dcc 3455 Feb
1034 Dec 6934 Jan
384 Decloax mar
14 Dec
855 Feb
% Oct24 Mar
83
Oct 108
Mar
1434 Feb
24 Dec
Dec 31.4 Mar
9
Dec 98
46
Aug
July
944 Oct 105
39
88
2055
4734
755
8
534
20
69
6
854
12
1535
1331
16%
34%
Oct
Oct
Jan
Oct
Oct
Dec
Sept
Sept
Dec
Oct
Dec
Oct
Oct
Oct
Oct
Dec
Oct
215 Oct
Oct
2
1134 Sept
[VOL. 133.
Friday
Sales
Last Week's Range for
Other 011 Stocks
Week.
Sale
of Prices.
(Concluded)
Par. Price. Low. High. Shares.
Atlantic Lobos Co corn_ •
British American 011 Ltd
Coupon stock (bearer)._
Carib Syndicate
25c
•
Colon Oil Corp eons
Columb Oil& Gesell y$ e..•
Consol Royalty Oil
1
Coeden 011 Co corn
•
Preferred
100
Creole Petroleum Corti..-•
Crown Cent Petrol
*
Darby Petroleum com___•
Derby Oil & Ref coin
•
Gulf 011 Corp of Penna__28
Indian Ter III 011 class A.•
Class B
Intercont Petrol Corp
Internat'l Petroleum
•
Kirby Petroleum
•
Leonard 011 Develop___25
Lone Star Gas Corp
•
Magdalene Syndicate_
I
Mexico-Ohio Oil Co
•
Mich Gas & Oil Corp_
•
Mid States Pet ci A v t c_
ClassB v t c
•
Mo-Kansas Pipe Line come
ClassB v t c
1
Mountain Producers.....I0
National Fuel Gam
•
New Bradford 011 Co_
5
New England Fuel 011_ •
North European 011 Corp_
Nor Cent Texas Oil
•
Pacific Western 011
•
Pandem 011 Corp
•
Pantepee Oil of Vanes_
•
Petrol Corp warrants
Plymouth 011 Co
Producers Royalty
•
Red Bank 011
•
Reiter Foster 011 Corp.....'
Salt Creek Consol 011_10
Salt Creek Produoers
•
Southland Royalty Co--•
Sunray 011
8
Tenon 011 & Land Co- •
Venezuela Petroleum_ .._ -8
Woodley Petroleum
1
•Y"011 & GasCo.......
•
Range Since Jan. 1.
Low.
3-16
3-16
1,500
821
831
55
1 36
831
34
34
115
131
34
35
9%
100
576
8,500
3,700
100
1,100
200
11,200
200
1,700
1,200
10,600
1,400
400
2,700
13,800
900
900
4,100
64 Oct
31 Nov
)4 Dec
1
Oct
111 Nov
44 Oct
1
June
154 Oct
14 Sept
2
May
154 Oct
374 Dec
54 Oct
535 Oct
8-16 July
754 Oct
34 Dec
5-16 Sept
714 Oct
51
55
255 235
155
155
1
1
36
ie
151 1%
34
34
2% 33
124 144
34
35
,
113 14
34
3-1
1
4
414
34 3-16
)5
4
14
3-1
x714 9%
11
34
54
34
3-4
11
34
55
3.4 3%
3,
7
4 414
14
51
6
6
31
X
155
155
56
55
3,300
1,900
200
600
600
6,500
1,100
800
2,500
100
100
500
1,200
2,000
700
5,200
200
2,400
3,100
100
4,400
100
800
1,300
4,000
100
100
200
1,200
55 Jan
155 Jan
14 Oct
54 Oct
54 Oct
111 Dec
11 Oct
234 Sept
1154 Oct
14 June
14 Sept
34 Dec
14 Dec
235 Oct
54 June
35 June
11 Jun
Oct
6
11 Dec
% Dec
34 Jun
34 Oct
851 Oct
355 Oct
55 Dec
254 Oct
)4 De
14 Sep
55 Jan
High.
14 Feb
121
06
134
131
2
24
8%
23.4
2
3714
534
631
3-16
814
8
5-16
731
3734
6
2%
14
1
1%
34
1214
11
4
04
73-4
36
33-1
334
36
0-1
34
13.4
235
1-4
255
2
4331
655
63-4
34
lox
I
Mar
1634
255
334
714
231
354
15
84
55
5
6
76
16%
164
Jan
Feb
Mai
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
15151
Feb
Mar
291A
55 Apr
435 May
835 Jan
414 Jan
34 [Jan
Jan
11
635 j
M Jan
263.4 Feb
134 Jan
234 Apr
Mat
23314
b
15,i Feb
Ape
2
Feb
14 Jan
19
Feb
455 Jan24 Jan
314 Aug
1% Jan
7% Jan
734
534Fjaebn
1214 Feb
114 Jail
34 Feb
144 July
Mining Stocks
Bunker Hill & Sullivan-10 24
24
850 23m Oct 63
Feb
4
26
Chief Consol Mining
5-16
Aug
1,000
1
34 Mar
34
Comstock Tun de Drain_ 10c
100 5153i SaNee vtt
t
,
54
55
34 Feb
Consol Copper Minee
6
1
132 4,20
1155 Jan
Consol Min & Smelt Ltd 25 58% 5811 135
175
Nov 144
Jan
Copper Range Co
2
25
214 2)4
100
Oct
731 Jan
Creeson Consol 0 M & M I
54 Oct
1,50
31
14 Jan
Si
Curd Mexicana Mining__1
7-16
.500 3-1N6
14
154 Mar
Evans Wallower Lead
34 9-16 2,000
34
May
-•
334 Feb
Falcon Lead Mines
1-16 1-16
1
500
14 Feb
Golden Center Mines
600
2
5
11 5-16
Feb
21
Goldfield Consol Mines...) 1-16
1-16
60
1-4. Sept
16 cecb
1
3.4
11 Jan
Heels Mining Co
4 June
4% 54 3,100
260
414
8
Mar
Hollinger ConsolGM........5
34 Dec
414 4% 1,300
854 Apr
414
Bud Bay Mln &
Sepe
Det
24
635 Mae
231 2% 5,65
Iron Cap Copper Co_.._ _10
el% Mar
10
34
34
24
)5
Kerr Lake Mines
14 Mar
14 Nov
200
5
3-1
31
Lake Shore Minos Ltd
1,40
1734 Sept 2814 Apr
224 2311
1 22
Mining Corp of Can
1
134 14
Oct
24 Mar
5
100
Mohawk Mining Co.
13% 134
12
10
Sept 2014 Apr
...25
Moss Gold Mines Ltd.....)
X May 11-16 Apr
3,000
5-1
34
New Jersey Zino Co
23
I ec 51
D e
)e
23
2514 3,90(
25 23
Jan
NY & Honduras Min_ _10
134 1314
30
10% Sept 15
9H
Nov
Newmont Mining CorD_10 11
4,300
104 14
584 Feb
N1p1seing Mines
13-16 13-16 1
2,800
134 May
54 June
Ohio Copper
1
55 Feb
36
34
June94
34 15,500
Pacific Tin special stk__ •
24 24
435 Apr
100
seepott
Premier Cield Mining_ -1
S34
200
34
1)4 AM/
3-4
Roan Antelope Copper Ltd
Amer Shares
3
514 614 9,000
Sep
534
1814 Mar
St Anthony Gold Mines...!
1-16 1-16
he Jan
400
Shattuck Dann Mining...'
12
-16 St
2
6
2
Mai
u
214 3,100 :
South Amer Gold & Plat.1
11 Dec
231 May
51
900
34
Standard Silver Leath__ _1
1-16 1-16
1-1
14 Sept
400
Sylvanite Gold Mining__
4 j eC
6 Dl3
u
100
34 June
14
36
Tack Hughes Hold Min_l
9
4
434
1,300
Sep
Apr
44 43.4
Tonopah Belmont Deve1.1
1-16 Feb
4
11 June
100
34
34
Tonopah Mining (Nev)_ _1
15-16 Apr
200
31
United Verde Extens'n_50e
3% De
111% Mae
314
33-1 434 1,800
Utah Apex Mining Co_ _5
17-1-115816
114 Jan
7-16 7-16
500
Wenden Copper Min_ _1
34 Feb
34
34 1,200
Wright Hargreaves Ltd...'
Sept e34 Aug
300
214 214
6
BondsAbbotts Dairies deb 6s..'42
Alabama Power 4311_1967
1st 44 rei 55
1956
1st & ref 15e
1968
Aluminum Co I I deb fa '52
Aluminum Ltd
_1948
Amer Aggregates deb 6s'43
with warrants
Amer Comlth Pr 044.1940
Debentures 514s_ -.1953
Am Common Pow 515e '58
ALLI & Cont Corp 5e__1943
Am El Pow Corp deb 65'57
Amer 0 & El deb 5e__2028
Amer Gas & Power 64_1953
Secured deb 6s
_ 1939
Amer Pow & Lt 6s____2016
Amer Ron Mill deb 50_1948
414% notes-Nov 1933
Amer Seating cony (Is 1936
Appalachian El Pr 58_1956
Appalachian Gas 64_1945
Conv dab as sea 13_1945
Aug Arkansas Pr & Lt
56
12915 Apr Assoc Dye & Print 6s 1938
with warrants
39
Aug
Feb Associated Elea 4146_1953
72
14% Aug Associated Gas & Electric
Deb 441
1948
1714 Mar
Registered
14% Jan
Cony deb 64e
354 Nov
1977
414s series C
1949
102% Jan
55
1950
15% Jan
65
1968
Apr
17
Registered
23% Jan
5411
1938
8831 Jae
2335 Feb Assoc Rayon deb 5s...1950
364 Jan Assoc Simmons Hardware
gold notes_ 1933
634%
6214 Jan
Anew T & T deb 54e A 115
Assoc Telep Utll 5343.1944
134 Mar
Ele
1933
015 Feb
654 Feb Atlas Plywood deb 53.4543
Mar Baldwin Loco Wks 514e '33
7
96
81%
8
9
6
0
100
94%
9811 9811
74
74
19%
184
29
8031
344
68
38
8631
914
75
2211
5734
50
33%
40
35%
32
32
45%
18%
1814
28
45
42
80%
30
56
68
55
73
38
86%
z10
8%
75
48
20
20
36
46
4514
844
40
61
79
61
73
40
89)5
11
10
82%
224 23
5774 60
z38
37
50
33
394
3814
42%
3111
32
23%
68
644
53% s53
81
81
35
35
90
oa
804
984
94%
97%
74
Dee
Dec
Nov
Dec
Oct
Dec
102
9934
1044
106%
10555
101
NoV
Jan
May
Aug
Apt
Apr
2,000 45%
127,000 18%
23,000 18%
7,000 28
11,000 45
3,000 40
79,000 80%
43,000 30
17,000 56
125,000 68
12,000 55
1,000 73
10,000 38
59,000 86%
19,000 z10
56,000
8%
15,000 75
Dec
Dec
Dec
Nov
Dec
Oct
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Nov
Nov
Dec
77
83
65
7031
8355
7851
101
7051
94
108
9734
984
70
10434
89
76
10234
Jan
Jan
Aug
July
June
Apr
July
July
June
Apr
Feb
ADP
Feb
May
Feb
Feb
Ma,
20,000
1044 44,000
8
0
1,000
100
944 1,000
99% 118,000
11,000
76
7,00
12,00
174 Apr
57% Dec
42
21,000 z38
37
1,00
37
5414 7,000 45
3911 321,00
33
454 236,00
3924
44 245,00
38%
42% 2,000 424
384 56,00
314
32
8,00
3014
2314 3,000
7314 84,000
57 168.000
2,000
81
35
5,000
90
500
Oct
Dec
Oct
Dec
Dec
Dec
Dec
Dec
Oct
28
94
Sept
Mai
30
37
96%
78
8034
8034
77
76%
604
1661
Dec
Jam
Mar
Feb
Feb
Feb
Jab
Apr
Feb
Oct 57
Jan
Oct 90
Oct 924 Mar
,
Dec 1014 JD!)
81
Dec z60% Mar
35
Mar
89% Nov 102
20
5354
ao
Bonds (Continued)
-
3953
FINANCIAL CHRONICLE
DEC. 12 1931.]
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High.
Beacon Oil deb (i8____1936
With warrants
Bell Tel or Canada 55_1957
M Si.erles A-1955
let M ae ger C
1960
Buffalo Gen Elec 5s._1956
Canada Nat Ry 71
1936
-year guar 4148_1951
20
Capital Admin deb 5s 1953
With warrants
Without warrants
Carolina Pr & LI 5e. _1956
Caterpillar Tractor 54_1935
Cent Aria Lt & Pr 58_1960
Cent Ill Pub SetSi 0_1968
141 bg ref tie ser 8_1967
Central Pow 5s ear D.1957
Cent Pow & L let 58_1958
Cent Pub fiery 534e 1949
With warrants
Cent States Eleo 58_1948
Deb 530__Sept 15 1954
Cent States P & L 5345'53
Ohio Dist Else Gen 434570
Debenture 571s_Oct 1'35
. Chic Pneum Tool 53481942
Chit Rya 58 etls dep--1927
Cigar Stores Realty Hold
Deb 530series A--_1949
Cincinnati St fly 530 1952
1955
6s series 13
1964
Cities Service 158
1950
Cony deb Si
Cities Serv Gee 590_1942
Cities Serv Gas Pipe L own
Cities Berv P & L 614e 1952
Cleve Elee Ill let be..1939
1954
Gen 55 series A
1961
Gen 5s series B
Cleve Term IlIdg 6s. _1941
Commander Larabee 65'41
Commers und Privet
1937
Bank 634e
Com'wealth-Edteon1st 4346 series C__.1956
1st to 43.0 ger D
1957
1960
let 4115ser E
1981
let M 4s ger F
Community Pr & Ltile 1957
Consol Gas El Lt & P(Balt)
1981
let refs f 43
let & ret 570 Ser E 1952
let & ref 4348 see 11_1970
Como! Gam TitIl Co
let & coil 6s set A 1943
Deb 631s with warr_1943
Consol Publishers6315 1936
Consumers Power Iltie '58
1958
Conti &El be
Continental 011 5345-.1937
1942
Cont Securities 5s
With warrants
Without warrants
Crane Co 10-yr t 5s__1940
Cuban Telephone 734a 1941
Ondally Pack deb 5315 1937
Sinking fund 51-.1946
Range Since Jan. 1.
Bonds (Continued)
High.
Low.
8,000 94
94
94
85
89% 61,000 85
8935 97,000 85
85
15,000 8434
84% 90
2,000 102
104 104
34,000 98
9831 9834100
74% 74% 7734 142,000 74%
Dec
Dec
Dec
Dec
Oct
Oct
Dec
9934
107
109
10734
10634
11134
9814
Mar
May
July
Ma,
Sept
May
Sept
70%
7031
85
91
90
83%
71%
64
68
Dec
Sept
Dec
Dee
Dec
Dec
Dec
Dec
Oct
88%
88
105
10174
10141
10254
9434
94
96%
July
Aug
May
Feb
July
May
Mit7
May
Mar
21
28
30
85
70
84
60
40
Dec 81
Oct 71%
Oct 77
Oct 871(
Dec 94%
Dec e10254
Dec 9535
Oct 73
Mar
Mar
Mat
Mar
Mar
May
Jan
Mar
8531
8534
84%
75
9034
70
22
2934
3174
45
44
45%
5054
56
54%
10154
103%
Dallas Pow & Lt 5s_ _1952
Dayton Pow & Lt 5s_ _1941
Del Elea Pow deb 53451959
Del City Gas Is ear 5...1947
1950
1st M 5s ser 13
1952
Del Int Bdge 6%e
Aug 1 1952
Deb 75
Ctts of deposit
Dixie Gulf Gas 6,0....1937
With warrants
Duquesne Gas 68- -1945
East Utilities Investing
1964
53 with ware
Edison El(Boston) 63.1933
4% notes-Nov 1 1932
Elea Power WI& 55 2030
Elea Pub Serv 530 C 1942
El Paso Nat Gas 6.70 1938
1943
630 series A
Empire Dist Else be.
Empire Oil & Reg 534e'42
Ercole Marelli El Mfg
831e with warrants_1953
European Elm) 630-1965
Without warrants
Enr Mtge & Inv 75 0_1987
Federal Water Serv 5345'64
Finland Residential Mtge
19e.1
Bank 65
Firestone Cot Mille 51_1948
Firestone T & R 5e_ _1942
First Bohemian Glass Wks
Jan. 1 1957
1st 78
Fisk Rubber 530--1931
Certificates of deposit_ _
Fla Power Corp 5%s_ _1979
Florida Power & Lt 55_1954
Gary El &Gas 5.5 ser A 1934
Gatineau Power let 55 1950
Deb gold 65 June 161841
Debits ser BA & 01941
Gen Bronse Corp ds _1940
Gen Indus Alcohol 6345'44
Gen Motors Accept Corp
5% mortal notes----1932
5% serial notes
1933
5% serial note5
1934
5% serial notes
1935
Gen Pub Aery 53
1953
Gen Pub Utll 634s A _ _1956
Gen Rayon deb fls A - _1948
Gen Vending Corp 65_1937
With warrants
Gen Was Wks Corp 5e 1943
Oen Wet Works Gas & Else
eonvdeblsR
1944
Georgia Pow Sr Lt 5s1978
Georgia Power ref 5e.-1967
1953
Gestural 65b61
• Without warrant.
Gillette Safety Razor 58 '40
1035
Glidden Co 614e
Godchaux Sugars 7t 1941
Grand (F & W) Properties
Cony deb 88-Dee 15 '48
Grand Trimk R7830-1936
1935
Gt Nor Pow 56
Gt West Power 1st 58 1946
Pow 5s.. _1948
Green Mt
Ground Gripper Shoe&s'44
Guardian Investors 58 1948
With warrants
Guantanamo & West65 '58
75
75
91%
92
9031
8335
75%
72
72
21
29%
31
45
70
84
60
.50
2951 121,000
3535 107,000
3855 314,000
5534 77,000
10,000
73
1,000
84
1,000
60
40,000
51
46
45
18,000 44
Oot 7751 Apr
60
Dec 9071 Jan
60
2,000 80
85% 6531 3,000 603s Oct 96)4 Feb
Jan
48% 17,000 4051 Oct 70
44
4474 5034 2,084,005 39% Oct 8241 Max
50% 5234 51,000 4671 Oct 83
Jan
Jan
48% 5755 30,000 4631 Dec 89
Jan
54% 5834 237,000 54% Dec 84
Sept
10151 103% 37.000 10134 Dec 107
Apr
4,000 102
103% 104
Nov 107
10371 10334 1,000 10354 Dec 10831 Aug
41
17,000 3631 Sept 85% Jan
43
Jan
2631 3231 5,000 2631 Dec 43
3231
3131 35
94
93
8031
60%
92%
93%
93
80
60%
8934
4,000
30,000
25,000
35,000
3,000
1,000
15,000
7,000
70,000
7051
7031
85
91
9055
8355
7134
64
6935
80,000
12,000
94
9531 8,000
27,000
94
84% 213,000
6331 35,000
31
Dec
92%
92
9134
80
57
Dec 105% June
Oct 105% May
Oct 10314 May
Dec 9414 Aug
Oct 92
July
8754 Mar
25,000 8831 Oct 99% SCA
89% 92
9,000 105
1061/8107
Oct 109 Sept
Oct el05% Sept
99% 99% 10,000 98
31%
519
80
94
94
57% 5734
82% 8251
32
3331
20
81
9555
6234
84%
44,000 30
Oct 88
6,000 z1834 Dec 85
5,000 75
Oct 100
50,000 94
Dec 10534
154,000 57
Dec 883(
52,000 a8254 May 95
Mar
Mar
Jan
May
Max
Jan
10,000
45
2,000
43
30,000
92
2,000
86
43,000
85
98% 5,000
38
43
8931
75
82
95
Nov
Nov
Dec
Sept
Dec
Dec
73%
45%
103
107
100
103%
Apr
Nov
Apr
Mar
Feb
June
99% 99% 5,000
20,000
100 102
66% 6634 5,000
98 100,4 35,00
100
8955 89% 5,00
855 955 16,00
6,000
131 2
134
134 134 5,000
9934
99
68)4
97
8934
831
1
134
Nov 103
Oct el(15
Dec 95
Nov 10734
Dec 10434
Nov 80
Aug
5
131
Dee
Apr
Apr
May
May
Apr
Jan
Mar
Dec
8954
86
82
95
45
43
89%
86
82
95
100
70% 72
9
9
24,000
4,000
22% 30
85,000
24
10034 100% 100% 117,00
99
99
9935 66,00
54
55
6135 186,00
3334 40
4,00
70
88
3,00
4,00
68
70
14,000
6934 6931 71
83,00
48% 848% 50
50
35031
4,00
60
7
22%
9934
9831
54
3334
68
68
6934
33
48
Oct
Oct
96% June
7031 Jan
Dec
Sept
Sept
Dec
Dec
Dec
Oct
Dec
Oct
Ti
10434
10254
90
61
108
108
9734
8054
Jan
May
JUIN)
Mar
May
Jan
Jan
Max
Jan
Oct
83
Mar
52
30
2134
51% 5234 100,00
2954 3254 33,000
87,00
20% 38
44 Sept
2931 Dec
20% Dec
84
90
90
Mar
Apr
Feb
35%
65,4
35
37% 10,00
6531 70
21,000
7,000
75
70
38
61
67
Dee
oat
Oct
8234 May
87
July
Aug
91
85
1255
12
57
64%
80
63
60
60
42
10
8,000
65
15
9,000
12,000
15
4,000
60
7354 121,000
84% 23,000
61,000
70
8374 19,000
6131 6,000
30,000
43
1.000
10
49
12
11%
57
6441
80
60
50
50
38
934
Nov
May
Dec
Dec
Doe
Dec
Sept
Oct
Oct
Oct
Nov
82%
27%
23
64
9134
98%
9434
95
0254
65
38
Jan
Feb
Aug
Nov
Apr
Aug
Jan
Mar
Jan
Apr
Mar
100
100
97% 9734
96% 9631
95
95
71
3031
32
33
33
21,000
100
9851 5,000
983( 8,000
9634 5.000
5,000
71
50,000
35
8,000
33
9734
97
9634
95
71
28
29
Oct 1015(
Oct 10234
Oct 10254
Dec 102%
Nov z88
Dec 82
Oct e53
May
June
May
May
June
Sept
Jan
12%
64%
80
64
60
60
42
10
37
8
37
1.000
8
39% 44,000
67
79%
21
87
78
s22% 13,000
1,000
67
8531 64,00(/
634 Nov
2514 Oct
13
65
28
Oct 69
Jan
Oct 8355 Aug
Dec 103% Aug
31
79
68
86
Dec 8814 Mar
Sep 69534 May
Oot 63
Jan
Oct 94 May
Dec
Sep
Oct
Dec
Dec
Jun
74
10951
103%
10831
103
27
Jan
May
Aug
June
July
Jan
Oct
Dec
59
85
Mar
Jan
3334
85%
74
31
8534
74
88
33
9931
9651
33
3555 5,000
9951 100
46,000
99% 100
4,000
9651 9651 1,000
87
87
2,000
15
15
10,000
33
9134
99
9634
87
9
17
43% 45
17
19
35
17
36
86
76
88
15,000
90,000
33,000
1,000
5,000
7.000
1451 Jan
52
Aug
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High. $
Range Sines Jan. 1.
Low.
High.
43,000 92
Oct 108)6 Aug
1927 9231 9231 96
Gulf 011 of Pass
33,000 88
Oct 106
Feb
9231 95
Sinking fund deb 58_1947 95
195e 80% 8031 8034 2,000 8034 Dec 10214 May
Gulf States HUI fe
Dec 9434 May
2,000 75
75
75
1961
1st & ret 4%8
Nov 10034 Mar
10,000 z60
858 a60
1935
Hamburg Else is
Dec 85
Mar
35
3951 33,000 31
Hamburg El& Elnd 530'3h
Oct 6934 Mar
1938 47% 47% 4731 10,000 39
75
Hood Rubber
1938 35% 3535 3735 44,000 35 Sept 6934 Mar
530
Jan
3631 4555 18,000 3631 Dec sill
Houston Gull Gas 65_1943 39
Dec 92
1,000 30
30
Feb
30
deb 634e.__ _Apr. 1 1913 30
Oct 164 May
96% 97% 4,000 96
Houston L Sr P 151 54 A '53
let 431e series D_1978 8035 8035 84% 6,000 8034 Dec 9934 Aug
let lien & ref 430E.1981 7731 7731 8134 42,000 7731 Dec 9934 June
Oct 87% Jan
Hudson Bay M &15 65 1935 5451 5451 5651 10,000 44
Dec 90
Am
5,000 36
36
36
Hung Ital Bank 7341_1963
Oct 108
Aug
1,000 100
100 100
..1950
Hydraulic Power 58.
Oct 56
July
9,000 39
50
49
Hygrade Food fie sec A.'49 49
Apr
7,000 3934 Oct 54
49
49
1949 49
6s series B
Oct 10551 Aug
29,000 95
98
1947 9755 97
Idaho Power Se
Apr
Dec 105
60,000 80
85
80
Pow & L let Is ear A 'bb 82
Ul
Apr
Dec 105
24,000 70
76
1st Sr ref 6345 ear B_1954 71% 70
Dec 993/ May
7651 61,000 70
70
Sr ref 58 ger C 1958 70
deb 570__May 1957 6555 6431 7255 27,000 6431 Dec 94% Feb
Jan
7,000 72% May 100
81
80
Independ 011 Sr Gas 65 '39 80
Aug
Dec 95
7,000 60
63
60
Indiana Elm 5s ser C 1951 60
Dec 105% May
15,000 95
98
95
95
Ind Sr Mich Elee 58-1955
Oct 107 June
1957 10055 100 10035 6,000 100
58
Oct 863( Apr
2,000 55
63
62
Indiana Service 55---1963
Aug
7,000 60 ' Sept 90
64
62
1950
1st Sr ref 55
July
Ind'polis P Sr L 55 stir A '57 9335 9231 89535 97,000 92;1 Dec 105
3335 3331 5,000 3334 Dec 70 June
Inland Pow & Lt 65 C 1957
!mull 1:311 Invest 65-1940
Feb
3655 47 254,000 3634 Dec 93
38
With warrants
Intercontinents Pow 65
Nov 60
31,000
Mar
6
4
5
5
With warrants
Oct 10034 Mar
77
8071 73,000 65
Internat'l PSw See 75 It'57 77
Oct 105 Sept
16,000 81
0
Coll trust 6Msser /3 1954 90% 9 % m95
27,000 60
Oct 9214 July
79
74
1955 74
6345 serlee C
Oct 96
July
11,000 60
8031 8051 81
1936
Secured 7a ier D
Dec
43,000 7731 Dec 82
82
79
81
Stamped
Oct 8654 Aug
75% 7634 8,000 75
International Salt 55._1951
Internet Securities 53_1947 4754 47% 53% 36,000 4334 Oct 7834 Feb
101% 101% 1,000 100,4 Oct 104 June
Interstate Nat Gas 6s_1936
Aug
Interstate Power 52_1957 61% 61% 65 101,000 6134 Dec 91
48
5051 50,000 40 Sept 8434 Mai
1952 49
Debenture Is
7,000 6831 Dec 9454 Aug
Interstate PS 4346 F_1958 6835 68% 71
Dec 101
Aug
2,000 75
75
75
hst&reiSsserD.._1956 75
Invest Cool Amer be 1947
4,000 55 Nov 86
July
62
61
Without warrants
5,000 73)4 Dec 975( Ape
towa-Neb L Sr P Se..1967 7355 7335 79
11,000 70
Dec 78
Dec
70
78
1961 70
as sedan
Aug
Oct 97
83
83
8534 3,000 81
Iowa Pow Sr Lt 434s A 1958
2,000 75
Oct 99
84
July
84
Iowa Pub Serv 5e- -.1957
18,000 48
Oct 95
55
Mar
/gam Hydro-Elee 76_1952 5435 50
Italian Superpower of 1361
31,000 40
40
Oct 7794 Mw
45
Debi Is without warr '63 40
Dec 88
61
July
6331 2,000 61
Jacksonville Gas 58__.1942
9531 9535 1,000 95% Dec 103 June
Jamaica Wet Sup 5,64 1955
Dec
96
9871 25,000 96% Oct 96
Jer C P & L let B 1947 96
Nov
1st 4345 series C.-1961 8271 8251 8735 47,000 8251 Dec 91
8,000 98
Dec 10731 July
99
98
Kansas City Gas 68...1942
48,000 98
Dec 9634 Dec
96
96
61
Kan City P Sr L 430 w 1.
1,000 85
Oct 10931 Aug
88
88
Kansas Gas Sr Else 65 2022
11,000 84
Dec 10134 May
84
89
Kansas Power 58 A 1947 84
6,000 70
Dec 102
80
Sept
70
5s A1981 70
Kentucky LIM 1st
Oct 10731 Sept
9835 9855 1,000 95
1948
630 series D
7,000 74
Dec 101% June
75
74
1969 74
55 series I
1st
1,000 90)1 Oct 100
91
Mar
91
Kimberly-Clark 55_1943
12,000 74
Dec 102% Mar
76
74
Hoppers G Sr C deb 511947
Dec 10374 Map
9035 17,000 82
82
570_1950 84
Sink fund deb
2,000 84
Oct 102% Mar
97% 99
1945 99
Kresge(S S) lst 53
8,000 91% Oct 101% Aug
95
95
95
Ctfa of deposit
5,000 35
Dec 91
Mar
35
35
Larutan Gas 630_ __1935
Dec 10634 Apr
7731 100,000 70
Lehigh Pow Seem 66-2026 7251 70
Oct 9634 June
5034 5035 6,000 45
Leonard Tiets 730-1946
July
7631 76% 2,000 7834 Dec 97
1952
Lexington HUI 55
17,000 81
Dec 9654 Aim
82
81
Libby MoN Sr Libby be '42 81
Oct 10034 Mar
8555 2.000 81
85
1942
Lone Star Gas 58
12,000 9394 Oct 10851 Sept
Long Island Ltd 85-1945 9971 9931 101
2,000 9831 Oct 10534 Aug
97
97
Los Angeles G Sr E 55_1961
Dec 103 May
81
8835 35,000 81
Loniehtna Pow Sr Lt Se 1957 81
12,000 57
Oct 9534 Jan
Manitoba Power 530 1951 8135 60 863
531s__ _ 194o 9435 9434 9735 62,000 9431 Dec 106 May
Mass Gas Cos
Sink fund deb 58_19515 8534 8555 8731 38,000 85% Dec 1023( May
6,000 84
Nov 94% June
85
86
Mass Util Assoc 5s----1949
McCord Rad & M Ig 6s 1943
Oct 557
Feb
30
3055 35,000 30
With warrants
3,0(10 65
Dec 100
70
Jan
85
Melbourne El Sup 73451946 85
Oct 95% May
60,000 80
80 483
Met Edison 45 ser E_ _1971 80
Middle West Utilities
29,000 78
Dec 10041 Mar
83
Cony 5% notes-___1932 7171 76
Dec NH Apr
62 46971 36,000 82
Cony 5% notee____1933 82
Cony 5% notes-___1934 5831 58% 65% 31,000 5854 Dec 9751 Mar
32,000 58
De
Jan
97
58
66
Cony 5% notes____1935 58
54 May
Sep
Mid-States Petrol 6348 '45 3034 3074 3034 1,000 25
18,000 96
Dec 108% June
97
96
4%5_1967
Mllw Gas Light
Dec 96 May
72
7834 16,000 72
Minnow Gan Lt 4344_1950 72
19,000 7531 Dec 98 MAY
75% 82
Won Pow Sr Lt 4345_1978 78
2,000 70
Dec 9534 JULY
90
8931
Miss Power 1st 58.__ _1955
20,000 7031 Dec 9834 Mar
70.% 78
Miss Power Sr Light 551957 71
Fuel 68 Aug 15'44
Miss Riv
7931 7935 2,000 7934 Dec 9834 Mar
Without warrants
20,000 9834 Oct 10634 Beos
100 100
Mee Riv Power let be 1951
Dec 101
May
78% 7,000 78
78
Monon W P5564 B...1953
Montreal L H Sr P Con
Sept 10534 Aug
8631 40,000 81
ler A___1951 81% 81
15t & ref Se
3,000 z83
Dec 106
May
83
83
1970
1st Is series B
Narragansett Elea 55 A '57 9731 9731 98% 49,000 97,4 Dec 104 May
May
70,000 42
Oct 77
43
43
47
Nat'l Else Power 58._ _1978
73% 80% 51,000 73% Dec 1073( Apr
2026 75
Nat Pow Sr Lt fle A
Mar
Dec 93
6031 60
6754 69,000 60
2030
Ile series B
Mar
Nat Public Berrien 56_1978 3954 3834 46 120,000 36% Dec 78
Nebraska Power 4346_1981 90% 9031 9251 48,000 9031 Dec 103% June
Oct 11134 May
9935 7,000 98
98
2022
Deb 66 series A
Jan
20,000 3334 Dec 80
33% 38
Neisner Bros Realty 681948
Dec 93% Jan
7651 44,000 70
Nevada-Calif Elee 51_1956 7031 70
20,000 61
Dec 94 May
67
NE Gas Sr El AMU 55_1947 6131 61
Mar
Oct 95
63
8735 20,000 61
1948 63
COOT deb 56
860
Dec 96 May
6654 56,000 60
1950 62
Conv deb 56
6934 45,000 64% Dec 9434 Apr
67
New Eng Power 530_1954 67
62
8554 80,000 5874 Oct 834 May
1948 62
155
7,000 7834 Dec 985( Mar
N Orleans P Sexy 434e '35 7834 7834 82
5345
N Y de Foreign Inv
Mar
18,000 55
55
Dec 82
55
With warranta.-.1948 55
NTP&L Corp let 430'87 8655 85% 90 207,000 8531 Dec elOOM July
Oct 1084 May
104 10535 19,000 103
Niagara Falls Pow 65_1950 104
Nov 943( May
6335 31,000 80
60
Nippon El Pow 634e 1953
Jan
Oct 75
3855 4534 6,000 35
Nor Cont Util 5315 A_ 1948
1,000 90
July
Dec 105
90
90
Nor Ind Pub Ser 55 D1969
Nov 105 May
9131 9234 14,000 83
series C_1966
let Sr ref 5e
Dec 10514 Aug
9351 51,000 90
90
Nor Olaio Pr Sr it 63451951 93
Dec 10434 Sept
88% 8,000 85
85
No StateePr 531%notes '40
Dec 9954 may
8735 91,000 82
82
82
1961
Ref 470
Jan
No-western Pow 8s A.1960 4854 4855 4851 2,000 48% Nov 96
Dec 105 June
94
9734 104,000 94
Ohio Edison let 55_1950 94
9931 32,000 98
Dec 105'4 June
98
1952 98
Ohio Power 54 B
Dec 10154 May
90% 46,000 87
87
1956 87
Cis series D.
9,000 8134 Dec 10431 Aug
Ohio Pub Serv 58 see D_'54 8155 8134 86
SO
80
Dec 10434 May
8371 33,000 80
Okla Gas Sr Elee
Osgood Co deb 6s
2,000 50 June 67
55
55
1938 55
Feb
With warrants
3954
Bonds (Continued)
-
[VoL. 133.
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Price. Low. High.
Range Since Jan.!.
Low.
High.
Bonds (Concluded)
Sales
Friday
Last Week's Range for
We ek.
of Prices.
Sale
Price. Low. High.
Range Since Jan. 1.
Low.
Iliga.
Oswego Falls 6s
1941
Nov z80
2,000 50
Feb
1,000 5031 July 6756 Jan U S Radiator 5s ser A_1938
544 55
50
50
Pao Gas & El let 4148_1957 91
Dec 9874 May
85% 2,000 81
23,000 9030 Oct 102% Jell Utah Pow St Light 58_1944 81
003.1 93
81
lot es series B
2,000 11
1941 104
Sept 78
104 106
July Valspar Corp cony 6s_1940 11
Jan
Dee 115
8,000 104
11
17
Van Camp Packing 6s_1948
let & ref 550 C
Nov 60
2,000 40
Feb
1952 10031 100% 102
85,000 10036 Dec 1064 Mar
45
45
let dr ref 450e F__ _1960 9031
Van Sweringen Corp 651935 5051 504 51% 11,00 5.34
Oct 85
San
Oct 102% July
904 9250 66,000 89
4,000 95
Pae Invest deb 6s
Dec 10550 Aug
1948
Oct 7554 Jan Va Electric Power 545_1955
95
1,000 56
58
95
58
Pao Pow & Light 50..1955 73
Vs Public Seri'530 A_1946 7050 70
Dec 983( Aug
Mar
Dec 100
8050 22,000 70
73
8356 27,000 73
let ref Is set B
Pacific Western 011 650 45
1950 6855 6834 71% 13,000 6850 Dec 9155 Aug
20
-year debt 6s_
With warrants
Nov z94
Mar
1946
514 54
70
71% 9,000 70
5635 87,000 4656 Oct 843.1 Jan
Park & TIMM 65
May Ward Baking 63
5,000 50
50
50
1936
Dec 90
1937 92
92
92% 9,000 9150 Oct 1044 June
Waldorf-Astoria Corp
Penn Cent L dz P4 50_1977
Dec 98
June
4,000 79
79
79
17,000 20
Penn-Ohio Edison 530s '59 71
1st 7. with warr
Dec 74
May
Feb
20
Dec 104
1954 20
27
10,000 71
71
77
Deb 6s series A
Dec 10551, May
1950 72
Dec 10430 Apr Wash Water Power 53_1960
10,000 72
72
97
82
984 3,000 97
West I'enn Ewe 56_2030
Dec 93
27,000 60
Mar
Penn-Ohio P & L 550 A '54 98
65
51,000 98
6()
101
Oct 10551 Aug
98
West Penn Pow 40 H__1961
Oct 99% Sept
Penn Dock & Warehouse
9155 9355 27,000 90
West Texas Util de A_I957 60
46,000 54
65 with warrants_ _1949
Oct 914 Mat
Jan
29% 29% 7,000 29% Dec 83
60
64
Pa Elec lot & ref 4s F 1971
Dec oe% May Western Newspaper Union
1,000 80
80
80
• Cony deb Os
Penn Teleph 5s ser C_1960
Dee 8851 Jan
1944 20
Aug
4,000 94% Sept 104
20
96
97
2331 5,000 20
Peoples Lt & Coke 4'81
34,000 7951 Dec 96% Aug Westvaco Chlorine Prod
794 81
10
-year deb 5
Oct 1044 Feb
7,000 99
- -1937 9950 994 100
Peoples LS .1, Pow 5s 1979
251 551 37,000
24 Dec 74% Mar
551
Aug
Dec 104
11,000 85
Mina Else Pow 550_1972 100
Dec 010751 Aug Wise Pow & Light Is F 1958 88
100 10353 52,000 100
85
88
PIAUI& Suburban CoO dr E
Foreign Government
June
bit & ref 4411
1,000 95
Oct 105
1957
9S
98
And Municipalities
Piedmont Hydro-El CoAgri° Mtge Ilk (Colombia,
Mar
Oct 88
51
53% 12,000 50
hn & ref 64e al A-1980
20
-year. f 75. ..1946..
Nov 995$ Jan
2,000 74
Pittsburgh Coal 6s_ _1949
76
28
76
2851 4,000 2050 Oct 884 Jan
20-yr s f 7s_ _Jan 15 1947
6,000 72% Dec 102
Jan
Pittsburgh Steel 6s.. _ _1948 76
7250 76
2856 2930 13,000 2050 Oct 7950 July
Mar
Oct 90
10,000 72
73
Oct 97 June Baden (Consul) 7s____1951 3050 30
17.000 27
73
Poor & Co 8s
1939
31
Dec 104% Aug Buenos Alres(Prov) 75047 33
10,000 85
33,000 25
,
85
Potomac Edison 5e_ _195e
91
Sept 974 Ma
33
36
Ext 79
Oct 86% Apr
Apr 1952 31
6,000 52
Power Corp(Can)4501959
55
55
31
3450 27,000 2350 Sept 9050 Mar
11,000 674 Deo 974 Apr Cauca Valley 7s June 1 '48 16
Apr
Power Corp (NY)550 '47 6750 6756 74
Dec 78
14,000 13
16
17
Dec 1064 June Cat Bk of German State &
Procter & Gamble 431i:47 92
92
9751 23,000 92
Prey Banks Se B___1951 2656 2.5
Dec .7931 Apr
32,000 15
Prussian Elea deb 8s1954 1851 16% 22
Sept 3050 Mar
2756 39,000 21
1st fis series A
May
1,000 8851 Oct 102
Pub Serv (N II) 44:B '57
90
6,000 204 Dec 8034 My
90
1952
2050 23
Oct 126
8,000 105
June
Pub Serv N J6% ctfs perp108
10751
Danish Cone Menlo 55
Dec 100
15,000 80
Pub Her of N III 450_1980 80
83
0'56
Sept
80
Dec 10234 Ma,
68
6951 2,000 68
15t & ref 445 set D.1978
85% 85% 2,000 85% Dec 99% Aug Danzig Port & Waterwys__
25-yr. external 650_1952 40
Oct 100% Nov
5,000 96
let & ref 5s ser C _1966
Mar
4,000 23
40
44
Sept 80
97% 98
14,000 804 Dec 9
Maa
let dr ref 4544 see F_1981 8031 8051 87
934 July German Cone Muni° 7e '47 244 21
Dec 90
2556 56,000 19
as
Dec 10151 May
1947 21
1,000 82
Pub Serv (Okla) 5s_1957
82
57,000 174 Dec 824 Alsr
82
174 28
Hanover (City) 7s
Dec 10450 Apr
49,000 80
84
7,000 224 Dec 954 Mar
80
Puget Sound P & L 65049 80
1939
2231 24
Hanover (Prov) 645_1949
May
lit .5 ref 5s ear C
74% 82% 12,000 74% Dec 101
195() 75
20% 2051 3,000 18
Dec 844 Mar
1.1 .5 ref 410s ser D_I950 65
64% 7351 53,000 644 Dec UM% Aug Indus Mtge Bk (Finland)
1st mtge coils f 7s_1944 5055 5056 6255 47,000 35
Feb
Queens Borough G & E
Oct z95
5,000 90
May Lima (City) Peru 6505 '58
Dec 105
1952
90
4,000
90
8
8
10
8
Dec 499-4 Jan
536 e series A
Dec 104
June Maranhao (State) 7s__1958
1958
98
Ref 4310
4,000 96
98
14
Oct 594 Mar
7,000 10
15
Medellin 7s set E
8,000 1750 Dec 79
Mar
Reliance Managem't Si '51
1951
1831 19
Apr 8855 June Mendou (Prov) Argentine
29.000 75
89
88
With warrants-- _--- 89
External St g 750_1951 2550 25
Oct 96
Feb
Max
10,000 18
Remington Arms 550e_1933 80% 8030 8050 3,000 78
Sept 78
27
Mortgage Bank of Bogota
Republic Gas Corp (form7s issue of i927__..1947
Mar
30
Dec 106
44,000 18
18
Sept 80
Apr
254 2530 1,000 20
erly Suet Corp) 5s_1945 24
7s issue of Oct 47...A947 2550 254 2550 4,000 22
35
Mar
39% 15,000 35
Dec 264 May
Rochester Cent Pow 591953 35
Sept 75
14,000 12
2051 234 45,000 204 Dec 8551 Mar Mtge Ilk of Chile 63._1931 12
Ruhr Gas Corp 631s_1953 23
12
15
Sept z9956 Apr
2351 24
Ruhr Housing 650- -1958
Oct 101% Mar
3,000 23% Dec 8256 Apr Mtge Bank of Denm 5s '72
74
1,000 60
74
Netherlands (Kingd) 68 72
Ryerson (Jos T)& Sons Inc
Sept 105% Jan
12,000 z98
10150 102
8550 8531 3,000 8451 June 964 Mar
1943
15
-year deb 58
Safe Harbor Wet Pr 431879 934 9350 n944 73,000 90% Oct 10134 Aug Parana (State) Brazil 75'58
94 Oct 5430 Mal
94 1356 6,000
94
St L Gas .5 Coke Ca_ 1947 204 204 21% 11,000 154 Oct 524 Jan Rio de Janeiro 650e___1959 1656 16
Mu
18,000 124 Sept 68
18
80
San Antonio Pub Set Ess '58 80
Oct 1024 Mar Russian Government
804 10,000 80
650
1044 104% 2,000 10450 Dec 11856 May
3 June
150 2
150 Dec
San Joaquin L & P es B '52
1919
8,800
8305 atfs
Saucla Falls 1st 5s.- 1955 9831 9850 9955 36,000 98% Dec 10550 Sept
3
1919
Mar
51 Dec
135 38,000
550s
28
Mar
Saxon Pub Wks 58_
1932 28
Dec 9651 Apr
3
156
1921
150 10,000
150 Dec
2935 16,000 28
550 ctfs
10,000
3
Feb
51 Dec
1921
1
Schulte Real Estate 85 1936
74
50
50
50
With warrants
Oct 1044 Sept
5,000 48
Oct 8050 May Saar Basin consol 7s 1935 83% 83
3,000 70
85
4831 4934 50
JIBS'
Without warrants
Sept 104
24,000 4551 Oct 80
Apr Saarbruecken (City) 7s '35
9951 9951 2,000 90
6,000 30
70
46
714 10,000 62
Oct 91
Oct 85% Mar
July Sante Fe esti 75
Scripps(E W)550_1943 70
49
1945 46
Mar
8,000
8
15
Sept 38
7250 74
II
Sbawinigan W & P 450'67
47,000 71% Dec 4984 May Santiago (Chile) 75_1949
le
May
8
Sept 86
3,000
71
77
Dec 984 Mal
13,000 71
15
1961
16
11s1 & 0011 44s ser B_1968
1970 80
80
8250 19,000 80
let Si series C
Dec 10556 Mar
71
7350 28,000 71
let LLie series D_,.1970 71
Dec 9751 Mar
• No par value. 1 Correc ion. Is Sold under the rule. o Sold for cash. s Deferred
75
Sheffield Steel 5%8-.1948
75
1,000 70
Oct 10330 Mar
delivery. 1 Ex-rights and bonus. ui When Issued. z Ex-dividend. y Ex-rights.
Silica Gel Corp 850-1932
4150 4156
With warrants
1,000 36
Feb
Sept 95
e See alphabetical Ilst below for "Under the Rule" sales affecting the range for
29
Snider Packing 6s_ ___1932
29
1.000 22
Oct ea% Mar
the year.
Southeast P & I. 6s___2025
724 72
78
Without warrants
43,000 72
Dec 106
.
1
; American Fork & Hoe, common, Nov. it. Sat 25.
,t1
9856 100% 20,000 98% Dec 108
Sou Calif Edison 58_1951 99
1952 984 9850 1004 45,000 9954 Dec 10854 Sept Chicago District Eland's, gen. deb. 634.. 1935. May 13. 12.000 at 10351
Refunding 58
June 1 1954
100 10050 9,000 993.4 Oct 1064 June Consol. Automat).
Ref 5s
Merchandising, aim. v. t. 4.. March 9. 100 at 15-16.
Bou Cal Gas Corp 5s-1937 8450 844 86
9.000 844 Dec 9634
Aug
1957
Cou Calif Gas 55
93
93
Dec 10351 Aug Cense'. CI. E. L. & P.434. ear. FI 1970. Aug. 10. 87,000 at 10531
1,000 93
0_1935
Sou Gas Co 1st (3,
82 s85
Sept Dayton Power & Light 5s, 1941, Oct. 30, $1,000 at 106.
9,000 82
Dec 101
Southern Natural Gas 6544
General Rayon deb. fie, 1948, Feb. 3. 83,000 at 55.
With privileee
30
2950 31
Nov 89
29.000 29
Mar Gillette Safety Razor. deb. Se, 1940. June 29.
59,000 at 964.
Without privilege
40
30
-40
Sept 844 Apr
5,000 28
Godchaux Sugars el A, Aug. 3, 100 at 17.
75
Southwest G & E 5e A..1957 75
80
12,000 7236 Dec 39750 Mar
So'west Lt & Pow 55_1957
70
7156 4,000 70
Dec 9734 Mar Illinola Power & Light, 8% pref., March 23. 18 at 9731.
So'west Nat Gas as_ _ _1945
2531 2630 6,000 1256 Oct 72% Feb Iron Cap Copper Co., March 16. 100 at 155,
So'west Pow & Lt 6s2022
76
79
2,000 76
Dec 10755 May National Baking, oommon,
Jan. 16. 100 at 5,
65
Staley (A E) Mfg 6s__1942 65
67
9,000 65
Jan
Oct 98
Bland Gas & Eleo 611_1935 8050 804 85% 64,000 8036 Dec 10250 Mar National Steel Corp. 5s, 1956. May 6, $31,000 at 9950.
1935 84
Cony 6.
83% 8630 43,000 83% Dec 10235 Mar New York Pow.& Lt. 44e, 1987, July 9.84.000 at 10055.
66
1951 66
Debenture 65
7531 29,000 66
Dec 1014 Met Northern States Power. 7% pref., March
20. 50 at 11050
Debenture 8e Dec I 1966
7350 74
6,000 73% Dec 10150 Mar Prussian
Flee. 6s, 1954, Aptll 21, 14.000 at 804.
58
Stand Invest deb 5s_ _1937 60
60
6,000 58
Oct 584 Apr
Puget Sound Pow. At ligbt 434e, series 0, 1950, June 15. 33.000 at 95.
1939 56
56
57% 31,000 56
5169
Nov 8655 Apr
1957 5934 58
Stand Pow .5 Li6e
Mar Shawinigan Water & Power 1st 454s, ger. A. 1967, May 18. 35.000 it
70
Oct 100
01,000 58
"A
6051 60% 3,000 60
Stand Telep 5310 A....1943
Oct 83 June Wright & Hargreaves Mines, June 3, 100
at 54.
8tiunen(Hugo) Corp
21
224 68,000 2055 Oct 8651 Mg
Oct 1 '36 without wart
z See Alphabetical list below for "Deferred delivery'' sales effecting the range
21
2230 83,000 20 Sept 80
7e without wart__ 1946
,
Mar for
the year.
1934
90
Sun 0115% notes
90
10,000 90
Dec 9950 Aug
65
7050 17,000 65
Super Pow of No11144568
Dec 9355 May Appalachian Gas Corp. 6s 1945, Dec. 10, $2,000 at 980•
1970
68
let M 4.45
70% 45,000 68
Dec 9330 Mar Associated Gas & Electric 450
1948, Dec. 10, $5,000 at 35.
101 10234 77,000 101
Swift & Co 1st in f 50 1944 101
Oct 104% Sept
5% notes
92
1240 92
944 52,000 02
Nov 1024 Mar Atlas Plywood deb. 554e, 1943. Jan. 2, 51,000 at 02.
Cense'. G. E. Lt. & Pow. (Bait.) cons.. Oct. 6. 100 at 0044•
94
Tenn Eleo Power 5s_ _1956
9551 4,000 94
Oct o105 June
50
59
25,000 46
Tern' Hydro-Eleo 850 '53
Mar Consol. Gas Utilities 6.6s 1943, Dec. 8, $1,000 at 184.
Oct 87
46% 4650 4,000 434 Nov 71
Texas Cities Gite 6s1948
Mar Continental Oil deb.
555e. 1937. May 16, 35.000 at 8254.
75
Tulle Electric Servi5s 1960 75
83% 39,000 75
Dec 1014 MaY
18
20
Texas Gas Utll 6s_1945
9,000 14
Feb Curtis Mfg. clam A, July 22, 100 at 174.
Oct 80
84
88% 69,000 84
113XAS Power & Li As 1956 84
May Gen. Pub. Sent. deb. 64. 1963. Aul 4 .$2.000 at 9335.
Dec 103
1,000 92
2022 924 924 9251
(is series A
Dec 11030 June Goldman Sachs & Co., Dec. 11, 100 at 150.
1934
Thermoid Co 6%
Hamburg Electric 7s 1935, Dec. 5, $5,000 at 58.
3551 40
7,000 31
With warrants
Oct 79% Mar
82
8750 37,000 80
Tobacco Prod 6345 w I 2022 82
Dec Hudson Bay Mtn.& Smelt.. Oct. 1.100 at 131.
Dec 87
351 4
12,000
2
33.1
Tri Utilltlee Corp dab 6818
Nov
Jan Industrial Mortgage Bank of Finland let mtge. 78. 1944, Feb. 4, 31.000 811 05,
04
Union Amer Invest Is 1948
Insurance Securities, Inc., Dec. 8, 400 at 14.
714 714 73
17,000 71% Dec z8654 Mar
With warrante
1014 10131 1,000 100
Union El L & P 5s 4er B 67 10131
Dec 10656 Oct International Power Sec. 75 1952, Oct. 19, 34,000 at 58.
Union Gulf Corp Se Jul 1'50 0431 944 95% 94,000 9234 Oct 108
May McCord Had. & Mfg. 6s, 1943. w. w.. Feb. 17. 31.000 at 58.
United Elm Service 7.1950
Montreal Light Heat & Power Is B, 1970. Dec. 1.810,000 at 8210.
51
51
52
With warrants
28.000 48
Oct 9250 Mar Mortgage Bank of
Chile fie. 1931. Feb. 24, $2.000 at 100.
51
.51
52
8,000 47% Oct 92
Without warrants
Apr
National Tea Co. Is, 1935, Nov. 16. 51.000 at 8631.
22
1951 2350 173,000 194 Dec 90
United Ind Corp 650A941
May
5430 56
National Trade Journal fie. 1938, Feb. 26, $2.000 at 15.
78,000 54% Dec 974 Mar
United Lt & Pow 811_1975 55
9030 67,000 89
let lien & eon 650s...1959 8931 89
July
Dec 105
Netherlands (Mud.) 8s, 1972, Sept. 28, 51,000 at 974.
58
60
1974 58
22,000 58
Deb g 6'68
Dec 102
Mar
26,000 894 Dec 10854 Aug Northern Texas Utilities 7s, 1935, without warrants, April 15, 51,000 at 10054.
Cu Lt & Rye 6s see A_1953 8950 8955 91
Shattuck Denn Mining, Oct. 1. 100 at 14.
9756 99
57,000 95
1932 HU
let caries fe
Oct 10134 Man
62
6830 71,000 62
1952 62
YJ
Deb 531e
Dec
July Shenandoah Corp. opt. 6% pref. Oct. 24. 100 at 1054.
26% 2950 14,000 24
1g42
oct RA
United Pub !gory (35
Apr Sweet G.& E. let 56. 1957; May 7. $1.000 at 10034.
2631 2651 1,000 2651 Dec 80
United Rys(Ilavana)755'35
Jan Texan Power &
Light, 7% pref.. Oct. 17. 50 at 1044.
U el Rubber
70
59,000 70
71
1933 70
3
-year 6% notee
Oct 934 June Truecon Steel pref., April 22, 25 at 100.
98
9830 4,000 804 Jan 99
Serial 654% notes-.1032
Aug Union Amer. Investing, deb. 5s. 1948, with warrants, June 23, 52,000 at 93.
50
60
23,000 50
Mar U. S. Radiator be A, 1938, March C.
Dec 84
Serial 64% notes 1934 60
13.000 at 86.
50
18,000 60
60
Dec 8351 Mar
Serial 650% notes 1935 60
40
3,000 35
35
Serial 650% notes...1936
Dec 77
Apr Van Sweringen Corp. 65, w. w., 1935, Oct. 22, $15,000 at 333.4.
30
1,000 30
30
Serial 654% notes_ _1939
Dec 75
Mar
Virginia Public Service Co. 6e. 1946, March II, 15,000 at 0434.
434 4,000 43
43
Serial 64% notes_ _1940
Dec 78
Mar
Waldorf-Astoria (Hotel) 7s, 1054, Nov. 25, $1,000 at 34.
FINANCIAL CHRONICLE
DEC. 12 1931.]
3955
Quotations tor Unlisted Securities
Investment Trusts
Public Utility Bonds.
Am Com'th P 630'513.M&N
Amer BPS530 1948_ MAN
Appalaeh Pow Si 1941_J&D
Appalaah P deb 612024 J&J
Atlanta 0 L Si 1947__JAD
Broad Riv P Es 1954__Mdc5
Con GAB 534% 1933_F&A
let lien 001 1? 5Sie'48-J&D
let lien 001 5? fle '46.6f&S
Cen Ohio LAP Si '50_A&O
Derby 0 & E Si 1948_F&A
Fed P S let 85 1947__J&D
Federated TJUI 510'57 MAE)
Gen Pub Util 814e '58..A&O
Houston Gas & Fuel 5e 1952
Bid Ask
2112
19
5912
57
0912 101
97
92
93
74
481z
8512
5512
7
614
6612
40
30
46
78
55
80
61
7834
71
4712
5812
34
53
77
Ill W al Bee let 5e 1952_J&J 72
71
nterstate PS 4341 '58 53038 68
Iowa So Util 530 1950 JAI 76 80
Jamaica W S 15115 1955 Jda 94 9612
7712
Lexington Util Ea 1952 FAA 70
9312
Louis GAB 434e 1961_F&A 89
3
Deb e f Ete 1937.--A&O 100 4 103
Louie Light let 53 1953 A&O 10112
New On P 5 fie 1949..J&D
65
69
Newp N & Hata 5e '44..J.4.1
N Y Wat Ser Si 1951_MAN
N Y & Wee L 4e 2004_J&J
NoAmL&P at deb5HaelkiJecl
Ditt
8412
70
82
5414
Ask
87
7512
85
57
Okla 0 & B Si 1940-MA8
Old Dom Pow 5e_May 15'51
Parr Shoals P Si 1952_A&O
Peoplee LAP 510_1941J&J
Pow Corp N Y6126'42 MAN
Pow See eon tr 8.'49_F&A
Queen.0 A B 430'58_M&S
Roanoke W W fa 1950_J&J
Sierra & S F Si 1949..J&J
Tide Wat Pow Be '79_F&A
72
90
31.
9613
7412
92
7212
8012
88
8212
75
93
3414
9912
7812
9512
75
83
7114
United L & By 64 '73_J&J
United Was Gas &E 58 1941
Virginia Pow Si 1942_J&D
5
612 6212
88
9712 99 4
,
Waah By A E de 1951 JAB
Weetern PS 530 1960_ F&A
Wheeling Elea 54 '41.81&N
Melina By & L 541'32
Wise Elee Pow fa '54_F&A
Wise Minn LAP 68 44 MAN
Wise Pow & L Si '56_MAN
82
7712
97
711e
98
87
93
86
8112
00
77
00
8914
97
Public Utility Stocks.
Alabama Power $7 prof-109
Arizona Power 7% pref__100
Ark Pow & Lt $7 pref.__.
Assoc Gee & Ni °rig pref__•
•
16.50 preferred
•
$7 preferred
Atlantic City Elea $13 pref.•
94
-.
96"
98
55
85
45
75
85
9912
_100 115
Bangor Hydro-El 7% pf.
Binghamton LIlA P $6 pf• 75
Birmingham Eleo 7% pref_* 92
Broad River Pow 7% pf _100
Buff Niag & E pr pref-__-25 'Yr
120
97
63
2314
Carolina Pow dc Lt $7 prof.• 9712 100
95
Cent Ark Pub Serv pref_100
95
Cent Maine Pow 6% pref100 92
100 97 103
7% preferred
78
Cent Pow A Lt 7% pref _100 72
40
Cent Pub Sere Corp pref • 35
Cleve El Ilium 8% pref_ -100 106 108
Col By PAL 6% lst pf _100 84 88
612% preferred B_- _ -100 85 90
Coneol Traction N J__._100 30
Consumers Pow 5% pref...• 89 92
100 98 101
8% preferred
100 100 103
6.80% preferred
78
Conti Gee & Elea 7% p1_100 74
Dallas Pow & Lt 7% pre/100
Dayton Pow A Lt8% pf _100
Derby Gaa A Elea $7 prof..
Detroit Canada Tunnel-•
ErieRallways
100
Preferred
100
Beene-Hudson Gael
Foreign Lt A Pow units-Gee & Mee of Bergen-100
Gen Gas & El part oris
Hudson County Gae__ _ -100
Idaho Power 8% prof
7% preferred
100
Illinois Pow & Lt 8% pf _100
Inland Pow A Lt 7% D1-100
Interstate Power $7 pref._•
Jamaica Water Supp p1_50
Jersey Cent PA L7% p1_100
Kansas City Pub Service__•
•
Preferred
Kansas Gas & El 7% pf_100
Kentucky Sec Corp com_100
100
6% preferred
Kings County Ltg 7% p1100
Long Island Lt 6% pref 100
100
Preferred A
Los Ant Gas & El6% p1100
102 10512
9812 102
70
75
14
sa
2
35
135
25
40
99
20
150 180
85
96 101
62 66
12
42
47
45
49
95
99
114
7
3
99 102
310
62
10112 10512
88
8912
97 101
99 104
Memphis Pr & Lt $7 prei_-• 102 106
Metro Edison $7 prof B___• 77 83
$6 preferred C
• 75 80
85
MiseleelPPI P & L 116 peel •
Mies River Power pref--100
92
Mo Public Service 7% p1100 75
Mountain States Power...
•
2
7% preferred
78
100
Nassau A Suffolk Ltg pref__ 94 98
Nat Pub Sere 7% pf A.lOs 51
54
Nebraska Power 7% pref 100 102 107
Newark Consol Gas
100 94 100
New Jamey Pow & Lt $6 pf• 80
85
New Orleans P 5 7% p1_100 80
8312
N Y dr Queens ELAP pf100 115
Nor NY Utility met--100
66Nor States Pow (Del) corn A - - 83
7912
Preferred
9112 93
Ohio Edison $8 met
• 87 89
$7 preferred
99 10212
12
Ohio Pub Serv 6% pref._ _ _
75
70
7% Preferred
83
100 78
Okla Gaa & El 7% pref.
_100 95 102
Pao Gas & El $1.50 pref-_85 25
26
Pao Northw Pub Sere
82
Prior preferred
48
52
8% preferred
30
Pao Pow & Lt 7% prof..100 92
97
Pa Pow A Lt 7% pref
98 100
Phila Co $5 prof
75
Piedmont Northern Ry_100 If 26
35
Pub Sere Co of Col 7% p1100 83 87
Puget Sound Pow A Lt pr pf 60 65
Rochester G & E 7% p115100 80
7612
8% Preferred C
100 74
Sioux City 0& E 7% p2_100 35 90
Somerset Un Md Lt _ _ _ _100 74
South Calif El $1.50 pref_25 24
25
$1.75 preferred
95 2612 2813
So Colo Pow corn A
19
25 16
7% preferred
100 95
South Jersey Gas & Elec_100 161 166Tenn Else Pow 6% pref_loo 83 86
7% preferred
97
100 94
Texas Pow & Lt 7% pref 100 102 105
Toledo Edison pref A
94
100 oo
United G & E (Conn) p110<)
77
United
& E (N J) pt 100 70- 74
United Public Service prof__
9
6
Utah Pow A Lt $7 prof- _ ..• 84 86
Utica Gas se El 7% prof _100 99 101
WU Pow dr Lt 7% prof..100 54
59
Virginian By cons
100 40
so
Washington RY dt El aore100 400
5% preferred
100 97 99
/
Western Power 75 pro Inn 94
97
Investment Trusts.
• C Trust Shares ser D...
B
SeriesE
Amer Brit & Cont $8 D1--•
Amer Composite Tr Shares.
Amer Founders Cori/
Convertible preferred.
0%preferred
7% preferred
1-40the
1-70th.
Warrants
Amer & General Sea corn A.
CommonB
$3 preferred
Amer Ineuranetocks Corp--•
Aimee Standard Oil Shares..
Ail & Pao Intern Corp unite
Common with warrants
Preferred with warrant...
Atlantic Securities Corp pf •
Warrants
Bankers Nat Invest'g Corp•
Bansicilla Corp
Basic Industry Shares
British Type Invest
Century Triad Shares
Chain A ()mei Equities Ino•
Chartered Investors corn__
Preferred
Chelsea Exchange Corp A.
Claes 11
Class
Corporate Trust Shares
Series AA
Accumulative series
Crum & Foster Ina Shares
Common 11
10
100
Preferred
Crum & Foster Inc corn B.._
8% preferred
Cumulative Trust Shares...
Deposited Bk She ser N V.
)epos Ill 802 N Y ser A_.
Deposited In2s_t_ir Sts A
• No par value. 4 Last
Par
Public Service Trust Shares
Representative Trust Shares
Second Internet Sec Corp A
Common B
6% preferred
Securities Corp Gen 56 pre/
Selected American Shares___
Selected Income Shares__
Selected Management Trustee Shares
Shawmut Bank Inv Truet_•
Spencer Trask Fund
Standard All Amer Corp...
StandardAmer Trust Shares
Standard Collet Trust She__
State Street Inv Corp
Super Corp of Am Tr She A
13
Trust Shares of America_
Trustee Stand Investment C
Etta
378 438
8
8,
2
112
Sc
20
70
90
2.50 3.00
332 418
3.80
2
1214
423
3.30
412
4412
338
314
57
625
278
2.15
2.05
(Concluded).
Par
Trustee Standard Oil She A
Trusteed Amer Bank Shares
Series A
Trusteed N Y City Bk She
20th Century Fixed Tr She_
Two-year Trust Shares....
UnitedFixed Shares
Unit Founders Corp 1-70th.
United Bank Trust
United Ins Trust
USA Brit Internal class A.
Class B
Preferred
U S Else Lt & Pow Shares A
4.15
4
1314
412
3.80
514
4612
334 Universal Trust Shares
358
63 Int Secur Trust of Amer
8
57
8
1933
Secured gold ea
32
3
1943
Secured gold Se
2.40
1933
Secured gold Ea
2.30
1943
Secured gold 58
Bee Ad
37
8
3 a 41
7
358
278
47
o8 Is;
234 314
872 1032
232 Ms
20
40
1,
32
1
15
1814 jai
3 4 414
3
27
8 322
Industrial Stocks.
89
• 80
Adams Millis $7 prof
35
100 28
Aeolian Co $7 pre/
st
Aeolian Weber P&P corn 100 cl 1
8
Preferred
100
Alpha Portl Cement pf_100 95 110
100 64 68
American Book $7
2
3
12
Amer Canadian Properties.•
American Cigar pref----100 100
13
Amer Hard Rubber $4-100 d 8
25 25
28
American Hardware
• 28
34
American Meter new
Babcock & Wilcox 4%._100 40
9
Baker (J T)Chemical coin.*
.20com•
3
Bancroft(J)&Sense'
100 45
7% preferred
Bliss (E W) $4 let pref-50
10
9
2d pref B
Bohn Refrigerator 8% p1100 70
• 27
Bon Am! Co B oom
Bowman-Biltmore Hotels__
100
let preferred
100
2d preferred
Brunsw-Balke-Col prof---ig
Bunker Hill A Sull corn _10 435
Burden Iron pref
50
13
7
55
57
69
20
3
14
6
38
85
• 50
130
National Casket $4
• 97 101
$7 preferred
National Licorice corn_ _100 434
National Paper & Type Co_
New Haven Clock pre1-100 40
50
New Jersey Worsted pref... 25
Northwestern Yeast---100 97 lag -
Ohio Leather
let pref
ga24 pref
1 Okonite Co $7 prof
100
Petroleum Derivatives
3 Poole Eng & Mach class A._
37
Class B
28 Publication Corp $3.20 corns
45
100
$7 let preferred
4
8
Canadian Celanese cora_ _ _
65
100 58
Preferred
23
Carnation Co $1.50 core_ _• 20
100 101
Preferred
Chestnut Smith torn
15
Preferred
73
100 68
Childs Co $7 pref
2
5
Clinchfield Coal Corp_ --100
100 450 60
Preferred
d 1
212
Color Pictures Inc
Columbia Baking oom_ _ _•
14
3
8
•
1
2
12
let preferred
14
3
4
241 preferred
9
11
Celle Pat Fire Arms Mfg_25
Congoleum-Nairn $7 pt 100 101 103
2
Crosse A Blackwell corn....
Crowell Pub Co $3 com new 4312 46
100 105
$7 preferred
De Forest Phonofilm Corp..
•
Dictaphone Corp eons
100
$8 preferred
Dixon (Jos) Crucible $8_100
Doehler Die can 7% p1 50
•
$7 preferred
Douglas Shoe $7 pref___100
)00
Draper Corp $4
Driver Harris $7 pref-100
Dry-Ice Holding Corp
Lanston Monotype M $6 100 88
Lawrence Portl Cem $4 100 16
Liberty Baking corn
•dig
Preferred
100
3
7
Locomotive Firebox Co...
5
Macfadden Publict'ne corn 5
$6 preferred
• 30
Merck Corp $8 pre/
100 60
Reming'n Arm.57 1st 01 100
Riverside Silk Mills
Rockwood & Co $4 °ern_ _ _•
$8 preferred
100
Rolls-Royce of America.
Preferred
100
Boxy Theatres unit
Common
Preferred A
Rubel Corp corn
Preferred
Ruberoid Co $4
100
8
85
75
65
3
11
95
85
75
8
"ii- ii"
98
102
65
11
5
22
9
70
12
64
32
4
, 3
834 1 1
04
14
2
4
812 1012
8
512
16
28
32
38
Safety Car Heat & Ltg_100 18
21
Scovill Manufacturing__ _25 20
22
8
Shinners car Line
12
Singer Manufacturing.
..100 130 135
Solid Carbonic Ltd
314 4 4
3
12 2
Spiltdorf Beth Elea
14
0 Standard Screw Co
4
50
100 35
11 Standard Textile Prod_ _100
16- 88
$7 class A
100
14
83
93
$5 clasa B
100
10
17 Stetson (J B)Co oom
8
12
•
35
$2 preferred
25 13
18
31
38 Taylor Mill Corp $2.50oom5
5
10
312 els
20
27 Taylor Wharton Ir& St corn'
50
65
Preferred
100
--__ 30 Tenn Product. Corp $4 p5 50 Ici" 20
Tubize Chatillon 57 pf B 100 37 42
17
Eleemann Magneto corn....
100
75
$7 preferred
40
Franklin By Supply $4. -•
Fuel Oil Motors Corp corn.. -14 212
95
(Ion Fireproofing $7 p1.100
•
13 3
Graton A Knight corn
9 15
100
$7 preferred
18
Great Northern Paper $3.25 16
Unexcelled Mfg Co 70e-10
3
4
United Business Pub$7pf100
33
United Publishers $7 p1..100
._ 65
U S Finishing $7 pref-100 18
25
Walker Dishwasher oom-_•
4
6
Welch Grape Juice cons-.
$7 preferred
-100 97 ufir
W Va Pulp & Pap $1.80 come 1712 1912
100 901z 9312
$86 preferred
White Rock Min Spring
$7 let preferred
100 99
$20 2d preferred
100 142
Willcox dc Gibbs 62 corn..
1z
20 10
4
8
Woodward Iron
100
Worcester Salt $5
100 85 90
Young (J 5) Co oom--100 87
-Preferred
100 100
318 Diversified Trustee Shares A
732
43
4
Herring-Hall-Mary Safe 100 15
25
61
4
20
3
6
234 7
12 Howe Seale
4
13
100 17
22
Preferred_
45
8 518
Equity Corp corn
Hudson River Nay com____
__
26
31
21
Preferred
_
45
Preferred
18 Equity Trust Shares A
13
2.85 3.00
15 20 Five-year Fixed 'Tr Shares_
•
_ 5
Industrial Accept cons.
38
3
20. 40. Fixed Trust Shares A
33
•
100 27
738
$7 preferred
10. 20.
4
100
6
818
•
Internal Textbook
Fundamental Tr Shares A__
378 -.
414
5
Shares B
414 45
8
Telephone and Telegraph Stocks.
Sc.
Granger Trading Corp_
•
4
31
Gude-Winmill 'Fred Corp..) 25
55 New York Mutual Tel_100 d 18
22
Am Dist Tel of N J $4-- -• 45
112 112
100 99 102 Northw Bell Tel pf 61.2%100 10512 10812
7% preferred
412 Incorporated Investors__ _• 18
4
1912 Bell Tel (Can) 8% pref_100 98 102 Pao A All Telea US 1%--25 d 10
12
1512
Incorp Investor's Equities_
112 212 13ell Tel of Pa 634% pref 100 110 113 Peninsular Teleph $1.40..* d 16
18
12
Int See Corp of Am corn A
4
_50 72
75
Cin A Sub Bell Telep
10095
7% preferred A
Common B
15
47E"
_
4100
Sc.
Cuban Telephone 8%
_
Porto Rico Telephone
24
ti% preferred
19
d 60
Roch Telep 35.50 let p1_100 103 lall"
29
7% preferred
6% preferred
24
_
St So A All Teleg $1.25
256 13
Empire & Bay State Tel.100 d 80
18
Independence Trust Shares. 2.20 2.46 Franklin Teleg $2.50...100 d 35 40 So & N E Telephone 8% _10 ) 122 126
20 Investment Trust of N
16
75 SW Bell Tel 7% prof_ _ _1
11712 11912
418 4 8 lot Oman Teleg
3
3
312 Investors Trustee Shores...
TM-States Tel & Tel W...6135
_ .
414 - Lincoln Tel A Tel 8% _ _ _ _ 4111Leaders of Industry A
23
s
Mountain States Tel & Tel_ 115 1i65.60 preferred
10
0
1012
33
4
8
2 8 338 New England Tel & Tel.100 116 120 wisconain Talon 7% pref 100 4110 113
7
13
4 23
258 318
4
318 33
8
1712 183 Low Prices Shares
Chain Store Stocks.
3,3
34 112
212
5 Major Corp Shares
2
'no
Bohaok (H
Melville Shoe Corp-7% 1st Preferred
52
57 Maas Investors Trust.....
• 1614 183
100 96 100
let pref6% with warr_100 75 82
4
14
2 Metropol Chain pref.--100
Mutual Iv Trust class A
Butler (James) common...
4
5
412
14 Mutual Managetnens com.•
100
25 Miller (II A Sons pref.- _100
Preferred
- 24
3
20
2.50
80 !deckled:IA Voebringer pf100 33
212 3
Nat Industries Shares A _
Diamond Shoe prat with war
40
2.05 2:56 National Trust Shares.....
Stores pref_100 50 80
578 613 Edison Bros
Murphy (5 Cl 8% prat_ too d 80
90
2.05 2.30 Nation Wele Securities Co..
•
314 33
31
4 Fan Farmer Candy Sc pf_• 27
Nat Shirt Shops corn
2
a
16
N V Bank Trust Shares....
Preferred 8%
100
312 414 Pletiteati (t1 NS) Stores oom.
45
15
19 No Amer Trust Shares
90 Newberry (.1) Co 7% 01.100 "i6- 87
Preferred
•
2.85
85
80
Series 1955
2.25 2.50 Git ALI & Pao Tea pref _ -100 120 122 NY Merchandise let pf _100 65
15
18
Series 1956
2.25 2.50
90
95
Kobacher Stores pref _10o
63 leggly-Wiggly Corp
eta
•
312 4 Northern Securities
10
Kress (S B)6% Prof
11
Reeves (Daniel) pref.-- -100 99
50
60
712 1112 Lerner Stores 634% prat w w
Oil Shares Inc units ______ 71
Rogers Peet Co cora_ _ _ _100 d 40
80
314
Old Colony Invest Trust corn
100
150 Schiff Co pref
2
412 Lord A Taylor
100 83
70
23
4 11- Old Colony
4
1513 18
First preferred 6% - - -100 --- 95 Silver (lease) & Bros prof100
Trust
312 Petrol A Trad'g Amuse Sh •
3
Second preferred 8%.100 d 90 94 U 8 Stoles let prat 7% _ _100 itr 46
10
Corp of A 25
ao
reported market. f New stook. z Ex dividend. y Ex-rights.
23
8
414
3956
[VOL. 133.
FINANCIAL CHRONICLE
Quotations for Unlisted Securities-Concluded-Page 2
Insurance Companies.
Sugar Stocks.
Fajardo Sugar
HaYtian Corp Amer
Bavanaah Sugar corn
7% Preferred
100
•
100
19
20 Sugar Estates Oriente 91100
12 112 United Porto Rican corn....
Preferred5
60 60
80
90
3
5
10
New York Bank Stocks.
Par Bid Ask
Bank of Yorktown
45
100 25
Chase
3
20 29 4 313
4
Chatham-Ph Nat Bk dr Tr20 z 213 2334
4
City (National)
4
4
20 403 423
Columbus Bank
100 150 170
Comma Nat Bank dc Tr 100 150 158
Fifth Avenue
100 1650 1750
First National of N Y--100 1970 2070
Flatbush National
100
80
Grace National Bank--100
600
Harbor State Bank
25
55
Harriman Nat Bk dr Tr_100 1390 1490
Industrial Bank
100 100 110
Kingsboro Nat Bank_ -100 85 110
14
Lafayette National
25 12
As!
Par Rh
6
Liberty Nat Bank dr Tr_ _25
4
Manhattan Company._ _20 2934 313
72
100
Merchants
52
50 45
Nat Bronx Bank
20
15
National Exchange
6
3
Nat Safety Bank & Tr--25
24
100 14
Penn Exchange
8
4
New
100 200 250
People(' National
3
3
Public Nat Bank de Trust 25 20 4 22 4
14
Sterling Nat Bank & Tr_25 11
41
38
Textile Bank
100
100
Trade Bank
35
Washington Nat Bank 100
Yorkville(Nat Bank of)_100 50 60
Trust Companies.
American Express
100
Bane& Comm Italians Tr 100 198 206
20
Bank of Sicily Trust
20 18
Bank of New York & Tr_100 310 330
52
Bankers
10z 50
23
Bronx County
20 18
Brooklyn
100 200 210
Central Hanover
20 119 123
Chemical Bank & Trust-10 2714 2914
70
Clinton Trust
100
Cont. Bk & Trust New..10 151 1712
69
Corn En% Bk & Trust--20 66
21
25 19
County
22
Empire
20 20
100 225 250
Fulton
100 254 259
Guaranty
100 67 72
Hibernia Trust
19
10 18
Irving Trait
100 2350 2450
Kings County
Lawyers Title & Guar-100 108 115
4
25 3134 333
Manufacturers
8
5
Mercantile Bank & Tr w 1_
a5 78 81
New York
Title Guarantee & Trust_20 69 72
75
100
Trust Co of N A
8
10
25
Underwriters Trued
100 1700 1800
United States
Chicago Bank Stocks.
99 102
Central Republic
25
23
Chic Bk of Commerce
Continental Ill Bk & Tr_100 168 172
First National
100 305 309
Harris Trust dr Savings_100
Northern Trust Co
100
Peoples Tr dr Say Bank_100
Strauss Nat Bank & Tr_100
370 380
365 375
180 190
150 160
Par
Aetna Casualty & Surety_10
Aetna Fire
10
Aetna Life
10
25
Agricultural
American Alliance
10
American Constitution
American Equitable
American Home
American of Newark
American Re-Insurance. _
American Reserve
10
American Surety
25
Automobile_
10
Baltimore Amer Inatiranee_5
25
Bankers dr Shippers
Boston
100
Bronx Fire
25
Brooklyn Fire Insurance-5
Carolina
10
Chicago Fire & Marine
10
City of New York
100
Colonial States Fire
10
Columbia National Life_100
Connecticut General Life_10
Consolidated Indemnity---Constitution
10
Continental Casualty
10
Cosmopolitan Insurance..14
Eagle
5
Excess Insurance
Federal Insuranoe
10
Fidelity & Deposit of Md_50
Firemen's
20
Firemen's Fund
25
Franklin Fire
5
General Alliance
Germanic Insurance
10
Glens Falls Fire
10
Globe Insurance
10
Globe & Rutgers Fire_ -100
Great American
10
Great Amer Indemnity
10
Halifax Insurance
10
Hamilton Fire
50
Hanover
10
Harmonia
10
Hartford Fire
10
Hartf BM Boiler Ins&Ins 10
Home
10
Home Fire dr Marine
10
Home Fire Security
Homestead
10
Hudson Insurance
10
Importers & Exp of N 1L-25
Independence
5
Independence Indemnity-10
Bid Ask
35
30
2412 2612
1912 2112
50 60
16
13
15
10
614 914
13
10
4
83
4 93
30
25
13
16
16
13
18
14
6
5
68
78
285 310
32
27
5
3
13
11
1
4
100 135
8
200 225
39
34
112 312
6
4
17
15
4
2
9
8
212 412
49
44
100
63
4 814
61
56
1112 1312
13
9
5
3
39
37
414 714
220 270
1134 1314
15
12
10
115 215
1514 1714
1112 1312
3214 3414
47
42
1314 1514
22 27
13
4
712 912
20
15
18
13
5
3
2
a
Par Be' A si
Industrial of Akron
9
HAMM CRY Life
100 600 700
31
Knickerbocker common__ _5
512
Lincoln Fire
17
10 12
2
Lloyds Casualty
3
10
2
Voting trust certifs
10
a
114 414
Majestic Fire
10
11
Maryland Casualty
26
Maas Bonding & Ina
25 4712 6612
so
Merchants Fire Amur cora 10 26
314 414
Mach & Mfrs Fire Newark 5
9 10
10
Missouri State Life
85 105
Morris Plan Ins
9
11
10
National Casualty
30
10 28
National Fire
2
14 314
5
National Liberty
40
5 30
National Union Fire
22
New Ameterdam Casualty10 20
14
10 12
New Brunswick
20
10 15
New England Fire
39
10 34
New Hampshire 11.re
30
20 25
9
11
5
New York Fire corn
16
10 14
North River
48
25 38
Northern
85 95
Northwestern National-.14
10 11
Oecidental
85
25 75
Pacific Fire
2
14 314
5
Peoplee National Fire
10 3712 3912
Phoenix
26
20 21
Preferred Accident
Providence-Washington...10 2314 2514
3
5
Public Fire
Public Indemnity (formerly
2
1
Hudson Casualty)
a
Reliance Ins of Phil&
17
10 12
Republic(Texas)
312 512
Republic Ins Coot Amer_10
7
12
10
Rhode Island
30
25 z 25
Rochester American
St Paul Fire & Marine---25 116 124
6
4
Seaboard Fire dr Marine____
10 1812 2012
Security New Haven
Springfield Fire & Marine 25 57 67
50 75 125
Standard Accident
25
25 20
Eltuyvesant
100 375 475
Sun Life Assurance
2 4 434
3
Transportation Indemn'y 10
63
4 834
Transportation Insurance 10
100 435 485
Travelers Fire
15
25 10
U S Casualty
11
U S Fidelity & Guar Co 10
24
10 19
U Fire
U C Meroh & Shippers-100 170
3
10
Victory
70
25 55
Virginia Fire de Marine
20
10 18
Westchester Fire
Industrial and Railroad Bonds.
Aflame Express 4s, 1947 &D 67
American Meter 6s, 1946-- dI0112
Amer Tobacco da, 1951 F&A 8912
Am Type Fdrs 6s,1937 MAN 102
Debenture 6s„ 1939_M&N 10214
Am Wire Fabrics 1st'42 M&S 55
Bear Mountain-Hudson
River Bridge 7s, 1953 A&O 7612
Biltmore Comm 78 '34 M&S 59
Chicago Stock Yds 58, 1961 70
Consul Coal 430,1934 MAN 40
Consol Mach Tool 75, 1942 27
Consol Tobacco 4s, 1951-- 118
3
Continental Sugar 7s. 1938EQUIt Office Bldg 55, 1952.. 6312
Flak Tire Fabric 6345, 1935 1312
9
Haytian Corp 85, 1938
Hoboken Ferry U.'46 MAN 80
Internet Salt Is, 1951_A&O 73
Journal of Comm 634e, 1937 60
Hans City Pub Sera as, 1951 3612
70
Loew's New Brd Prop
Cs, 1945
.11&D 77 87
Mallory Steamship5s,'32J&J 9914 1011s
Merchants Refill; 69, 1937.. 95 100
8
15
MiddleStatists 011 7% notes_
65 N 0 Or No RR 55,'55 FAA 2814 30
N Y & Hob Ferry 58.'46 SAD 75
81 N Y Shipbldg 58, 1948 MAN go
70
71 Piedmont & No Ry5s.'54J&J
77 Pierce, Sutler & P 634s '42 )5f- 21
so Realty Assoc Sec 6s. '371±4.1 50 60
2912 Securities Coot N Y
ao
40
61 Broadway 530,
'50 A&O 60 66
8 So Indiana Ry 4s, 1951 FAA 40
45
32
8712 Stand Text Pr 65s,'4251&S 26
17 Struthers Wells, Titus5312 59
14
ville, 634s, 1943
Tol Term RR 4 hs,
'57MAN 75 85
114
_
76 U S Steel Si. 1951
70 Ward Baking 6s,'37 J&D 15 9112 9412
3812 Witherbee Sherman 6e, 1944 15
20
60
Woodward Iron 55, 19521&J 68
93
Realty, Surety and Mortgage Companies.
Bond dr Mortgage Guar-20
Empire Title & Guar--100
Franklin Surety
Guaranty Title & Mortgage.
HomeTitle Insurance----25
1
4812 5113
102
a 11
180
27
32
15
18
20
20
45
International Germania Ltd
20
Lawyers Mortgage
Lawyers Wee Mtge & Ti_100
National Title Guaranty 100
100
State Title Mtge
55
15
Aeronautical Stocks.
Alexander Lndue 8% pref
American Airports Corp_-__
Aviation See of New Eng
Central Airport
Cessna Aircraft cam
Curtiss Reid Aircraft corn_
Federal Aviation
General Alvation 1st pro!...
Hinner Airplane & Mot new
4
Lockheed Aircraft
Medd= Air Lines
5 Sky Specialties
112 Southern Air Transport
d
Swallow Airplane
31s Warner Aircraft EngineWhittelsey Manufacturing
40
214
2
112
23
54
5
114
214
2
2
2
12
1
S
2
1
Quotations for Other Over-the-Counter Securities
Short Term Securities.
Ass
Allis-Chal Mfg 5s, May 1937 8912 95
99
Alum Coot Amer Es May*52 98
64
Amer Metal 530,1934 A&O as
90
Amer Rad deb 434s,May '47
60
Am Roll Mill deb 5s,Jan '48 55
75
45% note.' 1933_ _ _MAN
Amer Thread 53.s'38..M&N 9834 100
Amer Wat Wks58. 1934A&O 90 9114
Bell Tel of Can 5s A Mar'55 85 86
92
'33 M&S
Baldwin Loco 530,
88
Cud Pkg deb 5348. Oct 1937 85
Edison Eleo Ill Boston
9914
4% notes Nov 1 '32 MAN 99
5% notes Jan 15'33-Jala 160 10014
Gulf Oil Corp of Pa
Debenture 58___Deo 1937 94 95
--Feb 1947 93 95
Debenture 55.
Railroad Equipments.
Bid Ass
General Motors Accept
3
5% sec notee___Mar 1932 100 100 s
4
5% ear notes-Mar 1933 9712 973
9612
5% ser notes-Mar 1934 96
9613
5% ser notes--Mar 1935 96
5% se notee_ _Mar 1936 95 97
Hoppers Gas & Coke
97
Debenture 58__June 1947 85
Mag Pet 4345 Feb 15'30-35 93 100
Marland Oil
Serial5% notes June15'32 10015
Mile8 Gas Co.534s Jan 1946 97
99
Proe & Gamb 4545 July 1947 93
Swift & Co
93
M&S 92
5% notes 1940
Union 011 53 1935-.._FAA 9212 95
United Drug fas 1932-A&0 99 100
Debenture 58 1933-A&0 93 100
Water Bonds.
Alton Water 58, 1956-A&O
Ark Wat let Es A 1958 Ade0
Ashtabula W W58 1958A&O
Atlantic Co Wat56'58 A M&S
Firm W W let 5 haA'54Adr0
15t m 55, 1954 ser B_J&D
1st 58 1957 sec C_-__F&A
Butler Water re, 1957_A&0
City W (Chat) 58 B '55 SAD
151 5s, 1957 Bet C__MAN
Commonwealth Water
1st bs, 1958 B
FAA
181 m 5s, 1957 ser C_F&A
Davenport W 58 1961_J&J
E St LA Int W Es.'42 J&J
_ let m 65. 1942 aer 13..J&J
Illt 5e, 1960 ser D
F&A
oo
110
80
80
95
22
92
85
90
90
92
92
85
85
85
93
85
95
85
85
99
90
90
oo
90
97
Hunt'ton W let Os,'64 MAS 99
let m 55, 1954 ger 13.311kS 95
Joplin W W 5a,'57ser AM&S 80
Kokomo W W 55, 1958 LAD 80
'56.1AD 80
Monza Con W let 58,
Monon Val W 5545.'50 J&J 95
58,'57M,SzN 85
Richm'd WW
St Joseph Wat 55, 194IA&O 90
South Pitts Water Co
FAA 95
1st 5e, 1955
lit & ref 55.'60 ser A J&J 93
1st & ref 5s,'60 ear B .1(4.1 93
Terre Hae WW 6s,'49AJAD 100
1st m 58, 1956 ger B_J&D 92
Texarkana W 1st 5s,'58F&A 80
Wichita Wat 1st 6$,'49 M&S 97
90
let m 50,'56 ser B.
letmSa, 1960ser C_MAN 90
85
85
85
90
97
85
00
*No par Nalue. a And Malacca., d Laat reported market, s Ex-dividena. g
Atlantic Coast Line as
Equipment 6345
Baltimore A Ohio 6s
Equipment 430 & 68...
Buff Koch & Pitts equip 6s_
Canadian Pacific 434s & 6$_
Central RR of N J 68
Chesapeake & Ohio 6s
Equipment6 he
Equipment 58
Chicago & North West 6$
Equipment6 345
Chic R IA Pao 434s & Se...
Equipment th
Colorado de Southern 65
Delaware dr Hudson 6s
Erie 434e & 58
Equipment 68
Great Northern 13s
Equipment 58
Hocking Valley 58
Equipment 88
Illinois Central 434s dr 55...
Equipment6s
Equipment 7s & 834s.
Kanawha dr Michigan fis
MA Ask
6.25 .50
.50
50
6.50
6.50 .50
6.50 .50
7.00 .00
6.25 .50
6.00 .50
6.00 .50
6.00 .50
6.50 .50
8.75 .00
8.50 .te
6.75 .75
6.75 .75
6.50 .
50
6.75
00
6.75 .00
so
6.00
50
6 00
50
6.00
75
6 50
oo
7.00
00
7.00
00
7.60
50
6.50
Par Rid A's
Kansas City Southern 634e. 8.75 6.00
Louisville& Nashville 8s.. 6.25 5.50
6.25 5.50
Equipment6345
Michigan Central 5s
5.50 5.05
Equipment Os
7.00 8.25
Minn SIP dr SS M 4345 &
Equipment 6345 A 7,.... 7.00 8.25
7.00 6.25
MissouriPacific) 6345
7.00 6.25
Equipment es
6.75 8.00
Mobile & Ohio Ess
New York Central 434s & 58 5.75 5.25
5.75 5.25
Equipment6$
5.75 5.25
Equipment 7s
5.50 5.00
Norfolk & Western 4345
6.00 5.50
Northern Pacific 7e
6.00 6.50
Pacific Fruit Express 7s
Pennsylvania RR equip 55.. 5.60 5.00
Pittsburgh & Lake Erie 630 6.25 5.50
Reading Co 434s dr 5s
5.60 5.00
St Louts & San Fran 58
6.76 6.00
Seaboard Air Line 5345 & 65 7.50 6.50
Southern Pacific Co 434,
6.00 5.25
Equipment7s
6.00 5,25
Southern RI 434s & Si
6.50 15.50
Equipment 13a
6.50 5.50
Toledo & Ohio Central 6s.
6.51 5.80
Union Pacific 76
6.50 6.75
Investment Trust Stocks and Bonds.
Wier Bank Stk Tr Shares__
imerican & C011tinelltal-___
imer Invest Trust Shares-tankers Nat Invest oom A.
3eneficial Indus Loan pref.:lentral National Corp A...
Class 13
3olonial Investors Shares._
3ontinental Metrop Corp A
3ontinental &our Corp---•
Preferred
ndust & Pow Sec
--2
---16
13
14
3
5
......
----
.._
4
--20
151s
21
7
___
___
--30
1434 163
4
invest Fund of N J
Mohawk Inv,
North American Trust She
Old Colony Inv Tr 434% bda
Sbawmut Association cornShawmut Bank by Trust
4 14$
1942
5
8
1952
6
8
11152
Standard Corporations
Standard Oil Trust Shares A
Chas B
434! 6
29 4 3
3
1
2.66 2.7
60
812 9
68
-70
---- ----...
4
-- ---
Current earntno-fliontlily, Quarterly anb 3f)alf
Below will be found all returns of earnings, income and profits for current periods, whether monthly, quarterly or half-yearly, that have appeared the present week. It covers all classes of corporate entities, whether
railroads, public utilities, industrial concerns or any other class and character of enterprise or undertaking.
It is all inclusive in that respect, and hence constitutes an invaluable record.
The accompanying index, however, covers merely the companies whose returns have come to hand since
the Dec. 11 issue of our "Monthly Earnings Record" went to press, and is presented with the view simply of
making it easy for subscribers to the "Monthly Earnings Record" to find the new statements.
Issue of Chronicle
When Published. Page.
Name of CompanyDec. 12_ _3957
Alabama Water Service Co
Allen Industries
Dec. 12..3957
Dec. 12_3957
American Salamandra Corp
Dec. 12.3957
American Seating Co
Dec. 12..3971
Bruck Silk Mills, Ltd
Dec. 12__3971
H. M. Byllesby & Co
Dec. 12..3961
Canada Dry Ginger Ale, Inc
Dec. 12_3971
Canada Malting Co., Ltd
Canadian Hydro-Electric Corp., Ltd.Dec. 12..3958
Canadian Indus. Alcohol Co., Ltd_ _Dec. 12-.3971
Dec. 12_3958
Chester Water Service Co
Dryden Paper Co., Ltd
Dec. 12..3973
Equitable Office Building Corp__ __Dec. 12..3959
Federal Light & Traction Co
Dec. 12_3959
Dec. 12__3959
Federal Water Service Corp
Food Machinery Corp
Dec. 12_3974
Issue of Chronicle
-When Published. Page.
Name of Company
Dec. 12_.3959
Illinois Water Service Co
India Tire & Rubber Co
Dec. 12_3976
Dec. 12__3959
International Tel. & Tel. Corp
Dec. 12..3966
Jamaica Water Supply Co
Dec. 12..3960
Lexington Water Power Co
Dec. 12_ _3976
Loew's Boston Theatres
Mesta Machine Co
Dec. 12_ _3960
Dec. 12..3963
Mexican Ky. Co., Ltd
Moody's Investors Service
Dec. 12_3977
Nat'l Fabric 8: Finishing Co.. Inc-Dec. 12_3977
Ohio Water Service Co
Dec. 12__3960
Oregon-Washington Water Seer. Co_Dec. 12_3960
Pacific Telephone & Telegraph Co-Dec. 12_ _3960
Dec. 12_ _3978
Paramount Motors Corp
Dec. 12_3960
Parmelee Transportation Co
Latest Gross Earnings by Weeks.
-We give below the
latest weekly returns of earnings for all roads making such
reports:
Name
Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis dt St Louis
Mobile & Ohio
Southern
St Louis Southwestern
Western Maryland
Current
Year
Previous
Year
2,853.000
3,691,000
24,750
147.490
192.385
2,470,518
430,500
291,173
Period
Covered.
lot wk of Dec
4th wk of Nov
4th wk of Nov
4th wit of Nov
4th wk of Nov
4th wk of Nov
4th wk of Nov
4th wit of Nov
3,844,000
4,443,000
37,129
201,022
243.256
2,949,785
410.504
349,133
Inc.(±) or
Dec.(-)
-991,000
-752,000
-12,379
-53,532
-50,871
-479,267
+19,996
-57.960
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class I roads in the country.
Gross Earnings.
Length of Road.
Month.
Inc.(÷) or
Dec.(-).
1930..
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
1929.
450,526,039
427,231,361
452,024,463
450,537,217
462.444.002
444,171,625
456.369,950
465,700,789
466.826,791
482.712,524
398.211.453
377.473,702
1931.
365.416,905
336,137.679
375,588,834
369,106,310
368,485,871
369,212.042
377,938.882
364,010.959
349,821,538
362,647,702
486,628,286
475,265,483
516,620,359
513,733,181
537.575,914
531,690,472
557,552.607
586.397,704
566,461,331
608.281.555
498,882,517
468,494,537
1930.
450,731,213
427,465.369
452,261,686
450,567.319
462,577,503
444,274,591
458.088,890
465.762,820
466.895,312
482.784,602
-36,102.247
-8,034,122
-69.595,796
-63,195.964
-75,131,912
-87,518,847
-101.152.657
-120,696,915
-99,634,540
-1215,569,031
-100.671,064
-91,220,835
-85.314,308
-91,327,690
-76,672,852
-81.461,009
-94.091,632
-75,062,879
-80,150.008
-101,751,861
-117,073,774
-120,136,900
Net Earnings.
Month.
1930.
1929.
Miles.
242,350
242,348
242,325
241,375
241,156
242,320
235,049
241,546
242.341
242,578.
242,616
242,677
1931.
242.657
242,660
242,366
242,632
242,716
242,968
242,819
243,024
242,815
242,745
Miles.
242,175
241.113
241.964
242,181
241,758
241,349
242,979
242,444
242,322
241,655
242.625
242.494
1930.
242.332
242,726
242,421
242,574
242,542
242.494
234.105
242,632
242.593
242.174
Inc. -I- or Dec.(-).
()
1930.
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
1929.
Amount.
94,759,394
97.448,899
101,494,027
107,123,770
111,387,758
110,244.607
125,495,422
139,134,203
147,231,000
157,115,953
99,528,934
80,419,419
1931.
71,952,904
64,618,641
84,648,242
79,144,653
81,038,584
89,667,807
96,965,387
95,118,329
92.217,886
101,919,028
117,764,570
125,577,866
139,756.091
141,939.648
147,099,034
150,199.509
169,249.159
191,197.599
183,486,079
204,416.346
127,125.694
105,987,347
1930.
94,836,075
97,522,762
101,541.509
103,030,623
111,359,322
110,264,613
125.430,843
139,161.475
147.379,100
157,141,555
23.005,176
28.128,967
38,202.064
-34.815.878
-35,711,276
39,954,902
-43,753,737
-52,063,396
36,255.079
47,300,393
--27,596,760
-2
5.567,928
--19.55
--22.40
--27.46
--24.54
24.22
--26.58
--25.85
--27.21
-19.75
--23.13
--32.35
--24.08
--22,883,171
32.904,121
-16,893,267
--23,885,970
-3
0.320,738
-20,587,220
28,465.456
-44.043,146
55,161.214
55,222,527
--24.13
--33.76
--16.66
--23.21
-27.23
--18.70
-22.73
--31.64
--37.41
--35.14
Per Cent.
Other Monthly Steam Railroad Reports.
-In the following we show the monthly reports of STEAM railroad
Issue of Chronicle
Name of CompanyWhen Published. Pape.
Pittsburgh Subur. Water Seer. Co_ _Dec. 12-.3960
Plymouth Cordage Co
Dec. 12__3979
Postal Telegraph & Cable Co
Dec. 12..3960
Public Service Co.of N.Hampshire_Dec. 12- _3961
Pullman Co
Dec. 12_3960
Robbins & Myers, Inc
Dec. 12__3979
Scranton Spring Brook Wat. Serv.CoDec. 12-3961
South Bay Consul. Water Co.. Inc_ _Dec. 12_ _3961
Southwest Gas Utilities Corp
Dec. 12_3961
Stanley Co. of America
Dec. 12_ _3980
State Theatres Co
Dec. 12__3980
Truax-Traer Coal Co
Dec. 12__3961
West Virginia Water Service Co- _ _ -Dec. 12_3961
Western Nov York Water Co
Dec. 12_3961
Western Tablet & Stationery Corp_ _Dec. 12_.3981
Williams 011-0
-Matte Heating Corp_Dec. 12__3981
INDUSTRIAL AND MISCELLANEOUS COS.
Alabama Water Service Co.
1931.
12 Months End. Oct. 31Operating revenues
$843,522
Operation expense
304,227
Maintenance
37.418
Taxes (excluding Federal income tax)
93.405
1930.
$880,412
337,451
37,140
87,931
Net earnings from operations
Other income
$417,890
4,912
$408,472
2,828
Gross corporate income
$411,300
8422,802
Interest on funded debt
212.383
197,463
10 Lost complete annual report in Financial Chronicle April 11 '31, p. 2757
Alaska Juneau Gold Mining Co.
(Arid Subsidiaries)
Period End. Nov.30- 1931-Month-1930.
1931-11 Mos.-1930.
Gross earnings
$251,000
$296,500 $3,478,500 $3,076,500
Net profit after int.,
operating exp. & devol.
chgs., but before depr.,
depict. & Federal taxes
x62,300
120,500 x1,444,350
978,850
x Before interest.
K0 Last complete annual report in Financial Chronicle Mar. 21 '31, p. 2198
=
Allen Industries, Inc.
Income Account for 9 Months Ended Sept. 30 1931.
Sales
Manufacturing cost
Selling expenses
General and administration expenses
Non-operating expenses
$887,805
761,319
58,521
69,562
2.067
Loss for period
$3,667
10 Last complete annual report in Financial Chronicle Feb. 14 '31, p. 1225
American Car & Foundry CO.
(And Subsidiaries)
Six Months Ended Oct. 311931.
1930.
Net loss after charges and taxes
$982,349 pf$1,859761
Earns, per sh. on 600,000 shs. com. stk.(no par)
Nil
81.35
la"Last complete annual report in Financial Chronicle June 27 '31, p. 4784
American Machine & Metals, Inc.
(Formerly Manhattan Electrical Supply Co., Inc.)
Period Ended Sept. 30 19319 Mos.
3 Mos.
8226,393
Gross profit on sales
$792,897
Interest, discount. &c
144,650
311,020
Gross income
Costs and expenses
Depreciation
Interest
Extraordinary losses and exp. and prov.for conting
$371,043 81,103.917
924,897
287,910
46.281
140,704
112,938
35,343
9,312
81,509 loss$83,036
Net profit
American Salamandra Corp.
10 Mos.End Year Ended
Oct. 31 '31. Dec. 31 '30.
$128,000
$96,000
11,140
16,381
340
110
996
PeriodDividends on General Alliance stock
Dividends on other stocks
Interesr on call loans
Interest on bank balances
Total income
Realized net profit on sale of securities
$107,250
$145,717
2,135
Balance
Expenses
$107,250
11,116
$147,852
9,577
396,134
$138.275
258.801
Net profit before revaluation of investments-.
Unrealized deprec. of securs. on hand Dec.31 1930
Net loss for the year
5120.526
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, &c., or where they differ in
some other respect from the reports to the Commission.
American Seating Co.
(And Subsidiaries)
Ended Sept. 301931.
9 Months
1930.
$33,595,871 $4,865,009
Sales
2,473,995
Cost of sales
3,404,545
administration expenses
815,388
Selling and
935,306
Depreciation
99.755
158,640
Eastern Steamship Lines, Inc.
-Month of October-- -12 Mos. End, Oct. 311931.
1930.
1930.
1931.
Operating revenue
5816.805
16936,637 $9,624,906 511.260,534
Operating expenses
745.134
832,415
8,856,958
7,762,674
Operating income
71,671
104,222
2,403.576
1,862,232
Other income
2,574
9.302
82,138
46,256
56,717
Other expense
65,511
604.229
562,689
517.528
Net income
548,013 51,345.799 31.881,485
mast complete annual report in Financial Chronicle May 16 '31, p. 8120
Operating profit
Other income
$206,733
198,923
2366,518
79,780
Total income
Provision for extraordinary losses and bad debts_
Other expenses
Interest
$405.656
565,000
131,699
150,684
$446,298
47,770
180,000
Net loss
$441,727 xpf$218.528
x Profit before Federal taxes.
10 Last complete annual report in Financial Chronicle Feb. 14 '31, p. 1226
-
[VOL. 133.
FINANCIAL CHRONICLE
3958
British Columbia Power Corp., Ltd.
American Water Works & Electric Co., Inc.
(And Subsidiary Companies).
-Month of October- -12 Mos.End. Oct. 311930.
1931.
1930.
1931.
$4,013,905 $4,440,998 $50,870,026 $54,654,134
Gross earnings ______
Oper.exp. maint & taxes 2,051.678 2,375,286 26.195,163 27,612,807
Gross income
$1,962.227 52,065,712 $24,674,862 $27.041,327
Interest & amortization of discount of subsidiaries- $8,692,916 $8,637,982
5,635.432 5,649,481
Preferred dividends of subsidiaries
510,346,514 $12,753,863
Balance
1,293,758
Int.& amort.of disc. of Amer. W.W.& El. Co.Inc 1,309.174
Balance
Reserved for renewals, retirements & depletion
$9,037,339 $11,460,104
3,125,763 4,226,302
$5,911,576 $7,233,802
1,200,000 1,200,000
$4,711,576 $6,033,802
Balance for common stock
1.740,948
1,750.888
Shares of common stock outstanding
$3.47
$2.69
Earned per share
report in Financial Chronicle Mar. 14 '31, p. 1983
tarLast complete annual
Net income
Preferred dividends
American Commonwealths Power Corp.
(And Affiliated Companies)
1930.
• 1931.
12 Months Ended Sept. 30521.998.435 $22,981,882
Total operating revenue
1,173,595
1.486.340
_
Non-operating revenues-- - - - $23,484,776 $24,155,478
Total gross revenues
10,270,342 11,970,735
Operating expenses
1,159,952
1,013,003
Maintenance_
1,581,652
1,787,284
Taxes (other than Federal taxes)
18,506
Miscellaneous expenses
-510,414,145 $9,424,630
Net income
Annual interest charges, funded debt, subs. cos._ 4,723,523 4.621.505
$5.690,622 $44,803,125
Balance
Annua dividend charges, preferred stocks, sub1,735,286
1,971,831
sidiary operating companies
Annual dividend charges, $6.24 series prior pref.
45.470
stock
$3,673,320 $33,067,839
1.554.275
1.606,864
Balance
Credit to depreciation reserve
$2,066,455 $1,513,564
Balance
1,513,584
Balance available, Amer. Commonw. Power Corp_ 2,073.686
1.674,258 3,520,200
Other income, including profit from sale of secur
Balance available for interest and dividends._ _ 53,747.944 $5,033,764
1,136,310
1.358,745
Total interest charges
$2,389,199 $3,897,454
Balance available for dividends
722.383
915,839
First preferred stock dividends__
95,977
92,596
Second preferred stock dividends
Balance available for Federal taxes, contin$1,380.763 $3,079,094
gencies and surplus
Note.
-The earnings statement for 12 months ended Sept. 30 1931, does
revenues or net income of properties owned by
not include either gross
National Gas & Power Corp., Interstate Fuel & Light Co. or Union Gas
Utilities, Inc., which are not subsidiaries of nor part of the corporate
structure of American Commonwealths Power Corp.
larLast complete annual report in Financial Chronicle June 13'31, p. 4402
American Power 8c Light Co.
(And Subsidiaries).
1930.
1931.
12 Months Ended Sept. 30Subsidiaries
584.376.754 587.924.331
Operating revenues
40.209.189 42.123,280
Operating expenses. including taxes
$44,167,565 $45,801,051
revenues from operation
Net
2.168.698
2,308,711
Other income
546.478,276 $47,969,749
income
Gross corporate
16.481.665 15,233,537
Interest to public and other deductions
6.590.138 6,222,152
Preferred dividends to public
Balance
Retirememt (deprec n) reserve appropriations
$23,404,473 826,514,060
4,822.010 5,501,449
$18,582,463 $21,012,611
Balance
157,390
155.725
Portion applicable to minority interests
applic. to American Power & Light Co....$18,426.738 520,855,221
Balance
American Power & Light Co.Bal. of subs. inc. applic. to American Power & 18,426.738 20,8.55,221
is Light Co.(as shown above)
1,333.552
650,756
Other Income
$19.077,494 $22,188,773
la Total
517.462
278.841
Expenses.including taxes
$18,798,653 $21,671,311
3.106,414 3.031.632
Balance, applicable to interest
Interest to public and other deductions
Balance applicable to preferred stocks
Dividends on preferred stocks
Balance applicable to common stock
Regular diva, on com,stock-Paid in cash
*Paid in common stock
515,692,239 518,639,679
8.541.908 8.059.233
57.150,331 510,580,446
2.824.367 2,470.015
1.192,356
1.362.809
$2.963.155 $6,918,075
Balance..
extra
stock dividends on common stock,
z In addition to the regular a share (10%) was paid in common an
stock in
stock dividend of one-tenth of 1929, the distribution being from surplus
1930. and December
December
and for the respective periods above amounting to $3,213,174 in 1931 and
52.810,052 in 1930.
'31, p. 1987
arLast complete annual report in Financial Chronicle Mar. 14
Baton Rouge Electric Co.
Gress earnings
Opwation
Maintenance
Taxes
-Month of October- 12 Mos. End. Oct. 31
1930.
1930.
1931.
1931.
$114,073
5101.671 $1,436,413 51,361.416
5678,138
5733.661
$58,827
$58.650
68.292
3.990
56.518
4,167
124,905
9,660
138,022
11,633
Net oper. revenue_
Inc.from other. sources*
$41,771
527.042
480
8508,311
9,460
$490,080
10,993
Balance
nicest & amortization-
$41.771
13,810
$27,523
13.058
$5517,771
168,583
$501,074
137.313
$383,761
514.468
5349.187
527.961
Balance
x Interest on funds for construction purposes.
7 '31, p. 1194
;amass complete annual report in Financial Chronicle Mar.
-Month ofOctober- -4 Mos.End,Oct. 311931.
1930.
1930.
1931.
$1,149,494 $1,248,830 $4,510.488 $44,846,038
636,078 2,466,313 2,540,594
587.694
Gross earnings
Operating expenses
3612,752 52,044,175 $2,305,444
Net earnings
$561,800
IGO Last complete annual report in Financial Chronicle Sept. 19 '31, p.1924
and Sept. 26 31, p. 2103.
Canadian Hydro-Electric Corp., Ltd.
-Month of September- 12 Mos. Ended Sept. 30
1931.
1930.
1930.
1931.
$713,907 $8,960,558 58.201,651
5759.526
600,653 7,595,858 6.873,755
635,574
Gross revenue(incl.other
Income)
Net before int.& deprecInt., amort. of dint.,
div. on pref. stock of
subsidiary
Depreciation
Balance for diva, after
interest and deprec_
Divs. on Can. Hydro-El.
Corp., Ltd.,1st pf.stk
421,478
61,106
384,785
58.606
4.824,995
752,567
4.564,212
822.674
152,990
157.262
2.018.296
1,686,869
62,500
62,500
750,000
750,000
5936.869
$94,762 $1,268,296
$90,490
Bal.added to surpluslarLast complete annual report in Financial Chronicle July 11 '31, p. 283
Central Arizona Light & Power Co.
(American Power & Light Co. Subsidiary)
-Month of October- -12 Mos.End,Oct. 311930.
1931.
1930.
1931.
5253,439 53,199.477 53,254.161
$242,943
Operating revenues
1,833,385
1,782.850
131,214
141,401
Oper. exp., incl. taxes
Net rev. from oper
Other income
$101,542
30.724
$122,225 51.416,627 51,420.776
194,636
358,971
30,382
Gross corporate Inc
Int. on long-term debt
Other int. & deductions-
$132,266
31.250
61
5152.607 51.775,598 $1,615,412
219.347
375.000
31,250
76,797
2,976
536
5100.955
Balance_
Dividends on preferred stock
$120,821 51,397,622 51,319,268
107.352
108,322
Balance
Retirement(depreciation)reserve appropriation
51,289,300 51,211,916
349,911
422,391
5862,005
5866,909
Balance
rirLast complete annual report in Financial Chronicle June 13'31, p. 4407
Chester Water Service Co.
12 Months End. Oct. 31Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1931.
$545,679
140,494
21,551
21,437
1930.
$577,793
136,630
22,410
13.168
Net earnings from operations
Other income
5362,197
15,374
5.405,588
3,960
$409.546
5377,571
Gross corporate income
139,317
148,959
Interest on funded debt
report in Financial Chronicle April 11 '31, p.2759
-Last complete annual
127
City Stores Co.
(And Subsidiaries)
1931-3 Mos.-1930.
1931-9 Mos.-1930.
Period End.Oct.31Net loss after res. for
deprec., conting. &
deduct, of minority
8633,685prof$726,978
stockholders interest_ $308,417prof$415,174
Earns, per sh. on 1.067.941 abs. com. stk. (no
$0.47
Nil
$0.32
Nil
•
Par)
larLast complete annual report in Financial Chronicle May 16 '31, p. 3719
Cumberland County Power & Light Co.
1931-12 Mos.-1930.
Period End. Sept.30- 1931-3 Mos.-1930.
Gross operating revenues $1.230.544 51,237.010 $4,937.442 54,800.765
Avail. for int., lease
2,114,431
563,632 2,183,051
542.088
Int. on long term debt &
692,195
807.646
176,521
202.238
lease rentals
209,944
84,281
54,242
10,858
Other deductions
$332,869 $1,291,124 51,212,292
Net for retire. & dive_ $328.992
larlast complete annual report in Financial Chronicle Apr. 4 '31, p. 2580
Eastern Texas Electric Co. (Del.)
(And Constituent Companies).
-Month of October- -12 Mos. End, Oct. 311931.
1930.
5818,503 19,472.414 510,179,630
5746,610
Gross earnings
420,020 4,598.260 4,798,694
370.652
lperation
%i
1:
508,755
405,768
41,620
29.610
aintenance
709,444
718.753
55,340
49,671
Taxes
5301.522 53,749,631 54,182,736
Net oper. revenue_ _ _ _ 5296,676
6,398
41.889
1,026
859
,
In . from other sources*
5302,548 53,756.029 54,204,625
5297,535
Balance
1,684.371
1,894.299
153,157
163,921
______
Deductiotuly
$149.391 51.861,730 52,520,253
$133,613
Balance
493,863
30,485
412,824
41,933
Interest & amortization5118,905 51.367,867 52,107328
591.680
Balance
x Interest on funds for construction purposes. securities of
constituent
y Interest, amortization charges and dividends on
companies held by the public.
Financial Chronicle Mar. 7, '31, p. 1795
Wlast complete annual report in
El Paso Electric Co.(Del.)
(And Constituent Companies)
-Month of October- -12 Mos, End. Oct. 311930.
1930.
1931.
1931.
$288,091
$317,035 $3,493,888 $3.646,980
126.168
1,421,429
115.953
1.541.610
190,900
13,382
17,292
185,269
300,852
23,889
22,343
306,684
Gross earnings
Operation
Maintenance
Taxes
Net oper. revenue_
Inc. from other sources*
$134.865
40,114
Balance
Deductionsy
$94,750
836
Balance
Interest & amortization
$93,914
5151,231 $1.580,485 51.613.618
117,329
39,744
5111.487 51.580.485 51,730.946
463.771
479.810
1,679
$109,808 $1.100,675 $1,267,174
8,098
11,845
$1,089,029 $1,259,075
Balance
x Interest on funds for construction purposes.
y Interest, amortization charges and dividends on securities of constituent
companies held by the public.
7, '31, p. 1796
fairLast complete annual report in Financial Chronicle Mar.
DEC. 12 1931.]
FINANCIAL CHRONICLE
Florida Power & Light Co.
East Kootenay Power Co.
Gross earnings
Operating expenses
-Month of October- -7 Mos. End. Oct. 311931.
1930.
1930.
1931.
$38,439
$44,376
$317,126
$288,492
11.452
12,426
99,510
100,403
Net earnings
$26,987
$31,950
$217,616
$188,089
rirLast complete annual report in Financial Chronicle June 13 '31, p. 4408
Electric Bond & Share Co.
12 Months Ended Oct. 31Gross income
Expenses, including taxes
1931.
1930.
$38,929,563 $54,157,780
9,423,154 11,857,633
Net income
Preferred stock dividends
$29,506,409 $42,300,147
8,029,015
7,156,803
Balance
Common stock dividends_x
$21,477,394 $35,143,344
8,800,420
8,304,954
Surplus income
$12,676,974 $26,838,390
Surplus income of $21,477,394 for the 12 months ended Oct. 31 1931 is
equal to $1.45 per share on the average number of shares of common stock
outstanding during the period.
x Regular quarterly dividends in common stock at the rate of 3-200ths
of a share (13.i %, or at the annual rate of 6%) are charged out at $10 a
share for each share of common stock issued in payment of dividends.
-Stock dividends received by the company in the form of common
Note.
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.
There has been charged direct to surplus during the 12 months ended
Oct. 31 1931, $3,413,991. net loss, representing profit and loss on sale of
securities, which amount is not included in the above statement of income.
DZ'Last complete annual report in Financial Chronicle Mar. 21 '31, p. 2180
Equitable Office Building Corp.
1931.
1930.
7 Mos.End. Nov. 30-1929.
1928.
$3,565,451 $3,734,803 $3,690.214 $3,355,321
Total revenue
Operating profit
2,933,548
3,067,549
3,029.738
2,707.825
Depreciation
160,873
160,873
160,873
160,873
Balance
Other income
$2,772,675 $2,906,676 $2,868,865 $2,546,952
70,422
40,800
63,329
39,568
$2,843,097 $2,947,476 $2,932,194 $2.586,520
Total income
Int., real estate tax, &c- 1,311,089
1,273,276
1,260.235
1,274,242
179.000
Federal tax
201,000
201,000
161,000
$1,353,008 $1,473,200
Profit
54,543
64,786
Reserve for additl. depre
Federal Light & Traction Co.
(And Subsidiary Companies).
(Earnings of Now Brunswick Power Co. not included)
-Month of October-12 Mos. End. Oct. 311930.
1931.
1931.
1930.
$700,178 $8,129,211 $8,536.907
$638,420
Gross earnings
390.188
350,130
Operating expenses
4,607,731
4,826,513
$288,290
$309,990 $3,521,480 $3,710,394
Total income
108,429
108,142
Interest & discount
1,303.756
1,320,619
$2,217,724 $2.389,775
104,865
1,666
73,214
104,855
1,514
69,981
Balance after charges
$2.037,979 $2,213,425
OrLast complete annual report in Financial Chronicle Mar. 7,'31, p. 1796
Federal Water Service Corp.
(And Subsidiaries)
12 Months Ended Oct. 31Operating revenues
Operating expenses
Maintenace
Reserved for retirements & replacements
General taxes
Net earnings
Other income
(American Power & Light Co. Subsidiary)
-Month of October- -12 Mos.End. Oct.311931.
1930.
1931.
1930.
Operating revenues
$790,468
$792,295 $11,777,334 $11,537,407
Oper.exps.,incl.taxes_ _
435,070
450,614
5,951,688
5,982.968
Net rev,from oper
Other income
$355.398
72,344
$341,681 $5,825,646 $5.554,439
85,136
901.303
1.107.952
Gross corporate inc
Int. on mortgage bonds_
Int. on dabs. (all owned
by Amer.P.& L. Co.)
Other int. & deductions-
$427,742
216,667
$426,817 $6,726,949 $6,662,391
216.667 2.600.000
2,600,000
1931.
1930.
$16,952,341 $16,300,753
4,866,004
4,914,912
731,444
776,602
868,901
743,780
1,292,193
1.104,574
110,000
12,297
Balance
$88,778
Dividends on preferred stock
110,000
10,307
1,320.000
148.340
1.320,000
117,204
$89,843 $2,658,609 $2,625,187
1,173,947
1,141,386
Balance
Dividends on 2d pref. stock
$1,484,662 $1,483.801
140,000
140.000
Balance
Retirement (depreciation) reserve appropriation_
$1,344,662 $1,343,801
500,000
700.000
Balance
$844,662
$643,801
la"Last complete annual report in Financial Chronicle June 11 '31, p. 285
Gulf States Utilities Co.
-Month of October- -12 Mos. End. Oct. 311931.
1931.
1930.
1930.
$519,548
$558,531 $6,489,707 $7,086,537
240,526
285,459
2,959,009
3,157,947
15,927
22,093
222,721
300,398
36,115
41.663
527.742
499.115
Gross earnings
Operation
Maintenance
Taxes
Net oper. revenue_ __ _
Inc.from other sourcesz_
$226,978
90,999
$209,315 $2.780,233 $3.129,075
7,039
80.880
27.697
$128,435 $2,787,272 $3,156,773
Balance
$135,979
-..5,675 1,022,176
Int. & amort.(public)
979.966
Balance
Int.(E. T. E. Co. Dol.)
$135,979
$122,760 $1,765,095 $2,176.806
47,719
72,670
Balance
$1,717,375 $2,104,136
z Principally interest on funds for construction purposes.
Last complete annual report in Financial Chronicle Mar. 21 '31, p. 2192
10
-
Llinois Bell Telephone Co.
$1,470,959 $1,151,278
44,462
35,121
$1,288,222 $1,418,657 $1,426,497 $1,116,157
Not profit
She, corn, stock out895,464
standing (no par)-- - _
895,464
893,496
893.496
Earnings per share
$1.44
$1.58
$1.59
$1.24
1931.
Month of November1930.
1929.
charges and taxes_
Net profit after
$178,851
$198,463
$198,583
Pa"Last complete annual report in Financial Chronicle June 6 '31, p. 4249
$201,561
Net income_ _ _ ------ $180,148
Pref. stock dividends:
Central Arkansas Public Service Corp
New Mexico Power Co
Springfield Gas & Electric Co
3959
Tel. oper. revenues
Tel. oper. expenses
-M nth ofOctober- -10 Mos.End. Oct.311931.
1931.
1930.
1930.
$7,472,058 $7,876,167 $74,713,743 $77,338,932
5,061.040
5,392,264 51,343,228 54,036.366
82,411,018 $2,483,903 $23,370.515 $23,302,566
Net telep. oper. revs
Thscollectible oper. revs_
44,790
40,268
474.247
364.173
753,902
788,032 8,823,516
Taxes assignable to oper.
8.1'76,598
Operating income
$1,612,326 $1,655,603 $14,072,752 $14,761.795
*Last complete annual report in Financial Chronicle Feb. 14 '31, p. 1214
and 1221.
Illinois Water Service Co.
12 Months Ended Oct. 31Operating revenues
Operation expense
Maintenance
Taxes(excl. Federalincome tax)
1931.
$673.648
237,314
43,003
41,379
1910.
$665,172
264,590
41,596
49.295
Not earningsfrom operations
Other income
$351,951
1,264
$309,691
1.350
Gross corporate income
$353,215
$311,042
156,850
Interest on funded debt
143,172
O'Last complete annual report inWinancial Chronicle Apr. 11 '31, p. 2761
International Telephone & Telegraph.
(And Associated Companies)
1929.
1930.
1928.
9 Mos.End. Sept.30- 1931.
$69,395.388 $76.695,748 $76,169.612 $59.048,599
Gross revenue
Exps.,taxes & deprec_-_ 55,434,549 57,889,443 54,967.372 42,359.249
Operating profit
Charges assoc. cos
Deb. bond interest
$13,960,838 $18,806,304 $21,202.240 $16.689,350
4,512,259
5,219,007
3,041,548
5,099.397
4,327,312 y4,028,701
2,369,428
1.181,250
Net income
Dividends
46.591.978 $10,265,345 $13,613.805 $10,408,703
8,003.598 x9,547,377 x8.398.914 6,039,562
$9,193,798 $8,760,886
666,482
706,023
def$1,411,620
$717,968 65,214,891 64,369,141
Surplus
Profit and loss,surplus-- 19,075,681 28.790.720 26,686,568 19.236,803
x Includes $223 interest on 4%% bonds now converted into stock in
1930 and $474,703 in 1929. y Exclusive of interest on bonds converted
into stock during year,such interest being deducted from surplus z Equivalent to $1.03 per share on the stock outstanding in hands of public at
end of period as compared with $1.55 per share last year.
-Earned surplus, Jan. 1 1931, $22,645,Surplus Account Sept. 30 1931.
Balance
$3,437,025 $3,946,931 817; deficit as above, $1,411,620; sundry surplus charges, $258,516; total
surplus, $19,075,681.
Water Service Corp.:
Charges of Federal
-(1) The above statement of earnings for the nine months
385,125
Notes.
Interest on debentures
385.000
217,497
Miscellaneous interest & other charges
70,495 ended Sept. 30 1931 is after giving effect to all losses due to conversion
of
Provision for Federalincome tax
283,667
392,196 of earnings in foreign currencies Into U. S. dollars at current rates so
exchange. The amount of such loss for the nine months of this year
Balance
$2,550,736 $3,099,240 charged against earnings is approximately $2,000,000, or over 30c. a share
Dividends on pref. stock of Fed. Water Serv. Corp987,602
983,295 on International stock. In addition to the foregoing, a reserve of $1,900.000 has been set up from surplus to cover eventual losses on current
Balance
$1.563,134 $2,115,946 assets in the countries which went off the gold standard in September 1931.
Total shares of common stock outstanding:
(2) The income of the Compania Telefonica Nacional de Espana
Class A
568,019
560,143 (Spanish Telephone Co.) is included above only to the extent of interest
Class B
542,450
542450 and dividends received.
Earns,on which class A stk. has first lien (per sh.)$2.75
$3.77
OrLast complete annual report in Financial Chronicle May SO '31, p. 4082
Distributable to class A stock (per share)
$2.38
$2.90
erLast complete annual report in Financial Chronicle Mar. 21 '31, p. 2187
Gross corporate Income
$9,860,281 $9.466,908
Charges ofsubsidiary companies:
Interest on funded.debt
4,924,792 4,209,512
discount, miscellaneous
Amortization of debt
188,194
interest,&c
110.842
1,310,269
Dividends on preferred stock
1,199,623
Kansas Gas & Electric Co.
Graham-Paige Motors Corp.
(And Subsidiaries)
Period Encl.Sept.30- 1931-3 Mos.-1930.
1931-9 Mos.-1930.
Net loss after charges-- $1,400,391 $1,347,924 $2,233,447 82,228,884
rirLast complete annual report in Financial Chronicle Mar. 21 '31, p. 2207
Grigsby-Grunow Co.
(And Subsidiaries)
Earnings for Quarter Ended Aug. 31 1931.
Sales
Operating profit
Depreciation
Contingent & other reserves
$4,256,218
4,637
605,263
460.000
Net loss
060,626
x Compares with net loss of $182,974 in the corresponcllng quarterof 1930.
41.
r"Last complete annual report in Financial Chronicle Aug.8 '31, p. 065
(American Power & Light Co. Subsidiary)
-Month of October- -12 Mos.End. Oct.311931.
1930.
1931.
1930.
$472.089
$498,827 $5.711,300 $6,025,555
Operating revenues
219.087
247,314
2.840,643
3.158.716
exp., incl. taxes
Oper.
$253,002
$251,513 $2,870,657 $2,866.839
Net rev,from oper
126.628
2,411
9,324
75,893
Other income
$255,413
$260,837 $2,946,550 $2,993,467
Gross corporate inc
75,000
75,000
900,000
975,333
Int. on long term debt
99,519
7,475
8.663
71,534
Other int. as deductions_
$172,938
Balance
Dividends on preferred stock
$177.174 $1,947.031 01.946.600
509,624
457,521
$1.437,407 $1,489,079
Balance
600,000
Retirement (depreciation) reserve appropriation..
600.000
Balance..
$837.407
$889,079
[vol.. 133.
FINANCIAL CHRONICLE
3960
New York Investors, Inc.
(The) Key West Electric Co.
- 12 Mos. End. Oct. 31-Month of October
1930.
1931.
1930.
1931.
$227,340
$212,713
$18,052
$16,384
Gross earnings
95,687
85,364
7,397
6,482
Operation
20,001
15,879
1.621
1,292
Maintenance
18,977
19,879
1,983
920
Taxes
$92.674
$91,589
$7.049
$7,689
Net oper. revenue_ _ _ _
28,261
27,969
2,333
2,310
Interest & amortization$4,716
35,379
Balance
$63,619
$64,413
Lexington Water Power Co.
Earningsfor 11 Months Ended October 31, 1931.
(Commercial operation commenced December 1 1930)
$1,599,074
Gross operating revenue
521,251
Operating expenses
5,895
Maintenance
capital (renewals & replaceProvision for retirement of fixed
218,583
ments-depreciation, &c.)
208.334
Taxes
Operating income
Other income
$645,011
11,118
Gross income
Interest on 1st mortgage 5% gold bonds, series due 1968
Interest on 5M % convertible sinking fund gold debs.,due 1953..
Interest on other debt
$656,129
550,000
252,083
327.499
$473,453
Deficit
Loblaw Groceterias Co., Ltd.
-1930.
-1930. 1931-24 Weeks
Period End. Nov. 14- 1931-4 Weeks
Net profit after chgs. &
$4439,587
$414,035
$85,404
$82,374
Income taxes
rE'Last complete annual report in Fiancial Chronicle Aug. 1 '31, p. 812
Louisiana Power & Light Co.
(Electric Power & Light Corp. Subsidiary)
-Month ofOctober- -12 Mos.End. Oct. 311930.
1931.
$580,i92 $6,236.780 $5,998,626
$559,373
Operating revenues
282,202 3.124,223 3.135,894
265,401
Oper. erns., incl. taxes
$297.990 $3,112,557 32,862,732
3294.172
Net rev, from oper
84,388
76.429
5,213
6.394
Other income
$303,203 $3,188.986 $2,947,120
$300,566
corp. income
Gross
648.891
818,337
60,417
72.917
Int. on long-term debt
125.271
75,492
7,594
3.580
Other int. & deductions1235,192 $2,295,157 $2,172,958
3224,069
Balance
345,000
357,366
Dividends on preferred stock
$1.937,791 $1,327,958
195,000
180,000
Balance
Dividends on 2d preferred stock
$1,757,791 $1,632,958
B.ce
448,956
256.960
Retirement (depreciation) reserve appropriation_
$1,500,831 31,184,002
Balance
Manitoba Power Co., Ltd.
Gross earnings
Operating expenses
Net earnings
-Month of October- -10 Mos.End.Oct.311930.
1931.
1930.
1931.
$101,054 $1,059.005 $1,111,688
$129.588
246,926
259,743
24,658
30,141
$864,762
$799,262
$76,396
$99.447
Mesta Machine Co.
Earnings for 9 Months Ended Sept. 30 1931.
Gross profit from operations
Miscellane-us income
$2,316,323
123,498
Total income
General, administrative & selling expenses
Depreciation
Provision for Federal income tax
$2,439,821
410,136
167,829
224,214
Net profit
Balance, Jan. 1 1931
$1.637,641
4,455,154
$6.092,795
Total surplus
899.917
Common dividends
69,494
Preferred dividends
13,290
purchase of preferred stock retired
Premium paid on
$5.110,095
Surplus. Sept. 30 1931
$2.61
stock (par $5)
Earnings Per share on 600,000 shares common
18 '31, p. 492
rarLast complete annual report in Financial Chronicle July
3 Months. 9 Months.
Period End. Sept. 30 193131.400,048 $1,672,874
Net profit before prov. for Fed taxes (est.)
Net profit after Fed taxes & divs, on pref. stock of
1,140,792 x1.238.618
Prudence Co., Inc.
x This compares with $1,997,281 for corresponding period of 1930.
10"Last complete annual report in Financial Chronicle Mar. 7, '31, p. 1822
Ohio Water Service Co.
12 Months Ended Oct. 31Operating revenues
Operation expenses
Maintenance
Taxes(excl. Federalincome tax)
1931.
3531.370
165,189
24,899
76.971
1930.
$648,686
175,623
25,365
66,152
Net earningsfrom operations
Other income
$264,311
19,720
$381,476
24.258
$284,031
$405,734
Gross corporate income
188,583
168,714
Interest on funded debt
Chronicle Apr. 4 '31, p. 2584
U"Last complete annual report in Financial
Oregon-Washington Water Service Co.
12 Months Ended Oct. 31Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1931.
3496,123
166.667
18,964
63,838
1930.
$564,125
201,284
20,482
70,309
Net earnings from operations
Other income
$246,655
9,283
$272,050
5.018
$277,068
$255,938
Gross corporate income
136,777
135,783
Interest on funded debt
-Last complete annual report in Financial Chronicle April 4 '31, p. 2684
120
Pacific Telephone & Telegraph Co.
-Month of October- -10 Mos.End. Oct. 311930.
1931.
1930.
1931.
Telep.oper.revenues_ __ $5,202,010 $5,462,926 $52,473,872 359.257,958
Telep.oper expenses--- 3,588,062 3.732.328 35,418,893 40,836,739
Net telep. oper. rev.. $1,613,948 $1,730,598 $17,054,979 $18,421,219
451,300
418,200
49.600
40,600
oper. re-venues....
492,202 5.078,533 5,118,920
492,589
Taxes assignable to operOperating income..--- $1.081,359 $1,188,796 $11.558,246 312,850,999
e'Last complete annual report in Financial Chronicle Feb. 28 '31, p. 1618
Parmelee Transportation Co.
1931-9 Mos.-1930.
Period End.Sept.30- 1931-3 Mos.-1930.
Net loss after interest,
$524,303 xpf$70,564
$374,892 prof$1,936
depreciation, &c
x Before extraordinary non-recurring losses amounting to $514,324,
which were charged directly to surplus account.
MrLast complete annual report in Financial Chronicle July 11 '31, p. 800
Pittsburgh Suburban Water Service Co.
12 Months Ended Oct. 31
Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1931.
$337,262
126,197
16,310
9.731
$338,178
120.564
21,535
6.738
Net earnings from operations
Other income
3185,023
730
$189,341
930
$190,271
$185,754
Gross corporate income
92,099
85,148
Interest on funded debt
O"Last complete annual report in Financial Chronicle Apr. 11 '31, p. 2765
Ponce Electric Co.
-Month of October- -12 Mos. End. Oct. 311931.
1930.
1930.
1931.
$358.181
335.207
$377.017
$27,657
Gross earnings
154,919
162,760
15,453
10.639
Operation
20,993
2,183
20,533
1,180
Maintenance
39.056
37.066
3.717
2.341
Taxes
$156,055
$143,212
$13,852
$13.496
Net oper. revenue......
919
3.147
75
76
Interestcharges
8142,293
$13,777
$153,508
$13,420
Balance
la"Last compate annuas report in Financial Chronicle Mar. 7 '31, p. 1799
Postal Telegraph & Cable Corp.
(Including Associated Companies).
1930.
1929.
1931.
9 Months Ended Sept. 31$26,086,659 $28,671,674 $30,685,572
Earnings
Oper.,general exps.,taxes & deprec-- 25,397.040 26,290,023 26,865.243
(American Power & Light Co. Subsidiary)
262,455
37,162
152,037
Gen.int.& chgs.ofassoc.companies_
-Month ofOctober- -12 Mos.End. Oct. 31- Int. on coll. tr. 5% gold bonds
1,900,133 1,898,290
1,900,133
1930.
1931.
1930.
1931.
$553,554 $6,205,933 $6,488,797
$505,678
$219,063 $1,770.002
loss$1,247,675
Operating revenues
Net income
206.805 2,269,534 2.530,112 Div. on 7% non-cum. pref.stock.-205,286
1,602,799
1,599,618
Oper. exps., incl. taxes
3346.749 $3,936,399 33,956,685
$300,392
Net rev, from oper-107,811
189,259
$1,247,675 $1,383,736 sur$170,386
11.065
Balance, deficit
3,073
Other income
$357.814 $44,125,658 $4,064,496
125PLast complete annual report in Financial Chronicle Mar. 14 '31, p. 1991
$303,465
Gross corp. income
1,627,729 and Mar. 7,'31, p. 1799.
142,869 1,709,516
141.868
Int. on long-term debt...
77,250
67,945
5,438
5,704
Other int. & deduc'ns
$209,507 $2,348,197 $2,359,517
$155,893
(The) Pullman Co.
Balance
999,893
996.986
Dividends on preferred stock
(Revenues and Expenses of Car and Auxiliary Operations)
-10 MOS.End. Oct. 31-Month of October
$1,351,211 $1,359,624
Balance
1931.
1930.
250,000
1930.
1931.
250.000
Sleeping Car Oper.Retirement (depreciation) reserve appropriation$3,922,722 $5,293,323 347,353,407 359,831,950
'
Berth revenue
672,357 5,815,528 7,348,152
496,610
$1,101,211 $1,109,624 Seat revenue
Balance
202,990
115,495
1,156,594
1.685,537
13'31, p. 4410 Charter of cars
3,401
tarLast complete annual report in Financial Chronicle June
201
7,851
39,357
Miscellaneous revenue
181.833
158.599
1,525,953
1,620,740
Car mileage revenue_ __ _
-Dr..
Mississippi Power & Light Co.
Association rev.
337,517 2,391,828 5,013,940
194,227
Contract revenue
(Electric Power & Light Co. Subsidiary)
-Month ofOctober- -12 Mos.End. Oct. 31$4,499,400 36.016.388 $53,467,507 365,511.798
Total revenues
1930.
1931.
$486,203 $4,999,190 $5,020,397 Maintenance of cars....__ $2,131,354 $2,583,838 $22,110,482 $25,209,963
Operating revenues
3506,098
308,252 3,143,475 3,283,028 All other maintenance_
Oper.exps., incl. taxes_
296,759
37.800
470,857
42.787
384,014
Net revs. from oper_ $209,339
$177,951 $1,855,715 $1,737,869 Conducting car °per_ _ _ _ 2,199.650 2,846,082 23,702,021 29,979,350
290,991 General expenses
158,115
261,580
Other income
263,403 2,638,830 2,796.478
24,093
9,802
Minnesota Power & Light Co.
Gross corp. income__
Int. on long-term debt.._
Other int.& deduc'ns___
$219,141
68,142
11,968
Balance
$139.031
Dividends on preferred stock
$202,044 $2,013,830 $2,028,860
544,057
817,775
68,192
389.500
157.363
13,815
$120,037 $1,038,692 31,095.303
293,485
405.327
Balance
Dividends on 2d preferred stock
Balance
Retirement (depreciation) reserve appropriation..
Balance
Total expenses
34.630.392 $5,736,111 $48,835,349 $58,456,649
$280.277 $4,632,158 37,055,149
Net rev. (or deficit)____def$130,991
Auxiliary Operations
$79,993
Total revenues
83.649
expenses
Total
$633,365
210,000
$8801,818
210,000
Net rev. (or deficit).- def$3,655
$423,365
135,911
$591,818
150,642
Total net rev. (or def.)--def$134,647
148,328
Taxes accrued
3287,454
$441.176
Oper. income tor loss) def$282,975
$104,637
105,168
$979,134 $1,242,138
1,099,925
901.325
$142,213
$77.808
def$530
$279,746 $4,709,966 $7,197,362
168,687 2,247,243 2.194,199
$111,059 $2,462,723 i$5,003.162
DEC. 12 1931.]
FINANCIAL CHRONICLE
West Virginia Water Service Co.
Public Service Co. of New Hampshire.
(And Subsidiaries).
Period End. Sept. 30- 1931-3 Months
-1930. 1931-12 Months-1930
Gross operating revenues $1,393,174 $1,258,539 $5,557,681 $5,460.608
2,517,624
Available for interest, &c
573,080
550,109
2,401,066
Int. on long term debt__
663,393
174,889
168,723
689,952
Other deductions
30,199
40,314
174.142
71,276
Net for retire. & divs- $367,993
$341,072 $1,639,837 $1,680,089
I3g'Last complete annual report in Financial Chronicle May 16 '31, p. 3714
Savannah Electric & Power Co.
-Month of October- -12 Mos. End. Oct. 311931.
1930.
1931.
1930.
Gross earnings
$171,371
$180,625 $2.089,130 $2,204,348
59,147
66.976
Operation
738,695
824,596
10.071
12,064
144,288
121,158
Maintenance
17,409
18,933
Taxes
211,901
205,609
$84,742
Net oper. revenue
$82,651 $1,017,375 $1,029,854
34,971
422,635,
35,958
Interest and amortiz
$49.771
$46,692
Balance
$596,557
$594,739
1:20
-Last complete annual report in Financial Chronicle Feb. 28 '31, p. 1619
Scranton-Spring Brook Water Service Co.
12 Months Ended Oct. 31Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1931.
1930.
$5.152,281 $5,304,979
1,192,714
1,318,271
267.572
311,478
160,932
128,419
Net earnings from operations
Other income
$3,531,062 $3,546,811
18,440
15.377
Gross corporate income
$3,546,439 $3,565,251
Interest on mortgage debt
1,466,784
1,559,826
WLast complete annual report in Financial Chronicle Apr. 11 '31, p. 2767
South Bay Consolidated Water Co., Inc.
12 Months Ended Oct. 31
Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
$533,369
143,797
22,399
61,388
$457,291
154.059
25,905
63,404
Net earnings from operations
Other income
$305,786
4,674
$213.923
8,711
Gross corporate income
Interest on funded debt
$310,460
158,656
$222,635
158,905
Southwest Gas Utilities Corp.
Earnings for 9 Months Ended September 30, 1931
Total gas sales ____ _ ------------------------------------- $1,163,777
Other operating revenue
1,260
Total revenue
---- --Gas purchases, operating it aaiiiiiiiitratit;;;
$1.165,037
---------644,453
Operating profit--------------------------------------Total other income
$520.584
43,807
Total income
Other miscellaneous deductions
Interest on bonds of subsidiary companies held by public
Minority interest_
Interest on funded debt
Depreciation, depletion & amortization
$564,390
39,988
185,298
22,641
149,123
201,210
Deficit-----------------------------------------------
$33,871
Tennessee Electric Power Co.
Gross earnings
Operating exp.& taxes
-Month of October- -12 Mos. End. Oct. 311931.
1930.
1931.
1930.
$1,139,133 $1,200,681 $13,830.884 $15,163,512
578.850
682,146
6,842,619
7,883,441
Gross income
Interest &c
$560,283
$518,535 $6,988,265 $7,280,071
2,292,244
2,193,620
Net income
Preferred stock dividend
$4,696,021
1,506,174
Balance
Depreciation
$3,189,847 $3,707,911
1,259,861
1,253,074
$5,086,451
1,378,540
Balance
$1,929,986 $2,454,837
120
-Last complete annual report in Financial Chronicle Mar. 21 '31, p. 2197
Truax-Traer Coal Co.
(And Subsidiaries)
Period End. Oct. 31 19313 Months.
6 Months.
Net profit after depreciation, depletion, interest &
Federal taxes
$1.026
452,459
Earns, per sh. on 276,325 shs. cap. stk. (no par).$0.01
$0.19
a Includes $47,411 for discount realized on debentures retired.
rirLast complete annual report in Financial Chronicle June 13'31, p. 4431
.
Twin State Gas and Electric Company
[Including Berwick & Salmon Falls Electric Co.]
-1930. 1931-12 Months
Period End. Sept. 30-1931-3 Months
-1930.
$919.092 $2.584,709 $2,601.613
Gross oper revenues__ - - $631,463
249,047
244,503
Available for interest,&c
1,114,810
1,100,715
59,645
60.407
Int, on long term debt_ 238,579
241,713
42,963
37,819
Other deductions
171,784
156,624
$146,277
Net for retire. & diva- $146,440
$704,448
$702,377
EirLast complete annual report in Financial Chronicle April 18 '31 p. 2968
Virginia Electric & Power Co.
(And Subsidiary Companies)
-Month of October- -12 Mos. End. Oct. 311930.
1931.
1931.
1930.
Gross earnings
$1,429,679 $1,459,139 $17,067,602 $17,179,193
Operation
592,708
566,191
6,521,530
6,750,895
Maintenance
93,760
101,665
1,215.765
1,422,068
Taxes
104,770
130,706
1,451.454
1,273,516
Net oper. revenue..-- $631,115
$667,899 87,878,852 $7.732,712
Inc.from other sources a
4,081
2.954
50,652
62.522
Balance
$671.980 $7,941,374 $7,783,365
$634.069
Interest and amort
156.711
147.893
1,774,493
1,828.259
Balance
8477.357
$524,087 $6,113,115 $6,008,871
a Interest on funds for construction purposes.
P'Last complete annual report in Financial Chronicle Mar. 7 '31, p. 1801
Winnipeg Electric Co.
Gross earnings
Operating expenses
Net earnings
-Month ofOctober- -10 Mos.End. Oct.311931.
1930.
1931.
1930.
$485.464
$523,882 $4.787,891 $5,170,172
329,902
368,218
3,613,588
3,369,031
$155,562
3961
$155,664 81,418.860 81.556,584
12 Months Ended Oct. 31Operating revenues
Operating expenses
Maintenance
General taxes
1931.
1930.
$1,165,013 $1,190.734
450,209
477,545
55,601
50,973
134.962
127,666
Net earnings from operations
Other income
$524,239
2,161
3534.550
2.461
Gross corporate income
Earns. on new prop, for period prior to acquisition_
$526,401
106,875
$537,011
148.781
Balance
$419,526
$388,229
Interest on funded debt
216,998
185,147
KB Last complete annual report in Financial Chronicle April 4 '31, p. 2586
-
(The) Western Public Service Co.
Gross earnings
Operation
Maintenance
Taxes
(And Subsidiary Companies)
-Month of October- -12 Mos. End. Oct. 311930.
1931.
1931.
1930.
$209,961 $2,504,346 32,376.281
$192,205
105,505
1,331.119
107.974
1,265.831
10,293
95.210
6,840
94,149
10.314
10.159
140,497
148,101
Net oper. revenue......Inc. from other sources a
$84,003
1,026
$937,519
7.188
$868.200
14.191
$85,029
Balance
$67,935
23,884
Int. and amort. (public)
23,870
Balance
$44,064
$61,145
Int.
Co., Del.)
19,290
13,215
Balance
$24,774
$47.930
a Interest on funds for construction purposes.
$944,707
285,949
8658.758
201.923
$456.835
$882.391
204,789
8677.602
210.948
$466.654
$67.076
859
(E. T. E.
Western New York Water Co.
12 Months Ended Oct. 31Operting revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
Net earnings from operations
Other income
1931.
$772,044
212.107
15,664
87,009
1930.
$817,150
270,612
43,019
83.858
$457,264
1,588
$419.662
4.233
$458,852
Gross corporate income
$423.895
203,680
Interest on mortgage debt
172,274
arLast complete annual report in Financial Chronicle April 11 '31, p. 2768
FINANCIAL REPORTS
Canada Dry Ginger Ale, Inc.
-Year Ended Sept. 30 1931.)
(Annual Report
P.D.Saylor, President & General Manager,in his remarks
to stockholders says in part:
Finances -The strength of our finances is apparent on the face of the
balance sheet, for with net current assets of over $44,300,000 and a ratio of
current assets to current liabilities of better than 6 to 1, we are obviously in
a position to meet, if necessary, a sustained continuation of the adverse
business condition with which all American business has been contending
this past year.
-It is necessary in order that you may completely understand
Earnings.
the nature and derivation of our audited earnings of $3.33 per share that
I ca.11 your attention to three essential particulars:
1. Of the total earnings, 38c. per share was realized from the sale of the
Seely company real estate. Thus, without this non-recurring profit, our
profits per share would have been $2.95.
2. We did not deduct from income $75,647, which represents a writedown of the current assets of the Canadian company due to the depreciated
value of the Canadian dollar on Sept. 30 1931. Instead this sum was treated
as a surplus charge. Of course if, and when, the Canadian dollar returns to
parity with the American dollar, a substantial portion of this amount will
be recaptured and will in course be reflected in increased surplus.
3. Earnings per share are computed on the basis of stock outstanding
in the hands of the public after eliminating stock held in the company
treasury.
Sales.-The decrease in dollar sales might at first appear to reflect a
decrease in public consumption of Canada Dry Ginger Ale. Such, however.
is not the case. Actually we shipped more ginger ale this past year than ha
the previous fiscal year. This statement applies not only to the consolidated
shipments of Canada Dry company and all subsidiaries, but also to the shipments of Canada Dry Ginger Ale Co. alone.
The dollar sales failed to reflect actual shipments for two reasons:
1. Our prices were reduced April 1. Consequently, dollar sales would
have to be increased in order to reflect shipments on a basis comparative
to 1930.
2. At the time of our April 1 price change our wholesale customers, and
through them three to four hundred thousand retail stores, were reimbursed
for their losses on Canada Dry stocks then in hand.
This reimbursement was made in the medium of Canada Dry Ginger Ale
instead of in cash.
Trade Inventories.-While wholesale inventories of Canada Dry at the end
of the year were probably not far below the wholesale inventories at the end
of 1930 (since the wholesaler made substantial reductions in his inventory
during the year 1930), there were further and severe reductions in inventories
by the retail dealers. Reduction in retail inventories obviously means that
the public drank not only all the ginger ale we shipped, but in addition whatever amount of ginger ale was represented by the retailers' reduction of their
store inventories. These goods consumed by the public out of retail inventories are not reflected, of course, in our sales figures.
Credit Conditions -One of the constricting influences against which
manufacturers as a whole have worked especially during the last six months
has been the severe tightening of credit by the wholesaler to the retailer.
To a lesser degree the food retailer has of necessity tended to withdraw credit
from the consumer. Consumer credit restriction affects your business less
than it does businesses operating some other industries. However, the
wholesaler's restriction of credit to the retailer has imposed a severe, though
temporary, handicap upon your company. It is known by all companies in
the food industry that the retailer's shelves are, in some cases, even bare of
goods-in the big majority of instances, certainly, possessed of only a
"skin-coating" of goods.
Your management doubts that inventories will soon go back to the 1929
point, but does feel sure that retailers as a whole realize that they are, in
many cases, losing sales because of inadequate inventories of goods for sale
and that they have increased their cost of doing business-both for themselves and for their wholesalers-by reason of the frequency of transactions
caused by these low inventories. It appears that retailers are not willingly
enduring the inconvenience and annoyance caused in the operation of stores
by inadequate inventories. A safe conclusion is, therefore, that at some
future date manufacturers will secure a substantial sales volume through
sales of goods required to restore retail inventories to an adequate level. It is
quite possible that this inventory restoration will occur in our business within
the current fiscal year.
There has been some indication in the last few weeks of a greater willingness on the part of wholesalers to slightly expand the credits which they
have so reluctantly extended the retail trade the last six months.
-in ordinary times I would confine my report to the
Current Results.
condition of affairs existing at the end of our fiscal year, but in view of the
general state of affairs in our country, I feel it is perhaps advisable for a
company manager to include in a necessarily belated annual report a statement of the latest apparent trend in the company's affairs. To do so will
beneficially add each company's increment to the general public's knowledge
of actual current business conditions so far as they are discernible in manufacturers' sales.
3962
FINANCIAL CHRONICLE
Let me therefore inform you that after a poor sales result in October, we
have enjoyed a decided turn in November sales which, at the date of this
letter, are not only very substantially ahead of October sales, but also
slightly exceed last November's at the same date. This statement applies to
the sales of each of our three subsidiaries as well as to the Canada Dry company.
CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDED SEPT. 30.
1929.
1930.
1931.
Net sales
$10,507,585 $13,046,812 413787,895
9,541.127
Cost of sales and expenses
8,911,152
8,473,381
[Vol,. 133.
for returnable bottles and boxes were not considered sales. All of these
Items were, however, included in sales during the last three months of the
calendar year 1928 and appear in the 12 months period ended Sept. 30
1929. Hence. in comparing net sales for the twelve month period eneded
Sept. 30 1930 with the net sales for the same period in the prior year. a
true comparison requires the deduction of $395,454 from the sales shown
for the period ended Sept. 30 1929.
140.000
CONSOLIDATED BALANCE SHEET-SEPT. 30.
Liabilities-1931.
Assets-1931.
1930.
1930.
Cash
$892,584 $1,061,735 Accounts payable. $197,719 3269,721
88,125
Call loans
100,000 Dividends payable 384.473
640,368
U.S. Treas. notes_
141,359
499,781 United States and
Dom. of Canada
State. county -and
income taxes_ __
182,823
municipal bonds 1,726,595 1,112,666
412,130
Local taxes, wages
Railroad & Indus76.274
& misceli. accts.
trial & Pub.Util.
63,022
60,206
281,251 Customers' depos's
bonds
256.689
104,637
Reserve for con391,205
Treasury stocks
144,406
tingencies
Notes, drafts & ac140,000
c3,296,466 3,278,621
counts receivle.a1,373,427 2,217,885 Capital stock
Employees' s u b Due from subscribscription to cap
ers to cap.stk.44,585
14,898
stock
Employees
4,699,383 4,676,563
522,741 Surplus
706,696
Inventories
b3,171,358 3,477,566
Property
341,122
Deferred charges-- 293,712
Good-will, trade1
1
marks, &c
$44,699.383 $4,676,563 $3,989.506
Surplus at end of period
510.684
505,287
512,294
Shs. coin, stock outstanding (no par)_
$6.92
$6.64
$3.33
Earnings per share
a In 1929 sales of campfire marshmallows and Sumoro orange were discontinued likewise deposits from customers of certain subsidiary companies
$9,041,751 $9,629,64
89,041,751 $9,629,647
Total
a After reserves for uncollectible notes and accounts of $82.894. b After
of $1,312,373. c Represented by 505,287 no par
reserve for depreciation
shares.
-V. 133, p. 3634.
$2,034,204
357,769
$4,135,659
237,678
$4,246,768
237,269
. Gross income
$2,391.973
Other deductions
243,122
281,591
Depreciation
Interest
966
180,680
U.S.& Canadian income taxes (est.).L.
$1.685,614
K Net income
4,676.563
Previous surplus
$4,373,337
270.941
288,196
Profit from operations
Other income
h.
$6,362,177
Total surplus
Dividends declared payable in cash..- 1,521,141
66,006
Miscellaneous items
Adjustment of working capital for do
75,647
predation of.Canadian exchange
Frovision for contingencies
141.•
411,975
$4,484,038
291,072
255,043
311
403,191
$3,402,225
3.989,506
$3,534,420
3,029,084
$7,391.731
2,557.004
158.165
56.563.504
2,294,133
139,866
enerat Corporate anb 3nbeotment getufi.
New President and Directors.
STEAM RAILROADS.
-S. C. Commission has suspended
-I.
-Texas Rates Suspended.
Twin Cities
for seven months until July 5 1932 the operation of certain schedules published by the Chicago, Rock Island & Pacific Ry. which proposed to establish a reduced rate on export grain from the Twin Cities to Texas ports.
"Wall Street Journal," Dec. 5, p. 8.
-Bonds.
Alabama Tennessee & Northern RR. Corp.
The 1.-S. C. Commission Nov. 20 authorized the company to issue not
exceeding $160,000 of prior lien mortgage 6% gold bonds, to be pledged
130, p. 2764.
and repledged as collateral security for short-term notes -V.
-Special Dividend.
Albany & Susquehanna RR.
A special dividend of 2% has been declared on the $3,500,000 capital
stock (par $100). payable Jan. 9 to holders of record Dec. 18.
-30% November 1909; 3.25% each in January
Special Dividends Paid.
1916. 1917 and 1918; 134% in January 1920; 2% in January each year from
1921 to 1931 inclusive.
The regular semi-annual dividend of 434% was also declared, payable
Jan. 1 to holders of record Dec. 15.-V. 131, p. 3872.
Bolivia Ry.-Issue of New Bonds.
•
Holders of deposit receipts issued in respect of old bonds deposited on
or before March 31 1931 can obtain the corresponding new bonds of series A
with coupons for interest due on April 1 1932 and subsequently, upon surrender of deposit receipts, duly discharged, to the depositary by whom the
same were issued, on and after Dec. 7 1931.
In the case of old bonds deposited after March 31 1931, it has not been
possible to include these amongst the old bonds delivered to the trustee
of the collateral trust indenture securing the new bonds upon execution
of that indonture in New York in exchange for which the initial issue of
new bonds has been made. These bonds will be exchanged later under the
special procedure prescribed by the collateral trust indenture for subsequent
issues of new bonds, of which notice will be published in due course.
V. 133. p. 3784.
-Defers Dividends on 1st Preferred
Boston & Maine RR.
-The directors on Dec. 8 voted to defer the regular
Stocks.
3
quarterly dividends due Jan. 1 1932 of 14% on the 5%
cum. 1st pref. stock, class A; of 2% on the 8% cum. 1st
pref. stock, class B; of 1%% on the 7% cum. 1st pref.
stock, class B; of 19 t% on the 7% cum. 1st pref. stock,
class C; of 2M% on the 10% cum. 1st pref. stock, class D,
and of 13'% on the 43/2% cum. 1st pref. stock, class E.
The last quarterly distributions on these issues were made
on Oct. 1 1931.
The directors also omitted the declaration of the quarterly
ordinarily payable Jan. 1 1932 on the
dividend of 1
6% non-cum. plain pref. stock. A regular distribution at
this rate was made three months ago.
4% was declared on
The usual quarterly dividend of 1Y
the 7% cum. prior preference stock, par $100, payable
Jan. 2 1932 to holders of record Dec. 18 1931.
The directors, in announcing their dividend action, authorized the following statement:
the prior preference
The directors have to-day declared a dividend upon
stock, payable Jan. 2 1932 to stock of record Dec. 18 1931.
months estiThe earnings for the year-10 months actual and two
preference stock
mated-show the dividend for the Year upon the prior
on the other preferred stocks not
earned nearly twice over; the dividends
being fully earned for the year.
1. Dividends
A dividend was paid on the common stock on April 1 and Oct. 1.
have been paid on the jet pref. & pref. stocks on April 1, July on the prior
directors were of the opinion that as the dividend
The
this dividend for the
preference stock had been earned by a large margin,
preferred
last quarter should be paid; the dividends on the 1st preferred,
been earned, should not be paid. Dividends on
and common not having
-V. 133. p. 3461.
the 1st preferred are cumulative.
Central of Georgia Ry.-Bond Application.
for authority to
Pledge
The company has asked the 1.-S. C. Commission
collateral for short511,100,000 5% ref. & gon. mtge. series 0 bonds as
treasury with
notes which it proposes to issue in order to supply its
term
requirements.cash to pay current obligations and to meet prospective
-V. 133, p. 281.
-Regular Dividend.
Chicago Burlington & Quincy RR.
-The directors on Dec. 8 declared the regular semi-annual
dividend of 5% on the outstanding $170,839,100 capital
stock, par $100, payable Dec. 26 to holders of record Dec.
15. An extra dividend of 5% was paid on Dec. 26 1930
out of accumulated earnings of previous years. This was
the first extra dividend declared since 1921, when a stock
dividend of 54.132% and a $15 cash extra were declared and
the increased stock placed on a regular $10 annual basis.
The Great Northern Ry. and Northern Pacific Ry, each own 830.179
shares of C. B. & Q. stock, comprising 97.19% of the total shares out
standing.
p• The Northern Securities Co. at the end of 1929 owned 23,063 C. B. & Q.
shares.
Total
Ralph Budd, President of the Great Northern Ry., on Dec. 8 was elected
President of the Chicago Burlington & Quincy RR., effective Jan. 1
1932, to succeed F. E. Williamson, who will become President of the
New York Central. W. P. Kenney was elected a director to succeed
Mr. Williamson in that position.
Hinckley G. Atwood was elected a director of the Chicago Burlington
& Quincy and the Colorado & Southern lines, succeeding 0. E. Spens.V. 133. p. 2926.
Chicago & Eastern Illinois Ry.-To Renew Notes.
The company has asked the 1.-S. C. Commission for authority to renew,
from time to time, as they mature $7,326,764 of outstanding short-term
notes and to pledge $8,852,700 of its prior lien bonds as collateral security.
-V. 133, p. 3091.
Chicago Great Western RR.
-To Abolish AU Up-Town
Ticket Offices.
The company this week announced that on Jan. 15 it will abolish all
up-town ticket offices on its lino. This will mean disbontinuing passenger
ticket offices in the business districts at Minneapolis, St. Paul, Des Moines
and Kansas City and the present representation of the road, in the Consolidated ticket offices at Chicago and Omaha. According to President Patrick
H. Joyce, this move will enable the Great Western to render a more efficient
and individual service to passengers, in accord with its policy of sacrificing
precedent and tradition to flexibility and modern methods. It will also
result in a considerable saving In operating expenses of non-productive
-V. 133, p. 3250.
nature, with no inconvenience to the traveling public.
Chicago Indianapolis & Louisville Ry.-Again Omits
Dividends.
-The directors on Dec. 10 took no action on the
semi-annual dividends ordinarily payable about Jan. 10 on
the 4% non-cumul. pref. stock and on the common stock.
The last regular semi-annual distributions of 2% on the
pref. and 33/% on the common stock were made on Jan. 10
1931. The July 10 dividends were omitted.
The Southern Ry. and Louisville & Nashville RR. jointly
own 93% of the outstanding 810,497,000 Monon common
and 77% of the $4,991,300 non-cum. pref. stock, the same
being pledged under their joint 50-year 4% collateral trust
-V.133, p. 3250.
gold bonds.
Chicago & North Western Ry.-Bonds Authorized.
The 1.-S. C. Commission Nov. 28 authorized the company to issue not
% general mortgage gold bonds of 1987 and not exexceeding $16,000
ceeding 319,089,000 of 434% 1st & ref. mtge. gold bonds, series D, all or
any part thereof to be pledged as collateral security for short-term notes.
The report of the Commission says in part:
The applicant also shows that during the calendar years 1928, 1929 and
1930 it made net expenditures in the amount of 527,539,495 for additions
and betterments to road and equipment, exclusive of equipment purchased
under equipment trusts. Of these expenditures, $2,374,336 have heretofore been capitalized, leaving a balance of $25,165,159. To reimburse
its treasury in part for these expenditures, it proposes to issue 519.089,000
of 1st & refunding gold mortgage bonds, series D.
It is not proposed to sell these bonds now, but authority is requested to
pledge and repledge from time to time all or any part thereof as collateral
security for any note or notes which the applicant may issue within the
limitations of Section 20a(9) of the Inter-State Commerce Act. The
applicant deems it necessary to obtain this authority to enable it to meet
its cash requirements for the period from Sept. 1 1931 to Dec. 31 1932, as
set forth in a statement of estimated cash receipts and requirements indicating that the excess of requirements over receipts will amount to $19.905,176. The applicant proposes to pledge these bonds at a ratio of not
exceeding $125 of bonds in value at the prevailing market price at the time
-V. 133, P. 3784.
of pledge for each $100 face amount of notes.
-Listing of $12,000,000
Cincinnati Union Terminal Co.
1st Mtge. 5% Gold Bonds, Series B.•
The New York Stock Exchange has authorized the listing of $12,000,000
1st mtge. 5% gold bonds, series "B," due July 1 2020 (guaranteed). See
offering in V. 133, p. 3461.
General Balance Sheet Sept. 30 1031,
Assets
$35,000
Inv.in rd.& equlp.-Road_ _$19,226,037 Common stock
3,000,000
22 Preferred stock
Equipment
12,000,000
1.532,040 Funded debt unmatured_ _
General expenditures
572,212 Non-negotiable debt to affil.
Cash in hands of treasurer
companies-48,565
Special deposits
Open accounts
-advances_ 3,465,000
18,724
Misc, accounts receivable
689,365
Open accounts-Interest__
125
Working fund advances
2,400.000
76,806 Loans & bills payable
Other deferred assets
224.101
958,528 Audited accts.& wages pay__
Unadjusted debits
742
Interest matured unpaid__ -37,500
Dividends matured unpaid._
581,239
Deferred liabilities
112
Unadjusted credits
Total
-V. 133, P. 3461.
$22,433,061
Total
$22,433,061
Colorado & Southern Ry.-Common Dividend Omitted.
The directors on Dec. 8 voted to omit the annual dividend
ordinarily payable about this time on the outstanding
DEC. 12 1931.]
FINANCIAL CHRONICLE
$31,000,000 common stock, par $100. On Dec. 31 of each
year from 1926 to and including 1930, the company made
regular annual payments of 3% on this issue. This company is controlled through stock ownership by the Chicago
Burlington & Quincy RR.(V. 131, p. 624).
The directors declared the regular semi-annual dividend
of 2% on the 4% non-cum. 1st pref. stock, and the usual
annual dividend of 4% on the 4% non-cum. 2nd pref. stock,
both payable Dec. 31 to holders of record Dec. 18.
New Director.—See Chicago Burlington & Quincy RR.
above.—V. 132, p. 3875, 3878.
Erie RR.—Omits Dividend on the 1st Preferred Stock.—
The directors on Dec. 11 omitted the declaration of the
usual semi-annual dividend of 2% due Dec. 31 on the outstanding $47,904,400 4% non-cum. 1st pref. stock, par $100.
Six months ago, the semi-annual dividend of 2% was
omitted on the outstanding $16,000,000 4% non-cum.
2d pref. stock, par $100. A regular semi-annual payment
of 2% was made on the 1st pref. shares on June 30 last.—
V. 133, p. 3784.
Great Northern Ry.—Dividend Rate Again Decreased.—
The executive committee of the board of directors on Dec.
9 declared a semi-annual dividend of 1% on the outstanding $248,938,450 preferred capital stock, payable Feb. 1 to
holders of record Dec. 29. six months ago a distribution
of 13'% was declared, prior to which the stock was on a
5% annual basis.
Record of Dividend Paid from 1897 to Date.
1899-1921.
1898.
1897.
1922.
1931.
1923-1930.
8347
0
x63i%
5).1%
77% P. a.
5% p. a.
z4%
x Also in 1898 paid 50% in Seattle & Montana stock, which was then
exchanged at 80 in payment of 40% of subscription to additional Great
Northern preferred. y In May 1901, 34 of 1% and in November 1907
134% was paid from earnings of Lake Superior Co.. Ltd.. and in December 1906 unit for unit, shares in Great Northern Iron Ore Properties.
z Including 234% paid on Feb. 2 and 134% payable on Aug. 1.
3963
this time last year was payable on Feb. 2 1931, but the
change in policy will postpone consideration of this disbursement until May.
The company has a dividend record extending back over
60 years, and it is this continuity that the management
seeks to maintain by changing the dividend declaration dates.
Record of distributions made since 1907 follows:
'07. '08. '09. '10. '11. '12-'22. '23. '24-'26. '27. '28-'30. x'31
6% 534% 5% 531% 53i% 5% YrlY. 6% 7%_YrIY. 734% 8% lei. 6%
x Includes 2% paid Feb. 2,1% each paid May 1 and Aug. 1, and 1%
paid Nov. 2.
In announcing its decision relative to the dividend, the
board of directors said:
In view of the existing decline in earnings and of the difficulty of prognosticating future earnings, the directors voted at their meeting today to
consider, until business conditions improve, declaration of dividends semiannually at the May and November meetings of the board instead of quarterly as heretofore, these dividends, if declared, to be payable June 20
and Dec. 20. This change in dividend policy necessitated the postponement until the May 1932 meeting of consideration of the declaration of
the dividend heretofore declared at this time, the Decemi>er meeting of
the board, and payable Feb. 1. The change in policy insures that accurate forecasts of earnings for a given period to which a dividend applies will
be avallaale prior to the actual declaration of a dividend.
New President—Other Changes Also Announced.—
Frederic E. Williamson, who nas resigned the Presidency of the Chicago
Burlington & Quincy RR., has been elected President of the New York
Central RR., succeeding Patrick E. Crowley. Mr. Crowley remains a
director and will act in an advisory capacity with the company. The
office of Chairman of the executive committee, which had been held by
the late A. H. Harris has been abolished.
R. D. Starbuck was elected Exec. Vice-Pros, of New York Central Lines.
"The organization of the executive department," the company stated,
"effective Jan. 1, is not a new one for the New York Central Lines. It
represents, in essence, a restoration of the organization which existed during the presidency of the late Alfred H. Smith."
Mr. Williamson also was elected a director of the company and a member of the executive committee.
Mr. Harris also was Vice-President in charge of finance and corporate
relations. His successor in that post has not been announced.—V. 133.
p. 3784.
New York, Chicago & St. Louis RR.—Authorized to
Pledge $4,500,000 Bonds for Short-Term Notes.—
-S. C. Commission Dec. 1 authorized the company to pledge __and
New President, &c.—
The I.
W.P. Kenney has been elected President and a director, effective Jan. 1. repledge from time to time to and including Dec. 31 1933 54,500,000 of
succeeding Ralph Budd, who has been elected President of the Chicago refunding mortgage 434% gold bonds, series 0, heretofore authorized to
be authenticated and delivered, as collateral security for short-term notes.
Burlington & Quincy RR.
The supplemental report of the Commission says in part:
H. H.Brown has been elected a Vice-President. succeeding Mr. Kenney.
By our order of Sept. 26 1931 in this proceeding, company was authorized
—V, 133, p. 3627.
to procure the authentication and delivery of not to exceed $10.500,000 of
refunding mortgage 434% gold bonds, series C. $6,000,000 tnereof to be
Illinois Central RR.—Wages Reduced.—
to and including Dec. 31 1933, as collateral security
and
The rates of pay of all officers and employees of the System, except pledged noterepledged issued by
or notes
the
for any
those employees under specific contract or group wage agreements, will exceed that amount, payable to the applicant the total of which does not
Guaranty Trust Co. of New York not
be reduced 10%, effective Jan. 1. Negotiations will be instituted in the
of those under specific Contracts or group wage agreements, it is more than six months after date, and for any note or notes given by the
case
applicant in renewal thereof, the remainder of the $10,500.000 of bonds to
said.—V. 133, p. 3250.
be held by the applicant subject to our further order.
Indiana Harbor Belt RR.—Regular Dividend.—
In the original application authority was sought to pledge the entire
The directors have declared the regular semi-annual dividend of 5% amount of 510,500,000 of bonds authorized to be authenticated and delivon the outstanding $7,600,000 capital stock, par $100. Of this stock. ered, of which $6,000,000 was to be pledged and repledged as collateral
the New York Central RR, and the Michigan Central RR. own 60;.0 security for a short-term note or notes for a total amount not in excess of
North Western Ry. own 40 • $6,000,000. As no necessity was then shown for authorizing the pledge of
and the C. M. St. P. & Pac. and Chicago Ss N
This distribution will make a total of 10% paid during the current year. more than $6,000000 of bonds, our authorization to pledge was limited to
-animal payments of 5
that amount,leaving $4,500,000 of the bonds to be held by the applicant.
In 1930 the company made two regular semi
On Nov. 23 1931 the applicant filed a petition representing therein that
each, and in addition, paid an extra of 30% on May 28 and one of 10
at the time the authority to pledge the bonds was requested there was no
on Dec. 26.—V. 133. p. 3461.
necessity for pledging the remaining $4,500,000 of bonds, and that it has
Louisville 8c Nashville RR.—To Abandon 80
-Mile Line.— issued its note for $6,000,000. payable on Nov. 24 1931, to the order of
The company has asked the 1.-£3. O. Commission for authority to the foregoing trust company, and pursuant to the authorization contained
eisandon 80 miles of its line in Kentucky. The road would abandon 77 in our order of Sept. 26 1931, has pledged as collateral security therefor
miles extending from Cliftside to Irvine and an additional three miles $6,000,000 of the bonds and also certificates of deposit for 115,193 shares
located between East Bernstadt and Jewell, Ky. The application states of prior lien stock of the Wheeling & Lake Erie Ry. Tne applicant further
that abandonment should be authorized because the mileage involved is represents that it is necessary for the note to be renewed or extended,
not now performing and will not in the future perform any necessary but that it will be unable to renew or extend it unless additional
transportation service. Operation of this mileage in the past has resulted security is furnished. In accordance with negotiations with the trust comand witl result in the future in material losses to the line, wnile there is, pany, the applicant therefore proposes to give in renewal of the maturing
and will be, no economic justification for the continued operation of this note its note for $6,000,000 due 90 days after date, payable to the orcher
trackage.—V. 133, p. 3461.
of the trust company with interest at a rate not exceeding 5% per annum.
pledge as collateral security therefor, in addition
Mexican Ry. Co., Ltd.—Report Half-Year Ended June 30. and to above-mentioned bonds whicn the original order te the 86,000,000
authorized to be
of the
(Mexican Currency)—
1931.
1930.
pledged; the remaining $4,500,000 of the bonds authorized to be authenti1929.
1928.
Pass.rev.(Incl. baggage) $1,426,562 $1,726,814 $1,758,701 $1 921,111 cated and delivered but not to be pledged, together with certificates of
Goods & livestock rev--- 3,476,744
4,251.738 4,015,152 4,4652 deposit for 115,193 shares of prior lien stock, 14,800 shares of preferred
Express, pulque and sunstock and 168,000 shares of common stock of the Wheeling & Lake Erie
496,749
601,134
dry earnings
653,301
716.211 Ry. The applicant therefor asks for authority to pledge the remaining
$4,500,000 of unpledged bonds as collateral security in part for the pro$5.400,057 $6,579,686 $6,427,156 $7,107,176 posed renewal note or notes for $6,000,000, and to repledge all or any of
Total revenue
665,583
759,839
Maint. of way & struc
735,742
859,642 the oonds from time to time as collateral security for any and all notes
1,228.677
1,410,348
Maint. of equipment
1.323,458
1,372,550 issued In renewal thereof, in whole or in part.—V. 133. P. 3784.
3,043,354
Conducting transport'n- 2,803,842
2,751,438
3,154,089
497,917
New York New Haven & Hartford RR.—Omits Common
524,736
General expenses
488,160
4.63,567
Dividend.—The directors on Dec. 8 decided to omit the
quarterly dividend ordinarily payable about Jan. 1 on the
common stock of $100 par value. A disbursement of $1 per
share was made on this issue on Oct. 1 last, as compared
with quarterly distributions of $1.50 per share made from
Jan. 2 1930 to and including July 1 1931.
The directors declared the usual quarterly dividend of
Missouri Pacific RR.—Defers Preferred Dividend.—The $1.75 per share on the pref. stock, payable Jan. 2 to holders
directors on Dec. 8 took no action on the dividend for the of record Dec. 18..
fourth quarter of 1931 due Jan. 1 on the outstanding $71,The company issued the following statement:
800,100 5% cum. cony. pref. stock, par $100. The last
Dividends of 4% having been paid on the common stock during the
common diviyear
regular quarterly disbursement of 1%% was made on this dends1931 the board decided to take no further action on would depend
this year, stating that the dividend
issue on Oct. 1 1931. Dividend arrearages as of the latter upon earnings and the situation during thatpolicy for 1932 p. 2926.
year.—V. 133,
date totaled 483%.—V. 133, p. 3784.
Northern Pacific Ry.-75c. Dividend.—
The directors on Dec. declared a quarterly dividend
Mobile & Ohio RR.—No Action on Dividend.—The direc- share on the outstanding9$248,000,000 capital stock, parof 75 cents per
payable
tors on Dec. 10 took no action on the dividend ordinarily Feb. 1 to holders of record Dec. 31. A similar payment $100,made on
was
payable at this time on the outstanding $6,016,800 capital Nov. 2 last. Quarterly distributions of $1.25 per share were made from
stock, par $100. The Southern Ry. owns $5,650,200 of May 1 1922 to and including Aug. 1 1931.—V. 133, p. 3091.
Pennsylvania RR.—Electrification Work Progressing.—
this issue.
From 1923 to and incl. December 1930, the company paid The company expects to complete electrification of its main
regular semi-annual divs. of 33% each,and in addition made lines for passenger service between New York and Philaextra distributions of 3% each in December 1925 and 1926 delphia some time next summer, it was announced on Dec.6
and extras of 5% each in December of each of the four fol- by General W. W. Atterbury, President of the railroad.
lowing years. The June 30 1931 dividend was omitted.— The announcement further goes on to say:
According to present plans, electric operation of all passenger trains
V. 133, p. 281.
between the two cities, both local and limited through trains, will be inaugurated as soon as the electrificatiosi work is completed.
Inauguration of the New York-Philadelphia passenger service will mark
New York Central RR.—Future Dividends to Be Paid
of the first unit of the Pennsylvani's great
Semi-Annually Instead of Quarterly as Heretofore.—The direc- the completioneventually will provide electrified service forelectrification
project which
both freight
tors on Dec. 9 omitted the declaration of a quarterly divi- and passenger trains from New York to Washington. Approximately
the outstanding $99,259,735 capital stock, par 6.000 men are now employed on this work, pushing the project to early
dend on
completion.
Approximately 300 passenger trains operating between New York
$100, heretofore made at this time, announcing that, until
to the
conditions improved, declarations of dividends would Philadelphia will bid farewelleffect. old familiar steam engines when and
business
the
After nearly a century of
semi-annually. The dividend previous declared at electrified service goes into steam powered locomotive will give hauling
be made
passengers back and forth, the
way to
$841. 408 $1,128,357 $1,257,327
$204.036
.
Balance, surplus
The net revenue account as of June 30 1931 shows: Balance for first
half
-year of 1931. $204,036, which at 24d. to the peso equal
lees difference In exchange, £7,264: balance, E13,138; Add,interest,£20,403
£4,936;
transfer fees, E57; total credits. E18,131: deficit previous year, £973,541:
-year, 177,399; Mexican income tax, £1,1/4:
debenture interest for half
total debits, £1,052,115, which makes the net debit balance, £1,033,981.—
V. 131, p.3873.
3964
FINANCIAL CHRONICLE
newer and speedier electric engines for transporting the thousands of
Pennyslvania RR. travelers daily between the two cities.
The extreme density of train movements over the Pennsylvania's four
and-six-track main line from New York to Philadelphia gives this stretch
of railroad the distinction of carrying the heaviest freight and passenger
traffic in the world. Approximately 585 miles of track between New York
and Philadelphia will be electrified by next summer, according to Pennsylvania RR.officials. With completion of the freight track electrification
In the same territory, the total electrified trackage will be raised to 745
•
miles, including yards.
Definite schedules for the operation of passenger trains under electric
Power have not yet been worked out but it is expected that the running
time between New York and Philadelphia will be substantially reduced,
both for local and through trains. An aggergate of 55,000 passengers is
now being carried daily over the main line between the two cities.
The Pennsylvanias lines between Trenton, N. J. and Wilmington, Del.,
p_assing through Philadelphia, are already electrified. From the New
York end, the work of electrification is being pushed rapidly and is now
nearing completion as far as New Brunswick, N. J., a distance of 32.7
-mile stretch is completed from Manhattan
miles. When the entire 49
Transfer, just outside of New York, to Trenton, everything will be in
readiness to operate passenger trains pulled by electric locomotives from
Philadelphia, and possibly from Wilmington, directly into Pennsylvania
Station, New York.
The work of electrifying the gaps in the line from New York to Washington is progressing steadily. Foundations for the steel poles which will
carry the overhead electric wires are being laid between New Brunswick
and Trenton. This work is practically completed. Then comes the task
of erecting poles, catenary and transmission wires, which will require about
six months.
Work on the foundations for the steel supports between Wilmington,
Del., south to Washington, through Baltimore is also being pushed rapidly
ahead. About one-third of the foundations have been laid. The remainder
will be in shortly after the first of next year. In addition to the large
number of men on the work, progress has been hastened by the use of a
concrete train which carries materials, mixes the concrete and facilitates
pouring direct from the mixers into the foundation excavations.
Rapid progress is also being made on the installation of a new telegraph
and signal conduit, costing $7,000,000. between New Brunswick and
Trenton, and between Wilmington and Washington in connection with the
electrification project. Construction of this underground conduit, which
will carry the railroad's communication wires and the signal system controlling operation of all trains, will complete the underground iinstallation
of the railroad company's entire telegraph, telephone and signal system
for a distance of 225 miles between New York and Washington. This will
completely eliminate the presence of wires and wooden telegraph poles
-way.
Which have been a familiar sight on railway rights-of
Officials said to-day that the program of improvements announced by
President W. W. Atterbury last February was being carried through on
schedule. At that time, President Atterbury announced that improvements costing a total of $175,000,000 would be carried forward to completion in 234 years instead of 4 years, as originally planned.
The electrification project is an important part of these improvements.
Decision to push the new construction work,TPresident Atterbury said at
that time, was made because of lower commodity prices and the greater
efficiency of labor during the current depression period.
Scheduled for delivery next summer, when the New York-Philadelphia
electrified lines will go into operation, the Pennsylvania has 90 electric
passenger locomotives on order, known as Class P-5a locomotives. These
electric engines are being manufactured by the General Electric Co., the
Westinghouse Electric & Mfg. Co. and at the Altoona works of the Pennsylvania RR.
The first engines of this type have been in test operation between Wilmington and Trenton for more than a year.—V. 133. P. 3251.
Rail Credit Relief Urged—President Atterbury Says Prompt
and Practical Co-operation of Federal and State Governments
Required.—
[Vou 133.
Atlanta-Birmingham division 4s, due May 1 1933. A total of $5,910,000
of this issue is outstanding.
Holders of $4,000,000 of receivers' certificates issued last spring and
maturing May 1, next, will be asked to exchange their ce:tificates for new
receivers certificates maturing on or before Feb. 1 1935. Holders of these
certificates have indicated they will assent to the plan.—V. 133, p. 3462.
Southern Pacific Co.
-10% Reduction in Salaries.—
The executive committee has directed that a reduction of 10% be made,
effective Jan. 1 1932, in the salaries of all officers and employees, without
exception as to rank or grade, of the Southern Pacific System, excepting
for the time being, however, those covered by specific contract or group
wage agreements, or governed by the provisions of the Federal Railway
Labor Act, with whom negotiations for reduction are in progress or will
be initiated under direction of the proper officers of the respective employer
companies involved.
Similar reductions for the lines in Mexico are already under active consideration through the procedure provided by the laws of that country.
—V. 133, p. 3462.
Southern Ry.—Omits Dividends.—The directors on
Dec. 11 voted to omit the dividends due at this time on the
5% non-cum. pref. stock and on the common stock. The
I
last quarterly dividend of 1 W% on the pref. stock was paid
on Oct. 15, making a total of 5% paid this year on that issue.
The directors on June 11 last announced a final dividend
for the current year of 35 cents per share on the common
stock, payable Aug. 1 1931. This supplemented the previously declared dividend of $1.65 per share on the same stock
making the total August disbursement $2 per share, and
bringing the total payments this year, including the February and May installments, to $6 per share. This compares
per share paid during 1930.—V. 133, p. 3091.
with
Texas & Pacific Ry.—Omits Common Dividend.—The
directors on Dec. 8 took no action on the dividend for the
fourth quarter due at this time on the outstanding $38,755,110 common stock, par $100, but declared the usual quarterly dividend of 134% on the outstanding $23,703,000 5%
non-cum. red. pref. stock, par $100, payable Dec. 31 to
holders of record Dec. 14.
From July 2 1928 to and including Sept. 30 1931, the
company made regular quarterly distributions of 1X% on
the common stock.—V. 133, p. 3628.
Tonopah & Goldfield RR.—Receivership Application.—
Edwin A. Landell Jr., of Philadelpnia has filed a suit in the U. S. District
Court at Philadelphia for tee appointment of a receiver for the company.
He is a stockholders of the company. No action has berm taken by the
court and no date set for a hearing. The principal object of the suit is to
regain for the preferred stockholders $174,998 which toe company is
alleged to have paid out in 1930 for the repurchase of 6,047 shares of its
common stock.—V. 131, p. 3521.
Ulster & Delaware RR.—Bond Committee Announces
Filing ofPlan by Which New York Central Will Acquire Road.—
The committee organized to represent the holders of the first consolidated
mortgage 5% gold bonds in the negotiations by which the New York Central
RR. will acquire control of the property for $2.500.000, announces that a
The present railroad situation "requires definite and prompt, practical plan of re-adjustment has been prepared and adopted by them and filed
co-operation" of the Federal and State governments to protect the credit with the Central Hanover Bank & Trust Co., the depositary.
Holders of the certificates of deposit, it is said, shall be assumed to have
of the railroads and enable them to obtain new capital for improvements
Atterbury,President assented to the plan and ratified it unless within 20 days from Dec. 8 they
at reasonable costs. it was declared Nov.29,by W. W.
of the Pennsylvania RR., in a message to stockholders. President Atter- shall have withdrawn the bonds represented by their certificates of deposit.
bury's message accompanied the autumn quarterly dividend checks to the As only a small amount of the consolidated bonds remain undeposited and
Pennsylvania RR.'s 242,459 stockholders. The present 1% dividend, as the committee desires that all bondholders may have an opportunity to
for a limited
paid
together with previous payments this year, makes a total of 6% been participate in the benefits of the plan, the committee will waiveAccordingly,
period the payment of $25 per bond upon further deposits.
during 1931, although earnings, the President pointed out, have
"Insufficient to pay these dividends,and the greater portion must be charged holders of the bonds who are not yet parties to the deposit agreement may
against the surplus account." Net railway operating income of $38,201,125 become so by depositing their bonds on or before Jan. 20 1932 with the
for the first nine months of this year shows decreases of $34,910,666 com- Central Hanover Bank & Trust Co.
Frederick J. Lisman is Chairman of the Committee, which includes
pared with the same period in 1930 and $68.830.901. compared with the
Fisher A. Buell, Arthur M. Canons, and William G. Edinburg. Cook,
first three quarters of 1929. Mr. Atterbury said in part:
"This great contraction in earnings, reflects the world-wide industrial Nathan & Lehman are Counsel and Allan B. Lane, Sec.—V. 133, p. 2927.
and financial distress which has brought about serious decreases in earnings,
Virginian Ry.—Common Stock Placed on a 6% Annual
and .values of securities, of practically every corporation, as well as of
nations and individuals. It is essential to remember, however, that these Dividend Basis.—The directors on Dec. 8 declared a quarunsatisfactory economic conditions will be readjusted, perhaps slowly but terly
dividend of 13/2% on the outstanding $31,271,500
surely, and in the recovery that is coming this company will participate, as
It always has done in the eras of prosperity following previous business and common stock, par $100, payable Dec. 31 to holders of
financial disturbances.
This is the first distribution since the
"The management is persistently striving to attract more traffic, and record Dec. 12.
Is bending its energy toward maximum efficiency and economy to offset, annual dividend of 8% was paid on this issue on Dec. 31
in gross revenues which has prevailed 1930. Record of annual disbursements made on the common
partially at least, the large decrease
since November 1929. Notwithstanding the decline in revenues and further
5
reduction in working hours, the systematic maintenance of road,equipment stock in December since and including 1923 follows:
1929-1930.
1926-1928.
Is being carried on, as well as the completion of improvements required to 1923-1924.
8%
4%
7% P.a.
6%
move present traffic more efficiently and with greater net profits, and to
expedite handling of the anticipated heavier volume when business resumes
The company has issued the following statement:
its normal stride.
The directors have determined it to be in the interest of the corpora"The operating ratio for September was the lowest for any month of the tion and
of the declaration of dividends on the
future
current year, being 73.3% of operating revenues; also in that month the common in the will be the questionquarterly instead of annually as herestock
proportion of such revenues conserved for net operating income was 15.1%, tofore. In accordance consideredPolicy a quarterly dividend of 13i% on
with this
percentage shown for any month during 1931; but there was
the highest
the common stock has been declared, payable Dec. 31 1931, to holders
not sufficient traffic to be handled to yield satisfactory total net results.
record Dec. 12.
"The situation of the railroads requires definite and prompt, practical ofEarnings of the road for the past year will show, after all charges and
their credit, and enable them to meet fully their
co-operation to protect
payment of the usual 6% preferred dividend, over $5 a share on the corn.
maturing obligations; to obtain at reasonable cost the new capital necessary stock.
The usual expenditures for maintenance to keep the property in
for providing new facilities and equipment for improving transportation, its high state of condition, and efficiency have been made.
and thus aid in creating additional employment for workers in other branches
of industry, as well as for railroad employees. We trust the Federal and
Salaries Reduced
preserving
State Governments will recognize these measures as essential for
The company has reduced salaries of all officials and members of their
to the
the stability and service of our railroads, which are indispensable
staff 10%,effective Jan. 1. Contract labor is not effected.—V.132, p.2954.
of the nation;and to protect the $26,000.000,000 road and equipment
welfare
Virginia Southern RR.—Abandonment.—
investment of the railroads of this country, which are owned by the citizens
-S.
The company has asked the I. C. Commission for authority to abandon
and their institutions."—V. 133, D. 3251.
26 miles of line extending from Marion via Sugar Grove to Troutdale, Va.,
St. Louis-San Francisco Ry.—New Secretary Treasurer, because poor business occasioned by motor truck competition has resulted
In an operating deficit.—V. 122, p. 2490.
L. 0. Williams, formerly Assistant Secretary and Assistant
has been elected Secretary and Treasury to succeed the late Frank H.
Wabash Ry.—Bonds Stricken from State's "Legal" List.—
Hamllton.—V, 133, P. 3785.
The bonds of the company were stricken from the list of securities legal
for investment by New or savings banks in the first supplement, issued
Seaboard Air Line Ry.—Financing Plan.—
take care of the Dec. 7, to the annual list of legal securities prepared by the State Banking
A plan, designed to meet coming maturities and tohas been prepared Department. The action follows the appointment ,of receivers for the
financial requirements of the company until early 1935,
and will be submitted in the near future to the U. S. District Court at road Dec. 1. withdrawn from the list include the Wabash RR. 1st 5s of
The bonds
Norfolk and the I.-S. 0. Commission for approval. The plan already has
5s of 1939, 1st 4s Des Moines division of 1939, 1st 5s Detroit &
received the approval of a majority of the security holders involved. The 1939, 2dextension of 1941. 1st 3%s of 1941 Omaha division, 1st 4$ of 1941
Chicago
program are:
main points of the
Toledo & Chicago division and 1st terminal 4$ of 1954, also the Wabash
Holders of equipment trust certificates maturing between Oct. 15, last. of ref. & gen. 5;is series A. 5s series B,
5s series 13,
series
Ry.
and Dec. 31 1934, will be asked to accept in lieu of them receivers' certifi- and equipment trust 5s of 1937, 5300 of 430 5s E0, and *is F of
1938,
of 1939,
cates for a similar amount, maturing on or before Feb. 1 1935. The Court 1940, 430 G of 1942. and 436s H of 1944.—V.
fail
133, P. 3785.
will be asked to rule that holders of equipment trust certificates whoThe
to accept this offer shall not be paid interest on their certificates.
Western Maryland Ry.—Transfer Office Moved.—
road deferred payment of the principal amount of the series U equipment
Notice has been received by the New York Stock Exchange that on and
trusts which fell due Oct. 15, but paid interest on toe series U certificates. after Dec. 14 1931, the New 'York agency office for the transfer of stock
equipment trust certificates and payment of bond coupons of the above company_will be
The road has outstanding approximately $24,000,000
certificates, of wnicn approximately $10.000,000 mature during the desig- located at room 507. Chrysler Bldg. 405 Lexington Ave., NE, Y. City.
nated period. Holders of between $9,000.000 and $10,000,000 of the total _the . i33e p. 1286. being Woolworth Bldg.. 233 -Broadway. N. Y. City.
.r
'
y form address
equipment trust certificates outstanding have approved tills part of tee
pram.
tne $32,000,000 divisional bonds outPacific California RR.—Seeks to Extend Time
Western
The committee representing
take legal
standing will be requested to agree not to between action to force Pay- for Construction of San Francisco-Niles Line.—
bonds
now and
ment of principal or interest on thesewill assent to this part ofDec. 31 1934.
-S. C. Commission a irear's extension
The company has requested the I.
the program.
that it
The committee has indicated involved is the Seaboard Air Line Railway, of time until Jan. 1 1933, in which to begin construction o the all-rail line
Among the largest issues
DEC. 121931.]
FINANCIAL CHRONICLE
between San Francisco and Niles, Calif, A similar extension of the time in
which to complete the work also was requested. The company is a subsidiary of the Western Pacific RR. which must finance the construction.
The application states that, due to current business conditions throughout the country, it is impossible for the Western Pacific to sell securities
except at greatly depressed price, making it inadvisable to finance the
project now.
-V. 130, p. 1454.
PUBLIC UTILITIES.
Matters Covered in the "Chronicle" of Dec. 5.-(a) Electric output in the
United States during the week ended Nov. 28 1931 declined 4.3% as
compared with same period last year, P. 3691; (b) Production of electric
power declined 6% during October, p.3691.
3965
be accomplished by assigning a Proportion of the net income to management and determining the order of such distribution.
-V.133, p. 3786.
"NCentral Maine Power Co.
-Smaller Common Dividend.
The directors recently declared an annual dividend of 4% on the common
stock, par $100, payable Dec. 1. A year ago, an annual payment of 5%
was made. Practically all of the common stock is owned by the New
England Public Service Co.
The directors have also declared the regular quarterly dividends of $1.50
on each of the no-par preferred and 6% pref. stocks, and $1.75 on the 7%
pref. stock, all payable Jan. 1 to holders of record Dec. 10.-V. 133, p. 3786.
-13 % Stock Div.
A
Central & South West Utilities Co.
The directors have declared on each share of common stock outstanding
at the close of business Dec.31 1931 a dividend of 14% payable in common
stock (being at the rate of 7-400ths of a share) on Jan. 15 1931, to holders
-Earnings.
Alabama Water Service Co.
of record Dec. 31. A similar payment was made on Oct. 15, July 15, and
For income statement for 12 months ended Oct. 31 see "Earnings De- April 15 last. On July 15 and Oct. 15 1930 quarterly distributions of 13.59'
-V. 133, P. 3628.
partment" on a preceding page.
In stock were made, while on Jan. 15 1931 a special stock dividend of 6%
-V. 133. P. 3787.
was paid.
-Earnings.
American Commonwealths Power Corp.
For income statement for 12 months ended Sept. 30 see "Earnings De-V. 133, p. 1924.
Partment" on a preceding page.
American & Foreign Power Co., Inc-1st Pref. Divs..
The directors have declared the regular quarterly dividends of $1.75
per share on the $7 1st pref. stock and $1.50 per share on the $6 1st pref.
stock, both payable Jan. 2 to holders of record Dec. 14.
The directors took no action on a dividend on the 2d pref. stock. The
last previous payment on this issue was a dividend of $1.75 per share on
account of accumulations paid on May 29 1931.-V. 133, p. 2264.
American Power & Light Co.-Ltsting.-
-Dividend Correction.
Central States Edison Co.
-V.132, p. 4052.
See Central States Edison Corp. below.
-Dividend Rate Reduced.
NCentral States Edison Corp.
In our issue of Nov. 7, page 3092, we erroneously stated that the Central
States Edison Co. of Delaware had reduced their preferred dividend.
The dividend which was reduced from $1.75 to 75c. a share quarterly was
that ofthe Central States Edison Corp. of Maryland,the parent corporation.
Distributions on the Central States Edison Co. pref. stock are payable
-V. 133. P. 3092; V. 131. P.
quarterly January, April, July and October.
1420.
-To Increase Stock.
The New York Stock Exchange has approved the company's application
Central West Public Service Co.
that there be substituted on the list on or after Jan. 2 of certificates for
The stockholders will vote Dec. 31 (not Dec..15 as previously reported)
1,004,846 shares of $5 pref. stock of the company, on official notice of on a proposal to amend the company's charter to authorize the creation
Issuance, in lieu of the presently listed of 1,004,846 shares of the $5 pref. of 100,000 shares of $100 par preferred and 300,000 shares of no par prestock, series A, and $5 pref. stock, series A, stamped, of the company.
ferred. These new issues will rank equally as to earnings and assets with
On Jan. 1 1932 all $5 preferred stock, series A, shall become $5 preferred the present A and B preferred issues. See also V. 133, P. 3787.
stock.
Under arrangements made by a banking syndicate, 415,909 shares of $5
-Earnings.
Chester Water Service Co.
preferred stock, series A, were issued bearing a statement reciting the agreeFor income statement for 12 months ended Oct 31 see "Earnings Dement of The National City Bank of New York to pay quarterly to the regis- partment" on a preceding page.
-V. 133, P. 3252.
tered holders of such certificates amounts equal to the difference between
the stipulated rates of dividend thereon and $5 per share per annum until "N. Cincinnati (0.) Street Ry.-Smaller Dividend.
Jan. 1 1932, after which date both the $5 preferred stock series A, and
The directors have declared a quarterly dividend of 50c. per share on
$5 preferred stock, series A. stamped, will become $5 preferred stock and
$50, payable Jan. 1 to holders of record Dec. 24.
the capital stock, par
will become entitled to dividends at the rate of $5 per share per annum.
Quarterly distributions of 75c. per share were made from April 1 1929 to
For income statement for 12 months ended Sept. 30 see "Earnings De- and including Oct. 1 1931.
partment" on a preceding page.
President Walter A. Draper stated that the number of passengers carried
this year will show a decrease of approximately 20% under 1929.-V. 132,
Comparative Balance Sheet, Sept. 30.
p. 2190.
1930.
1931.
1931.
1930.
LiabilitiesAssets
-Rights.
Commonwealth Edison Co.
Investments_ _ - _250943,459 236693,908 xCapital stock_ _213.853,586 209244,803
Secretary John W. Evers Jr., Dec. 5 1931, says in substance:
Cash & call loans 6,829,024 11,921,130 Long term debt_ 50,810,500 50,810.300
On Oct. 27 1931 the directors adopted a resolution under the provisions
Contractual LiaTime deposits in
bilities
1,450,000
banks
1,489,827 1,443,813 of which stockholders of record Dec. 15 1931, are entitled to subscribe at
share) for
Divs. declared
Notes and loans
2,167.879 2,045,487 par ($100 perrespective an amount of new or additional stock equal to 10%
holdings.
their then
rec.-subs_ ___ 9,324,964 16,486,211 Contracts pay'ble
11,385
329,015 ofThe stockholders may exercise the right of subscription under the warrant
Accts. payable_ Notes and loans
91,240
672,112
by first signing the form of subscription on the reverse side thereof, and
rec.- others- - 2.857,894 1,763,715 Accrued accts _ _ _
314,552
319,296 then delivering the warrant at the office of the Treasurer of the company,
Accts. roe.
-subs 2,265,029 2.363.227 Contracts guar72 West Adams St., Chicago. on or before Feb. 1 1932, and at the same
Accounts recelvanteed (contra) 865,300
Treasurer of the whole or one or more instal21,187 Reserve
able-others_ _
195,523
338,040
337,407 time making payment to theprice. The warrant will
void
of the subscription
Special deposit__
856.135 Surplus
978,444
9,743,234 8,926,163 ments,no value if the subscription is not made on or become wholly 1932.
before Feb. 1
and of
Contracts guarA fractional warrant carries no right of subscription for any fraction of a
anteed (contra) 865,300
share, but fractional warrants aggregating one or more whole shares may be
Unamortized disused in making subscription for whole shares.
count & exp___ 3,966,905 4,013.883
A subscription is required to be paid in one of the following methods,
9,000
Sundry debits..__
9,000
as elected by the subscriber: (1) in one payment of the entire amount of
on or before
Total
279,685,545 274,128,398 Total
279685,545 274,128,398 $100 per share at the time of making the subscription, on or before Feb. 1
Feb. 1
1932; or (2) in four instalments, each of $25 per share,
Sept. 30, 1931.
x Represented by:
Sept. 30, 1930.
1932, May 2 1932. Aug. 1 1932, and Nov. 1 1932, respectively; or (3) in
792,957
Preferred stock, $6
shs.
792,901
shs. 10 instalments, each of $10 per share, the first on or before Feb. 1 1932.
Prof. stock ($6) scrip equivalent to_
47.8 shs.
53.8 shs. and one on or before the first day (or, if the first day falls on Sunday, then
978,444
$5 preferred stock, series A
shs.
978,440
shs. on or before the second day) of each of the nine consecutive calendar
Common stock
2,950,938
shs. 2,581,685
shs. months commencing with the month of March 1932 and ending with the
Common stock scrip equivalent to....
3,851.64 shs.
2,660.38 shs. month of November 1932.
Option warrants to purchase corn.
Fractional warrants may be purchased or sold, subject to the usual
stock equivalent to
4,130
shs. brokerage charges, upon application to brokers or to the Utility Securities
-V. 133, p. 3628.
Co , at its special office established for the purpose at 81 West Monroe
It.. Chicago. The company cannot undertake to buy or sell warrants.
Associated Gas & Electric Co.
-November Output.
For the month of November. the Associated System reports electric out- -V. 133, p. 3787.
put totaling 272,244,623 units (k.w.h.), an increase of 6.5% above Novem-Electric and Gas
Commonwealth & Southern Corp.
ber of last year. For the 12 months ended Nov. 30. electric output totaled
3,220.377.262 units, or 6.3% above the previous 12 months. Excluding Output.
Electric output of the Commonwealth & Southern system in Nov.
utilities, electric output decreased 4.5% for November
sales to other
and 2.2% for the 12 months ended Nov. 30, when compared to the corre- was 450.628.000 k.w.h. as compared with 477,556,000 k.w.h. in Nov. 1930,
a decrease of 26,928,000 k.w.h., or 5.64%. For the 11 months ended
sponding periods last year.
Gas output for November was 1,438127.700 cubic feet or 8.6% below Nov. 30 1931 total output was 5,235,595.000 k.w.h. as compared with
November 1930. For the 12 months period, gas output totaled 17.926.533.- 5,529,611.000 k.w.h. during the corresponding period of 1930 a decrease
900 cubic feet, or 2.1% below the same period of 1930.-V. 133, p. 3786. of 294,016,000 k.w.h. or 5.32%. Total output for the year ended Nov.
30 1931 was 5,729,256,000 k.w.h. as compared with 6,043.336.000 k.w.h.
ended Nov. 30 1930, a decrease of 314,080,000 k.w.h., or
-Files New Rate Schedule.
Brooklyn Borough Gas Co.
- for 12 months 5.20%.
The company on Dec. 9 filed a schedule of reduced rates with the New approximately of the Commonwealth & Southern system in November
Gas output
Commission, which it contended would result in a saving of at
York P. S.
was 741,134.000 cubic feet as compared with 765.067,000 cubic feet in
least $150,000 annually to customers within its territory. The new rates November 1930, a decrease of 23,933,000 cubic feet, or 3.13%. For the
will affect principally gas users in the Coney Island district which the corn11 months ended Nov. 30 1931. total output was 8.145. 200.000 cubic
serves. The members of the Commission announced the rates would be feet as compared with 8,581.294,000 cubic feet last year a decrease of
Considered at their next full meeting, on Dec. 15.
Total output for the year ended Nov.
Under the terms of the company's plan, no customer after Jan. 1 will 436,094,000 cubic feet, or 5.08%. feet as compared with 9,424.149.000
8,958,547,000 cubic
30 1931
pay more for gas and 97% of the bills of consumers will be decreased. Of cubic feetwas the 12 months ended Nov. 30 1930, a decrease of 465.602,000
for
the $150,000 reduction in the annual revenue of the company, nearly
$135.000 will be saved by residential or domestic customers, it was said. cubic feet, or 4.94%.-V. 133, p. 3629.
The rates were filed after negotiations had been carried on by the Com-Charter Granted.
Conestoga Transportation Co. (Pa.).
mission with a view of reducing the company's rates. The majority of the
was issued at Harrisburg, Pa., on Dec. 4 for the above
A State
Commission ruled that the company should give 500 Cu. ft. o gas for the company, charterwas recently formed by the merger of 12 companies in
which
initial charge, represented by a minimum monthly bill of $1. instead of Lancaster and Chester counties, Pa.
200 Cu. ft. as formerly.
The merger was approved Nov.24 by the Pennsylvania P.S. Commission.
This feature of the proposed rate will mean substantial savings to small
stock of the consolidated company is $548,732 and there are
The
consumers, who will be permitted to use 2% times as much gas under the 80,000 capital of common stock. The officers are: John H. Wickersham,
shares
proposed rates as under the present rates for a minimum charge of $1 per
B. Frank Snavely, 1st Vice-President; Howard J. Eshelman. 2d
month. Follow-on charges under the new rates will be 1134 cents per Pres.;
100 Cu. ft. for the next 1,500 feet used after the initial quantity; 10 cents Vice-President; Ira H. Bare, Secretary, and John IC Herr, Treasurer.
per 100 Cu. ft. for the next 2,000 Cu. ft.; 1934 cents per 100 Cu. ft. for the See also V. 133, P. 1287.
next 6,000 Cu. ft. and 8 cents per 100 Cu. ft. for all over 10,000 Cu. ft.
-Earnings.
Cumberland County Power & Light Co.
The present rate of the company charges $1 per meter per month
For income statement for 3 and 12 months ended Sept. 30 see "Earnings
200 cu. ft. or less, with a follow-on charge of 10 cents for all gas usedfor
in Department" on a preceding page.
-V. 133, p. 1614.
excess of the initial quantity. Under the proposed rates,charges of 10
cents.
9% cents and 8 cents would be made for gas used in excess of 2.000 Cu. ft.
Delaware Valley Utilities Co. keqUisitiOttS RtrtifierhThe proposed rates will also bring about reductions to customers served
The New Jersey Board of Public Utility Commissioners ha)authorized
under the classifications for heating service and in the wholesale rate, it
e company to acquire from the National Water Works Corp. the capital
was said. The same rate proposed for general service will apply to service
stock of nine water companies in the Delaware River valley.
through prepayment meters, it was announced. (New York
"Times.").
The companies and the amounts of stock to be transferred are: FrenchV. 133, p. 2432.
town Water Co., 1,000 shares of common; Ideal Beach Water Co., 189
shares of common; Riverton and Palmyra Water Co., 1,750 shares; Junction
Buffalo & Lackawanna Trac. Co. Reorganization.
Water Co., 436 shares; Laurel Springs Water Works Co., 3,400 shares of
The New York P. S. Commission has approved the reorganization plan preferred and 550 shares of common: Tuckerton Water Co.. 440 share of
(V. 132, P. 3881). The reorganization plan proposed that depositing common; Jamesburg Water Co., 300 shares; Washington Water
1,179
bondholders of the Buffalo & Lackawanna form a new corporation with shares, and Barnegat Water Co., 215 shares. (See also V. 133. Co..
p. 285.)an authorized capital of 15,000 shares of no par value common stock, con- V. 133, p. 1287.
of 12.000 shares of class A stock which would be distributed to
sisting
-Stock Subscription Plan
bondholders in the ratio of 10 shares for each $1,000 principal amount of
Electric Bond & Share Co.
bonds, and 3,000 shares of class B stock designed to secure competent
management. The purpose of the reorganization plan was said to be to Ended.
The stockholders on Dec.7 approved the cancellation of the plan adopted
transfer to the bondholders their interest in the property purchased on
by the board of directors on July 1 1929 for toe sale of common stock for
their account at the foreclosure sale.
The Commission authorized the company to issue 11,450 shares of class A future delivery to officers and other employees, and also authorized the
stock (no par value) to be delivered to the Marine Trust Co., Buffalo, as retirement of approximately 590,000 shares of the presently outstanding
depositary under the bondholders' Protective agreement for delivery to common stock of the company (see V. 133, P. 3254).
depositing bondholders. The issuance of class B stock in payment for
Acquires Majority of Common Stock of Electric Power &
services in advance of their being rendered was not approved. It was
-See latter below.
stated by the Commission that the purpose of rewarding management can Light Corp.
l
3966
FINANCIAL CHRONICLE
Earnings.
For income statement for 12 months ended Oct. 31 see "Earnings Department" on a preceding page.
-V. 133, p. 3463.
Electric Power & Light Corp.
-Rights Expire-Majority
Control Acquired by Electric Bond & Share Co.
-
Upon the expiration on Dec. 4 of the time within which holders of common stock and option warrants of Electric Power & Light Corp. had the
right to subscribe for additional common stock at $15 per share, it was
announced that the Electric Bond & Share Co. had acquired sufficient
of the new stock to give it a majority of all of the common stock now to
be outstanding.
The privilege of subscribing for the now common stock was offered
Oct. 31 1931. ratably to holders of record of common stock and option
warrants at the close of business on Nov. 10 at the rate of 13-23rds of one
new share of common stock for each one share or for each option warrant
then outstanding.
The Electric Bond & Share Co.. as the owner of approximately 33%
of the common stock and of approximately 58% of the option warrants,
subscribed to its pro rata part (approximately 567,800 shares) of the
offering. In accordance with an underwriting agreement entered into
between Electric Bond & Share Co. and Electric Power & Light Corp.
at the time the offering was made, the former company is taking up such
of the remaining shares as were not taken by others entitled to subscribe.
The Electric Bond & Share Co. underwrote this stock at the offering price
of $15 per share for a fee of 50c. per share on all shares offered to holders
other than itself.
-V. 133, p. 3629.
-To Retire Pref. Stock.
Feather River Power Co.
-V. 132, p. 124.
See Pacific Gas & Electric Co. below.
-Earnings.
Federal Water Service Corp.
For income statement for 12 months ended Oct. 31 see "Earnings De-V. 133. P. 3629.
partment" on a preceding page.
-Preferred Dividend DeGreen Mountain Power Corp.
clared-New Board of Directors.
The corporation, acquired recently by the New England Power Association, elected Dec. 9 a new board of directors whose first action was to
declare the quarterly dividend of $1.50 a share on the preferred stock,
payable on Dec. 21 to holders of record on Dec. 9. The dividend, normally
payable on Dec. 1, was passed by the former directors.
The new board consists of Roy L. Patrick and Ralph N. Hill of Burlington, Vt.; Fred. A. Howland and Homer L. Skeels of Montpelier, Vt.:
Frank E. Langley of Barre, Vt.; Frank D. Comerford, Frederick J. Dunn,
-V.133, p 3788.
Arthur E. Pope and Carl S. Hermann of Boston.
-Extra Dividend.
Hawaiian Electric, Ltd.
The directors have declared a monthly dividend of 15c. a share and an
extra of 20c. a share on the common stock, both payable Dec. 20 to holders
of record Dec. 15. An extra distribution of like amount was made on
Jan. 20 1931.-V. 132, p. 310.
-Earnings.
Illinois Water Service Co.
For income statement for 12 months ended Oct. 31 see "Earnings De-V. 133, P. 3254.
partment" on a preceding page.
-Debenture Holders' ProIntercontinents Power Co.
tective Committee.
Fou 133.
urges the immediate• deposit of debentures, which, with the coupon of
Dec. 1 1931, and all subsequent coupons attached, should be forwarded
to either the Pennsylvania Co. for Insurances on Lives and Granting
Annuities. 15th and Chestnut Sts., Philadelphia. depositary, or to Bankers
Trust Co.. 16 Wall St. N. Y. City, or Crocker First Federal Trust Co.,
'
Post and Montgomery Sus., San Francisco. Calif., sub-depositaries.
Comparative Consolidated Statement of Earnings 12 Months Ended Aug. 31.
[Stated in dollars at par of exchange with provision for exchange loss at
current rates Nov. 21 19314
Subsidiary Companies
1931.11.
83,53g,657 53,439,345
0
Gross revenues & other income
1,654,757
Operating expenses and taxes
1,759,605
184,816
Maintenance
175,054
272,182
Depreciation
234,521
$1,425,201 $1,270,163
Net revenues
Miscellaneous interest, minority interest and other deductions..
76,743
Bal. applic. to Intercontinents Pow.Co. at par rates of exchange $1,193,420
Intercontinents Power Co.-400,281
Prov. for exchange loss at Nov. 21 1931 rates of exchange---Balance
Expenses parent company-net
$793.139
114.041
Balance at rates of exchange current Nov.211031,applicable
to interest on bank loans, other loans and debentures.
5679.097
amortization, dividends. &c
Annual interest requirement on:
169,050
Notes payable
-To banks ® 7% 32,415,000x
4,415
To American Equities Co. ® 7% 863.072y
630.000
6% debentures due 1948 $10,500,000
x Secured by the pledge as collateral security of $3.000,000 of non-Interest
bearing demand notes of its subsidiary (known as the Sudam company)
the common stock of which company is pledged as collateral under the
debentures. y Secured by the pledge as collateral security of 563.072
principal amount of demand notes with interest at 7% of its subsidiary
(known as the Sudam company) the common stock of which company is
pledged as collateral under the debentures.
Consolidated Balance Sheet As of Aug. 31 1931.
[Current assets, current liabilities and surplus stated at current rates of
exchange at Aug. 31 1931. Other accounts stated at par of exchange.]
LiattlitiesAssets
$10466.060
419,057.561 6% debentures
Fixed assets
107,536
9,883 Long-term notes payable._
Miscellaneous investments- 264,572
3,300 Bank overdraft
Special deposits
2,859,524
91,008 Notes payable
Cash & working funds
273,130
Accounts & notes receivable682,373 Accounts payable
83,303
Materials& supplies
754,437 Consumers & deposits
189.650
Other current assets
70.925 Accrued taxes, interest, &e..72,247
Unamortized debt disc.& exp. 1,075.201 Property perch. contr. unpd_
8,517
Other deferred charges
328,692 Deferred credits
668,415
Deprec.& maint. reserve
34,749
Reserve for uncoil. accts
308,802
Statutory & miseell.reserve
Minority int. In subs, capital
104,408
stock and surplus
Capital Stock and Surplus
2,745.000
V'pref.stk.(30,000 shs.)
b2,817,327
Class A com.(no par)
Class B common stk.(no par) c750,000
1,287,943
Paid-in surplus
101,743
Earned (deficit)
The interest due Dec. 1 1931 on the 6% debentures series A due 1948
and the convertible 6% debentures series due 1948 has not been paid and,
with the consent of the company. Henry C. Mahaffy Jr. and W. IV. Freeman have been appointed receivers of the company by the Court of Chancery
$22,973,384
Total
Total
$22,973,384
of the State of Delaware. The following representing the holders of a substantial amount of the debentures have consented to act as a committee
Note.
-Surplus as stated above is subject to payment of cumulative
for the protection of the debentures. Holders are urged in their own interest dividend on preferred stock from March 1 1931.
to deposit the debentures promptly under the deposit agreement.
a Including plant, property, equipment, going concern costs, good
-Benjamin W. Couch (Banker and Attorney), Concord, will, investigation expenses, commissions, &c. b 125,881 shares, including
Committee.
N. H.• John II. Mason (Vice-Pres., Pennsylvania Co. for Ins. on Lives & scrip aggregating 517 shares. c 327.664 shares.
-V. 133, p. 3788.
Granting Annuities), Philadelphia; George T. Purves (of Graham Parsons
-Again
St Co.) N. Y. City; Homer Reed Jr. (of Stroud & Co., Inc.), Philadelphia: ks International Telephone & Telegraph Corp.
John J. Rudolf (of A. Iselin & Co.), N. Y. City: and Thomas J. Walsh,
-The directors on Dec. 10
Chairman (of E. H. Rollins & Sons, Inc.), N. Y. City, with Cravath de Reduces Quarterly Dividend Rate.
Gersdorff (Swaine & Wood). 15 Broad St., N. Y. City, Counsel, and G. declared a quarterly dividend of 15 cents per share on the
deB. Greene. Secretary. 44 Wall St., N. Y. City.
In order that holders of the debentures may be informed
of the situation, the company has furnished the committee
with the information summarized below.
Properties located in Argentine and Brazil contribute 83% of the gross
earnings of subsidiaries controlled by company. Sharp declines in the
exchange values of currencies of these countries, together with the necessity for providing locally for fixed capital expenditures from earnings,
have made it impossible for funds to be paid by these subsidiaries to Intercontinents Power Co. In Chile, where 17% of the gross earnings are
derived, prohibitions on the transfer of money from that country have been
in effect. It has been impossible, under present conditions, to raise funds
by the sale of securities to pay off bank loans incurred by company primarily
In reimbursements of advances made to subsidiaries.
The Compania Sud Americana de Servicios Publicos [Argentine] (known
as the Sudam company), the subsidiary corporation owning, directly or
indirectly, the properties located in Argentine and Brazil, has been obliged.
during the first eight months of 1931, to expend for fixed capital a sum,
calculated at average rates of exchange in effect for the period, of approximately $660,000.
The current liabilities of the company and its subsidiaries on Aug. 31
1931. were approximately $3.670,000 (approximately $2,580.000 of the
company and approximately $1,090,000 of subsidiary companies), of
which $2,400,000 represented bank loans of the company secured by $3,000,000 principal amount of notes of the Sudam company. The credit
with these banks was originally arranged on Oct. 23 1930, maturing June 30
of
1931. with the expectation that it could be paid off from the proceeds
the sale of securities. When this proved impossible, the banks expressed
Arunwillingness to extend this credit further, except as a call loan. (now
an
rangements were finally made, however, for the extension of this loan
Increased to $2,415,000), to April 11032. with provisions for the acceleration
of the due date in the event that it becomes necessary to protect the banks.
From the earnings statement below, it will ho observed that the earnings
spite
of the properties in local currency have been only slightly decreased inwhich
of the prevailing economic conditions, but due to the severe decline where
has occurred in the exchange value of the currencies of the countries very
these earnings are produced. the loss to the parent company has been
eendisubstantial and even though earnings were not required to meetsufficient
tures for fixed capital, the transfer of these funds would not providecompany.
other requirements of the parent
dollars to meet the interest and
the
The company estimates that the earnings of the subsidiaries for now
exchange
calendar year 1931 will not exceed $700.000 at rates ofthe 12 months
for
prevailing as compared with approximately $793,000
ended Aug. 311931.
improve
In appears that, unless exchange returns to par, and conditions
to the extent that it will be possible for the company to sell securities to
requirements, all the net earnings of the company for the current
provide its
year and the estimated net earnings for the years 1932 to 1933 will be necessary to provide funds for the current requirements of the subsidiaries during
those years without, however, providing any funds to apply to the reduction
of floating debt, and then only with substantial curtailment of construction
expenditures.
The company advises that it consented to the appointment of a receiver
In order to preserve the assets of the company for the benefit of all creditors
and stockholders and to provide means, if possible, to raise funds urgently
needed for expenditures on the properties of Sudam.
The company has, in the past, shown earnings adequate to cover interest
on the debentures and leave a substantial surplus for dividends. Under
present conditions it is obvious that some form of senior financing will
be ultimately necessary to fund the outstanding bank debt incurred for capital expenditures and to provide for future capital requirements. It is
Impossible to tell at this time when this financing can be arranged due to
conditions existing not only in this country but in South America and
whether South American exchange rates will return to a normal basis in
time to make it possible to avoid a drastic reorganization. It is clear.
however, that if a drastic reorganization can be avoided, it will only be
by concerted action on the part of debenture holders to protect their interests in whatever situation may arise. kccordingly, the committee
capital stock (without par value), payable Jan. 15 to holders of record Dec. 18. A quarterly payment of 25 cents
per share was made on Oct. 15 last, while from July 1929
to and incl. July 1931 the corporation made regular quarterly distributions of 50 cents per share.
An official stated that provision had been made for payment on Jan. 1 of the interest on Postal Telegraph & Cable
Corp. 5% gold bonds and that there would be no need for
any new financing by the International Telephone & Telegraph Corp. in 1932.
Earnings.
-For income statement for 9 months ended Sept. 30 see
"Earnings Department" on a preceding page.
-V. 133. p. 1767.
Interstate Transit Co., Inc.
-Sale.
The "Wall Street Journal" states:
Assets of the company (motor bus transportation system In receivership)
have been sold for $890,000. Mack International Motor Truck Corp.,
which instituted proceedings for the receivership and which held mortgages
amounting to $900,000 on motor trucks. received $550,000 of the sale price.
-V. 133, p.3254.
-Earnings.
Jamaica Water Supply Co.
Earnings for Year Ended Sept. 30 1931.
Operating revenues
General and operating expenses
Maintenance
Uncollectible bills
Taxes, State and local
$1,636,568
598,936
62,078
12,756
142,805
Operating revenue
Miscellaneous rent revenues
Miscellaneous interest revenues
$819,992
84
104
Gross corporate income
Interest on long-term debt
Amortization of debt discount and expense
Refund of State tax to bondholders
Retirement reserve including depreciation
Federal income taxes
$820,180
312,418
14,690
1,550
103,706
36,217
Balance, net transferred to surplus
$351.599
Balance Sheet Sept. 30 1931.
Liabilities
Assets
$1,715,941
512,251,749 Common stock
Plant and property
364,223 735% preferred stock
1,000.000
Cash
1,486 S6 preferred stock
Notes receivable
1,000,000
199,524 Long-term debt
6.038,800
Accounts received
138 Accounts payable
64.557
Int. and diva. receivable
68,932
113,018 Advance patm ts-consumers
Material and supplies
14,241 Taxes accrued
74,732
Prepayments
83,183
30,704 Interest accrued_ _ __
Miscellaneous assets
352,637 MIscell. accrued liabilities.-492
Unamort, debt dlsct. & exp._
1,188 Consumers revenue billed In
Jobbing accounts
94,236
m face]IaneouS suspense
10,961
advance
45,420
1111seell. unadjusted ItemsAdjustment accounts-Reac3,640 Retirement res.(Incl. depree.) 1,612,194
quired securities
66,454
Contributed surplus
1,478,567
Surplus
513,343.510
Total
$13,343.510
Total
-Value of water rights, franchises, &c. appraised by Stone & WebNote,
stor at in excess of $6,000.000 are not included in the above assets.
V. 133, p. 2266.
DEC. 12 1931.]
FINANCIAL CHRONICLE
Kansas City Power & Light Co.
-Listing of $3,000,000
Additional 1.st Mtge. Gold Bonds, 414% Series.
The New York Stock Exchange has authorized the llsting of $3,000,000
additional 1st mtge. gold bonds, 4;4% series due 1961, Feb. 1 1961, upon
Official notice of sale and distribution, making the total amount applied
for $30,000,000 bonds. (See offering in 'V. 133.P.3788.)
Laclede Power & Light Co.
-Fights Sale of Stock.
-
An application from the Union Electric Light & Power Co. of St. Louis
to the Missouri P. S. Commission for leave to acquire 3,330 voting trust
certificates of its local competitor, the Laclede Power & Light Co., is
being vigorously opposed by the latter concern on the ground that it would
tend toward monopoly and also force customers of the Laclede company
to help pay for "dead horses like the Bagnell Dam?'
-("Electrical World.")
-V. 130, p. 3350.
Lexington Water Power Co.
-Earnings:
-
3967
17 1932, respectively, or (c) in 10 installments, of $10 per share each,
payable on or before Jan. 15 1932, Feb. 15 1932, Mar. 15 1932. April
1932, May 16 1932. June 15 1932, July 15 1932, Aug. 15 1932, Sept. 15
15
1932 and Oct. 17 1932. respectively. All payments on subscriptions are
to be made to the order of the company either at the office of the company, 122 So. _Michigan Ave., Chicago,
or at Bankers Trust Co.
16 Wall St., N. Y. City.
.
All subscription warrants will become void and of no effect immediately
after the close of business on Jan. 15 1932, after which time no subscriptions will be received.
The company will not purchase or sell warrants for whole or fractional
shares, but such warrants may be purchased from, or sold to, brokers
and others.
Permanent Bonds Ready.
Permanent 1st dv ref. mtge. 4% gold bonds, series 13, due .1 • 1 1981.
.
are now ready and exchangeable for the temporary bonds originally issued.
-17„ 133, p. 2763.
For income statement for 11 months ended Oct. 31 1931 see "Earnings ".--.Peoplds
Department" on a preceding page.
-V. 127, P. 2228.
Louisiana Ice & Utilities, Inc.
-Bondholders' Protective
Committee.
-
Light & Power Corp.-Debentureholders and
Noteholders Protective Committee.
-
Announcement is made of the formation of a committee for the proteetion of the interests of holders 5% convertible gold debentures, series of
1979, and the gold notes due Dec. 1 1931.
The holders of the 1st mtge. gold bonds, cony. 6% series A, due April 1
The reorganization committee under the Tr -Utilities Corp. plan and
1946, are in receipt of a letter dated Dec. 4, which states:
On April 1 1931 the company failed to deposit with the trustee $72,645, agreement of reorganization dated Sept. 1 1931, will, it is expected, terminate the provision for the holders of securities of Peoples Light & Power
the amount required under the indenture securing these bonds, as a sinking
Corp., heretofore proposed under the Tr -Utilities plan.
fund payment for the retirement of bonds.
Receivers of Peoples Light & Power Corp have been appointed, and
Since the payment of the last interest coupon on the above bonds, on
Oct. 1 1931,the Empire Public Service Corp.and the Electric Public Utilities payment of the notes due Dec. 1 1931 has not been made, nor is it expected,
Co. have been placed In receivership. The Empire Public Service Corp. according to the committee, that interest will be paid Jan. 1 1932 on the
controls Electric Public Utilities Co. and has supplied management for debentures. Holders of the debentures and notes are requested to make
Louisiana Ice & Utilities, Inc. Electric Public utilities Co. owns the deposit with the New York Trust Co., depositary, 100 Broadway, N. Y.
City.
common stock of Louisiana Ice & Utilities, Inc.
Ellery S. James of Brown Brothers Harriman & Co.Is Chairman of the
Inasmuch as receiverships have occurred in the holding and management companies, in addition to the above described and continuing default committee which includes Henry B. Pennell, Jr., (Coffin & Barr, Inc.),
Joseph W. Dixon (Graham Parsons & Co.) F. M. Thayer (Janney & CO.)
in sinking fund payment, and in view of serious decreases in gross and
net earnings of Louisiana Ice & Utilities, Inc., it is felt that there is a and George N. White. L. S. Kershner, 48 Wall Street, New York is see-V. 133. P.
need for immediate co-operative action by the bondholders along such retary of the committee, and Sullivan & Cromwell, counsel.
lines as may be necessary, or possible, to protect the integrity of their 3631,3464.
investment.
Pittsburgh Suburban Water Service Co.
-Earnings.
At the request of the bankers who distributed this issue, and of holders
For income statement for 12 months ended Oct. 31 see "Earnings Deof substantial amounts of the bonds, the bondholders' protective compartment" on a preceding page.
-V. 133, P. 3256.
mittee (below) has been formed.
The committee expects to receive shortly, recent balance sheets
and
Postal Telegraph & Cable Corp.
-Earnings.
statements
ls
the comi f i to wo coTfer with rtive
in
e nj and tgr o t a on
For income statement for 9 months ended Sept.30 see "Earnings Departgetrhaelg
an
stru
representativesprogram ment" on a_preceding page.
in the interests of the herders of these bonds.
Clarence
Mackay, Chairman of the Board, says:
The committee can act effectively only when substantially all of the
H.
On Dec. 1 1931. Postal Telegraph in conjunction with the Western Union
bonds are deposited, and it is hoped, inasmuch as the above mentioned
receiverships, default and decreased volume of business require forceful Telegraph Co. inaugurated a new service called Timed Wire Service.
action, that every bondholders will recognize the necessity of depositing Through this service, customers of either telegraph company who have telegraph printers in their offices may send messages over their printers to any
his bonds with the committee promptly.
customer of either company who is similarly equipped and the charge is
Central Bank & Trust Co.. 208 South La Salle St. Chicago,
St.
Louis Union Trust Co., 323 North Broadway. St. LOuis, Mo., and de- based on the time consumed in typing the messages on the printer.
are
This service is available to over 9,000 of the largest telegraph users in the
positaires.
-Wm. C. Freeman, Chairman (Vice-Pros. Central country who already have telegraph printers installed and to any customers
Protective Committee.
Republic Co. Chicago), Rufus R. Clabaugh (Vice
-Pm. First National whose telegraph business warrants the installation of a printer. On Dec. 1
the two companies issued a joint directory giving the names and addresses
Co., St. Louis), Charles A. Hobein (Vice-Pres. John Nickerson
Inc. New York) Edward D. Jones (Edward D. Jones & Co.. St. & Co.. of all printer customers.
-V. 133, p. 1769.
with Gordon B. Wheeler, Sec., Lock ,Box T. Chicago, Ill., and Louis),
,
'
Fisher.
Providence (R. I.) Gas Co.
-Regular Div.
-New Director.
Boyden, Bell, Boyd & Marshall, Chicago, counsel.
-V. 133. p. 3788.
The directors have declared the regular quarterly dividend of 30c. a
Montreal Light Heat & Power Co.
share, payable Jan. 2 to holders of record Dec. 15. In the final quarter
,
-Par Changed.
An amendment to the charter of the company, granting it permission last year the company paid a 10c. "extra.'
Edmund C. Mayo, President of the Gorham Mfg. Co., has been elected
to reduce its par value stock from $100 a share to $50, was adopted by
a director, to fill the vacancy caused by the death of James R. MacColl.the Quebec Legislature on Dec. 4.-V. 115, p. 315.
V, 132. P. 2195.
oi
ngzeltsequft
National Electric Power Co.
-Expansion,
Public Service Co. of New Hampshire.
-Earnings.
Expansion of the holdings of the above corporation was revealed on
For income statement for 3 and 12 months ended Sept. 30 see "Earnings
Dec. 5 with the acquisition of the municipal electric systems of Beaufort.
-V.133, p. 3465.
Newport, and Aloroluead City, N. C., following favorable votes by citizens Department" on a preceding page.
of the three cities. These properties are adjacent to the principal trans-Service Agreement.
Puget Sound Power & Light Co.
mission lines of National Electric Power Co. in that area anifit is considered
The company has won its fight to defer the time when it will begin dispossible that they will be connected when deemed advisable.
municipal properties will be operated by the Tide Water Power continuing service to private customers in Tacoma, Wash. Under the terms
The throe
Co., a National Electric Power unit operating extensive public service of an agreement reached with the City Council, the company need not abandon the field until the end of 1932. Tacoma councilmen are also considering
facilities in Kinston, Fayetteville, Newbern, Washington and
Goldsboro, granting a 25
-year franchise to the company to maintain power lines through
N. C., and other cities.
-V.133, p. 3789.
Tacoma to serve outside sections,the city light department to have the right
New England Power Association.
-Transfer of Property. to use some of the poles to be erected by the company. ("Electrical World.")
Following orders issued by the Vermont P. S. Commission
effective -v. 133. P. 1615.
as of Nov. 1, the New England Power Corp. of Vermont and acquired
has
Rapid Transit in N. Y. City.
-Traffic Down 3.4%
the Vermont assets of the Fail Mountain Electric Co. Heretofore the
latter company, dealing directly with local customers, has handled
for Year.
business of the New ngland Power Association at Bellows Falls, the
Vt.
Rapid transit, street surface and bus lines in N. Y. City carried 3.131.The change is substantially in name only, there being no change
or personnel. The New England Power Association is following in service 800,000 passengers during the fiscal year ended June 30 1931. a decrease
organiza- of 111,300,000, or 3.4_7 , as compared with the preceding year, according
0
tion plans to conform with State lines with the ultimate view of
having
all companies in Vermont and New Hampshire under two separate cor- to the report of the Transit Commission.
Traffic on the rapid transit lines during the 12 months totaled 1,995.900.porations. ("Electrical World.")
-V. 133, D. 3789.
000 passengers, representing a drop of 52.600,000 from 1930. Travel
-New Pref. Stock Issue.
on the street surface railways fell off sharply during the period to 901,700.000'
Ohio Edison Co.
The company has applied to the Ohio P. U. Commission for authority to passengers, a decrease of 58,800,000, or 6.19'. This decline compared
issue 20,000 shares of 6% pref. stock of $100 par value. Of this total, with a drop of 40.100,000 in the preceding 12 months. The Hudson10,000 shares would be applied to capitalization of treasury expenditures as Manhattan tubes carried 101,600,000 Passengers, or 9,009,000 less than
of Dec. 31 1930, of $2,037,250, and the remainder used to redeem present In 1930.
Of the nine bus lines reporting to the Commission, two of these being
outstanding pref. stock drawing 5, 6.60, 7 and 7.20%.-V. 133, p. 2267.
operated by street railway companies, all but one line showed increased
passenger service for the year. The Fifth Avenue Coach Co., with 55,Telephone Co.
-Bonds Called.
Ohio State
The Bankers Trust Co. as sinking fund trustee, announces that $28.000 400.0001 passengers, carried 3.500,000 fewer than in 1930, a drop of 5.9%.
of consol. & ref. mtge. lionds
have been drawn for redemption at their The other eight lines carried a total of 132.600.000 persons, an increase
face value on Jan. 1 1932 through operation of the sinking fund. Payment of 9,200,000, or 7.5% over 1930.
The decrease shown by the rapid transit lines as a whole was the first
will be made at the corporate trust department of the trust company.
- since 1915. The subway division of the Interborough Rapid Transit Co.
V. 132. p. 4411.
carried 973.300,000. a decrease of 13,400,000, or 1.4% from 1930. but
40,900.000 more passengers than were carried in 1929, while tne elevated
-Earnings:
Ohio Water Service Co.
total of 327,400,000,
For income statement for 12 months ended Oct. 31 see "Earnings De- division's was the first drop belowrepresenting a decrease of 20,100,000.
o,
346,200,000 since 1916.
or 5.87
-V. 133, p. 3256.
partment" on a preceding page.
The New York Rapid Transit Corp. (Brooklyn-Manhattan Transit
subsidiary) carried 695,200.000 passengers, a decrease of 19,200,000.
Oregon-Washington Water Service Co.
-Earnings.
For income statement for 12 months ended Oct. 31 see "Earnings De- or 2.79' from 1930, but 4,400,000 greater than in 1929.
Total operating revenues of all rapid transit and street surface railways
partment" on a preceding page.
-V. 133, p. 3256.
amounted to $156.261,000, or 55.363,000 less than in 1930. Of the total,
revenues of the rapid transit lines amounted to $106,924,000, a drop of
Pacific Gas & Electric Co.
-To Redeem Feather River $2,579,000. The Interborough
Rapid Transit Co.'s subway division
Power Co. Preferred Stock.
had total revenues of $52,773,000, a decline of $538,000 from 1930, while
The Pacific Gas & Electric Co. has arranged for the redemption on
Dec. its elevated branch, with total revenues of $17,985,000, had a decrease
31, at par and dive., of all of the outstanding class A 7% pref, stock
of $1,096,000 from revenues in 1930. •
Feather River Power Co. This stock represents the only issue of the of the
Revenues
Feather during the of the Brooklyn-Manhattan Transit Corp. dropped $945,000
River company of which any portion is now held by the public.
year to $36,166,000. The city's street surface lines took in
Upward of $49.337.000,
two-thirds of the total issue has already been acquired by the
a decrease of $2,783,000 from 1930.-V. 133, P. 2105, 1454.
Pacific Gas &
Electric Co.
All of the class Li pref. stock and the common stock of the
Safe Harbor (Pa.) Water Power Corp.
-In Service
Feather River
company are owned 13y the Great Western Power Co., of
California, which Nine Months Ahead of Schedule.
is also controlled by the Pacific company. The retirement of the
On Dec. 7, nine months ahead of schedule, the first of the giant generators,
remaining
balance of the Feather River stock marks a further step in
the
In toe
pany's program for consolidating with its own system the Pacific com- into $30,000,000 hydro-etectric development at Safe Harbor (Pa.) went
service. The initial delivery of power was to Baltimore.
which control was acquired from the North American Co. in properties of
This week another 42.500 h.p. generator was to go into operation at
1930.-V. 133.
p.3256.
Safe Harbor. Just after the New Year two more generators of this size will
be ready. The Safe Harbor development, which is an Aldred enterprise,
Peoples Gas Light & Coke Co.
-Rights.
has already been financed, and it begins operations with its entire output
Secretary Albert L. Tossell, Dec. 5 in a letter to the
p4ul
stockholders, says sol
in part:
This financing was in the form of an issue of $21,000,000 1st mtge.
The issuance of $6.900,000 in par value of additional capital
bonds sold to investors last June. The entire initial output has been
stock,
representing an increase of 10% in the amount of
aased by the Pennsylvania Water & Power Co. and the Consolidated
d
stock outstanding,
was authorized by a resolution adopted by the directors on Sept. 4 1931. Gas . Electric Light & Power Co. of Baltimore and eventually the
plant
Each stockholder of record Dec. 15 1931 is given the right to subscribe will provide a large part of the power requirements for the electrified
for this additional stock, to the extent of 10,0 of the shares then
7
held, operations of the Pennsylvania RR, between the Susquehanna River and_
at the price of $100 Per share, upon the terms and conditions and subject Washington under a 20
-year contract recently executed.
to the limitations stated in substance, as follows:
harnessed by a mile long dam, the Susquehanna River will now
Subscriptions will be payable, at the election of the subscriber, on either beAgain
continuously at work driving water wheels in the plant of the Safe
of the following plans: (a) In one payment, of $100 per share, payaole Harbor corporation. After their passage through the new
on or before Jan. 15 1932, (b) in four installments, of $25 per share each, the waters are quickly caught again by the development ofpower house,
payable on or before Jan. 15 1932, April 15 1932, July 15 1932 and Oct. vania Water & lower Co.. at Holtwood, eight miles down the Pennsylstream.
3968
FINANCIAL CHRONICLE
[VoL. 133.
be adjusted with
The plants at Holtwood and Safe Harbor being operated as a single ments. There is a contingent liability on taxes that must of $10 per share
Bedford, Mass. A liquidation dividend
development, constitute in the Susquehanna basin near the populous the City of New year required $160,000. The assets before deducting the
cities of the Eastern Seaboard one of America's largest sources of hydro- paid during the equivalent to about $12 per share. ("American Wool and
tax liability are
electric power.
The power lines from Holtwood and Safe Harbor connect the river Cotton Reporter.')-V. 133. D. 1455.
plants with the system of the Consolidated Gas, Electric Light & Power "--,Administrative & Research Corp.
-Omits Class B Div.
Co. of Baltimore, whose steam driven stations at tidewater have installed
The directors have voted to omit the quarterly dividend due at this
capacities of 346,000 h.p.
usual quarterly
Pennsylvania Water time on the no par value class B stock, but declared the value, payable
A new 70
-mile 220,000 volt transmission line of the
A stock, no par
on the
& Power Co., completed last week between Safe Harbor and Baltimore, dividend of 25c. per shareDec. 18. class corporation on Oct. 1 last made
The
of record
together with the operation of the Safe Harbor plant creates a regional Jan. 1 to holderspayments of25c. per share on both issues.
-V.133, p.3792.
regular quarterly
Power system.
With the initial six units, for which contracts have been let for Safe
Alaska Juneau Gold Mining Co.-Earntngs.of 255,000 h.p. Six
Harbor, the new development will have a capacity
For income statement for month and 11 months ended Nov. 30 see
additional turbines which will be installed later will give an ultimate capacity
-V. 133. p. 3095.
preceding page.
at Safe Harbor of over 500,000 h.p. The capacity at Holtwood is 180,000 "Earnings Department" on a
Water &
h.p. The regional transmission system of the Pennsylvania
-Earnings.
Allen Industries, Inc.
Power Co. thus will have the resources of a power pool of 750,000 h.p..
For income statement for 9 months ended Sept. 30 see "Earnings DeWhich can readily be increased to over 1.000.000 h.p.
Power partment" on a preceding page.
In addition to the lines to Baltimore, the Pennsylvania Water &
Balance Sheet
Co.'s high voltage cables connect with distributing systems in Lancaster,
Oct. 1 31. Dee.31 30.
-V. 133, p. 3257.
York and Coatesville, Pa.
Oct. 1 31. Dec.31 30. LiabilitiesAssets637,809
$267,786 Current liabilities_ $132,152
-Earnings. Current assets-- $274,932
151,159
Scranton-Spring Brook Water Service Co.
790.359 Long term indebt'd 139.735
Permanent assets_ 855.564
16,545
12,494
For income statement for 12 months ended Oct. 31 see "Earnings De- Deferred charges-15,289 Reserves
6,929
867,928
-V. 133, p. 3632.
partment" on a preceding page.
Capital & surplus_ x852,944
South Bay Consolidated Water Co., Inc.-Earntngs.-
For income statement for 12 months ended Oct. 31 see "Earnings De-V. 133, p. 3257.
partment" on a preceding page.
--Earnings.
Southwest Gas Utilities Corp.
For income statement for 9 months ended Sept. 30 1931 see "Earnings
-V. 133, P. 955.
Department" on a preceding page.
$1,137,325 $1,073,435
$1.137,325 $1,073,435 Total
Total
coin.
X Represented by 14,109 shares preferred stock and 66,000 shares
-V. 133, p. 3465.
stock.
-Foreclosure Sale.
Allerton Corp.
In pursuance of a decree of the U. S. District Court for the Southern
District of New York dated Nov. 30, Howard Osterhout, special master.
extension
-Listing.
will offer for sale without valuation, appraisement, redemption oron Jan. 7
Standard Power & Light Corp.(Del.).
For the preferred shares and class A common shares, each without on the front steps of the new county court house in New York (N. Y.).
been sub- 1932 50 shares of the common stock of Allerton Realty Corp.
par value, now on the Boston Stock Exchange list, there have
York Corp. (N. Y),
stituted 220,000 shares, without par value, of $7 cum. preferred stock, 10.000 shares of the common stock of Allerton New of the common stock
110,000 shares, without par value, common stock, and 110,000 shares, 4,160 shares of the preferred stock and 3.750'shares
(N. Y.), 10 shares of common stock of Allerton
of Allerton 55th Street Corp.
-V. 132, p. 3527.
without par value, of common stock, series B.
Operating Co. (N. Y.), 2,528 shares of common stock of Allerton Co. of
-Regular Dividends.
Chicago (Ill.), and 490 shares of the class A common stock of AllertonTelephone Bond & Share Co.
-V. 133. p. 2437.
The directors have declared regular quarterly dividends of 50c. Per Cleveland Co. (Ohio).
of a share of class A common stock on the class A
share in cash or 1-50
-Unfilled Orders, &c.
Allis-Chalmers Mfg. Co.
common stock and $1.75 per share on the preferred stock, payable Jan. 15
to holders of record Dec. 21.
Nos.30'31. Oct. 31 '31. Nov.30'30.
As Ofwas paid on the class A common stock Unfilled orders
An extra of 25c. per share in cash
$8,229,000 $8,101,000 $14,233,000
-V. 133, p. 3791.
on April 15 and Oct. 15 of the current year.
The company has been increasing its cash holdings, which on Sept.
year
30 last totaled $4,810,000 against $3,035.360 at the beginning of theis re-Expansion.
Co.
Tide Water Power
and $1,615,408 at the beginning of 1930. Net working capital, it
-V. 133. p. 3632.
See National Electric Power Co. above.
ported, is roughly $30.000,000, or twice the principal amount of debentures
-V. 133, P. 3792.
-Earnings.
issued.
Twin States Gas & Electric Co.
For income statement for 3 and 12 months ended Sept. 30 see "Earnings
-Time for Exercise of Warrants Again
Aluminium, Ltd.
-V.133. p. 1616.
Department" on a preceding page.
-Reorganization Play.Twin States Natural Gas Co.
A plan of reorganization has been approved and adopted and copies
have been lodged with the depositaries, Hibernia Trust Co., 57 William
St. New York, and Continental & Illinois Bank Sc Trust Co., Chicago.V. 133, p. 3339.
'
West Virginia Water Service Co.-Earntngs.-
For income statement for 12 months ended Oct. 31 see "Earnings De-V. 133, p. 3632.
partment" on a preceding page.
-Earnings.
Western New York Water Co.
For income statement for 12 months ended Oct. 31 see "Earnings De-V. 133. 1). 3258.
partment" on a preceding page.
-Annual Dividend Rate.
Western Union Telegraph Co.
-The directors on Dec.8 declared
Reduced to 6% From 8%.
on the outstanding $104,527,a quarterly dividend of 1
999 capital stock, par $100, payable Jan. 15 to holders of
record Dec. 22. This compares with quarterly distributions
of 2% each made from Jan. 15 1925 to and incl. Oct 15 1931
President Newcomb Canton is quoted as saying'
"If our 1932 revenues continue at the level of 'the current year, I see
no reason why Western Union should not continue to pay a reasonable
dividend.
"Western Union currently has no bank loans and its financial position
of next year to
Is good. We may borrow around $2,000,000 the firstare lean months.
carry us over January and February, which normally year ago in about
Our telegraph and cable business continues off from a
the same percentage as earlier in the year. The decline in our business
Is comparable to that of the railroads.
"Our new teletype service is being well received and is expected to
bring substantial added income in the future. Installation of the service
-V. 133. p. 3792.
has been paid for."
-Preferred Dividend Deferred.
Winnipeg Electric Co.
dividend of
Taos directors have decided to defer the usual quarterly
The last quar151% due Jan. 1 on the 7% cum. pref. stock, par $100.
1290.
terly payment on this issue was made on Oct. 1 1931.-V. 133, p.
INDUSTRIAL AND MISCELLANEOUS.
-Western Sugar Refinery has reduced
IF Price of Refined Sugar Reduced.
their
price of refined sugar to 4.40 cents a pound. Hershey also reduced
price to that basis on new business and on undelivered balances in guaranBoston "News Bureau," Dec. 10, p. 16.
teed territory.
-United Cigar Stores and Schulte Stores drop
Price of Cigarettes Reduced.
prices in Cincinnati to 15 cents, a package, two for 29. Boston "News
.Bureau," Dec. 9, p. 6.
-Boston's striking longshoremen returned to
Longshoremen's Strike Ends.
agreea
work Dec. 7. The two-month-old strike ended Dec. 5 when ofnew Interthe
ment was signed by Joseph Ryan of New York, President
various
national Longshoremen's Association and by representatives of the
steamship lines. "Wall Street Journal," Dec.7,p.4. received from Frank
Warner Bros. Strike Called Off-Under an order
Stage
Corothers, President of the International Alliance of Theatrical
before the
Employees and Moving Picture Machine Operators. Two hours reduction
that wage
strike was to have begun, Mr. Carothers announcednegotiations had been
ordered by Warner Bros. had been withheld and that
p. 6.
re-opened with the Association. "Wall Street Journal," Dec. 7,capital floMatters Covered in the "Chronicle" of Dec. 5.-(a) The new
for the 11 months since Jan. 1,
tations during the month of November and
in October valued at
p. 3682; (b) Canadian Pulp & Paper Exports decrease of $3,368,971 $11,from
666,350
-increase of $581,985 over September,
act
-month total $118,298,241. D. 3699; (c) 21 nations to
October 1930, 10
on oil standards, technologists to be named on world committee, p. 3704;
informs world producers of
(d) Phelps Dodge aids copper restriction,
Copper
readiness to join in curtailment program, p. 3705; (e) Anaconda Report
Mining Co. reduces wages, p. 3705;(f) Copper prices. p. 3705;(g)
bond issues of
by Latin-American Aondholders' Association on dollar
in
Minas Geraes and Rio Grande Do Sul indicates possibility of delay
debt service, p. 3720; (h) Brazilians invest heavily in real estate to safe-favoredguard savings as milreis declines, p. 3720; (i) Brazil signs most Drawing
nation conventions with Germany and Switzerland, p. 3720; (j)
for redemption of bonds of State of Sao Paulo loan of 1921,funds available
for interest payment due Jan. 1, p. 3720;(k) Speyer & Co. announce cancellation through sinking fund of portion of 8% bonds of State of Sao
Paulo, provision for payment of Jan. 1 coupons on loan, p. 3720; (I) Sao
Paulo defers interest payments on external loans of 1922 and 1926, P. 3720:
New coffee setup, National Council takes over Brazil's operations,
vernment retains veto power, p. 3721.
Extended.
The company has made the following announcement of postponement of
the dates of exercising its outstanding com. share subscription warrants:
"It has been decided that the time for exercising the 'B,"C' and 'D'
warrants will be further extended in each case approximately six months.
"The final date on which 'B' warrants may be exercised will be July
be
2 1932. The final date on which 'C' warrants may be exercised willwill
Oct. 1 1932. The final date on which 'D' warrants may be exercised
be Jan. 3 1933."-V. 133, p. 2270.
-Receivership.
Ambassador Hotel Corp.
Irving Trust Co. and Frank W. Kridel were appointed Equity Receivers,
Dec. 9, by Federal Judge John M. Woolsey, in the U. S. District Court at
New York. Corporation owns and operates the Ambassador Hotels of New
York, Atlantic City and Los Angeles. The bill in equity was filed by
Appleton. Perron & Rice. attorneys. The bill alleged that the company is
fully solvent, but under present conditions is unable to meet its maturing
obligations. No change is contemplated in the management of the corporation, it is said.
Frank Kridel and Max Grossman, were named Dec. 10 by Federal
Judge John Boyd Avis, at Trenton, N. J., as Ancillary Receivers.
In connection with the present proceedings, there will be a re-organization
of the first mortgage bond issue of $12,000,000 secured by the New York
and Atlantic City Ambassador hotels and the $3,500,000 debenture issue
covering the property of the corporation.
A committee for holders of bonds of this first mortgage issue with White
& Case as eastern counsel, and a separate committee for debenture bond
holders with Simpson, Thacher & Bartlett as eastern counsel, have been
formed to formulate and submit to these security holders, plans of reorganization.
William H. Peterken, Treasurer, states it is expected that reorganization
will be effected promptly, and the receivership thereupon terminated. He
states further that the mortgage covering the California property of the
corporation is not in default, and that this mortgage will remain unchanged
and the California hotel continue to be operated as in the past.
In addition to the equity bill, an involuntary petition in bankruptcy was
filed against the corporation by attorneys for Simon Manges & Son, Inc.,
Arthur Shiller & Sons, and Johnson & Falkner, Inc., whose claims total
$1.102.
-New Product.
American Brake Shoe & Foundry Co.
The American Brake Materials Corp., automotive division of the above
company, is introducing a new type brake lining, known as Brakeblok,
good
to the passenger car field. Although it has enjoyed a use onvolume of
all makes
business in this field, its product now being in widespread
of cars, the lining was originally developed for heavy-duty truck and
bus service.
During the past year the company has shown a substantial increase in
original
volume, particularly in the replacement business. It supplies some of
brake lining equipment for leading truck manufacturers, while
standard equipment.
the passenger car producers have already adopted it as
It
The lining is a dense homogeneous solid, formed under pressure. are
Features of it
is scientifically heat
-treated and contains no rubber.
that it will not burn out, smoke or swell and stays in adjustment longer,
-V. 133. P. 1929.
minimizing possibility of squeaks.
--Earnings.American Car & Foundry Co.
For income a p tec n or ge.months ended Oct. 31 see "Earnings Destarerzntgfpa 6
e on
partmn el3m°
Wins Suit.
The Supreme Court of Missouri has upheld the position of the company
in its litigation with John C. Scrivnor. In November 1928 Scrivner
got a judgment against the company for $290,000, which the Supreme Court
-V. 133, P. 3793.
of Missouri has just sot aside.
--Sale.
American Chinaware Corp.
A Cleveland dispatch had the following:
Corporation has sold its nine-kiln plant at Bonneville and its seven-kiln
plant at East Liverpool to A. V. Cannon, Cleveland, for $30,250. Corporation was formed in April 1929, the result of a consolidation of nine
pottery companies. A voluntary petition in bankruptcy was filed this
year listing liabilities of $2,988,591 and assets of 113,525,910.-V. 133, To.
2437.
-Offer Made to Minority Stockholders.
American Cigar Co.
Clark, Dodge & Co., New York, Dec. 4, in a letter to the stockholders
of the above company, says in substance:
The American Tobacco Co., which owns more than a majority of the
stock of the American Cigar Co.. has authorized us to offer to all stockholders of the latter company, who tender their stock to us at the following
prices: $100 a share for the pref. stock and $80 a share for the common stock
of the American Cigar Co. These prices are without deduction for any commission to Us, which will be paid by the American Tobacco Co.
This offer will remain open until Dec. 211931, but will not apply to any
stock unless tendered to us in form constituting a good delivery before
--Status.
Acushnet Mills Corp.
The stockholders were informed at the annual meeting of this corporation, 3o. m. on that date.
For your information, we may say that we have sold all our own stock
which has been in liquidation since Nov.21 1929. that present assets include
$31,000 in real estate and $68,607 in cash, accounts receivable and invest- under this offer.
ro
DEC. 12 1931.1
FINANCIAL CHRONICLE
3969
New Director.
-
appraisal of assets, if made at this time, would entirely absorb the surplus
Harley W. Jefferson, formerly Vice-Presidentjot P. Lorillard Co. and of American Salamandra Corp. available for dividends.
It should be emphasized that both these developments are entirely
since last May with the American Cigar Co.. has been elected a director of
the latter concern.
the result of market conditions, as the income from investments of the
-V. 132, p. 4245.
companies in the General Alliance group has not been seriously curtailed
and the underwriting record of those companies, in view of general business
American Factors, Ltd.-Eztra Dividend.
The directors have declared an extra dividend of 20c. per share in addition conditions, has been quite satisfactory.
Based on the estimated liquidating value of General Alliance Corp.
to the usual monthly dividend of 15c. per share, both payable Dec. 10 to
stock on Oct. 31 1931, and the market value of other holdings on the
holders of record Nov. 30.-V. 132. p. 3151.
same date, the general shares of company have a compured value of $37.2
compared with $50.83 on Dec. 31 1930.
American Laundry Machinery Co.
-New Director.
Earranos.-For income statement for
C. H. M. Atkins, President of Warner Elevator Co.. has been elected "Earnings Department" on a preceding 10 months ended Oct. 31 1931 see
page.
a director, succeeding the late Adam Kreuter.
-V. 133, p. 802.
Comparative Balance Sheet.
AssetsOct. 31 '31 Dec.31 '30 LiabilitiesAmerican Machine & Metals Inc.
Oct. 31 '31 Dec.31'30
-Listing of Additional Securities owned:
General shares(par
Stock-To Purchase Tolhurst Machine Works, Inc.
General Alliance
$50)
32.339,750 32.339,750
The New York Stock Exchange has authorized the listing 'of 22,000
Corp.80,000 airs.
Manager's shares
at $25 per 06_52,000,000 $2,000,000 (mo par)
additional shares of capital stock (no par value) (and additional voting trust
2.000
2,000
Other Ins. co.
certificates representing 22,000 shares of capital stock) on official notice of
Div. decl. payable
mkt.
stocks at
issuanca in exchange for certain assets of Tolhurst Machine Work.s, Inc.,
Jan. 2 1931_
26,969
values as of
making the total amounts applied for 243,250 shares of capital stock (no
Surplus
57,977
42.750
Dec. 31 1930_ 378,665
par value)(and voting trust certificates representing 243,250 shares).
378,665
Cash In bank_-21,062
As a result of the liquidation of General Laundry Machinery Corp..
32.804
which Is in the hands of receivers, certain assets of that corporation, InTotal
32,399,727 32,411,469
cluding the business and assets of Tolhurst Machine Works, Inc., a sub.,
Total
$2.399.727 $2,411,469
are to be sold.
List of Investments, Exclusive of General Alliance Corp. and Treasury Stock.
Tolhurst Machine Works, Inc. has been manufacturing centrifugal
Market Market
machinery for upwards of 70 years for use in laundries, paper manufacturing
Value
Value
plants, chemical concerns, textile plants, sugar refining plants and various
No. of
Dec. 31 Oct. 31
industries for the reclaiming of waste, recovery of oil, and separation of
Shares. Cost.
1930.
1931.
sundry products. The output of Tolhurst Machine Works, Inc. is manu- Aetna Insurance Co
300 $19,099 $13,575 $10,275.
factured under various patents owned by that company, and in general the Amer. Constitution Fire Assurance Co.
11,950
200
3,800
2,500
company has been considered a leader in its particular field.
American Home Fire Assurance Co
200
11,950
3,800
2,300
At a meeting of the board of directors of the corporation held
Firemen's Fund Insurance Co
100
9,720
8,000
5,750'
1931, it was voted to enter into a contract for the purchase of the Nov. 24 Germanic Fire Insurance Co
business
5,000
40.000
22,501)and good-will of General Laundry Machinery Corp. and of its so-called Home Fire & Marine Insurance Co_ - 1,000 142,500
38,465 32.000
24,500
"Tolhurst Division," insofar as the manufacture and sa.e of centrifugal Insurance Co. of North America
2,800 220,027 140.000 109,200
machines is concerned, and the business and good-will of Tolhurst Machine National Fire Insurance Co
64,110
770
34,650
29,645.
Works, Inc., a subsidiary of General Laundry Machinery Corp.
Reinsurance Co. Salamandra_ __ _Kr. 349,500 119,642 102,840
57,405
An agreement dated Nov.27 1931 has been executed by a re-organization
committee under a plan of agreement of reorganization of General Laundry
$637,466 $378,665 $264,075
Machinery Corp., dated July 31 1931, and any amendments thereto,
-V. 131, p. 4067.
this corporation, whereunder,if the plan and conditions set forth thereinand
carried out this corporation will acquire the business and good-willare
American Ship Building Co.
-Closes Contract.
of
General Laundry Machinery Corp. and of its so-called "Tolhurst
This company has Just
Insofar as the manufacture and sale of centrifugal machines is Division," Co., managed by Bolandclosed a contract with the American Steamship
& Cornelius, for the reconstruction of three
concerned,
and the business and good-will of Tolhurst Machine Works Inc. a
10,000-ton boats.
of General Laundry Machinery Corp., in exchange for voting trust sub.
The ships, which are the William T. Roberts, the
certificates for 22,000 shares capitalstock of American Machine and Metals,Inc. wire Jr., and the Louis R. Davidson, will be changedTheodore H. Wickinto
-unloading
In addition to the purchase of the business and good-will referred to vessels. They are being converted to transport limestoneself
from Alpine,
above, the corporation will, under the terms of the agreement referred to, Mich., to Fairport, Ohio, for the Diamond Alkali Co.
also buy the merchandise inventory and some of the other assets of Tolhurst
Reconstruction will be carried on at the Lorain plant of the American
Machine Works, Inc., for certain amounts to be piaid in cash. The corpor- Ship Building Co. and will furnish work for
ation, however, will not assume any of the liabilities of General Laundry months. The company will give preference 1,000 men for the next four
to old employees and work
Machinery Corp. or Tolhurst Machine Works, Inc., except for the com- will commence within the next two weeks.
pletion of unfilled customers' orders which the Tolhurst Machine Works,
Upon completion of the work the vessels will be re-named Diamond
Inc. may have at the time of closing.
Alkali, Standard Cement, and Thunder Bay Quarries.
-V.133, D. 2604.
Earnings.
-For income statement for 3 and 9 months
1931 see 'Earnings Department on a preceding page. ended Sept. 30
Automatic Signal Acceptance Corp.
-Larger Div.
Comparative Consolidated Balance Sheet,
The directors recently declared a hi-monthly dividend of 60c. per share
AssetsSept. 3031. Dec. 3130. Liabt/Utes-- Sept. 3031. Dec. 31'30. on the common stock, payable Dec. 1. Previously this corporation made
hi-monthly payments of 50c. per share.
Cash
$235,806 $454,198 Notes payable-- $125,000
$76,064
Notes & trade atAccts. payable__
251,953
American Steamship Co.
-Contract Closed.
ceptances rec._al,963,443 1,466,791 Accr. Int.. taxes, 258,563
See American Ship Building Co. above.
-V. 133. P. 2438.
Accts.receivable_ b790,817 1,160,223 insurance. &e_
88,890
79,257
rec - emAdv. payments on
American Stores Co.
-Sales Decrease.ployees & adv.
contracts
13.346
28,059
to salesmen_ _ _
-4 Weeks Ended- -11 Mos. Ended
14,295 Funded debt
14.050
-2,175,000 2,400,000
Daps. with Insur.
PeriodNov. 28'31. Nov. 29'39. Nov. 28'31. Nov. 29 '30.
Res. tor conting
144,099
87.413
agts.to sec. bids
45,722 Capital stock
45,631
$
e3.532.722 3.532,722
Accr. Int. receiv_ 166,217
148,449 Capital surplus_ _ 1.758,796 1,783,984 Sales
9,935,594 11,132,261 123.167,325 129,482,630
133, p. 3260, 2764.
Inventories
1,160.490 1,220,034 Earned surplus (det.)387,458
325,031
Stocks, bonds &
----American Tobacco Co.
-Seeks to Acquire Minority Stock
161.605
171.674
mortgages
15-yr. cony. s. t.
-See that company above.
of American Cigar Co.
-V. 133,
634% gold debs_
66,996
p. 2765.
Ore res. dr min.rts.e1,611,050 1,636,239
Real est., bidgis.,
An
Ltd.
mach. & equip.,
-Reorganization.
dee
d1,365,101 1,478,507
Plans for the reorganization of the company, including distribution
Prep, rent, insur.,
among shareholders of a part of the accumulated surplus, have been antaxes, int., &c
127,749
118,288
nounced by President J. P. Anglin to shareholders in a letter which reads
Good-wlll,pats.,&e
as follows:
"After careful deliberation, directors have decided that the time is
Total
$7,708,957 $7,914,421
now ripe for a reorganization of the company in order both to modernize
Total
$7,708.957 37,914,42
its corporate structure and to permit of the distribution among the sharea After reserve for doubtful accounts of 375,666. b After reserve
for holders of a part of the accumulated surplus without in any way
doubtful accounts of $53,972. c After depletion of $71,956.
curtailing
d After the operation of the business.
reserve for depreciation and contingent losses of $1,616,384.
e Repre"The general plan to be followed comprises the sale of all the assets,
sented by 195,000 no par shares.
-V. 133, p. 2931.
business and undertaking of company to a new corporation with a Federal
charter, the immediate distribution of the proceeds of the sale among
American Optical Co.
-50c. Common Dividend.
The directors have declared a dividend of 50c. per share on the common the shareholders, and the surrender of the company's charter. The conbe received by the company from the new corporation will
stock, no par value, payable Dec. 19 to holders of record Dec. 10. A sideration to to enable the company
to repay in cash to the holders of
similar payment was made on Aug. 1 last. Previously, the company be sufficient shares the par
the preferred
value of their shares and accrued dividends,
made semi-annual distributions of $1 each on this issue.
and
The directors have declared the regular quarterly dividend of $1.75 each to distribute among the holders of the common shares in respect of
share now held 10 fully paid 5% non-cumulative redeemable preferred
on the 7% cum. pref. stock, payable Jan. 1 to holders of record Dec.
19. shares of $10 each and one fully paid common share without par value of
-V.133, p.483.
the new corporation, together with approximately $50 in cash.
"The only stock to be issued at this time in the new corporation will
American Public Welfare Trust.
-Larger Class B Div.
- be the preferred and common
The directors recently declared a dividend of 25 cents per share on the present 6,560 common shares. distribution, as above mentioned, on the
no par value class 13 stock, in addition to the regular semi-annual dividend
"The new corporation will organize and will
of 25 cents per share on the no par value class A stock, both payable
ownership, subsidiary provincial companies, control through entire stock
the Provinces of Ontario
to holders of record Nov. 25. Previously, the company made Dec. 1 and Quebec. and also a subsidiary company in operate the
to
semigranite plant
annual payments of 12M cents per share on the class 13 stock.
now owned by company at Iberville."
-Earnings.
American Seating Co.
For income statement for nine months ended Sept. 30 see "Earnings
Department" on a preceding page.
Balance Sheet Sept. 30.
Assets1931.
1930.
1931.
1930.
:Property & plant$3,060.908 $3,919,639 Capital stock-- y$3,460,328 $3,460,328
Cash
540,604 1,023,449 Gold notes
1,186,000 4,000,000
Investments
314,557 Minority Interest_
104,100
37,912
Notes & accts. ree_ 3,154,654 3,531,758 Accounts payable_
96,079
137,502
Inventories
1,022,232 1,041,539 Accrued interest
47,791
60,000
Cash value insur
29,530
22,240 Fed, tax reserve.. _
7,595
16.589
Prepaid charges_. 22,120
Freight & instal59,777
ment reserve_
3.898 Cr24,607
Surplus
1,094,545 2,225.235
Total
37,934,148 39,912,959 Total
$7,934,148 $9,912,959
x After depreciation. y Represented by 203.000 no par
shares.
-V.
133, p. 1930; V. 132, p. 3716, 1417.
Atlantic & Pacific International Corp.
-Stockholders
Receive Offer of Exchangefrom Morris Plan Corp. of America.
President Donald J. Hardenbrook, Dec. 1 1931, in a letter
to the preferred and class A common stockholders, says:
For some time past your officers and directors have had negotiations with
the officers of the Morris Plan Corp. of America which have resulted in
that corporation making an offer to holders of record, as of Nov. 20 1931,
of the cum. pref. stock 6% series, and class A common stock of Atlantic &
Pacific International Corp., which provides an opportunity for our preferred shareholders to exchange their stock for a dividend paying preferred
stock plus common stock of the Morris Plan Corp. of America and for our
class A common shareholders to exchange their stock for common stock of
the Morris Plan Corp. of America.
Due to the continued unsettled conditions in the securities markets
throughout the world, dividends on the preferred stock of your corporation
have been passed for almost two years and the asset value back of the class A
common stock has been almost completely eliminated.
In view of these conditions and the uncertain future outlook for
Investment companies, your board Li of the opinion that this offer, small'
..American Salamandra Corp.
-Omits Dividend.
which
provides a direct and immediate opportunity whereby stockholders may
The directors have decided to omit payment of the dividend
which exchange their shares for those of a larger corporation, capable of paying
customarily would have been declared at this time, and
which would dividends and whose activities are based on a time-tested, stable
have been payable Jan. 2 1932. Company paid 50c. quarterly
-January, with greater possibilities of future development, is one which business
April, July, and Octiber 1931-previous to which it had been
should be
paying submitted to stockholders for consideration.
dividends at annual rate of $3 per share.
The preferred stock of the Morris Plan Corp. of America will be
Two developments were responsible for ths decision to omit the
entitled
dividend, to 6% annual dividends amounting to 60c per share, payable on the
according to a circular:
first
days of January. April, July and
(1) General Alliance Corp. has reduced the dividend on its capital stock on each shareof Atlantic & Pacific October, which is at the rate of $2.40
International Corp. pref.stock exchanged.
from the rate of $1.60 per share per annum to the rate of 60c. per share
To secure the payment of these dividends, a dividend guaranty
per annum. The now dividend rate, if continued, will result in a decrease will be set up on the books of the Morris Plan Corp. of
reserve
America sufficient
in the annual income of company to the extent of $80.000.
to pay dividends on this preferred stock for a period of three years
from its
(2) Owing to tho further decline in security prices which occurred during issuance, and it will be provided that dividends
must be paid out of this
the third quarter of this year, the estimated liquidating value of General reserve. The preferred stock,
series
Alliance Corp. stock has declined to a figure substantially below the price at $10.50 per share. The common 1931, will be subject to redemption
stock will have the sole voting
at which it is carried on the books of company. Consequently a re- except in the event of default in
power
the payment of four consecutive
quarterly
3970
dividends on the preferred stock or in the event of the issuance of any
prior preferred stock.
For each share of Atlantic & Pacific preferred stock, stockholders will
receive four shares of preferred stock $10 par and two shares of common
stock of the Morris Plan Corp. of America. For each share of Atlantic
& Pacific class A common stock, stockholders will receive one share of
common stock of the Morris Plan Corp.
The offer is conditioned, among other things, upon the acceptance by
stockholders of this corporation holding two-thirds of the outstanding shares
of cum. pref. stock,6% series, and two-thirds of class A common stock on
or before Dec. 31 1931, provided, however, that this date may be extended
by either the Morris Plan Corp. of America or your corporation to a date
not later than March 30 1932. The Morris Plan Corp. of America also
has the right to waive the deposit of such percentages, or either thereof.
In whole or in part. The offer is also conditioned upon appropriate action
being taken by the stockholders of this corporation to amend the certificate
of incorporation by removing the restrictions on the investment of funds
of this corporation,in order that the funds of this corporation in an amount
UP to $1.950,000 shall be used for the purchase of shares of the preferred
stock series 1931, and common stock of the Morris Plan Corp. of America.
This corporation has also received the agreement of the Morris Plan Corp.
of America to purchase, subject to certain conditions, and upon the request
of this corporation, up to 102,000 additional shares of class A common stock
at the asset value thereof at the time of such purchase (but in no event
less than the par value).
The United States Shares Corp. owns in excess of 90% of the outstanding
shares of class B common stock of this corporation and three of its directors
are also directors of this corporation. The United States Sh res Corp.
has outstanding common stock, class A stock and options to purchase
common stock. An offer has been made by the Morris Plan Corp. of
America to the United States Shares Corp., which contemplates that upon
the happening of certain contingencies, including the acceptance of the
above offer of the Morris Plan Corp. of America by the stockholders of
this corporation, and the liquidation of certain assets of this corporation
and of the United States Shares Corp., an offer will be made to the stockholders of United Holding Corp. and. (or) United States Financial Holding
Corp. (which together own all of the issued and outstanding Common
stock of United States Shares Corp.) to exchange their stock for preferred
stock, series 1931, and (or) common stock of the Morris Plan Corp. of
America.
To take advantage of the offer, stockholders should deposit the certificates for their stock on or before Dec. 31 1931 with the depositary, Bank
.of Manhattan Trust Co.
Consolidated Balance Sheet Sept. 30 1931 of Atlantic & Pacific International
Corporation and Subsidiary Company.
Liabilities
AssetsPreferred stock 6% series_ __d52,158,400
ainvestmenta (at cost):
$1,254,687 Com,stock, class A of $1 par.. c101,598
U. S. Treasury notes
724,484 Corn, stock, class B of $I par_ c146,250
a
Domestic securities
e927,429
1.084.879 Surplus and reserves
Foreign securities
2,835
238,024 Minority tht. in sub. company
Cash (domestic
22,288
629,262 Accounts payable
Cash (foreign)
362
25.414 Reserve for pref. diva
Divs, receivable dc int. accrued
2,411
Deferred charges
$3,359,163
Total
$3,359,162
Total
a The aggrogate market value of the investments based on available
market quotations or estimated fair value in the absence thereof, was less
than cost at Sept. 30 1931 by approximately $824,000. b Cash hold in
Germany not subject to withdrawals per the German Stillhaltung Agreement 1931 amounted to $28,532. c Options outstanding at Sept. 30 1931
entitle holders thereof to purchase (a) 2,500 shares of class A common stock
on or before Jan. 15 1932 at $2.95 per share; (b) 342,250 shares of class B
-common stock at $1 per share under certain conditions. d Dividends
accrued on cum. pref. stock, 691 series, at Sept. 30 1931 amounted to
$239,582 or $5.55 per share e Paid-in surplus, $373,290: undistributed
-current income since Sept. 10 1931, $1,008; loss on investments sold since
Sept. 10 1931, $86,161; less amount provided at Sept. 10 1931 transferred
to reserve. $65,381, leaving a net loss of $20.780; reserve for net shrinkage
In value of investments at Sept. 10 1931, based on available market quotations or estimated fair value in the absence thereof, less charges in respect of securities sold, $573,911, making total surplus and reserves,
$927,429.
Arthur J. Morris, Chairman of the board of the Morris
Plan Corp. of America, outlines the history, function and
'earnings of the Morris Plan of Industrial Banking as follows:
The Morris Plan of Industrial Banking was founded by Arthur J. Morris
in Norfolk, Va., in 1930 when the first company to operate the Morris
Plan was organized with $20,000 capital. Morris Plan banks and (or)
companies have since been established in 142 cities and number, with their
branches, 173 institutions, employing combined capital, surplus and undivided profits in excess of $30,000,000.
The primary business and the purpose for which they were organized is
-the lending of amounts from $50 to 65,000 to men and women of established
character and earning power on a promissory note signed by the borrower
and two co-makers of similarly established character and earning power.
The loans, as a rule, are made for one year and are liquidated by payments
of equal monthly, semi-monthly or weekly installments.
During the past 21 years over $1,800.000,000 have been loaned to more
1%.
than eight million people, with an average loss ratio of less than JI of savDuring the same period Morris Plan institutions have either accepted
ings from the public or have sold to the public their investment certificates
hank
In an aggregate amount exceeding $1,000,000,000. No Morris plan of its
has ever failed and no savings depositor has ever lost a dollar in any
investment certificates.
The Morris Plan System, as disclosed by the statements of the component
Institutions, is now doing an annual current business in excess of $180,Earnings
'000,000 with earnings for the year 1930 in excess of $2,500,000. depression
have shown an unusual degree of stability during the present
as well as during the depression of 1921.
board
Each bank functions as a separate corporate entity with its own by the
of directors made up of representative men of the community servedvarious
the details of their operation vary somewhat in
bank and, while
cities, their underlying principles are fundamentally the same. the conThe Morris Plan Corp. of America owns, directly or indirectly,
trolling stock interest in 26 Morris Plan Banks and(or) companies, including the Morris Plan Co. of New York, and the Morris Plan Insurance
(or)
Society, and a minority stock interest in 59 Morris Plan banks and
companies. It also owns the Morris Plan franchise and copyright, and in
newly
this capacity is the licensor of Morris Plan banks or companies
asanized.
Its total investments in stocks of Morris Plan institutions are carried
in stocks
on the books of the corporation at $10,992,863. Investments respective
•of Morris Plan banks and (or) companies are carried at their Insurance
book values as of Dec.31 1930, while the stock of the Morris Plan1928, 1929
Society is valued at 12)-i times its average earnings for the years
and 1930.
dividends on
The earnings of the corporation accrue principally from
franchise,
stocks of Morris Plan institutions which it holds, together with
organization and service fees from Morris Plan banks and(or) companies.
Morris Plan institutions to pay out only a
It has been the policy of the
portion of their earnings as dividends which has resulted in a substantial
.ka
Increase of the aggregate book values of their stocks heldbythe corporation.
of Morris Plan
Cash dividends and appreciation in book values of at.
Institutions held by the corporation, as of Sept. 30 1931, for the years
during the first nine months
1928, 1929 and 1930 and cash dividends paid
of 1931 have been as follows:
1928.
1929.
1930.
10 Mos. 1931.
$335,697 4494,479 4532,302 4436,501
Dividends paid
398,364
405,720
321,234
Appreciation in book values
$834,865
$938,022
$815.713
Total
x As reported by the corporation's accountants, Peat, Marwick, Mitchel
& Co.
▪ Organization, franchise and service fees which for these three years
averaged $132,214 per year are not included in the above.
le• If all of the outstanding preferred stock of Atlantic & Pacific International
-Corp. Is exchanged under the proposed plan for preferred stock of this
corporation, annual dividend requirements for the preferred stock then held
by the public will amount to $103,603 and giving effect to the proposed
Investment of Atlantic & Pacific International Corp. in the Morris Plan
Corp. of America, would have been covered in the year 1930 as follows:
(VOL. 183.
FINANCIAL CHRONICLE
Dividends paid in 1930 on stock of Morris Plan institutions (held
by the corporation as of Sept. 30 1931)
Less interest charges on corporation's funded indebtedness, as of
Sept. 30 1931
$494,479
293,880
$200,599
Balance
Dividends requirements on pref. stock to be Issued in exchange
for the pref. stock of Atlantic & Pacific International Corp. on
103,603
the basis of 100% exchange
The above calculation does not include appreciation of book values of
Plan institutions held by the corporation, which for the
stocks of Morris
year 1930 amounted to $321,234, nor does it include franchise, organization and service fees received from such institutions amounting, for the
year 1930, to $188,237.
In addition to the current earning power of the corporation, dividends on
the preferred stock, series 1931, will be safeguarded by the establishment
of a dividend guaranty reserve sufficient to assure payment of preferred
dividends for the next three years.
It is the plan of the corporation to encourage the establishment of additional Morris Plan banks and(or) companies which, during the last 21 years,
have established a remarkable record of safety for depositors and steady
earning power for their stockholders.
Consolidated Balance Sheet of the Morris Plan Corp. of America and Fully
Owned Subsidiary Company as at Sept. 30 1931.
After giving effect to a proposed reclassification of the company's capital
stock and surplus.]
Liabilities
Assets6% coll. gold notes, due
Stocks of Morris Plan banks
$1,082,500
1931-1932
and companies:e
$9,352,140 6% sec. cony, gold bonds of
Pledged
Indust. Bancahares Corp.._ a3,815,500
10,083
Free
Stks. of Morris Plan Ins. Soc_ f1,630,639 Liability to Industrial Finance
Corp
131,700,000
Notes and accts.receivable:13
5,530
138,176 Accounts payable
Pledged
25,198 Accrued int. on bonds and
Free
36,760
62,635 gold notes
Cash & ctfs.of dep.(pledged).
1,088
26,507 Miscellaneous
Cash
c
12,718 Preferred stock
Notes & accts. rec.(misc.)___
d2,938,540
g16,811 Commonstock
Dividends receivable
2,938,540
243,549 Capital surplus
Deferred charges
1,000,000
"The Morris Plan
Total
$12.518,458
Total$12,518,458
a Guaranteed by Industrial Finance Corp. b In connection with purchase from it of securities pledged against bank loans of $1.700,000.
c Authorized 600,000 shares par value $10 per share (400.000 shares thereof,
8
series 1931). Proposed to be issued and outstanding in exchange for 43.16
shares Atlantic & Pacific International Corp. cum. pref. stock, 6% series,
172,672 shares. d Authorized 4,000,000 shares par value $1 per share;
issued 2.938540 shares. Proposed to be issued and outstanding in exchange
for 43,168 shares cum, prof. stock, and 101,598 shares class A common
stock of Atlantic WPacific International Corp.,an additional 187,934 shares.
•At book values based on statement submitted as at Dec. 31 1930. f At
value based on 12% times average earnings reported for three years ended
Dec. 31 1930 (pledged). g Morris Plan banks and companies.
Contingent Liabilities.- Notes receivable discounted, $25,000; repurchase agreements, $47,626; total, $72,626.
Directors of the Morris Plan Corp. of America are as follows:
Austin L. Babcock, Executive Vice-President; Arthur A. Biumeyer,
President of Industrial Savings Trust Co. (Morris Plan), St. Louis, Mo.,
Robert 0. Bonnell; President of the Morr s Plan Bank of Balt more, Balt,more, Md.; Thomas C. Boushall, President of the Morris Plan Bank of
Virginia, Richmond, Va.,• Thomas Coughlin, President of the Morris Plan
Bank, Cleveland, Ohio; Walter W. Head, President; R. Randolph Hicks,
Satterlee & Canfield, attorneys; Henry H. Kohn, President of the Morris
Plan Insurance Society and Vice-President. Albany County Savings Bank:
Wallace D. McLean, Executive Vice-President of the Morris Plan Co. of
New York; Clinton T. Miller, Vice-President; Arthur J. Morris, Chairman
of the s3ard and founder of the Morris Plan, President of the Morris Plan
Co. of New York, and also Chairman of the Board of the Morris Plan Insurance Society; Ralph W. Pitman, President of the Morris Plan Co.,
Philadelphia.Pa.; Fergus Reid, of Reid & Co., Norfolk, Va.and N.Y.City;
Ernest Ir. Smith, Chairman of the board of the Northwest Morris Plan Co.,
Minneapolis, Minn.; Car% Tucker; F.Earl Wallace,President of the Boston
Morris Plan Co., Boston, Mass., and Charles L. Williams, Vice-President
and Counsel. Frank J. Scott Is Vice-President and Comptroller and
Harry F. Stevenson is Treasurer.
--V. 133, P. 3793•
Atlas Utilities Corp.
-Stock Increased.
The stockholders on Dec. 8 approved an increase in the authorized
capital stock from 4,000.000 shares without par valhe (divided into 100,000
shares of pref. stock, 400,000 shares of preference stock, and 3,500,000
shares of common stock) to 10,000.000 shares without par value (divided
into 100,000 shares of pref. stock, 700,000 shares of preference stock, and
9,200,000 shares of common stock.
This increase in the capital stock of the company had been recommended
by the board of directors to permit future expansion of the corporation's
if a633w
p 3nd . hen such expansion is deemed advisable or necessary.
.
-Mortgage Filed.
Atlantic Ice & Coal Co.
A mortgage securing bonds in the amount of $4,204,000 was filed for
record at Winston-Salem, N. 0., by the Southeastern ice Utilities Corp.
states it
It was executed to the Trust Co. of Georgia. trustee. The record purposes
was executed because of a desire to borrow money for corporate
from time to time and for which bondswill be issued
A merger of the Southeastern and Atlantic Ice & Coal companies became
effective Nov. 11, and the mortgage has to do with refinancing plans only
o ervar
dog not
3 p 2 ans
13 ion 5
operat01 . for any local plant. (Raleigh "News
and
involve)-V.
-November Booking, &c
Baldwin Locomotive Works.
Business booked by this corporation and affiliated companies in November amounted to $2,126,000. compared with $1,018,000 in October 1931,
and with $1,104,000 in November 1930, and brought the total bookings
against
tnorthe l mponnnthdsinegndped Nov.oav.13909. 31 to $21,555,000, agait $32,997.000
1
0
In
corresponding period
$1,467,000 compared with $1,Shipments in November amounted to
655,000 in October 1931, and $3.720,000 In November 1930. Shipments
3
io th 0.
fnri9 e 11 months amounted to $20,974,000 in 1931, against $54,178,000
With bookings exceeding shipments in November, unfilled orders at
o e en1.
thnt. 3 d of the month totaled $9,334,000, compared with $8,638,000 on
Business has been dull so far this month, and December bookings will
show a substantial falling odd from November, with prospect that total
may be in neighborhood of 31,000,000. Shipments for December may
-V. 133, p. 3633.
also be around $1,000,000. ("Wall Street Journal")
-Sales Increase.Bickford's, Inc.
-1031-Nor.---1930.
$634,990
$536,999
-V. 133, P. 3633, 3096.
-1930.
Increase.' 1931-11 MOs.
$97,991 1$7,196,547 $5,469,599
Increase.
$1,726,948
--Receivership.
Bolivia-Brazil Rubber & Timber Co.
Vice-Chancellor Fallon of New Jersey, Dec. 4, appointed Samuel Herman receiver on application of Adolph Lankering, President of the corratlon.
poTne na
rporation was organized in 1916 for the purpose of developing
rubber and timber lands in Bolivia and Brazil.
-Dissolves.
'Boston Cape Cod & New York Canal Co.
Judge John C. Crosby of the Massachusetts Supreme Court has entered a
-V. 126, p. 3932.
final decree dissolving the company.
-Smaller Dividend.
Broad Street Investment Co., Inc.
The directors declared a dividend of 25c. a share on the capital stock,
no par value, payable Jan. 1 1932 to holders of record Dec. 16 1931. This
compares with quarterly distributions of 30c. a share made from April 1
1930 to and incl. Oct. 1 1931.
Acquires First American Corp.
President Melvin E. Sarrin has announced that the plan dated Oct. 13
outstanding
1931 under watch the company made an offer to acquire the
,o1
DEC. 12 1931.]
FINANCIAL CHRONICLE
shares of the First American Corp.. has been declared effective. Up to
the present time in excess of 66 2-3% of the shares of the First American
Corp. has been deposited under the plan, and additional deposits are
being received daily.
The basis of exchange will be determined by the respective liquidating
values of the stocks of the two corporations as of the close of business
Dec. 17 1931. Full shares of the Broad Street Investing Co., Inc., will
be issued shortly after that date in exchange for the surrender of certificates of deposit issued by the New York Trust Co. A cash payment
will be made for any fractions which may result from the exchange.
Mr. Sawin announced that stockholders of First American Corp. who
have not yet deposited their stock under the plan can do so on or before
Dec. 17, as no deposits under the plan will be accepted after that date.
(See further details in V. 133, P. 2766.)
3971
(H. M.) Byllesby & Co.
-Earnings.
-
8 Mos. End. -Year Encl. Dec. 31Period'
Aug. 31,'31.
1930.
1929.
Inc. from trad. & underwriting of
securities & int., dues, &c. less sell.
& other exp., int. & taxes
$1,050,446 81,807,149 34,392,805
Addit. inc. aris, from apprec. in value
of marketable securities & common
stock investments (net)
12,398,450
Total net income
31.050.446 $1,807.149 $16,791,255
Previous surplus
11,130,493 19.645,753
9,604,773
Total surplus
$12,180,939 $21,452,902 $26,396,028
Preferred dividends
New Director.
17,597
36.339
454.408
892,0051 x .329,310
2
Herbert W. Grindal, President and director of the First American Class A com. diva
Class B corn, diva
410.478
801.735
Corp. has been elected a director of the Broad Street Investing Co., Inc.
- Stock divs. to shareholders
V. 133, p. 2766, 2439.
2,210.505
Stk. distrib. under profit sharing plan
2,210.460
Deprec. to market on sec. owned_ _ 2,061.738
6.793.267
Bruck Silk Mills, Ltd.
-Earnings.
-Res. for notes & accts. roc
415,164
1,799.073
Years Ended Oct. 31
Surplus end of period
1931.
1930.
1929.
88.821,558 $11,130,493 819.645,753
Gross profits from trading
$292,961
$207,598
$531,308
x Includes regular dividends at the rate of $2 per annum of 81.404,508;
Selling, delivery, admin. & other exps
181.925
144,855
136.048 extra dividends of $1 per share amounting to $736,835. and cash distribution
Mortgage interest
140
199
450 under profit sharing plan of $187,968.
Bond interest
33,000
33.657
34.339
Balance Sheet August 311931.
Bond discount amortized
2,000
2.000
2.000
AssetsDepreciation
I Liabilities
67,744
60,931
50.769 Cash
Reserve for income tax
$2,724,029 Collateral notes payable.- - _ $6,100,000
21,700 Due from customers
for seenAccounts payable
696,348
rities sold
Net profit
235,165 Deposits or advances
$8.152 loss$34.045
374,697
$280,000 Bonds,
debentures & stocks
Reserve for notes & accounts
Balance forward from last year
375,560
484,418
279,418
owned, at market value_
9,769,863
receivable
Profit on bonds redeemed
2,553.307
4,215
Securities held for joint &
Preferred stock
Reserve for income tax overprovided
x453,420
187
syndicate accounts
016,442 Common stock
y22.884,831
Securities held in trust
75,000 Surplus
Total surPltla
8,821,558
$387,927
$450,560
$559,418 Notes receivable
4,980,374
Dividends paid during year
75.000
75.000 Accounts receivable
1,046.097
Cash surrender value of life
Balance at credit Oct. 31
$387,927
$375,560
3484.418
insurance policies
Earnings per share of 100,000 shares
132,138
Common stock invest. owned.a21,294,182
common stock (no par)
$0.08
Nil
$2.80 Other investm'ts at fair values
427,899
Balance Sheet Oct. 31.
Furniture & fixtures-depreAssetsciated value
1931.
Liabilities152,971
1930.
1931.
1930.
Cash
$16,232
$28,241 Bills payable
$65,550
$14,300
Accts.reeelvable
Total
$41,784,161
95,142
120.820 Bank loan
Total
541,784,161
41,000
75,000
Inventories
296,381
228,493 Accts. payable
a At values determined by board of directors (which incl. 330,000 ells.
26,328
53,357
Life Maur. cash
Mtge. on River St.
of Standard Power & Light Corp., series B com, stock, valued at $62.50
surrender value_
16,847
20,807
property
2,000
3.000 per share). x Represented by 22,671 no par shares. y Represented by
Dep. with UnderAccrued interest
81
121 484 574 no par class A shares, and 426,682 no par class B shares.
writers Ins. Co_
2,715
873 Reserve for foreign
-V. 133. P. 3633Investments
exchance
2,150
2,150
3,648
Cash in sinking
Funded debt
\
Canadian Canners, Ltd.
-Dividends Decreased.
493,700
507,700 s
fund
402 Common stock
509
The directors have declared a quarterly dividend of Sc. per share on the
7337.500
337,500
Deferred chargers
12,092
13,524 Profit & loss acct.- 387.927
375,560 common stock, placing this on a 20e. annual basis, against 50c. previously.
Land, bldgs., plant
The directors also declared a dividend of 17c. per share on the cony. pref.
de mach., turn.,
stock, against 20c. paid in previous quarters, and the regular quarterly
x911,706
955,186
&c
dividend of $1.50 per share on the 1st pref. stock. All the dividends
are payable Jan. 2 to holders of record Dec. 15.-V. 132, p. 3890.
Total
$1.357,734 51,366.539
Total
$1,357,734 31,366,538
Canadian Industrial Alcohol Co., Ltd.-Earnsngs.After depreciation of $298.140. y Represented by
100.000 no Par
shares.
-V. 133, p. 125.
Years End.Sept. 301931.
1930.
1929.
1928.
1oss$332,247
y Net profits
$523,770 $2.073,977 $3,136.680
Bucyrus-Monighan Co.
Dividends
-Extra Class A Dividend.
415,307
1,661.136 x1,614,041
The directors have declared an extra dividend of 20 cents per share and
Surplus
loss$332,247
$108,462
the regular quarterly dividend of 45 cents per share on the class A stock,
$412,841 $1.522,639
1,961,178
2,096,058 x3,087,217
and a dividend of $1.10 per share on the class B stock, all payable Jan. 1 Previous surplus
1,837,705
to holders of record Dec. 19.-V. 133, p. 3096; V. 132, p. 3344.
Total
$1,628,931 32.204.520 $3,500,058 $3.380.383
Spec. adjust. to investBurger Bros. Co.
-Earnings.
ment valuation
102,673
Est. loss on purch. contr.
Year Ended Sept. 3035,000
1931.
1930.
Net profit for year before Federal tax
34,210
$25,233
$138.549 Int. on sales tax claim
Federal income tax
3,414,048
z Written off
243,342
1,963
16,631
Prov,in reap. of amounts
Net profit
owing by assoc. cos
1,084.071
323.270
$121,919
Previous surplus
188,576
184.634
Adjustment of Federal tax for prior year
Profit and surplus_ _def.$3,041.072 $1,961.178 $3,500,058 $3.360,383
9
1.185
Shares capital stock outTotal surplus
standing
1.092,915
1,092.915
1.092.915
$211,855
1,091.666
$307,738
Earnings per share
Nil
Dividends paid on preferred stock
$0.48
$1.89
$2.87
4,000
6.201
x Bonus payment of $273,166 for 1928 taken out of surplus before being
Dividends paid on common stock
87,313
100,000 carried forward into 1929 fiscal year, reducing this from $3,360,383 to
Premium on preferred stock redeemed
265
961 $3,087,217. y After depreciation and income tax. z In shares
Organization expense written off
of asso12,000 ciated companies.
Comparative Balance Sheet Sept. 30.
Com.stock cap. & surp. acct. Sept. 30 1930-$120,277
3188.576
Earns. per sh. on 100.000 shs. corn. stk. (no par)
1931.
1930.
1931.
$0.19
1930.
$1.16
Assets$
LiabilitiesS
s
S
Comparative Balance Sheet Sept. 30.
5.159,105 5,313,094 Capital stock...113.398,700 13,398,700
Property, &e
1931.
1930.
Investments
Assets
2,020,542 5,056,880 Acc(s. payable...
Liabilities54,228
802,695
1931.
1930.
$26,855
$22,297 Accts. pay.
Cash
Inventories
6,494,672 6,489,448 Bank loan
-trade
2,688.100 2,281,000
108,742
Marketable securer.
55,535
creditors
53.253 3,327,756 Balance of sales
321,702
$23,021 Accounts receiv..__
189,569 Accts. pay.-cust.
194,049
Accts.receivable_ _
55,191
Notes receivable- 199,196
tax claim
457,456
988
1,636 DeLcharges to oper
20.000
30,000 A ccr. payroll & exp
Demand notes rec.
36.977
Bank overdraft_
22,623
3,411
125,103 Res. for Fedi Inc.
90,900
Inventories
Cash
560
195,103
10,315 Notes payable64,441
Mach., equip., &c. :54,640
tax for curr. year
Accrued charges.
1,963
16,631
Improv. to leased
Preferred stock-50,458
taxes, &e
50,000
60,000
building
3,068 Common stock_ _ _ 7274,509
2,455
Accounts °wipe to
274,509
Value of life Maur.
9,183 Surplus
11,560
assoc.companies 252,964
120,277
188,576
Advertising & supdf.3,041,072 3,257,641
Surplus
ply inventories_
12.266
10.892
3,115
Unexpired Maur
2,552
Total
13,820,301 20,197,492 Total
13,820,301 20,197,492
Represented by 969,480 voting shares and 123,435 non-voting shares
Total
$469,440 $567,784
Total
5469,440 0567,784 (no par).
-V. 131, p. 3881.
x After reserve for depreciation of 339,036. y Represented by 100.000
no par shares.
-V. 133. P. 2108.
"*"Canadian Westinghouse Co., Ltd.
-Extra Dividend.
The directors have declared an extra dividend of $1 per share in addition to the regular quarterly dividend of 50c. per share, both payable
Cambridge InvestmentCorp.-Smaller Dividends.
Jan. 1 to holders of record Dec. 21. An extra of $1 per share was also
The directors have declared a quarterly dividend of 25 cents per
-V. 132. p. 3154.
on the class A and class B stocks, no roar value, payable Jan. 2 to share paid on Jan. 1 lost.
holders
of record Dec. 21. Quarterly distributions of 35 cents per share
were-.
Canton Co. of Baltimore.
-Larger Dividend.
made in April, July and October last, as against 50 cents
previously.
The directors have declared an extra dividend of $1 per share in addition
-V.132. p. 2394.
to the regular semi-annual dividend of $3 per share, both payable Dec. 31
to holders of record Dec. 29. Like amounts were paid on June 30 last.
Canada Malting Co., Ltd.
-Earnings.
V. 132, p.4248.
Years Ended Aug. 311931.
1930. ""''Caribbean Sugar Co.
-Readjustment Plan Modified.
Profit from operating after charging all manufacturing. administration,selling & general expenses $428,002
Further revision
3361,362 Sept. 10 1930) hasof the readjustment plan dated Nov. 1 1929 ras modified
Prow,for &Tree. of bldgs., plant & equipment_ ___
resulted in a notice by the committee to holders of the
100.000
100,000 company's certificates of deposit for first mortgage
Provision for Dominion income taxes
15
-year
27,289
13,728 fund gold bonds, giving them the opportunity to withdraw 7% sinking
on or before
Net profit
Dec. 30. Those wishing to withdraw may, upon payment of $17 per
$300.713
3247,634 $1.000 bond to cover expenses and liabilities of
Previous surplus
the committee to date,
262,561
313.448 receive the bonds and coupons represented by their
certificates of deposit.
Additional deposits may be made under the plan (as modified) until Jan.
Total surplus
3563.274
$561,082 31 1932.
Dividends paid
298,517
298,521
The committee, of which Orville H. Tobey is chairman and which comSurplus Aug. 31
prises L. B. Keplinger, Howard P. Preston, George H. Bunker and George
$264.757
$262 561
Livermore, reports more than 99% of the bonds are in its hands.
Earnings per sh. on 198,972 shs. cap.stock (no Par)
$1.51
li..25
Modification of Readjustment Plan Dated Dec. 8 1981.
Balance Sheet Aug. 31.
Compang.-Plan may be carried out through the medium of the
1931.
Assets-1930.
present
1931.
1930.
company by the issue by it of new bonds and (or) the stamping of the
Accts.& bills rec.- $373,436 $397,789 Bank overdrafts-- $91,876 $546,367
mortgage bonds, or, in the discretion of the committee, through the first
1,434,253 1,962,208 Accounts payableInventories
trans76.310
136,114 fer of the properties of the company to a now corporation or
17,200
Grain exc'ge seats9,600 Res. for Inc. tax._
27,289
corPorations
13,782 to be organized in such jurisdiction as the committee shall
Deferred charges
35.323 Div. pay. Sept. 15
35,178
determine,
74,629
74.630 through the foreclosure of existing liens or otherwise.
:3,914,429 3.868,170 Capitalstock
Fixed assets
75.239,636 5.239,636
Undisturbed Obligation.
-The mortgage dated May 7 1928,
Prof. de loss Burp-- 264,757
262,561 mately 3,300 acres of the company's property securing an upon approxiobligation for
$100,000 due July 1 1932 is to remain undisturbed.
$5,774,497 56,273,091
Total
Total
$5,774,497 $6,273,091
New Prior Lien Notes.
-Company will issue up to $700,000 new prior
x After depreciation of $422,979. y Represented by 198,972 no Par lien notes in respect of a like face
amount of new money to be provided
-V. 131, p. 4220.
shares.
by
the National Shawmut Bank of Boston upon the request of
the company
FINANCIAL CHRONICLE
3972
(Including amounts advanced or to be advanced prior to the carrying out of
the plan). These notes are to be dated as of the date of the respective
advances, are to mature three years from their respective dates, are to
bear interest at a rate not in excess of 8% per annum, and.are to secured so
far as practicable by a first lien upon the properties of the company,subject
only to the undisturbed obligation, and ahead of the first mortgage bonds.
After $700,000 of such prior lien notes shall have been issued, the company
in order to provide for dead season expenses and (or) for the manufacture,
transportation and (or) sale of sugar crops, as specifically determined by
resolutions of the board of directors to be necessary for such purposes.
may at its election, either (1) borrow on crop liens as under the existing
mortgage, or (2) upon the retirement of all or any part of such notes issue
further prior lien notes, maturing within one year from date of issue and
bearing such rate of interest not in excess of 8% per annum as the directors
shall approve, provided, however, that the aggregate principal amount of
all notes issued whether for new money, dead season expenses or otherwise, at any one time outstanding shall never exceed $700,000.
The Crop Lien.
-The Crop Lien Agreement of Oct. 8 1928, securing an
obligation amounting at the present time to $694,556 is to be cancelled
and the holder of such obligation has agreed to accept in exchange therefor
and interest thereon from Aug. 6 1929, $682,000, or now first mortgage
bonds, of the same class as or ranking equally with those to be issued to
the bondholders, bearing interest from Feb. 1 1929.
-The obligation
-Year 7% Sinking Fund Gold Bonds.
First Mortgage 15
will
of the company to pay interest on its $2.600,000 first mortgage bonds1929
be changed so such interest at the rate of 7% per annum from Feb. 1
to the maturity of the bonds shall be payable only if and to the extent
that the available net income shall permit, but payment thereof shall be
prior
mandatory to the extent earned except as Provided. Directors,
to Feb. 1 of each year, commencing with Feb. 1 1933, shall declare to
coupons maturing during such year such
be due and payable upon the
amount, if any, in respect of unpaid interest on the first mortgage bonds
from Feb. 1 1929 to the maturity of each coupon, as the available net income of the company for the period ending the preceding Sept. 30 shall
suffice to pay. Each such coupon will thus become an obligation of the
company to pay the amount,if any, so declared to be payable by directors
at the date of such coupon (whether on account of interest for the period
covered by such coupon or on account of any unpaid interest for prior
any
Periods). Directors shall be required to apply to the payment of
Unpaid interest from Feb. 1 1929 to the date of each coupon all of the available net income of the company for the preceding period ending Sept.
30, except that the company shall be entitled to withhold from available
net income for working capital or dead season expenses amounts not exceeding in the aggregate $150,000 at any one time, and that all amounts
so withheld shall, if necessary therefor, be applied to the payment of
Interest at maturity of the bonds. In determining available net income
losses in previous periods shall not be charged against net income in subsequent periods. The indenture providing for the payment of interest
as aforesaid will also provide that no dividends may be paid upon any class
of stock of the company and no bonds may be redeemed until all interest
preat the rate of 7% per annum from Feb. 1 1929 to the coupon date the
date, as
ceding the declaration of such dividend or to the redemptionprovided for.
case may be, shall have oeen paid in full or such paymentterminated as
The sinking fund for the first mortgage bonds will be
of Aug. 15 1929. In the discretion of the committee provision may also
be made for the issue in the future, in respect of the acquisition of additional properties, of additional bonds ranking equally with the bonds
to be issued under the plan, upon such restrictions as the committee shall
apProve.
Except as aforesaid and for the interposition of the prior rights of holders
of said prior lien notes and the issue of bonds in respect of the obligation
secured by the crop lien, the position of the holders of the first mortgage
bonds will remain unchanged.
-The plan will become operative when, in the
Operation of the Plan.
have been
sole discretion of the committee, sufficient deposits of bonds plan. The
obtained under the plan to make it advisable to carry out the means as
out the plan in such manner and by such
committee may carry
It shall in its sole discretion determine, and shall have all authority and
of
or
Powers conferred upon it expressly or by implication under any the all
the provisions of the plan or the deposit agreement under which ofcomsaid
mittee was constituted. The plan shall be taken to be a part thereof
deposit agreement with the same effect as though every provision
had been embodied therein and the plan and said deposit agreement shall
the
be read as one instrument. In the event of any conflict between said
provisions of the plan and said deposit agreement, the provisions of
herein otherdeposit agreement shall control. The committee, except as terms of any
wise expressly provided, shall determine the form and the
same
new securities and of any indenture or mortgage under which the
snail be issued, as well as of all certificates of incorporation or amendments
stock certificates, deeds, assignments and other agreethereto, by-laws,
ments and papers which, in the discretion of the committee, may be necesfor
sary or proper for the carrying out of the plan, and all proceedingsand
carrying the plan into effect shall be determined by the committee
their counsel.
-Committee has agreed to serve without compensation.
Expenses of Plan.
Company will pay the expenses of the readjustment and of the committee,
including counsel fees.
69% of
The National Shawmut Bank of Boston owns or controls overcommon
the outstanding preferred stock and over 80% of the outstanding crop lien
of the debt secured by the
stock of company, and is tile owner
Bank of Boston
of the company referred to. The National Shawrnut the committee to
has assented to the modification and has agreed with
effect.
-V. 123. P.
co-operate in carrying the plan as so modified into
1118; V. 129, P. 3477; V. 131, P. 2228.
-Liquidation
Co. of America.
Casein
Casein Mfg. Co. of
The company is in course of liquidation. In 1929, the
acquired by
America, Inc., and Dry Milk Co., Inc., subsidiaries were
-V.129, p. 285.
Borden.
-Readjustment Plan.
Cespedes Sugar Co.
[VoL. 133.
interest during the four-year period, however, will be payable annually
on Mar. 1 in each year, and only out of available net earnings of the company of the yireceding fiscal year ending Oct. 31 to the extent that such
payment will not reduce the net working capital of the company below
such amount (not in excess of $350,000) as shall be determined by the
Finance Committee of the company. Payment of any installment of
interest shall not be required to be made except to the extent that avail6
,
able net earnings are sufficient to pay such installment at the rate of 3
of 1% per annum or any multiple thereof. To the extent that interest
at the rate of 10% per annum shall not be paid during such four-year
period, such interest shall accumulate and shall be payable out of available
net earnings in subsequent years, any unpaid balance of interest to be
payable unconditionally upon maturity or earlier redemption of the bonds.
No net earnings will be available for payment of the interest coupons
maturing Mar. 1 1932.
After Mar. 1 1935 interest on the deposited bonds will be payable semiannually at the rate of 10% per annum, unconditionally and without
regard to the net earnings or net working capital of the company.
-Depositing bondholders will agree to waive the exist(2) Sinking Fund.
ing sinking fund provisions of the mortgage which require the company
to make semi-annual payments to the fiscal agents of $81,500 to be applied
to the redemption of bonds by lot at 105% and int. On its part, the
company will agree to apply the balance of all net earnings in each fiscal
year, remaining after establishment of net working capital as provided
above and after payment of interest (including any interest in arrears)
as a sinking fund for the purchase of bonds for retirement at prices not
in excess of their redemption price. Such purchases shall be made on
behalf of the company by J. & W. Seligman & Co.
be
(3) Subordination.
-The bonds deposited under the plan are tocorsubordinated to such amounts as may be lent to the company for itstime
not exceeding $250,000 in the aggregate at any
porate purposes
outstanding (with interest) and maturing during the life of the bonds.
This provision shall be operative, however, only if at least 85% of the
outstanding bonds are deposited under the plan. The present credit of
$50,000 will not have the benefit of this subordination.
The terms of the above plan are embodied in an agreement which has
been executed by the company.
Those approving the above plan are requested to forward their bonds.
accompanied by coupons maturing Sept. 1 1931 and subsequently, to
J. & W. Seligman & Co., 54 Wall St., N. Y. City. as depositary. The
depositary will issue transferable certificates of deposit in exchange for
deposited bonds and hold the latter until the Finance Committee has
determined whether or not a number of consents has been obtained sufficient in its judgment to justify declaring the plan in effect. Thereafter, bonds will be returned, and if the plan has seen declared in effect,
the depositary will stamp with an appropriate legend the bonds and coupons of depositing bondholders. The plan is to be declared in effect
or abandoned by the Finance Committee on or before Dec. 31 1931, except
that the Finance Committee may, in its discretion, extend the date for
declaring the plan in effect, for such period or periods as it may deem
advisable. An bonds must be deposited on or before Dec. 31 1931 or, in
the event that the period shall have been extended, on or before such
extended date. The Finance Committee may, however, in its discretion
permit the deposit of bonds after the plan has been declared in effect,
upon such conditions as it may determine. The company has agreed to
pay all expenses in connection with the plan.
BenIAll communications relating to the plan should be addressed to
Fleming Sessel, Sec. of the Finance Committee, 54 Wall St., N. Y. City.]
31 1931.
Estimated Operating Profit for Fiscal Year Ended Oct.
$813,000
Gross operating income
276,000
Less: Cost of cane
91,000
Crop season expenses
196,000
Sugar expenses
54,000
Fiscal year charges
77.000
Dead season expenses
$119,000
Operating profit
Comparison of Estimated Profit and Loss Statement for Fiscal Year Ended
Fiscal Year 1930.
Oct. 31 1931 With Actual Statement for
1929'30
1930'31
(Actual)
(Est.)
$311,744
$119,000
Operating profit
53,660
67,000
Interest earned
$365.404
$186.000
for interest, taxes, depree.. Sze
Available
Res, to cover rents, wt, on advances to Colonos
and int. on notes rec, accrued during the year
99,332
101,190
but not actually received
$266,072
$84,810
Balance
161,956
151,000
Interest on bonds
28,546
44,000
Interest on current accounts
375,569
df$110,190
Balance after interest
Proportion of premium & exps. on bonds & amort.
49,614
43,000
of organization expenses
105,000
105,000
Reserve for depreciation
$70,045
$258,190
Loss for fiscal year
Approximate Balance Sheet as at Sept. 30 1931.
LialilittesAssets
$1,991,000
Property, &c., less deprec-- $6,249,059 lst mtge. bonds
Bank loan sec. by Republic of
Republic of Cuba 5s and
207,820
contra)
Cuba bonds,&c(see
Ws. of panic. in National
183,478
Advances against sugars.Sugar Export Corp. (see
pay., notes pay.. accr.
281,060 Accts.
bank loan contra)
Cash
4,260 exps. & est. sugar shipping
25E4,228
expenses
Sugars & molasses on hand
306,656
87,106
57,681 Int. accr. on 1st mtge. bonds_
Accounts receivable
38.628
91 Res. for premiums on bonds.
Tax stamps
61,721 Capital stock:
Materials & supplies
999,000
Notes rec., less reserve
161,273 7% pref. stock
3,594,000
Coin. stock ($100 par).
401,239
Advances to Colones,leas res.
486.359
Special cash funds
650 Surplus
Growing cane
70,836
over. exps. & dead
Advances,
69,466
season exp., crop 1931-32_ _
Organiz. asps. & exps. of
181,627
bond issue
$7,845,619
Total
37.845,619 Total
are now in default
Holders of the 73i% first mortgage bonds, which
their bonds
as to interest and sinking fund, are being requested to deposit readjust& Co. as depositary under a plan for the
with J. & W. Seligman
by the finance committee of the
ment of the mortgage debt formulated
Ralph H. Bollard
company. The committee consists of A. I. Henderson,
and Manuel E. Rionda.
four years,
The plan calls for waiver of payment of fixed interest for
of the bonds to loans
waiver of sinking fund provisions and subordination
rate on deposited bonds will be innot exceeding $250.000. The interest
1 1935 only out of
creased to 10%, cumulative but payable until March reduce net worknot
net earnings and to the extent that such payment will
-V. 133, p. 1457
finance committee.
ing capital below an amount dertermined by the
Dec. 4 states:
The Committee in a letter to bondholders of the sugar industry, comChicago Gulf Corp.-Ihittal Dividend.
condition
Owing to the severely depressed interest coupons maturing on Sept.
The directors on Dec. 4 declared an initial quarterly dividend of 1235
pany was without funds to pay thepayment applicable to the redemption cents a share on the class A stock, payable on Jan. 1 to holders of record
sinking fund
1 1931 and to make the
in default in both of Dec. 20.-V. 133, p. 3097.
of the above bonds on Sept. 1 1931. It is accordingly
out of an
these respects. Outstanding bonds amount to $1,991,000 through the
-50c. Dtvidend.Chicago Mail Order Co.
having been retired
original issue of $3,000,000, the balance
The directors have declared a dividend of 50 cents a share, payable
Operation of the sinking fund.
the utmost importance to the bondholders that Dec. 15, out of earnings for 1931, to holders of record Dec.8. The company
We believe that It is of
deterioration last paid a dividend on Dec. 15 1929.
the company make this winter's crop in order to avoid the
be forced
of the mortgaged properties which would result if the mill should
position to take advantage of any "'Chicago Title & Trust Co.
-Extra Dividend.
to close down, and in order to be in
company advise
Increase in sugar prices. The operating officers of the season are being
The directors have declared an extra dividend of $3 per share in addithat the expenses to be incurred during the current deadthan $100.600 in tion to the usual quarterly dividend of $4 per share, both payable Jan. 2
held down to an absolute minimum and that not more
less. In to holders of record Dec. 31. Six months ago, an extra of 1$2 per share
cash will be required for this purpose, possibly substantially
-V. 133, p. 2440.
indebtedness was paid as against $3 extra a year ago.
addition, the company has incurred and will incur current be deferred
aggregating about $100,000. which, however, it is hoped can $50,000 to
-Sales Decrease.
Childs Co.
proceeds of the new crop. A credit of arranged
and paid off from the
Decrease.
Decreased 1931-11 Mos.-1930
-1930
.931-Nor.
provide funds for the immediate necessary expenses has been
895,510!$22,139,313 824,274.099 $2,134.786
on the security of the company's crop, sugar equities, &c., but it seems $1,979,758 $2,075,263
without the co-operation
unlikely that additional funds can be secured
The company operated five fewer units in November 1931 as compared
of the bondholders.
with November 1930.-V. 133, p. 326,, 2933.
A plan for a readjustment has been formulated providing for the deposit
of bonds under the following provisions:
-Try to Avoid Receivership.
"-City Stores Co.
Further hearing on the application of a group of stockholders for a
Plan of Readjustment.
temporary receiver for the corporation was continued in Chancery Court
-Depositing bondholders will agree to waive the payment Dec. 9 until
(1) Interest.
the complainants.
16 upon application of counsel
or fixed interest for a period of four years from Mar. 1 1931. On the PostponementDec. agreed upon by all parties in thefor in the hope that
suit
was
other hand, the company will agree to increase the rate of interest on
might be reached which would avoid a receivership.
deposited bonds from 734% to 10% per annum from Mar. 1 1931. ,Such some arrangement
DEc. 12 1931.]
FINANCIAL CHRONICLE
La Brothers Business Separated from City Stores Co.
The Philadelphia "Ledger" Dec. 8 said:
The business of Lit Brothers has been separated from that of the City
Stores Co. That action was taken at a meeting of the directors, at which
an almost entirely new board of directors and a new Treasurer were selected
to supervise the business of the Philadelphia department store, which
was established in 1891.
The board as at present constituted consists of the following: Walter T.
Grosscup, Vice-Pros. Bankers Securities Corp. of Philadelphia; George H.
Johnson, Vice-President of Albert M. Greenfield & Co., Inc., real estate
dealers; Maurice L. Wurtzel, Pres. Bankers Bond & Mortgage Co. of
Philadelphia; Harry G. Sundheim, Sundheim, Fels & Sundheim, general
counsel for the Bankers Securities Corp.', Saul Kohn, Pres. Bankers Bond
& Mortgage Co. of New York; Albert M. Greenfield, Pres. Bankers Securities Corp.; William Fox, until recently head of the Fox Film Corp.;
Jacob D. Lit, formerly Pres. of Lit Brothers; Charles A. Wimpfheimer,
A. Wimpfheimer & Co., plush manufacturers, New York; It. J. Goerke,
Pres. Lit Brothers; Edmund Goerke, Vice-Pres. Lit Brothers, and R. J.
Goerke Jr., Vice-Pres. Lit Brothers.
Mr. Grosscup was elected Treasurer of Lit Brothers, succeeding Leonard
B. Keiffer, resigned.
Control of Lit Brothers was acquired by the City Stores Co. in October
1928. Later the City Stores Co. borrowed $8,000,000 from the Bankers
Securities Corp., pledging as collateral for the loan a majority of the
outstanding preferred and common stocks of Lit Brothers. The notes
issued by the City Stores Co. to cover the loan were not paid when they
fell due Dec. 1 1931. Neither were certain other obligations of the City
Stores Co. due on that date paid. In the last ten days receivership applications for the City Stores Co. have been filed in the Delaware and New
York courts. These applications are still under consideration.
It was pointed out by interests closely associated with the Bankers
Securities Corp. that, as a result of the directorship action, Lit Brothers
is now divorced from the City Stores Co. through an independent board
of directors, and that Lit Brothers is entirely free and apart of any action
that may be taken against the City Stores Co. in relation to its finances,
and that regardless of the outcome of the various actions against the City
Stores Co., Lit Brothers is in a position to and will continue as one of
Philadelphia's leading mercantile establishments.
Earnings.
For income statement for 3 and 9 months ended Oct. 31 see "Earnings
Department" on a preceding page.
The company states that the ratio of current assets to current liabilities
on Oct. 31 1931 was 5.22 to 1, with cash substantially in excess of all
current liabilities, exclusive of funded debt.
-V.133, p. 3794.
Columbia Broadcasting Co.
-Acquires Ohio Station.
-
The company has purchased an interest in the WKRO radio station in
Cincinnati which is Columbia's basic station in the Ohio Valley.
-V.132,
P. 4248.
Compania Swift Internacional.-Year Successful.
-
Edward Swift, President Compania, in answer to an inquiry as to the
possible causes for the sharp decline in the market price of that stock, is
quoted as follows:
"There are no reasons in the affairs of the company which would account for such action. The company has had a very successful year and
is in the strongest financial position it has ever enjoyed. Ample reverses
have been made or possible exchange losses. Current operations continue
-S. 133, p. 2116.
to be profitable."
""
-Consolidated Mining & Smelting Co. of Canada, Ltd.
-Pays Extra Dividend in Stock.
The directors have declared a dividend of 5% in stock in addition to the
regular semi-annual cash dividend of $1.25 per share both payable Jan. 15.
to holders of record Dec.23. Like amounts were distributed on July 15 last.
An extra of $5 per share in cash was paid in January and July of each
year from 1927 to 1931, incl.-V. 133, p. 3634.
-Capital Stock Reduced.
.1.-.-Container Corp. of America.
The recent reduction in capital to 812,482,045 has been effected, (a)
by reducing the capital represented by shares of stock without par value by
writing down the amount of $1,160,825, representing good-will, patents and
other intangibles acquired from Mid-West Box Co. to the nominal figure
of $1, and also by writing off an amount of $49,735, representing organization expense, and also by transferring to surplus an amount of $1,460,812;
and (b) by retiring 22,873 shares of class "A" common stock, of the par
value of $20 per share, and 5,900 shares of class "B" common stock, without par value, of this corporation which are owned by this corporation.
The stockholders on Oct. 26 voted affirmatively for this resolution, and
the stock in question has been duly retired.
-V. 133. p. 3794.
Corrigan McKinney Steel Co.
-Value of Stock.- '
A price of $12,000 was put on each common share of the company in
settling an estate. When organized in the '80s,the company was capitalized
at $250,000, which never has been changed. ("Steel.)
(The) Cream of Wheat Corp.
-Extra Dividend.
-
The directors have declared an extra cash dividend of 25c. a share and
the regular quarterly dividend of 50c. a share on the capital stock, payable
Jan. 2 1932 to holders of record Dec. 19 1931.
An extra of 25c. a share was also paid in January and July in1930 and
1931.-V. 133, P. 2768.
-Balance Sheet June
Crex Carpet Co.
AssetsProperty amt..Goodwill
Cash
Notes .4 accts. rec.
Inventory
Deterred charges
Deficit
1931.
$
200,000
34,910
57,001
267,395
40,499
390,990
1930.
$
2.366,494
200,000
44,099
207,703
352,208
33,046
206,681
30.1931.
1930Liabilities$
Capital stock
3,000,000 3,000.000
Accounts payable_
96,052
159,639
Notes payable__
210,000
250,000
Unpaid dividends_
592
592
Cumberland Pipe Line Co. (Inc.).
-To Wind Up Its
Affairs.
A letter to the stockholders Dec. 8, says:
The owners of 22,165 shares of the capital stock of this company. such
shares constituting much more than a majority of all the capital stock, have
consented in writing that the company close its business, wind up its affairs
and terminate its existence. At the annual meeting, held Dec. 3 1931, a
like consent was unanimously voted by the stockholders. present in person
or by proxy, owning 21.537 of such shares, also much more than a majority.
The law requires that notice of the action contemplated by such consents be
published for four weeks, and such publication has been begun. Upon its
expiration shortly after Jan. 1 next, the directors expect to declare and
pay a capital dividend of $20 per share.
-V. 133, p. 3261.
Curtiss-Wright Flying Service, Inc.
-Suspends Air
Ferry Service.
The air ferry service operated by this corporation between the three
major metropolitan airports, has suspended operations until spring due
to inclement weather now at hand. Week-end operations, however, will
continue when weather is good. The company plans to include other
local and Long Island airports in the spring schedule and to install an
amphibian plane service which will allow for landing at a point in the Hudson
River.
Since the beginning of operations the air ferry service has carried 3,805
Passengers.
-V. 133, P. 1934.
Reorganization plans approved by the directors and recommended to the
stockholders for ratification have been proposed which provide for the
set-up of two independent companies incorporated probably under the
laws of Michigan, which shall take over the business and assets of the
Detroit Aircraft Corp., as follows: (1) Lockheed Aircraft Corp.. heavierthan-air activities, (2) Metalclad Airship Corp., lighter-than-air and other
activities.
Net worth
$617,960 $1.5:4.825
In consideration of the above assets. Lockheed will issue to D. A. 0.
113,592 shares of its no par capital stock having a nominal value of $5 per
share and Metalclad will similarly issue to D. A. C. 113,592 shares of its
class A and 113,592 shares of its class B no par capital stock, each having
a nominal value of $5. per share.
-D.A. 0. will then be in position to distribute to its stockDistribution.
holders 1 share of class A and 1 share class B of Metaleiad, and 1 share of
Lockheed for each 10 shares of its own outstanding stock to be surrendered
therefor in final liquidation of the present D. A. C. When all D. A. 0
stock is surrendered, the corporation will then be dissolved.
On the basis of the net assets of the two new companies, the book value
of each of these new shares offered in exchange will appear respectively
and approximately as follows: Lockheed common, $5 per share; Metal
clad class A,$6 per share; Metalclad class 13, $6 per share; total book value
per unit of exchange, $17.
Capitalization of New Companies.
-In order to accomplish this reorganization and to provide for additional financing and future expansion, the
following capitalization will be required for the two new companies:
Lockheed.
Metalclad.
Common stock (no par) at nominal value of $5
a400,000 shs.
per share
Class A stock (no par) at nominal value of $5
per share
b650,000 elm
Class B stock (no par) at nominal value of $5
per share
c850.000 shs.
a To be issued to D. A. 0. in consideration of transfer of assets previously set forth, 113,592 shares; sell, 100,000 ((4) $5 per share), 100,000
shares; reserve for issuance to Lockheed officials and employees, either as
retainers or as part compensation for services and salary, or options or
otherwise, 40.000 shares; reserve for future financing and other prwposes.
146,408 shares.
b To be issued to D. A. C. in consideration of transfer of assets previou
set forth, 113,592 shares; sell, 400,000 shares (© $5 per share), 400,000
shares; reserve for issuance to M. A. C. officials and employees, either as
retainers or as part compensation for services, and salary or options, or
otherwise, 75,000 shares; reserve for other purposes, 61,408 shares.
c To be issued to D.A. C.in consideration of transfer of assets previously
set forth, 113.592 shares; reserve for exercise of purchase warrants, 650,000
shares; reserve for other purposes, 86,408 shares.
-Class A certificates shall be accompanied by
Stock Purchase Warrants.
stock purchase warrants evidencing the right of the holders thereof to
purchase additional class B common stock on a basis of 1 class B share for
each class A share issued or purchased.
The terms of purchase applied to the stock purchase warrants shall be
as follows: On or before Dec. 31 1935, $5 per sh.; 1936, $6; 1937, $7; 1938,
$8; 1939, $9; 1940. $10. After which latter date all unexercised purchase
warrants shall expire.
Detroit Aircraft Stock Outstanding.
-The present D. A. C.stock now outstanding, plus a reserve for the acquisition of certain subsidiary minority
interests, is as follows: D. A. C. shares now outstanding, 1,103.933 5-12.
Reserve for closing in minority interest, 31,988; total, 1,135.921 5-12.V. 133. P. 3794.
Dinkier Hotels Co., Inc.
-Defers Class A Dividend.The directors recently decided to defer the quarterly dividend ordinarily
payable about Dec. 1 on the $2 cumul. class A stock, no par value. In
March, June and Sept. 1931, quarterly distributions of 25c. per share each
were made, as compared with regular dividends of 50c. per share previously
-V. 132. P. 1625.
paid each quarter.
-Dividends Deferred.
----,Doehler Die Casting Co.
Total
$3.306,645 $3,410,231
Total
83.306,645 $3,410,231
a After deducting $740,727 reserve for depreciation.
usual comparative income account for year ended June 30 was
Our
-V. 133, p. 3794,
published in last week's "Chronicle."
Detroit Aircraft Corp.
-Reorganization Plans.
-
3973
The reorganization plans are based on the recommendations of the
special reorganization committee, which consists of Eugene W. Lewis,
Edward S. Evans, Thomas N. Dysart and P. R. Beasley. These plans
are based on the following hypotheses:
Lockheed Aircraft Corp. will acquire all of the shares of the old Lockheed
Aircraft Co. now owned by D. A. C. and such additional shares as may
from time to time be exchanged by their holders for D. A. C. stock.
The following D. A. C. subsidiary corporations will be dissolved and
the good-will written off the books: Blackburn Aircraft Corp.. Detroit
Aircraft Export Corp., Eastman Aircraft Corp., Gliders, Inc., Marine
Aircraft Corp.
The present assets of D. A. C. and subsidiaries will be divided on the
following basis:
(a) The new Lockheed Aircraft Corp. will acquire: (1) All the assets of
D. A. C. except such as will be specifically transferred to the Metalclad
Airship Corp. (2) All of the liabilities of D.A.C.except such as specifically
assumed by Metalclad Airship Corp.
(b) Metalclad Airship Corp. will acquire: (1) All of the assets and assume
all of the liabilities of Aircraft Development Corp., Aircraft Parts Co.
Grosse Ile Airport, Inc., incl. Curtiss and other leases and rentals due
therefrom. (2) All of Grosse Ile Airport property, land, buildings and
equipment now carried on the books of D. A. C. except heavier-than-air
inventory now housed in the airship hangar.
(3) Certain accounts and notes receivable now carried on the books of
D. A.0. in the amount of $87,768. (4) Other certain inventory, shop and
laboratory equipment and fixtures valued tentatively at $20,000. the
present book values as carried on the books of D.A. C.
(5) All airship and riveting machine patents, it being provided, however, that Lockheed shall have a non-exclusive license (limited to heavierthan-air manufacture) for the use of the riveting machine, and not transferable or salable to third parties except in the event of absorption of the
Lockheed by another manufacturer, in which event this license shall be
a transferable asset with the same limitations as above indicated.
Net Assets.
-On the above basis the net assets of the two new companies,
after giving effect to estimated reorganization expenses and inter-company
adjustments, but prior to any new financing, will appear approximately
as follows:
Lockheed.
Metatriad.
Net tangible assets
$504,975 $1,191,163
Intangibles. incl. patents, good-will, development
expenses, designs and drawings
112,984
313,662
The directors have decided to defer the quarterly dividends due Jan. 1
on the $50 par 7% cumul. pref. stock and on the no-par $7 cumul. pref.
stock. Regular quarterly distributions of 87%c. and $1.75 per share,
respectively, were made on Oct. 1 last.
-V. 133. P. 2607.
Dominion Stores, Ltd.
-November Sales.
Sales for Five Weeks and Eleven Months Ended Nov. 28.
-1930.
Decrease. 1 1931-11 Mos.-1930.
1931-5 Weeks
Increase.
$2,251.736 $2,343,978
$92,2421$23,2.8.445 $22,046,756 $1.171.689
-V. 133. p. 3795, 3262.
-Earnings.
-Dryden Paper Co., Ltd.
Year Ended Sept. 30Profit from operations
Interest
Depreciation and depletion
1931.
$88,138
82,827
1930.
y$197,323
85,293
100,000
1929.
$351.823
100.118
100.000
Net earnings
$12,030
$5.310
$151,704
y Includes reserve of $8,063 set up prior years not now required.
-Surplus Sept. 30 1930. $162,439; surplus for year
Surplus Account.
1931, $5,310; total surplus, $167,750.
Balance Sheet Sept. 30.
1931.
1930.
Liabilities-Assets1931.
1930.
$20,211
$38,832 Acc'ts payable-- $19,853
Cash
$21,471
110,062 Accrued chargesAvila receivable- 103,128
2,825
20,389
562,172
678,737 Call loan
Inventories
17,000
9,076
8,064 Interest accrued on
Deterred charges.1st mtge. bonds
Bonds perch. in
15,000
anlicip. of sink
Reserves
1,012,846
41,002
6% 1st mtge. bds. 1,500,000 1,014,750
fund requir--_ 1.500,000
Common stock and
Call loan and ac13,089 surplus
crued interest_
x5,567,750 5,562,439
53,277
Govt.& P. U.bds. 145,383
Mills, bldgs., machinery dr plant,
real est., timber
& water powers_ 7.254,302 7.218,989
$8,135,275 $8,119,051
Total
Total
$8,135,275 $8,119,051
Represented by 150,000 no par s ares.-V. 131. p. 3537.
3974
FINANCIAL CHRONICLE
Douglas Aircraft Co. Inc.
-Sales, &c.
Sales for the fiscal year ended Nov. 30 1931 are estimated by officials to
approximate $3,824,000, compared with $4,088,779 for the previous year.
linfilled orders on hand at the end of Nov. approximated 32,190,000.V. 133, p. 3262.
Edison Brothers Stores, Inc.
-Sales Increase.
Sales for Month and Ten Months Ended Nov. 30.
Increase.
1931-Nov.
-1930.
Increased 1931-10 Mos.-1930.
$464,837
3444,738
320,099135,372,290 $4,011,014 31,361.276
The company had 50 stores in operation during Nov. 1931 as compared
with 42 stores during Nov. 1930.-V. 133, p. 3467, 2442.
-- -=---Eastern Steamship Lines, Inc.
-Smaller Corn. Dividend.
The directors have declared a quarterly dividend of 25c. a share on
the common stock, no par value, the regular quarterly dividend of $1.75
a share on the ist pref. stock and 873c. a share on the no-par preferred
stock, all payable Jan. 2 to holders of record Dec. 18. Three months
ago a distribution of 3736c. a share was made, while from April 1 1930
,
to and incl. July 1 1931, the company paid quarterly dividends of 50c. a
share on the common stock.
-V. 133, p. 3098.
Electrical Products Corp. of Colo.
-Offers to Retire
Third of Outstanding Common Stock at $3 a Share.
-
The corporation Is offering to retire one-third of the 49,892 shares of
common stock outstanding by purchasing pro-rata from all stockholders
the necessary amount of stock at $3 a share, which Is above recent current
market quotations on the stock.
The company has on hand funds in excess of its immediate requirements
for current operations and it is felt that this surplus cash could be used
more advantageously by reducing the outstanding stock of the company
than in the declaration of a dividend, President J. Fred Brown states.
Mr. Brown also added: "Sales for 1931 will show a decrease of approximately 38% from the sales of the preceding year. Although net profit
for 1931 will exceed that of 1930. owing to the accumulation of earnings
on prior years' contracts, current business this year will reflect little if
any profit, due to smaller sales volume and consequent higher overhead.
The increased number of failures among small industries will undoubtedly
result in heavier charge-offs at the close of the year on account of bad
debts, than in the previous period."
In 1930, the corporation earned $51,060 or $1.02 a share, on the com.
stock.
-V. 130, p. 1468.
-Extra Dividends.
Emerson's Bromo-Seltzer, Inc.
The directors have declared an extra dividend of 50c. a share in addition
to the regular quarterly dividend of 50c. a share on both the class A and B
common stocks, no par value, all payable Jan. 2 to holders of record Dec.
15.-V. 132, p. 1041.
-Earnings.
Equitable Office Building Corp.
For income statement for 7 months ended Nov. 30 see "Earnings DePartment" on a preceding page.
-V. 133, p. 3262.
-Sales Lower.
Exchange Buffet Corp.
Sales for Month and Seven Months Ended Nov. 30.
Decrease.
1931-7 Mos.-1930.
1931-Nov.
-1930.
$381,494
$456,939
375,445132.859,411 $3,460,814
-V. 133, p. 3635. 3262.
Decrease.
$601,403
-Files Suit.
Federated Department Stores, Inc. (Del.).
[VOL. 133.
combined plants, and we are at present demolishing the major portion of
the old plant and have let the contract for the erection of a modern and
efficient plant at this location. It is conservatively estimated that within
a three-year period the savings from this consolidation will pay the expenses
of the moving and the cost of erection of the new plant. The resultant writeoff in book value of plant and equipment to reconstruction and consolidation
of manufacturing facilities amounting to 3255.553 has been charged direct
to surplus.
In accordance with the policy of carrying our patents and good-will at $1,
we have charged to surplus an amount of $46,698 representing largely the
excess value over assets paid for a company engaged in the sale of patented
processes for handling citrus fruits. This investment has already amply
justified itself and has excellent outlook for potential earnings.
The Pacific Machinery Co., a partly owned subsidiary, has placed an
order with the Anderson-Barngrover Mfg. Co. for the manufacture of one
thousand mechanical peach pitters. This machine which has been under
development for many years is at last perfected to the point where it is a
mechanical and operating success. The machines are all contracted for on
a long time lease basis with leading peach canners in California, and their
operation will result in a substantial reduction in costs and increase in quality
to the canners.
The sales of our products to other countries have held up remarkably well
En view of world conditions, the total foreign volume being slightly larger
than one year ago.
Consolidated Balance Sheet Sept. 30.
1931.
Ltabtlittes1931,
1930.
Assets1930.
Cash
$295,045 $263,386 Notes payable
Banks & brokers $450,000 $500,000
Customers notes &
contr. and accts.
Accts. pay and ac455,548
crued expenses__ 235,521
receivable
2,490,676 z2,750,247
Provision for FedSued. accts. rec. &
110,000
40,000
132,598
119,731
advances
eral income tax_
75,587
Div. on com,stock y74,679
Surrender value
35,000
55,284 Res. for contIngs_
72,463
life Ins. policies_
Inventories
2,036,490 2,167,712 Res. for addl per.
58,760
price of business
71,509
Prepaid expenses_
15,000
acquired
Inv. In and adv. to
179,997 10-year 634% conaffiliated cos_
227,716
31,675
vertible debs..._ 1,573,000 1,573,000
27,824
Misc, Investments.
36,250
33,750
Mtge. payable......
Mach. leased to
750,000
268,284 Preferred stock_ _ _ 750,000
others less depr_ 182,722
Common stock_ _ _x2,675,981 2,662,040
Due to stockhold840,403
Paid in surplus..... 538,151
ers of predecessor
912,670
Earned surplus... 988,722
companies
207,313
Prop., plant & eq.
less depreciation 1,630,445 2,055,423
Pats., trade marks
1
and good-will_ - _
Total
Total$7,374,804$7,950,500
37,374,804 $7,950,500
x Represented by 190,571 no par shares. y Includes dividend payable
In common stock (1931, 33,215; 1930, $4,310). z Includes $292.482
-V. 132, P. 2777.
customers' notes and contracts receivable, not current.
""..Foundation Investment Co., Cincinnati, Ohio.
Defers Dividend.
The directors have voted to defer the quarterly dividend of 1.3i% due
Dec. 15 on the 6% cum. pref. stock, par $100. The last distribution at
this rate was made on Sept. 15 1931.
-55c. Dividend.
Fourth National Investors Corp.
The company, a Delaware corporation, with offices in Wilmington, has
A distribution of 55c. per share has been declared, out of net income,
filed an action in Federal District Court, New York, to enjoin Federated
Department Stores, Inc., incorporated in New York State, from using that on the common stock, par $1, payable Jan. 1 to holders of record Dec. 16.
-V. 133. p. 2273.
corporate name. The plaintiff corporation controls the following depart- Six months ago a similar payment was made.
ment stores: Wm. Filene's Sons Co., Boston; Abraham & Straus, Inc.,
-Sale.
Frank Silk Mills, Inc., Murfreesboro, Tenn.
bros. New York City,and F.& R. Lazarus & Co..
Brooklyn; Bloomingdale
The company has been purchased by bondholders through Cecil Sims.
of Ohio.
-V. 133, p. 3635.
Nashville, Tenn. It is understood to be their intention to arrange a sale of
the property to outside interests at an early date.
Fire Association of Phila.-Amends By-Laws.
The stockholders on Dec. 7 approved the amendment and alteration
-Transfer Agent.
Freeport Texas (Sulphur) Co.
of the by-laws proposed by the directors. The date of the annual meeting
Notice has been received by the New York Stock Exchange of the apof the company has been changed to the third Wednesday in March from
agent for the capital
the second Friday in January. This change was made in order to permit the pointment of the Corporation Trust Co. as transfer
presentation of the annual report to stockholders at the annual meeting, stock of the above company, effective Jan. 1 1932.-V. 133, p. 2607.
since it was impracticable to prepare the report in time for the meeting on
Fuller Brush Co.
-Extra Dividend.
the old date. While the by-laws have been re-drafted to clarify and simplify
The directors recently declared an extra dividend of 20c. per share on
them, the new annual meeting date was the only significant change.
the class A stock, payable Dec. I to holders of record Nov. 25. An extra
V. 133. p. 3262.
of like amount was paid on Dec. 311930.-V. 132, p. 3536.
-Merger Plan Effective.
First American Corp.
-V. 133, p. 2769.
See Broad Street Investing Co., Inc., above.
-Semi-A nnua/ Distributions.
Fundamental Group Corp.
A distribution for the six-months period ending Dec. 31 1931 of 15.6c.
a share of Fundamental Trust Shares, series A. cumulative type, and of
-Dividend No. 3.First Custodian Shares Corp.
Shares, series B, disbursement type,
A dividend of 19c. a share has been declared on First Custodian Shares, 30c. a share of Fundamental Trustwithdrawn from the reserve fund, is
payable Dec. 15 to holders of record Nov. 30 1931. A distribution of 20c. of which 14.637c, a share will be
a share was made on June 15 last, while on Dec. 15 1930 an initial pay- announced by the above corporation.
Semi-annual distributions of 22.2c. a share on .the series A and 30c. a
-V. 131, p. 3715.
ment of 14c. a share was made.
h
p are o
s.4597n the series B certificates were made on June 30 last. See V. 132.
-Sales Decrease.
First National Stores, Inc.
Decrease.
-1930.
Decreased 1931-34 Wks.
-1930.
1931-4 Wks.
Ltst.3134,9501370.048.520 $71,209,283 31,160.763 ---,Gardner Motor Car Co., Inc.-Stoek-Off- $8,085.105 38,220,055
;The Now York Stock Exchange on Dec. 8, announced that the $5 par
The Massachusetts Food Index Number is approximately 15.98% lower
.
bel
sales of approximately 14.34% value capital stock of this company, hadn stricken from the list. The
than a year ago, indicating increased tonnage
.
company has been in receivership since June. V. 133, p. 3796.
for First National Stores, Inc. for this period.
During the four weeks ending Nov. 21, our records show that the prices
General Laundry Machinery orp.-Sale of Tolhurst
on 48 food items were reduced and prices on 17 items were advanced
- Machine Works.
which shows that the trend of retail prices on foods is still downward.
-See American Machine & Metals, Inc.,
V. 133, p. 3635, 3262.
-Sales Increase.
(M. H.) Fishman & Co., Inc.
-1930.
1931-Nov.
3206.707
3208,660
-V. 133. p. 3098. 2442.
Increase( 1931-11 Mos.-1930.
31.953132,186,583 31,852,748
Increase.
3333,835
Fisk Rubber Co -To Reorganize.
The bond and noteholders protective committees, it is stated, have
agreed on the general principles of a plan of reorganization of the company.
-V. 133, P. 3796.
Announcement is probable in about ten days.
-Earnings.
Food Machinery Corp.
Income Account for Years Ended Sept. 30.
1929.
1931.
1930.
45.737,609 $7,428,917 $5,553,490
sales
Net
6,200,135 4,487,132
4.785,929
Cost of sales and operating expenses
179,927
255,648
423,086
Depreciation
75,026
111,696
131,327
Develop,and experim. cost written off
Net operating profit
Miscellaneous income
$416,898
156,270
$841,807
a185,488
$811,405
a151,923
Total income
Interest charges
Provision for Federal tax
3573.167 31.027.295
94,380
94,380
106,619
32.190
$963,328
120,151
60,000
Net income
Previous earned surplus
$446,597
912,670
$826,296
550,296
$783,178
def6,523
$1,359,267 31.376,592
48,750
48.750
321,795
415,171
3776,655
44.765
181,594
Total surplus
Preferred dividends
Common dividends
3550.296
3912.670
3988.722
Balance Sept. 30
165,348
190,088
190.571
Common shares outstanding (no par).
$4.47
$2.09
$4.09
Earnings per share
a Including revenue from leased machinery and processes.
Paul L. Davis, Vice-President, says in part:
At the close of the last fiscal year we were engaged in the physical consolidation of our manufacturing facilities of the San Jose, Calif., plants of
This consolidathe John Bean Mfg. Co.and Anderson-Barngrover Mfg. Co.engaged in coneconomies and we
now
tion has resulted in substantialmachinery factoriesare Hoopeston Ill. The
at
eastern canning
solidating our
of the
plant at Hoopeston was inadequate and inefficient for the housing
above.
In a letter dated Nov. 30 to holders of 63% 10-year
sinking fund gold debentures of, and holders of claims against;
General Laundry Machinery Corp., the reorganization committee (Frank Mauran Jr., Chairman), said:
The reorganization committee has caused to be published a notice of
a proposed change in, or modification or amendment of, the plan of reorganization (V. 133, p. 964). The purpose of the proposed amendment is
to enable the reorganization committee, if it desires, to comply with the
terms of a final decree for the sale of the properties as entered in the Federal
District Court for the Northern District of New York. with confirmatory
orders in the Federal Courts for the District of Delaware and the Eastern
District of Pennsylvania, which excluded from the assets to be sold certain
claims, demands, causes of action, choses In action, pending actions,
cash, books, records, documents and other papers, and in addition to
enable the committee to eliminate from the properties to be acquired
certain of the other properties or assets offered for sale located outside
the State of New York in the event that the committee should deem it
to
et. be
o
best
acquired.erestofdbenture and claim holders that such properties
assets
not
The committee desires to utilize this opportunity to call to the attention
of depositing and assigning debenture and claim holders certain questions
and comments which have arisen in connection with the plan.
(1) The letter of Arthur Young & Co. (printed in the plan) in referring
to the book value of the common stock of American Machine & Metals,
,.
Inc • has been misinterpreted by some as referring to the market value
of this stock. Attention is therefore called to the fact that the balance sheet
values of $25.60, $23 and $22.64 per share on the American Machine
& Metals, Inc.. stock and the aggregate book value of $498,080 for the
22.000 voting trust certificates to be acquired by Columbia-Troy Corp.
are book values. Attention is called to the fact that there are other
values which may be considered such as (a) net current assets as shown
by the books, and (b) current market quotations. (a) Consolidated
net current assets of American Machine & Metals, Inc., as of June 30
1931 (as shown in the plan) after deducting,in addition to current liabilities.
funded debt and all other liabilities except reserves for contingencies,
equal $1,700,983, or over $8.70 per share on the 195.000 outstanding
shares of stock of American Machine & Metals, Inc., or over 87.80 per
share on such stock after giving effect to the issue of the 22,000 new shares
assets to
contemplated by the plan and without giving any effect to thethe plan.
be acquired by American Machine & Metals, Inc.. under
(b) A relatively inactive market for the said stock exists on the New York
Stock Exchange. The committee is informed that the bid and asked
quotations at the close of business Nov. 28 1931 are 2 bid, 2;i asked
DEC. 12 1931.]
FINANCIAL CHRONICLE
3975
for the stock of American Machine & Metals, Inc., and X bid, 4 asked Sales Manager of the Buick Motor Co. Including Nov. 27, orders for
for the voting trust certificates.
16,662 units of the new Buick had been received.
(2) Attention is further called to the fact that Tolhurst Machine Works,
A feature of the demand is the relatively large volume
Inc., all of the stock of which is owned by General Laundry Machinery from the smaller towns and cities in various sections of of orders received
the country,
Corp., possesses a claim against Troy Laundry Machinery Co., a sub- Churchill said, indicating a more favorable business reaction in the Mr.
less
sidiary of American Machine & Metals, Inc., for alleged infringement densely populated areas. At the same time, the demand from the metroof patents, and that the control of this claim will be transferred to American politan centers remains steady.
Machine & Metals, Inc., under the plan, presumably resulting in the
The figures given above show that Buick's change from mid-summer
cancellation of the claim. The total amount claimed according to latest to the present season of the year for announcing its new models is meeting
advices to the committee is over $27,000, which amount is contested by with success," Mr. Churchill said. "When it is remembered that November
American Machine & Metals. Inc.
is usually one of the low points in the automobile year. the extent of this
(3) Attention is further called to the fact that the arrangements with stimulation of more than 16,000 orders can be appreciated."
-V. 133. P.
American Machine & Metals, Inc., involve the sale of the stock of Cen- 3797.
trifugal Engineering & Patents Corp. owned by Tolhurst Machine Works,
Inc., for its book value, $14,760, whereas the committee is informed that --NGoerke Co.
-Court Dismisses Receivership Application.
dividends on this stock received by the Tolhurst company for the year
Vice-Chancellor John H. Backes of New Jersey dismissed Dec.8 receiver1930 have amounted to $20,750 and for the nine months of 1931 have ship applications against the Goerke Co.and the Goerke-Kirch Co.,operatamounted to $19,750.
ing department stores in Newark and Ellzabeth, respectively. He acted on
(4) The committee wishes to point out that the present arrangements motion of William Harris, counsel for the complainant, the M. B. Desreau
with American Machine & Metals, Inc., involve the sale to that company Company, Inc., of New York. Mr. Harris told the court his client's claims
of the inventory of the Tolhurst division (having a book value as of Oct. 31 had been paid.
1931 of $266,831) for $75,000 plus the manufacturing cost of the Tolhurst
work in process under order on the closing date. The above figure oil Goulds Pumps, Inc.-Omtts Common Dividend.
575,000 is subject to reduction in case the inventory on the closing date
The directors have voted to omit the quarterly dividend ordinarily
shall be less than the book value thereof on Oct. 311931.
declared on the common stock at this time. Quarterly distributions or
(5) Certain inquiries have been made concerning the item of ore reserves, $1 per share were made on the common on April 1, July 1 and Oct. 1 last,
based on geologists' reports and on ore values prevailing April 1930 set as compared with $2 per share in previous quarters.
forth in the plan (consolidated balance sheet of American Machine &
The directors, however, declared the regular quarterly dividend of $1.75
Metals, Inc. and subsidiaries) at a value of $1.622,077. The committee per share on the pref. stock, payable Jan. 2 to holders of record Dec. 19.points out that metal prices are down relatively to April 1930. The V. 132, p. 2001.
committee has been informed by Mr. Liddell, a member of the committee
Graham-Paige Motors Corp.
-Earnings.
and an expert in these matters, that based on his examination of the report
on which this figure is based, the valuatiOns therein contained were not
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
excessive from a long range standpoint at the time they were made, but Department" on a preceding page.
that due to the length of the depression in metal prices, which time is a
Current assets as of Sept. 30 1931 amounted to 86,897,972 against current
large percentage of the life of the mines as it was estimated in 1930, these liabilities of 32,244,022. Current assets include cash $2,697,223. drafts and
prices would to-day require substantial scaling down unless further ore receivables $724,334 and inventories $3,476,415.-V. 133, p. 3637.
reserves have been discovered.
(6) Inquiries have come to the committee concerning the status of the
(F.& W.) Grand-Silver Stores, Inc.
-Resignations.
-agreement of June 7 1930 between General Laundry Machinery Corp.
Isaac Silver,formerly chairman of the executive committee and a director,
and American Laundry Machinery Co. The committee is informed that and Newman Silver, formerly vice-president and a director of F. & W.
there have been heretofore paid to General Laundry Machinery Corp. Grand-Silver Stores, Inc.. have resigned their positions and are no longer
under this agreement sums aggregating $649,481 and suit is to process. connected with this chain store organization.
-V. 133, P. 3797.
instituted by the receivers against American Laundry Machinery Co.,
seeking to recover the.unpaid balance claimed to be due under this agreeGrand Union Co.
-Sales Decrease.
ment. It is apparent that no estimate can be made of the amount of the
1930.
1931.
Five Weeks Ended Dec. 5Decrease.
recovery at this time.
-V. 133, p. 3636.
53,332,776 $3,474,204
Sales
$141,428
133, p. 3263. 3099.
General Motors Corp.
-Sales for November.
November sales of General Motors cars to consumers in the United
-Special Divs., &c.
Gray Telephone Pay Station Co.
States totalled 34,673 as against 41,757 for the corresponding month a year
The directors have declared a special dividend of 25 cents, the usual extra
ago. The comparison is unfavorably affected by the fact that the new
and the regular quarterly dividend of 50 cents, all payable Jan. 1
Chevrolet was introduced around the middle of November last year whereas of 50 centsof record Dec. 19.
to holders
It was not introduced until Dec. 5 this year.
November sales increased 16% over a year ago. This year's sales results
November sales of General Motors cars to dealers in the United States
The company is in a strong cash position, with
will break previous
totalled 23,716 as against 48,155 for the corresponding month a year ago. more than $525,000records. hand.
cash on
November sales of General Motors cars to dealers in the United States
prepayment telephones
The company
and Canada, together with shipments overseas, totalled 29,359 as against manufactures for has pioneer patents on all It owns two-thirds of and
the Western Electric Co.
Long
57.257 for the corresponding month a year ago.
Security Lock Co. The company's security holdings total $150,090.Sales to Consumers in United States.
133. p. 2111.
1930.
1929.
1928.
-Sales.
Great Atlantic & Pacific Tea Co.
74,1
61,866
January
6780,582
February
68,976
88.742
17 ,8
Dollars Volume
10118
-Tonnage Handled
107,014
March
101,339
123.781
Decrease. 1931.
166,942
1930.
1931.
155,973
1930. Increase
April
142,004
135.663
173,201
97.558.824 104,270.933 6,712.109 508,490 492,425 16,065
170.544 y JanMay
131,817
122,717
169,034
186.892 x Feb .... 82,384,806 86,121.818 3,737,012 439,545 400,586 38,959
June
103,303
97,318
154,437
83,975,552 1.256,981 435,292 391.987 43,305
174,085 x Mar__ 82,718,571
July
85,054
80.147
147,079
977,528 454,479 399,211 55,268
142,515 x April - 85,160,278 86,137,806
86,426
August
69,876
151,722
151,105 y May--102,946,053 104,671,252 1,725,199 563,223 488,753 74.470
September
51,740
75.805
124,723
118,113 x June__ 80,850,700 82,982,432 2,131,732 454,268 392,099 62,169
49.042
October
57.757
114,408
109.789 y July-- 95.527,987 96,723,670 1,195,683 513,095 461,644 51,451
November
41.757
34.673
88,893
70,414 x Aug - 74.410,831 78,367,330 3,956,499 399,779 373,566 26.213
December
57,989
44,216
25,435 x Sept- 74.641,542 77,019,441 2,377,899 411,883 369.673 42,210
y Oct.-- 95,497.921 100,965,024 5,467,103 524,743 481,703 43,040
Total
1,057,710
1,498,792
1,492,461 x Nov-- 74,702,978 79,824,093 5,121,115 418,762 400.203 18,559
Sales to Dealers in United States.
Total_946,400,491 981,059,351 34,658,860 5,123,559 4,651,850 471,709
1928.
y Five-week period.
x Four week period.
96,845
Average weekly sales in November were $18.675.745 compared with
141.642
168.107 $19,956.023 in 1930, a decrease of $1,280,278. Average weekly tonnage
161.720 sales were 104,691 as against 100.051 in November 1930, an increase of
170.388 4,640.-V. 133, p. 3797. 3468.
154,912
Grigsby-Grunow Co.
-Earnings.
135,412
For income statement for
149,781 Department" on a preceding 3 months ended Aug. 31 1931 see "Earnings
page.
136,870
the
"The financial
91,428 President,states,condition ofverycompany at Aug.31 1931," B.J. Grigsby,
favorably with the condition as of May 31
27.672 1931. in that the "compared
ratio of current assets to current liabilities increased from
27,779 2.70 to 3.33. Current assets at Aug. 31 1931 were $6.564.091.
including
Total
1,035,660
1.535,852
1,462.556 cash of $1,721,404, compared with current liabilities of $1,967,193. leaving
net working capital of $4,600.000. Current assets at May 31 were $7,998,Total Sales to Dealers in United States and Canada, Plus Overseas
841 of which cash was $2,364,655 compared with current liabilities of $2.Shipments.
964,820 with net working capital of approximately $5,035,900. This shows
1931.
1930.
1929.
1928.
a decrease in worldng capital of approximately $435,000, which amount wag
89,349
January
106,509
127,580
125,181 applied in reducing )onded inde3tedness, additions to plant property and
96.003
'February
126,196
175,148
169,232 liquidation of contingency reserves.
119.195
March
135,930
220,391
197.821
"The above summary indicates in substance that the company is main154,252
April
150.661
227,718
197,597 taining its current position in spite of adverse circumstances due to national
153,730
May
147.483
220,277
207.325 conditions. The book loss shown is due to maintaining our rate of deprecia111,668
June
97,440
200,754
186,160 tion and other reserves to the fullest extent. Overhead expenses have been
87.449
July
79,976
189,428
169,473 drastically curtailed to meet the reduced volume of business. Your officers
70,078
August
85,610
168,185
186,653 feel, however, that we are keeping ourselves in a position whereby we can
58,122
September
78,792
146,483
167,460 take a leading part in the two major industries, radio and electrical refrigera25,975
October
28,253
122,104
120,876 tion, upon a revival of trade."
-V.133. Isr• 3637.
29,359
November
57,257
60.977
47,587
-Omits Div.
(Rudolph) Guenther-Russell Law, Inc.
December
80.008
40.222
35,441
The directors on Dec. 9 took no action on the dividend ordinarily
Total
1,174,115
1,899,267
1.810,806 payable about Jan. 1 on the capital stock. par $5. A distribution of 25c.
Unit sales of Chevrolet, Pontiac, Oldsmobile, Oakland, Buick, LaSalle per share was made on April 1, July 1 and Oct. 1 last, as against quarand Cadillac passenger and commercial cars are included in the above terly dividends of 50c. per share paid from Jan. 2 1930 to and incl. Jan.
2 1931.-V. 133, p. 2936.
figures.
January
February
March
April
May
June
July
August
September
October
November
December
1930.
1931.
1929.
76,68195,441
80.373
110:904
141.222
98.943
118.081
176,510
132.629
132.365
176,634
136.778
136.169
175.873
100.270
87.595
163,704
78,723
70,716
157.111
62,667
76,140
147,351
47,895
69,901
127,220
21,305
22,924
98,559
23,716
48,155
39.745
68.252
36.482
Record No. of Stockholders.
-
-Transfer Agent.
Gulf States Steel Co.
-
Notice has been received by the New York Stock Exchange of the apThe total number of General Motors common and preferred stockholders for the fourth quarter of 1931 was 313.117, compared with 293.714 pointment of the City Bank Farmers Trust Co. as transfer agent for the
common and 1st pref. stocks of the above company, effective Dec. 15
for the third quarter of 1931 and with 263,528 for the fourth quarter of
There were 295,961 holders of common stock and the balance of 1930. 1931.-V. 133, p. 2770.
17,156
represents holders of preferred stock. These figures compare with 276.476
-Bankruptcy Schedules Filed.
'•--.Harper Organizations, Inc.
common stockholders and 17,238 preferred for the third quarter of
Schedules in bankruptcy for the company, real estate operator of 271
1931.
The total number of stockholders of both classes by
quarters since Madison Ave., N. Y. City, have been filed in Federal District Court at
1917 follows:
New York, listing liabilities at $974.502 and assets at $732.989. Principal
Year1st Quar. 2nd Quar. 3rd Quar.
4th Quar. creditors are Harriman National Bank, with a claim of 5190,851. and
1917
2,525
1,927
2,669
2,920 Liberty National Bank & Trust Co., 158.615, other amounts being secured
1918
3,737
3,918
3.615
4,739 by mortgages. The Starno Realty Corp. owes $722,708 to the Harper
1919
12,523
8,012
12,358
18.214 Organization, Inc., according to the schedule's.
1920
24,148
26,136
Percy Uris, a member of the organization, filed schedules listing his
31,029
36,894
1921
59,059
49,035
65,324
66,837 liabilities at 6,483.526 and assets of :4'32,819. His principal creditors are
1922
70,504
72.665
71,331
65,665 Bowery Savings Bank, $3,420,000. Union Estates, Inc.. $418S13, both
1923
67,115
67,417
68,281
68,063 secured by mortgages, Bank of United States, $264,281, and notes of Uris
1924
71,382
70.009
69,428
66,097 Iron Works, Inc.. endorsed by Percy Cris, Harriman National Bank,
1925
60,458
60,414
58,118
50,917 $446,800, notes of Smrno Realty Corp., National City Bank & Trust
1926
54.851
53,097
50,369 Co. and others on notes of 1133 Park Avenue Corp.. $367.954.
47.805
1927
56.520
Harris H. Uris, also a member,filed schedules listing liabilities at $9,'774,57,595
57,190
66.209
1928
72,986
70,399
71,185 516 and assets at $1,044,008. Principal creditors are Bowery Savings
71,682
1929
105,363
125,165
198,600 Bank. $3,420,000, secured by mortgage. New York Title & Mortgage Co.,
140,113
1930
240,483
243,428
263,528 $1,650,000, and Union Estates, Inc.. $418,833, both secured by mortgages,
249,175
1931
286,378
285,655
x313.117 John Wanamaker, for furniture in Hotel St. Moritz, $446,800. Harriman
293,714
x Preferred stockholders of record Oct. 5 1931 and common stockholders National Bank, $446,800, secured by mortgage and Liberty National Bank
& Trust Co., $208,613, on notes of H. H. Uris. Debts due on
of record Nov. 14 1931.
open accounts amount to $1.044,008.
Record Buick Orders.
The Harper Organization. Percy Uris and Harris H. Uris, were
engaged
Orders received at the factory for the 1932 Buick Eight which was in hotel building and management, among their
projects being the Hotel
Presented to the public Nov. 14 have established a new record for any Dixie and Hotel St. Moritz. Petitions were filed in
bankruptcy on Sept. 25.
corresponding November period, according to (1. W. Churchill, General ("Wall Street Journal.")
'
FINANCIAL CHRONICLE
3976
Kilburn Mills, New Bedford.
Hartman Corp.
-November Sales.
Month of NovemberSales
-V. 133, P. 3468, 1935.
1931.
$547.152
[VOL. 133.
1030.
$521,604
Increase.
$25,548
-Sale Confirmed.
Houghton & Dutton Co.
The stockholders are to vote on the question of disposing of the No. 2
mill at a special meeting of the corporation to be held Dec. 17.-V. 133.
1:.• 3637.
-Sales Increase.
(S. H.) Kress & Co.
Icnrease.
Increase.' 1931-11 Mos.-1930.
-1930.
1931-Nov.
The full bench of the Massachusetts Supreme Court has affirmed the
$58,3491857,820,828 $57,222,519 $57,222,519
decree of sale entered in Superior Court, Aug. 28, selling the assets of com- $5,586,738 $5,528,389
pany to Adriel U. Bird, William 0. Reuter and Arthur L. Race, a Boston -V. 133, p. 3100, 2444.
syndicate, for $716,621. The sale had been opposed by creditors who
-Expansion, dec.Kroger Grocery & Baking Co.
favored the bid of Ike Greenberg of New York -V. 133, p. 1622.
Gordon P. Mangey, President and Treasurer of the Colter Co.. (whole-Reduces Stated sale grocery) has resigned to become associated with the Kroger company.
Ohio.
------ India Tire & Rubber Co., Akron,
It was denied at the ratter's offices that the Colter Co. was to be acquired
Capital.
field of selling food supplies to
by Kroger
The stockholders on Dec. 8 voted to reduce the stated capital repre- restaurantsor that Kroger was to enter the
and hotels.
par value from $1,075,272 to $458,277.50, transsented by shares without
The company has recently opened four large type grocery stores, each
be
ferring to surplus the amount by which the stated capital is so reduced, to
of which does a volume more than six times that of the average store.
thereafter used for the company's corporate purposes.
Two of these stores were opened in suburbs of Cincinnati and one each
The stockholders also voted to change the date of the regular meeting in Columbus. Ohio, and Evanston, Ill. Two other stores of this type
of stockholders from the second Monday in February to the first Tuesday
shortly, one in Cleveland and one in Louisville. The
after the 10th of December in each year, the next annual meeting, how- are to be opened
Cleveland store will be in the downtown section and will be the largest
ever, to be that in December of 1932 and the term of the present directors store operated by the Kroger company. These large stores are of the
to extend until said meeting in 1932. This change was proposed by reason de luxe type, including meat, produce, delicatessen, bakery and grocery
of the fact that the stockholders have heretofore changed the company's departments. Between 1,200 and 1,600 items are carried in each store,
fiscal year from Dec. 31 to Oct. 31.
as against 800 in the average store. A large volume, together with a
President W. G. Elauss stated that a new line of tires would be intro- proportionately large volume of luxury items. enables these stores to
duced shortly, to retail on a price level with tires of mail order houses. show larger percentage profits.
-V. 133, p. 3637.
During the past year India added 523 contrct dealers to its organization.
"This new number of dealers, together with our old ones," Mr. Klauss
-Declares Regular Quarterly Dividend
Lane Bryant,Inc.
domestic unit
stated, "has enabled the company to show an increase in
Hereafter to Consider Distributions Semi-Annually.
sales of more than 100%."
.
10 Mos End. Year End.
The directors have declared the regular quarterly dividend of 25 cents
Oct. 31 '31. Dec. 3130. on the common stock, payable Jan. 1 1932 to stockholders of record Dec. 21
Period83,665,299 $3,650,741 1931. The directors further decided that hereafter common dividends will
Sales
18,887 be considered on a semi-annual basis.
505,952
Operating profit before charges
-V.133, p.3797, 131.
The company paid quarterly dividends of 25 cents per share on the
1 July 1 and Oct. 1 last, prior to which the stock
-Regular Dzvidends.- common stock on April
Insull Utility Investments, Inc.
was on a $2 annual basis.
The directors declared the regular quarterly dividends of 134% in common
Sales for Month and 11 Months Ended Nov. 30.
Decrease.
stock on the common stock and $1.3734 on the 534% pref. stock. The
Decreased 1931-11 Mos.-1930.
1931-Nov.
-1930,
common dividend is payable Jan. 15 to holders of record Dec. 15 and $1,094,008 $1.361,984
$267,9761$14,121.865 $15,757,291 81,635,426
the pref. dividend on Jan. 2 to holders of record Dec. 15. Like amounts -V. 133, p. 3798, 3264.
preceding quarters.
were declared on the respective stocks in each of the four
The company on Oct. 15 1930 paid two dividends of 134% each in common
-November Sales.
Lerner Stores Corp.
-V. 133, p. 3797, 1622.
stock on the common stock.
Increase.
1931-November-1930. Decrease.' 1931-11 Mos.-1930.
- $1,913,094 $2,096.836
8183,742 j$22,309,357 $21,473,613 $835,744
-Reduces Stated Capital.
International Carriers, Ltd.
approved a proposal to reduce capital repre- -V. 133, p. 3798, 3101.
The stockholders on Dec. 7
-V. 133. p. 3263.
sented by outstanding shares from $10 to $5 per share.
-Receiver Asked.
Liberty Surety Bond Insurance Co.
Stockholders obtained Dec. 7 from Vice-Chancellor Ingersoll of New
-Stockholders Approve Plan for
International Paper Co.
Jersey an order to show cause why a receiver should not be appointed and
Segregation of Water Powers.
also why an injunction should not be issued to prevent the officers from
The stockholders on Dec. 5 approved the program for the segregation selling the stock to the Commonwealth Casualty Co. of Pa. The rule is
the water-power properties in the United States now returnable on Dec. 15.
of substantially all
owned or controlled by the company, including among others the powers
Gross mismanagement of the business is charged by the complainants.
on the Hudson River in the State of New York.
The proposed action to place the Pennsylvania company In control of the
As an initial step, the directly owned properties, with minor exceptions, business is also declared to be a violation of the duties of officers to the
which will stockholders. It is set forth that the company was formed in 1925 and that
are to be transferred to subsidiary companies, all the stock of
i.e controlled by International Paper Co. The company's interest in the in the last year the business has been conducted at a loss. The statement
properties will not be diminished by these transfers, but its ownership will of Jan. 31 1931, showed a surplus of $372,277. By May 31 it had been
be changed from a direct to an indirect one.
reduced to $165,774. it is contended, and since then has been materially
These transfers will facilitate consummation of the company's announced minced.
policy of ultimately segregation all its power properties under the control
this
Lit Brothers Co. Philadelphia.-Divorced from City
of International Hydro-Electric System. It was in accordance with that
policy that International Paper & Power Co. was formed in 1928, and
'
Stores Co.
-New Board of Dcrectors.-See City Stores Co.
International Hydro-Electric System was formed in 1929 and acquired
from the Paper company the shares of New England Power Association above.
the Paper company
and of Canadian Hydro-Electric Corp., Ltd., which
The company has declared the regular quarterly dividend of $1.50 on the
then controlled.
Sys- preferred stock, payable Jan. 1 to holders of record Dec. 20.-V. 133.
Arrangements for the acquisition by International Hydro-Electric com- p. 2608.
have not been
tem of control of the water-powers to be segregated
-Earnings.td.
pleted nor have the terms as yet been settled by the respective boards
Loblaw Grocerterias
of directors. The matter is, however, under consideration and an indeCo.,24 weeks ended Nov. 14 see "Earnings
For income statement for 4 and
pendent firm of engineers has been retained by the System and is report- Department" on a preceding page.
ing to it upon the transaction. (See also V. 133, p. 3469.).
Sales for 4 Weeks and 24 Weeks Ended Nov. 14.
Decrease.
-1930, Decreased 1931-24 Weeks-1930.
1931-4 Weeks
Revises 1932 Newsprint Contract Price.
$942,588
contract
$134,9251$6,807,324 $7,749,912
The International Paper Co. is announcing to its newsprint a ton in $1,217,997 81,352,922
that it is reducing its price for the year 1932 to $53 Boston; -V. 133, p. 3470, 2937.
customers
at
New York and Chicago. Other representative prices are $52.50
Atlanta
-Earnings.
Loew's Boston Theatres Co.
$53 at Norfolk, Jacksonville, New Orleans and Houston; $56 at
and 460 at San Antonio.
1929.
1928.
1930.
1931.
Years End. Aug. 31This announcement follows the company's recent letter to its customers Net prof.after Fed.taxes $202,886
$223,738
$209,166
$275,713
in which it said that it was considering some revision of its newsprint Depreciation
82,885
84,547
80,724
81,633
schedules. See V. 133, P. 3797.
$140,853
$191,166
$128,442
$121,253
- Net income
-November Sales.
Interstate Department Stores, Inc.
92,795
92,372
170,590
170,710
Increase. Common dividends_ __ Decrease.' 1931-11 Mos.-1930.
-1930.
1931-Nov.
$31.784
$48,058
$98,794
3255,4371518,759,907 818,728,123
def$49,457 loss$42.148
Balance, surplus
$1,746,684 82.002.121
299,662
200,868
347,720
255,135
-V. 133, p. 3797, 3263.
Previous surplus
Dr50,435
- Adjust. of Fed. tax_
-Omits Div.
(The) Investment Fund of New Jersey.
$299,662
$347.720
$255,137
$205.678
Balance, surplus
The directors have voted to omit the quarterly dividend ordinarily
Shares of common stock
payable about Dec. 15.
154,882
154,289
155,119
155,215
outstanding (par $25)Quarterly distributions of 15 cents per share were made from June 1929
Earnings per share in
to and incl. Sept. 1931.-V. 129, p. 3644.
$0.91
$1.24
$0.82
$0.78
common stock
-Smaller Dividend.
Irving Air Chute Co., Inc.
BalanceSheet, August 31.
capital
share on
The directors have declared a dividend of 1234c. a 16 1931. the
Quarterly
1931.
Liabilities1930.
1930.
1931.
Assets
stock, payable Jan. 2 1932 to holders of record Dec.
Oct.
to and
x$3,483,658 $3,555,270 Com.stk.(par 825)83,880,375 83,877,992
distributions of 25c. a share were made from July 2 1930quarter.incl. 133. Fixed assets
-V.
281.701 1st mtge. payable.. 660.000
690,000
246,357
Cash
1 1931, as compared with 3734c. a share previously each
8,072
7.877
inv. In State Thea 1,053,081 1.049,607 Accts. payable_ _ _
P. 1774.
1,069
23,536 Notes payable
23,536
20,633
-Officials Indicted.
47,614
69,431 Fed. Income tax....
68,517
Deterred Charges..
Italo Petroleum Corp.
officers
13,880
Accrued interest14,175
The Federal Grand Jury at Los Angeles has indicted 18 former
46,620
Real est, taxes pay
45.584
the hands of receivers, on charges of
and officials of the company now indefraud. Federal attorneys estimate
30,000
Mtge.pay.due 1 yr.
30,000
conspiracy and using the mails to
205,678
Surplus
255,135
approximate $10,000,000.-V. 132, p. 1235.
that the loss will
- Total
Postponed.
-Dividend Meeting
$4,865.158 $4,969,445
$4,865,158 84,969,445 Total
Jefferson Electric Co.
-V. 131. p. 3886.
act on the quarterly
x After deducting $911,175 reserve for depreciation.
The meeting of the directors scheduled for Dec. 5 to
share, payable Jan. 2, was Postponed indefinitely.
dividend of 25c. a
not tell whether or not the
-Bond Interest Guaranty.
Lord Nelson Hotel Co., Ltd.
President J. A. Bennan said that he could
would be taken on the
According to a Halifax dispatch an arrangement has been made by reprePostponement of the meeting meant that no action
bondholders with E. W. Beatty, President,
of the
dividend.
made as against 50c, a share sentative Pacific company
Ry., whereby Canadian Pacific will guarantee payment
Canadian
On Oct. 1 a distribution of 25c. a share was
-V. 133, p. 1774.
of interest due on the bonds from Nov. 11931, until maturity, conditional
Previously each quarter.
upon the rate of interest being reduced to 4% and waiving of sinking fund
Dividend.
-25c. Extra
-V. 133. p. 3638.
due in Nov. 1931, and Nov. I932.
(Mead) Johnson & Co.
25c. per share in ad- payments
The directors have declared an extra dividend of share on the common
-Sales Decrease.McCrory Stores Corp.
dition to the regular quarterly dividend of 75c. per
of record Dec. 15. An extra disstock, both payable Jan. 1 to holders quarterly from Oct. 1 1930 to and
Decrease.
1931-Nocember-1930. Decrease.' 1931-11 Mos.-1930.
bursement of 50c. per share was made
8147,7381836,413,495 $36,440,678
$27,183
-V.133, P. 1774. $3,469,424 $3,617,162
incl. Oct. 1 1931, as compared with 25c. extra previously.
The company had 244 stores in operation during November 1931 as
compared with 242 stores in November 1930.-V. 133, p. 3101. 2444.
-November Sales.
Kaybee Stores, Inc.
Increase.
Decrease. 1931-11 Mos.-1930.
-Sales Decrease.
---.930,
1931-Nov.
McLellan Stores Co.
$83,516
$35,0091$1,737.673 $1,654,157
$231,372
$196,363
Decrease.
1931-November-1930. Decrease.' 1931-11 Mos.-1930.
-V...33, p. 3264, 2444.
$1.769,301 $2.081,370
$312,0691$18,199,071 $20,111,220 $1,912,149
-The -V. 133, p. 3264, 2444.
-Dividend Decreased.
Kennecott Copper Corp.
directors on Dec. 7 declared a quarterly dividend of 12 o•
per share on the capital stock, no par value, payable Jan. 2
to holders of record Dec. 17. This compares with quarterly
dividends of 25e. per share on July 1 and Oct. 1 last, 50e.
per share on Oct. 1 1930, Jan. 2 and April 1 1931, 75e. per
share on July 1 1930 and quarterly distributions of $1.25
per share each made from July 1 1929 to and including
April 1 1930.-V. 133, p. 1774.
Mason Tire & Rubber Co.
-Liquidating Dividends.
The directors recently declared initial liquidating dividends of $1.21
per share on the no par value common stock and $2.50 per share on the
pref. stock, both payable Nov. 28 to holders of record Nov. 23.-V. 130,
p. 298.
Melville Shoe Co.
-Sales Decline.
Decrease.
1931-November-1930. Decrease.' 1931-11 Mos.-1930.
$1,692,326 $2,506,374
5814,0481823 736,332 825,834,086 $2,097.754
-v.133, p. 3265, 2938.
DEC. 12 1931.]
'
FINANCIAL CHRONICLE
Mesta Machine Cc).---Listing of 60),001) Shares of Common
The New York Stock Exchange has authorized the listing of 600,000
shares of common stock (par $5).
For income statement for 9 months ended Sept. 30 1931 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet.
Sept. 30'31. Dec. 3l' .I
Sept. 30'31. Dec. 31'30.
3
Assets
Property accountsb5,395,260 8,286.78816% preferred stock 1,455,700 1,588.600
Spec,time deposits 1,600,000
I Com. stk.(par 55) 3.000,000 3,000.000
Due from empl___ 275,885
Accts. payable.... 488,487
606,067
Investments
293,589 Divs. payable__ 321,752
320,421
Inventories
693,576 Accr. royalties, &o 107,329
991,557
162,699
Accts. & notes rec.a2,083,026 1,765,244 Accr. Fed. Inc. tax 319,135
376,900
Cash
3,221.174 Excess paym'ts rec.
865,251
Deferred charges
on uncompleted
6,648
21,658
contracts
167,664
251,253
Reserves
262.476 3,505,925
Surplus
5,110,095 4,455,154
Total
11,232,638 14,267,021
Total
11,232,638 14,267,021
a After reserve for doubtful accounts of $17,363. b After reserve for
depreciation of $3,265,811.-V. 133. p. 492.
Metropolitan Ice Co.
-Extra Dividend.
-
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. stock.
both payable Jan. 2 to holders of record Dec. 15. Like amounts were paid
quarterly during 1930.-V. 133, p. 1775.
---Mid-West Rubber Reclaiming Co.
-Dividend Deferred.
recently
decided to defer the usual quarterly dividend of
The directors
$1 per share due Dec. 1 on the $4 cum. preference stock, no par value. The
last quarterly payment on this issue was made on Sept. 1.-V. 126, p. 1993.
Monroe Loan Society.
-Extra Dividend.
-
The directors recently declared an extra distribution of 15 cents per share
on the no par pref. "A" stock together with the regular quarterly div. of
$1.75, both payable Dec. 1 to holders of record Nov. 30. The board also
declared a 15
-cent dividend on the no par common stock, payable Dec. 5
to holders of record Nov. 30.-V. 132, p. 668.
Montgomery Ward & Co.
-Sales Fall Off.
-
1931-November-1930. Decrease.' 1931-11 Mos.-1930.
Decrease.
$18,403,376 322,401.426 $3,998,050 4197462,316 $243647,441 $46185,125
-V.133. P. 3798, 3638.
Moody's Investors' Service.
-Earnings.
Years Ended Sept. 30-Net operating revenue
Income from investments,interest, &c
1931.
$40,327
46,732
1930,
$356,259
69,254
1929.
$469,825
98.562
Gross income
Accts,charged off,loss on sec.sold,&c
Provision for Fed,income tax
$87,059
30,120
5.787
$425,514
8,442
45,099
$568,387
8,596
64.356
Net income
Surplus beginning of year
Surplus credits
$51.152
288,418
$371,973
302,291
12.987
$495,435
152,224
1,357
$339,570
129,000
$687,251
225,000
148,200
$649.015
180,000
135,000
28,119
Total surplus
Divs., participating pref. stock
Dividends,common stock
Financing costs
Reserve for security depreciation..- - Items applicable to prior period
183.516
1,889
24,383
1.250
3.606
$25,165
$288,418
$302,291
Balance Sheel Sept. 30.
LIabilities1931.
1930.
1931.
1930.
$170,169 $237,300 Accts. payable_ _
$18,670
$29,107
a397,049 6683,624 Accrued payroll___
5,481
3,164
245,152
146,133 Fed. Income tax__
6,101
45.099
Advance payments
•
16,922
12,307
manuals
14,185
460 Dividend payable.
45,000
6,952
7,389 Unexpired service_
72,064
65,740
subscriptions_
571,810
453,784
Reserve for depreo,
110,040
93,450
of turn., equip.,
107,685
107,685
c
74,396
Capital stock
y675,000
675 000
.
Surplus
25,165
288,418
1
1
Surplus Sept. 30
AssetsCash
Marketable secs
Accts.receivable._
Accts.rec Moody's
Inv. Ser., Ltd
Note receivable_
Interest receivable
Inventory
Panic. pref. stock
(at cost)
Copyrights
Good-will, rating
system,standing
type, statistical
files,&a
Cash surrender val.
of life insurance_
15,572
Furn.,fixt.& equip c109,494
Moody's Investors'
Ser., Ltd. (cap.
stock)
18,669
Salesmen's adv.olito
Due from officers
35,239
& employees_ _ _
Prepaid insur.,&c_
13.980
14,150
4184.976
24.969
33,109
Morison Electrical Supply Co., Inc.
-Sales Lower.
Decrease.
$169,212
Morris Plan Corp. of America.
-Offers to Acquire Control of Atlanttc & Pacific International Corp., &c.
-See latter
above.
-V. 133, p. 3798.
Mountain Producers Corp.
-Dividend Correction.
-
A quarterly dividend of 2% 120c. per share) has been
declared, payable
Jan. 2 to holders of record Dec. 15. From July 1 1929 to and
1931, quarterly distributions of 4% (4(k. per share) were incl. Jan. 2
25c. per share (not 20c. as previously reported) was paid each made, while
of the three
succeeding quarters.
-V. 133, IL 37 .
99
•--Mount Hope Bridge Co.-Committeeior H 14er , 1st
Mtge. Sinking Fund 6
Gold BowingThe protective committee for the holders of&Afro•.
on-. be.
in a letter dated
Dec. 1. states:
The earnings of the company for
ended
reported as $147,453, without any the 12 monthsreserve Oct. 31 1931, are
allowance or
for depreciation.
For this same period the interest requirement on the first
mortgage 6)1%
bonds is $185,250. showing a deficit of $37.707.49. The gross revenue
of
the company for the 10 months ended Oct. 31 1931 shows a decrease of
approirdmately 19.4% as compared with the same period
for
The committee hopes that the low point in earnings has 1930. reached.
been
Plans are being considered looking toward a re-organization of the company which, if consummated, should be beneficial to the first mortgage
bondholders and assure a reasonable return upon their investment.
It is
proposed to increase the membership of the committee
of several representative Rhode Islanders who will assistby the addition
in working out
Plans for the re-organization.
In spite of the unsatisfactory earnings, we feel it inadvisable for you to
sell your bonds at prevailing prices. We urge. if you have not already done
so, and in order to hasten plans for re-organization, that you forthwith
deposit your bonds with either depositary, Industrial Trust Co.. Provi-
Committee for Deber ture Bondholders.
The following committee has been formed to protect the interest of the
holders of the 25
-year sinking fund 7% gold debentures, the June 1 1931.
interest on which is in default: Latimer W. Ballou, J. Cunliffe Bullock,
Elmer S. Chace,Philip C. Gifford and J. C. Willson. Address, 515 Hospital
Trust Building, Providence R. I.
The depository is Industrial Trust Co., 111 Westminster St., Providence,
R. I.
-V. 133, p. 4254.
(G. C.) Murphy Co., McKeesport, Pa.
-Earnings Expected to Show Increase Over Last Year.
-President J. S.
Mack, Dec. 1, in a letter to the common stockholders, says
in part:
With this letter goes your check for the 32nd consecutive cash dividend
paid on the common stock. Without interruption, cash dividends have
been paid on this stock for 17 years-and that, upon a common stock
that has been increased from 1.000 shares in 191510 150,000 shares in 1931.
With this, the 32nd cash dividend, over $1,200.000 will have been paid
in cash dividends. In addition, in 1929 a stock dividend of 20% was
paid and at the same time the annual cash dividend was increased from
$1.20 to $1.60.
Further, more than $2,800,000 have been added to the surplus and
reinvested for the benefit of the common stockholders. Thus, it is seen,
more than $4,000,000 have been the profits of common stockholders since
the present management took over the business in 1911.
To further emphasize this showing, it must be added that a sum in
excess of the $480,000 total cash dividends on common and preferred for
the year 1931, is shown to have been earned as of Oct. 311931, according
to conservative estimates made by the accountants of the company. They
further say, if December sales produce in about the usual ratio for December as against previous months in the same year, then the total net profits
per share of common stock will show a considerable increase per share
over the profits of 1930.
Not a single share of common stock has been sold by the officers or key
men of the company. Instead, out of their cash funds as many shares
as they could accumulate have been bought over the period of the past
several months.
November Sales.
.931-November-1930. Decrease.
1931-11 Mos.-1930.
increase.
$1.2291316,239,230 $14,327,676 $1,91...,554
$1,578,247 $1,579,476
-V. 133, p. 3101, 2445.
Conde) Nast Publications, Inc.
-Omits Dividend.
he directors on Dec. 8 omitted declaration of the quarterly dividend
ordinarily payable about Jan. 1 on the outstanding 312,515 shares of
common stock, no par value. From Jan. 1 1927 to and ine.l. Oct. 1 1931
the corporation made regular quarterly distributions of 50c. Per share
on this issue.
The company issued the following statement: "While the corporation
continues to operate at a profit, the directors took no action with respect
to the common dividend at the meeting held Tuesday, owing to the present
conditions of general business."
-V. 133, P. 3102.
National Belles Hess Co., Inc.
-Sales Decrease.
1931-November
Decrease.
-1930. Decrease
. 1931-11 Mos.-1930.
32,550,837 $3,333,304
$782,4671$3O,002,461 $32,725,745 $2,723,284
-V. 133. p. 3102, 2445.
-Receivership.
ational Building Supply Co.
Judge Samuel K. Dennis at Baltimore, recently appointed Robert 13Iggs,
Robert B. M. Barton and Edward A. Smith receivers on a petitition filed
by the North American Cement Corp. The petition recited that the
cement company held $16,641 of unpaid promissory notes of the supply
company.
-To Liquidate.
National Cement Co. (of Quebec).
Bondholders have been notified of a meeting to be held in Montreal on
Dec. 15 to consider the contemplated distribution of assets of that company
among the shareholders and liquidators of the concern.
Holders of the company's 7% series 1st mtge. bonds will consider the effect
of such action upon the position of bondholders and their security, and, at
the same time, will pass resolutions more clearly defining the rights and
obligations of the National Cement Co. (1923 company)In respect to the
trust deed.
National Cement Co. Came into being in 1923, for the purpose of establishing in Montreal a Portland Cement plant with a capacity of 1,000,000
barrels annually. It commenced production in Nov. 1925, and in the same
years a new company was formed with the same name, being generally
known as the 1925 incorporation. In 1928 the company was acquired by
Alfred Rogers, of Toronto, and in August 1929, it was sold to the Canada
-V.121. p. 1798.
Cement Co.
National Fabric & Finishing Co., Inc.
-Earnings.
-
Total
Total
$1.312,665 51,617,617
$1,312,605 $1,617,617
a Market value. b Book value. a After depreciation of $90,432.
d Before depreciation (see contra). y Represented by 60,000 shares of
participating preferred stock (incl. treasury stock), and 60,000 shares of
common stock, both of no par value.
-V. 133, P. 3265.
1931-November-1930. Decrease.' 1931-11 Mos.-1930.
$113,658
$205,822
392,164131,590.476 $1,759,688
-V. 133, p. 3265, 2609.
3977
dence, R. I., or Commercial National Bank & Trust Co., New York City,
in accordance with the depositary agreement. The committee will thus be
enabled to act more effectively in your behalf.
Committee.
-John W.Garrett, 2nd; Stanton Griffis, New York; Benjamin
M.McLyman (Attorney-General) State of Rhode Island; Bradford Norman
Jr. (Vice-Pros., Commercial National Bank & Trust Co.) New York;
William H. Vanderbilt, Newport, It. I. Address, 634 Hospital Trust Bldg.,
Providence, R. I.
1928.
1929.
Years End. Sept.301931.
1930.
Sales
$1,630.698 $6,063,625 $8.459,932 $7,650.812
Returns, allow. & disc
473,010
421,827
102,015
378.471
7.091,901
6,421.011
Cost of sales
1,529,590
5,179,461
227,775
548,783
724,451
758.036
Sell., gen. & admin. exps
94.931
Cr9,684
204.993
22,999
Net loss bleachery oper_
Net operating profit_loss$218,998 loss$248,084
Other income
11,462
21,030
$75.639
53.466
$26,939
107,279
Total income
def$197.968 def$236,622
Interest paid, rent of
property,&c
52,530
3,242
Extraordinary charges
271,232
483.188
$129,105
$134,219
87,629
45,679
90.988
60,836
34.204
344,383
$17,606
266.297
Net loss for period excl.
of drapery department
Net loss of drapery dept.
$684,399
$560,384
5283.903
$348,587
$684,399
$560,384
Consolidated Balance Sheet Sept. 30.
1930,
1931.
Assets1930.
1931.
$175,000
Cash
$31,411 $172,984 Notes payable_
TJ. S. Govt. secs.
Accounts payable_ $25.343
84,201
y1.102,024
Sundry notes and
at cost
accts payable &
Customers'accts.&
48.198
14,277
notes receivable_
accrued Ilab_ -__
90.773 1,131.006
Sundry receivables
Prey, for losses___
18.247
34,149
Inventories
968,778 7% pref.stock____ 666,100 1,181,700
106,890
1,072 Common stock__ 2,426,000 2,451.000
1,072
Investments
tent & equipment 1505,674
539,656 Paid-In surplus- -- 366.800
312.100
'Plant St equip. at
Surplus approp.for
Lowell (to be liredempt.of pref.
856.904
quidated)
14,850
stock
113.100
459,100
1
Pats.& trade-mks
Prepaid Items and
44,117
20.686
deferred charges
643,740
1,229,390
Deficit
Net loss for period
Total
$3.547,021 $4,383,546
$3,547,021 $4.383,548
Total
x After depreciation. y Market value 31.100,765.-V. 133, p.3799.
-Accumulated Dividend.
National Gypsum Co.
The directors have declared a dividend of 51.75 a share on the $7 cum.
pref. stock, payable Jan. 2 to holders of record Dec. 15, and covering the
quarter from Oct. 1 to Dec. 31 1931. Dividends in arrears, after this
payment amount to $21.50 a share on the stock. A similar distribution
was made on Oct. 1 last. Dividends of $1 a share were paid Jan. 2, April
1 and July 1 1931.-V. 133, P. 970.
3978
FINANCIAL CHRONICLE
-Sales Decline.National Shirt Shops, Inc.
[VOL. 133.
-V. 131.
places the stock on a $1 annual basis against $1.80 previously.
Decrease.
-Proposed Recapitalization.
.
. Nor
$651.036--- 3542 walk Tire & Rubber Co.
The stockholders on Dec. 7 approved a proposal to change the authorized
capital stock from 20,000 shares of preferred stock, par $100, to 10.546
-Sales Decrease.National Tea Co.
shares, par $50, each share to be exchanged for one share of new pref.
Decrease, stock and five shares of new common stock, and from 150.000 shares of corn1931-Nov.
Decrease.] 1931-11 Mos.-1930.
-1930.
par value, each share to be
$5.752.158 0,082,372 $1.330.2141$70.183.338 $77.828,227 $7,644,889 mon stock, par $10, to 202,730 shares of no 3472.
There were in operation at Nov. 30 1931 a total of 1,521 stores, of which exchanged for one new share. See V. 133, p.
307 were combination grocery and meat markets, as compared with 1,610
-To Foreclose Properties.
One West 57th St. Corp.
stores, including 271 combination grocery and markets, In November
A mortgage foreclosure suit involving $6,075,000 was filed in the New
1930.-V. 133, p. 3265. 2939.
York Supreme Court Dec. 3. The property covered by the mortgage era-.....,,,
braces the blockfront
-Dividend Rate Again streets, extending 125on the west side of Fifth Ave. between 57th and 58th
Nevada Consolidated Copper Co.
feet on West 57th St. and 135 feet on West 58th St.
Reduced.
-The directors on Dec. 7 declared a quarterly
The suit is brought by the Mutual Life Insurance Co. against the One
the Barclay-Arrow
mortgages,
Corp., which
dividend of 10c. per share on the outstanding capital stock, West 57th St.agreed on Jan.made theto pay themand consideration of an
in
7 1930,
Corp., which
no par value, payable Dec. 31 to holders of record Dec. 17. extension of the mortgages. Both corporations are subsidiaries of Frederic
for
This compares with a distribution of 20c. per share made Brown, realty operator. The complaint recites that one mortgageand
One West 57th St. Corp. on Feb. 1 1927,
on Sept. 30, quarterly dividends of 25e. per share paid 34.000,000 was given by theother $2,000,000 is a consolidation of a series of
wag due Feb. 1 1930. The
of that
from Sept. 30 1930 to and including June 30 1931, a divi- mortgages made in May, June and November5165,000year. was due on
interest
the ground that
The
dend of 37%c. per share paid on June 30 1930, and guar- Aug. 1foreclosure is asked on has been paid.
-V.127, P. 3715.
and that only $75,000
1931-November-1930. Decrease.] 1931-11 Mos.-1930.
$286,565
3208,537
$73,0281$3,056,570 $3,707,606
-V. 133, p. 3102, 2445.
terly payments of 75c. per share made from March 1929 to
-V. 133, p. 3265.
March 1930, inclusive.
(J. J.) Newberry Co.
-November Sales.-
-To Decrease Preferred Stocks.(The) Outlet Co.
The stockholders will vote Dec. 28 on reducing the authorized and
ssued 1st pref. stock from $2,150,000 to $1,350,000and the 2nd pref.
Dec. 21 1931.
stock from $425.000 to $350.000. Stockholders of record
Increase,
1931-Nov.
Decrease.' 1931-11 Mos.-1930.
-1930.
will be entitled to vote at this meeting.
$2_,_529,703 $2,606.570
$76,8671$25,830,465 $24,697.747 $1,132,718
President Joseph Samuels, Dec. 4, stated:
-V. 133, P. 3102. 2445.
At a special meeting of common stockholders held on Jan. 5 1929, the
respectively
-Special authorized amount of 1st and 2nd pref. stocks were reduced $500,000 to
New York & Honduras Rosario Mining Co.
from 0,500,000 to $2,150,000 for the 1st pref., and from
Distribution of 5%.$425,000 for the 2nd pref. stocks.
The directors have declared a special dividend of 5% on the capital
We have again been able to acquire by purchase during the past three
stock. Payable Dec. 26 1931 to holders of record Dec. 15 1931. A like years a substantial amount of 1st pref. stock, considerably in excess of
amount was paid a year ago. Special distributions of 2)4% each were sinking fund requirements.
made on Jan. 31 and April 25 last. In addition, regular quarterly diviIf it is voted to further reduce the amount of authorized preferred stocks,
-V. 133. P. 03.
dends of 2%% are also being paid on the stock.
which should be done because of the $800.000 of 1st pref. stock now held
in the treasury, we will have then retired 52.150,000 of 1st pref. stock In a
-Earnings.New York Investors, Inc.
to retire, in accordFor income statement for 3 and 9 months ()aided Sept. 30 1931 see "Earn- six years' period against the required amount necessary
ance with our agreement, of $630,000 of 1st pref. stock. The retirement
-V. 133. p. 1462.
ings Department" on a preceding page.
of 2nd pref, stock has been made in accordance with our agreement.------ Niagara Share Corp. of Md.-Smaller Dividend, &c.- V. 133, D• 3639.
The directors have declared a quarterly dividend of Sc. per share on
--40c. Div.
Pan American Petroleum & Transport Co.
the common stock, par $5, payable Jan. 15 to holders of record Dec. 24.
The directors have declared a dividend of 40c. per share on the common
In each of the three preceding quarters a dividend of 10c. per share was
holders
and class B common stock, Par $50, payable Jan. 20 to holds of record
Paid,
The following Is taken from the "Boston News Bureau" of Dec. 8: Dec. 31. A similar distribution was made on July 20 and on Oct. 20 last.
"As of Nov. 14 1931 officers and directors of this corporation were the A quarterly dividend of $1 per share was paid on both issues on Oct. 20
holders of 598,719 shares of common stock, out of a total issue of 7.354,286 1927, as compared with $1.50 per share paid each quarter from April 1925
shares. The largest blocks of stock were held by the Schoeilkopf family. to and incl. July 1927.
Indiana,company is a subsidiary of the Standard Oil Co. of
P. A. Schoellkopf, a director, was the largest individual holder in the
.
official family. with 138,089 shares. President J. F. Schoellkopf, Jr., V. 133, P. 2113.
was the holder of 103.713 shares. A. H. Schoellkopf, a Vice-President,
-Certain Changes in Charter
held 38.022 shares, William Schoellkolrf 35,871 shares, and J. F. Schoellkopf
Paramount Motors Corp.
1,644 shares.
Proposed-Annual Report."Other large blocks were held by S. H. Knox, chairman of the executive
A special meeting of the stockholders will be held Dec. 28, for the purcommittee, with 44,041 shares, vice-President H. Schmidt, Jr., 54,825
shares, director LeGrand S. DeGraff, 55,853 shares, vice-presidents, poses, among other things, of:
(1) Reducing the amount of capital represented by the present shares
F. D. Corey, 46.476 shares, and R. J. H. Hutton, 27.430 shares, and
of stock having no par value from 51.509.421 to $259.421.
-V. 133, P. 1300.
director G. F. Rand. 20,40 shares."
of
(2) Amending articles third and fourth of the certificateoutincorporation.
the eleventh
-Operating Company to
Article third is proposed to be amended by striking
."----- Nipissing Mines Co., Ltd.
paragraph thereof and inserting the following:
Acquire Option on Stock of Beattie Gold Mines, Ltd.To subscribe for, purchase, acquire, hold, sell, underwrite, exchange
way o
The shareholders will vote Dec. 19 on authorizing the Nipissing Mining
e, hypothecate, or otherwise dispose of or deal in, alone,
o
Co., Ltd. (the operating subsidiary of this company), through its executive
t
va and (or 33'e
r a ec
ipnaci;Ligggatvioortlinogr otherwise, 3pndt toot.
and a
proportion
officers, to enter into a certain ggreement with Ventures, Ltd.. Mines,(whether
all or
rights) in
saVgchattse(
certain other agreement with Ventures. Ltd., and Beattie Gold
major or minor) of the securities of,evidences ofindebtedness of, or evidences
Ltd., to be incorporated, under the provisions of which agreements the of interest in, or of ownership in, or of option rights in respect of, any
operating company will agree to purchase 1,000,000 shares of Beattie Gold person, firm, co-partnership, trust, or association, or of any private,
Mines, Ltd., to be Incorporated, at 40 cents per share and will obtain an public, quasi-public or municipal corporation, domestic or foreign, or of
option to purchase a further 300.000 shares at 40 cents per share and a still any domestic or foreign, State, Government, or governmental authority.
further option to purchase 600.000 shares at $1 per share, and under which or of any political or administrative subdivision or department thereof
agreements the operating company will agree to advance the sum of $280.000 (including, without prejudice to the generality of the foregoing, capital
to be secured to the satisfaction of the directors. If and when the operating stock. scrip, warrants, bonds, debentures, notes, trust certificates, voting
company exercises all the options above mentioned, it will own approxi- trust certificates, participation certificates and trust receipts), and to
mately 40% of the total Issued capital of the Beattie Gold Mines, Ltd., pay for the same in cash or other property, and to Issue in exchange therefor
to be incorporated,
securities or other such evidences of this corporation, and, while the holder
or other such evidences
President E. P. Earle, Nov. 17, in a letter to the share- or owner of any such securitiesownership, including anyto exercise all the
applicable voting
rights, powers and privileges of
holders says in substance:
privileges.
The management of your operating company has for several years been
Article fourth is proposed to be amended by striking out all of said
searching for a property that would be important enough to warrant Article fourth and inserting the following:
Nipissing undertaking its development and operation.
Fourth.-The total number of shares that may be issued by the corporaour management is now enabled to inform you that, subject to the tion is 300,000 shares and the par value of each of such shares shall be
approval of shareholders, an agreement will be entered into with Ventures, one dollar ($1).
Ltd., of Ontario. by which agreement Nipissing may acquire an Interest
No stockholder shall be entitled as a matter of right to subscribe for or
of approximately 40% in the Beattie Gold Mines, Ltd., to be incorporated receive additional shares of any class of stock of the corporation, whether
The rproperty to be owned by the Beattie Gold Mines, Ltd.,is now controlled now or hereafter authorized, or any bonds, debenture or other securities
into stock, the preemptive right to subscribe to any or all
by Ventures, Ltd. It has been extensively prospected and has satisfactory
indications of being an important property,
additional issues of stock of the corporation being hereby expressly denied,
investment Nipissing would make is, in the opinion of your manage- and such additional shares of stock or bonds, debentures or other securities
The
merit, well protected, in that the ore "in sight." in the opinion of corn- convertible into stock may be issued or disposed of by the Board of Directors
potent engineers, equals in net value the moneys that would be spent on to such persons and on such terms as in its discretion it shall deem adisable.
development and equipment, and the prospects for the development of
Consolidated Income Account.
1930.
further ore are considered favorable.
1931.
Years Ended Sept. 30approximately
The maximum sum that may be invested by NIpissing ismaterially less. Net profit before Federal tax
$29,381 loss$280.913 $1.2:516)8239.t.
the sum needed will be
$1,120,000, and it is probable that
Federal income tax (estimated)
A statement of General Manager H. Park, which gives
$29,381 loss$280.913 $1,115,982
Net profit for year
600.000
162,773
comprehensive information concerning the Beattie property, Dividends
pledg
follows in part:
$515.982
$29.381 loss$443,686
Balance
Your company already owns a largo and interesting acreage in close
Comparative Balance Sheet Sept. 30.
proximity to the Beattie Mine.
1931.
1930.
Gold Mine is located in the Township of Duparquet. Province
The Beattie
1930.
1931.
Assetsand
of Quebec. It is distant 20 miles northwest of the Town of Noranda
5252.225 8652,609 Accounts payable
comprises Cash
9,043
& accrued exp_- 158,843
13 miles east of the Ontario-Quebec boundary. The property one-half Investments
420.002
undivided
12 claims, containing approximately 565 acres. An
857.125 Customers' deposadditional Notes receivable__ 913.676
its on unfilled
40.090
interest is also held in seven adjoining claims, containing an
7,348
Accounts recelv___
.
6,959
37.145
orders
161.404
280 acres.
49,989
containing Inventories
Capital stk. (259.Two estimates of oro reserves indicate a higher grade portion estimate Patterns, dies, jigs,
421 abs. no par)_x1,323,470 1,509,421
82,008
3,500.000 tons having an average assay of $3.50 gold per ton and an average
13,404
tools, &e
having an
approp.
Surplus
of total ore developed to date in excess of 5,000,000 tons
Furniture & tlxt's
42,850
15,093 for contingencies
Om deprec.)
assay of $3 per ton.
17,004
to determine conditions
92.421
146.621
2,546 Paid-in surplus_ _
deep drilling is now being done In orderdrilling will not directly Deferred charges
Further
3,214
this
Earned surides--95.170
65,788
and additional ore at depth. The results of
concern operations In the immediate future. and as no base metals are
Total
$1,676,862 51,810,875
The gold values are associated with pyrite
Total
51.676,862 51,810,875
simple.
present In the ore the metallurgical treatment will be comparatively
x After deducting treasury stock of $185,952.-V. 133. p. 1776.
of at least 90%.
Preliminary tests indicate a probable recoveryin its accessibility, the size
The operating advantages of the deposit lie
-Earnings.
comParmelee Transportation Co.
ore, and
of the ore body, the uniformity of the gold values in thelow cost. the 133.
-V.
milling at
For income statement for three and nine months ended Sept. 30 see
paratively simple requirements for mining and
-V. 133. p. 2774.
"Earnings Department" on a preceding page.
P. 134.
-New York Central
North American Trust Shares.
Dividend Action Does Not Require Elimination of Stock from
Portfolio.directors of the New York Central RR.
"The action, as reported of the
company
in changing the usual dividend policy of that and fixingto semi-annual
the May 1932
consideration instead of quarterly as heretofore
the elimindoes not
meeting for consideration of the next dividend,American requireShares 1953
Trust
portfolio of North
ation of that stock from the
(original Issue) under the Trust Agreement," John S. Myers, Vice-President
-V.133, p. 300.
and General Counsel of Distributors Group, Inc., declared.
-Div. Decreased.
. Northland Greyhound Lines, Inc.
The directors have declared a semi-annual dividend of 50 cents per share
1.0. This
on the common stock, payable Jan. 1 to holders of record Dec.
-Gross Sales Decrease.
(J. C.) Penney Co., Inc.
Decrease.
Decrease.
1931-11 Mos.-1930.
-1930,
1931-Nov.
$16.493.495 318.939.973 52.446.47818152426,832 8169236,142 816809.310
The company had 1,458 stone In operation during November 1931 as
compared with 1,452 stores during November ..930.-V. 133, p.3266,2'146.
-Export Sales Record.
Perfect Circle Co.
Export sales of this company for the ten-months period ended Oct. 31
W. J.
1931 were 108% ahead of the same period of 1930. according to
Platka, export manager. Canadian sales continued to show the largest
-V.133.P..3799.
gain with an increase of 125% during the ten-month period.
-Aids Copper Restriction.
Phelps Dodge Corp.
See last week's "Chronicle" p. 3705-V. 133. p. 3639.
DEC. 12.19311
FINANCIAL CHRONICLE
Plymouth Cordage Co.
-Earnings.
-
12 Months Ended Sept. 30
Operating profit for the year-after deprec. of
plant & with inventories taken at the lower cost
or market
Other income-net
Total income
Charges to surplus-incl. res. for loss on foreign
exchange, bad debts. &c
Net profit
Dividends declared
Deficit
Surplus at beginning of year
1931.
1930.
$211,163
44,172
x$326,560
dr21,964
$255,335
$304,596
230,478
17,089
$24,857
468.216
$287,508
486,230
$443.358
7,730,130
$198,722
7,928,853
Surplus at end of year
$7.286,772 $7,730,130
x After credit of reserve provided in previous year of $949,160.67.
Condensed Balance Sheet Sept. 30.
1930.
1931.
1931.
1930.
Assets
/daddies3
Cash
3,681,289 2,045,370 Accts. payable.- 118,162
146,197
Accts. & notes sec 725,437 1,025,451 Adv. paym'ts by
Merch. & supplies 4,010.848 8,008,120 selling agents.. _ 140,870
102,553
Stock of sub. corp.
Dividend payable_ 115,851
121,624
owning &operas.
Accr. State & town
Sisal plantation
taxes
94,891
119.663
190,750
In Cuba
190.750 Pension & Ins. fd.
Adv. to sub. corp. 407,447
360,586 -employees'--21,701
30,829
Stock of Cordage
Cap. stk.-com_8,000,000 8,000,000
Distrib's. Ltd.
Cap. stock--empl.
50,000
(Can. sell. easy)
50,000 special stock-- _ 108,280
108,280
Loans to empl'ees
89.178
104,123 Surplus
7,286,772 7,730.130
Deferred charges-- 173,843
136,063
Treasury stock
Common
243.981
Employees' epee
4,529
2,815
Real est. & equip_x6.318,353 6,426.889
Total
15,895,655 16,350,148
Total
15,895,655 16,350,148
x After depreciation reserve of $3,226,029.-V. 131, p. 3720.
Porto Rican-American Tobacco Co.
-New Vice-Pres.--
Phil M. Forristall, Vice-President of Waitt & Bond, Inc., a subsidiary,
has been elected Vice-President in Charge of Sales of the parent company,
and Ben Schwartz. Vice-President of the Congress Cigar Co., another
subsidiary, has been elected Vice-President in Charge of the Leaf Department. Harry Catlin, who had been Secretary, Sales Manager, and a
director of the Porto Rican-American Tobacco (Jo., has resigned.
-V. 133.
p. 2277.
Powdrell & Alexander, Inc.
-Sales Increase.
1931-Nov.
-1930.
35 547,645 $5,499,252
-tr. 133, p. 2940, 1301.
Increase.1 1931-11 Mos.-1930.
$48,3931$491.650
$294,801
Increase.
$196.849
Prairie Cities Oil Co., Ltd.
-Stock Decreased.
-
Supplementary letters patent have been issued under the
of the
Secretary of State of Canada, dated Nov. 3 1931, decreasing seal capital
the
stock of this company from 100,000 class A shares,and 10,000 class B shares
without par value, to 60,000 class A shares and 10,000
without par value, such decrease being effected by the class B shares.
cancellation of
40,000 unissued class A shares, without par value.
-V'. 131, p. 2708.
--- "••(G. E.) Prentice Mfg. Co.
-Extra Dividend.
-
The directors have declared an extra dividend of 55 cents per share and
the regular quarterly dividend of $1 per share, both payable Dec. 15 to
holders of record Dec. 1.
Three months ago, the quarterly dividend was Increased to $1 from 50
cents per share.
-V. 133, p. 2610.
Radio-Keith-Orpheum Corp.
-Count of Proxies Delays
Reorganization Decision.
Stockholders of corporation met Dec. 10 at a special meeting
the management's proposed recapitalization and financing plan, to act on
as essential to avert receivership for the organization. Because ofdescribed
the
of checking proxies, no decision as to the outcome was available at work
time
of going to press.
Republic Supply Co. of Calif.
-Dividend Decreased.
-
The directors have declared a quarterly dividend of 12Y4c. per share
on the capital stock, no par value, payable Jan. 15 to holders of record
Jan. 1. Previously, the company made regular quarterly distributions
of 75c. per share.
-V. 132, P. 507.
Robbins & Myers, Inc.
-Earnings.
--
Years Ended Aug. 311931.
1930.
Net loss after deprec. & invest. write-down
$514,319
$149,655
Consolidated Balance Sheet Aug. 31.
Assets
1931.
1930.
LtahtJtUes-1931.
1930.
$369,096 8358,795 Accounts payable_ $73,346 5100.167
Cash
U.S.Liberty bonds
A ccr. real. personal
and accrued int_ 101,418
304,258 & Dom. taxes-23,992
Customers' notes,
Reserves
68,786
179,264
accept. & accts.
6% pref. stock--- 2,523.000 2,523,000
receivable
318,218
423,845 Common stock ___ x259,886
281,474
972,889 1,261,646 Profit and loss surInventory
Sundry rec. & Inv.,
plus
df3f307,413
212.900
fully-owned
Incl.
subsidiaries-- -87,415
29,538
Permanent assets_ 747,915
886,115
Patents & licenses_
10,000
22,546
Unexp.Ins, prams.,
10,833
supplies. &o--14,058
Total
52,617,584 53,300,798
Total
12,617,584 $3.300,798
Represented by 128,505 no-par shares.
-V. 131. p. 3219.
Rossia Insurance Co. of America.
-To Reduce Par,-'
The stockholders will vote Dec. 18 on approving a proposal that the
capital of this company be reduced from 53,000.000 to $1.500,000 by changing the par value of each share from $10 to $5.
In line with the same policy of conserving the assets of this company,
the directors have deemed it advisaole to postpone action at this time on
the dividend usually paid on Jan. 2.
President C. F. Sturhahn, Dec. 5. Bart:
"The reason for these actions of the board of directors Is the necessity
for more surplus in view of the existing depreciation of the market value
of the securities owned by this company due to the world-wide depression.
This is particularly necessary in view of the fact that under the ruling of
the Insurance Commissioner of Connecticut the market value of these
securities on Dec. 31 1931 must be used in the annual statement.
"The reduction in capital stock to that extent furnishes free funds for
surplus. The book value of the shares will not be affected in the slightest
by that adjustment.
"Unlike ordinary business corporations, an insurance company Is obliged
to have a large surplus to enable it to transact business. In this time of
falling values, additional surplus can only no obtained in one of two ways
either (1) by additional payments to the company of its stockholders or
(2) by a transfer on Its books from capital stock account to surplus account.
Of these two methods the latter is the only practical one in the present
egen
"Ourr
c...:olume of business notwithstanding the extreme decline in all
3
,
industries has been well maintained. The results from it so far this year
have been quite satisfactory. Our investment income has been well maintained especially in view of the general depression and the integral soundness
of our investments has been proven.
"The reduction in capital and the consequent increase in surplus is absolutely necessary to enable the company to continue business on its present
scale and it Is for the protection of the investment of each of you in this
company that the directors recommend this change."
-V. 133, p. 3800.
Safeway Stores, Inc.
-Sales Lower.
-1930.
1931-Noe.
Decreased 1931-11 Mos.-1930.
Decrease.
$22,603,063 $24,484,983 31,881,92015260972,406 $278615,368 317642,962
Sales include MacMarr Stores.
-V. 133, P. 3287, 2447.
St. Regis Paper Co.-Omas Common Dividend.
-
The directors on Dec. 10 took no action on the common dividend ordinarily payable about Jan. 2. Quarterly distributions of 15 cents per
share were made on this issue on July 1 and Oct. 1 last, as compared with
25 cents per share paid each quarter from Jan. 2 1930 to and including
April 11931.
The directors have declared the regular quarterly dividend of $1.75 per
share on the preferred stock, payable Jan. 2 1932 to holders of record
Dec. 15 1931.-V. 133, P 4430.
.
Sally Frocks, Inc.
-November Sales.
-
l931-Nov.
-1930.
Increased 1931-11 Mos.-1930.
Protective Group Favors Plan.
$351.044
$21.6451$4.107.005 $4.214.414
The protective committee representing stockholders has given
S372 6 9
V 13
its con- - ;83. p. 3267, 2447.
the plan of recapitalization announced by the management
sent to
on
Schiff Co.
Nov. 10. The committee has obtained certain concessions from the manage-November Sales.
ment in the enforcement of the plan.
l931-Nov.
-1930.
Decreased 1931-11 Mos.-1930.
$820,839
$32,6861$9,051,662 38,751.083
The committee announced its approval of the plan in the
-V. 153 p. 3267, 2448.
37 '3 ,
88 3
following statement:
"The protective conunittee has explored thoroughly the possibilities of
some modification of the plan proposed to stockholders by the management
and has had a number of consultations with the management in this connection. The committee is convinced that under present conditions
plan other than that prposed by the management can be underwritten. no
so
that the necessary money can only be provided by carrying out the management's plan.
"The committee has been particularly anxious to reduce the amount
to be paid by stockholders under the plan. This feature has been discussed at length with the management and the management has agreed
with the committee that out of the money to be raised by the subscriptions.
$6,000,000 will be reserved solely to provide funds for the payment of
6% secured gold notes of the corporation or, if necessary, to reimburse the
the
corporation for expenditures made out of income in paying such notes.
With this arrangement made and in view of the economies which have been
put into effect and which are expected to be made in the future, the committee has great hopes that subscribers will in effect not be required to
pay more than the $2.50 per share payable at the time of subscription.
The committee has been given assurance that the management is
using
its best efforts to keep expenditures down to the lowest basis consistent
with proper and efficient operation.
"The study made by the committee establishes clearly that a receivership is Inevitable unless the plan is carried out and that a receivership
Would probably result in the loss of the entire investment of stockholders.
"in view of the foregoing, the committee is satisfied
interest of all the stockholders to vote in favor of the plan.that it Is to the
The committee
proposes to vote all proxies held by it in favor of the plan
urges all stockholders who have not heretofore sent in their and strongly
proxies to send
their proxies to the management without delay.'
133. p. 3800, 3473.
(Daniel) Reeves, Inc.
-Sales Decrease.
Sales for Four Weeks and 11 months Ended Nov. 28.
1931-4 Wks.
-1930.
Decreased 1931-11 Mos.-1930.
Decrease.
$2,435.888 $2.698,557
$262.669 428,753,723 $31,313,202 $2.559,479
-V. 133. D. 2447. 1776.
----Remington Rand, Inc.
-Dividends Deferred.
-The directors on Dec.8 voted to defer the regular quarterly
dividends
due Jan. 1 on the 7% cum. 1st pref. stock and 8%
cum.
2nd pref. stock, par $100. The last quarterly distributions
on these issues were made on Oct. 1 1931.
3979
Decrease.
$107.409
Increase.
3294.579
Sears, Roebuck & Co.
-Sales Again Lower.
Sales for Four Weeks and 48 Weeks Ended Dec. 3.
1931-4 Wks.
-1930.
Decreased 1931-48 Wks.
-1930.
Decrease.
326,828,020 532,243,424 35.415,40415314041,553 5351306.974 537265.421
-v. 133. P. 3267. 2941.
Second Custodian Shares Corp.
-Dividend No. 3.-
A dividend of 20c. a share has been declared on the Second Custodian
Shares, payable Dec. 15 to holders of record Nov. 30. A similar payment
was made on June 15 last, while on Dec. 15 1930 an initial distribution
of 28c. a share was made.
-V. 132. D. 4430.
Second National Investors Corp.
-$1.10 Pref. Div.
-
The directors on Dec. 4 declared, out of net income, a dividend of $1.10
per share on the $5 cony. pref. stock, no par value, payable Jan. 1 to
holders of record Dec. 16. to be applied against dividends in arrears.
On July 1 last a dividend of $1.25 per share was paid on account of accumulated dividends.
-V. 133, p. 2277.
Selected Shares Corp.
-Initial Distribution on Selected
Cumulative Shares.
The corporation has announced distributions on the three unit type
trusts that it sponsors, as follows:
Selected American Shares will pay its fifth regular semi-annual dl...
tribution of 25c. a share on Dec. 30. Selected Income Shares will pay
its third regular semi-annual distribution of 30c. a share on Jan. 1 1932.
and Selected Cumulative Shares will pay 23.283c. a share on Jan. 1 1932.
This is the first regular semi-annual distribution.
Selected American Shares and Selected Cumulative Shares will be sold
ex-dividend on and after Dec. 16. Selected Income Shares will be sold
ex-dividend on and after Dec. 15. Rights have been declared whereby
the investor may reinvest the distributions of any of the three Selected
trusts into any one of the three on a preferential basis.
To Hold Central Stock.
Robert S. Adler, President of corporation sponsor of Selected American
Shares, Selected Income Shares and Selected Cumulative Shares, made
the following statement on the dividend of New York Central common
stocka
' :ch of the three trusts which we sponsor contains common stock of
'E
the New York Central RR. in its portfolio. However, none of the Indentures of the selected trusts requires elimination of a stock under
such
circumstances unless careful analysis discloses that long term outlook
James H. Rand, Jr., President and
Is
definitely unattractive. Unless the present analysis discloses new
this corporation's domestic business Chairman of the board stated that adversely bearing upon the
faet•
In November was better than in
long term outlook of the New York
October despite the fact that normally
Central
November business is 4% leas. the stock will continue to be held by our trusts.
Bookings in the first week of December were
present time the following are the percentages of total
"Al
27%
In November. Foreign bookings in November also ahead of the first week menta the the three selected
in
trusts represented by this stock: Investwere ahead of October.
133, P. 3475.
Selected
American Shares, 2 4-10, Selected Cumulative Shares 1 4-10
and Selected
Income Shares 1 3-10."-V. 133. p. 2277.
'
-- "Reece Button-Hole Machine Co.
-Dividend Reduced.
The directors have declared a quarterly
Shepard Stores Inc.-Trustee Petitions for Deficiency
hare,
ayable Jan. 2 to holders of record Dec. 15,dividend of 25c.
This places the stock on a Execution of $1,368,867.'
pers
I annual basis against the $1.40 rate paid
since April 1 1925.-V. 132.
The Old Colony Trust Co. of Boston, as trustee of
V. 4257.
$3,800,000
Issued to John Shepard Jr., by Shepard Stores, Inc.. of Boston gold notes
.ha payment
l
3980
[VoL. 133.
FINANCIAL CHRONICLE
for Shepard-Norwell Co. and Shepard Co. of Providence, has petitioned
from the clerk of Mass. Superior Court at Boston a deficiency execution
against Shepard Stores, Inc., n the amount of $1,368,837.
At a public auction last geptember, John Shepard Jr., or his nominee,
bought in for $3,000,000 the 7.500 shares of Shepard-Norwell Co. and
1,000 shares of Shepard Co. whicn had been pledged with the trust company
as security for the notes, payment being made in $20,772 cash to the trust
company for services, $2,070 to the auctioneer for services and the re-V. 133, P. 2115.
mainder in notes which Mr. Shepard had held.
Simmons Co.
.-Sales Fall Off
Decrease. I 1931-11
1931-Nov.
-1930.
Decrease.
Mos.-1930.
31.661,141 $2,357,850
$696,1091$27,406,113 $37,550,192 $10,144,079
Sales include subsidiaries -V. 133, P. 3267, 2448.
----Singer Mfg. Co.
-Decreases Dividend Rate.
The directors have declared a quarterly dividend of 2% on the outstanding
190,000,000 capital stock, par $100, payable Dec. 31 to holders of record
% with
Dec. 10. Previously, the company paid quarterly dividends of
extras of varying amounts each quarter.
-V.133, p. 1938, 1777.
-Preferred Dividend Deferred.
Square D Co.
The directors have decided to defer the quarterly dividend due Dec. 31
on the $2.30 cumul. class A prof. stock, no par value. A distribution of
2734c. per share was made on this issue on Sept. 30 last. prior to which
-V. 133, P. 1777.
regular quarterly dividends of 55c. per share were paid.
-Earnings.
State Theatre Co., Boston.
Years End. Aug. 31Net profit
Depreciation
Amort. of bd. disc. & exp
Preferred dividends__ _ _
1931.
$247,715
87,712
17,666
17,838
1930.
$246,600
84,053
17,666
17,828
1929.
$229,152
80,778
17.666
17,808
1928.
$240,506
80,698
17.666
22,206
Balance, surplus
Previous surplus
Adj. of taxes prior years_
$121,499
456,604
$127,053
328,567
984
$112,900
215.667
$119,936
95,731
Balance, surplus
Earns, per sh. on 86.358
abs. no par corn, stock
outstanding
$581,103
5456.604
$328,567
$215,667
$1.39
$1.30
$2.64
$2.66
Balance Sheet Aug. 31.
1930.
1931.
Assets1931.
1930.
Fixed assets
x$2,311,069 $2,378,512 Preferred stock__ $230,600 $230.600
863,580
Cash
438,040
325,959 Common stock_ y863,580
Accts. receivable..
5,061
4,798 6% gold bonds___ 1,201,800 1,255,000
6,000
Dep. on lease.__
Sinking fund for
543
2,372
45,140
29,599 Notes payable____
pref. stock
35,953
9,501
-Receivership.
Skouras Bros. Enterprises, Inc.
247,633 Accts. payable___
Deferred charges- 241.911
26,090
24.360
Accrued interest__
Walter H.
Jesse W. Barrett, former Attorney-Genral of Missouri, and
43,428
44,415
Real estate taxes__
Nohl, an attorney, have been appointed receivers for the company and
20,747
20,830
Fed. income tax__
St. Louis Amusement Co. by Circuit Judge Hogan at St. Louis.
4,458
4,460
Divs. payable____
Judge William Dee Becker of the St. Louis Circuit Court of Appeals
49,500
52,200
Sink, fund paym't
was first appointed receiver, but he later declined the appointment.
456,604
581,103
Co. Is jointly owned by Skouras Bros. EnterSurplus
Skouras Super Theatres
prises, Inc., and Paramount Publix Corp. Warner Bros. Pictures, Inc..
3ntod b 2
32,986,50y
Total
owns more than 93% of Skouras Bros. Enterprises, Inc., while over 92%
$3,041,221 $2,986,502 Total
of the stock of St. Louis Amusement Co. is owned by Warner Bros. Pic$3,04
x After ducting $551.062 reserve for depreciation. y Represented
deducting
tures, Inc., and Skouras Bros. Enterprises, Inc.
shares of no par value.
-V. 131, p. 3546.
The charge made in the application for receivership was that the management of these companies showed favoritism to Warner Bros. in their
-Smaller Div.
Taylor-Colquitt Co., Spartanburg, S. C.
operations. No question of the financial condition of the companies was
The
have declared a quarterly dividend of 50 cents per share
involved. Immediate steps will be taken to appeal the cases and seek on the directors stock, no par value, payable Jan. 2 to holders of record
common
-V. 133, p. 2448.
dismissal of the receivers.
Dec. 15. Previously, the company made regular quarterly distributions of
563,, cents per share.
-V. 131. P• 1271
.
-Sale of Properties.
Southern Sugar Co.
The properties of the company were sold at La Belle, Fla., Dec. 7, at
Taylor Milling Corp.
-Reduces Quarterly Dividend.
to J. K. Morgan and Louis B. Warren,represent'receiver's sale for $900,000
The directors have declared a quarterly dividend of 25c. per share on the
ing the reorganization managers. Their bid was the only one received.
capital stock, Payable Jan. 2 1932, to holders of record Dec. 10 1931.
The sale was affirmed Dec.9 by Circuit Judge Geo. W. Whitehurst.
The order of sale provides for the transfer of the properties to the United This places the stock on a $1 annual basis, as against the former rate of
-V.133, p. 658.
States Sugar Co., a new company incorporated in Delaware. The company $2.50 annually.
will be under the management of Bitting, Inc. For digest of reorganization
-Smaller Dividend.
Third National Investors Corp.
plan, see V. 132. p. 4606.
The directors on Dec. 4 declared, out of net income, a dividend of 50c.
Following confirmation of the sale, organization meetings of the stockofficers of the new company were held. Charles Stewart per share on the common stock, Par $1, payable Jan. 1 to holders of record
holders and board
-V. 133.
16
228
Mott, Vice-President and member of the finance committee of the General Dec.7 : Six months ago, a dividend of 55c. per share was paid.
ec
Motors Corp., was elected chairman of the board. J. H. Roberts,President p.
Co. of Chicago, was named president.
of the Athey Truss Wheel
-Dividend Deferred.-The
--Thompson-Starrett Co., Inc.
All of the capital stock of the new company is to be placed under the --V. 133, P. 3475, 2776.
control of three voting trustees.
directors on Dec. 4 decided to defer the quarterly dividend
635 West 54th St. Corp.
-Foreclosure.
The property of this company located between 54th and 55th streets and
11th Ave., New York, will be sold at public auction Dec. 23, subject to
a mortgage now a first lien on the premises in thesum of $400,000 and accrued
interest, and subject to a further mortgage now a second lien on the Premises
In the sum of $115,000 and accrued interest, and subject to a lease on the
premises made by corporation to G. B. Seely's Son, Inc.
of 873/i cents per share due Jan. 1 on the $3.50 cum. pref.
stock, no par value. Regular quarterly distributions at this
rate were made from April 1 1929 to and including Oct. 1
1931.-V. 133, p. 3642.
---Thunder Lake Lumber Co., Rhinelander, Wis.- Dividend Deferred.
-Reduces Stated Capital.
Spiegel, May, Stern Co., Inc.
The directors have voted to defer the quarterly dividend of 15i% due
The New York Stock Exchange has received notice from this company
15 on the 7% cum. pref. stock, par $100.
of a reduction in capital represented by 175,000 shares of no par common Nov.
-Omits Common Dividend.Sparks-Withington Co.
The directors have voted to omit the regular quarterly dividend due at
this time on the common stock. The last quarterly payment of 25e. per
The usual quarterly dividend
share was made on this Issue on Sept. 30.
of $1.50 per share on the pref. stock has been declared for the balance of
the fiscal year, which ends June 30 1932. The last quarterly distribution
on this stock was made on Sept. 151931.-V. 133, p.2776.
A distribution at this rate was made on the above issue on Aug. 15 last,
stock from $5,000,000 to $1.750,000.
made
The difference between these amounts has been credited to surplus as compared with regular semi-annual dividends of 33.6% each
account, the action being taken in order to prepare for certain year-end previously. The last payment at the latter rate was made on Feb. 16
-V. 133, p. 1140.
adjustments, having to do principally with the liquidation of the retail of the current year.
stores of the Burley & Co. and Standard Home Utilities Co. subsidiaries,
-Extra Dividend.
Title Insurance Corp. of St. Louis.
After providing all necessary reserves and absorbing all losses in connecrecently declared an extra dividend of 25 cents per share
tion with the liquidation of the subsidiaries named, it is expected that there in The directorsthe
addition to
cents per share, both
usual quarterly dividend of 25
will be a substantial balance left in the surplus account.
Commenting on the 1931 situation, Mr. Innes said: "The company's payable Nov. 30 to holders of record Nov. 20. Three months previously,
financial position is liquid and the current ratio will approximate 10 to 1 the company made a regular quarterly distribution of 25 cents per share.
as of Dec. 31 next. Cash on that date should be about the same as the -V. 133, p. 3477.
$814,456 reported a year ago. It is of course too early to estimate the year's
Tonawanda Share Corp., Buffalo, N. Y.-lst Pref.
results, as both November and December are impprtant months in our
-V. 133, p. 3475.
business."
Dividend Reduced-Payment on 2d Pref. Stock Deferred.
The directors recently declared a dividend of 75 cents per share on the $7
-Earnings.
Stanley Co. of America (8c Subs.).
1st pref. stock, no par value, and the regular quarterly dividend of
cum.
Year Ended Year Ended 8 Mos.End.
per share on the $6.50 cum. prior preference stock, no par value,
Aug.2931. Aug.30'30. Aug.31 '29. $1.625i
both payable Dec. 1 to holders of record Nov. 20. The quarterly payment of
Period47.694,746 $7,992.253 $4,940,581 $1.75 per share on the $7 dun.. 2nd pref. stock of no par value was deferred.
other income
Net income (Incl.
1,928,538
3,545,429
3,6:52.461
The last
Amortization and depreciation
$1.75 on the 1st and 2nd
1,815,159 pref. stocks regular quarterly disbursements of were made on Sept. 1 1931.
2,645,450
2,080,040
and $1.6'2;i on the prior pref. stock
Interest. &c
z
282,000
350.000
Provision for Federal income taxes....
200,000
Tr -Continental Corp.
-Files Answer in Stockholders'
Provision for invest. in affil. cos-$914,884 Suit at Baltimore.
Net earnings before minor. interests 81,762,244 $1,451.373
143.146
84,381
50.990
earns, to mm.stockhold's
The corporation has filed an answer in Circuit Court in Baltimore in the
Prop. of net
$771,738 suit brought by Ilerbert Stern and Janice Rogovin, who are seeking to
$1,711,254 $1,366,992
Net earnings from operations
19,707 restrain the corporation from carrying out charter changes recently adopted
companies_
Share of losses of affil.
$752,031 by the stockholders and who have asked for a temporary restraining order
$1,711,254 $1,366,992
Net profits
against the payment of dividends out of capital surplus so created. The
Dr.137,935
Loss on capital assets
Dr1,720,118 answer states that all the acts of the corporation in connection with the
applIc. to prior years oper_
Adjust.
stockholders' meeting were entirely legal and generally denies all the
y5,926,138
Profit on sale of common stock
1,654,357 plaintiff's allegations.
686,270
7.979.401
Previous surplus
losses sustained through the
In its answer the corporation
$686,270 decline in security values since states that
$9,552,720 $7,979.401
the organization of its two predecessor
Total surplus
of $313.099 in 1931 and $718,163 in 1930. corporations in 1929 have been about $25,000.000 less than alleged by the
z Includes other income
out that its not
First National
The
y Profit on sale of common stock ofhas been made Pictures, Inc., to Warner plaintiffs.excess corporation further points pay the dividendincome for 1931
on its
for Federal income tams will be in
of the amount required to
Bros. Pictures, Inc. (no provision Bros. Pictures. Inc., and sub, companies. stock, plus all expenses, including taxes, and that therefore the preferred
preferred
as from the standpoint of Warner
inter-company profit and is eliminated from consolidated dividend for the year has been more than earned. The answer asks dismissal
this is unrealized
-V. 133, p. 3801.
Warner Bros. Pictures, Inc. and sub, companies). of the complaint.
Profit and loss account of made for Federal income taxes as the profit is
z No provision has been
--Earrings.
Truax-Traer Coal Co.
witn the operations of Warner
merged for Federal income tax purposes
on which there is no taxable
For Income statement for three and six months ended Oct. 31 1931 see
Bros. Pictures, Inc. and subsidiary companies
-V. 133, P. 3107.
"Earnings Department" on a preceding page.
Income for the year.
Consolidated Balance Sheet,
-General Manager.
Tubize Chatillon Corp.
Aug.29'31. Aug.30'30,
29'31. Aug.3030.
Aug.
John E. Bassill has been elected Vice-President and General Manager.
$
LiabilitiesAssets
held the postion of Vice-President. Assisting Mr. Bassill in
198.043 Previously he
997.872 Notes payable__
1,079,273
Cash
139,059 Accounts payable_ 2,089,0931 2,847.441 actual charge of plant operations will be F. C. Nlederhauser, previously a
11,718
Notes receivable
part time executive, who is now devoting all of his time to the Tubize
129,318 Sundry accruals._ 1,032,729f
171,640
Accts.receivable
-v.132, p. 3905.
12,248 organization.
Perch. mon. oblig.
Due from officers
21,300
39,323
to affil. cos-Due
6,889
and employees _
United Investment Shares, Inc.
-Distribution.
91,417
80,060
Due to participants
Deposits to secure
A distribution of 2.18 cents per share has been declared on the United
Due Warner Bros.
contracts dt sink.
2,516,200 Investment Shares, series A, payable Jan. 15 to holders of record Dec. 31.
894,138 & subsidiaries__ 420,544
fund deposits... 175,717
This compares with 2.316 cents per share paid on Oct. 15 last. 2,562 cents
160.000 Deferred income__ 122,114
6,000
Mtges. receivable..
per share on July 15,2.576 cents on April 15 and 2.898 cents on Jan 15 1931.
Invests.& advance 3,013,604 2,717,039 Reserve for Federal
350.000
-V. 133. p. 2117.
income tax
owned &
Properties
271,973
127,946
67.709,130 66.660,341 Deposits
equipment
United Reproducers Corp.
-Div. to Class B Stockholders.
Mtges.& fd. debt.34,625,230 34,122,239
Properties leased &
Judge Robert R. Nevin in the U. S. District Court at Dayton. Ohio,
12,012,942 13,682,536 Proport. of cap. &
equipment
an Dec. 7 ordered a liquidation dividend of $2.50 a share on 26.037 hares
surp. of sub,cos.
Deferred charges 1,129.211 1,468,118
simile. to minorof the class B stock of this company, now in the hands of receiver.
52.878
Goodwlll
The order of the Federal Court was issued upon the report of Special
ity stockholders_ 410.159
859.077
37,589.083 Master Barry N. Routzohn and carries with it provision for the payment
Capital stock--x37,569,083
the Court.
Earned surplus
9.552.720 7.979.401 at once, out of a fund of $111,000 now in the hands of representing 38,502
A total of 507 claims was filed with the Court,
the class B stock of the company. The remainder of these is still
86.069.002 86,838,422 shares of
86,069,002 86,838,422 Total
Total
pending in dispute. It was indicated that matters pertaining to themprill
z Represented by 904,846 shares common stock of no par value of which be settled in Court at a later date.
-V. 132, p. 3735.
-V. 132, P. 2013,
Pictures, Inc.
ever 99% is owned by Warner Bros.
DEC. 12 1931.1
FINANCIAL CHRONICLE
United States Capital Corp.
-Stock Dividend.
-
3981
The directors have declared a stock dividend of IX% in class A common
on the class A common stock, payable Jan. 15 to holders of record Jan. 1
and the regular quarterly cash dividend of 25c. per share on the class A
common stock, payable Jan. 1 to holders of record Dec. 15. Similar
dividends were declared three months ago.
-V.133. p. 1940.
The preferred stock is entitled to dividends at the rate of
7% ($3.50) before any payments are made on the common
stock. After the common receives the equivalent of 7%,
both classes of stock share equally in further payments.
President F. A.-Merrick on Dec. 7 stated:
United States Financial Holding Corp.
-To Receive
Offer from Morris Plan Corp. of America.
-See Atlantic &
Pacific International Corp. above.
-V. 131, p. 1910.
-New Owner; Take Over
United States Lines, Inc.
Business.
-
Inasmuch as the preferred and common stocks each have already received
this year a dividend of 7%%, it 18 deemed advisable for the purpose of
computation of the future dividends upon these stocks to make the next
dividend declaration after the first of the year. Accordingly, dividend
action will be taken at the following meeting of the board, which is scheduled
for Jan. 6,and the dividends declared at that meeting will be payable on the
usual date. Jan. 30.
The Roosevelt Steamship Co. announced Dec. 8 that it had completed
all arrangements for taking over the business of the United States Lines
and the American Merchant Lines, and that hereafter all business would
be conducted from their offices at 1 Broadway, New York. This follows
the purchase of the United States Lines by a representative group of
American shipping interests under an agreement approved by the United
States Shipping Board on Dec. 4.
The new owners of the United States Lines fleet of ships includes a
notable group of Atlantic and Pacific coast steamship executives headed
by P. A. S. Franklin, Chairman of the board of the Roosevelt Steamship
(io., Kermit Roosevelt, President of the Roosevelt Steamship Co., John
M. Franklin, Vice-President of the Roosevelt Steamship Co. Basil ',Terris,
Vice-PresIdent of the Roosevelt Steamship Co., R. Stanley Dollar, Presi'
dent of the Dollar Steamship Co., Kenneth D. Dawson, President of the
States Steamship Co., William F. Humphrey. Chairman of the board of
the Associated Oil Co., and said to represent the Fleishhacker interests,
and George Hinkins, Gen. Mgr. in New York of the Dollar Steamship Co.
The Roosevelt Steamship Co. will handle all operations including booking of passengers and freight through their offices and authorized agents
throughout the United States, Canada and Europe.
The first sailing under the Roosevelt management was the S. S. President Roosevelt Dec. 9, followed by the Leviathan Dec. 12. There will
be no interruption in the regularity of sailings of these companies because
of the change in owners.
The new company is building at Camden, N. J., two mammoth vessels
for the Hamburg trade, the largest steamers ever constructed in the United
States, and they have very important plans under consideration for further
expansion and
Merchant
with the
ZedAr=ell
133, p. 3269.
The Westinghouse Electric & Manufacturing Co. and the Westinghouse
Electric International Co. have concluded an agreement for an exchange or
Patents and experience with the leading Italian electric manufacturing
concern, Ercole Marelli & Co., of Milan. according to an announcement
made on Dec. 7 by President F. A. Merrick. The Westinghouse companies
do not participate financially or in the management of the Italian company.
The Westinghouse Electric SC Manufacturing Co. has received from the
Commonwealth Edison Co. of Chicago an order amounting to 8375,000 for
switching equipment for use in toe new Humboldt Park station in Chicago.
The order calls for 98 circuit-breakers equipped with De-ion grids, which
greatly increase the reserve rupturing capacity of the equipment.
-V. 133.
P. 3643.
United States Shares Corp.
-To Liquidate Certain Assets.
-See Atlantic & Pacific International Corp. above.
V. 133, p. 2117.
United States Steel Corp.
-Unfilled Orders.
-
Total
18,142,032 25,285,873
-e-V. 132, p. 4433.
EflptiZermr/n1
Exchange of Patents-Stgns New Contract.
-
West Point Mfg. Co.
-Balance Sheet Oct.31.1931.
1931.
1930.
Liabilitiess
$
Assets
$
Real estate, plant
equipment-__ 9,821,754
Securities owned, 1,273,000
Accountsreoeiv_
1,024,325
Margin deposits-98,200
Town and county
84.960
notes
2,772.279
Inventories
Cash
715.568
Good-will & trade235,175
marks
Prepaid expense
138.769
B. Loring Young, Receiver, Dec. 2 paid the third dividend of 3%, or
$104.669, to Old Colony Trust Co., trustee. Two dividends aggregating
10% have previously been paid. It is expected final dividend will be paid
early in 1932.-17. 133. p. 3477, 2942.
United Verde Extension Mining Co.-Couer Output.-
kin Pounds),1931- 4,447.540 4,675,640 3 265,898
January
,
.
,
.
3,221,198 3,737.914 4,047.610 3,247,052
February
March
3,236,882 3,262,598 5.207,946 3,397,172
April
3,074,758 4,094.740 5.364,570 3,208,628
May
3.369,080 4,013,796 5.465,350 3,448,222
June
3,284.984 3,580,722 5,020.000 3.340,316
3,898,170 4,470,336 3,585,742
a
July
4,028,442 4,593,462 4,054,080
a
August
3,771.274 5,141,356 3,513,882
September
a
October3,404,000 6,038,000 4.129,520
November
2,781,000 3,800,000 4.776,000, ,
2,473,000 4.742,000 4,688,274
December
a Operations suspended.
-V. 133, p. 3108.
1927.
3,405,972
2,303.758
2322,908
3,261.292
4,102,776
3,537,228
3,735,848
3.810,180
3,626,830
3,885,500
3,397,360
3.859,318
'Utah Copper Co.
-Reduces Quarterly Dividend.
-The
directors on Dec. 7 declared a quarterly dividend of $1 per
share on the capital stock, par $10, payable Dec. 31 to
holders of record Dec. 17. This compares with quarterly
dividends of $1.50 paid in June and September last, quarterly distributions of $2 per share made in June, September
and December 1930 and in March 1931, and $4 per share
in March 1930.-V. 133, p. 2279.
-November Sales.Walgreen Co.
1931-Noo.-1930.
Decrease.1 1931-11 Mos.--930.
Increase.
83.987,740 $4,080,413
$92,6731$49,460,868 $46,920,365 $2,540,503
The company had 465 stores in operation during November 1931, as
compared with 442 stores in November 1930.-V. 133, P. 3478, 3269.
- ---Warner Bros.' Pictures, Inc.
,
-Receivership Asked.
-
Jules Endier of Passaic, N. J., who says he is the owner of 310 snares
of the common stock, Dec. 9, filed a bill of complaint in Chancery Court
at Wilmingtnn, Del., asking for the appointment of a receiver for the corporation. The bill of complaint alleges that the corporation is Insolvent and
unable to meet its obligations, which are maturing. The complaint says
that the losses suffered by the company during the past year were much
greater than reported to stockholders. These losses, it is alleged, have
created a condition of absolute insolvency, which will prevent the company
from meeting current and maturing obligations.
Warner Brothers' Statement.
The company gave out a statement asserting that Mr. Endler's name
did not appear in its records of stockholders. The statement reads:
"Word has just been received at the offices of Warner Brothers' Pictures,
Inc., that one Jules Endler has filed a petition for a receiver in the Chancery
Court in Delaware, admire; to be a stockholder of the company. Former
Federal Judge Hugh M. Morris of Wilmington has been retained to represent the corporation.
'The complainant is not a stockholder of record of this company. From
the information at hand it is apparent that there is no merit to the claim
and the allegations made in the petition are not true in fact.
"The basis of the petition is that the corporation cannot meet its maturing
obligations. This is untrue, as the company is paying all bills promptly
and taking advantage of cash discounts. The company has no bank loans
and has large cash balances."
-V. 133, p. 3249, 3269. 3478.
Westinghouse Electric & Manufacturing Co.
-Dividend Action Deferred Ur til Jan.6 1932.
-Dividend action on
the pref. and common stock has been postponed until
Jan. 6 of next year, when they will come up for consideration.
The directors ott Sept. 16 last declared quarterly dividends
of 623'c. per share on the outstanding 3129,317,050 common stock and on the $3,998,700 7% cum. & pude. pref.
stock, par $50 each, both payable Oct. 31 1931. The
company on April 30 and July 31 of the current year made
quarterly distributions of $1 each on both issues, as compared with $1.25 per share paid each quarter from Jan. 31
1930 to and including Jan. 31 1931.
$
235,175
68,044
Total
18,142,031 25,285,673
Western Tablet & Stationery Corp.
-Earnings.
-
Years Ended Oct. 31Net earnings
Interest
See under "Indications of Business Activity" on a preceding page.
- Amortization of bonds discount and
V. 133, p. 3802.
expense
Federal tax
-Succeeds Southern Sugar Co.
United States Sugar Co.
-See Southern Sugar Co. above.
New Officers Elected.
United States Worsted Corp.
-8% Div. to Trustee.
-
1930.
Capital stock
7,200,000 7,200,000
17,290,868 Notes payable
1,023,000 2,148,000
673,000 Accounts payable_ 298,575
182,427
1,316,435 Depreciation
6.322,912
Prov, for loss in
cotton futures-92,870
Profit and loss_ --- 7,527,586 9.432.334
3,775,252
1,926,898
1931.
1930.
1929.
5706.673 $1,024,775 $1,245,070
,
105,146
133.133
138.501
25,613
79,000
27,976
115.000
30,794
132,000-
Net income
5496,914
$748,666
Shares common stock outstanding
(no par)
118.110
117.405
Earnings per share
$2.15
$4.31
Balance Sheet October 31.
1931.
LiabilitiesAssets1931.
1930.
Cash
$2,250,405 $1,597,331 Accounts payable_ $164,913
Notes & accep.rec.
81,382
118,331 Dividends payable 118,110
Accts. receivable_ 559,619
726,273 Accrued State and
Cash surrender val.
local taxes, salaries and wages,
11,348
14,335
lief Insurance
69,195
bond int., &c_ _ _
Inventory
1,238,587 1,571,720
Other assets
39,097 Income taxes, Fed49,925
79,000
eral and State-Land, building,
1,659,000
machinery, &c_x4,050,663 4,173,233 Funded debt
Deferred assets_
132,531
161,348 7% cum. pref. stk. 3,463,200
Common stock_ _ y1.651,366
1,172,642
Surplus
$943,775
al
116 045
$4.01
1930.
$149.842
58,700-
73,829
,
115,000.
1,750,0003,463,2001,633,7401,154,372
8,377,427 $8,398,882
Total
$8,377,427 $8,398,683
Total
x After depreciation of $1,044,330. 3 Represented by 118,1/0 no par
,
ares.-V. 133, p.3802.
-Earnings.
Williams Oil-O-Matic Hearing Corp.
Years Ended Oct. 311929.
1931.
1928.
1930.
Sales
42,665.218 52,787,120 52,777,798 32970.842
Return, sales, allow.,&c. See x
315,684
413.647
408,564
Cost of sales
1.448.530
1,583,155
1.780,659
1,225.133
Selling expenses
882,000
1,046,752
1.082,764
793.885
Operating loss
Other income
Total income
Federal taxes
Other expenses
prof.$2.558
31,625
$292.446
31.559
$34.184 def$260,887
18,532
60.292
$33.170prof$543.260
34,078
47,202
514.033
899
8,475
$577,339
61.271
66.011
Net profit
$4,658
$450,056
$15.651 def$321.179
x After returned sales, discounts and allowances,
Comparative Balance Sheet Oct. 31.
1931.
Assets
1930.
1931.
1930.
LiabilitiesFactory prop., &c_ $827,168 $876,851 Capital & surp---x$2,726,324 $2,714,581
Cash
312,077
270,792 Accts. payable...
41,091
130,252
U. 8. Liberty bd.
50,050 Officers accts.PaY.
83,361
Coll, demand loans
82,730
230,000 Dealers' deposits-7,954
14.580
Stocks & bonds
30,000
80,000 Accrued expenses_
7.814
25.447
Cust'ra accts, and
Replacement em
notes receivable
10,000
10,000
reserve
(less reserve)_-- 306,739
333,726 Taxes accrued__
6,612
7,232
Inventories
1,021,590
965,419
Sundry notes, accounts, adve...tc 120,169
138,488
Patents
1
1
Prepd. exp. & sup
99,321
90,124
Total
$2,799,796 32,985.452
$2,799,796 $2,985.452
Total
x Represented by 430,000 shares of no-par value, of which $576,324 is
surplus. y Factory properties $892.748 less depreciation reserves of
$322,359 and downtown properties valued at $318,604 less depreciation
reserves of $61.825.
4
Note.
-Contingent liability with respect to drafts and trade acceptanc
5127,834.-V. 133, p. 2615.
Winn & Lovett Grocery Co.
-November Sales.
1931-Nov.
-1930.
$411,579
$438,607
--V. 133, p. 3269, 2449.
Increased 1931-11 Mos.-1930.
827.028154.664,342 84.961.0i2
Decrease.
8295.670
(F. W.) Woolworth Co.
-Sales Decrease.
-1930.
1931-Nov.
Decrease.' 1931-11 Mos.-1930.
Decrease,
$22,004,960 824,077.890 $2,072,93015242953.226 $246962,431 $4,009,205
-V. 133. P. 3802, 3643.
(F. W.) Woolworth Co., Ltd.
-Div. on "American" Ctfs.
Initial dividends of 17.8 cents on the American depositary receipts for
ordinary registered shares, and 5.2 cents on the American depositary
receipts 6% preferred stock, were paid Dec.7 to holders ofrecord Nov. 13.V. 133, p. 3108.
(L. A.) Young Spring & Wire Corp.
-Reduces Dividend.
The directors have declared a quarterly dividend of 25c. per share on the
outstanding 412,500 shares of common stock, no par value, payable Jan. 2
to holders of record Dec. 18. A distribution of 50c. Per share was made on
Oct. 1 last, while from July 2 1928 to and including July 1 1931 the company
made quarterly distributions of 753. Per share. In addition a 25%
sit> IC
dividend was paid on Aug. 151929.-V. 133. p. 2944.
[VOL. 133.
FINANCIAL CHRONICLE
3982
The Commercial Markets and the Crops
-COFFEE
-GRAIN-PROVISIONS
COTTON-SUGAR
-HIDES
-METALS
-DRY GOODS
PETROLEUM-RUBBER
-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, Dec. 11 1931.
COFFEE on the spot was quiet early in the week at
63'c. for Rio 7s and 8 to 83c. for Santos 4s. Later spot
prices advanced on coffee in store here; Santos 4s were
%
quoted at 83 to 90., Rio 7s at 7c. and Victoria 7-8s 63 c.
Fair to good Cucuta, 11% to 12c.; prime to choice, 12 to
14c.; washed, 12 to 133o.; Colombian, Ocana, 103/i to
11c.; Ba,caramanga natural, 12 to 13c.; washed, 13% to 14c.;
Honda, Tolima and Giradot, 123/i to 130.; Medellin, 14%
to 15c.; Manizales, 12% to 133c.; Mexican washed, 15 to
17c.: Ankola, 24 to 340.; Mandheling, 23 to 32c.; genuine
Java, 23 to 24c.; Robusta washed, 73% to 8e.; Mocha, 143/i
to 15c.; Harrar, 133 to 14c.; Abyssinian, 93 to 9%c.;
Salvador washed, 12 to 123'c.; Guatemala Bourbon, 12 to
13c.; San Domingo, washed, 14 to 143'e. On the 5th, costand-freight offers included prompt shipment Santos Bourbon
2s at 8.55c.; 3s, at 7.95 to 8c.; 3-4s at 7.90 to 8.15c.; 3-5s at
7.85 to 7.90c.; and Peaberry 3s at 8c. A United Press dispatch from Rio de Janeiro Dec. 6 said: "The moratorium
of private commercial debts declared several months ago
by the Federal Government will not be extended beyond
Dec. 31, the date it is scheduled to expire, Minister of
Finance Aranha announced to-day." Rio cabled the Exchange here: "National Coffee Council destroyed week ending Saturday, Dec. 5, 61,000 bags Santos coffee, 31,000 bags
Rio and nil Victoria." On Dec. 7, in anticipation of the
increased export tax which went into effect on that day,
according to private cables, many of the Brazilian shippers
withheld cost-and-freight offers yesterday. Prices on the few
tenders circulated were unchanged to 50 points higher. For
prompt shipment, Santos Bourbon 2-3s were here at 83 to
9.40c.; 3s at 8.10 to 8.35c.; 3-4s at 8.10 to 8.35c.; 3-5s at
7.80 to 8.15c.; 4-5s at 7.70 to 7.80c.; 5-6s at 7.85c.; Peaberry
4s at 7.90 to 8.10e.
On the 8th cost and freights were rather scarce at a very
sharp advance ranging from 30 to 100 points according to
shipper and grade. For prompt shipment, Santos Bourbon
%
2-3s were quoted at 9.05 to 93 c.; 3s at 8.65 to 9.05c.;
ie.;
Vis, 8.95 to 9.40c.; 3-5s at 8.40 to 8Y 5-6s at 9.05c.; 6s
at 83,c.; 7s at 8.65c.- 7-8s at 8.30c.; Peaberry 4s at 8.40
to 8.90c. On the 9th 1VIilreis exchange had the first drop in
many weeks a Rio cable quoting it at 1515500, a decline of
100 reis. On the 9th inst. cost and freights were quiet and
unchanged to 25 points higher. For prompt shipment,
Santos Bourbon 2-3s were quoted at 9.15 to 9.55c.; 3s at
8.90 to 9.15c.; 3-4s at 8.90 to 9.300.; 3-5s at 8.65 to 8.950.;
5s at 8.60c.; 5-6s at 8.40c.; 6s at 83'c.; 7-8s at 8.30c.; Peaberry 4s at 8.65 to 8.90e.; Rio 6s at 7.10c.; 7s, 6.95e.; 7-8s,
-Jan. shipment,
685c.; Victoria 7-8s at 6.850. For Dec.
buyers' option, Santos Bourbon 4s were offered at 8.65c.
On the 10th cost and freights were quiet and included
prompt shipment, Santos Bourbon 2-3s at 9.30 to 9.800.;
3s at 8.90c.; 3-4s at 8.90 to 9.05c.; 3-5s at 8.65 to 9.05c.; 5s
at 8.600.. 5-6s at 8.40c.; Peaberry 4s at 8.65 to 8.80c.; Rio
6s at 7.10c.; 7s at 6.95c.; 7-8s at 6.85c.; Victoria 7-8s at
-Jan. shipment, Santos Bourbon
6.80 to 6.85e. For Dee.
2-3s were here at 9.650.; 4s at 9.05c.; 4-5s at 8.90c.; 5s at
%
8.75c. Spot coffee at New York was quiet at 83 e. to 9c. for
Santos 4s, 7c. for Rio 7s and 6%c. for Victoria 7-8s. On
the 10th Washington dispatches said an agreement dealing
with the transportation of coffee from Santos and Rio de
Janeiro to New York, entered into between the Munson
Line, Prince Line and the Cia de Navegacao Lloyd Brazileiro to-day, received approval of the Shipping Board. The
carriers agreed to maintain and also reach an understanding
on sailings. To-day the supply of cost and freight offers
from Brazil was again small. Only three of the shippers
seemed to have sent up tenders for prompt shipment.
Santos Bourbon 4s for prompt shipment were quoted at
8.65 to 8.900.
On the 5th inst. Rio futures here closed 14 points higher
with sales of 7,000 bags. Santos closed 2 to 3 points higher
with sales of 6,000 bags. Shorts covered in the fear of
bullish news from Brazil. On the 7th inst. Rio futures here
closed 2 to 5 points higher with sales of 7,000 bags. Santos
closed 5 to 7 points up, with sales of 20,250 bags. On the
8th inst. Rio futures here advanced 10 to 17 points with
sales of 17,500 bags and Santos 10 to 16 lower with sales
of 40,700 bags. The rise was due to an advance of 75 to
100 points on cost and freights following the imposition of
an export tax of 5s. It had an electrical effect in a short
market. On the 9th inst. Rio futures advanced 6 to 11
points with sales of 19,000 bags and Santos 12 to 17 points
with sales of 27,750 bags. Cost and freight prices were unchanged to 25 points higher. Spot coffee was firm but not
at all active as yet. On the 10th inst. Rio futures closed
6 to 11 points off with sales of 12,500 bags and Santos 11
to 12 points lower with sales of 17,250 bags. The explanation of the drop was profit taking following a recent sharp
rise on the increase in the export tax and the plan to destroy
12,000,000 bags of surplus stocks. To-day Santos futures
closed 6 to 10 higher with sales of 5,000 bags and Rio futures
1 point lower to 6 points higher with sales of 5,000 bags.
Final prices show an advance for the week of 27 to 35 points.
Rio coffee prices closed as follows:
Spot unofficial
December
March
May
7.O0©
5.62 ©nom July
September
©
5.91nom
5.9i@nom
6.03@ --6.13 6.14
Santos coffee prices closed as follows:
Spot unofficial
December
March
May
8
7.87 nom I July
8.12 September
8.25 nom
8 §
.37©
8.47 nom
COCOA to-day ended 5 to 6 points lower with sales of 97
lots; January ended at 3.960.; March at 4.08c.; May at
4.20e. Final prices are 16 to 20 points lower for the week.
SUGAR.
-Spot Cuban,raws were quiet early in the week
at 1.20 to 3.20e., later falling to 1.11 to 3.11c. Receipts
for the week were 38,142 tons against 29,352 in the previous
week and 63,546 tons in the same week last year; meltings,
32,706 tons, against 25,508 in the previous week and 52,859
in same week last year; importers' stooks, 67,390, against
69,151 in previous week and 168,501 in same week last year;
refiners' stocks, 50,111 tons against 42,914 in previous week
and 131,336 in same week last year; total stocks, 117,501,
against 112,065 in previous week and 299,837 in the same
week last year. On the 5th inst. futures closed 2 points off
to 3 points up with sales of 10,350 tons. The dissolution
of the Cuban pool sent all prices lower early. On new early
lows Cuban buying appeared; also buying by trade houses.
Spot raws were quiet with a lack of bids or offerings. Futures on the 7th inst. closed unchanged to 1 point higher
with sales of 10,250 tons. Leading Cuban interests were
said to have bought July and March and sold May and
Sept. Otherwise, features of interest were lacking, except
that contracts were scarce. On the other hand, there was
no general demand.
According to the "Journal of Commerce" of Dec. 5, the
Cuban sugar pool headed by Czarnikow-Rionda Co. in the
capacity of "single seller," in control of 700,000 tons of
sugar, which was formed about six months ago with the purpose in view of gaining control of the New York market in the
last half of the present year, was disbanded. Dissatisfaction
in the ranks was said to have caused the breakup. On
Dec. 5 London closed % to Yid. higher. Liverpool closed
unchanged to Md. higher. On Dec. 7 the Sugar Institute,
Inc., stated the total melt and total deliveries of 14 United
States refiners up to and including the week ending Nov. 28
1931 and the same period for 1930 as follows: Melt
-1931,
Jan. 1 to Nov. 28, 3,910,000 long tons; 1930, Jan. 1 to
Nov. 29, 4,380,000; deliveries, 1931, Jan. 1 to Nov. 28,
3,690,000; 1930, Jan. 1 to Nov. 29, 4,200,000. On the 7th
London opened at advances of 34 to Vid. Liverpool opened
unchanged to %d. higher. On the 7th Havana cabled the
Cuban crop movement for the week ending Dec.5 as follows:
Arrivals, 13,932 tons; exports 23,486 tons; stock, 75E1,918
tons. The exports were distributed as follows: To New York
'
6,412 tons. Philadelphia, 4,406; Baltimore, 9,564; New
Orleans, 19; Galveston, 2,380; interior U. S., 94; Holland,
'
611 tons. On the 8th London opened firm at unchanged to
advance. Liverpool opened quiet and unchanged.
On the 8th inst. futures declined 2 to 4 points with Cuban,
Porto Rican and commission house interests selling. Cuba
sold near months and Porto Rico next Dec. Cuba bought
Sept. Eastern beet sugar was off to 4.10c. Cuban spot
raws were 1.20 to 3.200. with the tone weak. For Jan.
arrival Philippine, it seems, were offered at 1.12e. Cane
refined here 4.40c.
On the 9th inst. futures opened 1 to 3 points off and closed
unchanged to 1 point lower with sales of 33,530 tons. Europe
and Cuba bought at the decline. But of pot Cuban raws
20,000 bags sold at 1.130. closing at 1.13 to 3.13c. a new
low. Beet refined is expected to decline further. There
may be fairly large importations of Cuban and Porto Rican
refined. Late on the 9th 20,000 bags of Cubas for prompt
shipment sold at 1.130.cost and freight;4,000 tons Philippines
due Jan. 10 at 3.12e. and 3,000 tons due Jan. 20 at 3.100.
On Dec. 9, London opened 4 to ld. off. Liverpool opened
3
steady and unchanged. On the 10th inst. futures closed 2
u:d.
DEC. 12 1931.]
FINANCIAL CHRONICLE
points lower to 1 higher with sales of 12,550 ton.
Spot
raws fell to 1.110. a decline of 2 points. Philippines were
offered at 1.100. for Jan. arrival. Refined declined 20
points to 4.20c. the lowest price since 1914 considering the
difference in the tariff on Cuban raw sugar. Spot orders
were reached in futures for Dec. and Jan. Wall Street and
cotton interests sold March. Large Cuban interests were
the best buyers of it. On the 10th early London cables
reported an easier market with sellers of raws at 6s. 103/2d.,
equal to 90e. f.o.b. at $3.303/ exchange. A cargo of San
Domingos for late Dec. or early Jan. arrival was reported
sold to Europe at 6s. 9%d. C. i. f. equivalent to 89c. f. o. b.
New Orleans advices state that all refiners remained withdrawn on Louisiana raws except one who is making a proposition to take a round amount, paying 90% cash on the current
market value and the balance when the sugars are shipped
in Jan. or Feb., buyers option, the price to be fixed on date
of shipment.
The World's crop for 1931-32 is estimated as 2,883,590
tons under the crop of 1930-31, the latest estimate being
25,838,219 tons against 28,721,809 tons in 1930-31, for all
crops. To-day London opened unchanged to Md. lower.
Liverpool opened quiet at Md. unchanged to Md. off.
Sterling was quoted at $3.31M. Here late on the 10th
15,000 bags of Cubas was sold for prompt shipment at 1.11c.
cost and freight. Amsterdam cabled: "The Chadbourne
proposals regarding the further restrictions of Java sugar
crop are not very clear to Amsterdam interests. Java in its
own interest is reducing the futures crop by 30 to 40%.
Several mills are closing down in 1932 and 1933." To-day
no great changes in prices took place. The ending was unchanged to 1 point lower. Near months were sold to some
extent but no selling pressure was noticed. Wall Street and
possibly Europe sold September. Cuba was supposed to be
the chief buyer of May and July. Contracts were not
plentiful. To-day there was confirmation of a sale of 4,500
tons of Philippines late January arrival at 3.10c. delivered.
Final prices show a decline for the week of 2 to 9 points.
The London Board of Trade figures for November with last
are as follows: Imports, 170,000 against 152,000 in November
last year. Consumption, 121,000, against 124,000 last year.
Stock, 192,000, against 275,000 last year. Java exports of
sugar for Nov. totaled 175,000 tons of which 15,000 tons
went to the East and 20,000 tons to the West, latter figure
including exports of 16,000 tons to the United Kingdom.
These figures compare with total exports during Nov.,
1930 of 296,250 tons of which 292,250 tons went to the East
and 4,000 tons to the West. To-day private London cables
attributed the easier tone of the terminal .market to hedge
selling. Of 96 test centrifugals an unspecified quantity was
reported sold at 6s. 9d., equivalent to 89c. f.o.b. Cuba at
an exchange rate of $3.36. A cargo of Mauritius crystals
were sold to an operator at us. 4d. c.i.f. United Kingdom,
equivalent to 94c. f.o.b. for Cubas.
Closing ouotations follow:
Spot unofficia1
December
January
March
i.i0li
May__ 1.10 1.02 July
1.16i1.17
1.02 1.03 September
i.13© --1.06 ---
LARD on the spot was higher at 6.40 to 6.40c. for prime
/
Western; refined Continent, 65sc.; South America, 6 8c.;
Brazil, 7%c. On the 5th inst. futures advanced 5 to 12
.
points on a stronger technical position. A rally was due.
Futures on the 7th inst. closed2 to 18 points higher with
hogs up 10 to 20e. Grain prices fell flat. Exports of lard
last week from New York were 3,496,000 lbs., against
2,888,000 in the previous week. Cash lard was firm at
6.60 to 6.70c. for prime Western. On the 8th inst. futures
declined 2 to 10 points. Liverpool was 6d. to is. 9d.
higher. Deliveries were 50,000 lbs. Exports from New
York were 1,368,000 lbs. Cash markets were weaker at
6.80 to 6.90c. for prime Western. On the 9th inst. futures
closed 12 to 13 points off owing to the decline in grain.
Futures on the 10th inst. closed 5 to 8 points off with hogs
down 5 to 10c. Liverpool was 9d. to 2s. lower. New
York exports were 503,000 lbs. Cash was weaker at 6.30
to 6.40c. for prime Western; refined to Continent, 65
%
to 630.; South America, 7c.; Brazil, 7%c. To-day futures
/
were 10 to 13 points lower on some realizing of profits.
Final prices are 10 to 23 points lower for the week.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Tues.
Mon.
Wed.
Sat.
Thurs.
Fri.
December
6.00
6.10
5.87
5.80
5.92
5.70
January
5.87
5.85
5.85•
.67
5.57
May
6.07
6.12
5.95
5.90
6.10
5.77
Season's High and When MadeSeason's Low and When Made
December
8.15
5.65
July 1 1931 December
Sept.28 1931
January
6.87
5.65
Dec. 10 1931
Nov. 9 1931 January
May
6.67
5.77
Nov.14 1931 May
Dec. 11 1931
PORK steady; mess, $18.50; family, $18,50; fat back,
15 to $16.50. Ribs, cash, 7c. Beef quiet; mess nominal;
packet nominal;family,$15 to $17;extra India mess nominal;
No. 1 canned corned beef, $2.25; No. 2, $4.50; six pounds,
South America, $14; pickled beef tongue, $65 to $68. Cut
meats steady but quiet; pickled hams, 14 to 16 lbs., 10c.;
10 to 12 lbs., 10Mc.; pickled bellies, 6 to 12 lbs., 9 to 9'%c.;
bellies, clear, dry salted, boxed, 18 to 20 lbs., 83'c.; 16 to
18 lbs., 8%c. Butter, lower grades to higher than extra,
243/b to 313'c. Cheese, flats, 133. to 18c.; daisies, 14 to
163c.; Young American, 10 to 18c. Eggs medium to
premium marks, 16 to 37c.
-Linseed was still quoted at 7.2c. for Dec. forward
OILS.
shipment, but some selling interests were reported to be
3983
offering at 4 to 6 points below listed quotations. In the
case of large producers the usual 2 point concessions were
available. Cocoanut, Manila Coast tanks, 33.c.; spot
N. Y. tanks, 3%e. Corn, crude, tanks, f.o.b. Western
mills, 334c. Chinawood, N. Y. drums, carlots spot, 6,I
5
to 7c.; tanks, 6 to 6Mc.; Pacific Coast tanks, 5% to 5%c.
Soya bean, tank cars, f.o.b. Western mills, 3Mc.; carlots
delivered, N. Y., 43/( to 5c.; L.C.I., 53 to 53 0. Lard,
/
prime, 10%c.; extra strained winter, N. Y., 7 Mc. Cod,
Newfoundland, 28 to 30c. Turpentine, 393' to 4 3 2c.
4/
Rosin, $3.65 to $8. Cottonseed oil sales to-day, including
switches, 12 contracts. Crude S. E., 33 to 3Mc. Prices
closed as follows:
Spot
December
January
March
3.75 ®
May
3.75®
4.25 ®4.35 July
4.42
4.48t4.52
4.62
PETROLEUM.
-Aviation gasoline was firmer. The
Standard Co. of New Jersey posted a price of 12c. in tank
cars at its refinery, as against 11e. recently. The crude oil
output was larger for the week. The daily average gross
crude oil production in the United States for the week
ended Dec. 5th was 2,449,850 bbls., against 2,420,100 for
the preceding week, an increase of 29,750 bbls. according
to the American Petroleum Institute. Production east of
California averaged 1,954,850 bbls., against 1,914,700 an
increase of 40,150 for the week. Other important changes
included increases of 31,200 bbls. daily in Oklahoma and
14,250 in East Texas and a decline of 10,400 in California.
Gasoline stocks at refineries representing 95.2% of the total
refining capacity of the country, amounted to 34,256,000
bbls. on Dec. 5th against 33,685,000 on Nov. 28, an increase
of 571,000 bbls. Production of cracked gasoline last week
amounted to 3,396,000 bbls. against 3,275,000 in the preced
ing week. Refineries operated at 60.4 against 62.5% and
ran 15,494,000 bbls. of crude oil to stills, against 16,048,000
in the preceding week. Gas and fuel oil stocks at the end of
the week amounted to 135,164,000 bbls., against 136,439,000 on Nov. 28th.
Export gasoline was firmer. At the Gulf 64-66 gravity was
%
raised to 53 c. Production in east Texas was ordered
reduced to 100 bbls. per well by executive order issued by
Gov. Ross S. Sterling. In the local market U. S. Motor
gasoline was quoted at 6 to 63/2c. with report of small offerings at as low as 5Mc. but most of the business was done at
6 to 63.c. in tank cars at local refineries. Fuel oil was in
fair demand with Grade C bunker spot still 60c. at refineries.
Diesel oil was fairly active at $1.30 refinery. Domestic
heating oils were in better demand. Kerosene was in fair
demand with 41-43 gravity 6c. in tank cars at refineries.
Tables of prices usually appearing here will be found on an earlier page in
our department of "Business Indications." in an article entitled"Petroleum
and Its Products."
-On the 5th inst. prices closed unchanged to
RUBBER.
2 points lower on No. 1 standard with sales of only 50 tons.
The market was awaiting further news on restriction. No.
1 standard closed with May, 4.70c.; Sept., 4.95e. Outside
prices: Plantation R. S. sheets, spot, Dec. and Jan., 4 5
to 43.c. On Dec. 5 the London market opened quiet, and
unchanged to 1-16d. up and closed steady, unchanged to
8
Md.advance; Dec., 3d.; Jan., 33/d.; Feb.,3Md. Singapore
closed 1-16d. up; Dee., 2%d. On the 7th inst. prices
declined 7 to 12 points with sales of No. 1 standard of 990
tons. There was nothing new about restriction. No. 1
standard closed with Dec., 4.30 to 4.32c.; March, 4.51 to
4.53c.; May, 4.61 to 4.63c.; July, 4.74 to 4.75e.; Sept., 4.85
to 4.89c.; Oct., 4.90 to 4.95c.; New "A" Dec., 4.30c.;
Jan., 4.37c.; Old "A" Dec., 4.30 to 4.40c.; sales 10 tons.
Outside prices: Spot and Dec., 4M to 4 7-160.; Jan., 43.
A
-March, 4 9-16c.; April-June, 43 c.; spot first
2
to 43/c.; Jan.
latex thick, 4 13-16c.; thin pale latex, 4 15-16c.; clean thin
brown No. 2, 43c.; rolled brown crepe, 4c.; No. 2 amber,
4 5-16c. On the 7th London closed unchanged to 1-16d.
higher and 1-16d. below the early highs. Dec., 31-16d.:
Jan., 3rd.; Feb., 33.d.; March, 3 3-16d.; April-June,
-Dec., 3 9-16d. Antwerp
3 5-16d.; July-Sept., 3 7-16d.; Oct.
cabled the London "Financial News" that the pre-war
:
system of a rubber futures market will be reopened Jan 4
1932, the business passing through the Banque Union
Financial, Antwerp, with quotations up to eight months
forward.
4.10c. for
On the 8th inst. prices declined to a new low of.
old "A" contract. The net loss was 8 to 20 points. Spot
prices were off to new lows of 43i to 4 5-16c. No further
restriction news came from London. This and a lower stock
market had a dispiriting effect. No. 1 standard closed with
Dec., 4.17 to 4.19c.; March, 4.42c.; July, 4.63c.; Sept.,
4.75c.; Oct., 4.82c.; sales, 920 tons; new "A", Dec., 4.20c.;
Jan., 4.25c.; no sales; old "A", Dec. 4.10 to 4.20c.; sales,
/
1073- tons. Outside prices spot and Dec., 41 4 to 4 5-16c.;
%
-March, 4 7-16c.; April-June, 4/sc.;
Jan., 43 to 43 c.; Jan.
5
spot,first latex, thick 4%c.;clean thin brown No.2,4 3-16c.;
4c.; No. 2 amber, 4Mc. On the 8th
rolled brown crepe,
London opened quiet, unchanged to 1-16d. decline and at
2:40 p. in. was quiet, 1-16d. to Md. decliine; Dec.,2 15-16d.;
Singapore closed dull and unchanged; Dec., 2%d. On the
9th inst. prices advanced 3 to 10 points with sales of880 tons
of No. 1 standard and none of new or old "A." The point
however, was that London cabled that an evening newspaper
stated that the British Government, through the Colonial
Secretary, had proposed to Dutch representatives that both
native and estate production of rubber be cut 50% and that
3984
FINANCIAL CHRONICLE
a restriction plan providing for anything less drastic would
not be considered. This with firmer sterling and more
bullish figures on stocks from the East braced prices here.
The London newspaper added that the Dutch were expected
to accept the severe restriction terms proposed by the British
"as their position is getting desperate." Far Eastern stocks
on Nov. 30 showed a decrease. November stock figures
dropped 7,480 tons in Harbor Board totals to 4,145 tons,
which was due to the big November shipments from Malaya
of 48,012 tons. Dealers' stocks increased moderately,
aggregating 41,372 tons at the end of last month against
39,497 at the close of October. No. 1 standard Dec. ended
at 4.23c.; March at 4.51 to 4.52c.; May at 4.61 to 4.65c.;
July at 4.72 to 4.75c.; Sept. at 4.85 to 4.88c.; new "A",
Dec., 4.23c.; Jan., 4.32c.; old "A" Dec., 4.20c.; outside
prices: spot, Dee. and Jan., 4M to 44c.; Jan.
-March, 43'c.;
5
April-June, 4%c.; spot first latex thick, 430.; thin pale
/
latex,4Me.;clean thin brown No.2,43'c.;rolled brown crepe
4c.; No.2 amber,4 5-16c.; No. 3, 4Me.; No. 4,4 3-16c.
On Dec. 9, London closed steady, 1-16d. off to 1-16d.up
Dec.3d.Jan. 3 1-16d.; Feb. 3 3'4:1,- March 3 3-16d.• On
the 10th inst. on the news that the Dutch had accepted the
English terms of a 50% restriction, prices here ran up 42
points, closing with a reaction from the top of 3 to 9 points.
The market here was oversold. The sales were 1,670 tons
of No.1 standard and 2Y tons of old "A",closing with No. 1
standard March 4.83 to 4.85c.; May 4.96 to 5e.; July 5.06
to 5.07c.; September 5.22c.; new 'A" December 4.600.;
January 4.67c.• no sales 32 to 42 points up; old "A" December 4.50c.• outside prices: Spot December and January
'
4% to 43c.; January-March 4% to 47c.; April-June
%
5 1-16c.; July-September 53cfc.; spot, first latex thick 53ic.;
thin pale latex 53c.; clean thin brown No. 2 4 7-16c.; rolled
brown crepe 4c.; No. 2 amber 4Yc.; No. 3 4 7-16c.• No. 4
1 '
4%c. On Dec. 10, London closed firm 3-16d. to %d,higher;
December 3 3-16d.; January 33'd.; February 3 5-16d. On
Dec. 10, London cabled the New York News Bureau: "It
is understood that the Dutch rubber delegates have returned
to this city with the rubber restriction plan approved by the
Dutch Government. No official announcement was issued,
but meetings of Anglo-Dutch delegates will be held here."
On the 10th, London opened unchanged to 1-16d. higher,
and at 2:38 p. m.
to 3-1fll. up; Dec. 33d. Singapore
to 3-16d. higher; Dee. 23/8d.; January-March 2 15-16d.
Singapore market firmed up, following publication in the
newspapers of a London message stating it was understood
Anglo-Dutch restriction negotiation have been concluded.
A British proposal for 50% restriction of rubber output was
said to be under consideration by the Dutch interests who,
according to the London report, were very likely to accept.
To-day prices closed 8 to 10 points lower on No. 1 standard
with sales of 167 lots;8 to 11 off on new"A,"no sales, and 10
points lower on old "A" with no sales. Final prices show
an advance for the week of 12 to 14 points. To-day London
closed unchanged to 1-16d. higher; Dec. and Jan. 33d.;
Feb. 3 5-16d.; Mar. 3 7-16d.; April-June, 3 7-16d. Today London opened 4 to 3-16d. up; at 2:37 p. m., 1-16d.
to Yd. up; Dec., 3 5-16d. Singapore closed 1,4 to Yd.
higher; Dec., 3%d.; Jan.
-Mar., 3 7-16d. Unofficial estimate of stocks in Great Britian for: Dec.11 is as follows:
London, 200 tons decrease; Liverpool, 250 tons increase.
HIDES.
-On the 5th inst., prices closed 10 to 30 points
higher with sales of 600,000 lbs. December ended at 6.80c.;
March at 6.80c.; June at 7.90c.; September at 8.50c. On the
7th inst., prices closed 5 points lower to 5 points higher
after sales of 640,000 lbs. December closed at 6.85 to 7.25c.;
March at 7.22 to 7.300.; June at 7.85 to 7.95c., and September at 8.55 to 8.65c. On the 8th inst., prices declined
10 to 25 points with sales of 650,000 lbs.; 4,000 NovemberDecember frigorifico steers sold at 7 11-16c. At the Exchange, December closed at 6.75 to 6.80e. and March at
7 to 7.05c. On the 9th inst., prices closed 10 points net
lower, with sales of 500,000 lbs. December closed at 6.65
to 6.80c.; March at 6.90 to 6.95e.; June at 7.55c.; September
at 8.20 to 8.30c. and November at 8.60e. June was the
only month in which there was any business. Common
dry Orinocos and Santa Marta 8c.; Central America 6c.;
Maracaibo, La Guayra, Ecuador and Savanillas 7c.; Packer
native steers and butt brands nominal; New York City calf-7s 75e.
skins 9-12s 1.60c.; 7-9s 1.00 to 1.10c.; 5
On the 10th inst., prices closed 4 points lower to 5 higher
with sales of 680,000 lbs.; December closed at 6.61 to 6.80c.;
March at 6.85 to 7c.; June at 7.55 to •7.75e.and September
at 8.25e. On the 10th inst., sales were reported of 2,000
light frigorifico steers November at 7%c. To-day futures
closed 4 to 10 points higher, December ending at 6.65c.;
January at 6.750.; March at 6.90 to 7.05c., and May at 7.40c.
-A moderate business.
OCEAN FREIGHTS.
CHARTERS included grain: 4.500 tons. 10. Feb. 1-20, Rio, North
-clean, Jan. 15
-Feb. 15, French
Atlantic, 14s., Gulf, 14s. 6d. Tankers
Atlantic, Black Sea 7s., Constanza 6s. 9d., Gulf 9s., North Atlantic 7s.
6d., additional discharge 6d. more, Houston. Dec. gas on Baltimore 16c.,
clean, Dec., Gulf to north of Hatteras 17c., dirty, Dec. Gulf to north
-Prompt, East Coast South America round 600.,
of Hatteras 14c. Time.
prompt East Coast South America round 80c., prompt West Indies round
80c. Sugar.
-Santo Domingo, Dec. United Kingdom 14s., Cuba, Dec.,
'
to United Kingdom-Continent 15s., 6d.
COAL.
-For a time colder weather helped trade to some
extent. Special rail rate reductions to Hampton Roads
tidewater are unlikely it is said. Only a moderate business
was done late last week. Some stress was laid on the
central sales agencies plan, the application of smokeless
[Vol,. 133.
producers for lower rates to Hampton Roads, and the possibility of coal legislation at this session of Congress.
TOBACCO has been in moderate demand and prices are
reported at least fairly steady. Some of the recent prices
at the southern sales have been very low or about half those
of a year ago. Havana wired to the U. S. "Tobacco Journal": "During October Cuba exported approximately
$2,000,000 less tobacco than during the same month of 1930,
when exportations amounted to $3,529,352. Exports have
dropped sharply since early in the year, and Cuban tobacco
merchants are said to be deeply concerned over the decrease
in foreign sales."
At Franklin, prices averaged from 75e. to
a hundred
lbs. for leaf, or well under last year's averages. Washington
wired that Chairman Stone of the Farm Board said that
farmers of the Green River district would receive whatever
assistance the Board could render. Havana-They predict
considerable curtailment of leaf tobacco crop in Santa Clara
Province; 40 to 45% of last year's yield, is estimate; week's
sales, 3,608 bales.Louisville, Ky.-Opening day sales at the
Ownesboro market ended in a near-riot. Growers of Green
River tobacco, dissatisfied with prices which averaged about
half as much as a year ago, stopped the auction with shouts
and jeers. About 78,000 lbs. had been sold at two warehouses at an average of $4.61 per 100 lbs., compared with an
average of .47 on the opening day last year, when close
As the auction to-day continued
to 500,000 lbs. were sold.
and rejections became more numerous, the farmers began
voicing their objections. Shouts of "You can't take our
tobacco that way." interrupted the auctioneers and threats
were heard to wreck the warehouses unless the sales were
stopped. Demoralization of prices in the Southern tobacco
mark:iis is credited principally to the sharp decrease in
foreigT requirements.
Oxford, N. C.: The total sales for the three days of last
week were 1,287,084 lbs., an average of $9.17. Total sales
to date 13,070,994 lbs., at an average of $9.92. It is estimated that approximately 60% of the crop has already
been marketed. There was very little change in prices
during the week, if anything, a little more low grade tobacco
was offered; prices remained about the same as the previous
week. Lexington, Ky., wired the A. P. Dec. 7: "A. crowd
of more than 1,500 farmers halted the opening burley tobacco
sales here to-day at the four warehouses where they had
been scheduled. The farmers marched from one warehouse
to another and became so vociferous that managers stopped
the sales. The low prices, which ranged from $10 to $12
per hundred, compared with $18 last year, caused the
farmers' action. Sales at all the houses had been halted
temporarily this morning. Haranguing and fist fights
marked the opening. One man arrested was taken away
from police by his supporters when the officers attempted
to arrest him, and at one warehouse two of the officers
were ejected." Owensboro, Ky., wired Dec. 7: "The
Owensboro dark tobacco markers, closed last Monday by
farmers' demonstrations, reopened to-day with a small increase in prices."
SILVER.
-On the 5th inst., prices advanced on the new
plan to stabilize prices by international agreement and closed
42 to 135 points higher after sales of 150,000 ounces. December closed at 29.40 to 29.500.; January at 29.67c.; March
at 30.25 to 30.38c.; May at 30.65 to 30.750. and October
at 31.55c. On the 7th inst., prices closed 35 to 110 points
'
higher with sales of 1,325,600 ounces. December closed
at 30.25 to 30.50c.; March at 30.90 to 30.95e.• May at
'
31.45c.;September at 32.10c.,and October at 32.15 to 32.25c.
On the 8th inst., prices closed 50 to 75 points lower with
January 30c.; March 30.40 to 30.65e.; May 30.85 to 30.95c.;
August 31.20c.• September 31.30c., and October 31.500.
'
On the 10th inst., prices closed 5 to 35 points higher with
sales of 250,000 ounces. December closed at 29.60 to 29.85e.;
March at 30.30 to 30.50e.; May at 30.75 to 30.90c.; July
at 31.05e., and September at 31.35 to 31.70c. On the
9th inst. prices closed 15 to 35 points lower with sales of
1,025,006 ounces. December closed at 29.50 to 29.600.;
March at 30.07 to 30.30c.; May at 30.70c.; September at
31.05c., and October at 31.250. To-day futures closed
70 to 90 points higher with sales of 1,325,000 ounces. January ended at 30.70c.; March at 31.15c.; May at 31.700.,
and August at 31.96c. Final prices show an advance for
the week on March of 5 points.
COPPER was very dull. Export business was very small
recently. On the 10th inst. the sales for foreign account
were only 250 tons as against 1,100 on the preceding day.
The price remained at 63/2c. for domestic delivery and 7c.
for export. London on the 10th inst. dropped 10s. on
standard copper to £37 10s. for spot and £38 2s. 6d. for
futures; sales 50 tons of spot and 450 of futures. Electrolytic was unchanged at £43 bid and £47 asked; at the second
session standard fell 3s. 9d. on sales of 100 tons of spot and
200 tons of futures. Futures on the Exchange here on the
10th inst. fell 25 points, with sales of one lot of May at
5.42c. Dec. futures closed at 5.35e., with 5 points higher
for each succeeding month.
TIN was quiet, with spot Straits quoted at 203 e. Fu%
tures on the Exchange here on the 10th inst. were unchanged,
with sales of 2 lots of Oct. at 22c. London on the 10th
inst. declined 10s. on spot standard to £136 15s.; futures
off 7s. 6d. to £139 15s.; sales 50 tons spot and 500 futures
DEC. 121931.]
FINANCIAL CHRONICLE
spot Straits dropped 10s. to £139 10s.; Eastern c.i.f. London
ended at £141 12s. 6d. on sales of 175 tons; at the second
London session standard declined 2s. 6d. on sales of 90 tons
of futures.
LEAD was in fair demand and steady at 3.85c. New York,
and 3.65c. East St. Louis. In London on the 10th inst.
spot lead dropped 2s. 6d. to £15;futures off is. 3d. to £15 5s.;
sales 100 tons spot and 350 tons of futures; at the second
session prices fell is. 3d. on sales of 50 tons of spot and 50
tons of futures.
ZINC was steady but demand was very small. The steadiness was attributed to the firmness of the ore market and the
difficulty of buying it at present prices of $19. According
to the American Zinx Institute, sales of prime slab zinc for
November shipment were 6,665 tons at the average price of
3.188e. East St. Louis; for subsequent delivery sales were
7,408 tons at 3.239c. Sales of brass special for November
shipment were 175 tons at 3.321c.; for subsequent delivery,
450 tons at 3.311c. In London on the 10th inst. spot zinc
fell 2s. 6d. to £14 is. 3d.; futures off Is. 3d. to £14 11s. 3d.;
sales, 100 tons spot and 375 futures; at the second session
prices dropped Is. 3d. on sales of 100 tons of futures.
-Structural steel was quiet. The ingot output
STEEL.
increased in November, it turns out, for the first time since
March. The gain was 2 %.in this time. But this aroused
%
only mild interest. Trade is still dull. That is the outstanding feature. Production of steel ingots in November
increased 1,308 tons over October according to the monthly
compilation of the American Iron and Steel Institute. The
output of all companies was 1,593,684 tons against 1,592,376
in October and 2,212,220 in November 1930. The approximate daily output of all companies in November, with 25
working days was 63,747 tons against 58,977 in October,
which month had 27 working days. Operations in November
were at 30.01% of ingot capacity against 27.76 in October
and 44.20 in November last year. The output in the past
week is stated at an average of 26%% against 30% in
November. The unfilled tonnage of the United States
Steel Corp. fell off, it is said, 185,541 tons in November.
PIG IRON has been quiet and without features of particular interest. The later days of the week developed
no new features. East Indian iron is said to be quoted $2
delivered above the domestic level. Dutch iron is offered,
it is said, at $16 on small lots. Foundry operations in the
East are at 20 to 25%, it is stated, against 26 for the entire
industry.
WOOL.
-On the 8th inst. Boston wired a Government
report as follows: "A fair demand is being received on 48s-50s
domestic wools in both fleece and territory lines. Strictly
combing territory wools of this grade bring 40 to 43c. scoured
basis, with little real good wool available at the minimum
figure of this range. Strictly combing 48-50s fleeces sell
at 36 to 38c., scoured basis."
,.
Boston prices were steady despite lessened buying. Unwashed
Pennsylvania fine delaine, 24c., fine clothing, 2034e., 34-blood Ohio and
combing.
24c.. clothing, 21c.. 34-combing, 23 to 24c., clothing, 21c.. 3i-combing, 21
to 2134e., territory clean basis, fine staple, 58 to 60c.. fine medium,
French
combing, 53 to 550., fine, fine medium French combing, 53 to 55c., fine,
fine medium clothing. 50 to 52c., 34-blood staple. 48 to 50c.. 34-blood,
53
to 55c., 3i-blood, 42 to 43c., Texas, clean basis, fine 12
months 55 to 57c.
fine, 8 months, 47 to 48c., fall, 38 to 39c., puled, scoured basis, A super,.
48 to 52c.. B,43 to 45c., 0,40 to 42c.. Mohair, original Texas adult, 22 to
2534e., Texas fall kid. 53 to 550., Texas spring kid, 43 to 450.
Boston wired this Government report Dec. 10 "Inquiries
for 64s and finer Western grown wools are more numerous
than earlier in the week and a few sales of fair volume have
been closed at firm prices as compared with last week's
sales. Quotations are mostly firm on good fine wools with
concessions available only on clean-up lots."
In London on Dec. 4, offerings 11,135 bales; strong support
from the Continent and liberal buying by Yorkshire at late
values. Firm limits led to rather frequent withdrawals,
chiefly scoured merinos. Details:
Sydney, 2,526 bales, scoured merinos, 163 to 1731d., greasy, 8.3,i, to
12 d. Queensland, 1,2t9 bales, scoured merinos, 1934 to 2030., greasy,
1054 to 113jd., Victoria. 1,592 bales, scoured merinos, 16 to 1734d.. greasy,
11 to 1334d., scoured crossbreds, 10 to 1630., New Zealand. 5.549 bales,
scoured merinos, 1334 to 21d., scoured crossbreds. 1234 to 18d.. greasy,
434 to 113.1d., Kenya Colony, 139 bales, greasy merinos, 6 to 7d., New
Zealand slipe ranged from 434 to 1231d., latter halfbred lambs.
3985
Sydney, 1,962 bales, greasy merinos, 73% to 1034d., Queensland, 2,028
bales, scoured merinos. 15 to 2734d.. greasy,8 to 12d., Victoria, 773 bales,
greasy merinos, 9 to 12d., South Australia. 1,114 bales, scoured merinos,
123-4 to 1534d.,greasy,7 to 9d., West Australia, 1,911 bales, greasy merinos,
754 to 113,4d., New Zealand. 3.466 bales, scoured crossbreds. 734 to 1734d.,
greasy, 5 to 12d., Falklands, 649 bales, greasy crossbreds, 5 to 9d. New
Zealand slipe ranged from 5d. to lid., latter halfbred combing wools.
In London on Dec. 10, offerings 11,860 bales. Firm
limits led to the withdrawals of about 2,000 bales, the rest
meeting with good sale to Yorkshire and the Continent at
late values. Details:
Sydney, 1,484 bales, scoured merinos. 934 to 1734d., greasy, 9 to 13d.,
Queensland, 2,556 bales, scoured merinos. 17 to 19d., greasy. 6A to 12d..
South Australia. 318 bales, scoured merinos. 1454 to 1534d., greasy, 734
to 93%d., Victoria, 711 bales, greasy merinos.9 to 1334d., greasy crossbreds,
83( to lid.. West Australia, 307 bales, greasy merinos, 731 to 101d.,
New Zealand, 5,658 bales, scoured crossbreds. 10 to 15d.. greasy. 4 to
1234d.. Cape, 719 bales, scoured merinos, 1031 to 15d., greasy, 654 to Od.
New Zealand slim) ranged from 6 to 12d., latter halfbred lambs.
London cabled Dec.9 that the Australian strike ended that
day and wool sales will be held at Perth on Jan. 11, Feb. I
and 22 and March 14. At Adelaide on Dec. 4, 33,000 bales
were offered and 29,000 sold. Good competition. Prices
about equal to the latest Australian sales, but 10% below
the previous Adelaide sale. At Brisbane on Dec. 4, the sale
closed. An average to good selection realized prices about
equal to the opening level. Sales were resumed on Dec. 7.
At Brisbane on Dec. 7, an average selection met keen demand. Prices unchanged compared with previous sales.
The Perth wool sales scheduled to be held Dec. 14, have been
canceled owing to the strike.
At Brisbane on Dec. 10 the sales closed with an average
to good selection. Competition was keen. Compared with
the sale of Dec. 7, prices were unchanged except on very
duty fleeces, which were irregular. At Napier, on Dec. 4,
22,600 bales were offered and 16,500 sold. Representative
offering of crossbreds; no merinos. Demand for fine greasy
wools was good, but coarse qualities were dull. The closing
tone was steady. Prices realized: Crossbreds, 50-56s, 5d.
3
to 83 d.; 48-50s, 6d. to 8d.; 46-48s, 4% to 7 2d.; 44-46s,
4
4d. to 63/2d. and 40-44s, 3d. to 53/2d. At Melbourne, on
Dec. 7, offerings chiefly of Riverina wool, also attractive
merinos and comebacks from the northeastern and central
districts, 97% of which were sold. Allowing for the fall
in exchange the market was similar to the last Melbourne
sale. Prices paid for merinos: Eilandonan Stratford, 145jd.;
Kallara, 10%d.; crossbreds-Hartwood, 11 M.; comebacksAshcombe, 133-d.
At Wellington, on Dec. 8, 23,000 bales offered and 16,000
sold. Representative selection of crossbreds; merinos poor.
Yorkshire and Continental demand was irregular, but crossbred prices were about equal to the last Napier sale. Fine
grades were wanted and coarse grades were neglected, but
closed fairly steady. Prices realized: Merinos, 734 to 9 id.;
crossbred, 56-58s, 6 to 93/2d.; 50-56s, 7 to 83td.; 48-50s,
4
2
53 to 83/d.; 46-48s, 53 to 7M.; 40-44s, 4 to 6d.; 36-40s,
4 to 5d.
WOOL TOPS.
-To-day the strengthening tendency in
wool tops was continued. January sold on the opening
call at 68, a rise of lc., and later continued to trade at that
level. The March delivery sold at 67.10, up 10 points, and
May sold between 67.00 and 67.10. This strengthening in
the future contracts has taken place in the face of a continued slow movement of spot tops and an easing of the spot
price as reflected in a marking down of the Boston spot
quotation from 74.50 to 74.00. Foreign tops markets
were slightly easier to-day. Antwerp was unchanged to
down a quarter of a penny and Roubaix was unchanged to
10 centimes down. The close here to-day was 50 points
lower to 100 points higher.
SILK to-day ended unchanged to 3 points higher with
sales of 1,960 bales; Dec. ended at $1.93 to $2; Jan. at $1.98
to $1.99; Mar. at $2.01, and May at $2.02 to $2.04. Final
prices are 14 to 21 points lower for the week.
COTTON
Friday Night, Dec. 111931.
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
In London on Dec. 7, offerings were 10,660 bales and reached 227,112 bales, against 312,183 bales last week and
sold to Yorkshire and the Continent on the recent basis 317,628 bales the previous week, making the total receipts
of prices. Withdrawals of merinos and crossbreds were since Aug. 11931, 5,487,933 bales, against 6,314,286 bales
for the same period of 1930, showing a decrease since Aug. 1
frequent at firm limits. Details:
Sydney, 2,632 bales, scoured merinos, 1434 to 1630., greasy, 734 to 1931 of 826,353 bales.
123
-Id.. Queensland, 1,637 bales, scoured merinos, 16 to 2234d.. greasy,
6341Ito 1234d., South Australia, 1,065 bales, scoured merlons, 14 to 20d.,
greasy, 734 to 934d., Victoria, 581 bales, greasy merinos, 11 to 14d., West
Australia, 1,140 bales, greasy merinos, 734 to 1030.. New Zealand, 3,533
bales, scoured merinos, 1454 to 18d., greasy, 10 to Ild., scoured crossbreds,
1234 to 1734d., greasy, 434 to 1234d. (ape. 73 bales, withdraw, New
Zealand slipe ranged from 534 to 12d., later super quarterbred.
Receipts atSat.
Mon. Tues. Wed. Thurs. Fri.
Total.
Galveston
8.048 i3,676 25.'719 8,,'754 6,9'78 7,463 65,638
Texas City
5.344 5,344
Houston
4.033 10,830 9,718 7.664 6,292 31,834 70,371
Corpus Christi
611
617
483
674
725
614 3.624
In London on Dec.8th offerings 10,000 bales; good general Beaumont
-------1,368
1.368
7,799 8.451 4,825 7,123 14.419 9,744 52.361
demand,the bulk being taken by the Continent at late prices. New Orleans- Mobile
14,668
650 1,066
392
354
893 18,023
Details:
Pensacola
17
Jacksonville
-------208
- --Sydney, 2,450 bales, greasy merinos. 73£ to 15d.. Queensland, 2,381 Savannah ------------208
285
357
982
184
351
33
bales,scoured merionos, 1734 to 2334d., greasy, 734 to 13)4d.. Victoria, 662 Brunswick
,462
------------ -1,231
1.231
_
bales, scoured merinos, 14 to 19d., greasy, 1154 to 1334d., scoured cross- Charlton
230
24
124
123
191
96
788
breds, 1154 to 17d., New Zealand,2,804 bales, greasy merinos,934 to 103/0., Lake Charles_ __ _
__ __
____
____
___ _
_-__
53
1
2,328 2,328
greasy crossbreds,, , to 1131d.. l'untax, 1,471 bales. greasy crossbreds. Wilmington
25
144
44
98
55
27
393
7 to 1134d. New Zealand slipe ranged from 7d. to 1130., latter halfbred Norfolk
160
372
244
431
11'7
412 1.736
lambs. Offerings of 304 bales of Chilean washed crossbreds were sold at Baltimore
1,220 1,220
434d. to 93Id. per pound.
In London on Dec. 9th, offerings 11,900 bales, sold to Totals this week_ 35,859 30,121 44.436 26.711 29.707 50 275 997 11.7
Yorkshire and foreign sections at the recent level of prices.
The following table shows the week's total receipts, the
First offerings of Falklands greasy crossbreds in this series total since Aug. 1 1931 and the stocks to
-night, compared
were all sold at 10% above October rates. Details:
with last year:
FINANCIAL CHRONICLE
3986
This Since Aug This Since Aug
Week. 1 1931. Weelc. 1 1930.
Galveston
Texas City
Houston
Corpus Christi
Beaumont
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles__..Wilmington
Norfolk
N'port News, dmNew York
Boston
Baltimore
Philadelphia
Totals
Stock.
1930.
1931.
Receipts to
Dec. 11.
1930.
1931.
65.638 1.296.470 37,675 1.045,682 907,876 692.860
56,339
52,385
94,683
91.502 3,191
5.344
70.371 2,256,514 64,275 2,325,768 1,648.245 1.515.839
3.624 393.611 2,220 551,921 112,194 132,603
15,314
843
11.635
1.368
52,361 634,481 55,284 855,313 796,358 746,143
18,023 219,248 26,517 356,507 235,467 173,155
50,842
550
48,352
17
1,284
14.675
417
---20,565
208
2,462 215,561 16.167 521,416 317,679 299,726
49,050
11,588
1,231
85,154 8,254 238.064 160,568 170,070
788
57.817
38,504
2,328 102.663 1,451
20,572
23.319
43,738
32.711 1,568
393
99.529
70.064
51.191 4,294 115,301
1,736
501 225,520 231,523
50
2,715
9,001
-__
317
321
1,069
1,381
10,950
569
16,365
1,220
5,176
5,313
1
227.112 5.487.933 222.908 6.314.286 4.637.862 4.148.603
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts atGalveston-Houston
New Orleans_
Mobile
Savannah
Brunsvrick__ Charleston__
Wilmington...
Norfolk
Newport News
All others__-Total this wk-
1931.
1930.
1929.
1928.
1927.
1926.
65,638
70.371
52,361
18,023
2,462
1,231
788
393
1,736
37,675
64,275
55,284
26,517
16,167
65,161
107.031
58,290
12,348
12.459
107,464
84,435
64,031
10,155
9,642
60.125
66,348
38,918
3,079
8,530
112,259
135,265
73,946
9,823
25,863
8,254
1,568
4,294
4,842
4,249
6.680
3,138
5,648
8,993
3,556
3,594
8,319
13,415
4.939
13.063
14,109
8,874
10,338
18,230
7.593
12,159
227,112
222,908
281.398 311,736
199,962 400,731
Since Aug.I__ 5.487.933 6.314.286 6.053.287 6.338.579 5.724.220 7.893.927
The exports for the week ending this evening reach a total
of 345,277 bales, of which 57,076 were to Great Britain,
17,691 to France, 55,639 to Germany, 41,496 to Italy,
nil to Russia, 139,572 to Japan and China and 33,803 to
other destinations. In the corresponding week last year
total exports were 134,337 bales. For the season to date
aggregate exports have been 3,312,250 bales, against 3,454,072 bales in the same period of the previous season. Below
are the exports for the week.
Exported to-Week Ended
GerDec. 11 1931. Great
- Britain. France many.
Exportsfrom
Japan&
Italy. Russia. China. Other.
4,332 6,279 18,093
13,359 13,484 14.676
2,375
1,951
8,684
Galveston
Houston
Texas City
Corpus Christi
1:5(14
Beaumont
27.527
New Orleans
13.985
Mobile
Jacksonville--_
17
Pensacola
Savannah
Brunswick
2,435
Charleston
131
Norfolk
New York
200
Los Angeles_ _ _ _
778
Lake Charles__
13,450
9,527
10,713
639
900
2,515
"Rio
1,081
3,451
231
100
BOO
721
Total.
50,115 20,222 105,725
40,012 9,450 90.981
916 7.009
1.767
2,584
2,584
1.368
5,165 1,555 57,159
1,230 26,828
639
17
21,110 -85 23,984
150 1,231
17,186
11.300
362
130
-55
200 8,575
7.575
1.499
57.076 17.691 55.639 41,496
139,572 33.803 345,277
22,604 24,409 30.535 14,771
Total 1929._ 57.600 25,558 26,722 12.807
22,559 19,479 134,357
29,650 12,522 164,949
Total
Total 1930
Exported to
From
Aug. 1 1931 to
GeeJapan&
Dec. 11 1931. Great
Exportsfrom- Britain. France. many. Italy. Russia. China. Other.
100,015
119.403
Houston
5.703
TIMM City
Corpus Christi 60,3591
4,9421
Beaumont .. _ _
New Orleans.. 57,140
46,555
Mobile
3,317
Jacksonville
8,033
Pensacola_
Savannah.... 48,808
3,78
Brunswick...
Charleston... 31,440
Wilmington- 14,876
Norfolk
182
New York...
47
Boston
8
Baltimore_
870
Los Angeles
San Francisc.
3.194
Lake Charles_
Galveston__
28,350 110,569 62,460
92,857 307.0431111.584
12,627
1,926
10.487J 27,313
9,298
--2,704
310
12,414 45,872 53479
2,440
550 31,9
3,782
-___
174
39.528
--750
47.276
111
18.987
......
28,050 -----5,676 3,200
4,304 ---22
1,029 ---50
----
2.585
2,7
100
11,445
----3,363
Total.
767.125
____ 451,187 114.54
---- 48.04 170,69 1,249,623
____ 1,767 2,2471 24.743
-___ 111,561 27,413 252,431
8,927
971
___
-___
--__ 112,186 26,76 307,857
171,078
---- 87,483 2,05
7.221
12
__
____
53,330
3
,5
____ 5
-___ 127,13. 4,59 228,678
23,201
4
78,773
-___ 15,562 8,721
10,334
__ 1,458
-___
42 24,752
--__ 5,508
2,277
1.016
583
53
-------
s
---- 57,051 1,62
251
--__ 11,97
---6,1001
62,293
12,326
26,687
---- 334765364,891 3,312.250
Total
508.656 148,523 090.173265.242
Total 1930_
Total 1929_
339.5.5 3354.072
683.048 578.698 1.008,521 247,037 29,279 587,932356,874 3,625,666
727,198486.1 I 1.027.778345,658 78,015404.013
.
. _
_
In addition to above exports, our telegramsto-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared for
Other CoastGerGreat
Dec. 11 at
- Britain. France. many. Foreign wise.
6,000 3,500 5,800 39,000 1,000
Galveston
New Orleans
4,044 4,082 4,535 16,560 17.300
300
Savannah
Charleston_ ..- 402
22,446
Mobile
6.100
Norfolk
Other ports*- - 6,000 2,500 3,000 52.500 1,000
r
Total.
Leaving
Stock.
55.300 852,576
46,521 749,837
300 317,379
160,568
28Ai 206.519
70,064
65.000 2,084.850
Total 1931
22.144 10,082 13,335 130,506 20,002 196,069 4,441,793
• Total 1930
32,401 10,113 23,584 89.006 7,046 162,150 3,986,453
r Total 1929
38,848 19,181 42,571 103,803 8,425 21,828 2,433,241
•Estimated.
[void. 133.
Speculation in cotton for future delivery has not been at
all active, but the tone has plainly been firmer. Trade buying has been a persistent factor. Offerings have been small.
Hedge selling has still been light. The South continues
to hold. Spinners' takings are growing. So are the exports.
The "into sight" slackens. Mill curtailment looms as something of a feature at the South. Goods are firmer. On the
5th inst. prices closed practically unchanged. There was
some selling by hedgers, co-operatives, the Continent, Wall
Street and the West. Sentiment was still mostly bearish.
There was less rain. Cotton goods were dull. A "seat"
on the Exchange sold at $16,000, a decline of $1,000. Later
there was a small rally. Mills fixed prices to some extent.
New Orleans and Liverpool bought. Liverpool was firm,
with Bombay buying and mills calling. Sterling was easier.
The South sold on only a moderate scale. Silver was higher.
Exports from the United States on the 5th inst. were 117,178
bales. The quantity on shipboard was stated by the "Chronicle" at 224,871 bales against 133,389 bales a year ago and
151,163 in 1929. The decrease in exports compared with
those of last year was down to about 300,000 bales as against
a decrease for a considerable period of half a million bales
or more. Cotton goods here were reported, as a rule, unchanged, though somewhat lower prices were reported for
39-inch 72x76's offerings, of which it appeared were unchanged at 4%c., with some sales at 4%c. But despite it
all futures and spot cotton showed a steadiness that excited
comment.
On the 7th inst. the fluctuations were almost negligible.
Many were evening up for the Government report on the 8th.
Some professed to be awaiting the President's message.
There was a net decline of 2 to 4 points. The price refused
to really give way. The Bengal crop, it was stated, was
turning out 30% under previous estimates, and Bombay advanced 6 to 9 rupees. Liverpool was firm on the rise in
Bombay, and with Continental and East Indian buying in
Manchester said to be more encouraging. Silver was 3fid.
higher in London. Sterling was lower. Here trade buying
and covering held the market as against what was taken
to be selling by the Continent, Japanese interests and cooperatives as well as Wall Street. The hedge selling continued to be small. Cotton goods here were quiet, and sales
last week were below production.
On the 8th inst. prices advanced 12 to 13 points for a
time as the Government crop estimate was 16,918,000 bales,
an increase of only 15,000 bales in a month as compared
with an expected increase of some 200,000 to 300,000 bales.
Covering and other buying emphasized this interesting fact.
But later a decline in stocks caused considerable selling, and
a reaction from the top of some 16 to 17 points. The close
was at a net decline of 2 to 6 points. The crop of 10,918,000
bales compares with 16,903,000 bales on Nov.1 and 13,931,597
last year's harvested crop. The yield per acre was 201
pounds, the highest since 1914, when it was 209.2. The quantity ginned up to Dec. 1 was 15,023,451 bales against
12,834,970 bales in the same time in 1930 and 12,850,166 In
1927. Even in 1926, the year of a crop approximating
18,000,000 bales, the ginning up to Dec. 1 was only 14,644,070
bales. Fears of debenture and equalization legislation have
kept import buying of American cotton by Liverpool merchants down to a minimum, according to the New York
Cotton Exchange Service. These fears have resulted in
narrowing the parity between Liverpool and New York
futures. This, together with the high basis prevailing in
the South and the absence of carrying premiums on Liverpool futures, has caused Liverpool merchants to avoid buying in the South except against absolute needs. On Brazilian
cotton, similarly, Liverpool importers are buying little because of unacceptably high prices. In Indian cotton a small
business has been done this past week for spring shipment.
Liverpool estimates that total imports of Russian cotton at
that market this season will be about 100,000 bales of about
400 pounds each. It is expected that under current conditions, Liverpool will import cotton on only a hand-to-mouth
basis.
On the 9th inst. lower stocks and wheat hit cotton at
least a glancing blow and prices ended at a net decline of
7 to 10 points. Liverpool cables, after making due allowances, too, were rather lower than expected. Local, Continental and Wall Street liquidation told. Straddle selling
by Liverpool had some effect. Commodities in general declined. Some stressed the taxation program of President
Hoover and Secretary Mellen. But some former bears say
hc. in the South.
they do not care to sell with cotton at 41
Trade interests bought on a scale down. This and some
covering and buying at times for Liverpool acted as a buffer
to the selling. But speculation was light. Stocks, bonds
and many commodities keep declining. Cotton goods sales
are unsatisfactory. Manchester reported larger cloth sales
to China, but Manchester's trade in general cannot be called
satisfactory. And yet the decline in prices was slow. The
South is still holding back cotton. The weekly statistics
on movement and stocks of American cotton show that the
staple is moving away from producers at a slower rate than
usual, considering the size of the crop. The extent to which
the crop is being held back is indicated by the fact that,
although the crop is estimated to be 3,000,000 bales larger
than last year, according to the last Government forecast,
and the ginnings to the middle of November were about
2,500,000 bales in excess of those to the same date last
DEC. 12 1931.]
FINANCIAL CHRONICLE
year, the total movement into sight to this date is but
8,652,000 bales against 9,218,000 to this date last season.
On the 10th inst. prices advanced some 6 to 8 points, with
stocks rallying after a decline to new lows, hedge selling
small,the South persistently holding back, and a steady trade
demand encountered for March and May. Some thought the
market acted sold out, if not oversold. Wheat rallied. Some
other commodities advanced, including rubber 25 to 30
points. Cotton mills of Lancaster, Greenwood, Chester, Kershaw, Ninety-Six, South Carolina, will shut down for one
week at Christmas, and they will stop all machinery for one
week each month as long as the industry as a whole gives
full co-operation to this move. They have also withdrawn
their print cloths from the market. Liverpool was steady
in the end on foreign buying and a rise in Alexandria of
20 to 30 points. Silver was up 7/16d. on London. German
news was better. Manchester reported fair sales of cloth
to Egypt. Worth Street reported a fair business at steady
prices. Chicago reports stated that the American Farm
Bureau Federation, by unanimous vote in the closing session
of its annual meeting, went on record as favoring an amendment to the Federal Agricultural Marketing Act and instructed its legislative representatives to have presented in
Congress at once a bill which would include the equalization
fee principal of surplus crop control. One comment here on
this was: "Press advices from Chicago announce practically
the unanimous espousal by the leading farm organizations
of the equalization fee and debenture plan to "strengthen"
the Agricultural Marketing Act. What Congress will do in
the face of this pressure is not known. The tragedy certain
to ensue from the adoption of these measures, we believe,
will be so destructive that it will mark the end of political
meddling with natural laws." A "seat" on the Exchange
here sold at $14,750, a decline of $1,250. Later on the same
day another sold at $14,500, a total decline for the day
of $1,500.
To-day prices advanced 12 to 16 points with contracts
scarce and the trade demand good. Shorts covered freely.
A decline in the stock market was ignored. Weekly figures
were bullish as to exports, into-sight and takings. There was
little or no hedge selling. Trade buying was an outstanding
and dominant feature. Wall Street covered in the afternoon.
Also there was something of a rally in the stock market
and a quick rise in grain. Both helped. The London and
Paris stock market were firm. Worth Street was firmer,
though rather quiet. Manchester reported larger sales to
India and Ohina. Wire houses and apparently Japanese
interests bought here at one time. Co-operative selling of
late has slackened noticeable. Some laid much stress on
the weekly figures. The total brought into sight of American cotton was only 364,000 bales against 406,000 last week
and 332,000 last year. A New Orleans report put the spinners' takings for the week at 461,000 bales against 453,000
last week and 361,000 last year. The Cotton Exchange figures on the forwardings to the mills were 388,000 bales
against 315,000 last week and 302,000 last year. Exports
for the week ran up to 344,000 bales against only 141,000
last year. The total thus far is now 3,338,000 bales against
3,509,000 for the same time last year. That is, the decrease
is now only 171,000 bales compared with 1930 as against a
decrease at one time this season of half a million bales
or more. Final prices show an advance for the week of
4 to 7 points. Spot cotton ended at 6.20c. for middling, a
rise of 5 points since last Friday.
etapla Premiume
60% of average of
six markets quoting
for deliveries on
Dec. 17 1931,
15-16
bob.
1-Inch &
longer.
Differences between grades established
for delivery on contract Dec. 17 1931
Figured from the Dec. 10 1931 average
quotations of the ten markets designated
by the Secretary of Agriculture.
3987
NEW YORK QUOTATIONS FOR 32 YEARS:
The quotations for middling upland at New York on
Dec. 11 for each of the past 32 years have been as follows:
1931
1930
1929
1928
1927
1926
1925
1924
6.20c. 1923
9.950. 1922
17.30c. 1921
20.50c. 1920
19.250. 1919
12.40c. 1918
19.70c. 1917
23.250. 1916
34.50c. 1915
25.10c. 1914
18.20c. 1913
16.250. 1912
38.50c. 1911
28.550. 1910
31.00c. 1909
18.00c. 1908
12.35c. 1907
7.250. 1906
13.40c. 1905
13.00c. 1904
9.20c. 1903
15.05c. 1902
15.20c. 1901
9.10c. 1900
10.95c.
10.50c.
12.10c.
8.00c.
12.40c.
8.55c.
8.50c.
9.750,
FUTURES.
-The highest, lowest and closing prices at
New York for the post week have been as follows:
Saturday,
Dec. b.
Dec.Range-.
ClosingJan.RangeCloeing_
Feb.Range-Closing_
Mar.-
Monday,
Dec. 7.
Tue,sday, Wednesday. Thursday.
Dec. 8.
Dec. 9.
Dec. 10.
FridaS.
Dec. 11.
5.96- 6.02 6.97- 6.02 5.95- 6.10 5.85- 5.96 5.85- 5.90 5.91 6.08
5.99- 6.00 5.97- 5.98 5.95- 6.96 5.85- 5.90
6.046.01- 6.08 6.01- 6.06 5.97- 6.14 5.89- 5.97 5.88- 5.97 5.94 6.11
6.05- 6.06 6.01- 6.03 5.97- 5.98 5.89- 5.91 5.95- 5.96 6.09 -6.14- 6.11- 6.06- 5.98-6.05- 6.18-
Range..- 6.18- 6.27 6.20- 6.25 6.16- 6.33 6.07- 6.16 6.07- 6.17 6.12 6.29
Closing 6.23- 6.21 - 6.16- 6.07- 6.08 6.15- 6.27 6.28
April
Range-Closing- 6.32- 6.29
6.25 --- 6.16- 6.24- 6.35May
Range__ 6.37- 6.43 6.38- 6.44 6.34- 6.50 6.26- 6.34 6.25- 6.35 6.30 6.49
Closing_ 6.41- 6.38- 6.34- 6.26- 6.27 6.33- 6.44 6.46
June
-
Range-Closing_ 6.49- 6.46- 6.42 --- 6.34- 6.41 -- 6.53 -JulyRange-- 6.53- 6.60 6.54- 6.59 6.50- 6.69 6.42- 6.51 6.41- 6.53 6,46 6.65
Closing_ 6.57- 6.55- 6.56 6.50 --- 6.42- 6.50- 6.62 6.63
Auo.Range-Closing_ 6.64- 6.64- 6.58
6.51- 6.58- 6.72Sept.
Range-Closing_ 6.73- 6.72- 6.67- 6.60- 6.67- 6.810c1.Range-- 6.80- 6.87 6.81- 6.85 6.75- 6.91 6.69- 6.76 6.67- 6.75 6.74 6.91
Closing_ 6.83- 6.84 6.81- 6.75- 6.76 6.69- 6.71 6.75- 6.91Nov.
Closing -
Range of future prices at New York for week ending
Dec. 11 1931 and since trading began on each option:
Option for
Dec. 193i
Jan. 1932_
Feb. 1932
Mar. 1932__
April 1932
May 1932__
June 1932_
July 1932.._
Aug. 1932
Sept.1932
Oct. 1932._
Range for Week.
Range Since Beg nning of Option.
5.85 Dec. 9 6.10 Dec. 8 5.47
5.88 Deo. 10 6.14 Dec. 8 5.55
6.25
6.07 Dec. 9 6.33 Dec. 8 5.76
6.80
6.25 Dec. 10 6.50 Dec. 8 5.96
6.62
6.41 Deo. 10 6.67 Dec. 8 6.15
6.67
7.24
6.67 Dec. 10 6.91 Dec. 8 6.67
Oct, 8 1931 12.32
Oct. 10 1931 12.42
Nov.30 1931 6.96
Oct. 8 1931 11.59
Nov. 4 1931 6.99
Oct. 5 1931 11.40
Nov.23 1931 9.74
Oct. 5 1931 9.15
Nov.27 1931 7.57
Oct. 17 193 7.68
Dec. 10 1931 7.67
Feb. 25 1931
Feb. 25 1931
Nov.10 1931
Apr. 6 1931
Nov. 6 1931
June 27 1931
July 27 1931
Aug. 1 1931
Oct. 30 1931
Oct. 20 1931
Nov. 9 1933
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.
Dec. 11Stock 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
1931.
bales 670.000
1930.
770.000
1929.
727.000
1928. •
741,000
148.000
148,000
86.000
73.000
818.000
918.000
813.000
814.000
303.000
200,000
14,000
84.000
66.000
525,000
339,000
16.000
118.000
68,000
449.000 621.000
233.000 215,009
7,000 " 16,000
81,000
94.000
58,000
60.000
Total Continental stocks
667.000 1,066.000 828.000 990,000
Mid
.
do
Total European stocks
1,485,000 1,984,000 1,641.000 1,804.000
do
India cotton afloat for Europe
36,000
80,000 103,000
73,000
do
American cotton afloat for Europe 549,000 428,000 607.000 614,000
Egypt,Braxil,&c.,afl
101,000 132.000
136,000
Mid• Stock in Alexandria.oatforiEurope 740,000 673,000 423,000 107,000
Egypt
447.000
do
Stock in Bombay. India
365,000 468,000 754,000 764,000
do
Stock in U. S. ports
4 637.862 4.148,603 2.646.069 2,364.111
do
Stock in U. S. interior towns_ ....2,205.713 1,815,747 1,461,857 1.232.-683
do
U. S. exports to-day
39,604
1,144
3,650
7,219
do
do
Total visible supply
10.194.179 9,699,494 7.771.576 7.413.013
do
Of the above, totals of American and other descriptions are as follows:
do
American
do
Liverpool stock
286.000 389,000 326,000 469.000
do
Manchester stock
70,000
51,000
53 ii I
57.000
do
Continental stock
591.000 951.000 742,000 943,
do
American afloat for Europe
549,000 428,000 607.000 614,000
go
U. S. port stocks
4,637,862 4,148,603 2.646,069 2.364,111
do
U. S. interior stocks
2,205,713 1,815,747 1.461,857 1.232,e83
do
U. S. exports to-day
39,604
1,144
3,650
do
7,219
do
Total American
8,366.179 7,803.494 5.837,576 5.683.018
do
East Indian, Brazil, (%C.
do
Liverpool stock
384,000 381,000 401,000 272,006
do
London stock
do
Manchester stock
91,000
78,000
35.000
do
20.000
Continental stock
76,000 115.000
86,000
do
47.000
Indian afloat for Europe
36,000
80.000 103,000
73,000
do
Egypt, Brazil, &c.. afloat
136,000 101,000 132,000 107.000
do
Stock in Alexandria, Egypt
740.000 673.000 423,000 447.000
do
Stock in Bombay. India
365.000 468.000 754,000 764,000
do
do
Total East India. &c
1,828.000 1,896,000 1.934,000 1,730,000
do
Total American
8.366,179 7.803,494 5,837.576 5,683.013
do
do
Total visible supply
10.194,179 9,699,494 7,771.576 7.413,013
Middling uplands, Liverpool---5.43d.
9.47d.
The official quotations for middling upland cotton in the Middling uplands. Now York-- 5.21d.
6.20c.
9.850. 17.250. 10.69d.
20.50c.
Egypt,good Sakel, Liverpool_ _
8.55d.
New York market each day for the past week has been:
8.808. 15.054. 20.608.
Peruvian. rough good,
13.754. 14.008.
Dec.4 to Dec. 11Sat. Mon. Tues. Wed. Thurs. Fri. Broach,fine, LiverpoolLiverpool..
4.97d.
4.204.
Middling upland
7.704.
6.15 6.10 6.10 6.00 6.05 6.20 Tirmevelly. good, Liverpool
9.208.
5.304.
5.15d.
8.908.
White
Middling Fair
.72 on
Strict Good Middling_
do
.57
do
Good Middling
.42
do
Strict Middling
.25
Middling
do
Basis
Strict Low Middlingdo
28 off
Low Middling
do
.66
*Strict Good Ordinary- do
1.01
do
*Good Ordinary
1.37
Extra White
Good Middling
.42 on
do do
Strict Middling
25
do do
Middling
Even
Low Middling-- do do
Strict
28 off
Low Middling
do do
66
.13
80
Good Middling
Spotted
.22 on
.13
80
Strict Middling
do
Even off
.13
25
Middling
do
.28 off
*Strict Low Middling.-- do
.117
'Low Middling
do
1.02
.13
.26
Strict Good Middling-Yellow Tinged
Even off
.13
.25
Good Middling
do do
30
.13
.25
Strict Middling
do do
48
'Middling
do do
71
*Strict Low Middlingdo do
1.08
*Low Middling
do do
1.47
.25
.13
Good Middling
Light Yellow Stained- .48 off
Strict Middling
do
do
do
.76
Middling
do do
do
1.13
24
Good Middling
.12
Yellow Stained
71 off
Strict Middling
do do
1.02
Middling
do do
1.48
Good Middling
25
.13
Gray
24 off
Strict Middling
.25
.13
do
47
Middling
do
71
*Good Middling
Blue Stained
.70 off
Strict Middling
do do
1.07
Middling
do do
1.45
•Not deliverable on future contracts.
.13
.13
.13
.13
.13
.13
.11
.30
.30
.30
.30
.30
.
.25
,23
10.454
[vol..
FINANCIAL CHRONICLE
3988
133.
Movement into sight in previous years:
Continental imports for past week have been 136,000 bales.
Bales.
Since Aug. 1Bales.
WeekThe above figures for 1931 show a decrease from last 1929-Dec. 14
10,211,859
453,501 1929
9,892,058
week of 66,363 bales, a gain of 494,685 over 1930, an 1928-Dec. 15
477,886 1928
9,369,697
325,511 1927
Increase of 2,422,603 bales over 1929, and a gain of 1927-Dee. 16
2,781,166 bales over 1928.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
-that is,
AT THE INTERIOR TOWNS the movement
on
the receipts for the week and since Aug. 1, the shipments for
Closing Quotations for Middling Colton
the week and the stocks to-night, and the same items for the
Week Ended
Tuesday. Wed'day. Thursd'y. Friday.
Saturday. Monday
Dec. 11.
corresponding period of the previous year, is set out in
6.10
5.95
5.90
detail below:
6.00
6.05
6.05
Galveston
6.08
New Orleans_ _ _
Movement to Dec. 11 1931.
Towns.
Receipts.
Week. I Season.
Movement to Dec. 12 1930.
Ship- Stocks
merits. Dec.
12.
Week.
Receipts.
Ship- Stocks.
meats. Dec.
11,
Week. Season.
Week.
Ma., BIrm'h
2,059, 53,493
Eufaula
10,440
213
Montgomery.
4491 35,641
Selma
1,3081 70,807
83,007
Ark..Blytheville 2,502
425
Forest City
25,503
Helena
49,987
3,503
53,876
Hope
1,133
814, 16,824
Jonesboro__
8,949 122,800
Little Rock35,164
350
Newport
Pine Bluff_._
4,095 111,722
36,870
863
WalnutRidge
5.031
49
On.. Albany
125
19,529
Athens
984. 29,795
Atlanta
2,724 144,226
Augusta
33,867
1,500
Columbus_
18,2471
368
Macon
7.4411
775.
Home
'La.. Shreveport 1,651 89,016
Miss., Ci'lLsdale 3.174 132,693
16,884
492
Columbus_
5.106 152,901
Greenwood
19,743
384
Meridian.._..
455
8,561
Natchez
788
32,292,
Vicksburg_
38,2151
2.242
Yazoo City
Mo., St. Louis_ 8,092 74,721
352
13.135.
N.C.,Greensb'o
Oklahoma
15 towns.- 5,566 425,964
e.C..Greenville 4,771 55,854
Tenn.,MemphLs 61,7381,026,812
558
39.113
Texas. Abilene_
703
22.410
Austin
10,412
Brenham.....42
1
3.1861 110,254
Dallas
67,923
78
'Paris
52
30,688
1Robstown
255
13.5271
San Antonio_
39,759
1,976
Texarkana
68,181
926
Waco
1,858 40,545
142 9,641
1.18 71,845
744 90,035
3,601 59,519
706 20,302
1,038 49,531
2,445 27,150
954 6,489
4,438 74,177
1,308, 19,238
5,408 62.455
2,758 15.937
16 4,490
350 31.570
1,360137,840
1,705'135,485
5001 21,967
423, 31,604
3001 7.193
444116,517
3,453104,39
503 16.282
4,450128.540
3611 25,703
673, 9.266
1,378, 24.169
1688 28.978
8,133 1,187
1,099 28,326
5,456
380
1,715
2,286
1,394
328
1,362
877
583
2,3891
1,6161
3,9651
1,125.
48
320
8,799
8,967
920
1,620
1,825
2,159,
3,1921
1,084
3,166
1,041
352
1,255
1,179
10,476
1,440
76,909
26,243
52,850
86,095
72,702
12,286
36,764
29,624
24,109
81,948
24,311
69,766
22,302
7,250
34,726
138,999
249,738
29,358
76,696
19,311
100,361
102,525
22,167
130,505
44,320
10,429
28,980
30,611
112,412
20,719
3,823 32,768
391 16,454
361 58,677
309 83,063
1,603 37,981
303 11,541
705 33,301
930 11,383
870 4,992
1,656 51,315
1,131 9,818
3,317 38,575
2,163 9,400
147 4,348
350 31,985
4,160144,378
7,630139,829
310 7,345
2,115 36,074
450 16,477
1,131 87,258
2,893 73,272
1,221 17,102
4,772 07,384
1,404 19,804
395 10,533
739 21,325
1,352 22,870
8,719 10,494
206 25,070
,
12.2551 133,129 12,250 456,402 13,254 82,579
90,667 4,374 71,175
2,359 44.415 5.996
63,2811483,184 51,482 832,503 45,934401,177
800
619
22,428
942
626, 3,30
512 1,340
22,923
204
315' 4.826
210 7,357
18,576
63 9.051228
1,837, 55,560 1,115 130,596 2,187 43,067
60,457 1,185 6,808
525
980 22,331
245 12,822
54,414
27
364 4.541
443 1,971
21,134
30 1,199
769
1.909 9,036
29,450
2,6831 18,983 1.216
56,795 1.183 12,795
641
9601 24.765
;
Total, 56 towns136.481 3,459,248139,2012205713 146.7143.571,361127,6311815747
•Includes the combined totals of 15 towns In Oklahoma.
The above total shows that the interior stocks have
decreased during the week 3,289 bales and are to-night
389,966 bales more than at the same time last year. The
receipts at all towns have been 10,233 bales less than the
same week last year.
MARKET AND SALES AT NEW YORK.
Spot Market.
Closed.
Saturday__ _
Monday __ _
_
Tuesday
Wednesday_
Thursday _ _
Friday
Futures
Market.
Closed.
Quiet, unchanged_ _ Steady
Quiet,5 pts. doe_ _ Barely steady
Quiet, unchanged _ _ Barely steady
Quiet, 10 pts. dec--- Barely steady- _
Quiet. 5 pits. adv. _ - Steady
Steady,15 pts. adv. Steady
SALES.
Spot. Contr't
500
400
2,351
1.100
375
500
1,600
100
1.200
Total.
500
2,000
2.451
1,100
1,575
500
5,226 2,900 8,126
59.810 53.000 112.810
Total week_
Since Aug. 1
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
1931
Since
Dec. 11-Week.Aug. 1.
Shipped
81,957
8,133
Via St. Louis
13,017
715
Via Mounds, Bre
357
Via Rock Island
3,594
--ilf)
Via Louisville
73.627
4,563
Via Virginia points
12,275 141,108
Via other routes, &c
6.00
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock_
Dallas
Fort Worth......
5.65
5.80
6.00
6.10
6.00
5.50
5.94
5.50
5.90
5.35
5.50
5.50
5.95
5.35
5.55
5.99
5.60
5.75
5.92
5.50
5.69
5.94
6.05
5.81
5.35
5.80
5.25
5.40
5.97
5.60
5.73
6.00
6.05
5.94
5.45
5.85
5.35
5.45
5.45
6.06
5.65
5.76
6.00
6.10
5.70
5.94
6.13
6.00
6.00
5.88
5.40
5.90
6.05
6.00
5.50
6.00
5.45
5.60
5.60
5.30
5.45
5.45
5.40
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Dec. 5.
December_
Fan.(1932)
February.
Mrch__....
4pril_ _ _
%lay
June
July
kugust_ _ _
ieptember
3ctober _.
November
December_
Tone3pot
lnrInne
Monday,
Dec. 7.
Tuesday,
Dec. 8.
Wednesday, Thursday.
Dec. 10.
Dec. 9.
Friday.
Dec. 11.
6.02 Bid. 5.99 Bid. 5.91- 5.92 5.87- 5.88 5.95- 6.046.08- 6.06- 5.97- 5.98 5.92 -- 5.99 - 6.106.26- 6.24- 6.25 6.16- 6.00- 6.10 6.17- 6.27 6.28
6.43- 6.44 6.42- 6.43 6.34- 6.28- 6.29 6.35- 6.466.57 Bid. 6.56- 6.50- 6.42- 6.44 6.52- 6.62 6.63
6.82- 6.80- 6.71 Bid. 6.65- 6.73- 687-
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Rtandu
Rtaqdy
Stendv
Stead,'
Steady.
Steady.
-A report of
FOREIGN COTTON CROP PROSPECTS.
the latest available information received up to Dec. 8 as to
cotton production in foreign countries has been compiled by
the Foreign Service of the Bureau of Agricultural Economics
as follows:
On the basis of information at hand at the present time, it now appears
that the production in the major foreign producing countries in 1931-32
will probably be at least 500,000 bales less than last season.
-The Institute of Agriculture at Rome now has a figure of
Russia.
1,550,000 bales of 478 pounds for the 1930 crop in Russia and practically
quoting
the same figure has come to this Bureau in a Russian publication This is
R.
U. S.
the Chairman of the main cotton committee of the shown S. this Bureau
by
previously
16% less than the figure of 1.850,000 bales
reported by
and is 25% less than the figure of 2,050,000 bales formerly production,
the International Institute of Agriculture. For 1931-32
reporting
Russian publications and the Institute of Agriculture are now study of
a
increases ranging from 70 to 80% over the 1930 crop. From constitutes
which this year
the yields in the new cotton-producing regions
difficulties arising
about 18% of the total area and in view or the increasedestimated by this
out of the increased area and production, it is now
bales. (For a
Bureau that the crop will probably be around 2.000.000as other foreign
more detailed explanation of the Russian situation,as well
Cotton Prospects," a monthly
countries,see the November issue of "World
release of this Bureau.)
-The net result of developments in the Chinese cotton crop up
China.
to Nov. 1 continued to point to a production about 20% below 1930.
according to late reports from Agricultural Commissioner Dawson.of 478
Egypt.
-The Egyptian crop is now estimated at 1.286.000 bales
pounds net, a decrease of 43,000 bales or 3.2% from the first estimate
the
and 22.6% from the estimated production in 1930-31, according to is
International Institute of Agriculture. Production of Sakellaridis at
placed at 37% below last year and production of all other varieties
was
18% below. The reduction in acreage compared with last year
growths
estimated at 19% for all varieties, 43% for Sakellaridis, and 3% for growing
of water in the early varieties
other than Sakellaridis. The shortgage
season evidently has reduced yields in those sections producingreduction
16%
other than Sakellaridis. The report on ginnings shows a compared with
in the amount of all cotton ginned up to Nov. 1 this year
and
ginnings to the same date in 1930, 36% reduction in Sakellaridis
12% in all other varieties.
that in ton States in
Brazil.
-The Brazilian Government has estimated
a little over
northern Brazil, which in the past few years have produced
production will be about 30% above
the total
------ 80% of productioncrop, the 1931-32 the basis of this and other information
1930
the low
of last year. On
Since
the total Brazilian crop is estimated at about 22% above last Year. or
Week. Aug. 1. 7% above 1929.
8,719 109.383 COTTON ACREAGE AND PRODUCTION IN COUNTRIES REPORTING
33,826
8,635
FOR 1931-32, WITH COMPARISONS.
1.109
7,648
451
Percentage
75.056
3,738
1931-3213
1928-29. 1928-30. 1930-31. 1931-32. of 1930-31
Item and Country.
9,225 177.330
25.755
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, Ste_- 1.220
309
, Between interior towns
4,588
Inland, &c.. from South
313.660
30,768
404,352
16,687
4,954
113,360
619
359
16,312
11.268
5,431
111.168
6.117
135,001
17.290
128.367
19,638
178.659
13,478
275,985
Total to be deducted
Leaving total net overland*
•Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 19,638 bales, against 13,478 bales for
thelweek last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
4307,326 bales.
1930
1931
In Sight and Spinners'
Takings.
Receipts at ports to Dec. 11
Net overland to Dec. 11
South'n consumption to Dec. 11
Since
Since
Aug. 1.
Week.
Aug. 1.
Week.
227.112 5.487.933 222,908 6,314,286
275,985
13,478
178.659
19.638
85,000 1,540,000
90,000 1,790.000
336.750 7,456,592 321,386 8,130,271
Total marketed
17.749 1,254,052
'1.289 1.415.686
Interior stocks in excess
Excess of Southern mill takings
6605,276
142.496
to Dec. 1---over consumption
339,135
Caine into sight during week_ _ -333,461
9,989,599
9,014.774
Total in sight Dec. 11
443.719
49,057
395.629
North.spinn's' takings to Dec. 11- 31.358
• Decrease.
Acreage
United States
India_ a
Russia
China
Egypt
Chosen
Mexico
Gezira (Anglo-Egyptian
Sudan)
Syria and Lebanon
Bulgaria
Eritrea
Algeria
45,341,000 45,793,000 45,091,000 40,495,000
21,710,000 20,812,000 20,506,000 19,654,000
2,288,000 2,550,000 3.870,000 5,824,000
4,847,000 5,133,000 5,224,000 5.078,000
1.805,000 1,911,000 2,162,000 1,747,000
461,000
473,000
456,000
503,000
326,000
390,000
492,000
502.000
89.9
95.8
150.5
97.1
808
97.5
83.6
182,000
76.000
16,000
7,000
3,000
89.7
126.7
114.3
100.0
30.0
Total above countries... 77,182,000 77,422,000 78,014,000 73,869,000
94.6
Production c
United States
Russia
China
Egypt
Brazil
Blexico
Aosen
ranganyika
Bulgaria
Eritrea
136,000
19,000
13.000
6,000
12,000
181,000
60,000
14,000
6,000
14,000
203,000
60,000
14,000
7,000
10,000
14,478,000 14,828,000 13,932,000 16,918,000
1,250,000 1,310,000 1,550,000 2,000,000
2,466,000 2,116,000 2,250,000 1,800,000
1,672,000 1.768,000 1,661,000 1,286,000
525,000
493.000 b600,000
562,000
211,000
278,000
169,000
246,000
136,000
150,000
154,000
139,000
12.000
28,000
1900
23,000
5,000
3,000
4,000
4,000
2,000
2,000
1,000
1,000
121.5
129.0
80.0
77.4
121.7
124.9
88.3
63.2
125.0
100.0
234 000 22,970,000
Total above countries... 20,851,000 20,997,000
20.
Flat. world total incl. China 28.100.000 26300 non ,A con.non
b Based
a Second estimate, which includes only area planted up to Oct. 1
on an official estimate of the Brazilian Government for northern Brazil (ten States)
of the total
which during the past few years have produced a little over 80%
Brazilian crop. c Bales 01478 pounds net.
FINANCIAL CHRONICLE
DEC. 12 1931.]
3989
Rain. Rainfall.
Thermometer
AGRICULTURAL DEPARTMENT REPORT ON i hreve t., La
3 days 1.08 in. high 66 low 39 mean 54
'
COTTON ACREAGE, PRODUCTION AND YIELD Mobilerliti
3 days 1.49 in. high 58 low 44 mean 57
3 days 0.23 in, high 82 low 48 mean 65
PER ACRE.-The Agricultural Department at Washington Savannah, Ga C
7 days 0.15 in. high 75 low 47 mean 61
Charleston S.
on Tuesday (Dec. 8) issued its report on cotton acreage, Charlotte, lc. c
7 days 4.29 in. high 58 low 28 mean 43
.3_ days 0.38 in. high 60 low 38 mean 48
production and yield per acre as of Dec. 1. It places the Memphis, Tenn.. _ _ .
probable yield at 16,918,000 500-lb. bales, or 15,000 bales
The following statement we have also received by telemore than the Department's estimate of 16,903,000 bales a graph, showing the height of rivers at the points named at
month ago. The actual production in 1930 was 13,932,000 8 a. in. of the dates given:
Dec. 11 1931. Dec. 12 1930.
bales. The yield per acre is placed at 200.1 lbs. as against
Feet
Feet
a yield of 147.7 lbs. harvested last year and comparable with New Orleans
Above zero of gauge_
5.3
1.9
Above zero of gauge_
17.0
3.0
a ten-year average of 154.4 lbs. None of the figures take Memphis
Above zero of gaugeNashville
12.2
92
any account of linters. The report in full follows:
Above zero of gauge..
Shreveport
12.7
22.1
The 1931 United States cotton crop is estimated at 16,918,000 bales
of 500 pounds gross weight in the Dec. 1 report of the Department of
Agriculture. This represents practically no change from the Nov. 1
forecast of 16,903,000 bales. The estimated crop is the second largest
ever produced in the United States. The record crop to date was the
1926 crop of 17,977,000 bales. In 1930 a crop of 13,932,000 bales was
ginned, and the 1925-29 average ginnings were 15,268,000 bales.
This report is based upon reported acreage harvested, yield per acre,
bales produced, percentage ginned and other data collected during October
and November. This is the last report to be made by the Department in
1931. In May 1932 a revision will be made on the basis of the final report
of ginnings to be issued at that time by the Bureau of the Census of the
Department of Commerce.
The United States average yield of cotton per acre in 1931 was 200.1
pounds per acre, the highest since 1914 when the yield was 209.2 pounds.
In 1930 the yield was 147.7 pounds, and the 10-year average, 1920 29,
was 154.4 pounds.
The estimated acreage harvested (picked) is 40,495,000 acres, which
Is 1% less than the acreage for harvest upon which the Sept. 1., Oct. 1.
and Nov. 1 forecasts were calculated. The acreage for harvest for these
previous reports was calculated from the estimated acreage in cultivation
on July 1 less the expected abandonment of about 1.5%. The current
data on abandonment indicates only 1.1% compared with the 1920-29
average of 3.4%. The present estimate of acreage picked plus abandonment since July 1 indicates the area BI cultivation on July 1 to have been
40,954,000 acres. In 1930 acreage in cultivation on July 1 was 46,078.000
acres and acreage picked, 45,091,000 acres. The 1925-29 average acreage
in cultivation on July 1 was 46,548,000 acres; the average acreage picked
was 44,882,000 acres.
Information received by the Department indicates that the average
weight of running bales in 1931 will be the highest on record. In calculating the probable total ginnings for the season by applying the estimated
percentage ginned to Dec. 1 to the Census Bureau's report of ginning to
that date, allowances were made for this heavy average weight of bales.
These calculations indicated that for the United States the total number
-pound gross weight bales will be over 400.000 bales more than
of 500
the number of running bales.
The 1931 cotton crop season has been extraordinarily favorable for the
production of cotton. Planting conditions were generally favorable and
spring weather retarded weevil propagation. On Aug. 1 the very high
condition of 74.9% of normal was reported and weevil infestation was
considerably below average. As of that date the crop was forecast at
15,584,000 bales. During August growing conditions were generally
favorable except in the Delta sections of Arkansas and Mississippi, where
excessive stalk growth was accompanied by poor fruiting and increased
weevil infestation. On the other hand, abandonment was reported to be
less than average, and the forecast as of Sept. 1 was 15,685,000 bales.
The month of September proved exceptionally favorable, particularly in
Arkansas and Mississippi. Hot dry weather held weevil damage In check
and hastened maturity of the crop. The forecast as of Oct. 1 was 16,284,000
bales. October weather was also much more favorable than usual. High
temperatures favored opening of the bolls and there was a general absence
of injurious rains. Picking progressed with little interruption and field
loss was held to a minimum. The Nov. 1 forecast was 111.903,000 bales.
The month of November was about average in its effect upon cotton
picking. During the first part, the favorable weather continued, but the
latter part witnessed somewhat less favorable conditions.
COTTON REPORT AS OF DEC. 1 1931.
The Crop Reporting Board of the United States Department of Agriculture makes the following report from data furnished by crop correspondents, field statisticians, co-operating State Boards (or Departments)
of Agriculture and Agricultural Colleges. The final total ginnings for
the season will depend upon whether the various influences affecting the
harvesting of the portion of the crop still in the field, will be more or less
favorable than usual.
Above zero of gauge..
Vicksburg
Week
Receipts at Ports.
1931.
1930. 1929.
Stale,
Yield per Acre
Pounds.
Production(Ginnings)
500-1b. (Jr. Wt. Bales
(Thousand Bales).a
Total
10Left Aban- In
Year
1931 1929
for donm't Guilt- Avge. 1930. Dec. 1 Crop
Har- After cation 1920Est.
b
vest. July I. July 1. 1929.
71 1.0%
Virginia
1,348 0.7
North Carolina
1,940 0.5
South Carolina
3,440 0.9
Georgia
114 3.0
Florida
350 0.5
Missouri
1,105 0.4
Tennessee
3,420 0.7
Alabama
3,988 1.2
Mississippi
1,920 0.7
Louisiana
15,421 1.5
Texas
3,318 1.0
Oklahoma
3,562 1.0
Arkansas
New Mexico__..
114 1.5
176 1.0
Arizona
195 0.8
California
13 0.8
Other
72 246
1,358 247
1,950 169
3,471 136
118 113
352 254
1,109 184
3,444 151
4,036 182
1,934 160
15,656 132
3,352 146
3,598 169
116 c293
178 296
197 306
13 c192
225
225
220
197
200
195
147
187
165
162
114
102
107
375
346
468
173
289
275
250
194
180
369
262
200
207
216
164
176
249
412
324
444
335
48
747
830
1,343
29
220
515
1,342
1,915
809
3,940
1,143
1,435
90
d153
260
9
1931
1930 Crop
Crop (Dee.1
b
Est.)
b
42
775
1,001
1,593
50
151
377
1,473
1,464
715
4.038
854
874
99
d155
264
7
43
775
1,015
1,395
43
270
605
1,430
1,725
865
5,270
1,220
1,855
98
d119
181
9
U. S. total.-- _ 40,495 1.1 40,954 154.4 147.7 200.1 14,828 13,932 16,918
69 _ _ _
Lower Calif_ e_ _.
217
194
69 0.0
7A
AK
00
a Not including production of Inters which is usual y about 6% as much as the
lint. b Allowances made for inter-State movement of seed cotton for
ginning
c Less than a 10-year average. d Including 30,000 balesof Pima Egyptian long-staple
cotton in 1929, 24,000 bales in 1930, and 15,000 bales In 1931. e Not included in
California figures nor in United States total.
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening indicate that rainfall and
wet fields delayed cotton picking and ginning. Considerable
cotton remains in the fields in some locations, but little is
being done to gather it because of the weather conditions
and low prices.
Memphis, Tenn.
-Considerable cotton is in the field, but
little is being picked owing to low prices.
Galveston, Texas
Abilene, Texas
Brownsville. Texas
Corpus Christi, Texas
Dallas, Texas
Del Rio, Texas
Houston, Texas
Palestine, Texas
San Antonio
New Orleans, La
Rain.
3 days
1 day
5 days
5 days
3 days
2 days
4 days
3 days
5 days
2 days
Rainfall.
2.96 in.
0.34 In.
1.47 in.
1.80 in.
0.32 in.
1,06 in.
2.55 in.
1.56 in.
1,72 in.
2.48 in.
high 72
high 04
high 80
high 76
high 70
high 68
high 76
high 72
high 74
high --
Thermometer
low 45 mean 59
low 32 meani48
low 46 mean 63
low 46 mean 61
low 40 mean 55
low 42 mean 55
low 42 mean 59
low 36 mean 54
low 40 mean 57
low -- mean 57
10.4
Stocks at Interior Towns.
1931.
1930.
ptsfromPfantofloa,..
1929.
1931.
1930. 1929c
Aug.
194,262 72.. I','' • •.375194,213
28._ 80,809 250,299 183,758 734,80 559
Sept.
4- 126,962 277,852254,338 725.430 591,795 289.407117,587 310,623 299,488
11._ 187,441 362,547281,579 728,548 648,87 312,297170,559 419,625 364,469
18_ 241,800 389,481 316,746 749,994 714.784 422,984 .3,246455,392 427.433
25- 322,698385,693368.535 811.978 818,124 573.923 ;4.682489.033 519,476
Oct.
1
9- 445,908555,848 437.422 945,683 949.334 726.959 .79.611 687,058 590.458
9..517.721509,927 512,983 1,141,662 1.098.865 881,858 711700859,458 887,882
16- 519.398'423.079589,510 1,349,7921,225.720 1.041,622 27.528549.934729,274
1
23- 380.980441,813518.799 1,559,483 1,395,237 1.185,728 .90,671611,130 662,905
30_ 453,232448.230503,270 1.750,430 1.503,734 1,305,221 .44,179556.727 622,768
Nov.
6... 403,6641397,331 403,514 1,905,108 1,592,117 1,348,324 559,202 485,714 448,617
13_ 417,118 372,279350,3572,052.038 1.684,197 1,409,378 584,048 484,359 411,409
20-- 402,386338,371 262,5092,176,891 1,712,617 1,441,290 527,239368.807 294,423
27- 317,6281298.028 268,195 2.200,30711,770,72 1,448,310 341,0441356.120 275.215
Dec.4._ 312,183255,589 282,7472,209,002/1,797,998 1,451,947 320,8781282,842 285,384
11- _ 227,112222,908 281,398 2,205,713 1,815,7471,461,857 223,823240,657 291,308
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1931 are 6.841,025 bales;
in 1930 were 7,568,061 bales, and in 1929 were 7,284,320
bales. (2) That although the receipts at the outports the
past week were 227,112 bales, the actual movement from
plantations was 223,823 bales, stock at interior towns
having decreased 3,289 bales during the week. Last year
receipts from the plantations for the week were 240,657 •
bales and for 1929 they were 291,308 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.
1931.
Week.
Acreage for
1931 Crop
(Thousand Acres).
26.8
RECEIPTS FROM THE PLANTATIONS.
-The foTlowing 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.
1930.
Season.
Week.
Season.
Visible supply Dec.4
10260.542
9,620.261
Visible supply Aug. 1
6,892.094
5,302.014
American in sight to Dec. ii... 333,461 9,014,774 339,135 9,989,599
Bombay receipts to Dec. 10__-27,000
281,000 100,000
504,000
Other India ship'ts to Dec. 10-16,000
132,000
19.000
165,000
Alexandria receipts to Dec.9--42,000
773.000
50.000
728,900
..6
Other supply to Dec.91
12,000
236.000
18,000
274,000
Total supply
Deduct
Visible supply Dec. 11
10691,003 17,328,868 10146396 16,963,513
10194,179 10,194.1799,699,494 9,699,494
496,824 7,134.689 446,902 7.264,019
Total takings to Dec. ll_a
Of which American
396,824 5,164.689 298.902 5,125,119
Of which other
100,000 1,970,000 148,000 2.138.900
* Embraces receipts in Europe from Brazil, Smyrna, West Indies. 3se.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 1,790,000 bales in 1931 and 1,540,000 bales in 1930takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 5,344,689 bales in 1931 and 5,724,019 bales in 1930,
of which 3,374,689 bales and 3,585,119 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1931.
Dec. 10.
Receipts at
Bombay
1930.
1929.
Since
Week. Aug. 1.
Since
Week.lAug. 1.
Sines
Week
.1Aug 1:
.
27,000
281,000 100,000
For the Week.
Exports
from--
504,000 124,000
612,000
Since Aug. 1.
Great Conti- Japan&
Great
Britain. nerd. China. Total. Britain.
Continerd.
Japan &
China.
Total.
Bombay
15,000 19,000
1931
14,000 21.000
1930
1929----- 6.0036 e,000 19,000 31,000
Other India:
2,000 14,000
16,000
1931
19,000
19,000
1930
1,000 8,000
9,000
1929
37,000 95,000
34,000 131,000
39.000 204,000
Total all
1931
1930
1929
43,000 170,000 394,000 607.000
90,000 403,000 555,000 1,048,000
81,000 437,000 296,000 794.000
2,000 1:,000 15,000 35,000
111 14,000 40,000
7,000 14:000 19,000 40,000
6,000 75,000 394,000 475,000
56,000 272,000 555,000 883,009
22,000 233,000 296,000 551.009
132,000
165,000
243,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
73,000 bales. Exports from all India ports record a decrease
of 5,000 bales during the week, and since Aug. 1 show a
decrease of 441,000 bales. •
3990
FINANCIAL CHRONICLE
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly 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,
Dec. 9.
1930.
1931.
Receipts (Cantars)This week
Since Aug. 1
210,000
3.860.572
I
1929.
250.000
3.655,979
300,000
4.239.870
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Exports (bales)-
To Liverpool
64,429
8,000 85,875
53,141
To Manchester, &c
10,000 65,487 7,000 52,818 9,000 75,114
To Continent and India_ 18,000 208,653 21,000 197,691 18,000 189,357
____ 42,536
To America
6,691
---- 3,308
Total exports
36.000 366.706 28.000 305,958 27,000 371,436
Note.
-A cantar is 99 lbs. Egyptian ba as weigh about 750 lbs.
This statement shows that the receipts for the week ended Dec. 10 were
210,000 canters and the foreign shipments 36.000 bales.
MANCHESTER MARKET.
-Our report . received by
cable to-night from Manchester states that the market in
yarns is quiet and in cloths is steady. Demand for foreign
markets is improving. We give prices to-day below and
leave those of previous weeks of this and last year for comparison:
1931.
32s Coy
Twist.
1930.
834 Lb. Shirt- Cotton
inv. Common Afiddrg 328 Cop
to Finest.
UPFds. Twist.
s. d.
Julyd,
d. s. d.
28.... 7 0 83.4 7 2 (4) 4
Sept.
-
d.
d.
d.
3.83 1034@1134
4___
11._
18__
25._
7 (4 854
7340 8 ®
7 0 8®
8340 934
72
72
72
78
(4
(4
0
0
4
4
4
2
3.71 107401174
3.70 10 011
3.74 974(41034
6.19 934(41054
2____
9____
16._
23___
30_ _
Nov.6--
8 0 931
7540 934
8 0 934
8 0 934
844010
78
76
76
80
80
0
0
.0
0
0
2
2
2
4
4
4.31
4.58
4.77
4.97
4.97
9 @1034
834(41034
834(41034
83401034
80
80
80
80
0
0
0
0
4
4
4
4
834(41034 8 0 0
80 0
974011
4
4
Oa.
-
20____
27....
Dec.
4_
11____
834 Lb. Shin,- Cotton
Ingo, common Middrg
to Finest.
UPFds.
.d
.d.
3 0 7
d.
6.64
0
(4
0
0
6
6
6
6
6.48
6.30
6.26
5.89
9®010®
93401034
9 0410
934(41034
934@1.034
0(4
7 0
7 0
6 ®
6 0
4
3
3
2
2
5.76
5.54
5.73
6.05
6.24
5.12
5.06
4.89
4.90
93401074
934(41034
934010®
93.1@1031
6
6
8
6
0
(4
0
0
2
2
2
2
8.03
5.98
5.98
5.91
5.14
5.21
9 010
8340 954
6 0
5 0
2
1
5.70
5.43
2
2
2
2
[Vol.. 133.
Bales.
-City of Canton, 3,100
CHARLESTON-To Japan-Dec.2
3,100
To China-Dec.2
-City of Canton, 8,000
8,000
To Liverpool-Dec. 4-Saccarappa.85
85
To Manchester-Dec. 4-Saccarappa, 2,350
2,350
To Bremen-Dec. 8
-Fluor Spar, 3,321
3.321
To Hamburg-Dec. 8
-Fluor Spar, 130
130
To Amsterdam-Dec.8
-Fluor Spar, 200
200
HOUSTON-To Havre
-Dec. 4-P. N. Damns, 5,400_ _Dec. 5 .
Lancaster Castle. 3,620_ _ _Dec.8-E. M.Dalgas,950
9,970
To Dunkirk-Dec.4-P. N. Damm,3,389
3,389
To Naples
-Dec. 3-Monfiore, 200
200
-Dec.
To Bremen-Dec. 3-Grieshelm, 4,042_ Dec. 8-E. M.
Dalgas, 9,442
13.484
To Barcelona-Dec. 4-Sapinero, 4,811
4,811
To Ghent
-Dec. 5
-Lancaster Castle, 1,746
1,746
To Antwerp-Dec.5
-Lancaster Castle, 200
200
To Lisbon-Dec. 5-Sahale, 150
150
-Dec.7-Sahale, 1,793
To Oporto
1,793
To Corunna-Dec. 5-Sahale, 250
250
To Passages-Dec. 5-Sahale, 500
500
To Venice-Dec.4-Tergestea,3,555_ __Dec.8-Labette,1,430 4,985
To Trieste-Dec. 4-Tergestea, 1.457___Dec. 8-Labette, 547 2,004
To Fiume
-Dec. 4-Tergestea, 100
100
-Buenos Aires Maru, 1,200___Dec. 4To Japan-Dec. 5
Comliebank,"5,592___Dec. 7-Dalworth, 1592.-._Dec. 8-Quebec City, 8,610
18.544
Dolius, 1,550___Dec. 7
To China-Dec. 4-Comliebank, 2,510_ _ _Dec. 7-Dalworth,
3,801__ _Dec. 8-Dolius, 2,353_ _ _Dec. 10-Ferulane,
21,468
-Quebec CitY. 3,957
8,847_ _ _Dec. 7
To Genoa-Dec.8
-Lobate,2,391___Dec. 3-Monflore,4,196 6,587
800
To Naples-Dec. 8-Labette, 800
231
-City of Havre, 231
-To Bremen-Dec.7
NORFOLK
31
To Liverpool
-Dec. 10-Winnona County, 31
100
To Manchester-Dec. 10-Winnona County, 100
1,081
-Fluor Spar, 1,081
BRUNSWICK
-To Bremen-Dec.5
150
-Fluor Spar, 150
To Rotterdam-Dec. 5
719
BEAUMONT-To Liverpool-Dec.8-Nublan,719
649
-Nubian, 649
To Manchester-Dec. 8
17
PENSACOLA-To Manchester-Dec.9-Afoundria, 17
-Dec.3-Gregalia, 100... Dec.7
LOS ANGELES
-To Liverpool
200
Willamette Valley, 100
200
To Antwerp-Dec. 5
-Oregon, 200
To Bremen Dec. 5
600
-Este, 600
To Japan-Dec. 3-Kinal Maru, 1,700_ --Dec. 7-Tatauta
4,475
Marts, 2,625, President Pierce, 150
To China-Dec. 7
-President Pierce, 2,100___Nasenville,
3.100
1,000
-Fluor Spar,639
639
JACKSONVILLE
-To Bremen-Dec.4
30
-To Stockholm-Dec.9-Blankaholm,30
NEW YORK
100
To Bremen-Dec. 9
-Dresden, 100
937
2-Niceto de Larrinaga. 937
TEXAS CITY
-To Liverpool
-Dec.
1.014
To Manchester-Dec. 2-Niceto de Larrinaga, 1,014
916
To Barcelona-Dec. 2-Sapinero, 916
2,375
To Bremen-Dec,5-Griesheim, 2,375
381
To Japan-Dec. 3-Silksworth, 381
1.386
To China-Dec. 3-Sliksworth, 1,386
1.900
CORPUS CHRISTI
-York City, 1,900
-To Japan-Dec.9
684
To China-Dec.9
-York City, 684
450
LAKE CHARLES
-To Liverpool-Dec.3
-Nubian,450
To Manchester-Dec. 3
328
-Nubian, 328
721
To Bremen-Dec. 9-Heddernhelm, 721
345,277
Total
-As shown on a previous page, the
SHIPPING NEWS.
-Current rates for cotton from
COTTON FREIGHTS.
exports of cotton from the United States the past week have
reached 345,277 bales. The shipments in detail, as made New York, as furnished by Lambert & Barrows, Inc., are
as follows, quotations being in cents per pound:
up from mail and telegraphic reports, are as follows:
High Stand-
Bales.
-Dec. 3
-San Diego. 1,263- --Dec. 8
GALVESTON-To Havre
Lancaster Castle, 2,700
3,963
-San Diego,369
369
To Dunkirk-Dec.3
-San Diego, 200_--Dec. 8
-Lancaster
. To Antwerp-Dec. 3
300
Castle, 100
-San Diego, 175__-Dec. 8
-Dec. 3
-Lancaster
To Ghent
4,201
Castle, 4.026
-Lucia,4,131_ _ _Dec.8-Tergestea,3,687- 7,818
To Venice-Dec.3
-Lucia. 425_ _ _Dec. 8-Tergestea, 1,213_. 1,638
To Trieste-Dec.3
To Barcelona-Dec. 2-Sapinero, 5.708_ __Dec. 5
-Hart
6,253
bridge, 545
225
To Lisbon-Dec.3-Sahale,225
2,822
To Oporto
-Dec.3-Sahale, 2,822
-Dec. 8-Tergestea, 100
100
To Fiume
-Passages, 100
-Dec. 3
100
To Passages
To India-Dec. 2-011vebank, 6.195
6,195
-King City, 4,100, Silksworth, 10.923
To Japan-Dec. 3
-France Maru, 9,875. Asuka Maru, 11,500. Cape
Dec. 5
-Buenos Aires Maru, 1,700
42.576
St. Andrew, 4,478_ __Dec.8
-King City. 3,703_ __Silksworth , 2,391__..
To China-Dec. 3
7,539
-Prance Maru, -25, Cape St. Andrew, 1,320
Dec. 5
-Bolivian, 5,369
5,369
To Liverpool-Dec. 5
-Bolivian, 3.315
3,135
To Alanchester-Dec. 5
-West Moreland,4.878, Grit:sham, 1,401- 6,279
To Bremen-Dec.5
126
-West Moreland, 126
To Rotterdam-Dec. 5
6.437
' To Genoa-Dec. 5-Monfiore, 3,987, Hartbridge, 2,450
100
To Leghorn-Dec.5-Monfiore, 100
-To Bremen-Nov, 30-0akman, 4,806
NEW ORLEANS
12,078
Dec. 1-Ingola, 7,272
To Hamburg-Nov.30-0akman,75___Dec. 1-Ingola, 1,297 1,372
4,296
To Genoa-Dec. 2-Monbalda, 4.296
400
-Dec. 2-Monbaldo, 400
To Naples
84
2-Monbaido,84
To Leghorn-Dec.
-Buenos Aires Maru, 2,650__-Dec. 5To Japan-Dec. 4
3,900
Fernmoor, 1,250
-Fern-Buenos Aires Mom,600-_-Dec. 5
To China-Dec. 4
1,300
moor, 600. Primo, 101)
-West Cobalt. 50
To London-Dec.5
1.147
To Genoa-Dec.4-Arsa,90---Dec. 5-Labette, 1,057
3,400
-Dec.5-Labette. 3.400
To Venice
200
To Trieste-Dec. 5-Labette, 200
-Patrician,
To Liverpool-Dec. 4-Edgehill, 8,632„..Dec. 8
19,301
10,669
-Patrician,
To Manchester-Dec.4-Edgehill,4,719-. ..Dec.8
8,176
3.457
7-Lafcomo. 100
To Barcelona-Dec.
100
To Bogota-Dec.5-Atenas, 100
100
-Tugela, 100
To Oslo-Dec. 8
1,005
-Tugela, 1.005
To Gothenburg-Dec.8
150
-Tugela, 150
To Gdynia-Dec.8
-Comedian, 2,504__Nov. 27-Nov. 30
MOBILE
-To Liverpool
9,952
-West Maximus, 2,606
Dakotian, 4,842_ -Nov.30
-Comedian. l00 Nov. 27-Dako30
To Manchester-Nov.
3.733
-West Maximus, 1,298
tian, 2,335. __Nov.30
300
To London-Dec. 5-Wacosta, 300
300
-Mar Carib°, 300
To Barcelona-Nov.25
100
To Antwerp-Dec. 5-Wacesta. 100
1,944---Nov. 28-GodisTo Bremen-Nov. 30-Antinous,
10,638
tan, 8,694
100
To Ghent
-Dec. 5-Wacosta. 100
730
To Rotterdam-Nov. 30-Antinous, 730
75
To Hamburg-Nov. 28-Godistan, 75
900
To Genoa-Nov. 27-Monbaldo, 900
SAVANNAH-To Japan-Dec. 4-Phemius, 1,000--_Dee. 52,000
Silversandal, 1,000
2,465
To Bremen-Dm,10
-Fluor Spar, 2.465
To China
-Dec. 4-Phemius. 9.101---Dec. 5-Silversandel,
17.1.19
•
8.018
50
To Hamburg-Dec. 10
-Fluor Spar, 50
300
To Genoa-Dec.9-Montello,300
To Rotterdam-Dec. 10
50
-Fluor Spar, 50
To India-Dec. 9--Sllverpine. 2,000
2,000
High StandDensity. ant.
Liverpool .45o. .80o.
Manchester.45o. .600,
Antwerp .450. .000.
Havre
.31c. .460.
Rotterdam .45o. .600.
Genoa
.40o. .550.
Oslo
.50o. .65o.
•Rate is open.
Stockholm
Trictte
Fiume
Lisbon
Oporto
Barcelona
Japan
High StandDensity. ant.
.600. .750.
.500. .650.
.500. .65o.
.450. .600.
.600. .750.
.35o. .500.
Shanghai
Bombay
Bremen
Hamburg
Piraeus
Salonica
Venice
Density. ard.
•
•
.40o. .55o.
.450. .600.
.450. .600.
.750.
.900.
.750. .90o.
.500. .650.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c.,at that port:
Nov. 20. Nov. 27.
Sales of the week
Of which American
Sales for export
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
Dec. 4.
Dec. 11.
66,000
632.000
258.000
111,000
69,000
260,000
148,000
62,000
652,000
264.000
83,000
42.000
279.000
173,000
65.000
670,000
286.000
96,000
60,000
271,000
170,000
60.000
596,000
227.000
120.000
46.000
277.000
170,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday,
Monday,
Market,
12:15 _{
P. M.
Quiet.
Good
tawdry.
MId.l7pFds
Tuesday, Wednesday, Thursday,
Friday,
Good
Inquiry.
Quieter.
Quiet.
Steady.
5.28d.
5.34d.
5.308.
5.29d.
5.218.
----
5.198.
Sales
----
----
----
----
Steady. Barely stdy Quiet, un- Quiet, but
Futures.{ Quiet but Steady,
stdy, 1 to 3 4 to 6 pta. 2 to 3 pta. 6 to 9 pts. ch'gd to 2 Steady 1-2
Market
decline.
decline,
pta. adv, pta. adv.
adv. advance,
pta.
opened
Steady.
Quiet but
Quiet,
Market,.I Sready. Quiet but Steady,
Ito 3 pts. stdy, 4 to 6 to 9 pts. 6 to 11 pts. 7 to 8 pts. tdy.,3 pts.
4
decline,
decline.
advance. 10 as.adv. advance,
advance.
P.M.
Prices of futures at Liverpool for each day are given below:
Sat.
Dec. 5
to
Dec. 11.
Mon.
Tue.
Wed.
Thurs.
Fri.
12.1512.3012.15 4.0012.15 4.0012.15 4.0012.15 4.0012.15 4.00
P. m•P• m.9. En. P• In.D. m•P. m•P• m.D. M.D. m. p. m.p. m p. m.
d. 4. a. d.
d. 4. 4. d.
New Contract. d. d.
__ 4.90 4.98 5.00 4.99 5.07 4.95 4.96 4.94 4.88 4.86 4.91
December
4.98 4.98 5.06 4.94
,
January (1932)-- 4.89 4.96 4.95 4.94 5.03 4.92 4.9. 4.9 4.88 4 861 4.91
4.93 4.91 4.8 4.83j 4.88
4.86 4.93
February
4.87 4.94 4.96 4.95 5.03 4.93 4.94 4.92 4.86 4.8sf 4.89
March
__ 4.87 4.94 4.96 4.95 5.03 4.93 4.94 4.92 4.86 4.84 4.89
April
4.88 4.94 4.96 4.95 5.03 4.93 4.94 4.93 4.87 4.85 4.90
May
4.89 4.95 4.97 4.95 5.03 4.93 4.95 4.93 4.88 4.861 4.91
_
June
_ _ 4.90 4.96 4.97 4.95 5.03 4.94 4.96 4.94 4.89 4.87j 4.92
July
__
4.91 4.97 4.97 4.96 5.04 4.95 4.97 4.95 4.90 4 881 4.93
.
August
.
September-- -_ 4.92 4.98 4.98 4.97 5.05 4.97 4.99 4.96 4.91 4 891 4.94
4.94 4.99 4.99 4.98 5.07 4.99 5.01 4.98 4.93 4.91 4.96
__
October
November-.- __ 4.9. 5.00 5.11 4.99 5.08 5.00 5.02 5.00 4.9 4.92 4.97
December
-- -- 4.9 5.01 5.01 5.01 5.11 5.02 5.03 5.02 4.96 4.94 4.99
DEC. 12 1931.]
FINANCIAL CHRONICLE
BREADSTUFFS
3991
DAILY CLOSING PRICES OF BONDED WHEAT AT NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
531 54
53
5534-57% 56% 55
December
56%
55 7
59% 59% 57% 55
May
60% 60% 60
57%
58 4 56
July
NEW YORK.
DAILY CLOSING PRICES OF WHEAT IN
Sat. Mon. Tues. Wed. Thurs. Fri.
73%
73% 70% 72
743's 75
No. 2 red
WHEAT FUTURES IN CHICAGO.
DAILY CLOSING PRICES OF
Sat. Mon. Tues. Wed. Thurs. Fri.
52,4 52% 53%
55% 55% 54
December
53% 54
53
57
56% 55
March
54% 55% 56
58% 58% 56
May
54% 52% 533. 54
57% 57
July
Season's Low and When Made—
Season's High and When Made—
44%
Oct. 5 1931
June 3 1931 December
69
December
47%
Oct. 5 1931
Nov. 9 1931 March
71%
March
48%
Oct. 5 1931
Nov. 9 1931 May
73
May
Oct. 5 1931
49
Nov. 7 1931 July
73%
July
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
60% 60% 58%)1•57% 57% 58%
December
64% 64% 63 •, 61% 61% 62%
May
65% 65% 63%L62% 62% 63%
July
Friday Night, Dec. 11 1031.
FLOUR.—With cash wheat firmer prices were advanced
on the 5th inst. Sc., but trading was small. On the 8th inst.
prices declined 10 to 150. in a dull market. Later prices
were steady but trade still kept within very narrow bounds.
WHEAT has acted better. The technical position seems
stronger. Short selling has evidently gone too far. The
one drawback is the lack of a good export demand. But
wheat is considered cheap. Not a few shake their heads
over the idea of selling it at this level. On the Pacific
Coast there is said to have been sales of several million
bushels for export. What is needed is a big foreign demand
on the Atlantic side. On the 5th inst. prices ended X to
1%c. higher in an oversold market. Also stocks were higher
INDIAN CORN has given way only slightly for the moveand sinister Gorman financial and political rumors of the
market has been small. Farmers are holding.
before were denied. Liverpool did not follow Chi- ment to
day
there was buying Cash corn has been shipped from Chicago to Duluth and
cago's decline of the 4th. In Liverpool
in Wisconsin. The idea of some is that both corn and
in the expectation that the world's total shipments for the points
a
turn out to be relatively small. Some look for wheat are soldout if not oversold. Both need sharp cash
week would
demand for home or foreign account or both. On the 7th
a better export demand when European affairs improve.
showed little net change closing X to %c.lower.
The cash wheat situation is called rather tight. There was inst. prices
inquiry on the 5th, though that was largely Southern Illinois it is said sold considerable corn to the
a fair export
Pacific Coast and also Chicago sold a small cargo to go from
on the Pacific Coast.
country offerings were small.
the 7th inst. prices ended unchanged to %c. lower. there to Duluth. Meanwhile
On
no On the 5th inst. prices declined M to Mc. to the lowest
At one time they were X to %c. higher. There was
28 then acted if anything a little overpressure to sell. World shipments for the week were only price seen since Oct.
lower. The demand
i
bushels. The cash situation was firm as the sold and rallied sharply closing X to Xc.
11,505,000
was distinctly less active and the basis fell X to Mc. comFarm Board holds the bulk of the supply. December was
the 8th inst. prices advanced
noticeably firm at times. Rumors of good export sales pared with the May price. On
3
afloat. On the 8th inst. prices early % to 1 Xc. as some who sold wheat bought corn. Also
by way of Vancouver were
covering and buying by traders. But wheat pulled
declined 1 to 2e. with rains in Western Kansas, unsatisfac- there was
ended unchanged to %c. lower.
larger Argentine offerings, a lower stock market down corn later and it
tory cables,
On the 9th inst. prices fell with wheat and stocks and
and only a very moderate export demand. July led the
liquidation. Yet coundecline. The cash basis in Chicago and at the Southwest closed M to 1 Xc. lower on renewed
lower. Contract grades continued to sell at try offerings were small but so was the shipping demand.
was somewhat
high in Iowa. On the 10th
noticeable premiums over futures. At Kansas City, 36c. Prices were still comparatively
closed Mc. net higher. It
May price was paid for a cary of 18.5% protein No. inst. corn followed wheat and
over the
in Chicago and sold in was rumored that fairly large sales of corn to the Pacific
dark hard winter. Some bought
made. Country offerings were small. ToWinnipeg, which ended X to 13%c. lower. Liverpool de- Coast had been
day prices ended %c. lower to Mc. higher. The cash basis
There was a holiday in Buenos Aires.
clined M to %d.
leading industry was not buying. The
On the 9th inst. prices fell 2 to 23'e. on the further break was down Mc. A
prevented any marked decline in corn;
stock market and liquidation partly for Eastern firmness of wheat
in the
against privileges. Cash corn was
account. Export sales of 500,000 to 800,000 bushels showed also buying of corn
offerings were still small and the weather
some revival of foreign demand, but not enough to count. quiet, but country
was rather unsettled. A car of corn was sold at Chicago to
Liverpool and Winnipeg declined. Some throught the go to Ashland, Wisconsin. Final prices show a decline for
wheat position had become sold out. But there was no the week of 1 to 13 0.
/
bullish news to make head against the stock market's deDAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
pressing power or the liquidation of tired holders. Bene54% 53% 53% 52% 52% 52%
No. 2 yellow
ficial rains fell in western Kansas. In the main the crop
OF CORN FUTURES IN CHICAGO.
DAILY CLOSING PRICES
Sat. Mon. Tues. Wed. Thurs. Fri.
seems to be doing well. New crop Argentine wheat was
36% 353
35g 35
37 36
December
38
38
37
381
39
pressing on the foreign market. Sydney, N. S. W., cabled March
7
41% 39% 40
40
41
41
May
% 41
Dec. 9:"It is feared hero that half the wheat crop of Queens- July_
43 4 42% 41% 417
43
amounting to 3,000,000 bushels, has been destroyed
Low and When Made—
Season's
land,
Season's High and When Made—
Oct. 5 1931
32
April 1 1931 December
56%
by severe floods in the southern part of the State." On the December
34
Oct. 5 1931
Nov. 9 1931 March
51%
March
366
Oct. 5 1931
Nov. 9 1931 May
53%
inst. prices ended % to Mc. lower, with smaller offer- May
10th
Oct. 7 1931
38
Nov. 9 1931 July
55
July
ings from the East and elsewhere. Russian wheat and
OATS prices have stood the test of the week very well.
potato crops are said to be small this year and it is said that Good grades are much wanted. Oats are certainly cheap.
the German crop has been much damaged by rains. Liver- On the 5th inst. trading was light and prices ended unchanged
pool acted better. It was intimated that a good export to Mc. lower. On the 7th inst. prices closed M to Vic.
business was under way by way of the Pacific, though lower under the influence of corn. On the 8th inst. prices
closed unchanged to %c. lower with corn off. The trading
otherwise export trade was only moderate.
was light. There was some switching from December to
To-day prices closed M to 13%c. higher. Offerings were May at 21 0. On the 9th inst. prices closed 13% to 1%c.
/
acted sold out. At any rate the tech- lower with scattered liquidation. On the 10th inst. oats
small. The market
in the day prices were in- followed corn and closed generally unchanged. To-day
nical position was better. Early
clined to weaken slightly for the cables were rather poor. prices closed X to %c. higher after an early decline. They
The stock market was lower. The weather in Australia followed other grain upward later. Also cash interests were
/
Final prices were 13/i to 13 0.
was better. Export demand on this side of the Continent buyers. That counted.
for the week.
was moderate. The business was mostly in Manitoba. lower
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Fri.
Thurs.
Wed.
Tues.
Mon.
But later came a sharp rally. The stock market recovered
Sat.
6%-37%
No.2 whlte.36%-37% 36%-37% 37%-38% 36%-37% 36%-37% 3
some of the decline. Reports were insistent that some
CLOSING PRICES OF OATS FUTURES IN CHICAGO.
DAILY
Mon. Toes. Wed. Thurs. Fri.
2,000,000 to 3,000,000 bushels of Manitoba had been bought
24k 24% 24% 23% 23' 23%
for shipment via Vancouver in the last three days. Argen- December
24% 2412
March
26% 26% 26% 25% 25
Y53.4
May
tine weather was not favorable. Rains fell there. Some July
26% 26% 25% 24% 244 245,,
thought the anti-prohibition news from Washington was
Season's Low
Season's High and When Made—
%
7
20
June 29 1931 December
34%
Oct. 5
better; also that the Farm Board may be spurred by new December
23%
Nov. 10 1931 March
31
Oct. 6 I
March
23
Nov. 10 1931 May
31%
Oct. 519
legislation to keep its wheat holdings off the market until May
22%
Nov. 10 1931 July
31%
Oct 5 1931
compara- July
prices are much higher. Primary receipts were
OATS FUTURES IN WINNIPEG.
DAILY CLOSING PRICES OF
Sat. Mon. Tues. Wed. Thurs. Fri.
tively small. The domestic cash situation was firm. The
30% 30% 304 30
December
30% 30§
country seems inclined to hold back. Large Chicago interests May
33% 33% 33% 32% 32% 33
are supposed to have covered to-day. The talk was that
not acted so well as other grain, the decline being
RYE has
Eastern interests had gone long. A big and persistent some 23' to 3c. But this does not reach export orders for
domestic rye. Some tinny rye is too high as compared
foreign demand is imperatively needed. Prices ended
I with wheat. On the 5th inst., prices closed unchanged to
to 2Me. lower for the week.
ri
II
3992
FINANCIAL CHRONICLE
[Vol,. 133.
Ye. higher with wheat closing at an advance. Winnipeg
The destination of these exports for the week and since
was weaker and this tended to curtail any advance in July 1 1931 is as below:
Ac, lower,
Chicago. On the 7th inst., prices closed
to 3
more or less affected by wheat prices. On the 8th inst.,
Wheat.
Flour.
Corn.
prices ended % to 4c. lower. The East bought. The Exports for Week
5
7
and Since
Week
Week
Since
Since
Week
Since
Northwest sold. The decline was due largely to lower
July 1 toDec.5
Dec. 5
July 1
July 1
Dec. 5
July 1
1931.
1930.
1931.
1930.
1931.
prices for wheat. On the 9th inst., prices dropped 25% to
1930.
23/8c. and caught stop orders. Wheat's downward plunge
Barrels. Barrels.
Bushels.
Bushels. Bushels. Bushels.
also had some effect. On the 10th inst., prices closed United Kingdom_ 104,689 1,605,368 1,626,000 26,695,000
17,000
Vic. lower. A sale was reported of 150,000 bushels of Continent Amer.. 46,181 1,160,724 2,000,000 55,586,000
to
So.& Cent.
9,000
165,453
230,000 4,717,000
7,000
Canadian rye for export. It had no effect. To-day prices West Indies
230.914
10,000
71,000
1,000
23,000
___ _
ended / to 13/se. higher after an early decline in company Brit. No. Am.Col. 11,490 962,000 136,000 1,985,000
31
Other countries_ _ _
119,913
with wheat. But when wheat rallied rye followed. Also
Total 1931
181,360 3,283,334 3,902,000 89,054,000
1,000
47,000
there were reports of small sales of rye to Scandinavia.. A
Total IMO__
240 2Afi 0 281 917 4021 000 108 502 000
1000
11 c non
Western report put the rye acreage at 3,636,000 acres against
4,026,000 ayear ago. Final prices show a decline for the
The visible supply of grain, comprising the stocks in
week of 25% to 35%c.
granary at principal points of accumulation at lake and
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
seaboard ports Saturday, Dec. 5, were as follows:
Sat. Mon. Tues. Wed. Thurs. Fri.
December
March
May
July
38%
42
41% 403
38% 37
45% ___ _ 44
41% 41 4 42%
42% 43%
46% 46% 45% 423
35% 32% 425
463-i 363
% 435%
Season's High and When MadeSeason's Low and When Made
December
Nov. 6 1931 December
Aug. 25 1931
58%
35
March
Sept. 3 1931
Nov . 9 1931 March
62
38
May
Oct. 5 1931
Nov. 9 1931 May
63%
38%
July
Nov. 9 1931 July
Dec. 10 1931
63%
415%
Closing quotations:were as follows:
GRAIN.
Wheat
-New YorkOats. New York
5
No.2 red.C.I J.'.,new
73%
MA
No.2 white
..2037%
Manitoba No.I.f.o.b. N .Y- 765%
35%(9136%
No. 3 white
Rye
653
,
1
-No.2,f.o.b. N. Y
Corn, New YorkChicago. No.2
No.2 yellow,lake and rail-- 523's Barley
No 3 yellow,lake and rail.
No.2,L.dr R.. N.Y.,dom---56
- 505%
40@59
Chicago, cash
FLOUR.
Spring pat, high protein $4.40 $4.80 Rye flour patents
$4.00 $4.25
Spring patents
6.40
4.40 Seminole, bbl., Nos. 1-2 5.50
4.25
Clears,first spring
4.60 Oats good
4.10
l.956 2.00
Soft winter straights- 3.35
3.60 Corn flour
1.6508 1.70
Hard winter straights
4.00 Barley goods
3.
70
Hard winter patents
Coarse
4.00
4.40
3.200 ---Hard winter clears
Fancy p,earl. Nos. 2.
4.00
3.50
Fancy Minn. patents
4 and 7
6.25
6.1508 6 50
5.45
.
City mills
5.45
6.15
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:
Receipts at-
Flour.
Oats.
Corn
Wheat.
Barley.
Rye.
.
.bush:Bibs bush.56155
bbls.1961bs.bush.60 lbs.bush. 56153.bush.32 lbs
7,000
Chicago
43.000
216,000
169,000 1,100,000
214,000
73,000
Minneapolis_ 118,000
65,000
147,000
577,000
84,000
16,000
Duluth
3,000
11,000
204,000
5,000
126,000
110,000
41,000
18,000
Milwaukee_ -1,000
2,000
Toledo
295,000
173,000
36.0001
3,000
Detroit
10,000
8,000
12,000
6.0001
43,000
100,000
Indianapolis
403.0001
5t. Louis_
84,000
377,000
43,000
138,000
288,0001
Peoria
1,000
53,000
38,000
20.000
256,0001
7,1 i f
752,000
Kansas CitY34.000
133.0001
Omaha
80,000
389,000
4,000
St. Joseph__ _
32,000
27,000
28,000
5,000
Wichita
219,000
15,000
125,000
Sioux City-16,000
Tot. wk.'31
Same week,'30
Same week,'29
453,000
431,000
388,000
3,088,000
3,172,000
4,788.000
2,719,000
4,554,000
6,991,000
799,000
1.430,000
1,401,000
376,000
582,000
778,000
168,000
191.000
522,000
Since Aug.18.864,000181.077.000 51,560,000 34.719,00018,565,000 3,638,000
1931
8,398,000 225,726.000 76,523,000 60,546,000 30,473,000 14,098,000
1930
1090
a caR 000229 899000 83 743 ono 74 027 000 44 083 ma 13 701 000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Dec. 5 1931 follows:
Receipts atNew York.. _ _
Philadelphia__
Baltimore_ __ _
Newport News
Mobile
New Orleans*
Galveston
Montreal__ _ _
Boston
Sorel
Flour. I
Corn.
Wheat.
Oats.
Barley.
Rye.
55.198 lbs.lbush.60 lbs bush.56155.bush.32 lbs. bush.48155. bush.561b8.
12,000
27,000
209,0001 1,167,000
73,000
63,000
10,000
31,000
12,000
254,000
18,000
2,000
15,000
2.000
80,000
24,000
192,000
57,000
36,000
79,000
99,000 2,003,000
37,000
392,000
274,000
1,000
4,001
30,000
303,000
443,000 4,078,000
Tot. wk.'31
Since Jan.1'31 22,052,000 181,496,000
64,000
517,000
337,000
67,000
2,995,000 12,759,00022,897,000 2,595,000
212,000
152,000
72,000
554,000 4,668,000
52,000
Week 1930.._
760.000
Since Jan.1 '30 24,138,000 160,027.000 4,595,000 5.752.000 1,072.000
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading
The exports from the several seaboard ports for the week
ending Saturday, Dec. 5 1931, are shown in the annexed
statement:
Exports front-
Wheal.
Corn.
Bushels. Bushels.
940,000
New York
Boston
152,000
Philadelphia
80,000
Baltimore
Newport News-303,000
Sorel
80,000
Mobile
New OrleanS...
434,000
Galveston
Montreal ______ ____ 2,003,000
Total week 193I __ 3,992,000
a.,-. -..... 1 rem-- 4.031.000
Flour.
Oats.
Rye.
Barley.
Barrels. Bushels!, Bushels. Bushels.
50,360
6,000
1,000
2,000
1,000
1,000
1.000
19,000
4,000
99,000
392,000
37,000
274,000
181,360
248.296
406,000
117.000
37,000
90.700
274,000
213.001
14.000
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
"
afloat
Toledo
"
afloat
Detroit
Chicago
afloat
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
Hutchinson
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
GRAIN STOCKS.
Wheat,
Corn,
Oats,
bush,
bush,
bush,
3,569,000
80,000
1,468,000
10,000
2,750,000
34,000
68,000
6,756,000
30,000
31,000
650,000
2,771,000
86,000
66,000
5,690,000
96,000
6,871,000
563,000
18,899,000 2,239,000 1,005,000
294,000 1,102,000
8,452,000
33,000
4,557,000
345,000
190,000
876,000
21,000
245,000
68,000
22,014,000 4,808,000 2.427,000
280,000
1,270,000
88,000
394,000
6,137,000
2,098,000
19,631,000
5,000 3.711,000
31,523,000
92.000
1,481,000
19,000
504,000
276,000
6,844,000
110,000
30,000
30,453,000
1,812,000
5,721,000
210,000
6,856,000
37,000
1,000
811,000
65,000
983,000
971,000
1,633,000
19,346,000
69,000
547,000
194,000
Rye,
bush.
20,000
2,000
8,000
32,000
4,000
406,000
82,000
5,000
Barley,
bush.
18,000
8,000
2,000
5,000
21,000
380,000
75,000
8,000
31,000
63,000
2,164,000
296.000
1,160,000
214,000
531,000
1,657,000
366,000
3,763,000 2,522,000
1,000
18.003
8,000
4,000
57,000
159,000
11,000
41,000
Total Dec. 5 1931_217,654,000 9,623,000 16,089,000 9,625.000 4,517,000
Total Nov. 28 1931_221,799,000 9,695,000 16,922,000 9,659,000 4,890,000
Total Dec. 6 1930_190,791,000 6,975,000 27,933,000 15,940,000 12,331,000
Note.
-Bonded grain not included above: Oats
-New York, 2,000 bushels:
Buffalo, 30,000; total, 32,000 bushels, against 255,000 bushels In 1930. Barley
New York afloat, 63,000 bushels; New York, 1,000; Buffalo, 101,000: Buffalo
afloat, 485.000; Duluth, 3,000: total, 633,000 bushels, against 1,436,000 bushels
In 1930. Wheat
-New York, 1,500,000 bushels; New York afloat, 7,126,000; Buffalo
4,085,000: Buffalo afloat, 13,634,000; Duluth, 1,000: on Lakes, 307.000; total,
26,693,000 bushels. again.st 27,672,000 bushels In 1930.
Barley,
Oats,
Corn,
Wheat,
Rye,
Canadianbush,
bush,
bush.
bush.
1,639,000 1,254,000 1,424,000
Montreal
3,921.000
2,297,000 7,515,000 2,300,000
Ft. William & Pt. Arthur 41,490,000
1,995,000
Other Canadian
432,000
679,000
11,132,000
5,931,000
Total Dec. 5 1931_ 56,543,000
5,626,000
Total Nov. 28 1931_ - 58,742,000
Total Dec. 6 1930.. 55,717,000
6.582,000
cummaryAmerican
217,654,000 9,623,000 16,089,000
5,931,000
Canadian
56,543,000
9,201,000 4,403,000
9,761,000 4,737,000
10,446,000 22,886,000
9,625,000 4,517,000
9,201,000 4.403,000
Total Dec. 5 1931-274.197,000 9,623,000 22,020,000 18.826,000 8,920,000
Total Nov. 28 1031.... _280,541,000 9,695,000 22,548,000 19,420,000 9,627,000
Total Dec. 6 1030....246.508.000 6,975,000 34,515,000 26,386,000 35,217,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Dec. 4, and since July 1 1931 and 1930.
Wheat.
Exports.
1Veek
Dec. 4
1931.
Since
July 1
1931.
Corn.
Since
July 1
1930.
Week
Dec. 4
1931.
Since
July 1
1931.
Since
July 1
1930.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels,
24,000 1,488,000
North Amer_ 7,130,000 155,250,000 192,991,000
879,000
697,000 3,054,000 20,438,000
Black Sea_ _ _ 2,008,000 90,800,000 71,950,000
669,000 33,652,000 20,303,000 10,666,000 215,895,000 107,187,000
Argentina.. _
Australia __ 1,010,000 45,537.000 28,776,000
India
,
688,000 18,240,000 24,000,000
450,000 12,246,000 32,488,000
0th. countr's
Total
_ 11,505,000 344.079,000 346.892.000 11,837,000232,683,000 160,992,000
WEATHER REPORT FOR THE WEEK ENDED
DEC. 9.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the influence of the weather for the week ended Dec. 9, follows:
The table on page 3 shows that the temperatures were mostly seasonable
over the greater part of the country east of the Great Plains: the departures from normal ranged generally from 3 deg, subnormal to 3 deg. above
normal. Over much of the central and southern Rocky Mountain region
and in the immediate Southwest it was extremely cold, with temperatures
ranging from 7 deg. to as much as 18 deg. below normal. In the Pacific
Coast States departures were not marked, except in eastern Washington
where they were about 10 deg. below the average for this time of year.
Minimum temperatures were still moderate, although the line of freezing extended somewhat farther south than in previous weeks. The first
killing frost of the season was reported at Raleigh, N. 0., on the 3d.
which was the latest ever recorded at that station. The lowest temperature reported for the week from a first-order station was 10 dog, below
zero at two stations in the northern Great Plains and one in the central
Rocky Mountain section.
The table also shows that moderate to heavy rains fell in much of the
previously dry Southeast, although in some parts of this area, notably
along the south Atlantic Coast, only light falls occuml. Precipitation
was moderate to heavy also In the immediate Southwest and along the
north Pacific coast, but from the Middle Atlantic States westward the
amounts were light, and only negligible over much of the Great Plains
and thelfar Southwest.
DEC. 12 1931.]
FINANCIAL CHRONICLE
One of the outstanding features of the week's weather was the relief in
the severely droughty conditions in the Southeast. Generous to excessive
rains over much of the area materially benefited soil conditions, aided
streamflow, and replenished water supplies generally. However, parts of
this area still need moisture, especially along the south Atlantic coast and
in southern Georgia and Alabama.
The dry conditions were also relieved in southern and southwestern
Texas where heavy rains occurred, while general snows over the Northwest were very helpful for winter grains. Water supplies are still in need
of replenishment over the Middle Atlantic States and the Northeast, while
in western Kansas conditions remain dry.
The cold weather that overspread the country toward the close of the
week hampered farm work to some extent, but in much of the central
and northern parts of the country outside operations were largely suspended
for the season. The general rains throughout the South also retarded
field work, but temperatures remained favorable, especially in the Southeast, with local record-breaking warmth.
Corn husking was further delayed in the lower Great Plains and trans
Mississippi area, wet fields in the latter section making it extremely
difficult for hauling operations in the fields. Conditions were largely unfavorable for gathering the remnants of cotton in the western belt, with
further reports of damage.
SMALL GRAINS.—Winter grains remain in good to excellent condition
in the central valleys, although growth was retarded by the cold weather
toward the close of the week. In Kansas winter wheat is very good in
the eastern two-thirds, but some apprehensions is felt as to danger from
heaving; the crop is poor in the western third and needs more moisture
in the southwest. A general snow cover is reported, although of varying
depth, from the central Lake region westward to the Pacific States; in
this area grains are believed largely safe from cold weather.
Generous to heavy rains in the Southeast were of much benefit to winter
cereals, with the soil now in generally good shape. Plowing and late
sowing have been resumed in this section under favorable conditions.
Winter grains still look to be in satisfactory condition in the Middle
Atlantic States and the Northeast.
The Weather Bureau furnishes the following resume of
the conditions in the different States:
Virginia.—Richmond: Temperatures slightly above normal, except
much colder at end of week; rainfall negligible. Favorable for winter
grains, southern truck, husking corn, and marketing tobacco. Water
levels continue very low; rain urgently needed.
North Carolina.—Raleigh: General rain, mostly 2 to 3 inches, relieved
drought, increased streamflow, benefited winter grains, and enabled sowing to resume where part not planted. Truck improving. Killing frost
at Raleighion Dec. 3 was latest of record:
.
South Carolina.—Columbia: Soaking rains in central and north, brit
still light along coast. Condition and germination of winter cereals much
improved, as are winter truck and pastures. Generally good plowing
conditions in most sections and considerable small grain and winter cover
crops to be sown.
Georgia—Atlanta: Drought completely broken over northern division
by heavy rains on 3d-4th, but rainfall insufficient, though beneficial, in
south. Continued warm, with record maximum temperature at Savannah. Winter cereals much benefited and soil placed in good condition
for plowing. Harvesting cane continues. Weather favorable for spraying and pruning peach trees.
Florida.—Jacksonvillo: Beneficial showers in all divisions; weekly totals
1 to 2 inches in north and central. Setting strawberries and transplanting cabbage and other truck in north and. central. Planting tomatoes
continued in south. Potato planting advanced in Federal Point district.
Rain greatly benefited citrus groves and fruit.
Alabama.—Montgomery: Temperatures somewhat above normal. Frequent rains, heavy in many localities of central and north where farm
work interrupted; water for stock still scarce locally in south. Sowing
oats progressed slowly; some up and doing well. Cabbage being
in coast region. Truck crops and vegetables mostly fair to good inset out
south.
Pastures and ranges mostly poor to only fair.
Mississippi.—Vickaburg: Mostly cloudy, with frequent, moderate to
excessive rains, favoring fall-sown grains and pastures, but unfavorable for
other seasonal farm activities. No damaging cold.
Louisiana.—New Orleans: Frequent rains largely prevented field work,
except some local cutting of sugar cane; grinding continues, with fairly
good results. Sweet potatoes and corn damaged where not harvested.
Cotton remaining in fields damaged or lost account rains. Dry weather
much needed for truck and all outdoor work.
Texas.—Houston: Maximum temperatures low, due to excessive cloudiness, but minima more moderate. Frost nearly to coast on 4th, but damage slight. Precipitation general; light in western third and northeast,
but heavy elsewhere and breaking drought in southwest. Progress and
condition of pastures, citrus, wheat, and oats mostly
truck good, but crop backward in much of southwest. good. Progress of
in western third, but elsewhere conditions unfavorable. Some field work
Oklahoma.—Oklahoma City: Cool and mostly cloudy,
light rain, unfavorable for field work as ground too wet. with osiessional
Small remnant
of cotton and corn still in fields. Winter grains made slow growth, but
condition mostly good to excellent. Pastures good.
Arkansas.—Little Rock: Low temperatures first of week
stopped growth
in north and central. Cloudy, rainy weather delayed cotton picking, but
very favorable for winter crops. Wheat, oats, meadows, pastures,
and
winter truck good to excellent.
Tennessee.—Nashville: Normal temperatures ,and
considerable
greatly improved farming conditions. Wheat, oats, rye, and barley rain
getting good start. Stock holding well on winter feed.
Kentucky.—Louisville: Moderate precipitation;
seasonable temperatures. Growth of grains and grass slow; held in check by light freezes.
Pastures still fairly good, but feeding increased. Corn
finished. Favorable for stripping and moving tobacco. gathering nearly
THE DRY GOODS TRADE
A
New York, Friday Night, December 11 1931.
Retail activity in textiles continues good, and, with
prospects that retailers' holiday trade during the next few
days will prove the heaviest so far in the season, it is
hoped that apparel will continue to maintain its unusually
large proportion of the holiday demand. Heavy weight
garments have recently been selling in satisfactory volume,
while quantities of shirts, ties, mufflers and similar accessory lines have been moved into the hands of the
ultimate consumer. Lingerie, silk and rayon dresses, coats,
and numerous textile accessories for women's
wear have
also been selling in good volume. However,
retailers
tinue to bold on hand only the lightest of stocks conwith
the result that they are said in many cases to
be actually
forfeiting substantial business because of insufficiently
varied, or totally deficient, stocks of demanded
merchandise.
In the aggregate, primary factors in the various
producing
divisions do not appear to expect any nearby
improvement
in the present prevailing quiet tenor of activity.
current spurt at retail, they point out, is temporary, The
and
in many cases is not yet estimable as to volume. They stress
the prevasive pessimism current in the nation's financial
markets, and the extremely uncertain prospects for general
business which are the cause of continuous declines in
securities. The present Congressional session, it is
emphasised, may or may not speedily put into effect the proposals
contained in the President's message, but in any event the
effects of such stabilizing movements must necessarily
prove slow in becoming manifest. The outlook for 1932,
3993
even as envisaged by the more optimistic of reliable
authorities, certainly does not include a picture of any
spectacular recovery in purchasing power, and textile prospects are thus for some measure of seasonal expansion
fairly early in the coming year, but no definite indication
of normal volume till a general recovery from economic
ills begins to be evident. At the same time encouragement
is derived from the fact that raw materials are cheap,
inventories universally low, and public purchases curtailed
to a virtual minimum.
DOMESTIC COTTON GOODS.—Somewhat better feeling engendered in the gray goods market early this week
by the news that a group of prominent manufacturers of
print cloths, had agreed to analyze the disquieting position
of those fabrics with a view to formulating definite plans
for adequate regulation of production. The print cloths
division has long been an outstanding sufferer in respect
of excessive production at the expense of profits, and recently
the price structure has all but collapsed as individual producers, operating intensively, have forced supplies on the
marlfet with little or no regard for price. Until recently
agitation for regulation of output (to a point where persistent price-unsettlement and resultant undermining of
buyers' confidence could be checked) had not given birth
to anything that looked like a solution of the problem. Even
as late as last week prospects for early effective co-operation
in stemming production were looked upon as very dubious.
However, the apprehension thus engendered has been greatly
modified as other constructive indications have become apparent. Following the announcement cited above, leading
groups of mills withdrew all offerings until further notice,
while coincident reports from various producing areas revealed widespread intentions to reduce output over the endof-the-year inventory period, irrespective of possible co-operative plans, which as far as their intended scope is known,
are understood to contemplate general regulation in the
print cloths division beginning January and continuing
uninterruptedly for a period of not less than six months
and very probably more, with the purpose of eliminating
about a third of capacity-production. Among those who are
known to be more or less committed to substantial curtailment are some of those who have been producing most intensively in the recent past. While business, meanwhile,
has continued light, a decidedly better undertone in prices
has become apparent. This improvement is interpreted in
many quarters as a sign of the ending of the critical situation which has existed in the past few weeks. A revival
of buying interest is already being registered, according
to some commentators, and other divisions besides print
cloths are showing signs of greater vitality. Not only will
they benefit from the removal of the atmosphere of the
discouragement which overflowed from print cloths into
such lines as sheetings, but regulation of production will
tend to be more encouraged when the most active section
of the trade is subject to it Print cloths 27-inch 64x60's
constructions are quoted at 29 16c., and 28
/
-inch 64x60's at
2 11/16c. Gray goods 39
-inch 68x72's constructions are
quoted at 3%c., and 39-inch 80x80's at 5c.
WOOLEN GOODS.—Following a recent moderate expansion in demand for spring goods, markets for woolens and
worsteds have again relapsed into dullness as the traditional
December lull has overtaken business. Converters have done
some extensive sampling of fabrics intended for coats,
dresses, suits, &c., but little new business is expected till
after the turn of the year. While a period of relative stability followed recent settlement of price difficulties, the
practice of price-sniping has reappeared rather widely in
the past few days, a condition that is responsible for the
incipient agitation for some kind of co-operative attitude in
the trade toward prices. Mills continue a more or less general regulation of production in order to avoid weakening
an already sensitive market, and in most cases they have
little or no stocks left over from the fall season. The poor
volume of the latter season, reflecting the disposition on
the part of consumers, notably men, to make suits and coats
last an additional season, and to dispense, to a large extent,
with formal clothing, is causing apprehension about prospects for spring business. One observer points out that the
spring season does not normally approach the fall season in
volume, being, in large measure, a kind of filling-in period
in which sports wear, flannels, tropicals and the like comprise the bulk of the business, and it is feared in some quarters that the demand for such clothing may adversely reflect
the public's present tendency to do without garments which
are not necessities.
FOREIGN DRY GOODS.—Volume movement in piece
goods features the current market for linens. Notwithstanding an unsettled exchange situation, importers have
been successful in finding a wide market for their products
In the recent past, dress goods, men's suitings, and housohold linens, the latter being particularly active as gift offerings,all selling well. The suitings and dress goods, of course,
are intended for the spring season. The recent solution of
that old problem of shrinkage under cleansing processes,
which for long was considered inerradicable, is
considered
to have much to do with the present popularity of
Burlaps continued dull, registering only a slight linens.
gain in
response to firmness at Calcutta, some decline in
setting this. Light weights are quoted at 3.50c., sterling offand heavies
at 4.60c.
3994
FINANCIAL CHRONICLE
#tate and Txty pepartment
MUNICIPAL BONDS SALES IN NOVEMBER.
We present herewith our detailed list of the municipal bond
issues put out during the month of November, which the
crowded condition of our columns prevented our publishing
at the usual time.
The review of the month's sales was given on page 3814
of the "Chronicle" of Dec. 5. Since then several belated
November returns have been received, changing the total
for the month to $54,371,350. The number of municipalities
issuing bonds in November was 177 and the number of
separate issues 199.
Rate. Maturity. Amount.
Name.
Page.
5X 1933-1957 5200,000
3285-Akron.Ohio
3655--Alamo Heights Ind. School
24.000
1932-1955
5
Texas
District,
75,000
43.1 1943-1946
3656. Ambridge. Pa
3816-_Anoka Co. Con. S. D.
r6,000
1945
534
No.5,Minn
2,600
5X 1932-1941
3491- _Antwerp, Ohio
15,000
3656-Arlington, So. Dak
55,000
3816--Arkansas County, Ark--3491--Arnaudville Gray. Drain50,000
1934-1968
6
age District, La
62.270
-5)4 1933-1942
3656-Ashtabula Co.. Ohio.
2,070
1932-1940
-6
3656--Athens, Ohio (2 issues)
9,000
6
3817--Attala. Miss
1932-1934 119.000
4X
3656-_Bay City, Mich
434 1932-1941 100.000
Texas
3123--Beaumont,
4X 1935-1949 250,000
3286--Beaver County.Pa
53.‘ 1932-1960 1.396.000
3817-Bergen Co.,N.J
434 1931-1969 398,000
3491--Beverly Hills, Calif
69.000
411 1939-1951
3656-B1airsv1lle, Pa
6.000
534 1946-1951
4001--Blanco Co., Tex
16,000
3656-Bo11var, Tenn.(2 issues)3817--Bonner Co. Ind. School
43i 1933-1952 r140,000
Dist. No. 1, Idaho
3j 1932-1951 3,228.000
3656-Boston, Mass
411 1951-1981d3,000,000
3656--Boston, Mass
1,250,000
1976
4)4
3656-_Boston, Mass
75,000
1934-1948
5
3123--Bristol, Tenn
6,000
434 d1936-1941
3817-Bruning, Nob
1-2 yers. d50,000
5
3656-Burleigh Co., N. 0
912.521
5X
Mont
3817--Butte,
3123-Calcasieu Parish School
75,000
5)4 1932-1951
Dist. No. 22. La
3,000.000
4
3491-California (State of)
11.000
3123--Charleston Co., S. C----4X
1,884
)4 1933-1942
3657-Chester Township, Ohlo_51
5,000
6
3657--Clarendon, Pa
1932-1942
2.250
Ind
3657-Clay County,
1933-1941 157,000
3491--Cleveland Heights, Ohio-5
1.530
3657-Coquille, Ore
r11,000
6
3286-Corinth, Miss
3817__Cowlitz Co. S. D. No.
201.000
2-20 yrs.
5
122, Wash
37,921
6
1932-1940
3492-_Crowley. La
3657--Cuyahoga Co., Ohio (2
1933-1947 925,000
6
issues)
434 1932-1946 125,000
3657-Darien, Conn
12,000
3657--Dayton City S. D., Ohio_43-4 1932-1935
3657. Denver(City and County
890,000
4
of) Colo
r10,000
6
3287--Dothan, Ala
4X 1933-1937
5.000
3657- _Dover, Ohio
40,000
6
1932-1956
3287-Dumas, Texas
1932-1946 339.000
N.Y.(3 iss.)5
3123- _Eastchester,
15.789
1932-1937
3492- _East Liverpool, Ohio--- _5
12,000
30 yrs
3817--Edenburg, Pa
53j 1932-1935 1,200,000
3657--Elizabeth, N. J
43.738
3442--Emporia, Han1932-1941
30.000
3287--E verett, Wash
20,000
1932-1946
4
3287._Framingham, Mass
1932-1946 275.000
4
-Franklin Co.. Mass
3124
75,000
3124__Franklin County, Mass 431 1947-1951
1933-1944 175,518
6
3657-Franklin Co. Ohio
17,500
3657__Fredonia, N.'Ir. (2 iss.)-4.70 1932-1941
3492-Freetown, Lapeer, Earford &c., S. D. No. 1,
1933-1971 275,000
5
N.
1934-1958 100,000
6
3493-Gadsden, Ala
7,000
4X 1932-1938
Wis
3818__Galesville.
13,500
1933-1951
5
3443-Gilmore City, Iowa
50,000
434 1932-1941
-Gloucester, Mass
3287_
3818-_Gonvick Ind. S. D. No.
10,000
53.1
21, Minn
1932-1934 111,000
3493--Grand Rapids, Mich____5
1932-1961 176,000
4.90
3658-Greenburgh, N. Y
72,000
5.20 1936-1959
3658-_Greenburgh, N. Y
40,000
4% 1947-1961
3493-_Greenville S. 1)., Pa
78,000
1942-1944
4
3493-Hammond, Ind
1-10 Yrs. r243,309
6
3493-Hamtramck, Mich
275.000
1-3 yrs.
6
3493-Hamtramck. Mich
1932-1961 1,000.000
5
s County.. Tex
3818-Harri
32,000
5X 1933-1964
3818-Harrison, N.I'
35,000
1933-1950
5
3818--Harrison,
8,400
1933-1943
4
.HarrisonCounty, Ind
3658.
98,197
3818-Henryetta S. D. Okla- - - 1932-1961
30,000
3818-_Hollidays Cove, W. Va.-5
9.440
1932-1936
6
3493-_Holmes Co.. Ohio
411 1932-1936 200,000
3658-Holyoke, Maas
S. D. No. 3,
3288-Irondequoit
5.70 1935-1961 200.000
N. Y
80,260
1933-1946
3493-Ironton, Ohio (2 issues)_ _6
3658-Islip Common S. D. No.
50,000
1932-1956
5
9, N. Y
3288-Jefferson City, Tenn. (2
30,000
5X 1932-1951
issues)
1932-1969 4,359.000
3288--Jersey City, N.J.(3 iss.)_5
77,000
1936-1945
3658-Kandlyohl Co., Minn-4X
900,000
4
3819-Kansas City, Mo
3.200
434 1933-1943
Ind
3819--Knox County,
11,600
1932-1942
4
3658--Kosciusko Co., Ind
62.000
434 1932-1942
3819__Lake County,Ind
37,896
6
3493__Lake County, Ohio
1932-1952 d10,000
5
3443_Lamar, Colo
1937-1951 d28,000
5
3493__Lansing, Iowa (2 iss.)
15,000
5X
3819-Leland. Miss
2,688
1932-1935
6
3658„Lexington, Ohio
42.000
1-20 yrs.
3819__Lockport S. D.. Iowa__-.5
4,000
1933-1940
5
3819__Lodi. Ohio
378.800
40 yrs.
6
3819-Lod1 S. D. N. J
3494-Los Angeles Co. Rd.Impt.
1936-1945 101.863
Dist. No. 316, Callf 6
Price. Basis.
5.49
100.30
100
100.03
5.00
4.24
100
5.50
100
100.75
100.24
6.00
5.35
5.94
5.00
100.45
100
100.02
100
4.45
5.25
4.49
4.75
100
100
100
100
100
100
100
100
4.75
3.75
4.75
4.25
5.00
4.50
5.00
5.50
100
5.50
100
100
100
100.04
100.06
100.50
4.50
5.75
6.00
4.49
5.74
100.15
100
4.98
6.00
100
100.15
6.00
4.47
100
4.00
100.78
100
4.84
5.00
100
100
4.00
100.09
100.02
100.02
100
4.74
- -
loo
6.00
4.70
100.06
95
100
100
101.27
4.99
6.53
4.50
5.00
4.24
100
99.31
100.28
100.10
100
100
100
100
100
100.51
100.51
100
5.25
5.37
4.88
5.19
4.75
4.00
6.00
6.00
5.00
5.25
5.25
4.00
100
100.08
6.00
4.26
100.11
100
5.69
6.00
100
5.00
100
100
100.79
100
100
100.12
100
100.25
97
100
5.50
5.00
4.40
4.00
4.50
3.97
4.50
5:H
5.00
100.03
5.99
100
100
5.00
6.00
95.30
6.68
[VOL. 133.
Rate. Maturity. Amount. Price. Basis.
Name.
Page.
5.70
1933-1942 294.220 101.56
3819- _Lucas Co., Ohio (2 Ise.) -6
5.86
1933-1937 225,375 100.50
3494__Mahoning County, Ohio-6
3659-Mamaroneck, N. Y. (2
5.07
5.10 1933-1971 258,000 100.40
issues)
23.700
3125__Marion, Ohio
r5,000 100
6.00
6
3659_ _Marks, Miss
4.50
4)4 1932-1953 110,000 100
4001-McLennan Co.. Tex
4.48
4X 1932-1945 135.000 100.15
_Medford, Mass
3125_
12.000 100
6.00
1932-1951
6
3820_ -Mer Rouge, La
6.00
1937-1956 r41,000 100
3820-1\413.ml, Ariz
6
3,110 100.26 3.95
1933-1943
4
3289__Miami County, Ind
5.99
1932-1941 297.718 100.01
6
3125- _Milwaukee Co.. Wis
8,250
1932-1946
5
3659- _Minerva, Ohio
3659- _Minneapolis, Minn. (2
434 1932-1951 1,828.920 100.67 4.39
issues)
4.25
4)./ 1939-1948 1,400,000 100
3125__Minnesota (State of)
4.38
1948-1952 5.000,000 95.14
4
3125_ _Missouri (State of)
..Montgomery Co., Ohio
3289.
6.00
1933-1942 442,450 100
6
(2 issues)
4.93
1932-1946 390,000 100.48
3659__Mount Pleasant. N. Y 5
3289- _Mower Co. Con. S. D.
4.00
6,000 100
1938-1939
4
No. 59, Minn
5.00
36,700 100
1932-1941
3659-Muskegon Heights, Mich.5
4.95
1932-1951 100,000 100.39
5
-Newark, N. Y
36595.50
4005--Now Brunswick, N. J- --5X 1932-1934 500.000 100
r10.000
4
3289_ _North Vernon, Ind
6.00
5,500 100
1933-1934
6
3299_ _Norwood, Ohio
6.00
r22.000 100
6
3821__Oak Park, Mich
6.00
1932-1956 135,000 100
6
3290_ _Ocean City, N J
4.75
1
,
44 1932-1949 236,000 100
3821--Ocean County, N. J
4.29
99.07
4)( 1937-1956 1,000,000
3290__Oregon kState of)
4.95
25,000 100.47
1949-1951
5
_Ottumwa,Iowa
3659_
---43,000
3821 __Palisade, Colo
3821_ _Parsippany-Troy Hills
1932-1971 325,000
6
Twp., N J
10,000
3821--Pendleton, Ore
----- 1.'75
4% 1951-1981 500,000 100
3821-Philadelphia, Pa
4.75
4 1951-1981d2,743.400 100
43
3290_ _Philadelphia, Pa
4.75
.4 1951-1981 140,600 100
43
3659__Philadelphia, Pa
5.00
5,000 100
5
1932-1934
Twp., Ill
3821__Phillips
10,000
6
3659__Plains, Mont
4.38
39,000 100.57
1932-1942
3495.._Porter County, Ind
4.50
434 1934-1936 150,000 100
3495-Racine, Wis
4.21
-Ramsey County, Minn 4 4 1932-1951 1,000,000 100.31
3495.
4.60
90,000 101.28
4U 1932-1951
3496_ _Redlands, Calif
3496_ _Refugio Common S. D.,
100,000 100
Texas
1.85
4,4 1936-1950 d75,000 100
3290_ _Remsen, Iowa
4.19
4.20 1932-1961 320.000 100.08
3496__Rensselaer Co., N. Y
5.50
49,000 100
5X 1932-1934
3290. River Rouge, Mich
4.25
4g 1932-1951 75,000 100
3822__Rochester, Mkm
6.00
30,000 100
3822 __Rockport, Texas
6
1933-1948 105,000 100.009 4.99
5
3126__Roseburg, Ore
4.75
88,000 100
3822--Rutherford S. D.. N.J 4M
5.31
98.65
2,000
5 yrs.
3822_ _ Sac Co.S. D.No.2,Iowa 5
3660-Saint Jo Independent Sch,
5.00
35,000 100
1932-1949
5
District, Texas
3290 _San Francisco (City and
4.50
434 1936-1951 500,000 100
County), Calif
5.00
13,000 100
5
1934-1946
3822-8aranac Lake, N.Y
126,000
3660__Scurry Co., Tex. (2 ism.).
4.75
2-30 yrs. 428,650 100
431
3290__Seattle. Wash
20,000 100.16 4.97
1932-1941
5
3496__Seneca Falls, N. Y
3290„Sharon Twp. Ind. Sch.
2,500
Dist. No. 1, Iowa
4.25
43i 1932-1951 100,000 100
3660_ _Sioux City, Iowa
5.98
20.000 100.08
1932-1936
6
3127__Solvay, N. Y
4.42
3127_ Somerville, Mass
434 1932-1964 100.000 100.52
98.50
200,000
4
3822__Springfield, Mo
.16
5
3291__Springfield, Ohio1933-1957 113.200 100.82 .-4.45
1933-1951 225,000 100.39
3660__Stamford (City of) Conn-1
d25.000
4)4 1941-1951
3822-Superior, Nob
3822__Thayer Co. S. D. No.66.
4.25
40.000 100
4)1 5-3O yrs.
Neb
5.00
15,000 100
1932-1946
5
3661_ _Thomson, Ga
4.25
4),1; 1933-1952 100.000 100
3497_ _Tiffin S. D Ohio
6.00
1933-1962 504,000 100
Ohio
3822_ _Toledo,
6
3497--Tom Green Co. Common
12,000
S. D.No,30, Tex
5
5.00
1936-1955 220,000 100
5
3661__Tulsa. Okla
4.75
5,000 100
1956
3661_ _Tulsa, Okla
4)4
S. D. No. 7,
3661__Tunica Co.
r4.000
6
Miss
4.97
65,000 100.27
1933-1951
5
3127__Tupper Lake, N. Y
3823--Valley Co. S. D. No. 2,
6.00
2.000 100
6
Mont
3823.
.VernonAcquis. & Impt.
44,696 100.25 6.96
7
1934-1945
Dist. No. 1, Calif
5.00
6,000 100
5
3497_ ..Victoria, Kan
72,083
1933-1942
3497_ _Wadsworth Ohio
1)15
1310,000 100
6
38?3-Waldport, Ore
4.18
50,000 100.33
3497-_Waltham, Mass
431 1932-1941
5.90
39,000 100.37
6
1933-1937
Ohio
3823--Warren,
4.00
14,800 100
4
1933-1942
3661_ -Washington Co., Ind_
4.50
50,000 100
434 1933-1945
3497-Waterbury. Conn
4.00
25.000 100
1932-1936
4
3661__Wellsville, N. Y
3291__West Long Beach Sewer
5.37
5.40 1936-1970 207,000 100.37
District, N. Y
14,800
6
3292-Williams Bay, Wis
4.66
93.55
334 1933-1942 100,000
3661_ _Windsor, Conn
3292„Yakima Co. Con. S. D.
5.50
d8,434 100
534 1932-1941
No. 13, Wash
4.94
1932-1961 2.400,000 100.01
3661__Yonkers, N. Y.(2 iss.).-5
4.94
434 1932-1951 460,000 100.01
3661__Yonkers, N. Y
Total bond sales for November (177 municipalities, covering (199 separate Issues)-454,371,350
d Subject to call in and during the earlier years and to mature In the
latter years. k Not including 565,975.000 temporary loans. r Refunding
bonds.
The following item included in our total for the month of
August should be eliminated from the same. We give the
page number of the issue of our paper in which reasons
for this elimination may be found.
Rate. Maturity. Amount,
Name.
Page.
$199,500
3657- _Duluth Ind. S. D., Minn..
Price. Basis.
_.._
During the past month we have also learned of the following additional sale that occurred during July:
Rate. Maturity. Amount.
Name.
Page.
d10-40 Yrs. $16.000
3822-_Savoy Ind. S. D., Texas_5
Price, Basis.
BY CANADIAN MUNICIPALITIES IN
NOVEMBER.
Rate. Maturity. Amount. Price, Basis.
Name.
Page.
---5
*215 000 000
3662--Canada (Dominion of)
5
4.61
48,042 101.09
3292 .Chatham, Ont
5.00
5
1941
3498__Kingston, Ont
57,000 100
3662__Lennoxville School Com5.71
434 1932-1961
mission, Quo
25,000 87.65
DEBENTURES SOLD
Total of Canadian debentures sold in Nov_3215,130,042
•The Canadian Government offered during November a bond issue of
$150,000,000 for public subscription. Offers received were for $215.000.000
bonds. For complete details of the loan see V. 133, p.3662, and 3824.
DEC. 12 1931.]
FINANCIAL CHRONICLE
NEWS ITEMS
New York State.—Legal Investments for Savings Banks.—
The State Banking Department has compiled a new list of
securities considered legal investments for savings bank funds
this new list being dated Dec. 1 1930. This new list has
been prepared in accordance with the provisions of Section
52 of the banking law. The custom of dating the legal
list as of Dec. 1, instead of the previous method of dating
them as of Jan. 1, was inaugurated with the list of Dec. 1
1928. The municipal sections of the following list are
presented under sub-headings corresponding to paragraphs
and sub-sections of subdivisions 5-a, 5-b and 5-d of Section
239 of the banking law, as amended by the 1928 Legislature.
The Banking Department has, and will issue, from time
to time, supplementary lists during the year, instead of
following the old custom of issuing a supplemental list on
June 30. The last supplemental list of securities found
legal was given out by the Department on Sept. 23 1931—
V. 133, p. 2129. This new list was amended by a supplemental list on Dec. 7, which changes are incorporated herewith. This list now reveals a great number of changes,
both in municipal obligations and the securities of railroads
and public utilities, as it is a recapitulation of the supplementary lists issued during the year, together with a few
changes made since the list of Sept. 23. The statement as
given by the Superintendent of Banks, which accompanies
the list, follows:
STATE BANKING DEPARTMENT. ALBANY, N. Y.
The following list of securities considered legal investments for savings
banks has been prepared in accordance with the provisions of Section 52
of the Banking Law. The list is prepared for the protection of the trustees
of savings banks, and should not be considered a guide for executors,
administrators or trustees generally. Neither should it be considered as
having been intended for the use of dealers in securities.
The trustees of savings banks are not, because of this list, relieved of
the duty of making a careful investigation on their own part into the
legality of their investments. In fact it would be improper for trustees
of savings banks to place their sole reliance upon the list. It has been
prepared after a thorough investigation into the legality of the securities
listed, and is believed, therefore, to be substantially correct; but, notwithstanding the care that has been exercised in its preparation it is not
to be assumed that the list is a complete and infallible guide. The provisions of the Banking Law relating to legal investments for savings banks
must for the most part be applied as of the date of investment. Conditions vary so from time to time that securities which were legal investments on the date they were placed upon the list may even now be disqualified. Vice versa, securities which are not included in this list may
now be found to be legal. Therefore, the trustees of savings banks, should
for their own protection, supplement the work of the Department by
their own careful investigation into each doubtful case. Particular attention
is called to securities marked (z). With the exception of these, reliable
supporting information, in all cases, is on file with this Department. As to
the exceptional cases noted, however, the Department has been unable to
obtain recent financial statements or other data from the companies concerned. The conditions under which securities may be considered legal investments for savings banks are contained in Sec. 239 of the Banking Law.
An important provision of the law requires that certain municipalities
shall have power to levy taxes on the taxable real property therein for
the payment of their obligations without limitation of rate or amount.
Municipalities to which this provision applies are specified. However,
It must be left to the trustees of the savings banks to satisfy themselves
that the securities comply with the law on the question of unlimited taxes.
It is presumed that in so doing they will be assisted by an attorney's opinion
accompanying the bond issue or by an opinion of their own attorney.
As the cost of preparing the list is assessed upon the savings banks,
sufficient copies have not been printed to enable us to make a general
distribution.
You may communicate with this Department for any further information
you may desire.
JOSEPH A. BRODERICK. Superintendent of Banks.
Dec. 1 1931.
SECURITIES CONSIDERED LEGAL INVESTMENTS FOR SAVINGS
BANKS,UNDER SUBDIVISIONS OF SECTION 239 OF THE
BANKING LAW AS NUMBERED.
Subdivision 1.
All interest-bearing obligations of the United States or those for which
the faith of the United States is pledged to provide payment of interest
and principal, including bonds of the District of Columbia.
Subdivision 2.
All interest-bearing obligations of New York State.
Subdivision 3.
Certain interest-bearing obligations of the following States and Territories:
Montana
Indiana
Alabama
Rhode Island
Nebraska
South Carolina
Iowa
Arizona
Nevada
Kansas
Arkansas
South Dakota
New Hampshire
Kentucky
California
Tennessee
New Jersey
Colorado
Louisiana
Texas
New Mexico
Connecticut
Utah
Maine
Delaware
North Carolina
Vermont
Maryland
Florida
North Dakota
Massachusetts
Virginia
Georgia
Ohio
Michigan
Washington
Hawaii
Oklahoma
West Virginia
Minnesota
Idaho
Oregon
Mississippi
Wisconsin
Illinois
Pennsylvania
hiLssouri
Wyoming
Subdivision 4.
All interest-bearing obligations, or revenue notes sold at a discount,
of any city, county, town, village, school district, union free school district, poor district, or fire district in New York State, provided that they
were issued pursuant to law and that the faith and credit of the municipality or district that issued them is pledged for their payment.
Subdivision 5 a.
Certain stocks, bonds and other obligations (excluding non-negotiable
warrants), either interest-bearing or sold at a discount, of the following:
Connecticut,
•
Fairfield County
Ansonia
New Britain
Stontngton
Greenwich
Bridgeport
New haven
Stratford
Hamden
13ristol
New London
Torrington
Danbury (city and Hartford
Norwalk
Wallingford
Hartford County
town)
Norwich (city and Waterbury
Manchester
Derby
town)
West Hartford
Meriden
East Hartford
Shelton
Willimantic
Middletown
Stamford (city and Windham
Enfield
Mllford
Fairfield
town)
3995
Massachusetts.
•Metropolitan Tress- Revere
Everett
Fall River
sit District of the Salem
Framingham
Commonwealth of Saugus
Franklin County
Massachusetts(an Somerville
incorporated mu- Southbridge
Gardner
Gloucester
Springfield
nicipalitY)
Greenfield
Middlesex County Swampscott
Hampden County Needham
Taunton
Hampshire County New Bedford
Wakefield
Haverhill "
Newbury port
Watertown
Newton
Holyoke
Webster
Norfolk County
Lawrence
Weltesley
Northampton
Leominster
Westfield
Lowell
North Attleboro
West Springfield
Lynn
Norwood
Weymouth
Malden
Peabody
Winchester
Marlborough
Pittsfield
Winthrop
Plymouth
Medford
Worcester
Melrose
Quincy
New Jersey.
Hamilton Township Morristown School Redwood Two.Sch.
Atlantic City
School District
Atlantic County
District
District
Bayonne
Rutherford
Newark
Harrison
New Brunswick
Hoboken
Rutherford School
Bergen County
Orange
Bloomfield
Hudson County
District
Somerset County
Burlington County Ilunterdou County Passaic
Summit
Camden
Irvington
Passaic County
Camden County
Sussex County
Paterson
Jersey City
Perth Amboy
Trenton
Cape May County Kearny
Phillipsburg
Union City
Cumberland County Linden
Union County
Maplewood Two. Plainfield
East Orange
Rahway
Weehawken
Mercer County
Elizabeth
Middlesex County Redbank
Englewood
Westfield
Monmouth County Redbank School
Westfield School
Essex County
Gloucester County Montclair
District
District
Ridgewood Twp.
West New York
Hamilton Township Morris County
Morristown
Pennsylvania.
Dauphin County
Lebanon Sch. Dist. Pottstown School
Adams County
District
Lehigh County
Allegheny County Delaware County
Lewistown
Derry Township
Allentown
Pottsville
Lewistown School Pottsville Sch.Dist,
Donora
Allentown School
Reading
Donora School Dist. District
District
Reading Sch. Dist.
Dormont
Lucerne County
Beaver County
Dormont Sch. Dist. Lycoming County Scranton
Bellevue
Elk County
hlercer County
Scranton Sch. Dist.
Berke County
Mifflin County
Sharon
Ellwood City
Blair County
Ellwood City School Monessen
Sharon School Dist.
Bradford
onessen Sch.Dist. Steelton
District
Bradford School
Munhall
Erie
Steelton Sch. Diet.
District
Erie School Dist.
Munhall Sch. Dist. Tamactua
Bristol
New Castle
Erie County
Tioga County
Bucks County
Farrell
New Castle School Vandergrift
Butler
Warren
Butler Sch. District Farrell School Dist. District
Norristown
Fayette County
Warren Borough
Butler County
Norristown School
Greensburg
School District
Cambria County
Greensburg School
Canonsburg
District
Washington
District
Northampton Co. Washington School
Canonsburg School
North Braddock
Harrisburg
District
District
Harrisburg School North Braddock
Carlisle
Washington County
School District
District
Carlisle Sch. Dist.
Waynesboro
Hazleton
Northumberland Co.Waynesboro School
Carnegie
Hazleton Sch. Dist. Olyphant
District
Chambersburg
Huntingdon county Olyphant School
Charleroi
Westmoreland Co.
District
Jefferson County
Wilkes-Barre
Charleroi School
Philadelphia
Johnstown
District
Wilkes-Barre School
Johnstown School Philadelphia School
District
Chester
District
Wilkinsburg
Chester School Dist. District
Pittsburgh
Kingston
Clairton
Wilkinsburg School
District
Clairton Sch. Dist. Kingston Sch. Dist. Pittsburgh School
District
Lancaster
Columbia
Williamsport
Lancaster School Pittston
Conshohocken
Williamsport Sch.
District
Pittston Sch. Dist.
District
Coraopolis
Plains Township
York
Coraopolis School Latrobe
Latrobe Sch. Dist. Plains Township
York Schoo: District
District
School District York County
Cumberland County Lawrence County
Lebanon
Pottstown
Adams
Arlington
Athol
Attleboro
Belmont
Berkshire County
Beverly
Boston
Braintree
Brockton
Brookline
Cambridge
Chelsea
Chicopee
Clinton
Danvers
Dedham
Easthampton
Essex county
Bristol
Central Falls
Cranston
Rhode Island.
North Providence
Cumberland
East Providence
Pawtucket
Lincoln
Providence
Newport
arwick
Barre
Bennington
Vermont.
Burlington
Westerly
West Warwick
Woonsocket
Rutland
Subdivision 5 b (1).
Certain stocks, bonds, and other obligations (excluding non-negotiable
warrants), either interest-bearing or sold at a discount, of the following:
Note.—Unlimited tax obligations only are legal for places indicated with
an asterisk (*). Furthermore, the legality of obligations Issued by school
districts and counties depends on whether or not the obligations issued by
the city, indicated in parenthesis in each case, are legal. It will be noted
that unlimited tax obligations only are legal for some of the cities appearing
in parentheses. We believe that the failure of any city in such case to
have outstanding any unlimited tax obligation would render illegal the
respective school district or county.
Colorado—
Alabama—
Denver
Birmingham
Denver School District No. 1 (Denver)'
Jefferson County (Birmingham)'
Arizona—
Delaware—
Phoenix
New Castle County (Wilmington)'
School District No. 1 (PhoenixO•
V.limington
California—
Alameda'
Florida—
Alameda County (Oakland)'
Jacksonville
Glendale
Tampa
Glendale City School District (Glendale)*
Georgia—
Glendale Union High School District
Atlanta
(Glendale)'
Augusta
Los Angeles*
Bibb County (Macon)'
Los Angeles City School District (Los
Chatham County (Savannah)'
Angeles)*
Columbus.
Los Angeles City High School District
Macon
(Los Angeles)'
Muskogee County (Columbus)'
Las Angeles County (Los Angeles)'
Richmond County (Augusta)'
Oakland.
Savannah
Oakland School District (Oakland)•
Illinois—
Oakland High Sch. Dist.(Oakland)'
Chicago'
Pasadena
Board of Education of City of Chicago*
Pasadena City Sch. Dist. (Pasadena)'
Cook County (Chicago)'
Pasadena City High School District
East St. Louis
(Pasadena)•
Elgin.
Sacramento
Elgin Union Sch. Dist. No.46 (Elgin)'
Sacramento City Elem. School District
Peoria
(Sacramento)•
Peoria County School District No. 140
Sacramento City High School District
(Peoria)'
(Sacramento)
.
Quincy'
Sacramento City Jr. College School
Rockford
District (Sacramento)'
Rockford School District (Bockford)•
Sacramento County (Sacramento)*
Rock Island.
San Diego
Rock Island School District No. 41.
San Diego School District (San Diego)'
(Rock Island)'
San Diego High Sch. Dist.(San Diego)'
St. Clair County (East St. Louis)'
San Diego County (San Diego)'
St. Clair County School District No.180
San Francisco
(East St. Louis)'
San Jose
Sangamon County School District No.
San Jose High Sch. Dist.(San Jose)'
186 (Springlleld)•
Stockton
Springfield
Stockton School District (Stockton).
3996
FINANCIAL CHRONICLE
Indiana—
New Hampshire—
East Chicago
HIlleborougb County (Manchester)'
East Chicago School City (E. Chicago)' Manchester
Elkhart*
Nashua"
Elkhart School City (Elkhart)*
North Carolina—
Elkhart County (Elkhart)'
Charlotte
Evansville
Mecklenburg County (Charlotte)*
School City of Evansville (Evansville)'
New Hanover County (Wilmington)'
Fort Wayne
Fort Wayne School city (Fort Wayne)* Wilmington*
Hammond
Ohio—
Hammond School City (Hammond)*
Akron'
Akron City School District (Akron)'
Indianapolis*
Indianapolis School City (Indianapolis)* 13utier County (Hamilton)'
Lake County (E. Chicago)*
Canton
Marion County (Indianapolis)*
Canton School District (Canton)'
Cincinnati
Muncie
Cincinnati School District (Cincinnati)'
Muncie School City (Muncie)*
St. Joseph County (South Bend)"
Cleveland
South Bend
Cleveland City Sch. Dist.(Cleveland)'
South Bend School City (South Bend)* Columbus
Terre Haute
Columbus City Sch. Dist.(Columbus)'
Terre Haute School City (Terre Haute)* Cuyahoga County (Cleveland)*
Dayton*
Vanderburgh County (Evansville)'
Dayton School District (Dayton)'
Iowa—
Franklin County (Columbus)*
Cedar Rapids
Hamilton
Council Bluffs*
Hamilton School District (Hamilton)'
Independent School District (Council
Hamilton County (Cincinnati)*
Bluffs)•
Lima*
Davenport
(Lima)*
Independent School Dist.(Davenport)' Lima School District
Lorain*
Des Moines
Des Moines Independent School District Lorain City School District (Lorain)'
Lucas County (Toledo)*
(Des Moines)*
MahonIng County (Youngstown)*
Polk County (Des Moines)*
Pottawattamie County (Council Bluffs)* Mansfield*
Mansfield School District (Mansfield)*
Sioux City
Marion*
Independent School City (Sioux City)'
Minion School District (Marion)*
Waterloo
Marlon County (Marion)*
Woodbury County (Sioux City)"
Montgomery County (Dayton)*
Kansas—
Norwood*
Kansas City
Portsmouth'
Kansas City School Dist.(Kansas City)" Scioto County (Portsmouth)*
Sedgwick County (Wichita)"
Springfield
Topeka
Springfield City Sch. Dist. (Springfield)*
Topeka School District No.23(Topeka)* Summit County (Akron)*
Wichita
Toledo
Wichita School District No. 1 (Wichita)* Toledo School District (Toledo)'
Wyandotte County (Kansas City)"
Trumbull County (Warren)"
Kentucky—
Warren*
Warren City School District (Warren)*
Covington
Covington School District (Covington)' Youngstown
Youngstown Sch. Dist.(Youngstown)*
Fayette County (Lexington)*
Kenton County (Covington)*
Oklahoma—
Lexington
Muskogee'
Loutwine
Muskogee Sch. Dist, No.20(Muskcgee)•
Paducah*
Muskogee County (Muskogee)*
Louisiana—
Caddo Parish School District No. 1
Oregon—
(Shreveport).
Multnomah County (Portland)'
New Orleans*
Multnomah County School District No. 1
Orleans Parish School Board (New
(Portland).
Orleans)*
Portland"
Shreveport
South Dakota—
Maine—
Sioux Falls*
Androscoggin County (Lewiston)'
Sioux Falls Independent School District
Cumberland County (Portland)*
(Sioux Fails)'
Lewiston"
Tennessee—
Portland
Davidson County (Nashville)'
Maryland—
Memphis"
Allegany County (Cumberland)*
Nashville
Baltimore
Shelby County (Memphis)*
Cumberland*
Texas—
Michigan—
Austin
Battle Creek*
Beaumont
Battle Creek Sch. Dist.(Battle Creek)'
Dallas
Bay City
El Paso
Bay City School District (Bay City)'
Fort Worth
Calhoun County (Battle Creek)'
Fort Worth Independent School District
Detroit"
(Fort Worth).
Flint"
Harris County (Houston)'
Flint School District (Flint)*
Houston
Genesee County (Flint)*
Independent School District (Houston)'
Grand Rapids
Grand Rapid Sch. Dist.(Grand Rapids)* McLennan County (Waco)"
San Antonio
Jackson
Independent Sch. Dist.(San Antonio)'
Union School District No. I (Jackson)'
Tarrant County (Fort Worth)"
Jackson County (Jackson)*
Kalamazoo
Waco
Kalamazoo School District (Kalamazoo)"
Utah—
Kent County (Grand Rapids)*
Og len*
Lansing
Og len School District (Ogden)*
Muskegon*
Salt Lake City
Muskegon School District (Muskegon)* Sat Lake City School District (Salt Lake
Oakland County (Pontiac)*
City)*
Pontiac
Salt Lake County (Salt Lake City)'
Pontiac Union School District (Pontiac)*
I lrginia—
Port Huron*
Lyachburg*
Port Huron Sch. Dist.(Port Huron)'
Nesport News*
Saginaw
Richmond
Saginaw School District (Saginaw)'
Ro tnoke
Saginaw County (Saginaw)
*
St. Clair County (Port Huron)*
WashfsofOn—
King County (Seattle)*
Wayne County (Detroit)'
Seattle*
Minnesota—
Seattle Sch. Dist. No. 1 (Seattle)'
Duluth
Spokane
Independent School District (Duluth)*
Spokane Sch. Dist. No. 81 (Spokane)*
Hennepin County (Minneapolis)*
Spokane County (Spokane)*
Minneapolis
Tacoma
Ramsey County (St. Paid)*
Tacoma Sch. Dist. No. 10(Tacoma)'
(Duluth)*
St. Louis County
St. Paul
IVest
Missouri—
Huntington
Buchanan County (St. Joseph)'
Wheeling
Jackson County (Kansas City)'
Wisconsin—
Joplin*
Dane County (Madison)'
Joplin School District (Joplin)*
Douglas County (Superior)'
Kansas City
Green Bay*
St. Joseph
St. Joseph School District (St. JOser01)• Kenosha
La Crosse*
St. Louis
Madison
St. Louis School District (St. Louis)*
Milwaukee
Springfield
(Springfield)" Milwaukee County (Milwaukee)'
Springfield School District
Oshkosh"
Nebraska—
Racine
Douglas County (Omaha)*
Racine County (Racine)'
Lincoln
Sheboygan*
Lincoln School District (Lincoln)'
Superior"
Omaha"
Winnebago County (Oshkoals)*
Omaha School District (Omaha)'
Subdivision 7
Certain railroad obligations:
Atchison Topeka dx Santa Fe By.—
Adirondack Ry. 1st 436s, 1942.
Ad). 4, 1995.
Alabama Great Southern RR.
Cony. 4, 1955.
1st cons. 5s, 1943, series A.
Cony. 4. 1960.
1st cons. 4s, 1943, steles B.
Cony. deb. 414s, 1948.
Equip. trust 5s0. due April 1938.
Gen. 48, 1995.
Albany dr Susquehanna RR.1st ref. 314s.
-Arizona Lines 1st ref. 4;0,
Calif.
1926.
1962, series A and B.
Allegheny Valley Ry. gen. 4s, 1942.
Rocky Mtn. Div. 1st 42, 1965.
Arkansas & Memphis Ry. Bridge &
Transcontinental Short Line let 48, 58.
Terminal Co. 1st 5s, 1964.
Aroostook Northern RR. 1st 55, 1947.
Atlanta Terminal Co.
1st 6s 1939, series A.
let .5s1939. series B.
Atlantic Coast Line flit.—
let cons. 45, 1952.
Gen. unified 4,e.s. 1964, series A.
Gen. unified 4s 1964, series B.
Equip, trust i4s D, due to Feb. 1936.
Equip. trust 4i4s E, due to Feb. 1941.
Atlantic Coast Line RR. of South
Carolina 1st 43, 1948.
Austin & Northwestern RR. 1st 5s, 1941.
Baltimore d: Ohio RR.—
Cony. 416s, 1933.
1st 4s, 1948.
1st 5s, 1948.
Ref. & gen. 5s, 1955, series A.
Ref. & gen. 68, 1995, series B.
Ref. & gen. Os, 1995, series C.
Ref. & gen. 58, 2000, series D.
Pitts. Lake E. dr W. Va. ref. 48, 1941.
Equip. trust 5s, due to August 1937.
Equip. trust Os. due to February 1938.
Equip. trust 414s B, due to May 1940.
Equip. trust 4148 C. due to Feb. 1941.
Equip. trust 414s F, due to Nov. 1944.
Bangor dr Aroostook RR.—
Cons. ref. 4s, 1951.
1st Os. 1943.
Medford Ext. 1st 5s, 1937.
Piscataquis Div. 1st 5s, 1943.
St. John River Ext. let 5s, 1939.
Van Buren Ext. 1st 5s, 1943.
Washburn Ext. 1st 5s, 1939.
Battle Creek & Sturgis Ry. 1st 3s, 1989.
Bay City dr Battle Creek Ry. 1st 38, 1989.
Beech Creek Extension RR.
1st 31,4s, 1951.
Cons. 45, 1955.
, 36
ech48 l, .
Belet Creek RR.—
2d 5s, 1936.
Belvidere Delaware RR.cons. 314s, 1943,
Big Sandy Ry. 1st 4s, 1944.
Boston dr Maine RR.—
Gen.68, 1935. series K.
Gen. 68, 1933, series M.
Gen. Ss, 1934, series 0.
Gen. 55. 1940, series Q, Rand S.
Gen. 5s, 1941, series T and U.
Gen. Os, 1942, series V. W and N.
Gen, 55, 1943, series Y and Z.
Gen, 58, 1944, series AA and BB.
Gen. 58. 1945, series CC and DD.
Gen. 5s, 1946. series HE.
Gen, 4145, 1947, series FF.
Gen. 4s, 1947, series GC,
Gen. 5s, 1932, series HH.
Gen. 5s, 1955, series II.
Gen. 411s, 1961, series JJ.
Gen. 58, 1967, Seriels AC.
Gen. 48, 1942.
Gen.S434s, 1944.
Gen, 3s, 1950.
Equip. tr. 6s, No.3, due to June 11938.
Equip. tr. 434s, No. 4, due to April 1
1943.
Equip.tr. 5s, No.5,due to May 11944.
Equip.tr. 514s, 1922, due to Aug. 1 37.
Brunswick dr Western RR.1st 4s, 1938.
Cambria & Clearfield RR.—
let 5s, 1941,
Gen, 4s, 1955.
zCarbondale & Shawnee RR.1st 4s, 1932.
Carthage dr Adirondack Ry. let 48, 1981.
Catawlssa RR. 1st cons. 4s, 1948.
Cen R.
CentralOsIt1.9o8t7New Jersey—
Gen. 4s, 1987.
Equip. trust 414sL, due to April 1935.
Equip. trust 4145, due to August 1941.
Central Pacific Ry.—
European loan 48, 1946.
1st ref. 4s, 1949,
1st Through Short Line 4s, 1954.
35
-year guar. 5s, 1960.
Charleston & Savannah By. let is, 1936.
Charleston Union Station Co. 1st 4s, 37,
Chattanooga Station Co. let 4s, 1957.
Chesapeake & Ohio Ry.1st cons. 5s. 1939.
Gen, 4348. 1992.
Ref. & inapt. 4148, 1993, series A.
Ref. & impt. 4148, 1995, series B.
Craig Valley Branch let So, 1940.
Potts Creek Branch 1st 4s, 1946.
Rich. &Alleg. Div. 1st cons 48. 1989
.
Rich.&Alleg. Div.2d cons. 45, 1989.
Warm Spring Valley Br. 1st, 58, 1941
Equip. tr. 530 T, due to June 1937.
Equip. trust 58 U. due to March 1938.
Equip. trust 58 V, due to July 1939
Equip.tr.414s W.due to October 1940.
Equip. trust 414s, due to May 11944.
Equip. tr. 4Y68 1930, due to May 1945.
Chesapeake dr Ohio Grain Elevator Co.
1st 4s, 1938.
Chesapeake & Ohio Northern Ry. 1st 55,
1945.
Chester Creek RR. let 6s, 1933.
Chicago Burlington & Quincy RR.
1st dr ref. 58, 1971, series A.
1st & ref. 4.4s, 1977, series 11.
Gen. 48, 1958.
Illinois Division 1st 334s, 1949.
Illinois Division 1st 4s, 1949.
56c
i cag Indiana & Southern RR. 1st 45,
Chl9
[VOL. 133.
Chicago Rock Island & Pacific Ry.-1,,d
let & ref. 48, 1934.
Gen. 4s, 1988.
Equip. trust 5sL, due to June 19381
Equip. trust 41ts P. due to Aug. 1944,
Equip.trust 434s Q,due to June 1 1945.
Chicago St. Louis & New Orleans RR.—
Cons. 3%8, 1951.
Ill. Cent. Jt. 1st ref. 5s, 1963, series A.
111. Cent. Jt. 1st ref. 5s, 1963, series B
Ill, Cent, Jt. 1st ref. 434s. 1963,ser. C.
*
Memphis Division 1st 4s, 1951.
Chicago St. Louis & Pittsburgh RR,COW.
5s, 1932.
Chicago Union Station Co.
1st 414s 1963, series A.
1st 5s, 1963, series B.
let 614s, 1963, series C.
Guar. 55, 1944.
Cincinnati Indianapolis St. Louis &
Chicago Ry. 1st gen. 48, 1936.
Cincinnati Northern RR. 1st 4 1951.
8,
Cincinnati & Muskingum Valley RR. 13t
4s, 1948.
Cincinnati Union Terminal Co. let Ole;
2020, series A.
Cleveland Akron & Columbus Ry. lsk
45, 1940. (Of this issue only bonde
bearing guaranty endorsement of
Pennsylvania RIt,are considered legal.)
Cleveland Cincinnati Chicago dz St.
Louis Ry
Gen. 4s, 1993. series A.
Gen. 5s, 1993, series B.
Ref. & inapt. 68, 1941, series C.
Ref. & impt. 5s, 1963, series D.
Ref. & impt. 4145, 1977. series E.
Cairo 1st 48, 1939.
Clan. Wabash & Mich. 1st 45, 1991.
Spring. & Col. 1st 4s, 1940.
White Water Vy. 1st 4s, 1940.
Equip.tr. 68 due to Jan. 1935,series 44.
Cleveland Columbus Cincinnati dr Indianapolis Ry. gen. 68, 1934.
Cleveland Lorain & Wheeling Ry.1st cons. 5s, 1933.
Gen, 5s. 1930.
Cleveland & Marietta Ry. 1st 414s, 1935.
Cleveland dr Pittsburgh RR.—
Gen. 4148, 1942, series A.
Gen. 414s, 1942, series B.
Gen, 3145, 1942, series B.
Gen. 3345, 1948, series C.
Gen, 3145, 1950, series D.
Gen. & ref. 414s, 1977, series A.
Cleveland Short Line Ry. let 414s, 1961.
Cleveland Terminal & Valley RR. let
4s, 1995.
Cleveland Union Terminals Co.
1st 514s, 1972, series A.
1st 55, 1973, series B.
1st 4,42, 1977, series C.
Coal River Ry. 1st 43, 1945.
Colorado & Southern Ry.—
Gen, 434s, 1980, series A.
Ref. & ext. 414s, 1935.
Equip.tr. 531s, 1922, due to May 1937.
Columbia dr Port Deposit Ry. 1st 48, 1940
Columbus & Hocking Valley RR. let 4s,
1948.
Columbus & Toledo RR. 1st 4s, 1955.
Connecting Ry.
1st 4s, 1951.
1st 4145, 1951.
let 58, 1951.
Delaware MVO RR. dc Bridge Co. 1et
4s, 1936.
Delaware & Hudson Co. 1st & ref. 48,'43.
Des Plaines Valley Ry. 1st 4148, 1947.
Detroit River Tunnel C'o.: Det. T. & T.
1st 4345, 1961.
Duluth bilssabe & Northern By. gen.
fts, 1941.
East Pennsylvania ItR, let 4s, 1958.
Eastern Ry. of Minnesota. Northern
Division 1st 48, 1948.
Erie & Pittsburgh RR.—
Gen. 3103, 1940, series B.
Gen. 33.45, 1940, series C.
Florida Southern RR. 1st 45, 1945.
.
rs Vor 5 8r8, l m l r
FoI ttNext th m Den veCity Ry.—
Equip. trust 5348, due to May 1 1937.
Fremont Elkhorn & Missouri Valle/
RR, cons. Os, 1933.
Gettysburg & Harrisburgh fly. let 4349;
1950.
Gouverneur & Oswegatchle RR. let fet:
1942.
Grand Rapids & Indiana RR.
1st ext. 414s, 1941.
1st ext. 3345, 1941.
Grand River Valley RR. 1st 4s, 1959.
Great Northern Ry.—
0 6.
s . f
11 tn 7 s 452. s l
( e &5 i..419 , 19eries D.
Gen. 7s, 1936, series A.
Gen, 68, 1973, series C.
Gen. 414s, 1976 series D.
Gen. 449, 1977. series E.
Equip. trust 58 B, due to Sept. 1938.
Equip. trust 43451), due to Jan. 1940.
Greenbrier Ry. tat 4s, 1940.
GulleftM5v,obt19&50NoserrthiesernBR. R.—
1st 5s, 1950, series C.
Gulf Terminal Co. 1st 45, 1957.
Harrisburg Portsmouth Mt. Joy .b
Lancaster RR. let 4s, 1943.
Hocking Valley 11Y.
1st cons. 414s, 1999.
Short
Chicago Indianapolis & St. Louis
Equip. trust 55, due to April 1 1938.
Line Ry. let 48, 1953.
Equip. trust 58, due to July 1 1939.
Chicago dr North Western Ry.—
Hollidaysburg Bedford & Cumberland
Deb. 55, 1933.
RR, 1st 4s, 1951.
let & ref. 41411, 2037.
Houston East & West Texas Ry. let 58;
1st dr ref. 55, 2037.
1933. (Of this issue only bonds bearGen, 3148, 1987.
ing guaranty endorsement of Southern
Gen. 4s, 1987.
Pacific Co. are considered legal.)
Gen. 448, 1987.
dle na4s ibs7 B
.
InG an Har oor . elt RR.—
Gen, 4X5, 1987.
Gen, 55, 1987.
Gen,4148, 1957.
Sec. 6345, 1936.
Iowa RR. let 4s, 1950.
Equip. trust 55 M, duo to June 1938. Indiana Illinois dr
Minnesota & North Western fly.
is 1‘3„isn
Equip. trust 5s N, due to June 1938. Iowa 3lin, 19
Equip. trust 5s 0, due to Dec. 1938.
e
lIks lun
Jacot5onv,Lansing & Saginaw ltR. let 31581;
Jrtekse o
Equip. trust 5s P. due to Feb. 1939.
Equip. trust 43;13 Q. due to Oct. 1940.
l 939.
il1e Terminal Co.—
Equip. trust 414sR, due to May 1942.
Equip. trust 414s S. due to Oct. 1942.
1st dz gen. 5s, 1967.
Equip. trust 454s T, due to Nov. 1942.
Ref. dr ext. 55. 1967, series A.
Equip. trust 4368 U.due to May 1943.
Ref.& ext. (is, 1967, series B.
Aug. 1944.
Equip. trust 41413 V,due to
&ClearfieldRR. lit
4s, 5
Equip.trust 416s W.due to Sept. 1944. Jamestown Franklin
Equip. trust 4148X, due to Feb. 1945.
z See introduction.
DEC. 12 1931.1
FINANCIAL CHRONICLE
3997
Richmond & Petersburg RR. cons. 43.94. Terre Haute & Peoria RR.1st 55, 1942.
New York Connecting RE.
Illinois Central RR.—
1940.
Texarkana & Ft. Smith Ry. 1st guar.
1st 434s, 1953, series A.
let ext. sterling 4s, 1951.
Richmond Terminal Ry. 1st guar. 58,
514s. 1950, series A.
1st 5s, 1953. series B.
18t ext. 3345, 1950.
Texas & Pacific By,
1952. 1st 48, 1951.
N. Y.& Harlem RR. 1st ref. 314s, 2000.
Richmond-Washington Co. coll. trust
1st cons. 55. 2000.
1st 3148, 1951.
New York Lackawanna & Western Ry.Gen.& ref. 5s, 1977, series B.
48, 1943, series A to E.
1st sterling 38, 1951.
1st & ret. 58, 1973, series A.
Rock Island Arkansas & Louisiana RR. Gen. & ref. 5s, 1979, series C.
1st ext. 3145, 1951.
1st & ref. 44s, 1973, series B.
Gen. & ref. 55. 1980, series D.
let 4145, 1934.
Purchased lines 315s. 1952
.
N.Y.& Putnam RR. 1st cons. 4s, 1993. Rock Island-Frisco Terminal Ry. let
Equip. trust 58 FF,due to Oct. 1937.
Ref. 45, 1955.
410 1957.
Equip. trust 55 GG,due to Nov. 1939.
New York Short Line RR,1st 4s, 1957.
Ref. 58, 1955.
Equip.trust 414.8 HH,due to Sept.'40.
-San Francisco Ry.—
Bt. Louis
Sterling trust 3148, 1950.
Norfolk & Carolina RR.
Equip.trust 4148JJ, due to April 1942.
Prior lien 48. 1950, series A.
Cairo Bridge 1st 48. 1950.
1st 58, 1939.
Equip. trust 4148 A, due to Feb. 1943.
Prior lien 58. 1950, series B.
Chicago St. L. & N. 0.31.
2d Se, 1946.
Equip. trust 4s B,due to May 1943.
Cons. 4145, 1978. series A.
1st ref. 58, 1963, Series A.
Norfolk & Western Ry.—
Equip. trust 4148 C. due to June 1944.
Equip. trust 58 AA. due to Sept. 1937.
let ref. 58, 1963, series B.
Cony. 45, June 1932.
Equip.trust 44 BB,due to Feb. 1941. Texas Pacific-Missouri Pacific Terminal
1st ref. 4.54s. 1963, series C.
Cony,4s, Sept. 1932,
RR. of New Orleans 1st 5148, 1964.
Equip. trust 45 CC. due to May 15 '43.
Litchfield Dec. 1st Is, 1951.
Cony, 414s, Sept. 1938.
Equip.trust 414s DD,due to April'45. series A.
Louisville Div.& Term. 1st 3148, 1953.
Div. 1st lien & gen. 4s, 1944,
St. Louis Peoria & North Western Ry, Toledo Canada Southern & Detroit
Omaha Div. 1st 35, 1951.
1st cons. 45,
Ry. 1st 4s, 1956.
1st 58, 1948.
St. Louis Div. & Term. 1st 3s, 1951. Impt. & ext.1996.
68, 1934.
St.Paul & Duluth RR,let cons. 48, 1968. Toledo St. Louis & Western RR, 1st 4
8.
St. Louis Div.& Term. 1st 3145, 1951.
New River Div. 1st 6s, 1932.
1950.
St. Paul Eastern Grand Trunk By. 1st
Springfield Div. 1st 314s, 1951.
Equip.trust 414s, due to Oct. 1934.
Toledo Walhonding Valley & Ohio RR.
4145, 1947.
Western Lines 1st 48, 1951.
Equip. trust 4148, due to Jan. 1935.
St. Paul & Kansas City Short Line RR. 1st 414s, 1933, series B.
Equip. trust 5145 H, due to Feb. 1937. Norfolk Terminal
& Transportation
1st 4s, 1942. series C.
1st 4145, 1941.
Equip. trust 4348 I, due to Oct. 1937.
Co. let 55, 1948.
St. Paul Minneapolis dr Manitoba Ry.— Union Pacific BR.
Equip. trust 4345K, due to Aug. 1939. Norfolk Terminal By, 1st 4s, 1961.
1st RR.& land grant 4s, 1947.
Cons. 4s, 1933.
Equip. trust &cis L. due to Oct. 1940 Norristown & Main Line
Connecting
1st lien & ref. 45, 2008.
Cons. 416s. 1933.
Equip. trust 414s N. due to Oct. 1941.
RR, 1st 48,
let lien & ref. 48, 2008, sterling,
Cons. 6s, 1933.
Equip. trust 4145 0, due to July 1942. North East 1952.
Pennsylvania RR, 1st 414s,
1st lien lc ref. 55. 2008.
Montana Ext. let 4s, 1937.
Equip. trust 434s P. due to April 1944.
1955, ext.
40
-year gold 4148, 1967.
Pacific Ext. 4s. 1940.
Joliet dr Northern Indiana RR. 1st 4s, Northeastern RR. of South Carolina
-year gold 48, 1968.
St. Paul Union Depot Co. 1st & ref. 5s, 40
1957.
cons. 6s, 1933.
United New Jersey RR.& Canal Co.—
1972, series A.
Kalamazoo Allegan dr Grand Rapids Northern By. of California let 56, 1938. San Antonio & Aransas Pass Ry. 1st 4s,
Gen, 3145, 1951.
Northern Maine Seaport RR.& Terminal
RR. 1st 5s, 1938.
Gen,45, 1944.
1943.
Co. 1st 58, 1935.
Gen. 4s, 1948.
Kalamazoo & South Haven RR. 1st 58,
San Francisco Termlnals—Southern PaNorthern Pacific Ry.—
Gen. 414s. 1973.
1939.
cific Co. 1st 4s, 1950,
Gen. lien & land grant 3s, 2047.
Gen,414s, 1979.
Savannah Florida & Western Ry.Kalamazoo & White Pigeon RR. 1st 55, Prior lien ,Sc land
grant 48. 1997.
(Of this Issue only bonds bearing guar1st 58, 1934.
1940.
Ref. & impt. 4148, 2047, series A.
anty endorsements of Pennsylvania
let 65. 1934.
Kanawha Bridge dr Terminal Co. 1st 58,
Ref. dr impt. 65, 2047, series B.
RR. are considered legal.)
Schuylkill & Lehigh RR. 1st 48, 1948.
1948.
Ref, dr kept. 58, 2047, series C.
Scioto Valley & New England RR. 1st Utah & Northern Ry. 1st ext. 4s, 1933.
Kansas City Fort Scott dr Memphis
Ref. & impt. 58, 2047, series 13.
Vendetta RR.—
4s, 1989.
Ry. ref. 48, 1936.
St. Paul & Duluth Div,4s, 1996.
Cons. 4s, 1955, series A.
Sewell Valley RR. 1st 5s. 1938.
Kansas City Southern Ry.Equip. trust 448, due to Aug. 1932.
Cons. 48, 1957, series B.
Shamokin Sunbury & Lewisburg ER,—
1st 3s, 1950.
Equip. trust 4148, due to March 1940.
Virginia Air Line By, 1st 55, 1952.
let 48, 1975.
Ref. dr impt. 55, 1950.
Ohio River RR.
Virginian Ry.28d 5s, 1945.
Equip. trust 534s E, due to Sept. 1938.
1st 5s, 1936.
1st 55, 1962. series A.
Sioux City & Pacific RR. 1st 314s, 1936.
Kentucky dr Indiana Terminal RR.
Gen, 5s, 1937.
1st 434s, 1962, series B.
South dr North Alabama RR.—
1st 44s, 1961, plain.
Oregon Short Line RR.1st cons. 56, 1946.
Equip. trust 58 D,due to MAY 1938.
Cons. 58, 1936.
1st 44s, 1961, stamped.
Oregon-Washington RR,. & Navigation
Equip. trust 4145 E. due to July 1940.
Gen. cons. 56, 1963.
Lake Erie & Western RR.
Co. 1st & ref. 4s. 1961.
Warren RR. 1st ref. 31‘s, 2000.
South Pacific Coast By. 1st 4s, 1937.
1st 5s, 1937.
Paducah & Illinois Rzt. 1st 414s, 1955.
Washington & Columbia River Ry.
Southern Ry.—
2d 5s, 1941.
Paint Creek Branch Ry. 1st 4s, 1945.
45, 1935.
let cons. 55, 1994.
Lake Shore & Michigan Southern Ry. 1st Pennsylvania RR.—
Washington Terminal Co.—
& gen. 4s, 1956, series A.
Dev.
34s, 1997.
Cons. 314s, 1945.
let 3148, 1945.
Dev. & gen. 65, 1956, series A.
Lexington & Eastern Ry. 1st 58. 1965.
Cons. 314s, 1945. sterling.
1st 4s, 1945.
Dev. & gen. 614s, 1956, series A.
Little Falls& Dolgeville RR.1st 3s. 1932,
Cons. 4s, 1943,
Washington & Vandermere RR. let
Aiken Branch let 42, 1998.
Louisville & Jeffersonville Bridge Co. 1st
Cons. 4s, 1948.
414s, 1947.
East Tenn. Reorg. 5s, 1938.
48, 1945.
Cons. 45, 1948, sterling.
Memphis Div. let 5s, 1996.
West Jersey & Seashore RR.
Louisville 'Sc Nashville RR.
Cons. 4s, 1948, sterling, stamped.
1st cons. 48, 1936.
St. Louis Div. let 4s, 1951.
1st 5s. 1937.
Cons.,
Wis, 1960.
1st cons. 3148, 1936, series B dr C.
Equip. trust 5sX, due to April 1938.
1st & ref. 5142, 2003, series A.
Gen, 4148, 1981, series D.
1st cone. 4s, 1936, series D,E & F.
Equip. trust 15s Y, due to March 1939
1st dr ref. 5s, 2003, series B.
Gen. 434s. 1965, series A.
Equip. trust 4148 2, due to Oct. 1939 West Shore RR. let 48, 2361.
1st dr ref. 414s, 2003, series C.
Gen, 58, 1968. series B.
Equip.trust 45BB, due to March 1943 West Virginia & Pittsburgh RR. 1st 4s.
Sec. 5s, 1941.
Gen,68, 1970, series C.
1990.
Equip.trust 41413 CC,due to Dec. 1944
Unified 48, 1940.
Secured 6158, 1936.
Western Fruit Express Co.—
Southern Pacific Co.—
Atlanta Knox. dr On.Div. 48, 1955.
Equip. trust 55 A, due to March 1938.
Equip. trust 448D, due to June 1944.
Gold 434s, 1968.
Mobile dr Mont. 1st 4145, 1945.
Equip.trust 58B, due to April 1939.
Equip.trust 4qsE,due to Nov. 1 1945.
Gold 414s, 1969.
Paducah & Memphis let 4s, 1946.
Equip. trust 434s C, due to Oct. 1939.
Western New York dr Pennsylvania RR.
Gold 4194, 1981.
St. Louis Div, 1st 6s, 1971.
Pennsylvania Ohio & Detroit RR. 1st dr
1st 55, 1937.
Cony. 5s, 1934.
St. Louis Div. 2d 38, 1980.
ref. 4148, 1977. series A.
Western New York & Pennsylvania Ry.
Central Pacific stock coll. 4s, 1949.
Equip.trust 6148D, due to March 1936 Peoria Ry. Terminal Co. 1st 48, 1937.
Gen.45,1043.
Oregon Lines let 4158, 1977, series A
Equip. trust 414s E, due to Dec. 1937. Pere Marquette Ry.Equip. trust 56G. due to May 1939. Western Pocahontas Corp.—
Equip. trust 58F. due to Sept. 1938.
1st 58, 1956, series A.
let 4145, 1945. P.M.
Equip. trust 4148 K,due to Aug. 1943.
Louisville & Nashville Terminal Co. 1st
1st 48, 1956, series B.
1st ext. 414s, 1945, No. 1.
Equip. trust 4148 L, due to June 1944.
4s, 1952.
let 44s, 1980, series C.
Equip.trust 41‘8 M,due to May 148. 1st ext. 414s, 1946, No. 2.
Macon Terminal Co. 1st 58, 1965.
Equip. trust 4148 A, due to Aug. 1942.
Wheeling Terminal By. 1st 48, 1940.
Southern Pacific RR,(California)—
Mahoning Coal RR. 1st 58, 1934.
Equip. trust 44s 1930, due to May 1
Wilkes-Barre Connecting RR. let &
let ref. 4s, 1955.
Manitowoc Green Bay & North Western
1945.
impt. 55, 1947, series A.
let cons. 58, 1937.
Ry. let 314s, 1941.
Philadelphia dr Baltimore Central RR. Southern Pacific Branch Ry,let 68, 1937. Williams Valley RR, 1st 4s, 1938.
Memphis Union Station Co. 1st 58. 1959.
1st 4s, 1951.
Falls ar Northern Ry. 1st 68,'39. Willmar & Sioux Falls Ry. 1st 5s, 1938.
Michigan Central RE.—
Philadelphia Baltimore & Washington Spokane Duyvil & Port Morris RR, 1st Wilmington & Newbern RR.let 4s, 1947.
Spuyten
let 3148. 1952.
Wilmington & Northern RR.—
3148, 1959.
Ret.& impt. 4148, 1979.
1st 48, 1943.
let 4145, 1977.
Stony Creek RR.let ext .48, 1957.
Mich. Air Line 1st 4s, 1940.
Gen, 58, 1974. series B.
Gen. 5s, 1932.
Sturgis Goshen & St. Louis Ry, 1st 38.
Equip. trust 68, due to March 1932.
Gen. 414s, 1977. series C. (Of this
Wilmington & Weldon RR.—
1989.
Milwaukee Sparta & North Western
issue only bonds bearing guaranty en- Sunbury Hazleton dr Wilkes-Barre Ry. Gen. 4s, 1935.
4s, 1947.
Ry. 1st
dorsement of Pennsylvania RR. are
Gen, 58, 1935.
2d 68, 1938.
Milw. dr State Line Ry. let 3148, 1941.
considered legal.)
Sunbury & Lewistown By. 1st 4s, 1936. Winston-Salem Southbound Ry. let 41.
Minnesota dr South Dakota Ry. 1st 334s, Philadelphia & Chester Valley RR.—
Susquehanna Bloomsburg & Berwick RR. 1960.
1935.
Pref, 4s. 1938.
Winston-Salem Terminal Co.1St 08. NM.
let 5s, 1952,
Missouri-Kansas-Texas RR.—
Non-pref. 3s, 1938.
Prior lien 5s, 1962, series A.
Subdivision 12.
Philadelphia & Frankford RR. 1st 4148,
Prior lien 4s, 1962, series B.
1952.
Certain bonds of corporations engaged in the business of supplying
Prior lien 414s, 1978, series D.
Philadelphia Newton & New York electrical energy or artificial gas, or both, for light, heat, power and other
RR. let 3s, 1942.
Mohawk dr Malone Ry.purposes.
1st 48, 1991.
Philadelphia dr Reading ER..-.
Consolidated Gas Co. of Baltimore—
Alabama Power Co.
let cons. 4s, 1937.
Cons, 34s, 2002.
let 58, 1939.
1st 58, 1946•
let ext. 5e, 1933.
Montana Central Ry.let 414s, 1954.
let lien & ref. 5s, 1951.
1st term. 5s. 1941.
1st 55, 1937.
Consumers Gas Co. (Chicago) 1st 58.
1st lien & ref. 5s. 1956.
Impt. 4s. 1947.
1st 58. 1937.
1936.
1st & ref. 414s, 1967.
Del, Riv. Term,P.M. 55, 1942.
Morris & Essex RR.
Consumers Power Co.—
let & ref. 55, 1968.
Del. Illy, Term, P. M.ext. 58, 1942. Brooklyn Borough Gas Co. gen. & ref.
1st ref. 3145. 2000.
let lien & ref. 55, 1936.
Constr. mtge. 5s, 1955, series A.
Philadelphia Wilmington & Baltimore
1st lien & unify. 5e, 1952, series C.
5e, 1967.
RR. deb. 4s, 1932,
Constr. mtge. 4345, 1955, series B.
1st lien & unify. 414s, 1958.
Brooklyn Edison Co.gen.58, 1949,ser. A.
Louis Ry.- Pine Creek Ry. let 6s, 1932,
Nashville Chattanooga dr St.
Detroit Edison Co.
Brooklyn Union Gas Co.
Pittsburgh Cincinnati Chicago & St.
1st cons. 4s, 1978, series A.
1st 58, 1933.z
1st cons. 5s, 1945.
Louis RR.—
Equip. trust 4145 B, due to Oct. 1937.
Gen.& ref. 58, 1949. series A.
1st lien & ref. 6s, 1947.
Cons. 414s, 1940, series A.
NaehvIlle Florence & Sheffield By. Sat
Gen.& ref. 58, 1955, series B.
Buffalo General Electric Co.—
Cons. 414s, 1942, series B.
5s, 1937.
Gen. & ref. 58, 1962, series C.
let 58. 1939.
Cons. 4145. 1942, series C.
New Jersey Junction RR, 1st 48, 1986.
Gen.& ref. 4148, 1961. series D.
let ref. 5s, 1939.
New Orleans Terminal Co. 1st 43, 1953.
Cons. 4s. 1945. series D.
Duke Power Co. 1st & ref. 448, 1967.
1956.
Gen. & ref. 55,
Cons. 3148, 1949, series E.
New York Bay RR. 1st 45, 1948.
Duquesne Light Co. let 04e, 1967.
Gen.& rd. 44s, 1981, series B.
Cons. 4s, 1953, series F.
New York Central RR.—
Central Hudson Gas & Electric Corp. 1st Eastern Connecticut Power Co. 158 Ed.
Cons. 4s, 1957, series G.
Cons. 48, 1998.
1948, series A.
& ref. 55, 1957.
Ref. dc lmpt. 4,48, 2013, series A.
Cons. 4a, 1960. series II.
Central Hudson Gas dr Electric Co. 1st Edison Electric Illuminating Co.(BrookRef..Sc impt. 55, 2013, series C.
Cons. 4148, 1963, series I.
lyn) 1=t cons. 48, 1939.
dr ret. 5s, 1941,
Cons. 44s, 1964, series J.
Equip. trust 445, due to Jan. 1932.
Edison Electric Illuminating Co. (New
Central Maine Power Co.
Equip. trust 13s. due to Jan. 15 1935.
Gen. 58, 1970, series A.
York) let cons. 58, 1995.
1st 5s, 1939.
Equip. trust 7s, due to April 1935.
Gen. 58, 1975, series B.
Equitable Gas & Electric Co. of Utica
let & gen. 55, 1955.
Equip. trust 414s, due to April 1944.
Gen, 414s, 1977, series C.
let 55, 1942.
let & gen. 4148, 1957.
Equip. trust 414s, second of 1929, due Pittsburgh Lake Erie at West Virginia
Central Vermont Public Service Corp. let Erie County Electric Co. cons. 68, 1959.
to Dec. 1 1944.
ref. 4s, 1941.
Harrisburg Gas Co. 1st 5e, 1970.
dr ref. 58, 1959, series A.
Equip. trust 414s 1930, due to May 15 Pittsburgh Virginia & Charleston Ry. 151
Chicago Gas Light dc Coke Co. 1st 55, Idaho Power Co. let 58, 1947.
1945.
48, 1943.
Interstate Public Service Co.
1937.
N.Y.C.L. eq. tr. 55, due to June 1937. Pittsburgh Youngstown dr Ashtabula Citizens Gas Co. of Indianapolis 1st &
1st & ref. 6148. 1949, series B.
N.Y.C.L.eq. tr. 44s, due to Sept.'37.
By. 1st 4348, 1977, series D. (Of this
1st & ref. 55, 1956. series D.
ref. 55, 1942.
N.Y.C.L. eq. tr. 55, due to June 1938. issue only bonds bearing guaranty en- Cleveland Electric Illuminating Co.
let & ref. 434s, 1958, series F.
N.Y.C.L. eq. tr. 55, due to June 1939.
dorsement of Pennsylvania RR. are
Jersey Central Power & Light Co.
1st 5s, 1939.
N.Y.C.L, eq. tr. 414s, due to Sept. 15
considered legal.)
1st 58, 1947. series B.
Gen, 56, 1954, series A.
1939.
Pocahontas Coal& Coke Co. Joint 4s,'41.
1st 4145. 1961, series C.
Gen. 55, 1961, series B.
N.Y.C.L. eq. tr. 414s, due to May 15 Port Arthur Canal & Dock Co.
Kansas City Power & Light Co.—
Connecticut Light & Power Co.
1940.
151 68, 1953, series A.
let 4194, 1957, series B.
1st & ref. 78, 1951, series A.
N. Y. Central dr Hudson River RR.—
let 414s, 1961.
1st 6s, 1953, series B.
1st & ref. 534s. 1954. series B.
1934,
Deb. 4s,
Kings County Electric Lt.& Pr. Co.
Raleigh dr Southwestern Ry. 1st 43, 1936.
1st & ref. 4348, 1956, series C.
Deb. 4s, 1942.
1st 58. 1937.
Reading Co.—
Connecticut Power Co. 1st 'Sc cons. 58,
1st 3145, 1997.
1st 68. 1997.
Gen. & ref. 445, 1997, series A.
1963.
Lake Shore coll. 310. 1998,
Gen. & ref .4194. 1997, series B.
Consolidated Gas Electric Light & Power Kings County lighting Co.
Michigan Central coll. 3145, 1998.
1st ref. 5a, 1954.
Equip. trust 5s J, due to July 1932.
Co. of Baltimore
New York Chicago & St. Louis RR.—
let ref. 614s. 1954.
Equip. trust 445 M,due to May 1'45.
1st ref. 548, 1952. series E.
let 4s, 1937.
Metropolitan Edison Co.
Reading Belt RR. 1st 4s. 1950.
1st ref. 434s, 1969, series G.
Ref. 5145, 1974, series A.
1st & ref. 58, 1953. series C.
Reading & Columbus RR. 1st cons. 43,
1st ref. 4145, 1970, series H.
Ref. 4148, 1978, series C.
1962.
let 414s. 1968, series D.
1st ref. 45, 1981.
Equip. trust 58, due to Aug. 1938.
Rensselaer & Saratoga RR. 1st 65, 1941.
1st 4s, 1971. sereis E.
Gen. 4148, 1935.
Equip. trust 58, due to March 1939.
Richmond Fredericksburg & Potomac
z See introduction
RR. cons. 414s, 1940.
Equip. trust 414s, due to Aug. 1944.
3998
FINANCIAL CHRONICLE
Michigan Light Co. 1st ref. Es. 1946.
Queens Borough Gas & Electric Co.—
Milwaukee Gas Light Co. 1st 4s,1967.
Gen. 5s, 1952.
Mutual Fuel Gas Co. 1st 5s, 1947.
Ref. Os. 1955.
Nassau & Suffolk Lighting Co. 1st 58,
Ref. 41-8s, 1958.
1945.
Rochester Gas & Electric Corp.—
Nebraska Power Co. 1st 9385. 1981.
Gen. 5145, 1948, series C.
New Jersey Power & Light Co. let 431s.
Gen. 4
1977, series D.
1960.
Rochester Sty. & Light Co. Cons. 55, '54.
New Milford Power Co. 1st 58, 1932.
New York Edison Co.
Rockland Light & power Co. 181 ref.
1st & ref. 61Ss, 1941, series A.
4345, 1958. series A.
1st & ref. 58, 1944, series B.
San Diego Consol. Gas & Electric Co.
New York Gas, Electric Light, Heat &
1st 5s, 1939.
Power Co.
1st & ref. 65, 1939. series A.
1st 55. 1918.
1st & ref. 5s, 1947. series B.
P.M. 48, 1949.
1st Jr ref. 13s, 1947. series C.
New York State Gas & Electric Corp. Southern California Edison Co.—
1st 55, 1962.
Gen. 55, 1939.
New York State Electric & Gas Corp.
Ref. 5s, 1951.
1st “is, 1980.
Ref. 55, 1952.
North Hudson Light, Heat & Power
Ref. 5s, 1954.
Co. let 5s, 1938.
Ref. 43.55, 1955.
Pacific Light & Power Co. 1st 58, 1042. Southern Public Utilities Co. 1st & ref.
Penn Public Service Corp.
55, 1943.
1st & ref. 6s, 1947, series C.
Syracuse Gas Co. 1st 5s, 1946.
1st & ref. 6s. 1954. series D.
Syracuse Lighting Co.
Pennsylvania Electric Co.
1st 55, 1951.
1st & ref. ‘Its, 1970. series E.
1st & ref. 53
-Ss. 1954.
1st & ref. 55, 1971, series F.
Twin State Gas dr Electric Co.
1st & ref. 48. 1961, series G.
1st dr ref. 5s. 1953.
1st & ref. 53.5S, 1945. series A.
Peoples Gas Light & Coke Co.
1st cons. (is. 1943.
United Electric Co. of New Jersey 1st
1st & ref. 4s, 1981. series B.
4s, 1949.
Ref. 5s, 1947.
Utica Gas 8c Electric Co.—
Philadelphia Electric Co.
Gen. 5555, 1949, sereies C.
1st s. f. 48, 1966.
Gen. 5s, 1956, series D.
1st s. f. 58, 1966.
Ref. & ext. 5s, 1957.
1st lien Jr ref. 43.6s, 1967.
Waterbury Gas Light Co. 1st 43.5, 1958.
1st & ref. 4s, 1971.
West Penn Power Co.
1st 5s, 1946, series A.
Philadelphia Suburban-County Gas &
1st 5s, 1963. series E.
Electric Co. 1st & ref. 4385. 1957.
1st 5s. 1956. series G.
Providence Gas Co. 1st 59is, 1942,
1st 4s. 1961, series H.
series A.
Public Service Co. of Indiana (see Inter- Wheeling Electric Co. 1st Os. 1941.
Wisconsin Michigan Power Co.
state Public Service Co.).
1st 55. 1957.
Public Service Co. of New Hampshire
1st 4155, 1961.
1st 55, 1956, series A.
Wisconsin Power & Light Co.
1st 058, 1957, series B.
1st & ref. 6s, 1942, series A.
Public Service Electric & Gas Co. of
New Jersey
1st & ref. 6155, 1948, series B.
1st & ref. 5s, 1956, series E.
1st & ref. 41-88, 1967.
1st & ref. 55, 1958, series F.
1st & ref. 41-8s. 1970.
1st & ref. 5a, 1961. Series G.
1st Jr ref. 4s, 1971.
Public Service Newark Terminal Ry. 1st York Haven Water & Power Co. 1st 5s.
1951.
5s. 1955.
[VOL. 133.
Firsi.—Bonds of the United States, or Denver, Colo.
Moline. III.
those for which the faith of the United Des Moines. Iowa. Muncie. Incl.
States is pledged, including the bonds of [Detroit, Mich.] Muskegon. Mich.
the District of Columbia.
Dubuque. Iowa.
Nashua, N. H.
United States bonds
Is, 19123 Duluth, Minn.
Newark, Ohio.
U. S. Panama Canal
25, 1936 East Chicago, lied. New Albany. Ind.
U. Ei. Panama Canal
35, 1961 East Liverpool, O. New Bedford, mass.
Liberty bonds
All issues East St. Louis. III. Newburgh, N. Y.
Treasury bonds
49(8.1947-1952 Eau Claire, Wisc. New Castle. Pa.
Treasury bonds
48, 1944-1954 Klein, III.
Newport, Ky.
Treasury bonds
35s, 1946-1956 [Elizabeth, N. J. Newport, R. I.
*Treasury bonds
Newton, Mass.
3I5s, 1940-1947 Elkhart, Ind.
*Treasury bonds
Is, 1951-1955 Elmira, N. Y.
NorthAdams,Maas.
*Treasury bonds
Northampton
3I5s, 1946-1949 Elyria, Ohio.
Oakland,
Erie, Pa.
Second.—Legally issued bonds and
Omaha, Neb.
Interest-bearing obligations of the follow- Evanston. III.
Evansville, Ind.
Oshkosh. Wis.
ing States:
Oswego, N. Y.
Everett, Mass.
California
Nevada
Everett, Wash.
Ottumwa. Iowa.
Colorado
New Hampshire
Parkersburg, W.Va.
Fargo, No. Dak.
Connecticut
New Jersey
Fitchburg, Mass. Pasadena. Cal.
Delaware
New York
Flint, Mich.
Pawtucket. R.I.
Florida
North Dakota
Fond-du-laC.Wise. Peoria. III.
Idaho
Ohio
Fort Wayne, Ind. Pittsfield. Mass.
Illinois
Oregon
Pontiac, Mich.
Fresno. Cal.
Indiana
Pennsylvania
Port Huron. Mich.
Galesburg, III.
Iowa
Rhode Island
*Portland. Me.
* Gary, Ind.
Kansas
South Dakota
Portsmouth, Ohio
Glendale, Calif.
Kentucky
Tennessee
Gloucester. Mass. Pottsville. Pa.
Maine
Texas
Gloversville, N. Y. Providence, la I.
Maryland
Vermont
Grand Rapids.Mich Quinn,, Ill.
Massachusetts
*Virginia
Quincy, Mass.
Green Bay. Wis.
Michigan
Washington
Hamilton. Ohio
Racine, Wis.
Minnesota
West Virginia
Reading, Pa.
Hammond, Inn.
Missouri
Wisconsin
Richmond. Ind.
Harrisburg. Pa.
Montana
Wyoming
Haverhill. Mass
Riverside, Calif.
*In regard to certain bonds of this State [Hannon. Pa.]
Rockford. Ill.
which are now legal Investments, see Holyoke, Mass.
Rock Island, Ill.
"Chronicle"—V. 133, p.993, and p.3284. Huntington, W.Va. Rome. N. Y.
Hutchinson,Kan. Saginaw, Mich.
Third.—Legally issued bonds and ob- Indianapolis. Ind. St. Cloud, Minn.
St. Joseph, Mo.
ligations of any county, town, city, Ithaca, N. Y.
St. Louis, Mo.
borough. school district, fire district, or Jackson, Mich.
sewer district in the State of Connecticut, Jamestown. N. Y. St. Paul, Minn.
Salem. Mass.
and in the obligations of the Metropolitan Janesville, Wise.
Joliet, III.
Sao Diego, Cal.
District of Hartford County.
Joplin Mo.
Sandusky. Ohio.
Folirtls.—Legally authorized bonde of Kalamazoo, Mich. San Francisco, Cal.
the following cities outside of Connecticut, Kansas City, Mo. San Jose, Cal.
Santa Ana. Calif.
and which are the direct obligations of the Kenosha, Wis.
Schenectady, N.Y
city issuing the same. "Special Assess- Kingston. N. Y.
Scranton, Pa.
ments" and "Improvement" bonds which Kokomo. Ind.
Sheboygan, Wis.
are not the direct obligations of the city La Crosse, Wis.
Shenandoah, Pa.
and for which Its faith and credit arc not Lafayette, ltd.
Lancaster. Pa.
Sioux City. Iowa.
pledged are not allowable.
Lansing. Mich.
Sioux Falls. So. D
Subdivision 13.
Alameda. Cal.
Brockton, Mass.
Lawrence, Mass
Somerville, Mass,
Burlington, Vt.
Certain bonds of corporations engaged in the business of furnishing Alhambra, Calif.
South Bend, Ind.
Lebanon. Pa.
Allentown. Pa.
Burlington, Iowa.
telephone service in the United States.
Lewiston. Me.
Spokane, Wash.
Alliance. Ohio.
Cambridge. Mass.
Lexington. Ky.
Springfield,
New England Telephone & Telegraph Co. Alton, Ill.
Bell Telehpone Co. of Pennsylvania
Canton, Ohio.
Lincoln. Neb.
Springfield. Mam•
Altoona, Pa.
1st 5s, 1942, Sseries A.
1st Jr ref. 5s, 1948, series B.
Cedar Rapids. Iowa Lockport. N. Y.
Springfield, Mo.
Amarillo,Texas.
1st 415s, 1961. series B.
1st & ref. Is, 1960, series C.
Central Falls. R. I. Long Beach,Cal.
Springfield, Ohio.
Deb. 5s, 1932.
imsterdamN.Y. Charleston, W.Va. Lorain, Ohio.
Steubenville, Ohio.
Central District Telephone Co. 1st 5s. New York Telephone Co. 1st & gen. Anderson. Ind.
Chelsea. Mass.
Los Angeles, Cal. Stockton, Cal.
1943.
Ashtabula, Ohio. Chester. Pa.
414s, 1939.
Louisville, Ky.
Taunton. Mass.
Auburn, N. Y.
Chicago, 111.
Chesapeake Jr Potomac Telephone Co. tn. Pacific Telephone & Telegraph Co.
Lowell, Mass.
Terre Haute. Ind.
1st & coll. 55, 1937.
Aurora, Ill.
Virginia 1st 5s, 1943.
Chicago Ms_ Ill.
Lynn, Mass.
Toledo, Ohio.
Ref. 5s, 1952, series A.
Bakersfield,
Madison. Wis.
Topeka. Kan.
Cumberland Telephone & Telegraph CO. Southern Bell Telephone & Telegraph Baltimore, Calif. Chicopee, Maas.
Mn.
Cincinnati. Ohio.
Malden, Mass.
Waco, Tex.
(KY.) 1st & gen. 55, 1937.
Co. 1st 55. 1941.
Bangor, Me.
Clarksburg, W.Va. Manchester, N. H. Waltham, Mass
Illinois Bell Telephone Co. 1st & ref. Is. Southwestern Bell Telephone Co. 1st & Battle Creek, Mich. Cleveland.
Ohio.
Manitowoc. Mich. Warren.Ohlo.
Bay City, Mich.
ref. Os. 1954.
1956.
Clinton, Iowa
Waterloo Iowa.
Mansfield, Ohio.
Bayonne, N. J.
Colorado Sims.. Col Marion, Ind.
Wauwatosa. %vac.
Belleville, in
Columbus,
Wheeling, wr. Va.
Marion, Ohio.
Miami, Fla.—Validation of Refunding Bonds Sought.— Bellingham, Wash. Concord. Ohio.
N. H.
Wichita, Kan.
Mason City, la.
The following report from Miami, dealing with the efforts Beloit, Wisc.
Council Bluffs,Iowa Massilon, Ohio.
Wichita Falls, Tex.
Berkeley.
Covington. Ky.
McKeesport. Pa.
Wilkes-Barre, Pa.
of the city to have $16,258,000 in refunding bonds validated Berlin, N.Cal.
H.
[Cranston, R. I.
Medford. Mass.
P7illiamsport, Bs.
by a court ruling, is given as it appeared in the Florida Beverly. Mace.
Cumberland, MO
Worcester, Mass.
Melrose, Mass.
Binghamton, N. Y. Danville, 111.•
"Times-Union" of Nov .26:
Middletown, N. Y. York, Pa.
Bloomington, Iii
Davenport, Iowa.
Middletown, Ohio. Youngstown, Ohio.
Petition for validation of the City of Miami's $16,258,000 refunding Boise City, Ida,
Dayton. Ohio.
Milwaukee. Wis.
Zanesville. Ohio.
bonds was filed in Circuit Court to-day by John W. Watson Jr., city Boston, Mass.
Decatur. Ill.
Minneapolis. Minn.
attorney. Judge Paul D. Barns issued an order to the State to show
cause through the State's attorney why the bonds should not be validated.
Vyth.—Railroad bonds which the Bank Commissioner
The State's attorney has 30 days in which to file an answer.
finds to be legal investments are shown below:
The bonds will be issued in denominations of $1,000 each, there being
16,258 of them. They are dated July 1 1931 and are due July I 1963,
BONDS OF NEW ENGLAND COMPANIES
but are subject to redemption at 101 and accrued interest at any interest
Jr Pasaumpsio River RR. 49. 1943
payment date. Interest is payable semi-annually.
European Jr No. Am. Ry. let 4s. 1933
$2,433,000 of them
Interest on $2,071,000 of the bonds is at
PorU. Jr Rumf. Falls Ry. 5s. 1951.
Bangor & Aroostook System.
pay 44% interest; $10,687,000 pay 5%; $80,000 pay 53%; $657,000
Aroostook Northern 58, 1947.
Day 53.8%. and $350,000 pay 6%.
New London Northern RR. 1st 40. 1940
Consolidated Refunding 4s, 1951.
First Mortgage 5s, 1943.
New York New Haven Jr Hartf.Systern
Mississippi.—Suit Filed to Test Legality of Agricultural Medford Extension 5s, 1937
Holyoke Jr Westfield RR. let 4155, 1951
Credit Bonds.—Press reports from Jackson to the "Wall Northern Maine Seaport 5s, 1935
Old Colony RR.
Piscataquis Division
3Sis, 1932
Street Journal" of Dec. 8 state that a suit has been filed Van Buren rxtenslonSs. 1913.
55. 1943.
Debenture 4s, 1938
in the Hinds County Chancery Court at the instance of St. John's River Extension 5s, 1939.
First 53-55. 1944
Washburn Extension 5a, 1939.
First Os, 1945
the State Agricultural Credit Board in order to test the
First 43.5s, 1950
Maine
legality of the Act of the Legislature conferring authority Dexter JrCentral System.
Providence & Icorcester RR. let 4s. 1947
Plscataquis RR.
Boston Jr Providence RR. deb. be 1938
to issue $1,000,000 in State bonds, the proceeds of which
1st 43
-Ss. 1949
5, 1947
Norwich Jr Worcester let
3
3
49.6%;
are to be used for agricultural credits. The ruling will
be given upon the question as to whether the Act is in
conflict with a constitutional prohibition against the use of
State's funds or credit for the assistance of any individual,
corporation or association.
Connecticut.—List of Legal Investments for Savings
Banks.—Complying with Section 3996, General Statutes
Revision of 1930, George J. Bassett, Bank Commissioner,
issued on Nov. 11931,the list of bonds and obligations which
he finds upon investigation are legal investments for savings
banks. This list is revised semi-annually on the 1st of May
and the 1st of November. The list of eligible securities was
materially broadened by legislative enactments in 1929
to public utility bonds and railroad equipment trust certificates (V. 129, p. 314). The Commissioner again calls attention to the wording of the law, which discriminates against
the "Special Assessment" or "Improvement" bonds, or
other bonds or obligations which are not the direct obligations
of the city issuing the same and for which the faith and credit
of the issuing city are not pledged. The last list published
was for May 1 1931 and appeared in the "Chronicle" of June
201931, on pages 4621 and 4622. We print the Nov. 1 1931
list herewith in full, indicating by means of an asterisk (*)
the securities added since May 11931, while those that have
been dropped are placed in full-face brackets.
The following table shows the State and municipal bonds
which are considered legal investments:
BONDS OF OTHER COMPANIES.
Atchison Topeka Jr Santa Fe System
Central of Georgia Railway
General mortgage 4s, 1995
Chic. Santa Fe. Jr Calif. Ry 1st 5a, 1937 First mortgage 58, 1945
m,bile Division 5a, 1946
Rocky Mountain Division 1st 45, 1905
San Fr. Jr San Joao. Val. Ry. 1st 55, 1940 Macon Jr Northern Ito. 1941',
Transcontinental Short Line let 45. 1958 Oconee Division 5, 1945
Baltimore & Ohio System.
Baltimore Jr Ohio RR.—
First 4s and 5s, 1948
Convertible 4.55s, 1933
Series "A," ref. Jr gen. mtge. 5s, 1995
Series "B," ref. & gen. mtge. 65, 1905
Series "C," ref. Jr gen. mtge. Os. 1095
Series "13," ref. Jr gen. mtge. 5a. 2000
Southwest Division 55, 1950
Cleve. Lorain Jr Wh. Ry. cons. 52. 1933
General 5s, 1936
Cleve. T. Jr V. RR. 1st 4s, 1095
Ohio River RR. lot 5s, 1936
General 58, 1937
Pitts. L. Erie Jr W. Va. ref. 4s. 1941
W. Va. Jr Pitts. RR. let 4s. 1990
atlantic Coast Line System.
Phst consolidated 4e, 1952
All. Coast Line of So. Caro. let 4s, 1948
Brunswick Jr Western RR. 1st 4s, 1938
Charleston Jr Savannah Ry. let 75, 1936
Florida Southern RR. 1st 45, 1945
General Unified 45 Jr 43.5s, 1964
Northeastern RR. cons. 6s, 1933
Norfolk Jr Carolina P.R. 1st 55, 11139
•"•24 58, 1946
Richrn. Jr Petersb. RR. cons. 43.5s, 1940
Say. Fla. Jr West. Ry.cons. 5s Jr 6s, 1939
Wilm. Jr Weldon RR. gen. 48 Jr 5s. 1935
Jr New Berne RR. 1st 4a. 1947
Central Railway of New Jersey.
General mortgage 45 Jr 5s, 1987.
(Amer.Dock Jr Imp.(guar.) let 65,'363
Chesapeake 8c Ohio P.R. Co.
First consolidated 5s.1039
*Reid. Jr Mot.series A, 490, 1993
Reid. Jr lmpt.ser.B 499s. 1995
Craig Valley Branch 1st Os, 1940
Ches. Jr Ohio Northern 1st 5s, 1945
Richmond Jr Allegheny thy. 1st 4s, 1089
* Richmond Jr Allegheny div. 2nd 9s,'89
Warm Springs Valley Br. 1st 55, 1941
Green Brier Ry. 1st 45, 1940
Ilig Sandy Ry. 1st 4s, 1944
Paint Creek Branch let 4s, 1945
Coal River Ry. let 45,1.145
Potts Creek Branch let 4s, 1946
Raleigh Jr So. Western lee 4s. 1936
*Kanawha Bridge & Term., 1st, 55, 1948
*Virginia Air Line, 1st 55, 1952
*General mortgage, 435s, 1992
Chicago. Ind. & Louisville Ry. Co
*First Jr gen. series A, 5s, 1966
*First Jr gen., series B. 65, 1966
'Refunding mtge., series A, 65. 1947
*Refunding mtge., series B. 5s, 1947
*Refunding Mtge., series C. 48, 1997
*Indianapolis & Louisville, 1st, 48, 1956
DEC. 12 1931.]
FINANCIAL CHRONICLE
Chicago Burlington & Quincy SYste a N. Y.& Putnam RR. cons. 4s, 1993
Pine Creek Ry. let Bs, 1932
First & ref. series A Is, 1971
Sturges Goshen & St. Louie let 38, 19811
First & ref. series B 440, 1977
Spuy. D'vil. & Pt. Mon. RR. 1st 3145.'59
General mortgage 45, 1958
Illinois Division 35s & 4s, 1949
Norfolk & Western System.
Consolidated Mortgage 40. 1996
Chicago & North Western System
Gen.rote. 340 4s. •43s, 43(s & 50.'87 New River Div %ion 1st to, 1932
Debenture 6s, 1933
Impt. and Erten. Mtge. Is, 1934
Des Plaines Valley Ry. 1st 414s. 1947
Norfolk Terrainal Ry. let 40, 1961
First & Refunding 410, Is and Is, 2037 Scioto Val. & New Eng. RR. lot 45. lege
Prem. Elkh. & Mo. Val. RR.cons. 65,'33 Winston-Salem Terminal (guar.) lot 58.
Iowa Minn.& Northw. Ry. let 3455. 1931
1966
Mani. Green Bay & N.W.Ry.lst 33.4s,'41
Northern Pacific System.
Minn.& South Dakota Ry. lot 3450, 193 General Lien 3s, 2047
5
Milwaukee &State Line Ry. lot 3965.'41 Prior Lien 4s, 1997
Milw. Sparta & N. W.Ry. lot 40, 1947
Refund. & Imp. 4 34s 5s and Is. 2047
Sioux City & Pacific RR. 1st 3965, 1936 St. Paul & Duluth RR.cons. 41, 1965
St. Louis Peoria & N. W. lot 55, 1948
1st Is, 1931]
"
E "
"
St. Paul East. G. T. Ry. let 440, 1947 Wash. & Columbia River Rs. let 4s, 1981
,
:Collateral Notes 6i0. 1939
St. Paul & Duluth Div. 4s, 1996
[Cleve. Cinc. Chic & St. Louis RR.]
Pere Marquette Ry. Co.
]
CCM.Indpls. St. L.& Ch.gen. 45. 36
First
"A,"
[Clev. Col. CM. & Indpls. g.Is, 1934] First mtge., series "B," Is. 1958
4s, 1956
[Springfield & Columbus Div. 4s 1940] First mtge., series
mtge.. series "C," 440, 1930
[White Water Valley Div. 45, 1940]
Pennsylvania System.
[General Mtge. 4s and 58. 1993]
Consolidated Mortgage 45.11943
Delaware & Hudson System.
"
45, 1948
Adirondack Ry. let 414e. 1942
"
396s, 1945
Albany & Sus.RR.(guar.) cony. 396s,'46
"
440 1960
Del. & Hudson Co. let & ref. 4s. 1943
Allegheny Valley Ry.gen. 4e, 1942
Delaw. Lackawanna & Western Syria Bale. Del. RR.(guar.) cons.
396s. 1943
Morris & Essex RR.(guar.) ref.3 30. 2000 Cambria & Clearfield Ry. gen. 4s. 1955
Warren RR.(guar.) ref. 3,6s, 2000
Cambria & Clearfield Ry. let 50, 1941.
1sT,y,Lack. A. West.(guar.) lot 445.'73
Cleve.& Pitts. (guar.) gen. 3.1-0, 1948
N.Y.Lack. dr Nest.(guar.) lot Is, 1973
340, 1950
Great Northern System.
396e &496s'41
Refunding 4965, 1961
First and
*Gen.& ref. 440, 1977
General Mortgage, Series A, 75, 1936
Colum.&Pt.Dep. Ry. 1st 4s, 1940
Gen. Mtge. Series B, 5965. 1052
Connecting Ry. (guar.) 45, & 440 1951
Gen. Mtge. Series C 55, 1973
Connecting fly. (guar.) 5s, 1951
Del. RM.& Bridge Co.(guar.) lot 40.'36
Gen. Mtge. Series D, 440, 1976
Gen. Mtge. Series E,496s, 1977
General Mortgage 4145, 1965
East. RR. of Minn..No.Dly. 1st 4s, 1948 General Mortgage Is. 1968
Montana Central Ry. 1st Is & 65, 1937
General Mortgage Is. 1970
Spokane Falls & Nor. Ry let 68, 1939
General Mortgage 496s, 1981
St. P.M.& M.Ry. cons. 49,4 40&13s,'33 Hollidayaburgh B.& C. Ry,lot 4s,11151
Montana Extension 4s, 1937
Harr. Ports. Mt. J. & L. lot 4s, 1943
Pacific Extension 4s, 1940
Pittsb Va.& Chariest. Ry. let 45, 1943
Wilimar & Sioux Falls Ry. let 55, 1938
Phila. Balt & Nash. RR. 1st 4s, 1943
General Mtge. 69. 196(
Illinois Central System.
General Ser, B Is, 1074
Collateral Trust 396e, 1950
Gen. series C,496!', 1977
Cairo Bridge 4s, 1950
Phila. Wilm. & Bolt. ItIt. 40, 1932
Chicago St. Louts & N. O.
Phila. & Balt. Central lot 45, 1951
Guar. cons. 3965, 1951
Penn. Ohio & Bet. let & ref., 430 1977
Memphis Div.(guar.) 1st 4s, 1961
Pitts. Y'g'n &Ash.1st g.m.ser.D 496s'77
First Mortgage, gold. 31.15 & 4e, 1951
First Mortgage, Gold Extension 3965,'51 Sunbury & Lewiston Ry. let 45, 1936
First Mtge.,Sterling Erten., 3e & 48.1951 Sunb. Has. & Wilkes
-B. Ry. 2d 65, 1938
First Mtge. Sterling Erten., 396a. 1950 Susu. Bloom. &Berwick 1st 59. 1952
Ign. N.J. RR.& Canal Co. gen. 45, 1948
Litchfield Division 35, 1951
'
Louisville Division 396s, 1953
45, 1944
396e. '51
Purchased Lines 396s, 1952
Refunding Mortgage 0& 55, 1955
and 79*
St. Louis Division 3s & 3965, 1951
496s,'73
Wash.Term.(guar.) let 345&4s.'45
Springfield Division 3965, 1951
*Collateral notes, Ills, 1936
Omaha Division 3s, 1e51
Western Lines 4s, 1951
Reading Company.
General & refunding 496s, 1997
Lehigh Valley System.
New York Short Line lot 4s, 1957
Annuity Perpetual Consol. 440 & Is
Norristown & Main Line Connecting lot
First Mortgage 4s, 1948
4s, 1952
Penn. & N. Y. Canal RR. Co. Cons. 4s,
Phila. & Frankford 1st 496s, 1952
4965 & Is, 1939 (guar.)
Lehigh Valley Ry. (guar.) 1st 4965. 1940 Philadelphia & Reading:
Delaware River Term, is, 1942
Mobile & Ohio RR. Co.
Del. River Term. ext. Is, 1942
General Mortgage 4s, 1938
Prior lien 55, 1933
Montgomery Division 50. 1947
Terminal 5s, 1941
Louisville & Nashville System
Improvement Is, 1947
First Mortgage lot 55. 1937
Consolidated 4s. 1937
let & Refunding, Series A 5445, 2003
Reading Belt RR. lot 40, 1950
1st & Refunding, Series 13 5s, 2003
Shamokin Sunbury & Lewisburg
let dr Refunding, Series C 440,'2003
1st 4s, 1975
Unified Mortgage Is. 1940
2d 55. 1945
Atlanta Knoxv. & Misc. lot 45, 1955
Southern Pacific System.
Lexington dr Eastern let 55, 1985
Mobile & Montgom. Ry. 1st 4965. 194S Central Pacific Ry.(gu.) let ref. 45.'49
Northern Ry. 1st Is. 1938
Nash. Flor. & Shef. Ry. 1st 5s, 1937
San Francisco Term. lot 4s, 1950
Paducah & Memphis Div. lot 4s, 1943
Southern Pacific Branch Ily. 1st Ile, 1937
Southeast & St. Louis Div. 1st Os, 1971
Southern Pacific P.R. cons. Is. 1937
[Trust lot 55, 1931]
ref. 45, 1955
Louise. Ctn. & Lexington gen. 4'-4e. 1931
So, Pse, Coast Ry.(Su.) lot 49, 1937
SO. & No. Als. RR.cons. Is, 1936
Through Short Line (go.) 1st 48.
Bo. & No. Ala. RR. cons. 55. 1963
1914
Oregon Lines tel 440, 1977
Michigan Central System.
Pittsburgh. Cincin.Chic.& St. L.RR
Mortgage let 896$. 1952
First
Chicago St. L. & Pitts. cons. 55, 1932
Joliet & Nor. Indiana 1st 45, 1957
[Chartiers Ry. Co. 1st 396s, 1931]
Jackson Lansing & Sag. let 1915. 1951
Consolidated gold A 496s, 1940
Kalamazoo & South Haven let 55, 1939
" B 496s, 1942
Michigan Air Line let 4s. 1910
" C 496s, 1942
Nash.. Chart. & St. Louis System
" D Is, 1915
First Mortgage 4s, 1978
" E 396s, 1949
Louisville & Nashville Term, lot 49, 1052
" F 45, 1953
Memph.Un. Sta. Co.(guar.) let 55. 1959
" 0 4s, 1957
Paducah & Ill. (guar.) 1st 496s, 1055
"
45. 1960
New York Chicago & St. Louis RR,
" I 496s, 1963
First mortgage 4s, 1037
" .3 4 96s, 1964
Ref. mtge.. series "A," 5965, 1974
General mortgage A Is, 1970
Ref. mtge.. series "B," 5455, 11175
13 Is, 1975
Ref. mtge., series "C," 430, 1978
C 4s, 1977
Lake Erie & Western lot Is, 1937
Vandalla RR.cons. A 4s, 1955
Second Is, 1911
•• " B 4s. 1957
Tol, St. L. & Western 1st 45. 1950
Pittsburgh & Lake Erie System.
New York Central System
Pitts.
& Y. Ity.(gu.) let Os, 1932
First Mortgage 396s, 1997
[Reading System.]
Consolidation Mortgage 4s, 1998
Eindladelptila & Reading RR. Is 1031]
Refund. & Impt. Series A 445, 2013
Refund. & !mat. Series B 65, 2013
Southern Railway Co.
Refund & Impt. Series C Is, 2013
*East Tenn. reorg,antzation, Is. 1938
Debentures 45. 1934
*First consolidated, Is, 1094
4a, 1942
*New Orleans Term.(guar.) 1st, Is, 1953
[Carth. Was. &Sack. 11. flit. let be 31]
Union Pacific Railroad.
Carthago & Adlrond. Ity. let 4s, 1981
First Mortgage 4s, 1947
Chicago Ind. & Southern 1st 45. 1956
Refunding Mortgage 4s, 2008
Cleveland Short Line let 496s, 1961
"
Is. 2008
Gouverneur & Oswegatchie RR. 1st Is '4
Ore. Short Line cons. 1st Is, 1946
Indiana Illinois & Iowa let 4s. 1950
Jamestown Franklin & Clean. let 40,19.511 Ore. Short Line cons. 4s, 1980
Kalam.& White Pigeon RR. let is. 194' Ore. Shore Line Income 55, 1946
Ore.
-Wash.R1t.& Nov. Co. let & Ref
Lake Sh.& 36,9, deb. gen. 396s, 1997
(guar.) 4s, 1961
Lake Shore Collateral 396s, 1098
Little Falls & 13(8'4.'1411e 1st as. 1932
Utah & Northern Extended 1st 45, 1933
Virginia Railway Co.
Michigan Central Collateral 314s, 1998
Mohawk dt Malone 13.y. 1st 4s, 1991
Virginia Sty. Co. lot mtge. bs. 1962
eons. 34s, 21.10•4
1st mtge. 4 Ms, 1062
x These notes are legal under See. 32 and savings banks may invest not to
exceed 2% therein.
Railroad bonds which are at present not legal under the
general provisions of the law but which are legal investments
under Section 27 (given below) are as follows:
3999
Sec. 27. The provisions of this Act shall not render illegal the investment In
nor the investment hereafter in, any bonds or interest-bearing obligations issued or
assumed by a railroad corporation. which were a legal investment on May 28 1913
so long as such bonds or interest-bearing obligations continue to comply with the
laws in force prior to said date; but no such bond or interest-bearing obligation that
falls subsequent to said date, to comply with said laws shall again be a legal investment unless such bonds or interest-bearing obligations comply with the provision.]
of this section.
Hocking Valley Railway Co.
Atchison Topeka & Santa Fe System.
California-Arts Lines lst & ref. 496o, 1962 First Consolidated 496s, 1999
Coburn.& Hock. Val. RR, let ext. 45,1948
Boston & Albany RR.
Columbus & Toledo RR. let ext. Is, 1955
Boston & Albany RR. deb. 133.10, 1951
Illinois Central System.
" 80.45, 1952
Chic. St. L.&
O. cons. 55. 1051
" as. 1933
" 4s, 1934
New York Central System.
" 45, 1935
" 43.4s, 1937 N.Y.& Harlem RR. ref. 330, 2000
" Is. 1938
Beech Creek RR. lot 45, 1936
"Se. 1963
Kalam. Allegan & G. R. RR. 1st 55, 1938
Buffalo Rochester & Plash. System Mal:lotting Coal RR. let 55, 1934
Pennsylvania System.
Allegheny & Western Ry. let 45, 1958
Delaware RIt. gen. 434s, 1932
(Surf. Roth.& Pitts. Ry. g. 55, 37]
" "cons. 4Ms,57] Elmira & Williamspt. RR. 1st 4s, 1950
Erie & Pittsburgh RR. gen. 33.4s, 1941)
Clearfield & Mal:toning Ry. 1st is, 1943
(Lincoln Pk.& Charlie RR. let be.'39] Little Miami RR. 1st 48, 1962
N. Y. Phila.& Norfolk RR. let 4s, 1939
Central Ry. of New Jersey System
57. Y.& 1,0123 Breh. RR.gen. 45 & Is,'41 Ohio Connecting Ry. lot 45, 1943
Youngs. & Ash. RR. gen 4s, 1948
43.4s. 1938 Pitts.
Wilkee-Barre & Scram Ry. 1st
West Jersey & Sea Shore RR.
Connecticut Railway & Lighting Co.
Series A,H,C,D,E and F 396s .44s,'30
First Refunding 496s, 1951
Reading System.
Conn. Lighting dr Power Co. 1st 55. 1939 Del.& Bound Brook RR.cons.
394o, 1958
East Pennsylvania RR. let 4s. 1958
hot
:Thic.& Western Indiana RR . 6s. 1932 North Pennsylvania RR. 1st Is, 1936
Oat. & Tel. Shore Line RR. 1st 45, 1953 Terminal Railway Assn. of Sc. Louis
Consolidated Mortgage Es, 1944
Duluth & Iron Range RR. let 55. 1137
First Mortgage 496s, 1939
General Refunding Mortgage 4s, 1953
Elgin Joliet & Eastern Ry. lot Es, 1941
[Western Maryland System.
Erie Railroad System.
Cleve. & Mahoning Val. fly. 1st 55. 1938 [Bait.& Cumb. Val. Ext. 1st 6s. 1931]
Sizth.-Equipment trust obligations as follows (savings
banks may invest not exceeding six per eentum of their
deposits and surplus therein):
Louisville & Nashville RR Co
Series D, Ills, serially 1922-1936
Series E, 4 Ms, serially 1923-1937
Series F. is, serially 1924-1938
Michigan Central RR. Co.
Series of 1917, 60, serially 1918-1032
Mobile & Ohio RR. Co.
Series L, Is, serially 1928-1938
Series N,4 Ms, serially 1925-1939
Series 0, 41.55, serially 1927-1941
Series P. 496s, serially 1928-1937
Series Q, 4s, serially 1928-1943
Nashville Chattanooga & St. L. Ry.
Central of Georgia Ry. Co.
Equip. tr., ser. B, 431g. ser. 1923-1937
National Ry. Service Corp.
Ssrles It, 896s. serially 1922-1936
Prior Lien 7s, 1920 to 1935
Series N. Ills, serially 1923-1932
7s. 1921 to 1936
Series 0, Is. serially 1924-1938
Series P, 41.45. serially 1926-1940
New York Central Lines.
Series Q, 43.4s, serially 1926-1940
Joint Equip. Trust
414s. serially. 1917 to 1932.
Central RR. Co. of New Jersey,
Equipment trust Os, serially, 1921-1935
1923-1932
Series I, Os, serially
Equipment trust 75, serially. 1921-1935
Series J. Is, serially 1924-1933
Equipment trust Is, ser. 1923 to 1937
Series K, 5.9. serially 1925-1931
Equipment trust 496s. ser. 1923 to 1937
Series L, 434s. serially 1928-1935
Equipment tr.434s & Is. ser. 1925 to 1939
Equipment trust, series of 1926, 4968. Equipment trust 496s, Fier. 1926 to 1940
serially 1927-1941
Equipment trust 496es, ser. 1927 to 1940
Equipment trust 496s, ser. 1930 to 1944
Chesapeake & Ohio Ry, Co.
Equip. trust 4965, ser. 1931 to 1945
Series 5, 696s, serially 1921-1935
Norfolk & Western System.
Series T,.530, serially 1923-1937
Equip, tr., ser. 1922,440,ser. 1924-1932
Series U. Is. serially 1924-1938
Equip. tr., ser. 1923, 4 Ms. ser. 1924-1933
Series V. Is, serially 1925-1939
Equip.tr., ser. 1924,4 Ms,s. 1924-1934
-a.
Series W. 4%s. serially 1926-1940
Series of 1929, 444s. serially 1930-1944 Equip. tr., set*. 1925, 496s, ser. 1926-1935
Northern Pacific Ry. Co.
Series of 1930,4Ms,serially, 1931-1945
Series of 11122, 496s, serially 1923-1932
Chicago & North Western Ry,Co.
Series of 1925, 43.55, serially 1926-1940
Series J, 6965, serially 1922-1936
Pennsylvania Railroad Co.
Series K, 630, serially 1922-1936
Equipment trust Is, 1924-1938
Series M, 5s. serially 1924-1938
Equipment trust Is. 1925-1939
Series N, Is, serially 1924-1938
Equipment trust 4965, 1925-1939
Series 0, 5s, serially 1924-1938
Equipment trust 496s. 1929-1941
Series P. Is, serially 1925-1939
Pere Marquette Ry. Co.
serially 1928-1942
Series R, 434s,
Equip. trust 430, serially 1931 to 1945
Series S. 454s. serially 1928-1942
Series V. 496s, serially 1928-1942
Pittsburgh & Lake Erie RR. Co.
Series U, 496s, serially 1929-1943
Equipment trust 896s, ser. 1921-1935
Series V,4 455, serially 1930-1944
Reading Company.
Series W,496s, serially 1030-1944
Equipment trust
Series X,43.4S, Serially, 1931 to 1945
Series J, 55, s.-a., 1922 to 1932
-a., 1923 to 1933
Series K, 4345, s.
[Cleve.Cinc. Chic.& St. Louis RR 3
-a., 1925 to 1935
Series L, 4345, s.
[Series of 1920, 6s, serially 1921-1935]
-a., 1930 to 1945
Series Si. 434s, s.
Great Northern Ry. Co.
Union Pacific Railroad.
Series B, 5s, serially 1924-1938
Equipment trust 7s, serially 1924 to 1935
Series C, 496s, serially 1925-1939
Equip. trust Series B 5s, serially 1927-36
Series D,434s, serially 1929-1910
Equip. trust Series C 434s, SeriailY 28-'38
Western Fruit Express, series D, 43.4s,
Equip. tr.. ser. D.4345 Serially '2910 '38
serially 1930-1941
Southern Pacific Co.
*W. Fruit Ex.,ser. E,440, ser. 1031-45
Series E, 7s, serially 1921-1935
Illinois Central Railroad Co.
Series I', Is. serially 1928-1938
Series F, 75, serially 1921-1935
Series G, Is, serially 1927-1939
Series 0, 6965, serially 1922-1936
Series Ii, 4155, serially 1928-1940
Series H, 5345, serially 1923-1937
Series I, 434s, serially 1931-1941
Series I, 430, serially 1923-1937
Series J, 4 i4s. seri.tily 1932-1942
Series J, Is, serially 1928-1938
Series It, 434s, serially 1929-1943
Series L, 496s, serially 1930-1944
Series K, 41.4s, serially 1925-1939
Series M,496s, 1931 to 1945
Series L, 414s, serially 1926-1940
Series al, 4355, serially 1929-1941
Virginian Railway Co.
Series N, 496s, serially 1927-1940
Equip, tr., ser. D, Is, serially 1924-1 938
Series 0, 430, serially 1928-1942
Equip. tr., ser. E.434s,serially 1926-1 940
Series P. 434s, serially 1930-1944
Atlantic Coast Line RR. Co.
Equip. trust, ser. D,Ills,ser. 1922-1936
Equip,trust. ser. E,434s,ser. 1929-1941
Baltimore & Ohio RR. Co.
Sen. of 1922, 55, serially 1923-1937
Sen. of 1923, 55, serially 1924-1938
Series A, Is, serially 1924-1938
Beiges B. 4349. serially 1926-1940
Series C, 434s, serially 1927-1941
Series D, 496s, serially 1929-1941
Series E. 496s, serially 1930-1942
Series F. 4 Ms, serially 1930 to 1944
Other securities in which banks may Invest are:
Seventh
Ronde of Street Railways In Conn.
Savings banks may invest not exceeding two per centum of their depolts and
surplus therein.
Bristol & Plainv. Tram. Co. 1st 4 44e,1945
Bonds of Water Cos. In Connecticut.
Savings banks may invest not exceeding two per centum of their deposits and
surplus therein.
Branford Water Co. 434s. 1943
[Bridgeport Hydraulic Co. 1st 55, 1944]
Bridgeport Hydraulic Co. ser. B 43.55,'45
*Series C & D, 4355, 1961
Greenwich Water Co. 1st mtge. 4345'57
Guilford-Chester Water Co. let con,
Es. 1939
grew Haven Water Co. deb. 496s 1962
1st 4%s, 1945
New Haven Water Co.
& ref 430,W
*New Haven Witt. Co., let A ref. 436s.'70
Stamford Water Co let Is, 1952
Also under Subdivision 22 any bonds
or interest-bearing obligations of the following water +mammies:
Ansonia Water Co.
Bridgeport Hydraulle CO.
Greenwich St ater Co.
Naugatuck Water Co.
New Haven Water Co.
Stamford Water Co.
Torrington Water Co.
4000
FINANCIAL CHRONICLE
[Vol,. 133.
Bonds of Telephone Cos. In Connect.
Benda
Savings hanks may Invest not exceeding two per centum of their deposits and
surplus therein.
Bo. New Eng. Toler,. Co. 1st 5e. 1948
So. New Eng. Telephone Co.—
Debenture Is. 1970
*Duke Power Co.—lst & ref, 410, 1967
Golden Gate Bridge and Highway District (P. 0.
Duquesne Light Co.let mtge.4345.1967
San Francisco), Calif.—Application Made to U. S. District
Erie County Electric Co.—
Consolidated 65, 1959
Court to Nullify Bonding Project.—Following the decision of
Gen. & refunding 534e, 1960
the State Supreme Court on Nov. 25 upholding the validity
Fall River Elec. Lt. Co. 1st m. 5s, 1945
EFL Worth Pr & Lt. Co. 1st m.5s,'31] of the $35,000,000 Golden Gate Bridge bonds—V. 133,
Green Mountain Power Corp.:
p. 3655—an injunctive application was filed on Nov. 28
Burlington GM Light let 58, 1955
with the U.S. District Court by the opponents of the project
Green Mountain Power 181 58. 11148
Tenth—
[Indiana & Michigan Electric Co.:]
asking that both the district structure and all the proBonds of Telep. Co.. outside of Conn.
[First mortgage .55, 19573
ceedings of the directors be declared null and void. The
[First & refunding 5s, 19553
Savings banks may Invest not exceeding two per cent= of their deposits and Indiana Gen't Service Co. 1st m.58.1948
San Francisco "Chronicle" of Nov. 29 reported on this new
*Jersey Cent. Power & Light Co.—
surplus therein.
action in part as follows:
First, 5s, 1947
Amer. Tel. & Tel.Co. coll, trust fs. 1946
First 434s, 1961
The United States District Court was asked yesterday to declare the
N. V Telephone Co. 1st 44s. 1939
Kansas City Power & Light Co.:
entire structure of the Golden Gate Bridge and Highway District, and
New England Tel. & Tel. 1st de, 1952
Seriee "B" 4'.4s. 1957
all proceedings of its directors null, void and unconstitutional.
" " Seriee B 44e.'61
First Mtge. 434s, 1961
A temporary restraining order is asked to prevent any further prodeben. 58. 1932
Kings County Lighting Co.
ceedings looking to the sale of bonds or otherwise mating financial reAlso under Subdivision 34.
1st refunding 58 and 64s, 1954
sponsibility by the bridge directorate.
Savings banks may invest not exceeding Los Angeles Gas & Elec. Corp.—
Sponsored by Garland Co.
5% of their deposits and surplus in the
*First and refunding, 5s. 1939
The suit, termed a bill for injunction was filed by the legal firm of
following bonds, but not more than 2%
*First and general, 5s, 1961
In the bonds of any one such telephone
McCutchen, Olney, Mannon & Greene in behalf of Garland Co., Ltd.,
*General mortgage, 58, 1934
company.
of which Robert E. Strahorn is President.
*General and refunding, 68, 1942
This company was one of the plaintiffs in the action filed by the same
Bell Telep. of Penna. let & ref. 58. 1948
*General and refunding, 5%s, 1947
"
5s 1980
law firm and decided against them last week by the State Supreme Court.
*General and refunding, 5345, 1943
For many years Strahorn was in the railroad construction and proCentral District Telep. 1st 5s, 1943
*General and refunding. 5345, 1949
motion field and had association with certain Southern Pacific enterprises.
Illinois Bell Telep 1st ref. Es. 1956
Lake Superior District Power Co.—
The Southern Pacific Golden Gate Penh:xi, Ltd., was one of the Parties
New York Tel. refunding (Is. 1941
*First and refunding, 5s, 1956
to the State Court suit.
" " deb.(now mtge.) 60.'403 *Narragansett Elec. Co., 1st, 56, 1957
Pac.Tel. & Tel let & collat. 55, 1937
New Jersey Power & Light Co.—
Action Was Expected.
refunding Sc. 1952
*First mortgage, 434s, 1960
The action was expected by directors of the bridge district. for Attorney
Southern, Bell Telephone 1st 58, 1041
New York Edison Co.—
Warren Olney made it plain in his argument in the State Court that he
*Southern Calif. Telep. let Ar ref. 58, 1947
Edis.El. 111. 01 N.Y. Istcons. Sc. 1995
would seek relief in the Federal courts should he lose In the other action.
Southwestern Bell Tel. let ref. 50 1954
41
N.Y. Edison Co lot dr ref 634s. 19
William P. Filmer, President of the bridge directorate, said last night
Y Edison Co. let & ref. 5s.I944
that while the suit had been expected,"we hoped it would not happen,and
Eleventh—
N Y vas. E. L.. Fl. & P. lst 5s, 1948
are very sorry it has. We will have to go through with it and meet the
F.L.,14.06 P.our.M.46.1919 Issue just as we have in the past."
N.Y
Bonds of Gs• end Electric Lighting
N. Y. State Gas dr Elec. Co.
Companies In Connecticut.
Bond Sale Delayed.
51st mortgage,54s,1962
Savings banks may invest not exceed
He said that regardless of whether the temporary restraining order
log two per cent= of their denosirs and N. Y. State Elec. & Gas Co.
51st mortgage, 434s, 1980
was issued the directorate would not proceed with any negotiations for
surplus therein, or a total of 25% in Via
Ohio Public Service Co.
sale of the bonds until their legal status was definitely established.
and electric bonds of all companies:
1st and refunding, 7345, 1946
The complaint filed yesterday Includes some of the points made by
Bridgeport Gas Lt Co. lit 40. 1952
*lst and refunding, 7s, 1947
Attorney Casper A. Ornbaun in an action which the United States Supreme
1937
Central Conn.Pr.& Lt. Co.1st 56,
*1st and refunding, 6s, 1953
Court refused to consider on the ground of lack of jurisdiction.
Connecticut Power Co.:
*1st and refunding, 5s, 1954
This, however, it was pointed out yesterday, was before the Legislative
1st & cons. 5s, 1983
Pacific Gas & Electric Co.
amendment of 1931, empowering the district to levy taxes to pay interest
1st 58. 1956
1st & ref. 6s, 1941
and retirement installments on the $35.000,000 bond issue, should the
New London Gas & Electric Co.:
1st & ref. 534s, 1952
Income from the bridge fail to be sufficient for such purpose.
1st cons. & ref. 58, 1933
1st & ref. 5s. 1955
Also the complaint of yesterday includes some of the questions involved
Berkshire Power Co. lot 5e. 1934
lot & ref. 434s, 1957
in the State Supreme Court proceedings.
Connecticut Light & Power Co.:
lst & ref. 4345, 1960
lit & refunding A 75. 1951
Assigned to Kerrigan.
Gen. & ref. 58, 1942
let & refunding B 5%11, 1954
The action was filed snortly before noon and was assigned to District
Pennsylvania Electric Co.
lit & refunding C 4%., 1958
Judge Kerrigan. Date for a hearing on the request for a temporary
51st & ref., series E,44s, 1970
Danbury & Bethel Gas & Electric Light
restraining order was not set.
*1st & ref., series F, 4s, 1971
Company 1st 5s, 1953
The bill charges that the issuance of bonds by the district would sub*1st & ref., series G, 4s, 1961
Danbury & Bethel Gam dr Electric Light
*Penn. Pub. Secy. 1st & ref., 6s, 1947 ject every taxpayer in San Francisco to discriminatory and unfair taxes
Co.. Series A Mtge. Bonds 6s. 19454
*Penn. Pub. Fiery., 1st & ref., 5s, 1954 and that such taxes would be illegal. The Court is airsed to enjoin tee
Eastern Conn. Power Co. lot 55, 1948
Peoples Gas Light & Coke Co.(Chicago): directors from taking any steps to sell the bonds Until the case is settled.
Hartford City Gas Lt. Co. let es,'35
a perpetual injunction being prayed for.
Chicago Gas Light & Coke lot 5s, 1937
New Britain Gas Light Co. 55. 1951
Consumers Gas Co. 1st Sc, 1936
[Norther° Connecticut Light & Power
Mutual Fuel Gas Co. 181 55, 1947
Little Rock, Ark.—Receiver Appointed for Street Imlit 5s, 1946]
Peoples G. L. & C. 1st cons. 65. 1943
Rockville-Willimantic Lighting Co. lit
provement District.—State Senator Edward Dillon has been
Philadelphia Electric Co.—
ref. gold 56 and 68. 1971
Phila. Elm'.of Penna let mtge.4s,'65
appointed by Chancellor Dodge as receiver for West 12th
Rockvllle Gas & Elect let 58, 1936
Phila. Elm. Penna. lot mtge.58.
, of
Stamford Gas & Elei Co Consoi. 56.110
,
Street Improvement District No. 12, which expended
[Philo Electric 1st &'14 5 tea. 19473
Power CO 3
[Union Electric Light &
approximately $13,000,000 before it abandoned a scheduled
Phila. Electric 1st & ref. 4345, 1967
I(unionvute) 88, 10443
Phila. Electric 1st & ref. 534s, 1953
paving project, according to recent advices from Little
United Illuminating On en 48 1040
[Phila. Electric 1st & ref. 5s. 19603
Waterbury Gas Co. lit 4%.. 1958
Rock. It is stated that Chancellor Dodge recently held
Phila. Electric 1st & ref. 45. 1971
Companies
Ronde of Public U
that expenses incurred in forming an improvement district
Authorized under Subcllvision 33. Phila. Sub. Counties Gas & El. 4350.'57
Savings banks may invest not more than Potomac Electric Power Co.:
shall be paid from the proceeds of the six-cent gasoline
Consolidated 55, 1938
25% of their deposits and surplus in the
General & refunding 13s, 1953
tax collected by the State.
following bonds, but not more than 5% in
Providence Gas Co. 1st m.54s, 1942
the bonds of any one such corporation.
Los Angeles Metropolitan Water District, Calif.
Blackstone Valley Gas & Electric Co. Public Service Electric & Gas Co.:
United Electric Co. of N.J. 1st 48,'49
lat & general 55. 1939
Suit on Legality of $220,000,000 Bonds Halted.—On Dec. 2
Brooklyn Bore. Gas Co.gen.& ref.5s.'67 [P. S. Elec. & Gas 1st & ref. 5s, 19653
P.S. Elec. & Gas 1st & ref. 434s, 1967
the suit which was recently filed by a local taxpayer against
Brooklyn Edison Company-•lst and refunding, 45, 1971
Brooklyn Edison Co. gen.5s. 1949
1st & ref. mtge. gold bonds, 434%. the proposed issuance of the $220,000,000 Colorado River
Edison Elec. III. of Brooklyn tat con,
series. 1970
Aqueduct bonds, denying their validity—V. 133, p. 3655
4s, 1939
Rockland L. dr P. Co. 1st & ref.44s,'58
Hters9 El. L.Of P.1st 5e, 1937
.
o.
came to a halt when Superior Judge Wilson disqualified
pur. M.89. '117 San Diego Corso!. Gas & Electric Co.*
himself and the judges of the four water district counties
lot mtge 5s. 1939
Brooklyn Union Gas Co.:
1st & refunding 65, 1939
as ineligible and set aside the decisions he had made up to
First consolidated 5s, 1945
1st & refunding 58, 1947
First refunding 6s, 1947
that time. We quote the Los Angeles "Times" of Dec. 3
1st & refunding 6s, 1947
Buffalo General Electric Co.:
Southern Pub. Util. Co., 1st & ref. 5s,'43 as follows:
First mortgage 5e. 1939
Southern California Edison Co.—
First & refunding 5s. 1939
Disqualifying himself and all other judges in the four metropolitan water
*General mtge., 5s, 1959
General & refunding Si, 1956
district counties as inelglible to try the suit to establish the legality of the
*General & refunding, 55, 1944
Gen.& ref. 434e. 1981
$220,000,000 water bonds. Superior Judge Wilson yesterday set aside all
*Refunding mortgage, 5s. 1951
Twelfth—
decisions he has made in the two-day hearing of the action and postponed
*Refunding mortgage, 5s, 1952
Central Hudson Gas & Electric Co.:
the case until such time as Chief Justice Waste shall appoint a judge from
*Refunding mortgage, 58, 1954
First & refunding 5s. 1941
some outher county to try it.
*Refunding mortgage, 4345, 1955
First & refunding 5s, 1957
"While there is some doubt that my ruling will be upheld by the Supreme
Union Electric Light & Power Co. of
Cleveland Electric Illuminating Co.—
Court if appealed," Judge Wilson said. "yet it is imperative to the welfare
St. Louis 1st m. 5s. 1932
Finn mortgage 5a, 1939
of this community and all southern California that preliminary work proUtica Gas & Electric Co.:
General mortgage. Series A. 68. 1964
ceed on this project. Every day saved in legalizing these bonds means
Equitable Gas & Electric let 5e 1942
General mortgage. Baden B. Si. 1961
just that much done to relieve unemployment.
Refunding & extension 5s, 1957
Consol. Gas-Electric Lt. & Power Co.:
"And in order that the judge who will try the case may have a clear
Baltimore 1st in. 5s, 1939 West Penn Power Co.:
Cons. Gas of
field to work in, I will set aside all orders I have previously made."
1st mtge.. series "A" 55, 1946
Cons. Gas of Baltimore gen.4%8.1954
These orders include the refusal of a petition to amend, offered by Gl• E.
1st mtge.. series "E" 55. 1963
General mortgage 430, 1935
Burney, the taxpayer who entered the case in opposition to the action of
[1st mtge.. series -F 5!4e, 1953]
.
"
Detroit Edison Co.—
the district represented by its chief counsel, W.B. Mathews. This amend1st series. series "0" Is, 1955
First and collateral, 58, 1933
ment included an offer to prove fraud.
*1st mtge., series H, 4s, 1961
*General and refunding, 5s, 1949
Attorney Reuel Olsen, for the opponents of the bonds, cited a section
Wisconsin-Michigan Power Co.
*General and refunding, 58, 1955
of the State Political Code which purports to disqualify in any drainage
*let mtge., 58, 1957
*General and refunding, 55, 1962
or irrigation suit the judge of a county in which the improvement will be
*1st mtge., 434s, 1961
,
*General and refunding, 4315. 1961
made if the suit includes a plea for a lien on property in the district.
Judge Wilson said the technicalities of this statute might be overlooked,
for appeal
but he
Thirteenth.—Savings banks may invest not exceeding 10% matter.desired to avoid all possible groundsCounty wasand delay in the
available
Superior Judge Mahon of
of their deposits and surplus in the obligations of the Govern- the case yesterday, but neither side Sutter stipulate for a transfer to try
would
to his
ment of the Kingdom of Great Britain and Ireland and the court. Several other up-State judges are now sitting here.
Government of the French Republic and the Government of
the Dominion of Canada or any of its Provinces, provided
such obligations have a fixed and definite date of maturity
and shall be the direct obligations of such Government co,
Province and that the full faith and credit of such Government or Province shall be pledged for its payment, principal
and interest.
Under the foregoing section the following obligations of
France and the Kingdom of Great Britain and Ireland are
legal investments:
Reputlic of France.
Rentes 8% 1953
External Dollar Loan 045, 1937
United Kingdom of Great Britain
and Ireland
War Loan 434s. 1925-1945. dee 1945
War Loan 48, 1929-1912, due 1942
War Loan Is, 1929-1947. due 1947
Funding Loan 48. 1960-1990
New French Loan 5s. 1920.1980
External gold bonds 74s. due 1941
External gold bonds 7s. due 1949.
Victory bonds 4%. redeemable by the
cumulative sinking fund, by means 01
annual drawings beginning Jan 1 1920
unread Kingdom of Great Britain an
,
Ireland External Loan 53e5. 1937
Bonds Upheld by Decision of Superior Court.—News
dispatches from Los Angeles, appearing on Dec. 9, reported
that the validity of the above bonds had been sustained by
Judge Mahon of the Superior Court of Sutter County. It
is stated that the suit will be promptly appealed to the State
Supreme Court. It is believed that a favorable opinion by
that body will be followed by a sale of some of these bonds,
probably a small portion as the first offering. Under the act
creating this district it was originally specified that the issue
be ruled legal before a public offering be made. The Supreme
Court will furnish the final test of validity of these bonds.
New Jersey.—Special Legislative Session Setfor Dec. 14.—
A special session of the Legislature, which is being called to
consider changes in the financing of the State employment
relief program and the reapportionment of the New Jersey
congressional delegation, was set by Governor Larson for
DEC. 12 1931.]
FINANCIAL CHRONICLE
Dec. 14, a postponement from the tentative date of Dec. 7
because of a number of protests against the earlier date
by members, according to press reports from Trenton on
Dec. 2.
Ohio.
-Allen County Bond Case Appealed to U. S. Supreme
Court.
-On Dec. 7 an appeal was filed in the U. S. Supreme
Court from the decision of the Ohio Supreme Court which
held that the Allen County assessment bonds in question
were payable from a general tax on the property in the county
and were not to be regarded as a lien only upon the portion
benefited-V. 132, p. 4623. This appeal is being taken in
order to obtain a final ruling on the status of the bonds and
legal technicalities barring such an appeal were recently
removed-V. 133, p. 2462. The Cleveland "Plain-Dealer"
of Dec. 8 carried the following on the subject:
An appeal was filed in the United States Supreme Court to-day from an
Ohio Supreme Court order for the assessment of general property in Allen
County. Ohio, to retire bonds issued on the Lost Creek sewer and water
improvements at Lima, Ohio, on which assessments were defaulted.
The Allen County conunissioners filed the appeal contending the ruling
was in error. They said the improvement did not in the slightest measure
Promote the health and safety of Allen County, the City of Lima, or even
the townships in which it was located.
Only farm lands and farm homes were on the property, the commissioners
insisted, pointing out that the sewer and water lines were installed to
promote the sale and platting of the rural property.
4001
BELLEVILLE, Essex County, N. J.
-BOND OFFERING.
-John J.
Daly, Town Clerk, will receive sealed bids until 8:30 p. m. on Dec. 18 for
the purchase of $915,000 coupon or registered tax revenue bonds. Dated
Dec. 15 1931. Denom. $1,000. Due Dec. 15 as follows: $20,000 in 1932,•
$60,000. 1933; $235,000 in 1934, and $600,000 in 1935. Principal and
semi-annual interest (June and Dec. 15) are payable at the Merchants &
Newark Trust Co., Newark. Rate of interest to be expressed in a multiple
of 1-100th of 1% and must be the same for all of the bonds. A certified
check for 2% of the amount of bonds bid for, payable to the order of the
Town, must accompany each proposal. The approving opinion of Reed,
Hoyt & Washburn, of New York, will be furnished the successful bidder.
BELLEVUE, Sarpy County, Neb.-BOND SALE.
-A $51,000 issue of
5% refunding bonds has been purchased recently by Wachob, Bender &
Co. of Omaha.
BENTON COUNTY (P. 0. Fowler), Ind.
-BOND SALE.
-The
53.178 6% coupon drain construction bonds offered on Dec. 5-V. 133, p.
-were awarded at a price of par and accrued interest to two local
3286
Investors. Dated Nov. 15 1931. Due $317.80. on Dec. 1 from 1932 to
1941, inclusive.
BESSEMER, Jefferson County, Ala.
-BOND OFFERING.
-An
$885,000 issue of6% coupon or registered refunding bonds will be offered for
sale at public auction by J. M. Scott, City Clerk, at 8 p. m. on Dec. 15.
Denom.$1,000. Dated Feb. 1 1932. Due on Feb. 1 as follows: $3,000, 1935
to 1957. and $4,000, 1958 to 1961, all incl. Prin. and int. (F. & A.) payable
at the Central Hanover National Bank in New York. The, printing and
legal approval on the bonds is to be paid for by the city. A certified check
for 2% of the amount of bonds bid for, payable to the city, is required.
BEVERLY, Essex County, Mass.
-TEMPORARY LOAN.
-The
$200,000 temporary loan offered on Dec. 10-V. 133. p. 3817
-was awarded
Denied Mandamus Writ.
to the Day Trust Co.. of Boston, at 4.09% discount basis. Dated Dec.
15 1931. Due June 15 1932. Bids received at the sale were as follows:
The Ohio court ordered assessment of general property on a
obtained by Attorney General Gilbert Bettman. It previously rehearing
BidderDiscount Basis.
a writ of mandamus to J. Charles Bowman of Wood County. had denied
The case involves the validity of a quarter of a billion of dollars of such Day Trust Co. (successful bidder)
4.09
F. S. Mosel ,& Co
bonds issued by other political subdivisions of Ohio.
4.15
The United States Supreme Court also ruled to-day that Federal bank- Merchants National Bank, Boston
4.17 o
Kidder. Peabody & Co.
ruptcy courts have the power to cancel State taxes in the sale of bankrupt
4.50%
Beverly Trust Co
property in two cases appealed from Trumbull County, Ohio.
4.63%
I. J. Van Huffel of Warren filed the appeal after State courts held unpaid
taxes could be assessed against the property with penalties and
BIG STONE COUNTY (P. O. Ortonville), Minn.
-BOND SALE.although the property had passed through bankruptcy courts. interest, The $10.000 issue of coupon refunding bonds offered for sale on Dec. 3-was purchased by the First Securities Corp. of St. Paul,
V. 133. p. 3656
1
as 53 s, paying a premium of $50, equal to 100.50, a basis of about 5.14%.
,
Dated Dec. 1 1931. Due 51.000 from Dec. 1 1932 to 1941, incl.
The only other bid received was an offer of par on 530 tendered by the
Wells-Dickey Co. of Minneapolis.
ABIE, Butler County, Neb.-BOND SALE.
-The
village bonds offered for sale on Nov. 6-V. 133, p. 2957 $8.500 issue of
BINGHAM COUNTY RURAL HIGH SCHOOL DISTRICT NO. 9
-was purchased
by the State of Nebraska, as 4s, at par. Due in 20 years and optional (P. 0. Firth), Ida.
-BONDS CALLED.
-A call was issued by Arnfred
after five years.
Christensen, District Clerk, for payment on Dec. 1, or which date interest
ceased, all the school bonds of this district, dated Dec. 1 1921. due on Dec.
AIKEN COUNTY (P. 0. Aiken), S. C.
-BOND NOTICE.
-The 1 1941, and optional on Dec. 1 1931. These bonds are payable at the State
Bankers Trust Co. of New York has been appointed agent for the payment Department of Public Investments, at Boise.
of the funding bond coupons of this county.
(This report corrects that appearing in V. 133, P. 2957.)
ALBANY COUNTY (P. 0. Albany), N. Y.
-BOND OFFERING.
BIRMINGHAM, Jefferson County, Ala.
Felix Corscadden, County Treasurer, will sell at public auction at 12 M.
-OFFERING DETAILS.
on Dec. 18 an issue of $225,000 coupon or registered jail bonds, to bear We are now informed in connection with the offering scheduled for Dec. 11
interest at a rate not to exceed 5%. 'Dated Jan. 1 1932. Due $75.000 on of the $1,130,000 issue of drainage bonds
-V. 133, p. 3656
-that bids will
Jan. 1 in 1942, 1952 and 1962. Rate of interest to be expressed in a multiple be received at not less than 95% of their par value plus accrued interest.
of ji of 1% and must be the same for all of the bonds.
The remaining conditions of sale are as previously outlined.
annual interest (Jan. & July) are payable in Albany. Principal and semiLegality approved
by Reed, Hoyt & Washburn, of New York.
BLANCO COUNTY (P. 0. Johnson City) Tex.
-BOND DETAILS.
The $6,000 issue of 5M% road bonds that was reported sold-V. 133, P.
AMARILLO, Potter County, Tex.
-BOND REPORT.
-was purchased by Glaspell, Vieth & Duncan of Davenport, and
-We are now 3817
informed that the offer of the fiscal agent of the city to sell the two issues mature $1,000 from April 7 1946 to 1951 incl.
of 4%% semi-annual bonds aggregating $864,000, that were unsuccessfully offered on Dec. 1-V. 133, p. 3816
-has also been rejected.
BOSTON, Suffolk County, Mass.
-BOND OFFERING.
-Edmund
L. Dolan, City Treasurer, will receive sealed bids until Dec. 15 for the
ARDSLEY, Westchester County, N. Y.
-BOND REPORT.
-The
Village Clerk reports that sale of the issue of $125,000 sewer improvement purchase of $1,800,000 coupon bonds, comprising $900,000 43/0 and
bonds recently authorized will not take place for at least six months or $900,000 4Iis. The 4;is will mature $46,000 annually in from 1 to 10
years; 545,000 from 11 to 15 years. and E43,000 from 16 to 20 years; while
longer.
the 4Ms will mature $70,000 in from 1 to 10 years, and 540,000 from 11
ASBURY PARK, Monmouth County, N. J.
to 15 years.
-BOND SALE.
-The
56K,000 coupon or registered municipal building bonds offered on
133, p. 3816
-are reported to have been purchased as 6s, at a Dec.
BOUNDARY COUNTY INDEPENDENT SCHOOL DISTRICT NO.
of par, by M. M. Freeman & Co., of Philadelphia. Dated Dec. 15 price 4 (P. 0. Bonners Ferry), Ida.
-BONDS CALLED.
-It is announced by
1931.
Due Dec. 15 as follows: $15,000 from 1932 to 1953 incl., and
$20,000 Maurice D. Pace. District Clerk, that school bonds Nos. 1 to 15 in the
from 1954 to 1969 incl.
denomination of 51.000 each, are called for payment at the office of H. R.
Crouch. District Treasurer. on Jan. 1 1932, on which date interest shall
ASHLAND,Schuylkill County,Pa.
-BOND OFFERING.
man, President of the Town Council, will receive sealed bids -J,L. Hoff- cease. These bonds are a part of an 585.000 issue dated Jan. 1 1922.
on Dec. 19. for the purchase of $28,000 4l.% bonds. Dated until 8 1:/• m•
Dec. 1 1931.
BRADLEY BEACH Monmouth County, N. J.
Denom. $1,000. Due $2,000 annually in from 1 to 14 years, with the
-BOND OFFERING.Frederic P. Reichey, Borough Clerk, will receive sealed bids until 7:30
option on the part of the Borough to retire the bonds on or before
Dec.
without notice, and thereafter upon written registered notice. 1 p. m.on Dec.19for the purchase of $43,000 5% coupon or registered general
1932,
A improvement bonds. Dated Dec. 1 1931. Denom. $1,000. Due
certed check for 2% of the amount of bonds bid for, payable to the order
ifi
Dec. 1 as
follows: $2,000 from 1933 to 1946 incl., and $3,000 from 1947 to 1951 incl.
of the Borough Treasurer, must accompany each proposal.
Principal and semi-annual interest (June and December) are payable at
ATLANTA, Fulton County, Ga.-BOND SALE.
-The $59,000 issue the office of the Borough Clerk. No more bonds are to be awarded than
of 0.6% semi-ann. water bonds offered for sale on Dec. 4-V.
will produce a premium of $1,000 over $43,000. A certified check for 2%
-was purchased by the Fulton National Bank of Atlanta, for a133, p. 3816 of the bonds bid for, payable to the order of the Borough, must accompany
premium of
$3,833, equal to 105.98, a basis of about 4.05%. Dated July 1
each proposal. The approving opinion of Caldwell & Raymond, of New
1927. York, will be furnished the
Due from July 1 1946 to 1956, inclusive.
successful bidder.
BARTHOLOMEW COUNTY (P. 0. Columbus), Ind.
-BOND SALE.
BRIDGEPORT, Fairfield County, Conn.
-The 54,000 4% coupon road improvement bonds offered on Dec.
-BOND OFFERING.
V. 133. p. 3656
-were awarded at a price of par to Henry Hartman, a 8- John J. O'Rourke, City Comptroller, will receive sealed bids until 11 a. m.
investor, whose offer was the only bid received. Dated Dec. 8 1931. local on Dec.21 for the purchase of $200.000 not to exceed 5% interest coupon or
Due registered public improvement bonds. Dated
$200 July 15 1933; $200 Jan. and July 15 from 1934 to 1942 incl., and $200
Jan. 2 1932. Denom.$1,000.
Due $40,000 on Jan. 2 from 1933 to 1937 incl. Principal and semi-annual
Jan. 15 1943.
interest are payable at the office of the City Treasurer. The bonds will be
BAYONNE, Hudson County, N. J.
-TEMPORARY FINANCING.- prepared under the supervision of the First National Bank,of Boston, which
John Ryan, City Treasurer, reports that the Hudson County
will certify as to the genuineness of the signatures of the officials and the
Bank of Bayonne, purchased on Dec. 7 a total of $2,944,000 taxNational seal impressed thereon. A certified check for 2% of the par value of the
revenue
notes of 1928, 1929. 1930 and 1931. bearing interest at 5ji% and due in bonds bid for, payable to the order of the City Treasurer, must accompany
'
6 months. Mr. Ryan states that these obligations constitute the only note each proposal. Legality approved by Ropes, Gray, Boyden & Perkins, of
issues outstanding, the city having retired similar short-term notes to the Boston.
amount of $4,458,995.
BRISTOL,Sullivan County, Tenn.
-BOND OFFERING.
-Sealed bids
BEDFORD (P. O. Katonah), Westchester County, N. y.
-BOND
SALE.
-The $155,000 coupon or registered highway bonds offered on will be received by T. J. Burrow, Commissioner of Finance, until 8 p. m.
Dec. 10-V. 133, p. 3817
awarded as 4.808 to the M. & T. Trust on Dec. 15, for the purchase of two issues of 5% coupon bonds aggregating
-were
$20,000 as follows:
Co., of Buffalo, at a price of 100.119, a basis of about
Dec. 1 1931. Due Dec. 1 as follows: $5,000 from 1932 to4.79%. Dated $8,000 Edgemont Ave. bonds. Due from 1932 to 1939 incl.
1940 incl., and
$10,000 from 1941 to 1951 incl.
12,000 Ninth St. bonds. Due from 1932 to 1943 incl.
Denom.$1,000. Dated Dec. 1 1931. Interest payable J.& D. A certified
BEDFORD, Cuyahoga County, Ohio.
check for 2% is requested with each bid.
-BOND OFFERING.
-Sealed
bids addressed to 0. P. Tinker. City Clerk, will be received
until 12 M.
on Dec. 26 for the purchase of $18,347.95 6% bonds, divided
Official Financial Statement.
as follows:
$13.122.95 water supply bonds. Due Oct. 1 as follows:
The assessed valuation of the City for the year 1931, is $8,195,471.84.
$1,122.95 in 1933;
$2,000 in 1934; $1.000. 1935: $2,000. 1936,• $1,000.
The estimated actual valuation is $15,000,000.00. The general faith and
1937: $2,000.
1938: $1,000, 1939; $2,000 in 1940, and
credit of the City is pledged for the prompt payment of the principal and
in
5.225.00 poor relief bonds. Due Oct. 1 as follows: 51,000 in 1941.
$1,225
1933; $1,000 Interest at maturity.
in 1934 and 1935, and $2,000 in 1936.
Total bonded debt of the City including this issue Nov. 30
Each issue is dated Dec. 1 1931. Principal and
1931
semi-annual interest
$1,420,500.00
(April and Oct.) payable at the Cleveland Trust Co..
-Water works bonds
$315.000.00
Bedford. Bids for Less
the bonds to bear interest at a rate other than 6%, expressed in a multiple
Special assessment street bonds
151,500.00
466.500.00
of 3‘, of 1%, will also be considered. A certified check for 5% of the amount
bid, payable to the order of the City Treasurer, must accompany each Total bonded debt dependent solely upon taxes
$954,000.00
proposal.
Sinking fund-Cash on deposit
23,272.65
BELLAIRE, Belmont County, Ohio.
-BOND OFFERING.
-Sealed Net bonded debt
$930,727.35
bids addressed to Ed Kinkade, City Auditor, will be received until 12 m. Accruals due sinking fund treasurer
25,853.46
on Dec. 26 for the purchase of $5,000 6% emergency poor relief bonds. Accounts payable (estimated)
2,500.00
Dated Sept. 151931. Denom.$1,000. Due $1,000 on Sept. 15
School warrants outstanding
131,120.28
to 1937 incl. Int. Is payaole semi-annually on March and Sept. from 1933 Notes payable (payable from these bonds)
15. Bids
12.500.00
int. at a rate other than 6%, expressed
for the bonds to bear
in a multiple Accrued interest on general bonds
16,638.28
of h of 1%, will also be considered. A certified check for 10% of the Accrued interest on water works bonds
4,804.14
amount of the issue must accompany each proposal.
Mortgage on library building (notes in reserve)
2,669.80 ,
BOND PROPOSALS AND NEGOTIATIONS.
4002
FINANCIAL CHRONICLE
It Is estimated that balances aggregating $22,000.00 now on hand are
due to be remitted to the Sinking Fund Treasurer, having been left over
from the funds for finished projects. The sum of $10,000.00 out of amount
In above accruals will be remitted from the aggregate estimated on hand.
Tax rate per $100 of assessed valuation, $2.25. Population 1920 census.
8,047; 1930 census, 12.005.
-BONDS PUBLICLY OFFERED.
BUFFALO, Erie County, N. Y.
B. J. Van Ingen & Co., Inc., Stephens & Co., and M. F. Bchlater & Co..
Inc., all of New York City, jointly, are offering for public investment a
block of $375,000 3.40% gold bonds, due on Oct. 15 from 1939 to 1947,
Inclusive, at prices to yield 4.05%. Legal investment for savings banks
and trust funds in the State of New York.
-The
-BOND SALE.
CAMBRIA COUNTY (P. 0. Ebensburg) Pa.
$300,000 coupon or registered county bonds offered on Dec. 7-V. 133. P.
e awarded as 41.4s to the National City Co., of New York, the
:3656-wer
only bidder, at par plus a premium of $357, equal to a price of 100.119. a
basis of about 4.725%. Dated Dec. 1 1931. Due $30.000 on Dec. 1 from
1932 to 1941 incl. The bonds, according to the bankers, are legal investment for savings banks and trust funds in New York and Pennsylvania, and
are being re-offered for general investment at prices to yield 4.40% for all
maturities. Principal and semi-annual interest (June and December) are
payable at the office of the County Treasurer.
Financial Statement (Officially Reported).
$168,783,700
Assessed valuation taxable property, 1931
6,636,000
Total bonded debt, including this issue
203,146
U. S. census
Population, 1930
-Collin
-BOND OFFERING.
CAMBRIDGE, Guernsey County, Ohio.
Mooro, City Auditor, will receive sealed bids until 12 M.on Dec. 23 for the
purchase of $3,150 5% city hall equipment purchase bonds. Dated Oct. 1
1931. Due Oct. 1 as follows: $1,150 in 1933, and $1,000 in 1934 and 1935.
Interest is payable semi-annually in April and Oct. Bids for the bonds
of ki of
to bear interest at a rate other than 5%, expressed in a multiplethe order
1%, will also be considered. A certified check for $10,Ipayable to
of the City, must accompany each proposal.
-Samuel E.
-BOND OFFERING.
CANTON, Stark County, Ohio.
Barr, City Auditor, will receive sealed bids until 1 p.m. (Eastern standard
time) on Dec. 16 for the purchase of $150,487.62 5% bonds, divided as
follows:
$69,259.15 special assessment impt. bonds. Dated Dec. 1 1931. Due
Dec. 1 as follows: $6,259.15 in 1933, and $7,000 from 1934 to
1942. inclusive.
50,239.93 special assessment impt. bonds. Dated Nov. 1 1931. Due
Nov. 1 as follows: $5,239.93 in 1933. and $5,000 from 1934 to
1942, inclusive.
24,813.80 special assessment impt. bonds. Dated Dec. 1 1931. Due
Dec. 1 as follows: $2,313.80 in 1933, and $2,500 from 1934 to
1942, inclusive.
special assessment 'rapt. bonds. Dated Nov. 1 1931. Duo
6,174.74
Nov. 1 as follows: $1,174.74 in 1933, and $1,250 from 1934 to
1937, inclusive.
Principal and semi-annual interest are payable at the office of the City
Treasurer. Bids will also be received at a lesser or higher interest rate
than 5%. A certified check for 5% of the amount of bonds bid for must
accompany each proposal. For the information of bidders a certified copy
of the abstract showing the legality of the issues will be furnished the
successful bidder.
-A $27,000
-BOND SALE.
CASTLE ROCK, Douglas County, Colo.
issue of 5% semi-ann, improvement bonds was purohased on Oct. 7 by
& Co. of Pueblo, at a price of 95.00, a basis of about
Joseph D. Grigsby
5.65%. Dated Oct. 9 1931. Due from 1932 to 1951 incl.
-BOND SALE.
-An issue of
CHANDLER, Maricopa County, Ariz.
1,800 6% refunding bonds has been purchased recently by a local bank.
enom. $1,000 and $800. Dated Oct. 1 1931.
-BOND OFFERING.
CHARLOTTE, Mecklenburg County, N. C.
Sealed bids will be received until Dec. 14. by Mayor Chas. E. Lambeth,
for the purchase of four issues of Jonds aggregating $290,000, divided as
follows: $190,000 street; $50,000 sewer; $30,000 water, and $20,000 street
extension bonds.
-URGE TAXPAYERS TO BUY
CHICAGO, Cook County, 111.
-The city is urging its taxpayers to subscribe for 1930 tax
WARRANTS.
anticipation warrants and to return the same in payment of the 1930 taxes
as they become due. The warrants, however, cannot be used to pay the
county portion of the tax levy.
-BOND OFFERING -Louis A.
CHILLICOTHE, Ross County, Ohio.
nibbler, City Auditor, will receive sealed bids until 12 M. on Dec. 30 for
purchase of 319,800 53 % North West Drainage District special assessthe
ment bonds. One bond for $800, others for $1,000. Due Sept. 15 as
follows: $2,000 from 1932 to 1935, incl.; $3,000, 1936; $2,000 from 1937
to 1939, incl., and $2,800 in 1940. Principal and semi-annual interest are
payable at the office of the City Treasurer. Bids for the bonds to bear
interest at a rate other than 534%. expressed in a multiple of Ri of 1%.
will also be considered. A certified check for I% must accompany each
proposal.
-BOND OFFERING.
CHRISTIAN COUNTY (P. 0. Taylorville), Ill.
-A, M. Bloxam, County Clerk, will receive sealed bids until 1 p. m. on
21 for the purchase of $100,000 5% funding bonds. Dated Nov. 1
Dec.
1931. Due Nov. 1 as follows: $8,000 in 1933 and 1934; $9,000 in 1935
and 1936; 310.000 in 1937 and 1938; $11,000 in 1939 and 1940, and $12.000
in 1941 and 1942. Prin. and semi-ann. int, are payable at the office
of the County Treasurer. Printed bonds to be furnished by the successful
bidder. A certified check for 2% of the par value of the bonds, payable
to the order of the County Treasurer, must accompany each proposal.
The approving opinion of Chapman & Cutler of Chicago will be supplied
by the county. The outstanding aggregate indebtedness of the county
issue, is
at the present time, including the claims to be funded by this 1930, as
$100,766.45. The assessed valuation of taxable property for
determined by the State Tax Commission, is $43,6,39,739,
-BONDS NOT SOLD.
CLAIBORNE COUNTY(P.O.Tazewell), Tenn.
-The $100,000 issue of coupon court house and jail bonds offered on
-was not sold as there were no bids received.
Nov. 30-V. 133, p. 3123
Duo within 25 years.
CLAREMONT SCHOOL DISTRICT (P. 0. Claremont) Los Angeles
-At the election
-BONDS VOTED AND DEFEATED.
County, Calif.
-the voters approved the issuance of
held on Nov. 24-V. 133, p. 2958
in high school bonds but rejected the proposal to issue $108,000
$148.000
In elementary school bonds.
-Singer, Deane
-BOND SALE.
COATESVILLE, Chester County,Pa.
& Scribner,of Pittsburgh,are reported to have purchased a block of$100,000
bonds at a price of par. These bonds are part of the
43 % sewage disposal
issue of $375.000 unsuccessfully offered as 4s on Sept. 23, the rate of interest
-V. 133, fo• 3657.
on which was advanced to 4M%.
-NOTE REDEMPTION
COOK COUNTY (P. 0. Chicago), 111.
NOTICE.
-An official notice signed by Joseph B. McDonough, County
notice to holders of tax notes, series A, 1929 corporate
Treasurer, serves
fund, dated June 1 1929 and due Dec. 1 1930. that the same are called for
payment and will be piaid on presentation through any banks, to the County
Treasurer, and the Continental Illinois Bank & Trust Co., Chicago. The
notes to be redeemed are numbered V351 to 400, in $5,000 denoms., the
terminate on Dec. 15
par value of which is $250,000. Interest accrual willcollection on or before
1931 if foregoing described notes are not presented for
that date.
COOK COUNTY SCHOOL DISTRICT NO. 99 (P. 0. Cicero) Ill.
-A resolution has been adopted providing for the
BONDS AUTHORIZED.
sale of 340,0006% refunding bonds, to mature annually on Oct. 1 as follows:
$4.000 in 1937; $10.000 in 1938 and 1939, and $16,000 in 1941.
-It is
-WARRANT OFFERING.
CROOKSTON,Polk County, Minn.
reported that sealed bids will be received until Dec. 15, by B. M. Loken,
City Clerk, for the purchase of a $2,018.15 issue of improvement warrants.
A certified check for 2% must accompany the bid.
CROYLE TOWNSHIP (P. 0. Ebensburg), Cambria County, Pa.
-The issue of 333.000 434% funding bonds offered
BONDS NOT SOLD.
on Dec. 5-V. 133, p. 3657
-was not sold, as no bids were received. Due
as follows: $2,000 from 1932 to 1946, incl., and $3,000 in 1947.
[Vox,. 133.
-A $7,350, issue of
CURTIS, Frontier County, Neb.-BOND SALE.
Paving District No. 1 bonds is reported to have been purchased recently
by an undisclosed investor.
-The four
-BONDS REGISTERED.
DALLAS, Dallas County, Tex.
Issues of 4 % coupon semi-ann. bonds aggregating $1,350.000 that were
purchased by Geo. L.Simpson & Co. of Dallas on Oct.28-V.133, p.3123
were registered by the State Comptroller on Nov. 30. These bonds are
reported to have also been approved by the Attorney-General. The issues
are divided as follows:
$500,000 sanitary sewer impt. bonds. Due from Oct. 1 1932 to 1951.
200.000 street paving bonds. Due from Oct. 1 1932 to 1951.
100,000 part improvement bonds. Due from Oct. 1 1932 to 1951.
550,000 school improvement bonds. Due from Oct. 1 1932 to 1951.
-In connection
-BOND REPORT.
DENVER (City and County), Colo.
with the offering of the $890,000 4% coupon court house and city hall
-V. 133, p.
.
bonds to the public priced to yield 3.85% on all maturities
-the Now York "Herald Tribune' of Dec. 10 carried the following
3657
de disposal:
report v
3
ff ring November 19 of an issue of 3890,000 muonmade
bonds carrying 4% coupons and maturing serially from
nicipal building aeountero
1941 to 1946. Several banking bids were submitted for a part of the flotation, but they were rejected as too low by the city officials, who decided to
make a counter offering at a premium figure to yield the investor 3.85%.
Although the city is considered an excellent credit, it is reported from Denver
that the bonds are moving slowly.
-NOTE ISSUES AUTHORIZED.
DETROIT, Wayne County, Mich.
At a meeting of the common council on Dec. 1 Comptroller G. Hall Roose$4,000,000 notes in January, and place the
velt was autnorized to sell
proceeds in the sinking fund, and the Commissioners of the Sinking Fund
received authority to purchase a similar amount of notes, according to the
Dec. 5 issue of the "Michigan Investor" of Detroit, which continued as
follows:
"Both operations will be conducted on the open market, and same notes
will not be transferred from one sinking fund to the other, it was said.
"The $4,000,000 to repay the notes must be placed on next year's tax
budget, Mr. R000sevelt said, along with $8,000,000 to repay other emergency obligations of the city. This will raise debt charges in the 1932-33
oudget from $24,000,000 to $36,000,000. On the basis of a $76,000,000
levy, 45 cents of every tax dollar will go to pay debts.
"The special assessment taxes are almost 50% delinquent at present, and
under the law the city's general revenues must be used to meet the bond
payments."
-WARRANTS
DOUGLAS COUNTY (P. 0. Waterville), Wash.
-J. M. G. Wilson, County Treasurer, called for payment on
CALLED.
Nov. 20, on which (late interest ceased, various general school district
and current expense warrants.
-The
DOUGLAS COUNTY (P. 0. Omaha), Neb.-BOND SALE.
$150,000 issue of 434% semi-annual county hospital construction bonds
-is
that was offered without success on Nov. 3-V. 133, p. 3287 ofreported
to have since been purchased by the United States National Co. Omaha,
for a premium of $1,600 equal to 101.06, a basis of about 4.42%. Due in
20 years.
-The First National Bank, of Rocky
-BOND SALE.
DOVER, Ohio.
River, purchased on Nov. 27, as 5)is. at a price of par, an issue of $3,750
special assessment street improvement bonds. Dated Oct. 1 1931. Due
$375 on Oct. 1 from 1933 to 1942 incl. This issue was offered for award on
-at which time no bids were received.
Nov. 17-V. 133, p. 2958
-Sealed bids
-NOTE OFFERING.
DURHAM, Durham County, N. C.
will be received until 10 a. m. on Dec. 15. by Chas. M. Johnson, Director
of the Local Government Commission, at his office in Raleigh, for the purchase of an issue of $150,000 tax anticipation notes. Int. rate is not to
exceed 6%. Dated Dec. 28 1931. Denominations as designated by purchaser. Due on June 28 1932. Payable at a bank or trust company designated by purchaser. The approving opinion of Ma.sslich & Mitchell of New
York will be furnished. A certified check for $750, payable to the State
Treasurer, must accompany the bid.
EAGLE LAKE INDEPENDENT SCHOOL DISTRICT (P. 0. Eagle
-A $10,000 issue of
-BOND SALE.
Lake), Colorado County, Tex.
school bonds is r eported to have been purchased by the State Board of
Education.
-The following issues
-BOND SALE.
EAST GRAND RAPIDS, Mich.
of bonds aggregating $43,400 offered on Dec. 7-V. 133. P!_3657 were
awarded as 6s,at a price of par, to Stranahan, Harris & Co.of Toledo:
$32,500 paving extension bonds. Due Nov. 11939.
10,000 water main extension bonds. Duo Nov. 11934.
900 sanitary sewer extension bonds. Due Nov. 1 1939.
-BONDS AUTHOR,
EAST LIVERPOOL, Columbiana County, Ohio.
IZED.-The city council recently passed an amended ordinance providing
bonds to refund improvement notes already
for the issuance of $73,000 6%
past due. The bonds will be dated Sept. 1 1931 and mature annually on
Sept. 1 as follows: $14,000 in 1933 and 1934, and $15,000 from 1935 to
1037 inclusive. Principal and semi-annual interest to be payable at the
office of the City Treasurer.
-It IB
-BONDS CALLED.
ELLENSBURG, Kittitas County, Wash.
announced that L. B. Smith, City Treasurer, called for payment on Dec. 1.
on which date interest ceased, the following bonds: Nos. 1 to 29 of the
refunding issue of Dec. 11911, and Nos. 81 to 88 of the electric light and
power extension bonds.
EL PASO COUNTY (P. 0. El Paso), Texas.-BONDS.VOTED.-At
approved
the special election on Nov. 28 (V. 133, p. 2958) the votershas not as the
yet
Issuance of the $295,000 in road bonds. (The offering date
been determined.)
reported to have been 2,734 "for" and 1,357
The voSa on the bonds is
"against. It is reported that the County will purchase from $180,000 to
$295,000 of the road and darinage bonds described above. It is stated that
the money for this purchase is now in the sinking funds.
-BONDS
EL PASO COUNTY (P. 0. Colorado Springs), Colo.
-A call has been issued for Nos. 1 to 30 of the 6% school disCALLED.
optional Jan. 1 1u32 on which
trict No. 29 bonds, dated Jan. 1 1922 and
date int. shall cease. Payable at the U. S. National Bank in Denver.
-TEMPORARY FINANCING.
ESSEX COUNTY (P.O. Salem), Mass.
-Harold E. Thurston, County Treasurer, awarded an issue of $30,000
hospital maintenance notes on Dec. 4 to the Chase Harris
tuberculosis
Pated Dec. 4 1931.
Forbes Corp., of Boston, at 3.38% discount basis.
Denom. $5,000. Payable April 1 1932 at the Merchants National Bank,
Shawmut Bank, Boston. Bids received at the
in Salem. or at the National
sale were as follows:
Discount Basis.
Bidder
3.38%
Chase Harris Forbes Corp. (successful bidder)
4.40
Gloucester Safe Deposit & Trust Co
4.02
Grafton Co
Cape Ann National Bank
Faxon, Gado & Co
43...28
398
454
Merchants National Bank, Salem
-BOND OFFERING.
EVANSVILLE, Vanderburg County, Ind.
Newton W. Thrall, City Comptroller, will receive sealed bids until 10 a. m.
on Dec. 21 tor the purchase of $400,000 not to exceed 5% interest coupon.
series H, refunding bonds. Dated Jan. 1 1932. Denom. $1,000. Due
July 1 1937. Principal and semi-annual interest (Jan. and July) are payable
at the National City Bank, Evansville. A certified check for 3% of the
amount of bonds bid for, payable to the order of the City, must accompany
each proposal. (Previous mention of a scheduled issue of $400,000 refunding
bonds was made in V. 133, p. 2793.)
-BOND DETAILS.
FAYETTE COUNTY (P. 0. Los Granges), Tex.
-The $25,000 issue of 5% Road District No. 11 bonds that was Pur-V. 133, p. 2793
-was awarded at par and
chased by local investors
matures on April 10 as follows: $500, 1932 and 1933; $1,000, 1934 and
1935; 3500, 1936; $1,000, 1937 and 1938; $500, 1939; $1,000. 1940 and
1941; $500, 1942; 31,000. 1943 and 1944; $500, 1945, and $1,000, 1946
to 1959, all inclusive.
-The
-BOND SALE.
FERGUS COUNTY (P. 0. Lewistown), Mont.
$110,000 issue of refunding bonds that was offered for sale without success
since been purchased by
-is reported to have
on Nov. 21-V. 133, p. 3657
the Wells-Dickey Co. of Minneapolis, as 6s. at par. Dated Nov. 15 1931.
Due $11,000 from Jan. 1 1033 to 1942 Incl,
DEC. 12 1931.]
FINANCIAL CHRONICLE
FERGUS COUNTY (P. 0. Lewistown) Mont.
-BONDS CALLED.
It is announced by R. W.Blake, Chairman of the County Board that he is
calling for payment on Jan. 1 1032, various funding, highway and school
bonds bearing differing dates in 1918. 1919 and 1920.
FITCHBURG, Worcester County, Mass.
-LOAN OFFERING
Sealed bids addressed to John B. Fellows, City Treasurer, will be received
until 12 m. on Dec. 16 for the purchase at discount basis of a $500,000
temporary loan. Dated Dec. 16 1931. Denoms. $50,000. $25,000, $10,000
and $5,000. Payable Nov. 9 1932 at the First National Bank, of Boston.
The notes will be certified as to genuineness and validity by the First
National Bank, under advice of Ropes, Gray, Boyden & Perkins,of Boston.
-BOND OFFERING.
FLINT, Genesee County, Mich.
-Ned J. Vermilya, City Clerk, will receive sealed bids until 2 p.m. on Dec. 14 for the
purchase of $562,000 bonds, divided as follows:
$em000 sanitary trunk sewer bonds. Dated Nov. 2 1931. Due Nov. 2
as follows: $6,000 in 1938 and 215,000 from 1939 to 1960, incl.
174,000 special assessment refunding bonds. Dated Dec. 1 1931. Due
Dec. 1 as follows: $17,000 from 1932 to 1939, incl., and 219,000
in 1940 and 1941.
52.000 storm sewer bonds. Dated Nov.2 1931, Due Nov.2 as follows:
$2,000 in 1952 and $10,000 from 1953 to 1957, incl.
In the case of the issues of $336,000 and $52,000 bonds, bids may be
submitted on either or both issues, with the interest rate expressed in a
multiple of X of 1%,the award to oe made on an interest cost basis. Rate
of interest for the $174,000 bonds is to be expressed in a multiple of X of
1% and must not exceed 6%. Principal and interest on all issues payable
at the Chase National Bank, New York City. Blank bonds will be furnished by the city, with the cost of the printing to be borne by the successful bidder. A certified check for 1%, payable to the order of the city, is
required. The approving opinion of Miller, (Janfield, Paddock & Stone
of Detroit will be furnished by the city.
Financial Statement (Nov. 30 1931).
Assessed valuation
$221,355,590.00
-General city purposes
Bonded debt
8,087,500.00
Water works
2,682,500.00
Special assessments
2.690,543.83
Special assessment refunding
298,000.00
Tax anticipation notes-General
360,000.00
Total
$14,118,543.83
Sinking funds-General purpose bonds
$493,307.50
Water works bonds
694,421.16
Total
$1,187,728.68
FOREST HILLS SCHOOL DISTRICT, Allegheny County, Pa.
-The $45,000 school bond issue offered on Dec. 7 V. 133,
BOND SALE.
p, 3286) was awarded as 4;is to the M. & T. Trust Co. of Buffalo, the
only aidder, at a price of 100.239. a basis of about 4.71%. Dated Nov. 1
1931. Due $25,000 on Nov. 1 1936 and $20,000 on Nov. 1 1941.
FORT COLLINS,Larimer County,Colo.
-ADDITIONAL DETAILS.
-The $4,000 issue of 4% warrants that was purchased by the sinking fund
-was awarded at par and matures in 1933.
-V. 133, p. 3817
-BOND SALE
FRU1TA, Mesa County, Colo.
$18,000 issue of
5% semi-ann. water works impt. bonds has been purchased by Heath.
Larson & Co. of Denver. Dated Oct. 1 1931. Due on Oct. 1 1946 and
optional on Oct. 1 1941.
GLEN COVE, Nassau County, N. Y.
-BOND SALE.
-The following
ered on Dec. 9
issues of coupon or registered bonds aggregating $664,000, off
(V. 133. p. 3818), were awarded as 5s to Batchelder & Co. of New York
at a price of 100.86, a basis of about 4.91%:
2325,300 school bonds. Dated Oct. 1 1931. Due as follows: $10,000
1
from 1933 to 1951, incl., and $15,000 from 1952 to 1960, incl.
150.000 street improvement bonds. Dated Dec. 1 1931. Duo $10,000
annually from 1933 to 1947, incl.
100.000 bulkhead improvement bonds. Dated Dec. 1 1931. Due $5,000
annually from 1933 to 1952, incl.
19,000 fire department apparatus purchase bonds. Dated Dec. 1 1931.
Due as follows: $2,000 from 1933 to 1941, incl., and $1,000 in
1942.
The successful bidders are re-offering the bonds for general investment
at prices to yield 4.70% for the 1933 to 1936 maturities: 4.65% for those
of 1937 to 1940, incl., and 4.60% for the 1941 to 1960, incl.
GLEN OLDEN SCHOOL DISTRICT, Delaware County, Pa.
-Sylvia G. Flickinger, Secretary of the Board of
BOND OFFERING.
School Directors, will receive sealed bids until 3 p.m. on Dec. 15, for the
purchase of $30,000 4 X% coupon school bonds. Dated Jan. 1 1932.
Denom. 51.000. Due Jan. 1 1962. A certified check for 2%,
to
the order of the District, must accompany each proposal. Thepayableare
bonds
being issued subject to the favorable legal opinion of Townsend, Elliott &
Munson, of Philadelphia.
GREENBURGH (P. 0. Tarrytown), Westchester County, N. Y.-The two issues of bonds and certificates of indebtedness
BOND SALE.
aggregating $114,000 offered on Dec. 10-V. 133. p. 3818
-were awarded
as follows:
2100,000 lateral sewer bonds sold as 5s to Batchelder & Co. of New York
at a p_rice of 100.68, a basis of about 4.94%. Dated Dec. 11931.
Due Dec. 1 as follows: $3,000 from 1932 to 1964 incl., and $1,000
in 1965.
14.000 Knollwood Water District certificates of indebtedness sold as
5 Xs to Sherwood & Merrifield, Inc., of New York, at a price of
100.27, a basis of about 5.45%. Dated Jan. 1 1932. Due $1,000
on Jan. 1 from 1933 to 1946 incl.
GREENE COUNTY (P. 0. Catskill), N. Y.
-BOND OFFERING
.Wendell S. Sherman, County Treasurer, will receive sealed bids until 2 p.
on Dec. 16 for the purchase of $95,_000 not to exceed 6% int, coupon m.
or
registered funding bonds. Dated Dec. 1 1931. Denom. $1,000. Due
15.000 on Dec. 1 from 1932 to 1950 Lnel. Rate of int. to be expressed in a
multiple of X of 1% and must be the same for all of the bonds. Prin.
and semi-annual int.(J. & D.) are payable at the office of the County Treasurer. A certified check for $2,000. payable to the order of the Treasurer,
must accompany each proposal. The approving opinion of Clay Dillon
& Vanderwater of New York, will be furnished the successful bidder.
GREENFIELD, Adair County, lowa.-BOND SALE
.-A 238,000
Issue of 5% semi-annual sewer bonds is reported to have been purchased by
the Carleton D. fish Co. of Des Moines on Dec. 2.
(A $19,000 issue of sewer and purifying plant bonds was offered for sale
on Nov. 30-V. 133. p. 3658.)
HAMILTON COUNTY (P. 0. Cincinnati), Ohio,
-BOND
The $160,000 (series F) County Tuberculosis Sanatorium bonds SALE.
Dec. 4-1r. 133, p. 3493-were awarded as 4s to Asael, Goetz &offered on
Moerlein.
Inc., and the Weil, Roth & Irving Co.. both of Cincinnati,
plus a premium of 21,316.80, equal to a price of 100.82, a jointly, at par
basis of about
4.42% Dated Dec. 15 1931. Due Dec. 15 as follows: 57,000
1942, incl, and 56.000 from 1943 to 1957, incl. The bonds,from 1933 to
according to
the successful bidders, are legal investment for savings banks
and trust
funds in New York state, and are being
re-offered for general investment
priced to yield 4.25% for all maturities. Legality to
Squire, Sanders & Dempsey, of Cleveland. An official be approved by
list of the bids
received at the sale follows:
BidderInt. Date. Amount Bid.
Assel, Goetz & Moerlein, Inc. and Well, Roth &
Irving Co. (successful bidders)
4%
$161,316.80
Breed & Harrison, Inc.. Cincinnati
4ti%
161,000.00
Braun, Bosworth & Co., Cincinnati
160.901.00
Magnus & Co.and Walter, Woody & Heimerdinger. sv
Cincinnati. jointly
4%
X
160,256.00
Guardian Trust Co.. Cleveland
160,451.00
Western Bank & Trust Co. and Provident Savings 43(%
Bank & Trust Co., Cincinnati jointly
4 %
161,232.00
Van Lahr, Doll & Isphording, C ncinnati
4 %
161,003.00
Huntington Securities Corp., Columbus
44i%
161,754.00
Stranahan, Harris & Co., Inc., Toledo
5
161,055.00
Financial Statement.
Assessed valuation
31.251,130,000
Total bonded debt (including this issue)
516.270,329
Sinking fund
Net debt- ----------------------------12.351.155
Population
4003
HARVEY,Cook County, Ill.
-BOND ELECTION.
-Frank C. Norton,
City Clerk, informs us that an election will be held on Jan. 14 to consider
a proposed $200,000 6% impt. bond issue, which would mature from 1935
to 1950 incl.
HELENA, Lewis and Clark County, Mont.
-BONDS VOTED.
At the special election held recently
-V. 133, p. 2959
-the voters are
reported to have approved the issuance of $600.000 in water works supply
bonds.
HIGHLAND PARK,Wayne County,Mich.
-NET DEBTPLACED AT
-According to figures made public recently by City Com$4,418,305.
missioner Miles H. Knowles, the municipality has outstanding 23,876,028
general bonds with a sinking fund of $2.428,955 and school bonds of S3,915,000, offset by a $943,766 sinking fund, making the outstanding net indebtedness of the city $4,418,305.
HILLSBOROUGH COUNTY (P. 0. Tampa), Fla.
-BOND EXCHANGE CONTEMPLATED.
-On Dec. 2 the County Commission called
a special election for freeholders to be held on April 12 to pass upon the
question of the County exchanging $2,639,750 of its bonds for paving
certificates in the amount of $2,090,000, and assume all the outstanding
bond debts of the special road and bridge districts aggregating $4,034,000.
HOBART, Kiowa County, Okla.
-BOND OFFERING.
-Sealed bids
will be received by E. L. Cupps, City Clerk, until 7:30 p.m. on Dec. 16
for the purchase of a 2250.000 issue of water supply system bonds. The
interest rate is to be named by the bidder. Due as follows: $12,000 from
1936 to 1955. and 210.000 in 1956. A certified check for 2% of the amount
bid is required. (These are the bonds that were offered for sale without
success on Nov. 2-V. 133, p. 3124.)
HOBOKEN, Hudson County, N. J.
-BONDS NOT SOLD.
-The three
issues of coupon or registered tax revenue bonds aggregating $1,975,000,
offered at not to exceed 6% int. on Dec. 10-V. 133, p. 3818
-were not
sold, as no bids were received. Included in the offering were:
$1,500,000 tax revenue bonds of 1931. Due Dec. 2 as follows: 2200,000
in 1932: $300,000, 1933: 5450,000 in 1934. and $550,000 in 1935.
375.000 tax revenue bonds of 1930. Due Dec. 2 as follows: $150,000
in 1932 and 1933 and $75.000 in 1934.
100,000 tax revenue bonds of 1929. Due 250,000 on Dec. 2 in 1932
and 1933.
Each issue is dated Dec. 2 1931.
HOLCOMB, Ontario County, N. Y.
-BONDS VOTED.
-Hugh 0.
O'Neill, Village Clerk, reports that at an election held on Dec. 5 the voters
approved of the issuance of $32.500 water system bonds, the vote being
70 to 27.
HOLLAND, Ottawa County, Mich.
-BONDS NOT SOLD.
-The
565.000 coupon general obligation bonds offered at not to exceed 4X%
interest on Dec.2-V. 133, p. 3658
-were not sold as no bids were received.
Oscar Peterson, City Clerk, states that representatives of several investment houses appeared at the offering, but were informed that the city
would not accept tenders below par for the bonds on a 4X% interest basis.
Included in the offering were:
$40,000 cemetery bonds. Due $2000 annually on Aug. 1 from 1932 to
North Rlver Ave. impt. bonds. Due as follows: $2,000 and 53.000
25,000 1951 inci
alternately on Aug. 1 from 1932 to 1941 incl.
Each issue is dated Dec. 1 1931.
HOLMES COUNTY (P.O. Millersburg) Ohio.
-BONDS NOT SOLD.
The issue of 217,700 53 % road construction bonds offered on Dec. 7-was not sold. Dated Dec. 5 1931. Due $1,770. May and
V. 133, P. 3658
Nov. 5 from 1932 to 1936 incl.
HORSEFLY IRRIGATION DISTRICT (P. 0. Klamath Falls),
-BOND ELECTION.
Klamath County, Ore.
-It is reported that an
election will be held on Dec. 28 in order to have the voters pass on the proposed issuance of $112,000 in 5% semi-ann. refunding bonds. Denoms.
$1,000. $500, $200 and $100. Due from 1936 to 1957.
INDUSTRY TOWNSHIP (P. 0. Vanport) Beaver County, Pa.
-The issue of $13.000 5% township bonds offered on
BONDS NOT SOLD.
-was not sold, as no bids were received.
Dec. 7-V. 133, P. 3819
-OPTION GRANTED.-The
IONIA COUNTY (P. 0. Ionia), Mich.
County Clerk informs us that Stranahan, Harris & Co. of Toledo, have
-day option, at 6% interest at a price of par, for the
been granted a 30
various road assessment district bonds aggregating 271,700 offered on
Dec. 3-V. 133. p. 3658. The optional bid was the only offer received at
the sale. Bonds will mature in from 1 to 9 years.
JACKSON COUNTY (P. 0. Independence), Mo.-BOND OFFERING,
-It is reported that sealed bids will be received until Jan. 11, by the
County Treasurer, for the purchase of an issue of $1,200,000 court house
bonds.
(The last sale of bonds by this county took place on June 30 1931 and
consisted of $1,000,000 in road and impt. bonds. It was reported in full
in V. 133, p. 168.)
JEFFERSON COUNTY (P. 0. Birmingham), Ala.
-BONDS NOT
SOLD.-The 2500.000 issue of not to exceed 5% semi-ann. court house and
jail construction bonds offered for sale without success on Sept. 21-V.
-was offered for private sale on Dec. 9, but was not sold.
133. p. 2133
Due $50,000 from 1952 to 1961 incl.
KALAMAZOO SCHOOL DISTRICT, Kalamazoo County, Mich.
-H.W.Anderson, Secretary of the Board of Education,
BOND OFFERING.
will receive sealed bids until 7.30 p. m.(Eastern Standard time on Dec. 21
for the purchase of $90.000 not to exceed 6% interest, series 18R, refunding
bonds. Denom. $1,000. Due 210,000 on Jan. 3 from 1933 to 1941 incl.
Principal and semi-annual interest (Jan. and July 3) are payable at the
Bank of Kalamazoo. A certified check for 2% of the amount of bonds bid
for, payable to the order of the Treasurer of the Board, must accompany
each proposal. Cost of the bond printing to be assumed by the successful
bidder. The District will furnish the approving opinion of Chapman &
Cutler of Chicago, and all bids must be so conditioned.
Financial Statement.
The school district of the City of Kalamazoo, Kalamazoo County, Mich..
comprises the entire City of Kalamazoo and portions of the Township of
Kalamazoo, adjacent to the City. The estimated population of the school
district is 65,000 persons. Total bonded debt of the school district as of
July 1 1931. amounts to 52,444,000 not including this issue. The present
year's budget provides for the payment of $140,000 of principal of the total
bonds in addition to $10,000 from sinking fund, also, interest on all bonds;
also $33,350 to be added to the sinking fund for the retirement of bonds.
The sinking fund now amounts to $140,439.66, not including this year's
appropriation.
The valuation of taxable property of this district is $89,262,985. The
tax rate per $1,000 valuation for the city and school district is: city, 211:
school, $14.74.
This district operates under the General School Law of Michigan as a
city of the third class, Act No. 319 of the Public Acts of 1927. There is
no tax delinquent at this time for taxes before the tax of 1930-31. The
delinquent tax of the year 1930-31 amounts to $1,771.86.from a tax of
21,256.570.
Delinquent Taxes Receivable.
Due from the city of Kalamazoo:
roll
1929
$28,500.
00
1930 roll
100,548.35
$129,048.35
Township:
Due from Kalamazoo
1930 roll
11,163.28
$140,211.63
KANSAS CITY, Wyandotte County Kan.-BOND OFFERING.It is reported that sealed bids will be received until Dec. 18. by Howard
Payne, City Clerk, for the purchase of an issue of $178.000
% semiann. street widening bonds.
KEARNY (P. 0. Arlington), Hudson County, N.3.
-BONDS
-The $1,500,000 coupon or registered water
PUBLICLY OFFERED.
supply bonds sold as 534s at a price of par recently
-V. 133, p. 3819
are being re-offered for general investment at prices to yield 4.80% for
the $580,000 bonds due from 1933 to 1949 incl., and 5% for the $920.000
maturing from 1950 to 1970 incl. The securities are legal investment
bonds
for savings banks and trust funds in the States of New York and New
Jersey, according to the bankers.
4004
FINANCIAL CHRONICLE
-BOND OFFERING.
KING COUNTY (P. 0. Seattle), Wash.
Sealed bids will be received until 2 p. m. on Jan. 5 by George A. Grant,
Clerk of the Board of County Commissioners,for the purchase of a $500000
issue of coupon King County-Lake Union bridge bonds. Int. rate isnot,
to exceed 5%, payable semi-annually. Denoms. $500 and $1,000. Dated
Feb. 11932. Due serially in from 2 to 30 years from date. Each bidder
submitting a bid shall specify: (a) The lowest rate of interest and premium,
if any, above par at which such bidder will purchase said bonds; or (b)
The lowest rate of interest at which the bidder will purchase said bonds at
mt
par. Bonds shall be sold to the bidder making the b, bid, subject to the
right of the Board of County Commissioners of said county to reject any
or all bids and re-advertise. None of such bonds shall be sold at less than
par or accrued interest, nor shall any discount or commission be allowed on
the sale of such bonds. All bids shall be sealed, and except the bid of the
State of Washington, if one is received, shall be accompanied by a deposit
of 5%, either cash or a certified check, of the amount of the bid.
(E-the preliminary report of this offering appeared in V. 133, p. 3819.)
-At the
-BONDS VOTED.
LAFAYETTE, Lafayette Parish, La.
-the voters approved the
special election held on Nov. 30-V. 133, p. 3658
proposal to issue $125,000 in not to exceed 6% funding and refunding bonds
by a substantial majority.
-At an
-BONDS VOTED.
LAGUNA BEACH, Orange County, Calif.
election held on Nov. 30 the voters approved the issuance of $18,000 in
sewage disposal bonds by a vote reported to have been 230 "for' to 84
"against."
-BOND OFFERINGS:
LAKE COUNTY (P. 0. Painesville), Ohio.
L. J. Spaulding, Clerk of the Board of County Commissioners, will receive
sealed bids until 1 p. m.(Eastern standard time) on Dec. 28 for the purchase of $35,435.06 6% street impt. bonds. Dated Oct. 1 1931. One
bond for $435.06. others for 81,000. Due as follows: $1,435.06 April 1
and $2,000 Oct. 1 1933. 22,000 April 1 and Oct. 1 1934, $1.000 April 1
and $2,000 Oct. 1 1935, $2,000 April 1 and Oct. 1 1936, $1,000 April 1
and $2,000 Oct. 1 1937, $2,000 April 1 and Oct. 1 1938, 31,000 April 1
and $2.000 Oct. 1 1939, $2.000 April 1 and Oct. 1 1940. $1,000 April 1
and $2,000 Oct. 1 1941. and $2,000 April 1 and Oct. 1 1942. Prin. and
semi-ann. int.(A. & 0.1) are payable at the:office:of the County Treasurer.
Bids for the bonds to bear interest at a rate other than 6%, expressed in
a multiple of X of 1%. also will be considered. A certified check for
$2,000. payable to F. N. Shankland, County Treasuerr, must accompany
each proposal.
-Peter Sands,
-BOND OFFERING.
L'ANSE, Berate County, Mich.
Village Clerk, will receive sealed bids until 5 p. m. on Dec. 21 for the
purchase of $30,000 5% general obligation sanitary sewer bonds. Dated
Dec. 1 1931. Denom. $1,000. Due $3000 on Dec. 1 from 1932 to 1941
incl. Int. is payaole semi-annually in June and December.
(This issue was authorized at an election held on Oct. 26-V. 133.
P. 3288.)
LARIMER COUNTY SCHOOL DISTRICT NO. 17 (P. 0. Fort
-A 215,000 issue of 4% semi-ann. school
-BOND SALE.
Collins), Colo.
bonds is reported to have been purchased by the U. S. National Co. of
Omaha, at a price of 99.20, a basis of about 4.10%. Due in 10 years.
-The city
-BOND ELECTION.
LA SALLE, La Salle County, Ill.
council adopted an ordinance recently providing for the calling of a special
election on Jan. 20 to permit the voters to pass upon the proposed $95.000
general purpose bonds. The issuance of 825.000 tax anticipation warrants
has also been authorized.
-Stone &
-BOND SALE.
LEXINGTON, Middlesex County, Mass.
Webster and Blodget, Inc., of Boston purchased on Dec. 9 a total of
$25,000 414% coupon bonds at a price of 100.14, a basis of about 4.20%.
The award comprised 315,000 water construction bonds and $10,000 sewer
construction bonds, all of which are dated Dec. 1 1931 and mature serially
from 1932 to 1936 incl. Bids received at the sale were as follows:
Rate Bid.
Bidder100.14
Stone & Webster and Blodget, Inc. (successful bidders)
100.09
& Co
R.L. Day
100.09
Brown Bros. Harriman & Co
100.043
F. B. Moseley & Co
100.03
Eastabrook & Co
-The
AWARD MADE.
LIMA, Allen County, Oldo.-PARTIAL
State Teachers Retirement System, of Columbus, was awarded, at a price
of $150,000 6% sewage disposal notes, dated Nov. 15 1931
of par, the issue
and due Nov. 15 1933, offered for sale on Dec. 8-V. 133, p. 3819. The
city failed to receive an offer for the five issues of 5% and 6% laonds totaling
$56,300 offered at the same time.
-BOND OFFERING.-Philip F.
LOCHMOOR, Wayne County, Mich.
Allard. Village Clerk, will receive sealed bids until 8 p. m. on Dec. 15 for
the purchase of $48,500 special assessment refunding bonds, divided as
follows:
814.500 5X% series D bonds. Dated Oct. 15 1931. Due Oct. 15 as
follows: $1,500, 1932; 82,000 in 1933 and 1934; $3,000 in 1935,
and 82,000 from 1936 to 1938 incl.
12.000 5% series C bonds. Dated Sept. 1 1931. Due $2,000 Sept. 1
from 1932 to 1937 incl.
6,000 series G bonds. Dated Nov. 1 1931. Due $1,000 Nov. 1 from
1932 to 1937 incl.
5,000514% series B bonds. Dated June 1 1931. Due ELM June 1
from 1932 to 1936 incl.
5,000 6% series H bonds. Dated Dec. 1 1931. Due 81,000 Dec. 1
from 1932 to 1936 incl.
4,000 5% series E bonds. Dated Nov. 11931. Due Nov. 1 as follows:
$500 from 1932 to 1934 incl., $1,000 in 1935, and $500 from 1936
to 1938 incl.
2,000 6% series F bonds. Dated Nov. 1 1931. Due $500 Nov. 1 from
1932 to 1935 incl.
Prin. and semi-ann.int. will be payable at the Detroit Trust Co., Detroit.
A certified check for $1.000. payable to the order of the Vlllage Treasurer,
must accompany each proposal.
LONG BEACH UNION FREE SCHOOL DISTRICT NO. 28, N. Y.
BOND REPORT-In reply to our inquiry regarding the proposed sale of
an issue of 2225.000 school construction bonds. Walter J. Schwalje, Super
,
intendent of Schools, advises us that the "advertisement for this issue may
be deferred for a period of time.
-BOND OFFERING.
LONG BRANCH, Monmouth County, N. J.
Finance,
Nathan P. Cranmer, Director of the Department of Revenue and $300,000
m. on Dec. 15 for the purchase of
will receive sealed bids until 3 p.
not to exceed 6% interest coupon or registered tax revenue bonds. Dated
Dec. 2 1931. Denom. $1,000. Due 8100,000 on Dec. 2 from 1932 to 1934
at
(June and Dec. 2) are
incl. Principal and semi-annual interest interest to be expressed payable
in a multithe office of the City Treasurer. Rate of
for $6,000, payable to the order of
ple of 1-100 of 1%. A certified check
Hawthe city, must accompany each proposal. The approving opinion of
successful
kins, Delafield & Longfellow, of New York, will be furnished the
bidder.
-Abel R.
-BOND OFFERING.
LOWELL, Middlesex County, Mass.
Campbell, City Treasurer, will receive sealed bids until 11 a.m. on Dec. 15.
Dec. 1 1931.
for the purchase of $50,000 coupon sewer bonds. Dated
incl. Bidder to
Denom. $1,000. Due $5,000 on Dec. 1 from 1932 to 1941,and semi-annual
name rate of interest in a multiple of X of 1%. Principal
Bank, of
interest (June and December) are payable at the First National
Boston. This Bank will supervise the engraving of the bonds, the legality
of which will be approved by Ropes, Gray, Boyden & Perkins, of Boston,
whose opinion will be furnished the successful bidder. Coupon bonds may,
at the request of the holder. be exchanged for fully registered certificates.
Financial Statement, Nov. 24 1931..
$132,908,138
Net valuation for year 1930
4,601,450
Total gross debt, including this issue
402,750
Water debt (included in total gross debt)
Population 1930, 100,300.
No sinking funds.
-Mr.Campbell reports that the city failed to receive
LOAN NOT SOLD.
an offer for the temporary loan of $500,000 offered at discount basis on
Dec.8. The loan was to be dated Dec. 10 1931 and mature Aug. 111932.
Mr. Campbell states that the loan was later sold privately at a satisfactory rate.
-A
LUCAS COUNTY (P. 0. Chariton), lowa.-BOND SALE.
$35.000 issue of funding bonds has been purchased by an undisclosed
investor.
[VOL. 133.
-BOND DESCRIPTION.
McLENNAN COUNTY (P. 0. Waco), Tex.
-The $110,000 issue of road bonds that was purchased at par by the First
Bank of Waco, bears interest at 43.6% and matures $5,000 from
National
Oct. 10 1932 to 1953, incl. These bonds are said to be part of the $600,000•
issue of road bonds that was offered for sale without success on Nov. 2
-V. 133, p. 3819.
McLEOD COUNTY INDEPENDENT SCHOOL DISTRICT NO. 1
-At the special election held
-BONDS VOTED.
(P. 0. Glencoe), Minn.
-the voters approved the issuance of $115,000
on Dec. 3-V. 133, p. 3494
in 4X% school bonds by a count of 707 "for" to 295 "against."
-It is stated that these bonds will be purchased by the
BOND SALE.
State of Minnesota.
-The three issues of
MADISON, Dane County, Wis.-BOND SALE.
4X% bonds, aggregating $230,000. offered for sale at public auction on
-was purchased by the First Union Trust &
Dec. 9-V. 133, p. 3819
Savings Bank of Chicago, paying a premium of $401.50, equal to 100.1745,
a basis of about 4.47%. The issues are divided as follows:
$80,000 high school bonds. Duo $4,000 from Dec. 1 1932 to 1951, incl.
50,000 grade crossing elimination bonds. Due $5,000 from Dec. 1 1932
to 1941 inclusive.
100,000 street Improvement bonds. Due $10,000 from Dec. 1 1932 to
1941. inclusive.
-BONDS NOT
MAHONING COUNTY (P. 0. Youngstown), Ohio.
-F. E. Lancaster, Clerk of the Board of County Commissioners,
SOLD.
refunding bonds offered on Dec.
reports that the issue of $420,000 6%
-was not sold, as no bids were received. Dated Dec.
10-V. 133, p. 3658
15 1931. Due $42,000 on Oct. 1 from 1933 to 1942, inclusive.
-The Guaranty
-BOND SALE.
MAINE, State of (P. 0. Augusta).
Company of New York. bidding a price of 99.901 for each of the two 4%
Dec. 10-V. 133, p.
coupon bond issues, aggregating $700,000 offered on
-was awarded the bonds, the net interest cost of the financing to the
3819
State being about 4.01%. The award comprised:
$500,000 highway and bridge bonds. Due 825,000 annually on Dec. 1
from 1932 to 1951, inclusive.
200,000 Waldo-Hancock bridge bonds. Due as follows: $10,000 from
1941 to 1945, incl.; 314,000 from 1946 to 1950. incl., and $8,000
from 1951 to 1960, incl. Bonds of this issue are redeemable
wholly or in part at par and acquired interest on any interest payment date on and after 10 years from date of issue.
Each issue is dated Dec. 1 1931. The following is an official list of the
bids submitted at the sale:
8200,000
8500.000
Bridge.
Highway& Bridge.
Prices Bid
Guaranty Company of N. Y. (awarded both
99.901
99.901
issues)
99.06
Portland Union Securities Corp., Portland---Estabrook & Co., and the Eastern Trust &
96.20
98.57
Banking Co., Bangor, jointly
98.321
98.321
Bancamerica Blair Corp.. N Y
96.21
97.39
*Chase Harris Forbes Corp., Boston
E. H. Rollins & Sons, Boston; Wallace. Sanderson & Co., N. Y., and Graham, Parsons &
97.18
97.18
Co., N. Y. jointly
First National Bank, N. Y.; Salomon Bros &
Hutzler; R. W. Pressprich & Co., and First
94.85
96.66
Detroit Co., Inc., jointly
First National Old Colony Corp.; Atlantic Corp.,
96.438
and Estes & Co., Portland, jointly
96.438
Rutter & Co., Boston; Chemical Securities
Corp.; Keen, Taylor & Co., and Shawmut
95.78
95.78
Corp. of Boston, jointly
F. S. Moseley & Co., and Brown Bros., Harri95.84
95.84
man Co., jointly
* For both issues, 97.10. Darby & Co. of New York, bid a price of
99.633 for both issues.
-W. 0.
-BOND SALE.
MANCHESTER, Hillsboro County, N. H.
McAllister, City Treasurer, informs us that an Issue of 8300,000 4%
coupon permanent improvement bonds was awarded on Dec. 4 to the
Chase Harris Forbes Corp., of New York, at a price of 94.89, a basis of
about 4.61%. Dated Oct. 1 1931. Denom. $1,000. Due 315,000 annually on Oct. 1 from 1932 to 1951, incl. Principal and semi-annual
interest are payable at the National Shawmut Bank, Boston, or at the
Amoskeag Trust Co., Manchester. Legality approved by Ropes, Gray,
Boyden & Perkins, of Boston. The National City Co., of NOW York.
the only other bidder, offered a price of 92.026 for the issue. The bonds
according to the successful bidders, are legal investment for savings banks
in New York, Massachusetts. Connecticut and other States, and are
being re-offered for general investment at prices to yield 4.40%•
Valuation and Debt Statement (as of Dec. 1 1931.)
$106,151,932
Valuation: Assessed valuation June 1 1930
5,307,598
Debt limit 5% of valuation
$4,379,000
Debts: Total bonded indebtedness
Total temporary tax notes
1,100,000
Total indebtedness
Deductions: Water bonds
Temporary tax notes
5.479,000
$102,000
1,100,000
1,202.000
84,277.000
Net debt
1,030.596
Borrowing capacity
300.000
Amount of proposed bonds
TEMPORARY LOAN.
-The First National Old Colony Corp., of Boston,
April 8 1932, at
purchased on Dec. 9 a $300,000 temporary loan, due
4.90% discount basis.
-BONDS AND NOTES
MARION COUNTY(P.O.Indianapolis),Ind.
OFFERED FOR SALE.
-Harry Dunn, County Auditor, will receive sealed
bids until 10 a. m. on Dec. 30 for the purchase of $734,000 bonds and notes,
divided as follows:
% refunding bonds. Denom. $1,000. Due Jan. 1 as follows:
$384,000
332,000 from 1940 to 1951 incl. Interest is payable semi-ann.
in January and July.
350,000 notes, the proceeds to be used for the general fund. Denom.
25.000. Due June 11932. Rate of interest is not to exceed 6%.
Each issue is dated Jan. 11932. Principal and interest is payable at the
office of the County Treasurer. A certified check for 3% of the par value
of the issues bid for, payable to the order of the Board of County Commismissioners, must accompany each proposal. No conditional bid will be
accepted and the opinion as to the validity of the obligations is to be furnished by the successful bidder.
-BONDS NOT SOLD.
MARSHALL COUNTY (P. 0. Plymouth), Ind.
-The following issues of 434% coupon bonds aggregating $6,600 offend
-were not sold, as no bids were received:
on Nov. 28-V. 133, p. 3659
83.400 highway improvement bonds. Due one bond each six months from
July 15 1932 to Jan. 15 1942.
3.200 highway improvement bonds. Due one bond each six months from
July 15 1932 to Jan. 15 1942.
Each issue is dated Sept. 8 1931.
-BOND SALE.
-The following
MASSILLON, Stark County, Ohio.
issues of bonds aggregating S83,000 offered on Dec. 5-V. 133, p. 3494were awarded as 6s to Magnus & Co. of Cincinnati, at par plus a premium
of $342, equal to a price of 100.41, a basis of about 5.91%:
$61,000 special assessment street impt. bonds. Due Oct. 1 as follows:
$7,500 from 1933 to 1938 incl., and $8,000 in 1939 and 1940.
22,000 special assessment street impt. bonds. Due Oct. 1 as follows:
$2,500 from 1933 to 1936 incl., and $3,000 from 1937 to 1940 incl.
Each issue is dated Oct. 11931.
•
MAYFIELD HEIGHTS (P. 0. Cleveland), Cuyahoga County,
Ohio.
-BOND SALE APPROVED-An ordinance was recently adopted
providing for the acceptance of the bid of the Guardian Trust Co., of
Cleveland. for the purchase at private sale, at 6% interest, at a price of
par, of the issue of $35.976.98 special assessment paving bonds unsuccessfully offered on Oct. 5 jointly with an issue of $40,000 special assessment
-V. 133. p. 2794. The $45,976.98 issue is dated Sept.
refunding bonds.
1 1931 and will mature annually on Oct. 1 as follows: $4.976.98 in 1933:
85,000 from 1934 to 1936, incl.; $4,000 in 1937: 85,000 in 1938; $4,000.
1939; 85,000, 1940; 84.000 in 1941, and $5,000 in 1942.
DEC. 12 1931.]
FINANCIAL CHRONICLE
MELROSE, Middlesex County, Mass.
-LOAN OFFERING.
-Sealed
bids addressed to S. Homer ..3uttrick, City Treasurer, will be received
until 11 a. m. on Dec. 14 for the purchase at discount basis of a $150.000
temporary loan. Dated Dec. 15 1931. Denoms.$25,000, $10,000 and $5,000. Payable May 16 1932 at the First National Bank,of Boston, or at the
First of Boston Corp., New York City. "The First National Bank will
guarantee the signatures and will certify that the notes are issued by virtue
and in pursuance of an order of the Board of Aldermen, the validity of
which order has been approved by Ropes, Gray, Boyden ,k Perkins, of
Boston."
-BOND OFFERING.
MELVINDALE, Wayne County, Mich.
-Sylvester A. Mabie, Village Clerk, will receive sealed bids until 8 p. m. on
Dec. 16 for the purchase of $182,750 special assessment refunding bonds,
comprising the following issues:
$134.500 6% series C bonds. Dated Oct. 1 1931. Due Oct. 1 as follows:
$14,500 in 1932, and $15,000 from 1933 to 1940 incl.
14,750 5)/4 % series E bonds. Dated Oct. 15 1931. Due Oct. 15 as
follows: $750 in 1932 and $2,000 from 1933 to 1939 incl.
11,500 534% series F bonds. Dated Nov. 15 1931. Due Nov. 15 as
follows: $500 in 1932; $1,000 from 1933 to 1939 incl., and $2,000
in 1940 and 1941.
8,500 5!.'% series B bonds. Dated Sept. 11931. Due Sept.1 as follows:
$500 in 1932 and $1,000 from 1933 to 1940 inclusive.
5,000 6% series A bonds. Dated Aug. 15 1931. Due $1,000 on Aug.
15 from 1932 to 1936 inclusive.
4,500 6% series D bonds. Dated Oct. 15 1931. Due Oct. 15 as follows:
$500 in 1932 and $1,000 from 1933 to 1936 incl.
2,500 514% series 0 bonds. Dated Dec. 1 1931. Due $500 Dec. 1
from 1932 to 1936 incl.
1,500 5h% series H bonds. Dated Dec. 1 1931. Due $500 Dec. 1
from 1932 to 1934 inclusive.
Principal and semi-annual interest are payable at the Detroit Trust Co.,
Detroit. A certified check for $1,000, payable to the order of the Village
Treasurer, must accompany each proposal.
MENANDS, Albany County, N. Y.
-BOND OFFERING.
-Sealed
bids addressed to John J. Mooney, Village Clerk, will be received until
7.30 p. m.on Dec.22for the purchase of $137.000 not to exceed 6% interest
coupon or registered bonds, divided as follows:
$112,000 series B street impt. bonds. Due Nov. 1 as follows: $5,000 from
1932 to 1939 incl., and $6,000 from 1940 to 1951 incl.
25,000 series C water supply extension bonds. Due $1,000 on Nov. 1
from 1935 to 1959 inclusive.
Each issue is dated Nov. 1 1931. Denom. $1,000. Rate of interest to
be expressed in a multiple of h of 1-10th of 1% and must be the same for
all of the bonds. Principal and semi-annual interest (May and Nov.) are
payable at the National Commercial Bank & Trust Co., Albany. Bids
must be for both issues. A certified check for $2,000, payable to the order
of the Village, must accompany each yoroposal. The approving opinion of
Clay, Dillon & Vandewater, of New York, will be furnished the successful
bidder.
4005
MOUNT VERNON, Knox County, Ohlo.-BOND SALE.
-The
$20,667 coupon water works bonds offered on Dec. 3-V. 133, p. 3495
were awarded as 55 to the Knox County Savings Bank, Mount Vernon,
at par plus a premium of $14, equal to a price of 100.06, a basis of about
4.99%. Dated Oct. 1 1931. Due as follows: $1,667 Oct. 1 1932: $1,000
April and Oct. 1 from 1933 to 1940, incl.; $1,000 April and $2,000 Oct. 1
1941.
NEWARK CITY SCHOOL DISTRICT (P. 0. Newark), Licking
County, Ohio.
-BOND SALE.
-The $29,700 school bonds offered on
Dec.7-V. 133, p. 3289
-were awarded as 534s to the BancOhio Securities
Co.,ofColumbus,at par plus a premium of$95.70,equal to a price of 100.32,
a basis of about 5.44%. Dated Dec. 1 1931. Due Oct. 1 as follows: 82.700
in 1933, and $3,000 from 1934 to 1942 incl.
The following is an official list of the bids received at the sale:
BidderRate of Interest Premium
*BancOhio Securities Co., Columbus
$95.70
Breed, HarrisonInc., Cincinnati
32.67
54%
Prudden & Co., Toledo
00
The Davies-Bertram Co., Cincinnati
30.00
Provident Say. Bank & Trust Co., Cincinnati
The Guardian Trust Co., Cleveland
201.00
Magnus & Co., Cincinnati
185.00
Stranahan, Harris & Co., Toledo
107.00
5j
Assel, Goetz & Moerlein, Cincinnati
44.55
9
Walter, Woody & Heimerdinger, Cincinnati
5i
93.00
N. S. Hill & Co., Cincinnati
3 7:0085
174
The Well, Roth & Irving Co., Cincinnati
The Union Trust Co., Newark
6
159.00
*Successful bidder.
NEW BRUNSWICK, Middlesex County, N. J.
-PRICE PAID.
The issue of 8500,000 535% tax revenue bonds purchased recently by M.M.
Freeman & Co., of Philadelphia
-was sold at a price of
-V. 133, P. 3820
par. Dated Dec. 15 1931. Due Dec. 15 as follows: $225,000 in 1932:
$180,000 in 1933 and $95,000 in 1934.
-BONDS CALLED.
NEW ORLEANS, Orleans Parish, La.
-It is
announced by Bernard C. Shields. Secretary of the Board of Liquidation,
that the "New Public Improvement Bonds" bearing date of Jan. 1 1907
and maturing on Jan. 1 1942, carrying interest at 4% are called for payment
on Jan. 1 1932, on which date interest.shall cease,
This call is the fourth allotment of the above bonds. These bonds are
numbered variously from 1 to 8,000.
NEWTON COUNTY(P.O. Kentland), Ind.
-BONDS NOT SOLD.-'
The issue of $14,000 4% Beaver Tvrp. road improvement bonds offered on
Dec. 5 (V. 133,13. 3495) was not sold, as no bids were received. Dated
Nov. 15 1931. Due $700 July 151933; $700 Jan. and July 15 from 1934 to
1942, incl., and $700 Jan. 15 1943.
The bonds bear interest at 6%,payable semi-annually, and were sold at a
MERCER COUNTY (P. 0. Trenton), N. J.
-BOND OFFERING.
Walter C. Fowler, Clerk of the Board of Chosen Freeholders, will receive price of par.
sealed bids until 2 p. m. on Dec. 18 for the purchase of $1,000,000 4(
,
NEWTOWN SCHOOL DISTRICT, Bucks County, Pa.
%
4,4 or 4( coupon or registered road, bridge and county building bonds.
-BOND OF-Sealed bids addressed to Mrs. Eleanor W. Twining, SecretarY,
Dated Dec. 31 1931. Denom. $1,000. Due Dec. 31 as follows: $35,000 FERING.
from 1933 to 1940 incl.; $40,000 from 1941 to 1948 incl., and $50,000 from will be received until 6 p. m. on Dec. 24 for the purchase of $22,000 4h%
1949 to 1956 incl. Prin. and semi-ann. int. (June 30 and Dec. 31) are coupon (registerable as to principal) school bonds. Dated Oct. 1 1931.
-Mechanics National Bank of Trenton. No more Due Oct. 1 as follows: $1,000 from 1934 to 1960 incl., and $2,000 in 1961.
payable at the First
bonds are to be awarded than will produce a premium of $1,000 over $1,- Interest isfpayable semi-annually. Bonds and interest will be payable
000.000. A certified check for 2% of the amount of bonds bid for, payable without deduction for any tax or taxes, except succession or inheritance
to the order of the county, must accompany each proposal. The suc- taxes, now or hereafter levied or assessed thereon under any present or future
cessful bidder will be furnished with the opinion of HawUns, Delafield & law of the Commonwealth of Pennsylvania, all of which taxes the School
Longfellow of New York that the bonds are binding and legal obligations District assumes and agrees to pay, making the bonds tax free to the holder.
of the county.
A certified check for 2% of the par value of the amoount bid for, payable to
Financial Statement (Nov. 24 1931).
the order of the District Treasurer, must accompany each proposal. These
bonds are being issued subject to the favorable legal opinion of Townsend,
Indebtedness
Gross debt: Bonds outstanding
$6.525,450.00 Elliott & Munson of Philadelphia.
Floating Debt: Including temporary notes outstanding)
1,509.815.60
-BOND ISSUE TO PROVIDE FOR $26,000.000
NEW YORK, N. Y.
$8,035,265.60 TAX REF UNDS.-The city will probably appeal to the State Legislature
Deductions: Sinking funds, other than for water bonds-784,732.97 for authority to issue long-term bonds to provide for the $26.000.000 in
taxes and the interest thereon collected under protest from the Nations.)
Net debt
$7,250,532.63 banks in the city since 1923 to 1926, which the Supreme Court of OS
Bonds to be issued
1.000,000.00 United States ordered refunded on Dec.7, holding that the tax had illegally
Floating debt to be funded by such bonds
1.000,000.00 been collected. (Complete details of the decision of the Supreme Court
may be found in our department of "Current Events and DiSCUSSI0118,"
Net debt, including bonds to be issued
$7,250,532.63 on a preceding page of this issue.)
Assessed ValutationsReal property, including improvements. 1931
NILES, Trumbull County, Ohlo.-BONDS NOT SOLD
$259,746,282.00
-ADDIPersonal property. 1931
-The issue of $19.019 park system improvement
31,432,485.00 TIONAL BIDS ASKED.
Real property, 1928
250,776,050.00 bonds offered at 4% interest on Dec. 2 (V. 133, p. 3659), at which time
Real property, 1929
256,476,577.00 no bids were received, is being readvertised for award on Dec. 28 at an
Real property, 1930
534%. Dated Oct. 1 1931. Due Oct. 1 as follows: $3,000
interest rate
Population, census of 1920, 159.881; census of 1930, 187,143, T x from 1933 toof
1937, incl., and $4,019 in 1938.
a
rate, fiscal year 1931. $5.79 per thousand.
Debt Statement Under New Jersey Law.
NORTH COLLEGE HILL, Hamilton County, Ohio.
-BOND OFFER(Compiled under the New Jersey Bonding Act, Chapter 252. Laws of
-Raymond L. Willen, Village Clerk, will receive sealed bids until
1916.) /NO.
Net debt Nov. 24 1931
12 m. on Dec. 31 for the purchase of $22,069.72 5).4% special assessment
valuations of real property including $7,250,532.63 street improvement bonds. Dated Dec. 30 1931. Due Sept. 1 as follows:
Average assessed
Improvements, for the years 1928, 1929 and 1930
$2,206.97 from 1933 to 1941, incl., and $2,206.99 in 1942. Interest is
Percentage of net debt as compared with such average 255,399,221.00 payable semi-annually in March and September. A certified check for
assessed valuation of real property
5% must accompany each proposal. The approving opinion of Peck.
2.84%
Shaffer & Williams of Cincinnati will be furnished the successful bidder.
-BOND OFFERING.
MILES HEIGHTS, Ohio.
-A P. Lagrone, Village
Clerk, will receive sealed bids until 8 p.m. on Dec. 21, for the purchase of
NORTH YORK SCHOOL DISTRICT (P. 0. York), York County,
$150.000 6% special assessment improvement bonds. Dated Oct. 1 1931. Pa.
-BOND SALE.
-A. H. Lehr, Secretary of the Board of School
Denom. $1,000. Due $15,000 on Sept. 1 from 1933 to 1942, incl. Prin. tors,informs us that an issue of$4,000 5% coupon school bonds was Direcawarded
and semi-annual interest (March and September) are payable at the
the Locking Co. of York, the
land Trust Co., Cleveland. Bids for the bonds to bear interest at Clove- on Dec. 3 at a price of par to$500. Due $1,000 on Jan. 1 only bidder.
a rate Dated Jan. s 1932. Denom.
from 1933 to
other than 6%,expressed in a multiple of h of 1%, will also be considered. 1936 incl. Prin. and semi-ann. int. (J. & J.) are
payable at the North York
A certified check for 3% of the bid, payable to the order of the Village State Bank, York. Legality approved
by McClean Stock, Solicitor for the
Treasurer, must accompany each proposal.
District.
P.
MILTON( 0. Mattapan), Suffolk County, Mass.
-BOND SALE.
NORWOOD, Hamilton County Ohio.-BOND SALE.
-The City
Maurice A. Duffy, Town Treasurer, reports that an Issue of 850,000
coupon water bonds was awarded on Dec. 11 as 4s to the National CitY Auditor reports that the Board of Sinking Fund Trustees has purchased
CO., of Boston, at a price of 100.17. a basis of about 3.975%. Dated $37.000 bonds, comprising a $25,000 storm sewer construction issue and
Dec. 1 1931. Denom. $1,000. Due Dec. 1 as follows: $4,000 from 1932 an issue of $12,000 for poor relief.
to 1936, inclusive, and $3,000 from 1937 to 1946, inclusive. Principal
NORWOOD, Norfolk County, Mass.
-TEMPORARY LOAN.
-The
and semi-annual interest (June and December) are payable at the First
National Bank, of Boston. Legality approved by Ropes, Gray, Boyden Merchants National Bank of Boston purchased on Dec. 7 a $100.000
temporary loan at 4.85% discount basis. The loan matures June 14 1932
& Perkins, of Boston.
and was also bid for by Faxon, Gade & Co.of Boston at 4.90%.
Financial Statement (Dec. 4 1931).
Net valuation for 1931
NYACK, Rockland County, N. Y.
$38,082,652
-BOND OFFERING.
-William
Total bonded debt (including this issue)
1,188,000 P. Bugbee, Village Clerk, will receive sealed bids until 8 p.m. on Dec. 18
Water bonds (included in total debt)
406,000 for the purchase of $50.000 coupon or registered not to exceed 6% interest
Population, 1930, 16,397.
water system bonds of 1931. Dated Nov. 1 1931. Denom. $1,000.
MILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-BOND SALE.
Nov. 1 as follows: $3.000 from 1936 to 1950, incl., and $1,000 from
- Due
The $420.000 issue of 4% coupon metropolitan sewerage
1955, incl. Rate of interest to be expressed in a multiple of h or
bonds offered 1951 toof 1%.
for sale on Dec. 4-V. 133. p. 3820
-10th
Principal and semi-annual interest (May and Nov.) are
-was jointly purchased by the First 1
Union Trust & Savings Bank, and the Northern Trust Co.,
payable at the Nyack National Bank. Rockland, or, at the option of the
both of Chicago, holder, at the principal
paying a discount of $18,090, equal to 95.69, a basis of
office of the Bank
about 4.39%• York. A certified check for 2% of the of New York & Trust Co., New
Dated Oct. 1 1931. Due $42,000 from Oct. 1 1942 to
amount of bonds bid for, payable
1951,
second highest bid was a discount offer of $19,989 tendered by incl. The to the order of the village, must accompany each proposal. The successful
the Harris bidder will be furnished with the opinion of
Trust & Savings Bank; Ames, Emerlch & Co.; the First
Hawkins, Delafleld & LongDetroit Co.; and fellow of New York that the bonds are binding
the First Wisconsin Co.
and legal obligations of the
village.
MORGAN COUNTY (P. 0. Martinsville), Ind.
-BOND SALE.
4% coupon highway construction bonds offered
The $1,950
OAKLAND COUNTY (P. 0. Pontiac), Mich.
-BOND OFFERING.on Dec. 1V. 133. p. 328.. were awarded at a price of par to the
The issue of $1.000,000 refunding bonds offered at not to exceed 6% interCo.,the only bidder. Dated Dec. 1 1931. Due $195 on Martinsville Trust est on Nov.3,at which time no bids were received (V. 133. p. 3126) is being
May 15from 1933
to 1942 inclusive.
readvertised for award on Dec. 22. Sealed bids will be received until
11 a. m. on that date by Robert Y. Moore, member of the Board of SuperMOUNT PLEASANT(P.O. North Tarrytown), Ulster
County, N. Y. visors. Bonds are to be dated not later than Dec. 1 1931 and will mature
-Edward F. Hennessey, Town
-BOND OFFERING.
Clerk, will receive $200,000 annually on Dec. 1 from 1932 to 1936, incl. zlidder to name a
sealed bids until 3 P. m. on Dec. 15 for the purchase of $400,000
coupon or rate of interest not in excess of 6%. Principal and semi-annual interest
registered, not to exceed 0% interest, Valhalla Sewer District bonds.
payable at
Dec. 15 1931. Denom. $1,000. Due $10.000 on Dec. 15 from 1932 Dated to be'York. The any bank or trust company in the cities of Detroit or
New
incl. Principal and semi-annual interest (June and Dec. 15) are to 1971 the validity of thecounty will furnish a satisfactory legal opinion as to
bonds, and it is stated, it
at the First National Bank, North Tarrytown,or,at the option of thepayable faith and credit of the county will be pledged is understood that the full
for the payment of bonds
holder.
at the Central Hanover Bank & Trust Co., New York. A certified check and interest when due. It Is further
stated that the county must sell these
for 2% of the amount of bonds bid for, payable to the order of the Town, bonds at a price which will make
the net interest rate on the money bormust accompany each proposal. The approving opinion of Reed, Hoyt & rowed not to exceed 6% per
annum. A certified check for 3% of the
Washburn, of New York, will be furnished the successful bidder.
amount bid must accompany each proposal.
4006
FINANCIAL CHRONICLE
[Vol,. 133.
OCHILTREE COUNTY (P. 0. Perryton), Tex.
-ELECTION DATE. $5,000 street and alley improvement city's portion bonds (original issue.
-It is now reported that the election to be held on the proposed issuance
$9,436.65). Authority of ordinance No. 3699 passed June 3 1925.
of $400,000 in highway paving bonds
-has been scheduled
Maturities, $1,000 on Sept. 1 from 1932 to 1936, incl. Interest
-V.133. p. 3495
rate 5%.
for Dec. 26.
9.000 street and alley improvement city's portion bonds (original issue,
ORANGETOWN COMMON SCHOOL DISTRICT NO. 7 (P. 0.
$9,315). Authority of ordinance No. 4519 passed May 15 1929.
Orangeburg, R. F. D.), Rockland County, N. Y.
-BOND SALE.
Maturities. $1,000 on June 1 from 1932 to 1940, incl. Interest
The $35,000 coupon or registered school bonds offered on Dec. 9-V. 133,
rate 5%.
P.3821-were awarded as 534s to Fairservis & Co., of New York, at a price
4,200 street and alley improvement city's portion bonds (original issue.
of 100.08, a basis of about 5.49%. Dated Dec. 11931. Due Dec. 1 as
$6,736.18). Authority of ordinance No. 3951 passed Aug. 18 1926.
follows: $1,000 from 1933 to 1947. incl., and $2,000 from 1948 to 1957,incl.
Maturities, $700 on Sept. 1 from 1932 to 1937, incl. Int. rate 5%.
1,000 street and alley improvement city's portion bonds (original issue,
-Seale
OSHKOSH, Winnebago County, Wis.-BONDS OFFERED.
$3,749.46). Authority of ordinance No. 3645 passed Feb. 18 1925.
bids were received until 2 p.m. on Dec. 9, by H. W. Witte, City Treasurer,
Maturities, $500 Sept. 1 1932 and 1933. Interset rate 534%.
for the purchase of a $200,000 issue of 4% coupon or registered school
5,000 street and alley improvement city's portion bonds (original issue.
building and equipment bonds. (These bonds are part of the $250,000 Issue
$13,081.15). Authority of ordinance No. 3657 passed March 10
1925. Maturities, $1,000 on Oct. 1 from 1932 to 1934, incl., and
that was offered for sale without success on Oct. 8-V. 133, p. 2631.)
$2,000 in 1935. Interest rate 5%.
PADUCAH, McCracken County, Ky.-BOND SALE POSTPONED.
- 8.000 street and alley improvement city's portion bonds (original issue.
$20.329.49). Authority of ordinance No. 3518 loused Aug. 20
The sale of the $350,000 issue of 5.34% semi-ann. funding bonds scheduled
1924. Maturities, $2,000 on Sept. 1 from 1932 to 1935. incl.
for Dec. 7-V. 133. P• 3821
-was indefinitely deferred pending a court deInterest rate 534%.
cision on their legality. Due from 1932 to 1956 incl.
4.000 fire department, signal system, city's portion bonds (original issue,
PARMA (P.0. Cleveland, R. F. D. No. 1), Cuyahoga County, Ohio.
$10.000). Authority of ordinance No. 3658 passed March 18 1925.
-BONDS NOT SOLD.
-John H. Thompson, City Clerk, reports that the
Maturities, $1,000 on Oct. 1 from 1932 to 1935. incl. Interest
rate 5%.
three issues of 6% road improvement bonds aggregating $184,200, offered
7,200 hospital improvement, contagion ward bonds, city's portion
on Dec. 7-V. 133, p. 3821-were not sold, as no bids were received.
(original issue, $8,000). Authority of ordinance No. 4550 passed
PARSIPPANY-TROY HILLS TOWNSHIP (P. 0. Boonton) Morris
July 3 1929. Maturities, $800 on Aug. 1 from 1932 to 1940. ine.l.
-BONDS PUBLICLY OFFERED.
-The $325,000 6%
County, N. J.
Interest rate 5%.
coupon or registered water bonds purchased recently by H. L. Allen & Co., 21,000 emergency poor relief bonds city's portion (original issue, $35,000)
of New York
-V. 133, P. 3821-are being re-offered by the bankers for
under the provisions of Section 2 of amended House Bill 102 of the
general investment at a price of 103.82 and interest, yielding 5.25%. The
89th General Assembly of the State of Ohio, and by authority of
bonds are said to be legal investment for savings banks and trust funds in
ordinance No. 47 passed April 22 1931. Maturities, one bond.
the State of New Jersey, and to be direct general obligations of the entire
$500; three bonds, $1,000 each. total, $3,500 April 1 1934 and same
Township, payable from unlimited ad valorem taxes levied against all the
maturities Oct. 1 1934, April 11935, Oct. 1 1935, April 1 1936 and
taxable property therein.
Oct. 1 1936. Interest rate 5%.
Financial Statement.
Bids may be made upon all or any number of bonds of these Issues. All
Assessed valuation (1931)
$3,353.726 bids must state the number of bonds bid for and the gross amount of bid
336.910 and the accrued interest to date of delivery. All bids must be accompanied
Total bonded debt (including this issue)
Less: Water debt
325.000 by a certified check drawn in favor of William N. Gableman, Secretary of
Net bonded debt (less than X of 1% assessed value)
11,910 the Sinking Fund Commission of the City of Portsmouth. Ohio, in the sum
equal to 1% of the amount of bonds bid for. Casts of exchange or delivery
Population (1930 Census), 6,631.
to out -city purchasers must be paid by said purchasers. Opinions other
-of
-BOND OFFERING.
PASSAIC, Passaic County, N. J.
-Sealed bids than opinion of City Solicitor of Portsmouth. Ohio, shall be paid for by
addressed to Henry C. Whitehead, Director of the Department of Revenue purchaser.
Financial Statement.
and Finance, will receive sealed bids until 11 a.m. on Dec. 14, for the
purchase of$2.000,000 coupon or registered, not to exceed 8% Interest tax
Tax valuation City of Portsmouth, Ohio, Dec. 1 1931. $75,327,430,
revenue bonds. Dated Dec. 10 1931. Denoms. $1,000 or multiples divided as follows: Real. $54,973,370 personal, *20,354,060. 1931
thereof. Due $500,000 on June and Dec. 10 in 1932 and 1933. Rate of duplicate awaiting the approval of the Tax Commission of Ohio.
interest to be expressed in a multiple of 1-100th of 1%. Principal and semi- Financial statement after all 1931 bond and interest Pay
payannual interest (June and Dec. 10) are payable at the Passaic National
ments
men have been provided
$5,258,469.48
Bank & Trust Co., Passaic. A certified check for 2% of the amount of Assessment bonds included in total
1,629,688.91
bonds bid for, payable to the order of the city, must accompany each pro- Voted bonds included in total
1.650,050.00
The approving opinion of Hawkins, Delafield & Longfellow, of Water works bonds included in total
1,027,000.00
New York, will be furnished the successful bidder.
General sinking fund balance Dec. 1 1931
170.238.77
Assessment sinking fund overdraft Dec.
224,855.12
PASSAIC COUNTY (P. 0. Paterson), N. J.
-BOND OFFERING.- Water works sinking fund Dec 1 1931 1 1931
171.784.59
John M. Morrison, Clerk of the Board of Chosen Freeholders, will receive Net amount bonded indebtedness subject to 1% limitation._
652991.80
sealed bids until 2 p. m. on Dec. 22 for the purchase of $1,000,000 4X
Portsmouth, Ohio, is included in the list of places the obligations of
5, gX,
, 5X or 6% coupon or registered park bonds. Dated Jan. 1 which
legal for savings bank Investment in New York
1932. Denom. $1,000. Due Jan. 1 as follows: $20,000 from 1933 to State. are consideredand. Interest of all said bonds shall be payable at the
The principal
1970, incl., and $30,000 from 1971 to 1978, incl. Principal and semiannual interest (Jan. and July) are payable at the First National Bank, office of the Treasurer of the City of Portsmouth. Ohio.
ADDITIONAL BONDS OFFERED.
-Sealed bids will be received until
of Paterson. No more bonds are to be awarded than will produce a premium of $1,000 over $1,000,000. A certified check for 2% of the amount 2 p. m. (Eastern standard time) on Dec. 28 for the purchase of $43,925
of bonds bid for, payable to the order of the County, must accompany not to exceed 6% interest refunding bonds. Bids should be addressed to
each proposal. The approving opinion of Hawkins, Delafield & Long- William N. Gableman, City Auditor. Bonds arc dated Dec. 1 1931.
One denom. of $425, all others for $500. Due as follows: $1,925 May 1
fellow, of New York, will be furnished the successful bidder.
and $2,500 Nov. 1 1933; $2,500 May 1 and Nov. 1 from 1934 to 1940 incl.:
PATOKA TOWNSHIP (P. 0. Winslow), Pike County, Ind.
-BOND $2,600 May land $2.000 Nov. 1 1941. Prin. and semi-ann Ant.(M.& N.
-The $5d)00 4% school building construction bonds offered on Nov. are payable at the office of the Department of Finance. A certified check
SALE.
-were awarded at a price of par to Frank Herring, a for 1% of the amount of bonds bid for, payable to the order of William
30-V. 133, p. 3290
local investor. The bonds are dated Nov. 1 1931'and mature July 15 as Gableman, City Auditor and Treasurer, must accompany each proposal.
Opinions other than that of the City Solicitor shall be paid for by the
follows: $330 from 1932 to 1945 incl., and $380 in 1946.
successful bidder.
PAXTANG, Dauphin County, Pa.
-BOND OFFERING,
-Attention
PUTNAM COUNTY (P. 0. Greencastle), Ind.
-BOND SALE.
-The
is called to the official advertisement on page 4008 of this section, describing $1,950 4% Anna L. Michael at al., coupon road improvement bonds
an Issue of $75.000 4X, 434 or 4X % coupon (regdsterable as to principal) offered on Dec. 1-V. 133, p. 3290
-were awarded at price
sealed bids for the purchase of which should be addressed to A. M. First National Bank, of Martinsville, the only bidder. aDated of par to the
bonds,
Dec. 1 1931.
Bell, Borough Secretary, and will be received until 7 p.m. on Dec. 30. Due $195 annually on May 15 from 1933 to 1942, incl.
The bonds will be dated Dec. 1 1931 and mature annually on Dec. 1 as
RAYMONDVILLE Willacy County, Tex.
-BONDS OFFERED.
follows: $8,000, 1932, $7,000, 1933. $5,000 in 1934 and 1935, $7,000, 1936, Sealed bids were
received until Dec .12 by T. A. Akard, Mayor, for the
$2.000, 1937. $8,000 in 1941. $5,000 in 1946 and 1951. $9,000 in 1956, and purchase of an
issue of $128.000 light plant revenue bonds.
$14,000 in 1961. Bids will be received for all of the bonds to bear interest
RICHLAND COUNTY (P. 0. Pulaski), N. Y.
at either of the three rates indicated above. A certified check for 2% of
-BOND SALE.
-The
the par value of the amount bid for, payable to the order of the Borough, County Supervisor informs us that an issue of $5,000 6% coupon bonds
must accompany each proposal. These bonds are being issued subject to was sold on Nov. 17 at a price of par to the Pulaski National Bank, to
the favorable legal opinion of Townsend, Elliott & Munson,of Philadelphia. "cover funds" of the county on deposit in the Peoples National Bank which
closed Sept. 28 1931. Bonds will mature Nov. 17 1932.
PENDLETON, Umatilla County, Ore.
-ADDITIONAL DETAILS.SALT LAKE CITY,Salt Lake County, Utah.
-BONDS NOT SOLD.
The $10,000 Issue of flood protection bonds that was reported sold-V. 133, The $1,000,000 issue of tax anticipation bonds offered on Dec. 9-v. 133.
p. 3821-bears interest at 6% and was awarded to the City Water Commis- p. 3822
-was not sold as there were no bids received. Dated Jan, 2 1932.
sion and the Sinking Fund.
line in 1 year.
SAN DIEGO, San Diego County, Calif.
-BOND ELECTION.
-It is
PENNINGTON, Mercer County, N. J.
-BONDS NOT SOLD.
-The
or registered borough hall construction bonds, reported that an election will be held on Dec. 15 in order to vote on the
Issue of $24,000 coupon
-was not proposed issuance of $300,000 in unemployment relief funds.
offered at not to exceed 6% interest on Dec. 7-V. 133, p. 3659
SAN JUAN, Porto Rico.
-BOND OFFERING.
sold, as no bids were received. Dated Dec. 11931. Due Dec. 1 as follows:
-Sealed bids will be
received until 10 a. m. on Dec. 21, by F. Fano, Acting Treasurer of Port,
$2.000 from 1933 to 1936, incl., and $1,000 from 1937 to 1942, inclusive.
Rico, for the purchase of a $482,000 Issue of coupon municipal bonds.
-ADDITIONAL BONDS SOLD.-Subscrrp- Interest rate is not to exceed 5%, payable J. & J. Denom. $1,000. Dated
PHILADELPHIA, Pa.
tiona received up to Dec. 4, for bonds of the issue of $15,000,000 being Oct. 1 1931. Due as follows:
offered "over the counter" as 4Xs, at a price of par, brought the total of
Series- Redemption
Amount.
Series- Redemption.
Amount.
sales to that date to $8,723,800, and additional requests received up to A
July 1 1932 $17,000.00 It
July 1 1937 $25.000.00
Dec. 7 advanced the aggregate to $8.783.500.
Jan. 1 1933
18,000.00 L
Jan. 1 1938
25.000.00
On Dec. 10 the total subscribed for had reached $8,850,100.
July 1 1933
19,000.00 IVI
July 1 1938
26,000.00
Jan. 1 1934
19.000.00 N
Jan. 1 1939
27.000.00
POINT MARION SCHOOL DISTRICT, Fayette County, Pa.
July 1 1934 20,000.00 0
July 1 1939
27.000.00
-The $14,000 coupon funding bonds to
ADDITIONAL INFORMATION.
Jan. 1 1935 21,000.00 P
28,000.00
Jan. 1 1940
-V. 133, la. 3821-are
be sold on Dec. 14. mention of which was made in
July 1 1935
29.000.00
July 1 1940
22,000.00 Q
fully described as follows: Dated Dec. 11931. Five per cent interest rate.
29.000.00
Jan. 1 1941
Jan. 1 1936
22,000.00 R
Dec. 1 as follows: $2,000 in 1936. and $3.000 in 1940,
Denom.$1,000. Due
July 1 1936
July 1 1941
30.000.00
23,000.00 S
1944, 1948 and 1951. Interest is payable semi-annually. A certified check
Jan. 1 1942
31,000.00
Jan. 1 1937
24,000.00 T
Is required. The Department of Internal Affairs of Pennsylvania
for $250
Principal and int. will be payable at the office of the above Treasurer,
has approved of the issue. Bids should be addressed to Frank N. Gans,
or by any fiscal agent in the U. S. authorized to fulfill such duties. Each
Secretary of the Board of School Directors.
bid should be made for the total issue. A certified check for 2% of the bonds
-BOND SALE.
-The offered, payable to the Treasurer, is required. The following information
PORT CHESTER, Westchester County, N. Y.
following Issues of coupon or registered bonds aggregating $840,000 offered Is furnished:
-were awarded as 6s, at a price of par,to George
on Dec.4-V. 133, p.3660
The present issue of bonds has been authorized by Ordinance No.4 of the
B. Gibbons & Co., Inc. of N. Y. City, the only oidders:
Government of the Municipality of San Juan, approved by the Executive
$420.000 local street irnpt. bonds. Due $140.000 on Dec. 1 from 1932 to Council on Nov. 17 1931.
1934 incl.
In a session of the Board of Commissioners of the Municipality of San
420,000 local sewer hnpt. bonds. Due $140.000 on Dec. 1 from 1932 to Juan held on Nov. 23 1931, a resolution was adopted delegating to the
1934 incl.
Treasurer of Porto Rico the authority to sell at public auction the bonds to
Each issue is dated Dec. 1 1931. Re-offering of the bonds for public which this announcement refers.
investment is being made at a price of 100.72, yielding 5.25%, for the ,932
The proceeds of these bonds will be used for the consolidation of the
maturity, 101.64. yielding 5.125%, for the 1933 bonds, and at 102.75, to loans and local debts of the Municipality of San Juan.
Yield 5.00%, for the 19:34 bonds. Legal investment for savings banks and
SANTA ANA ACQUISITION AND IMPROVEMENT DISTRICT
trust funds in New York State, according to the bankers.
-BOND SALE.
-A
NO. 7 (P. 0. Santa Ana) Orange County, Calif.
-We are *36.861.89 issue of 634% Improvement bonds was purchased at par on
-BOND DETAILS.
PORTLAND, Multnomah County, Ore.
now informed that the $221,000 issue of coupon semi-ann. emergency Nov. 9 by G. W. Bond & Son of Santa Ana. Datod Aug. 31 1931. Due in
relief bonds that was purchased at par by the City Treasurer
-V. 133, P. from 1 to 10 years.
3821-was purchased as 4s. Due from Oct. 1 1939 to 1947, incl. There
-BOND OFFERING.
SCHENECTADY,Schenectady County, N. Y.
were no other bidders.
Leon G. Dibble, City Comptroller, will receive sealed bids until 12 m. on
PORTSMOUTH, Scioto County, Ohio.
-BOND OFFERING.
Dec. 15 for the purchase of $842,000 not to exceed 5% interest coupon or
William N. Gableman, Secretary of the Sinking Fund Commission, will registered bonds, divided as follows:
receive sealed bids until 2 p.m. (eastern standard time) on Dec. 21, for the $600,000 local improvement bonds. Due $60,000 on Dec. 15 from 1932 to
1941 incl.
purchase of $64.600 bonds. The notice of proposed sale states that "due
to the unusually large total of unpaid improvement assessments at the end
160,000 high school bonds. Due Dec. 15 as follows: $17,000 in 1933 and
of the 1931 tax collection period, the sinking fund commission of the city
1934. and $18,000 from 1935 to 1941 incl.
deems it advisable to sell part of Its investments to the amount of $64,600.
82,000 city hall bonds. Due Dec. 15 as follows: $4,000 from 1933 to 1945
These are all bonds of the city and have been accumulated by the sinking
incl., and $5,000 from 1946 to 1951 incl.
fund commission to meet such a condition." The bonds included in the
Each issue is dated Dec. 15 1931. Denom. $1,000. Rate of Interest to be
total of $64.600 are described as follows:
expressed in a multiple of X or 1-10th of 1% and must be the same for all
DEC. 12 1931.]
FINANCIAL CHRONICLE
of the bonds. Principal and semi-annual interest (June and Dec. 15) payable
in gold in New York City or in Schenectady. A certified check for $16,840,
payable to the order of the city, must accompany each proposal. The
approving opinion of Reed, Hoyt & Washburn, of New York, will be
furnished the successful bidder.
-BOND.
SCHENECTADY COUNTY (P. 0. Schenectady), N. Y.
OFFERING.
-William A. Dodge, County Treasurer, will receive sealed
bids until 10 a.m. on Dec. 16, for the purchase of $420,000 not to exceed
5% interest coupon or registered county road bonds, series of 1931. Dated
Nov. 1 1931. Denom. $1,000. Due May 1 as follows: $20,000 from 1933
to 1943, incl., and $40,000 from 1944 to 1948, incl. Rate of interest to be
expressed in multiple of
or 1-10th of 1% and must be the same for all
of the bonds. Principal and semi-annual interest (May and November)
are payable at the Union National Bank, Schenectady, or at the Chase
National Bank, New York, at the option of the holder. A certified check
for 38,000, payable to the order of the County Treasurer, must accompany
each proposal. The approving opinion of Clay, Dillion & Vandewater, of
New York, will be furnished the successful bidder.
SCHOHARIE, MIDDLEBURGH, CARLISLE, ESPERANCE,
WRIGHT AND KNOX CENTRAL SCHOOL DISTRICT NO. 1 (P. 0.
-BOND SALE.
-The $275,000
Schoharie), Schoharie County, N. Y.
coupon school bonds offered on Dec. 8-V. 133, P. 3660
-were awarded
as 5s to the M. & T. Trust Co., of Buffalo, at a price of 100.087, a basis
of about 4.99%. Dated Jan. 1 1932. Due Jan. 1 as follows: $1,000, 1933:
$2,000, 1934; $7,000 from 1935 to 1950 incl., and $8,000 from 1951 to 1970
incl. Only one bid was received at the sale.
SCOTT COUNTY (P. 0. Scottsburg), Ind.
-BOND SALE.
-The
$6,463 6% coupon drainage bonds offered on Dec. 8-V. 133, p. 3822
were awarded at a price of par to Hay & Jones, the only bidders. Issue
will mature annually on Dec. 15 from 1932 to 1941 inclusive.
-BOND REPORT.
SEATTLE, King County, Wash.
-We rare informed
that the City Council has decided to offer for sale to the public over the
counter, the $1.000,000 issue of water extension, 1929, series WX-4 bonds.
the sale of which was scheduled for Nov. 27 and later called off
-V. 133.
p. 3822. The bonds will bear interest at 5% and will be issued in;denoms.
ranging from $50 to $1,000.
In connection with the above public offering the New York "Herald
Tribune" of Dec. 10 carried the following:
"To these three Instances was added yesterday that of the City of
Seattle. which decided to make a counter offering of $1,000,000 5% water
extension bonds, originally offered unsuccessfully on Nov. 27. The City
Council decided yesterday to try the counter method of disposition, and
bankers will follow the subscriptions with much interest.
SHELBYVILLE, Bedford County, Tenn.
-BOND OFFERING.
Sealed bids will be received until 10 a. m. on Dec. 15 by C. 0. Smith,
City Secretary, for the purchase of a $23.000 issue of 5% refunding bonds.
Dated Dec. 1 1931. Due on Dec. 11951. Prin. and int. (J. & D.) payable
at the Chemical Bank & Trust Co. of New York City. These bonds are
part of a $40,000 issue which was favorably voted on Nov. 24.-V. 133.
Li• 3822.
SHERIDAN COUNTY (P. 0. Plentywood), Mont.
-BONDS NOT
SOLD.
-The $79,000 issue of not to exceed 6% semi-ann. funding bonds
offered on Dec. 8-V. 133. p. 3291-was not sold as there were no bids
received.
SHERIDAN COUNTY (P. 0. McClusky), N. Dak.-CERTIFICATES
-The $5.000 Issue of certificates of indebtedness offered on
NOT SOLD.
Dec. 1-V. 133, p. 3496-was not sold as there were no bids received.
SHREVEPORT, Caddo Parish, La.
-TEMPORARY LOAN.
-The
following report on the borrowing of $175,000 as a temporary loan to
meet current indebtedness, is taken from the New Orleans "Times-Picayune" of Dec. 3:
'Negotiation by State Treasurer H. B. Conner of loans with the State's
fiscal agent banks was the next step to-night in the process of borrowing
$175,000 by the State board of liquidation to help the Shreveport municipal Government out of the financial wilderness.
"The required number of legislators to approve the loan was recorded
to-day in a mail poll, George M. Wallace, Secretary to Governor Huey P.
Long, reported. The loan negotiation will follow as a course of routine.
The mall poll count was not made known.
"Last week, after Governor Long said the Shreveport city Government
faced bankruptcy if money was not made available by the State, the board
of liquidation decided to lend the Caddo city enough to operate until the
next Legislature could be asked for aid.
The municipal council promised to repay the money by the middle of
1932 with licenses, city court fines, and other revenue of like nature.
'Governor Long at the board meeting described the loan as an emergency
action."
SMITH TOWNSHIP (P. 0. Sebring), Mahoning County, Ohio.
-T. DP. Keenan. Clerk of the Board of Trustees, will
BOND OFFERING.
receive sealed bids until 11 a. rn. (eastern standard time) on Dec. 16 for
the purchase of $7.000 6% emergency poor relief bonds. Dated Jan. 1
1932. Denom. $1,000. Due Sept. 15 as follows: $1,000 in 1933: $2,000.
1934; 81.000, 1935: $2,000 in 1936: and $1.000 in 1937. Interest is payable
semi-annually on March and Sept. 15. Bidders may submit an alternatte
interest rate offer, subject to the requirements of Section 2293-38 of the
General Code of Ohio. A certified check for 3200 payable to the order of
the above-mentioned official, who is also Township Treasurer, must accompany each proposal. A complete transcript of the proceedings is on
file at Sebring.
SOUTH CAROLINA, State of (P. 0. Columbia).
-CERTIFICATE
-Sealed bids will be received until noon on Dec.
AND NOTE OFFERING.
23, by Governor ibra C. Blackwood, and J. H. Scarborough, State Treasurer. for the purchase of either the following two issues:
$10.000.000 highway certificates of indebtedness. Denom. $1,000. Dated
Dec. 1 1931. Due on March 1 as follows: $500,000, 1939 to
1948, and $1,000,000, 1949 to 1953, all incl. Interest payable
M.& S. The certificates are in coupon form with the privilege
of full registration or as to principal only. Bidders are invited
to name the rate of interest which the certificates are to bear.
The rate must be a multiple of one-quarter of 1%, and must
be the same for all of the certificates. The certificates will be
awarded to the bidder offering to take them at the lowest rate
of interest, at a price not less than par and accrued interest to
the date of delivery of the certificates. As between bidders
naming the same rate of interest, the amount of premium will
determine the award.
10,000.000 highway notes. The denomination will be named by the
successful bidder. Dated Dec. 15 1931. Due on July 15 1932.
Payment of interest on notes at mAturity will be calculated
for the actual number of days upon a 365 day year basis.
Bidders are invited to name the rate of interest which the notes
are to bear. The notes will be awarded to the bidder offering to
take them at the lowest rate of interest, at a price not loss than
Par and accrued interest to the date of delivery of the notes.
As between bidders naming the same rate of interest, the
amount of premium will determine the award. The rate of
interest will be inserted In the notes.
The approving opinion of Reed, Hoyt & Washburn, of New York will
be furnished. said opinion to be paid for by the purchasers. Prin, and int.
will be payable in gold coin, at the State Treasury in Columbia, or at the
agencies of the State in Charleston and New York. A certified check for
$200,000, payable to the State Treasurer, must accompany the bid. The
blank bonds or notes will be furnished by the State.
P (The last sale of obligations by the State took place on July 23 1931
and consisted of $5,000,000 in one-year State highway notes. The report
appeared in full in V. 133, p. 670.)
SPENCER COUNTY (P. 0. Rockport), Ind.
-BOND SALE.
-The
$7,098 4 Y.6% road improvement bonds offered on Dec. 5-Va 133, p.3291
were awarded to the Fletcher American Co., of Indianapolis, at a price
of 101.003, a basis of about
Dated Oct. 15 1931. Due $354.90
July 15 1933, $354.90 Jan. and July 15 from 1934 to 1942, inclusive, and
4.31%.
$354.90 Jan. 15 1943.
SPRINGDALE, Allegheny County, Pa.
-BOND OFFERINO.-H. J.
Barnes, Borough Secretary, will receive sealed bids until Sp. m.on Dec. 29
for the purchase of $50,000 4 yi% coupon borough bonds. Dated Nov. 1
1931. Denom. 31.000. Due Nov. 1 as follows: $5,000 in 1936; $10,000.
1939; $15.000 in 1942, and $20,000 In 1946. Interest is payable semi-ann.
in May and Nov. Purchaser to pay for the printing of the bonds. A certified
check for $1,000 must accompany each proposal.
4007
SPRINGFIELD, Greene County, Mo.-BOND ELECTION.
-We are
informed by the City Clerk that on Dec. 23 an election will be held in order
to vote on the issuance of $200,000 in 4 % sewerage system bonds. (These
bonds have been sold subject to the election-V. 133. p. 3822.)
STAMFORD (Town of) Fairfield County, Conn.
-LOAN OFFER/NO.
-Sealed bids addressed to William D. Hart, Town Treasurer, will be
received until 12 m. on Dec. 16 for the purchase at discount basis of a
3750.000 temporary loan, of which $500,000 will be dated Dec. 23 1931 and
mature June 15 1932, and $250,000 be dated Dec. 30 1931 and mature
June 24 1932. Denoms.$50,000, $25,000,310,000 and $5,000. The $500.000
.
notes will be ready for delivery on Dec. 23 and the $250.000 on Dec. 30.
both at the First National Bank, of Boston. This bank will certify as to the
genuineness and validity of the notes, under advice of Ropes, Gray, Boyden
& Perkins, of Boston.
-BOND SALE.
-The $22,000 issue
SULPHUR, Calcasieu Parish, La.
-was purchased
of paving bonds offered for sale on Dec. 1-V. 133, P. 3127
by the Calcasieu National Bank of Lake Charles, as 6s, at par. Dated
Sept. 1 1931. Due from Sept. 1 1932 to 1956 incl. There were no other
bidders.
-BOND SALE.
-The followSUMMIT COUNTY (P.O. Akron), Ohio.
hag issues of bonds aggregating $385,000 offered on Dec. 4-V. 133, p. 3661
-were awarded as 6s to the Provident Savings Bank & Trust Co., of
Cincinnati, at par plus a premium of $275. equal to a price of 100.07. a
.
0
$aso,0f ap00r 5 11ef :
b16is o 0 b0ut re98%
bends. Denom. $1,000. Due $32,000 Oct. 1 from
1933 to 1937, incl.
150,000 refunding bonds. Denom. $1,000. Due $15,000 Oct. 1 from
1933 to 1942, incl.
62,000 bridge bonds. Denom. $1,000. Due Oct. 1 as follows: $7.000.
1933: $6,000, 1934; $7,000 in 1935, and $6,000 from 1936 to
1942, incl.
13,600 road bonds. One bond for $600. others for $1,000. Due Oct. 1
as follows: $2,000. 1933: $1,000. 1934; 82.000. 1935; 51,000. 1936:
$2.000. 1937:81,000 from 1938 to 1941,incl.,and $1.600in 1942.
Each issue is dated Nov. 11931.
FALLSVALE SCHOOL DISTRICT (P. 0. San Bernardino), San
-A $6,000 issue of 6%
-BOND SALE.
Bernardino County, Calif.
school bonds has been purchased at par by the County Treasurer. Denom,
$500. Dated Oct. 11931. Due on Oct. 1 as follows: $500. 1932 to 1939.
and $1,000 in 1940 and 1941. Prin. and hat. (A. & 0.) payable at the
County Treasury.
TECUMSEH TOWNSHIP SCHOOL DISTRICT NO. 7 (P. 0. Te-BOND COUNTY.
-C. F. Pattercumseh) Lenawee County, Mich.
son, Secretary of the Board of Education, will receive sealed bids until
7 p.m. on Dec. 15, for the purchase of $20,000 refunding school bonds, the
proceeds to be used to retire a like amount maturing Jan. 1 1932. The
bonds offered will be dated Jan. 1 1932. Due Jan. 1 as follows: $3,000
from 1933 to 1938 incl., and $2,000 in 1939. Rate of interest and place of
payment to be specified in bid. interest is payable semi-annually in January and July. A certified chock for $500 must accompany each proposal.
The District will furnish the approving opinion of Miller. Canfield, Paddock & Stone, of Detroit.
-The $25,000
TEXAS COUNTY (P. 0. Houston), Mo.-BOND SALE.
issue of courthouse and jail bonds offered on Dec. 5-V. 133, p. 3291
awarded as 6s to Alexander McArthur & Co. of Kansas City, at par
was
plus a premium of $125, equal to a price of 100.50, a basis of about 5.945%.
Dated Dec. 1 1931. Due Feb. 1 as follows: $1,000 from 1934 to 1944 incl.,
$2,000 from 1945 to 1950 incl., and on Dec. 1 1951 a block of $2,000 bonds
will mature. Bids were also submitted by Prescott. Wright & Snyder,
and the Commerce Trust Co., both of Kansas City.
Official Financial Statement.
$10,139,964
Assessed valuation
129.000
Bonded debt (including this issue)
58365
__,8365
Floating debt
Sinking fund
Wellsboro), Pa.
-BONDS PUBLICL Y
N one
COUNTY (P. 0.
-E. II. Rollins & Sons, of Philadelphia, are offering for public
OFFERED.
% bonds priced to yield 4.40%. Due
Investment a total of $150,000
$10,000 annually from 1934 to 1948. incl. Dated Dec. 1 1931. The
bonds are tax free in Pennsylvania and legal investment for trust funds.
-BONDS NOT
TIPPECANOE COUNTY (P. 0. Lafayette), Ind.
-The $78,375 note refunding bonds offered at not to exceed 4%
SOLD.
-were not sold, as no bids were received.
interest on Dec.5-V. 133, p. 3497
The issue will be readvertised to bear interest at a higher rate. Dated
Nov. 13 1931. Due 37.837.50 July 15 1932, $7,837.50 Jan. and July 15
from 1933 to 1936. inclusive, and $7,837.50 Jan. 15 1937.
-FINANCIAL STATEMENT.
TROY, Rensselaer County, N. Y.
In connection with the proposed award on Dec. 14 of three issues of 4.6.
or 5% coupon or registered bonds aggregating $773,000, notice and
4
-we are in receipt of the
description of which appeared in V. 133. p. 3823
following:
Financial Statement (Dec. 1 1931).
$44,391,462.00
General debt
1.168,900.33
Water debt
Certificate of indebtedness for harbor and dock and public
improvements (temporary loan)
1.800,000.00
-new school building No. 12
Certificate of indebtedness
315,000.00
(temporary loan)
69,875.002.00
Real estate assessed valuation, for 1931
3,422,406.00
Franchise assessed valuation, for 1931
73.297.408.00
Total assessed valuation, for 1931
72,756
Population (1930 census)
-The following issues
-BOND SALE.
UTICA, Oneida County, N. Y.
of coupon or registered corporate bonds aggregating $162,398.16 offered
on Dec. 7-V. 133, p. 3823-wore awarded as 5s, at a price of par, to the
Savings Bank of Utica:
$108,923.75 delinquent tax bonds, for the purpose of providing funds to
be used in the payment of purchases made by the City at the
1931 tax sale: and to provide funds for the payment of the
amount remaining unpaid upon the 1930-19:31 county tax
for the City. Bonds will be issued in denonas• of $1.000 and
$923.75. Due Sept. 1 as follows: $28.923•75 in 1932 and
$20,000 from 1933 to 1936 inclusive.
53,474.41 deferred assessment bonds, for the purpose of providing funds
for the payment of the sums certified by the City Treasurer
remaining unpaid upon local assessments for the construction
of assessable local impts. in accordance with the provisions of
Chapter 658 of the Laws of 1923. Bonds will be issued in
denoms. of $1,000 and $474.41. Due Sept. 1 as follows:
$8.474.41 in 1932 and $9,000 from 1933 to 1937 inclusive.
Each issue is dated Sept. 11931.
VALLEY COUNTY SCHOOL DISTRICT NO. 2 (P. 0. Frazer),
-The $2,000 issue of school bonds that was pur-MATURITY.
Mont.
-is due in
-V. 133. P. 3823
chased by the State of Montana as 6s, at par
years.
20
-BONDS NOT
VANDERBURGH COUNTY (P. 0. Evansville), Ind.
-The two issues of 4% road improvement bonds aggregating $30,200
SOLD.
offered on Nov.23-V.133, p.11291-were not sold,as no bids were received,
according to Charles 0. Wessolman, County Treasurer. Due one bond
annually on May 15 from 1933 to 1952 incl.
-BOND ELECTION.
-An elecVENTURA, Ventura County, Calif.
tion is reported to be scheduled for Jan. 7 in order to have the voters
pass on the proposed issuance of $100,000 in street impt. bonds.
-BOND OFFERING.
-W. H.
VERMILION, Erie County, Ohio.
Mitchell, Village Clerk, will receive sealed bids until 7 p. m. (eastern
standard time) on Dec. 21 for the purchase of $23,484.95 5% improvement
bonds, of which $22.404.25 represents the assessment portion of the cost and
$1.080.70 that of the Village. The bonds are dated Dec. 1 1931. Due
Dec. 1 as follows: $2,484.95 in 1933; $3,000 from 1934 to 1938 incl. and
$2.000 from 1939 to 1941 incl. Principal and semi-annual interest June
and December) are payable at the Erie County Bankkng Co., Vermilion
Bids for the bonds to bear interest at a rate other than 5%, expressed in
multiple of K of 1%, will also be considered. A certified check for 27 of
the amount of the bonds, payable to the order of the Village Clerk, must
accompany each proposal.
(Previous mention of the above issue was made in V. 133. p.3823.)
4008
FINANCIAL CHRONICLE
[VOL. 133.
VIGO COUNTY (P. 0. Terre Haute), Ind.
WICHITA, Sedgwick County, Kans.-BOND OFFERING.
-BOND OFFERING.
-Sealed
..T. F. Shandy, County Treasurer, will receive sealed bids until 10 a.m. on bids will be received until 7.30 p. m. on Dec. 14 by 0. C. Ellis, City Clerk,
Dec. 21, for the purchase of $6,800 4% Fayette Township road improve- for the purchase of two issues of coupon bonds aggregating $89,715.87,
ment bonds. Dated Dec. 15 1931. Denom. $340. Due $340 July 15 divided as follows:
1933,$340 Jan. and July 15 from 1934 to 1942, incl., and $340 Jan. 15 1943. $59.715.87
% paving and sewer bonds. Dated Dec. 1 1931.
' 30,000.00 3 % railroad aid refunding bonds. Dated Nov. 1 1931.
VIGO COUNTY (0. 0. Terre Haute), Ind.-BONDSNOT SOLD.
Denom. $1,000,
Dec. 1 1931. The offering
The $4,400 4% coupon Linton Twp. road improvement bonds offered notice contains the one for $715.87. Dated
following information:
on Dec. 2-V. 133. P. 3661-were not sold, as no bids were received.
All bidders are required to accompany their bid with a certified check
Dated Dec. 1 1931. Due $220 July 15 1933, $220 Jan. and July 15 from equal to 2% of the total bid for said bonds.
1934 to 1942, inclusive, and $220 Jan. 15 1943.
All bids are made and will be received subject to the following conditions:
First: That the
submitted to the
required by law
WARD COUNTY SCHOOL DISTRICT NO. 28 (P. 0. Kenmare) State School Fundsaid bonds arewhich commissionto bethe option to take
has
N. Dak.--CERTIFICATE OFFERING.
-It is reported that sealed bids or reject the same. Commission, whole or part, by said School Fund ComIf taken in
will be received until 2 p. m. on Dec. 18 by L. P. Hansen, District Clerk, mission, the bonds
sale.
for the purchase of a $12,000 issue of certificates of indebtedness. Due on is required to state so taken will not be included in this part ofEach bidder
said bonds.
whether his bid covers the whole or
May 1 1932. A certified check for 2% must accompany the bid.
or whether he will take such portion thereof as has not been taken by the
WASHINGTON SCHOOL TOWNSHIP (P. 0. Martinsville), Morgan State School Fund Commission.
Second: No bid will be given any consideration unless the same is preCounty, Ind.
-BOND OFFERING.
-Sealed bids will be received by the
submitted on blanks to be obtained from City Clerk.
Township Advisory Board from 10 a. m. to 2 p. m. on Dec. 26 for the pared andAll
Third:
proposals and bids are subject to the right of the Board of
purchase of $15,000 43.4% bonds, the proceeds to be used to fund the Commissioners of
the City of Wichita, to reject any and all bids.
The
Indebtedness of the Township to the Martinsville School City.
bonds will be dated Dec. 1 1931. Denom. $750. Due $750 July 1 1932,
WILLISTON, Williams County, N. Dak.-CERTIFICATE SALE.
The four issues of certificates aggregating $25,000, offered for sale on Nov.
$750 Jan. and July 1 from 1933 to 1941, incl.. and $750 Jan. 1 1942.
30-V. 133, p. 3498
-are reported to have been purchased at par by the
WAYNE COUNTY (P. 0. Richmond), Ind.
-WARRANT SALE.
Bank of North Dakota, of Bismarck. The issues are divided as follows:
The $44,000 4 % poor relief warrants offered on Dec.5-V.133, p.3661
- $7,000 certificates of indebtedness. Dated Dec. 1 1931. Due on Dec. 1
were awarded to the Second National Bank, of Richmond, at par plus a
1932.
premium of $308.28, equal to a price of 100.70, a basis of about 4.08% •
5,000 certificates of indebtedness. Dated Jan. 2 1932. Due on May 1
Dated Dec. 1 1931. Due $22,000 on May and Nov. 15 in 1933. The Fletcher
1933.
American Co., of Indianapolis. bid par plus a premium of $85.80 for the 10,000 certificates of indebtedness. Dated March 1 1932. Due on Dec. 1
SS110.
1933.
3,000 certificates of indebtedness. Dated May 1 1932. Due on May 1
-BOND OFWAYNE SCHOOL TOWNSHIP, Marion County, Ind.
1934.
FERING.
-J. Malcolm Dunn, Township Trustee, will receive sealed bids
WILMETTE, Cook County, 111.
until 10 a. m. on Jan. 15 for the purchase of $32,000 434% judgment
-Lea J. Orr,
-BONDS VOTED.
payment bonds. Dated Jan. 15 1932. Denom. $500. Due $1,500 July Village Clerk, reports that at an election held on Dec. 5 the voters approved
15 1933 $1,500 Jan. and July 15 from 1934 to Jan. 15 1942, $2,500 on of the issuance of $600.000 water works revenue bonds by a count of
July 15 1942, and $2,500 Jan. 15 1943. Principal and semi-annual inter- 2,145 to 1,426.
'
est are payable at the Fletcher Trust Co., Indianapolis.
WILMINGTON, New Castle County, Del.
-BOND OFFERING.
--The Sealed bids addressed to Isaac T. McClure, City Treasurer, will be received
-BONDS NOT SOLD.
WAYNESBURG, Stark County, Ohio.
Issue of $2,500 5% fire department apparatus purchase bonds offered on until 12 m. on Dec. 28 for the purchase a $400,000 emergency bonds, to
-was not sold, as no bids were received. Dated boar interest at 4 Si %, be dated Jan. 1 1932 and mature serially in from 1
Nov. 14-V. 133, p. 3127
to 20 years.
Sept. 1 1931. Due $500 on Sept. 1 from 1934 to 1938, incl.
WOOSTER, Wayne County, Ohio.
-BOND OFFERING.
-Charles
-J. P.
-LOAN OFFERING.
WEBSTER, Worcester County, Mass.
N. Holmes, City Auditor, will receive sealed bids until 12 m. on Dec. 21
Bergen, Town Treasurer, will receive sealed bids until 12 m. on Dec. 15, for the
purchase of $17.241.51 5% bonds, divided as follows:
$90,000 temporary loan, to mature
for the purchase at discount basis of a
$8,912.25 special assessment St. impt. bonds. Due Oct. I as follows:
Nov. 15 1932.
$412.25 in 1932;$1,000 from 1933 to 1940 incl., and $500 in 1941.
-BOND OFFERING.
- 3,981.12 special asst. St. impt. bonds. Due Oct. 1 as follows: $381.12 in
WEST NEW YORK, Hudson County, N. J.
Charles Swenson, Town Clerk, will receive sealed bids until 10 a. m. on
1932, and $400 from 1933 to 1941 inclusive.
,
Dec. 22,for the purchase of $131,0004, 431, 5,534,53.1 or 6% coupon
2,723.00 city's portion St. impt. bonds. Due Oct. 1 as follows: $223 in
registered general improvement bonds. Dated Dec. 1 1931. Denom.
1932; $250 from 1933 to 1940 incl., and $500 in 1941.
$5,000 in 1933, and $7,000 from 1934 to
1,625.14 city's portion sanitary sewer bonds. Due Oct. 1 as follows:
$1,000. Due Dec. 1 as follows:
1951, incl. Principal and semi-annual interest (June and Dec.) are payable
$185.14 in 1932 and $160 from 1933 to 1941 incl.
Each issue is dated Oct. 1 1931. Interest is payable semi-annually in
at the First National Bank, of West New York. No more bonds are to be
awarded than will produce a premium of $1,000 over $131,000. A certified April and Oct. Bids for the bonds to bear interest at a rate other than 5%,
check for 2% of the amount of bonds bid for, payable to the order of the expressed in a multiple of g of 1%, will also be considered. A certified
Town, must accompany each proposal. The successful bidder will be check for 1% of the amount of bonds bid for must accompany each proposal.
furnished with the opinion of Hawkins, Delafield & Longfellow, of New
YAKIMA COUNTY(P.O. Yakima) Wash.- WARRANTS CALLED.
York, that the bonds are binding and legal obligations of the Town.
B. W. White, County
for payment on Nov. 23, on which
-BOND SALE.-Glaspell, date interest ceased, Treasurer, calledgeneral road, irrigation, drainage,
WHITE COUNTY (P. 0. Cared), III.
various school,
Vieth & Duncan, of Davenport, recently purchased an issue of $95,000 bridge, expense and maintenance warrants.
% coupon (registerable as to principal) funding bonds, public offering
YOUNGSTOWN, Mahoning County, Ohio.
-REFUNDING BONDS
of which is being made at a price to yield 5.25%. The bonds are dated
AUTHORIZED.
-James E. Jones. Finance Director, has received assurSept. 1 1931. Denom. $1.000. Due Sept. 1 as follows: $9,000 from 1932 ances
from H. D. Deffenbacher, Deputy Supervisor of the State Bureau
to 1936, incl., and $10,000 from 1937 to 1941. incl. Principal and annual of
Inspection, that approval will be given to the plan of the city to refund
Interest are payable at the First National Bank, of Chicago. Legality
approved by Chapman & Cutler, of Chicago. These bonds are payable virtually all of the approximately $750,000 bonds becoming due next
year, according to a dispatch from Columbus to the Youngstown "Telefor ad valorem taxes levied against all the taxable property witnin the gram"
of Nov. 28.
county, which reports an assessed valuation of $10,432,417, and a bonded
debt a $95,000, according to the bankers. According to the 1930 census
the population is 18,150.
Tax Collections.
1930 Levy for Collection 1931.
1929 Levy for Collection 1930.
MONTREAL,
-At a meeting
$503,404.51 Amount levied
$469,358.61 of the city councilQue.-CITY TO BORROW $15,000,000.
Amount levied
approved authorizing
Jan.
501,014.34 Amount collected
466,411.98 the city to borrowto be held on from 1 a by-law will be
Amount collected
local banks, in anticipation of revenue
$15,000,000
2,390.17 Delinquent
Delinquent
2,946,63 for 1932, from which the loan will be re-paid, according to the Montreal
-BOND SALE.
-The "Gazette" of Dec. 5.
WHITE COUNTY (P. 0. Monticello), Ind.
$9,400 4 % Honey Creek Township road improvement bonds offered on
ONTARIO
-McLeod,
-BONDS PUBLICLY OFFERED.
-were awarded to the Fletcher American Co., of Young, Weir (Province of).
Dec. 4-V. 133. p. 3292
& Co.,
public investment a
Indianapolis, at par plus a premium of $102•46. equal to a price of 101.09, block of $100,000 434 of Toronto, are offering for payment and delivery
bonds at
a basis of about 4.28%. Dated Nov. 15 1931. Due $470 July 15 1933: In United States funds, to yield a Twice of 82.62, for
principal and
$470 Jan. and July 15 from 1934 to 1942, incl., and $470 Jan. 15 1943. Interest in New York as well as 6.50%. Payable both as to
Canada.
The Fletcher Trust Co., of Indianapolis, bid par plus a premium of $7
PRINCE EDWARD ISLAND (P. 0. Charlottetown).
-BONDS
for the issue.
OFFERED.
-A on Dec. 11-James D. Stewart, Premier, received sealed bids until 4 p. m.
WHITFIELD COUNTY (P. 0. Dalton), Ga.-BOND SALE.
for the purchase of $600,000 5% bonds, comprising a $450,000
$50,000 issue of 5% coupon road bonds was purchased on Nov. 27 by the debt funding issue and an issue of $150,000 highway impt. Dated Dec. 1
Trust Company of Georgia, of Atlanta, for a premium of $1,820, equal 1931. Bids were requested on the basis of a
-year maturity for each
to 103.64. Tho other bidders and their bids were as follows: J. II. Hils- issue. Payable in Toronto, Montreal and 10 or 20
Charlottetown. Total bonded
man & Co. offered a premium of $869, and the Robinson-Humphreys debt, including current bonds, is $2,704,000, and the sinking fund amounts
Co. bid $273 premium.
to $503,000.
TILBURY, Ont.-BONDS NOT SOLD.
WHITE SALMON IRRIGATION DISTRICT (P. 0. White Salmon)
-11. J. King, Town Clerk,
-It, is reported that an reports that the issue of $75,000 534% water works system completion bonds
-BOND ELECTION.
Klickitat County, Wash.
election will be held on Dec. 19 in order to vote on the proposed issuance of offered on Nov. 21-V. 133, p. 3498
-was not sold, owing to the unsettled
$30,000 in irrigation refunding bonds. Dated July 1 1931. Duo $1,500 from condition of the market. The bonds were to mature annually over a period
of 30 years.
July 1 1935 to 1954 incl.
CANADA, its Provinces and Municipalities.
NEW LOANS
FINANCIAL
$75,000
BOROUGH OF PAXTANG,
Dauphin County, Pa.
BONDS
Is hereby given that the Borough of Bonds Nos.35" 42, incl.. 8,000, on Dec.1, 1941
43" 47, incl., 5,000," " 1,1946
Paxtang, Dauphin County. Pennsylvania, will
48" 52. incl., 5.000," " 1, 1951
receive sealed bids for the purchase of 75 coupon
"61, incl., 9.000." " 1, 1956
bonds of the denomination of $1,000 each, agg're
,
62" 75. incl., 14,000." '• 1. 1961
gating $75.000. bearing interest at the rate of
option
43-5% or 434% per annum, at the
Bids should be addressed to A. M. Bell,
of the bidder, payable semi-annually. Bids will Borough Secretary, 3529 Brisban Street, Paxbe received for the entire issue at any of the above tang, Pa., and will be received up to Seven o'clock
rates of Interest, but no bid combining two dif- P. M. on the THIRTIETH (30) DAY OF
ferent rates of interest will be accepted. Said DECEMBER, 1931. Bids shall be accompanied
bonds and the interest thereon will be payable by a certified check for 2% of the par value of
without deduction for any tax or taxes, except the amount bid for, made payable to the Borough
succession or inheritance taxes, now or hereafter of Paxtang.
levied or assessed thereon under any present
Bids will be opened at Eight o'clock P. M.
or future law of the Commonwealth of Pennsyl- and publicly read at the reg.ular meeting of
vania or of the United States of America, all of Council to be held December 30th, 1931, in the
which taxes the Borough of Paxtang assumes and Paxtang School House, Swan and Rutherford
agrees to pay. The bonds will be sold to the Streets, Paxtang, Pennsylvania.
highest responsible bidder provided such bid is
These bonds are issued subject to the favorable
not less than par and accrued interest.
opinion of Messrs. Townsend, Elliott & Munson,
The bonds will'be dated December 1. 1931, Philadelphia, Pa.
registered as to principal only, and will
may be
The right is reserved to reject any or all bids.
mature as follows:
For further information apply to the underBonds Nos. 1 to 8. Incl.. $8,000, on Dec. 1, 1932 signed.
7,000," ' 1,1933
" 9" 15 Wel
16" 10. incl., 5,000," " 1,1934
BY ORDER of the Borough Council of the
•
21" 25. incl., 5.000." "1.1935 Borough of Paxtang.
A. M. BELL,
26" 32. incl., 7.000," " 1.i916 Al
Secretary.
•
33" 34. incl.. 2,000." " 1,1937
434%.
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