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Die
firtanqul
tiro-ruck
Volume 135
New York, Saturday, December 241932.
Number 3522
The Financial Situation
a
LESS
the action of the Railway
THERE have beenthenumber of important develop- NO Labor important iscoming to terms with the
ments during
course of the present week.
Unions in
Among these perhaps first place should be assigned
to the action of the lower House of Congress, in
passing, by an overwhelming vote, the bill for the
legalization of the sale and manufacture of beer.
The importance of this action lies in the fact that
it will provide additional revenue to the Government at a time when the United States Treasury
is in special need of new sources of revenue. As
to just what revenue will be derived from the bill,
that is a matter with reference to which opinions
differ widely. Ogden L. Mills, in his recent testimony before the Ways and Means Committee of
the House, estimated the amount at a relatively low
figure—somewhere between $125,000,000 and $150,000,000 in the fiscal year 1933-34. Other good judges
are prepared to see that amount doubled or trebled.
Only actual trial of the measure, when it gets on
the statute book, which point is far from having been
reached, will definitely settle the question. But
whatever the actual result, it will to that extent contribute to the balancing of the budget,and that, after
all, is the paramount consideration.
The measure in the form in whieh it received approval by the House of Representatives, after amendment after amendment had been voted down, is the
Collier Bill modifying the Volstead Act so
as to
legalize the manufacture and sale of beer, ale,
&c.,
containing no more than 3.2% by weight or
4% by
volume, this latter being the brew of the days
before
Prohibition. The final vote on the bill was 230 to
165,
a much larger majority than had been counted upon.
News dispatches from Washington state that this
was the action by the same House which had voted
228 to 168 against 2.75% beer in May last, and was
the first outright victory for the wets since the
Eighteenth Amendment to the Federal Consti
tution
was submitted by Congress 15 years ago last Sunday.
Obviously this was in response to public sentim
ent
as expressed in the elections of last month, which
carried the Democrats into power nearly everywhere.
To be sure, the bill will have to run the gauntlet of
the Senate and then approval will have to be given by
President Hoover, whose probable course of action
remains a matter of doubt, but in any event this
week's action is a step in the right direction, and
possibly the measure will be enacted into law during
the tenure of life still remaining to the old Administration, that is before the 4th of next March. It is to
be hoped that that will prove to be the case if for no
other reason than because of the economic advantages to be derived from it.
railway executives of the different roads throughout
the country on the question of railway labor pay for
the immediate future, though the agreement does
not go as far as could be wished. It simply prevents
an immediate rupture in the relations between labor
and the roads. It was given approval on Wednesday
night by the 21 standard railway unions and represents acceptance by these Unions of the final proposal of the railroad managers to extend the socalled Willard agreement for nine months from the
coming Jan. 31, with automatic restoration of basic pay rates at the end of the period. This last is the
unfortunate feature because it would restore the old
rate of pay which prevailed before the 10% reduction
went into effect on Jan. 31 1932. The railway managers had contended for a 20% reduction in the basic
rates of pay, which unquestionably is what the situation demands in the dire distress in which the railroads now find themselves. But there is a saving
clause, nevertheless, and that is that as part of the
agreement, it is also provided that if either side
desires to change basic rates of pay notice to that
effect may be given after the new agreement has been
in operation for 4I/ months. As a matter of fact,
2
this provision is in the reverse form, it reading that
if either side desires to change basic rates such notice
cannot be served until June 15 1933, or four and a
half months after the new arrangement has been in
operation. But the important thing is the right on
the part of the railroad managers to initiate negotiations for a still larger reduction than the current reduction of 10%,and for placing railroad wages on a
permanent basis at some lower level of pay.
There can be no doubt that the railroad managers
will take advantage of this provision at the end of
the 4 -month period, because railroad conditions
/
1
2
so imperatively demand such a step. It is useless
to imagine that railroad wages can come back to the
old high rate of pay, when the cost of living has
been so greatly reduced, and when labor in other
fields has been reduced in accordance with the need
of the times. To leave the question open indefinitely
as if there were a chance in the immediate future for
the restoration of the old wage scales involves unending trouble, and is one of the gravest mistakes
that could be made, since it means constant turmoi
l
and leaves the future of railroad properties in a
state
of great uncertainty, since it carries the threat
that
when railroad revenues once more improve, as they
certainly must improve in the course of time,
labor
cdStwill Tome in to eat up the whole or the greate
r
4254
Financial Chronicle
Dec. 24 1932
f the counoad 000,000 a year to the railroad exlpenses
part of the gains. In such a state of things railr
sary to pursue this subject
ver, try! But it is not neces
credit would be in constant jeopardy, and, moreo
is so absurd, in the
transportation any further. The proposition
it renders impossible reductions in
es, as to carry its own conagri- light of such figur
rates which the unfortunate condition of the
ly low prices demnation:
cultural classes, with the inordinate
re as a
ruling for the products of the farm, may requi
NE of- the events of the week has been the submeasure of relief.
mitting of a special message to Congress on
cost
Labor costs are the-largest single item in the
Monday by President Hoover on the subject of inter
, and if labor costs are to be governmental debt payments. This seems likely to
of running the roads
d during,
maintained on the inflated basis establishe
prove fruitless, since President-elect Roosevelt has
d, the whole economic situation of declined to join with Mr. Hoover in the selection
the boom perio
of absolute
the country will be reduced to a state
commissions or delegations for the investigation
that the rail- of
ss. The provision, therefore,
helplessne
of disarmament, of intergovernmental
s, of questions
managers may, after four and a half month
road
, and of world economic arrangements, it being
rates of pay debts
bring up the question anew of placing
view of Mr. Roosevelt that the matter of interof the utmost the
on a lower and a permanent basis is
al debt payments should not be linked
amount of government
importance and freighted with a large
of these other matters, besides which Mr. ,
railway with any
good. As part of the same provision, the
is also desirous of having a free hand in
ite such Roosevelt
labor unions bind themselves to help exped
conduct of such operations when he succeeds to
as possible. the
negotiations to a conclusion as rapidly
executive control on the 4th of March. The special
expedient is that the roads agree that the message, nevertheless, is a powerful document, even
A doubtful
whole 210
negotiations shall be collective for the
one is unable to agree with Mr. Hoover in
far. We con- though
I roads, as they have been thus
Class
proposals. One of the strong points in
each his views or his
this a doubtful expedient,"since in our view
sider
Hoover's documents has been that he endeavits own men all Mr.
road ought to take the matter up with
nt all sides of every question. This enthat end. ors to prese
and conduct independent negotiations to
unbiased outsider to determine for himself
in these days ables an
But perhaps that is too much to expect
whether Mr. Hoover is right in his views and concluof the domination of labor unions.
respect we have never seen any State
er- sions. In that
A sort of eye-opener came to the railroad Broth
ents that surpassed those emanating from Mr.
Railway docum
hoods when A. F. Whitney, Chairman of the
often happens, however, that the strongtelegram Hoover. It
Executives' Association, received a
Labor
est arguments against the position assumed by the
Kirk Fox,editor of"Successful Farming," agri- President are derived from what Mr. Hoover himself
from
that
cultural organ of Des Moines, Iowa, stating
in presenting the case from every standpoint.
y constitutes one says
"Farmers believe your wage polic
conspicuously true in the instance of the
ery, it And that is
of the principal obstacles to economic recov
message on intergovernmental debt
y rates present special
being obvious that radical reductions in hourl
for the lack of validity in the contention of
reduction in payments,
of railroad pay are essential to radical
r nations that the United States should
labor chief the debto
freight rates." We are told that the
debt claims against them or cancel them
is unanswer- abate its
cy
offered no comment and obviously there
altogether, was never presented with greater cogen
Here,
contention.
able logic in the
than in what Mr.Hoover himself says.
the part or force
There is a general lack of appreciation of
example, are a number of passages from the
er of pro- for
d
that labor costs play in the total cost, wheth
special message which tell the case of the Unite
transportation. A capital illustration States with unanswerable logic:
duction or of
very railroad
of this is furnished in the case of these
ay labor unions
employees. Until lately the railw
"We have declined to postpone this payment,as we
railroad considered that such action (a) would amount to
contending that the solution of the
were
generally, practical breakdown of the integrity of these agreeproblem, and of the economic depression
of the six-hour day ments; (b) would impose an abandonment of the
was to be found in the adoption
s
ution of Con- national policies of dealing with these obligation
and the five-day week. In a joint resol
separately with each nation; (c) would create a
ission was
gress, the Inter-State Commerce Comm
situation where debts would have been regarded as
what would be the effect
directed to "investigate
counterpart of German reparations and ining the being a
upon operation, service and expenses of apply
demnities, and thus not only destroy their individual
nt of all character and obligation but become an effective
principle of a six-hour day in the employme
ay em- transfer of German reparations to the American taxclasses and each particular class of railw
ess, in payer;(d) would be no real relief to the world situaployees because of such application." Congr
ut consideration of the destructive forces
ordering the investigation, did not say whether the tion witho against economic recovery; (e) would not
militating
findings should be based on the assumption that the be a proper call upon the American people to further
nue, but the
wages paid for eight hours were to conti
sacrifices unless there were definite compensaCommission,in reporting the results of its investiga- tions. . . ."
"It is not necessary for me at this time to enter
tion, gives conclusions based on both calculations.
uming the same vol- upon the subject of the origins of these debts, the
The Commission says that "ass
assum- sacrifices already made by the American people, the
ume of traffic and operations as in 1930, and
or
on respective capacities of other governments to pay,
look
ing no reduction in the then existing compensati
which
initial to answer the arguments put forward
may,
for an eight-hour or other basic day's work,the
toward cancellation of these obligations. I the
the
effect would be to increase operating expenses of
er, point out that except in one country
howev
carriers collectively, including the express and sleep- taxation required for the payments upon the debts
-quarter
owing to our Government does not exceed one
ing car companies,at the rate of approximately $630,
the operating of the amounts now being imposed to support their
000,000 per year, or about 14.6% of
payroll military establishments. As their maintained armaexPenses, and approximately 22.2% of the
for
g $630, ments call for a large increase in expenditures
expenses in 1930." Just think of addin
O
Volume 135- -
Financial Chronicle
4255
reduce the winter storage of grain at Buffalo. It is
explained that the present method of moving the
Canadian grain in the autumn months consists of
shipping it to Buffalo in vessels that will lay up in
Buffalo for the winter. The grain cargoes are held
in storage in the boats until the owner or broker for
the cargo finds a buyer in England or some other
European nation. Then the vessel ,is moved to an
elevator and the grain is placed in- railroad cars and
transported to seaboard.
Thus even American grain elevators are made to•
suffer because in order to get the preference there .
must be absolute proof that all shipments from Canada in the long journey on land and across the seas
have been "identical kernel for kernel." In the absence of such proof, even Western Dominion wheat
is subject to a duty of 6c. a bushel, the same as every
bushel of grain raised in the United States. No
wheat coming from the United States can enter Great
Britain unless it pays a tax of 6c. a bushel, while
proOne thing, however, Mr. Hoover does not mention, Canadian wheat is subject to no tax whatever,
only that there is proof, "kernel for kernel,"
and that is the effect upon the United States of the vided
Ottawa agreement for preferences in favor of the that the wheat really comes from Canada.
It should be clearly borne in mind that these OtDominions within the British Empire. That is a new
this tawa preferences are different from the erection of
development which is proving very injurious to
been incountry,with which Mr.Hoover has not yet familiar- tariff walls in which the United States has
impose duties
ized himself,and which deals an especial blow against dulging so freely. These tariff walls
outside, with the
our agricultural classes in takingfrom them,in effect, on all products coming from the
producers. The Ottawa
the British market for their products. We do not view to protecting home
are not meant to
see how the United Kingdom can expect any conces- agreements, on the other hand,
benefit of home growers of wheat in
sions in the matter of its debt payments to the United operate for the
to come in
States so long as this discrimination against this the British Isles. Wheat is permitted
from the outside (and any other policy would be out
country is allowed to continue in operation. Every
day now brings news of some new disturbing features of the question since the United Kingdom does not
and some additional injury growing out of the prefer- raise sufficient wheat for its own consumption), but
ences in favor of Canada and against the United the Ottawa agreements discriminate as between CanStates: In the case of wheat the preference system ada and the United States by providing that Canakeramounts to a virtual denial of the British market for dian wheat, if it can be identified, "kernel for
free, while wheat from
nel," may come in absolutely
American wheat.
a wireless dispatch to the New York "Times" the United States must pay 6c. a bushel for every
Thus
port, which
from London, Dec. 21, contained the statement that bushel that is allowed to enter a British
wheat producer must lose
according to a ruling by the British Treasury,issued means that the American
"
by him to
that night, Canadian wheat shipped to England by 6c. a bushel on every bushel exported
market.
the way of Buffalo is not entitled to preferential the British
At the same time, there come illuminating statistreatment by British customs unless there is a contics from Chicago, on the same date, showing how abvincing evidence that it was not only shipped from
Canada, but was definitely consigned to Great solutely hopeless is becoming the position of the growBritain when it left Canada." This is the decision, ers of wheat in the United States Under existing conwe are told, in a test case relating to three carloads ditions. These statistics are contained in a special
of grain which recently arrived in Liverpool on the Chicago dispatch to the New York "Times," under
steamship Laconia after it had been shipped from date of Dec. 21, as already noted, and they are in
Canada to Buffalo, where it was received by a grain part as follows:
elevator company and subsequently sent by rail
"It was pointed out that Canada cannot hope to
across New York State for loading on the Laconia. market much over 125,000,000 bushels of wheat in
This question, it was added,"would not arise in the the United Kingdom, regardless of preferential
matter of boxed or crated goods routed the same tariffs, out of total requirements of around 225,- '
way, because in such a case there would be no doubt 000,000 bushels.
"The Canadian exportable surplus for the 1932-33
as to the identity of shipment. But in the matter of
the whole shipment season is slightly in excess of 400,000,000 bushels,
wheat there is no evidence that
the carryover from the previous crop.
which began the journey from Canada is identical, including
After allowing for possible United Kingdom takings
kernel for kernel, with the cargo that was trans- of 125,000,000 bushels, this would still leave a marshipped from Buffalo to the Laconia's dock."
ket to be found in other countries for 275,000,000
the same date there came a dispatch from Buf- bushels. The latter grain must be moved at the
On
falo to the New York "Times" saying that about lowest possible cost in order to be able to compete
10,000,000 bushels of Canadian grain shipped an- with Argentine,. Australian and American wheat.
materially above the
nually through Lake Erie points are affected by the American wheat is at present States has tempoworld's parity, and the United
British customs decision that consignment through rarily withdrawn as a seller."
United States ports shall not enjoy Empire tariff
When we are told, as in the above dispatch, that
preferences. It was added that this decision, accord, will materially American wheat is materially above the world's
ing to Buffalo elevator operators
defensive forces beyond those before the war, the
American people naturally feel that cancellation of
these debts would give us no relief from arms, but
only free large sums for further military preparations abroad.
"Further,it is not amiss to note that the contention
that payment of these debts is confined to direct shipment of goods or payment in gold is not a proper
representation, since in normal times triangular
trade is a very large factor in world exchanges; nor
is any presentation of ;the trade balance situation
complete without taking into account services, as,
for instance, American tourist expenditures and
emigrant remittances alone to most of the debtor
countries exceed the amount of payments. / may
also mention that our country made double the total
sacrifice of any other nation in bringing about the
moratorium which, served to prevent the collapse of
many nations of Europe, with its reactions upon the
world. This act of good-will on owr part must not
naw be made either the excuse or opportunity for
demanding still larger sacrifices."
4256
Financial Chronicle
parity, and that the United States has withdrawn
as a seller, it simply means that the American wheat
grower has failed to lower his prices so as to allow
for the tax of 6c. a bushel which the American producer has to pay on wheat from this country destined
for the British Isles. With the situation as described
in the foregoing excerpt, is it any wonder that the
appearance the present week of the Agricultural
Bureau's report on winter wheat,showing the lowest
condition figures for December ever recorded since
the reports were begun back in 1863, was without
any influence on prices? Veritably the position of
the American wheat raiser is a pitiable one.
Dec. 24 1932
bined has actually decreased,falling from 63.1% last
week to 62.2% the present week.
It should be stated that the money in circulation
is reported as having increased $66,000,000 during
the week, of which 2,428,000 is apparently represented by the expansion already referred to in Federal Reserve note circulation. Reserve credit outstanding, as measured by the bill and security holdings, has further diminished during the week,falling
from $2,174,346,000 Dec.14 to $2,159,806,000 Dec.21.
The decrease has been almost entirely in the discount
holdings, reflecting member bank borrowing, which
have further declined during the week from $284,473,000 to $270,315,000. The holdings of acceptances
(mainly of foreign bills) show only inconsequential
changes, the amount for this week being reported at
$33,221,000 as against $33,769,000 last week, and the
holdings of United States Government securities
also remain virtually unchanged at $1,850,699,000
against $1,850,726,000, though some of the separate
items going to make up the total show large changes,
the holdings of Treasury notes having diminished
from $357,448,000 to $286,908,000, while the holdings of certificates and bills have increased from
$1,072,609,000 to $1,143,088,000. The amount of
United States Government securities held as part
collateral for Federal Reserve notes increased during the week from $426,300,000 to $471,600,000.
Holdings of acceptances for account of foreign central banks are a little larger the present week at
$36,171,000 against $35,911,000 last week. At the
same time, foreign bank deposits with the Federal
Reserve institutions increased from $10,295,000 to
819,221,000.
T WAS supposed that the limit of cheapness and
I also the limit of absurdity in the diminutive
cost of borrowing by the United States Treasury
had been reached on the 22nd of last month when
$100,000,000 of 91-day Treasury bills were disposed
of on a discount basis of only 13 one hundredths of
1% per annum (0.13%). But this week the low
record was again broken and the Secretary of the
Treasury placed $100,039,000 of 91-day bills on a discount basis of only nine one hundredths of 1% per
annum (0.09%). Owing to the Federal Reserve
easy money policy the congestion of funds at the
financial center has reached such extremes that
financial institutions are ready to put out their
funds at such ridiculously low figures. The average
price obtained by the Treasury for the bills was
99.978, and thus the Treasury borrows $100,039,000
for a period of 91 days at the cost of only $22,000.
How long may we expect this attenuating process
to continue. At the way things are now going,
must we count upon seeing the banks in the end
actually offering a premium for the privilege of takINTER wheat prospects for 1933 do not look
ing over the bills, enabling the Government to borrow
so good at the opening of the preliminary
without any cost to itself whatever?
winter season. Area planted during the fall months
this year is again reduced as compared with recent
HE Federal Reserve condition statements this preceding years, and the
condition at the opening
week reflect the payment of $95,550,000 to the of winter is much the lowest
on record. The area
United States on Thursday by showing gold held planted is placed by the
Department of Agriculture
abroad in that amount, and that gold appears as a at Washington at 39,902,000
acres and compares
separate item and is not counted as part of the with 38,682,000 acres planted
a year ago. For the
gold reserves of the Federal Reserve institutions. five years prior to last year it
has been in excess
That will happen when the gold actually is shipped of 40,000,000 acres, the highest
in 1927 at 47,280,000
to the United States and arrives in this country. acres. Production by no
means follows in line with
Parenthetically it may be said that the Bank of the area planted. A good
many things can happen
England statement for the week ending Wednesday between fall planting and the
harvest in the succeednight shows an almost identical loss, this loss being ing summer. Naturally, a reduced
acreage and a low
reported at £19,677,000, reducing the total gold hold- condition have their effect on
the possible output.
ings of the bank from £140,305,000 Dec. 14 to £120,The condition of the winter wheat sowing, on
628,000 Dec. 21, or the lowest figure reached at any Dec. 1, as planted in the past
autumn, was placed
time since the year 1920. As far as the returns by the Department at 68.9% of
normal. This is the
of our Federal Reserve banks are concerned, the lowest Dec. 1 condition since
these records were
chief feature, aside from the appearance of the first begun in 1863. The
Dec. 1 1931 condition of
item of gold held abroad, is an increase in the Fed- the crop harvested the past
year was 79.4%, and
eral Reserve notes in circulation in the sum of $42,- the 10-year average Dec. 1
condition, 1920-'29, has
428,000, raising the total from $2,713,935,000 Dec. 14 been 83.3% of normal. The
condition this year is
to $2,756,363,000 Dec. 21. Gold reserves show a low in practically every State
where winter wheat
further substantial increase of $18,284,000, aside is grown. The outlook
was especially unfavorable
from the gold held abroad, but as this latter is not in the hard winter wheat
area, where a larger part
counted as part of the reserves and the volume of of the crop is produced.
Unusually cold weather
Federal Reserve notes in circulation has increased and lack of moisture have
caused deterioration.
largely, as already stated, and as there has been at
Unfavorable conditions often lead to increased
the same time an increase in the deposit liabilities abandonment in the spring, and
this may be large
from $2,484,874,000 to $2,521,398,000, chiefly because for the crop now in the ground.
The area abandoned
of an increase in member bank reserve from $2,424,- on the crop planted a year ago
was 16.6% of the
532,000 to $2,446,056,000, the ratio of total reserves acreage planted, while that of
the preceding year
to deposit and Federal Reserve note liabilities cora- was only 5%. The 10-year
average abandonment
W
T
Volume 135
Financial Chronicle
has been 12%. For the crop harvested in the slimmer of 1931,'for which the area abandoned was
the acreage planted in the preceding fall was 40,149,000 acres, and the'harvest 787,465,000 bushels.
The Department has indicated a yield from the
growth of 1933 of only 400,000,000 bushels. This
does not necessarily follow. The crop harvested the
past summer from the acreage of a year ago was
462,151,000 bushels. It started out at the beginning
of the growing season last May at 441,000,000 bushels.
For rye the area planted the past fall is also reduced,
being estimated at 4,649,000 acres, compared with
5,000,000 acres a year ago and 5,318,000 acres in the
fall of 1930. The condition of rye on Dec.1 1932 was
placed by the Department at 76.3% of normal against
82% a year ago and a 10-year average condition
of 87.5%.
4257
exports of gold were $809,507,000 against $434,143,00 ,for the same period in the preceding year,
and gold imports $262,443,000 compared with $522,610,000 for 1931. The excess of gold shipments this
year has been $547,064,000, with a movement in the
opposite direction a year ago for the same time of
$88,467,000. Silver exports last month were only
$875,000, and imports $1,494,000.
HE stock market this week has been depressed
and lower. The news on'Monday that the Central RR.of Georgia had been placed in the hands of a
receiver had a bad effect on railroad securities of
all kinds, both stocks and bonds, and the railroad
list has been a weak feature day after day. There
appeared to be a fear that further railway defaults
were in prospect, and the appearance on Thursday
-4of a statement by the Railroad Credit Corporation
HE foreign trade of the United States was again that there would be no default of railroad interest
reduced in November. Merchandise exports, payments due Jan.1 did not seem to relieve this fear
after advancing over the earlier months of the year, to any extent. Nor did the news that an agreement
first in September, followed by a still further in- • had been reached between the Railroad Brotherhoods
crease in October, have again receded. The value and the railroads for continuing the 10% reduction
for the month just closed was $139,000,000 against in railroad wages for another period of nine months
$153,000,000 for October and $193,540,000 for Novem- from Jan.31 to Oct.31 serve in any way to strengthen
ber 1931. Imports also were lower last month, the railroad group, the general conviction being that
although the reduction was less than for exports, the reduction in .wages should be of much larger
the value of merchandise imports being $104,00,000 extent. New York Central and a few other railroad
compared with $106,000,000 for October and $149,- stocks have been under constant pressure. At the
480,000 in November last year. A part of the loss same time the shares of United States Steel Corp.,
in exports for the past month was in shipments both common and preferred, have reflected constant
abroad of cotton. On the other hand, the increase liquidation on a large scale. The trade reports on
in exports for the two preceding months was chiefly the condition of the steel industry have been of the
due to the larger movement of cotton. November same adverse character ,as in all immediately preexports were $54,540,000 less than those for a year ceding weeks, the "Iron Age" reporting raw steel
ago, the decline being equal to 28.2%. Imports were output at only about 14% of the country's capacity,
$45,480,000 smaller last month than in November a decline of one point from last week, while also saying that a further drop was indicated for the holi1931, the reduction equaling 30.4%.
For the 11 months of 1932 exports have amounted day period when a considerable number of steel mill
to $1,481,379,000, and imports to $1,225,199,000. units, as well as the host of manufacturing plants
During the same period of 1931 exports were $2,240,- that use iron and steel will be idle for a week or 10
177,000 and imports $1,937,200,000. The decline in days, in some instances perhaps longer. President
exports this year was $758,798,000, or 33.9%, and in Hoover's special message to Congress on intergovernimports $712,001,000, or 36.7%. There is one indi- mental debt payments appeared to be without influcation that may contain some signs of hope, and ence, except that the price of the pound sterling disthat is that both in the case of exports and of imports played a rising tendency, though some setback in the
the loss for November is at a lower ratio than the sterling rate occurred on Thursday, when it apreduction for the 11 months. The export trade bal- peared that the President's efforts to create special
ance for last month was $35,000,000 against $47,- commissions for the purpose of investigating the
000,000 in October and $44,060,000 for November debt question along with disarmament and the dis1931. For the 11 months there has been an export cussion of economic questions were likely to prove
trade balance of $256,180,000 compared with $303,- fruitless, owing to the reluctance of Mr. Roosevelt
077,000 for the corresponding period of the preced- to join in the effort. The range of cable transfers
/
/
on London yesterday was 3.3258@3.331 2 against
ing year.
/
were slightly under 3.30 1 16@3.31 5/16 on Friday of last week.
Cotton exports last month
A further decline in the price of silver was also a
those for October, totaling 1,019,468 bales, compared
with 1,026,726 bales in October and 1,081,000 bales disturbing feature, the price of the metal in London
a year ago. There was little change in the value of yesterday being reported at 16 13/16 pence per ounce
cotton exports in November this year compared with against 17 pence on Friday of last week, and the
/
October,the reduction being only $1,440,000; Novem- New York price at 2478c. per ounce against
2
1
/
ber cotton exports were valued at $38,531,800. Last 25 c. on Friday of last week. The market values
year at the higher prices the value of cotton ship- of both grain and cotton moved lower, the December
ments was $43,619,400. Exports other than cotton option for wheat in Chicago closing yesterday at
last month were approximately $100,468,000; for the 43%c. as against 44%c. on Friday of last week, and
the price of spot cotton in New York being quoted
preceding month the same total was $113,030,000.
changed materially in yesterday at 5.95c. against 6.00c. on Friday of last
The gold movement has not
the past three months. November exports of gold week. There have been some further dividend reducwere reduced, amounting to only $12,000, and im- tions the present week, but they have not been of
ports were about the same as in the preceding month, special importance. The Harbison-Walker Refracat $21,756,000. For the 11 months of 1932, total tories Co. suspended quarterly dividends on its 6%
T
T
4258
Financial Chronicle
Dec. 24 1932
cumul. pref. stock. The Economy Grocery Stores 262 against 28; Reynolds Tobacco class B at 2918
/
1
/
Corp. omitted the quarterly dividend on its capital against 30 ;Liggett & Myers class B at 5414 against
/
3
4
/
stock, and The Fair (Chicago) suspended payment 57; Lorillard at 12 against 137,and Yellow Truck
/
1
2
8
of quarterly dividends on its 7% cumul. pref. stock. & Coach at 234 against 3%.
/
The Canada Dry Ginger Ale reduced the quarterly
The steel shares have been especially weak. United
, dividend on common from 30c. a share to 25c. a share; States Steel closed yesterday at 2614 against 30 on
/
1
2
/
during 1931 the quarterly dividend on these shares Friday of last week; Bethlehem Steel at 12 against
/
1
2
was 75c. a share each quarter. Gold Dust Corp. re- 1518,and Vanadium at 1038 against 12. In the auto
/
/
duced the quarterly dividend on common from 40c. group, Auburn Auto closed yesterday at 4534 ex-div.
/
a share to 30c. a share, after having up to Feb. 1 1932, against 4734 on Friday of last week; General Motors
inclusive, made quarterly distributions of 62 c. a at 1278 against 1378; Chrysler at 1518 against 1678;
/
/
/
1
2
/
/
share. Of the stocks on the New York Stock Ex- Nash Motors at 12% against 13%; Packard Motors
change list, 57 fell to new low figures for 1932 during at 2 against 2½; Hupp Motors at 2% against 2 ,
/
1
2
the present week, while 13 stocks established new and Hudson Motor Car at 4 against 5. In the
/
1
2
high records for the year. The call loan rate on the rubber group, Goodyear Tire & Rubber closed yesterday at 14 against 15% on Friday of last week; B. F.
Stock Exchange again remained unaltered at 1%.
Trading increased somewhat as the week advanced, Goodrich at 418 against 478; United States Rubber
/
/
/
1
4
and prices receded. At the half-day session on Satur- at 4 against 4 , and the preferred at 7% against
/
1
2
day last the sales on the New York Stock Exchange 8 bid.
The railroad shares have been under pressure
were 413,644 shares; on Monday they were 917,085
shares; on Tuesday, 999,932 shares; on Wednesday, almost the whole week. Pennsylvania RR. closed
/
729,780 shares; on Thursday, 1,297,758 shares, and yesterday at 1318 against 15 on Friday of last week;
on Friday, 925,908 shares. On the New York Curb Atchison Topeka & Santa Fe at 36 against 41;
/
1
2
Exchange the sales last Saturday were 106,850 Atlantic Coast Line at 16 against 2178; Chicago
/
shares; on Monday, 185,799 shares; on Tuesday, Rock Island & Pacific at 3 against 4; New York Cen/
199,726 shares; on Wednesday, 160,779 shares; on tral at 15 against 2112; Baltimore & Ohio at 7%
Thursday, 162,773 shares, and . Friday, 199,520 against 9½; New Haven at 113 against 15; Union
/
4
on
Pacific at 6514 against 72; Missouri Pacific at 21 8
/
shares.
/
As compared with Friday of last week, prices are against 3%; Southern Pacific at 1378 against 18;
/
sharply lower all around. General Electric closed Missouri-Kansas-Texas at 5 against 5%; Southern
/
yesterday at 14% against 161 8 on Friday of last Railway at 414 against 5%; Chesapeake & Ohio at
/
/
1
2
/
week;Brooklyn Union Gas at 76 against 773 ; North 24 against 2618; Northern Pacific at 12% against
/
4
/
1
2
American at 26% against 29; Standard Gas & Elec- 15 , and Great Northern at 614 against 878
/
/.
The oil shares have been better maintained than
tric at 13 against 14; Consolidated Gas of N. Y. at
57% against 59/8; Pacific Gas & Electric at 29% the rest of the list. Standard Oil of N. J. closed
/
against 29½; Columbia Gas & Electric at 153 8 yesterday at 2912 against 2918 on Friday of last
/
/
against 16l,/ ; Electric Power & Light at 5% against week; Standard Oil of Calif. at 2334 against 2378;
8
/
/
6%; Public Service of N. J. at 5078 against 5212; Atlantic Refining at 1534 against 1578 and Texas
/
/
/,
/
International Harvester at 20 against 22½; J. I. Corp. at 13 against 13 . The copper group has
/
1
2
Case Threshing Machine at 3712 against 42%;Sears, also been weak. Anaconda Copper closed yesterday
/
4
Roebuck 8z Co. at 18 against20%;Montgomery Ward at 53 against 6% on Friday of last week; Kennecott
1
/
/
& Co. at 1234 against 1418; Woolworth at 35 against Copper at 7 8 against 8; American Smelting & Re/
36; Safeway Stores at 38% against 391/4; Western fining at 11 against 12%; Phelps Dodge at 4%
/
Union Telegraph at 25 against 3034; American Tel. against 434; Cerro de Pasco Copper at 5% against
/
61 8 and Calumet & Hecla at 2 against 2 .
/,
& Tel. at 101% against 107%; International Tel. &
/
1
2
Tel. at 578 against 7l/; American Can at 5218
/
/
• against 54½; United States Industrial Alcohol at
ARIATIONS in stock quotations were small
2312 against 25; Commercial Solvents at 9% against
/
this week on exchanges in the leading Euro10%; Shattuck & Co. at 9 against 9 , and Corn pean financial centers. In view
/
1
2
of the impending
Products at 50 against 53%.
holidays trading dwindled at London, Paris and
Allied Chemical & Dye closed yesterday at 76
/ Berlin, even though it has been of very modest pro1
2
against 8038 on Friday of last week; Associated Dry portions for many months. There
/
were a few favorGoods at 33 against 4%;E. I. du Pont de Nemours able price movements in securities
/
4
affected by politiat 3534 against 3818; National Cash Register "A"at cal developments, but the
/
/
moderate upward and
7/ against 8½;International Nickel at 7 against downward swings reported from
38
/
1
2
day to day occa7/ Timken Roller Bearing at 14 against 1414; sioned no net changes of any note in the great
8;
/
Johns-Manville at 1814 against 22; Gillette Safety majority of issues. Reports
/
indicate, however, that
Razor at17% against 1878;National Dairy Products optimism regarding the
/
future is increasing in
at 17 against 173 Texas Gulf Sulphur at 211
4;
4 European financial circles. The intergovernmental
against 2278; Freeport Texas at 22% against 243 ; debt problem still in a state
/
/
4
is
of chaos, and business
American & Foreign Power at 618 against 7; United improvement is slow and
/
spasmodic at best, but at
Gas Improvement at 19 against 1978; National Bis- least
/
there is no further decline. Governments everycuit at 38 against 40; Coca-Cola at 7014 against where face a difficult problem
/
1
2
/
in balancing their
71½; Continental Can at 373 against 391/4; East- budgets, but all the leading regimes
/
4
are now engaged
/
man Kodak at 5214 against 5618; Gold Dust Corp. in the attempt. The problem of
/
unemployment re/
at 1418 against 15; Standard Brands at 13% against mains one of the most trying of
all, and further
15 ; Paramount Publix Corp. at 17/ against 2; alleviative action was taken this
/
1
4
s
week by a number
18
Kreuger & Toll at / against 18; Westinghouse Elec- of Governments. The London
/
House of Commons
tric 8z Manufacturing at 25% against 28%; Drug, concluded a debate on unemployment Monday by
Inc., at 3414 against 33½; Columbian Carbon at• voting an additional £19,000,000 for benefits and re/
V
Volume 135
Financial Chronicle
4259
mining shares. The trend was downward Tuesday,
lief. The extensive French relief program of former
leading issues showing losses of 1 to 3 points. SizPremier Herriot has been adopted by his successor,
able blocks of I. G. Farbenindustrie were offered,
M. Paul-Boncour, and passage is expected in the
Steel Works shares also appeared in volume,
Uhamber of Deputies. The German Government is United
and the decline in these issues unsettled the rest of
augmenting its recent efforts by a "work creation
market was dull, Wednesday,owing
program" involving the immediate granting of $119,- the market. The
of $642,- to the impending holiday season. Price movements
000,000 credits and ultimate expenditures
sluggish, with the main trend toward
600,000. The Italian Government started late last also were
ly lower levels. Artificial silk stocks and
week on a public works program calling for outlays moderate
electrical issues were well maintained, however, and
of $130,000,000 during the winter.
bank stocks likewise improved. A better
The London Stock Exchange was extremely quiet some of the
prevailed Thursday, almost all stocks advancin the initial session of the week, but prices were tone
Reichsbank shares were in greatest
steady in nearly all departments. British funds were ing 1 to 2 points.
as the result of unconfirmed reports that
dull and fractionally lower, as the heavy gold trans- demand,
on will pay a 12% dividend. Improved
fer for the Dec. 15 debt payment has caused expecta- the instituti
companies stimulated the mining
tions of firmer money. Industrial stocks were cheer- earnings by some
There was a firm undertone on the
ful with small rises general. The foreign list was group of stocks.
despite listless trading.
stimulated by a sharp advance in German securities. Boerse yesterday,
Business improved slightly in Tuesday's dealings at
HERE is every indication that the problem of
London. British funds recovered sharply, chiefly as
the war debts due the United States Governthe result of the favorable movement of sterling exrest for several months, so
change. Industrial stocks were almost unchanged, ment will be allowed to
toward revision by President
while international issues also hovered around form- far as any action
official family is concerned. The
er levels. Holiday influences were apparent Wed- Hoover and his
n debtor nations made no further public
nesday, as business tapered off materially. British Europea
ic conversations doubtless
funds were firm, and industrial issues also reflected declarations, but diplomat
instances. The attitudes
some demand. The international list was uncertain, were continued in several
of the debtor States were unchanged, those making
with German bonds much improved while Angloin every case
American trading favorites declined. A cheerful the payments due on Dec. 15 hoping
while the seven
problem,
tone prevailed Thursday, with South African gold for an early review of the
g rumors that defaulting States made no move toward payment.
mining stocks in keen demand followin
last week that
South Africa may abandon the gold standard. Any It was reported in Washington late
believing France might soon
development of this nature would increase the ster- there were grounds for
These rumors
ling profits of the companies. British funds held pay the $19,261,432 now overdue.
d after a protracted conference befirm, and most industrial stocks registered small were circulate
Claudel, and
gains. The international list of issues reflected tween the French Ambassador, Paul
Secretary of State Henry L. Stimson. They were
moderate unsettlement. The gilt-edged list was
ment
slightly lower in quiet trading yesterday, but indus- sufficiently definite to bring about a postpone
of a Senate debate on the debt question. After a
trial stocks improved.
and Mr. StimThe Paris Bourse was quiet and uncertain in the further conference between M.Claudel
plain, however,
made
first session of the week. There was a good deal of son early last Saturday, it was
a
g the domestic political situa- that the situation remained unchanged and that
uncertainty regardin
a promise of revision in
tion, owing to the Cabinet crisis, and trading was French endeavor to secure
nt had
r
restricted in consequence. The appointment of Henri return for payment of the Decembe instalme
ful.
Cheron as Minister of Finance by the Premier-desig- been unsuccess
The impasse on the debt problem, so far as it is
nate, Joseph Paul-Boncour, was viewed hopefully,
, also reand rentes advanced substantially. As Minister of due to the American political situation
mained unchanged this week, but the position has
Finance under M. Poincare until 1930, M. Cheron
accumulated a surplus of 19,000,000,000 francs in been clarified as the result of the special Presidenan unthe French Treasury, and it was assumed in Paris tial message to Congress on the subject, and
assistance to the Govern- successful attempt by Mr. Hoover to enlist the aid
that he will now be of great
ment in solving its current financial difficulties. In of President-elect Roosevelt for an early review. An
Tuesday's dealings a reaction developed in rentes, exchange of telegrams, published at the White House,
and other securities also drifted lower. Nervous- Thursday, disclosed that Mr. Roosevelt declined sugness was caused by rumors of heavy increases in taxa- gestions for co-operative action .made by the Presition. The opening was uneasy, Wednesday, and dent. It is held evident in Washington, for this
prices again moved lower until just before the close, reason, that there will be no further negotiations
when a• rally wiped out most of the earlier losses.. on the debt problem of any consequence until after
Net changes for the day, were unimportant. Opt' Mr. Roosevelt's inauguration on March 4 next. Lontimism increased Thursday, in view of the prospect don dispatches indicate that the British Government
of a sustaining vote by the Chamber for the new will be quite content to wait until after March 4,
Cabinet. Prices advanced but the gains were modest, in the belief that definitive negotiations can then be
as trading was,restricted almost entirely to profes- initiated. This prospect is considered much more
sional circles. Small recessions were registered on alluring than that of tentative discussions with experts whose authority might be non-existent after
the Bourse yesterday.
Berlin .Boerse,was firm at the opening, Mon- inauguration day.. In the French capital it was likeThe
e is
day, with, mining stocks especially in, demand, but wise.believed that the most practical procedur
Profit-taking appeared toward the close and net to wait for action by Mr. Roosevelt.
President Hoover's message to Congress on the
changes were inconsequential'. Business was light
cated last Monday,and published
in the general list, notwithstanding the activity in debts was communi
T
4260
Financial Chronicle
Dec. 24 1932
the same day. It covered a wide field and linked hope the discussions will
be initiated at an early
the problems of the war debts, currency stabilization, date. In these circumst
ances I don't think the course
the price level and the depression in a rather sur- of action suggested by the question
would be approprising fashion. Mr. Hoover declared, in effect, that priate at the present
time." The new French Cabinet
immediate re-examination of the debts for countries formed by Premier
Paul-Boncour will follow closely
that paid or sought to pay on Dec. 15 is an essential the attitude on the debts
indicated by the vote against
preliminary to currency stabilization, which in turn payment in the Chamber
of Deputies, Dec. 14. In
is necessary to price stabilization and the first basic his Ministerial declarat
ion, Thursday, M. Paul-Bonattack on the depression. Accordingly, he suggested cour stated that the
"circumstances, as well as the
the formation of a commission, bi-partisan and semi- complexity of the present
political situation in the
Congressional in character, which would include United States,oblige our conducti
ng with an extreme
American representatives to the world economic and prudence the negotiations
whose orientation was
disarmament conferences. Mr. Hoover proposed to traced out by the Chamber's
vote." Of passing inseek President-elect Roosevelt's co-operation in form- terest is a discovery by former
Premier Herriot,
ing this commission, as the discussions clearly cannot Monday,that he was really
fully empowered to make
be concluded during his own administration. The the payment to the United
States on Dec. 15, for
President reiterated his own position of opposition which he asked Legislative
authority, inasmuch as
to cancellation, and he added that any adjustment the French budget, approved by
the Parliament the
of cash payments must be compensated by definite previous April 1, carried an
appropriation for the
benefits in markets and otherwise. He reminded payment.
Congress that he had requested the appointment of a
debt commission a year ago, only to be rebuffed by
HE Cabinet crisis occasioned in France by the
the Legislature. "In the situation as it has develdefeat of the Government of Edouard Herriot
oped, it appears necessary for the Executive to pro- on the debt payment
question has been surmounted
ceed," Mr. Hoover added. Not only would any con- through the
appointment of Joseph Paul-Boncour
clusions be subject .to Congressional approval, but as President
of the Council of Ministers. No proif Congress would take the initiative, "it would meet nounced change
in the orientation of the Cabinet on
with'my heartiest approval," the President said.
any important question is looked for as a result of
It was made plain in Washington, the same day, the change in
the Government. Senator Paul-Bonthat Mr. Hoover was in communication with Mr. cour was
associated with the Socialist party in France
Roosevelt regarding his project for organizing a until a
year ago, when
joint commission to deal with the debts, and with He has been indepen he resigned the connection.
dent since that time, but always
world economic problems and the disarmament active
in determining his country's foreign policy.
problem. Governor Roosevelt made no comment on In
M. Herriot's Cabinet he held the post of War
these overtures, but reports from Albany stated defi- Minister
, and in this capacity he attended the Gennitely that he intended to adhere to his original stand eral
Disarmament Conference. The Cabinet formed
against participation in international negotiations, by
M. Paul-Boncour, as announced last Sunday,
directly or indirectly, until after he assumes the almost
duplicates that of M. Herriot, as 12 of the 17
Presidential office. These reports were confirmed members
also were in the Herriot Cabinet. M. Paulwhen the correspondence was published Thursday. Boncour
will be Foreign Minister as well as Premier.
Mr. Hoover gave the correspondence to the press Like its predeces
sor, this Cabinet looks for support
with the brief statement that "Governor Roosevelt to the Left
Center parties in the Parliament, with
considers it undesirable for him to assent to my sug- the Radical-Soci
alists the key supporters. The list
gestions for co-operative action on the foreign prob- of Ministers follows:
lems outlined in my recent message to Congress. I
Premier and Foreign Minister—Joseph Paul-13onco
will respect his wishes." To the original request of
Vice-Premier and Minister of Justice—Abel Gardey ur (Senator).
(Senator).
Interior—Camille Chautemps.
the President for his co-operation, dispatched last
Finance—Henri Cheron (Senator).
War—Edouard Daladier.
Saturday, Mr. Roosevelt replied, Monday, that "it
Marine—Georges Leygues.
would be unwise for me to accept an apparent joint
Air—Paul Painleve.
Education—Anatole de Montle.
responsibility with you when, as a matter of ConstiColonies—Albert Sarraut (Senator).
Public Health—Charles Danielou.
tutional fact, I would be wholly lacking in any atPosts and Telegraph—Laurent Eynac.
tendant authority." Mr. Hoover sent a further mesLabor—Albert Daihnier.
Public Works—Georges Bonnet.
sage to Governor Roosevelt the following day statAgriculture—Henri Queille.
Commerce—Julien Durand.
ing that his aim was not to seek early solutions,
Merchant Marine—Leon Meyer.
but rather to prepare machinery for negotiations and
Pensions—Edmond Menet.
for the solutions which the President-elect will have
Premier Paul-Boncour made his Ministerial decto seek after assuming Executive responsibility. He laration before the Chamber
of Deputies Thursday,
urged once again that Mr. Roosevelt name repre- and he was promptly
accorded a vote of confidence
sentatives qualified to take part in such preliminary by 365 to 215. The
policies
discussions. Governor Roosevelt again declined in ment are to be continued in of the Herriot Governimportant particulars,
a telegram sent late Wednesday. "
he informed the Chamber. It was revealed that M.
The war debt problem was discussed briefly from Herriot continued his
contacts with the United
the British point of view in the House of Commons, States Government late
last week, and M.Paul-BonMonday, by Stanley Baldwin, who was Acting Prime cour expressed gratitud
e that a "serious effort has
Minister at the time. In reply to a suggestion by a been made at Washington
to smooth over the diffiMember of Parliament that the debtor governments culties which have arisen."
Negotiations on the debt
confer with a view to common action, Mr. Baldwin question, the new Premier said,
will be conducted
stated: "The United States Government have with the firm purpose of preparin
g a solution of the
'upon a joint examination with us question in its entirety. As M.
agreed to enter.
Paul-Boncour had an
of the whole question, and his Majesty's Government important part in shaping the
disarmament and,
T
Volume 135
4261
Financial Chronicle
other foreign policies of his predecessor, he indicated
that he would continue such aims. A way out of the
economic depression will be sought,the Premier said,
and he also promised energetic efforts toward economy and a balanced national budget. M. Herriot's
policy with regard to unemployment will be continued, and the new regime also will push the bill
for aid to French agriculture drawn up by the preceding regime.
The Cabinet crisis in Belgium which developed at
the same time and for the same reason was settled
even more easily, and with the same prospect of continued policies. Count Charles de Broqueville was
invited by King Albert to form a coalition to succeed
his own Cabinet, and this task was completed last
Saturday. There was thus no change in the Premiership, but several changes appear in the list of Ministers. The coalition announced by Premier de
Broqueville will rely for support on a Catholic-Liberal compromise. The Socialists refused to join the
new Government. The list of Ministers follows:
sisting of the three Foreign Ministers of the countries, was formed, and arrangements made for three
meetings a year. The official announcement added
that there was complete unity among the conferees.
Belgrade dispatches remarked, however, that the
threat of treaty revision did not seem to impress
M. Titulescu, who stated after the meeting that he
was "unaware that there is any question of treaty
revision so long as this is not brought before the
League of Nations." Every effort was made to avoid
giving the impression that the conference indicated
hostility toward other States.
-4--
ONSIDERATION of the Manchurian question
was postponed until Jan. 16 by the special
Committee of Nineteen of the League of Nations
Assembly, when objections were voiced by Japan,
Tuesday, to the, proposed methods of conciliating
this dispute of 16 months' standing between China
and Japan. The Assembly concluded its study of
the Lytton report last week without taking a definite
Premier,Count Charles de Broqueville Foreign, Paul Hymans
attitude, and the problem was transferred to the
Interior, Prosper Poullet
Finance, Henri Jasper
Carton
Social Welfare and Health,
Committee of Nineteen with instructions for conDefense, Albert de Veze
de Wlart
Labor, Philippe Van Isacker
ciliation with the aid of the United States and Soviet
made evident in Tokyo
LANS for the complete repayment of the "Irish Russia. It was immediatelynot prove acceptable to
that this procedure would
Freedom" loans raised in the United States in
there was also some question regarding
1921 by Eamon de Valera and his Republican associ- Japan, and
the participation of this country and Russia in the
ates were announced in Dublin, Monday, by Mr. de
conciliation. Officials in WashingValera, who is now President of the Irish Free State. proposed task of
non-commital on this point, beyond
Suitable legislation will be introduced in the Dail ton remained
the State Department had not been
immediately after the lower House of the Irish Par- stating that
Geneva concerning representation on
liament reassembles on Feb. 1, it was stated. The sounded from
The Russian Foreign Minister,
two loans floated aggregated $5,886,415, and of this the committee.
Litvinoff, was reported in a Geneva dispatch
amount $2,000,000 was returned to subscribers after Maxim
York "Times" as not disposed
litigation in American courts. Close to $4,000,000, of Dec. 16 to the New
to favor acceptance of any League invitation.
plus interest, is now due and payable. The prinJapanese views on the proposed conciliation by
ciples of repayment announced by President de
the Committee of Nineteen were contained in a mesValera include a return of $1.25 for each $1 sub.
to Geneva by the Tokyo Government
scribed to the loans, the amounts returned after sage dispatched
last Saturday. Objection was expressed to the scope
the litigation here to be regarded as part payment.
the commission's duties, Japan maintaining that
Cash payment will be completed on bond certificates of
the committee's function is not to participate in the
issued in denominations of $10 and $25, while payese negotiations, but to prepare the way
ment on certificates of $30 and upward will be in Sino-Japan
for direct negotiations between the disputants. The
stock in multiples of $5, and in cash for odd sums
proposal to invite the United States and Russia to
2
1
/
remaining. The stock issued will carry 3 % couparticipate was declared unwarranted in a legal
pons, and it will be payable at. par value in five
sense, and quite unacceptable to Japan. The League
years, Or at any intervening date by purchase in the
has no authority to go outside its membership in a
open market.
case involving members, the Japanese maintained.
OREIGN MINISTERS of the European Little Opposition also was expressed to the League's referEntente, comprising Czechoslovakia, Rumania ences to the Nine-Power treaty, and to chapters in
and Yugoslavia, met at Belgrade, Sunday and Mon- the Lytton report which are held tacitly to challenge
day, to consider international problems of mutual the independence of the puppet State of Manchukuo,
Interest. The meeting was held, dispatches state, set up by Japan in Manchuria. Chinese delegates in
principally to combat the plans of Hungary, Bul- Geneva, on the other hand, declared firmly that
garia and Austria, for revision of the peace treaties. Japan must give up the "so-called Manchukuo" beEconomic co-operation in Southeastern Europe and fore any conciliation can take place. "This comreparations as they affect that area also were studied pleted the confusion," a Geneva report to the New
by Foreign Ministers Benes of Czechoslovakia, Titu- York "Herald Tribune" remarked. As agreement
lescu of Rumania and Jeftitch of Yugoslavia. Sev- by the disputants on a basis for negotiation is a
eral minor "incidents" have occurred recently among necessary preliminary to conciliation,these attitudes
the Balkan States, and the old antagonism between by Japan and China gave the matter a very unpromisYugoslavia and Italy also has flared into the open ing aspect.
The Committee of Nineteen studied the situation
once more. In view of these developments the Little
more than ordinary for several days and adjourned Tuesday. The next
Entente conference attracted
attention. An official communication issued after meeting of the body is to take place not later than
the close of the meeting indicated that the bonds unit- Jan. 16, and the hope was expressed that in the
withing these three allies of France have been tightened meantime "both parties will exercise restraint,
of the growing danger of peace treaty out which conciliation may become impracticable."
in the face
revisions. A permanent Little Entente council, con- A statement issued in Geneva by the Committee
p
C
4262
Financial Chronicle
Dec. 24 1932
emphasized the necessity for an early decision "in A special session of the Argentine Congress was
view of the length of time the conflict has already hastily called to consider a request by President
continued and in response to the earnest demand of Augustin P. Justo for a state of siege. This modified
one of the parties (China) for final determination form of martial law was voted last Saturday to last
of prolongation of the time limit." The Committee a month, notwithstanding vigorous opposition by
admitted that considerable differences at present' Socialist Deputies and Senators. President Justo
exist, but added that they should not prove insur- was authorized to renew the state of siege periodimountable. In a Geneva dispatch of Tuesday to cally if he believes it advisable. The plans of the
the New York "Times" it was remarked that "the plotters were said to have called for the kidnapping
Japanese reply was such that the subcommittee of of President Justo, and for handing over the city
six negotiators finally decided it was impossible even of Buenos Aires for 48 hours to "criminals
and terrorto discuss it, and so reported to the Committee of ists of the worst type." The evidence, which included
• Nineteen, which implicitly confirmed them in their a series of proclamations prepared in advance, was
stand. With no real hope of ending the deadlock submitted to the courts in Buenos Aires and indictnow or later, the question arose as to when would be ments were issued in normal legal procedure. The
the best time to come to a showdown. Since all authorities were widely commended for handling of
important persons had already left for the Christmas the plot without military display or extra-legal
holidays and others were anxious to get away,it was methods. In a statement issued by President Justo,
thought wiser to take time."
Dec. 16, it was indicated that the Government had
--•-been aware of the plot or rebellion, which was to
T A SESSION of the League of Nations Coun- have broken out last Saturday under the leadership
cil, Monday, tentative arrangements were of the Personalista or Irigoyen Radicals. The
made for a hearing on Jan.23 of the dispute between authors of the plot planned, the statement said, "to
the British and Persian governments regarding the kidnap and kill high public officials, take possession
sudden cancellation by Persia of the long-standing of public buildings housing vital services, destroy
concession of the Anglo-Persian Oil Co., in which others with hand grenades, and violently produce
the British Government is a majority stockholder. in the shortest possible time the most intense alarm
The preliminary hearing early this week was amia- among the populace." No disturbances were reble, and Sean Lester of the Irish Free State, who ported anywhere in the country.
presided over the Council, remarked that there is
HERE have been no changes the present week
nothing in the proceedings to prevent the parties
settling their dispute before the next session. The
in the discount rates of any of the foreign cenBritish statement of their case has already been tral banks. Present rates at the leading centres
placed before the Council. It explained that the are shown in the following table:
DISCOUNT RATES OF FOREIGN CENTRAL BANES.
British Government acquired a considerable interest
in the company to assure oil supplies for the British
Rate in
PreRate in
Pro
Country. Effect
Date
pious
Country. Effect
Nous
Dale
Navy. Great Britain appealed to the Council, howDec.113 Established. Rate.
Dec.10 Established. Rate.
ever, not as a stockholder in the company but as a Austria—. 6 Aug. 23 1932 7 Holland_. .234 Apr. 18 1932 8
Belgium-- 3%
13 1932 234 Hungary-- 434
1932 5
government. The statement warned that a "situa- Bulgaria.... 834 Jan. 17 1932 934 India...... 4 Oct 17 1932 5
May
July 7
Chile
434 Aug. 23 1932 534 Ireland.... 3
June 30 1932 334
tion of the utmost gravity" will arise if Persia tries Colombia_ 5 Sept. 19 1932 6 Italy
May 2 1932 6
5
CzechosloJapan..... 4.38 Aug. 18 1932 5.11
to take possession of the company's "extensive and
vakia—_ 434 Sept.24 1932 5
Lithuania_ 7
May 5 1932 734
Danzig_ _ _
. 4
July 12 1932 5
Norway. _. 4
1 1932
immensely valuable properties and plant," or if any Denmark.. 334 Oct. 12 1932 4 Poland_ _ 6 Sept.20 1932 434
Oct.
734
England__
2
June 30 1932 234 PortlMal
634 Apr. 4 1932 7
Estonia__ 534 Jan. 29 1932 634 Rumania.
injury to property or personnel results from Persia's Finland...__ 634 Apr. 19 1932
. 7
Mar. 3 1932 8
7
Spain..... 6
Oct. 22 1032 OS
234 Oct. 9 1931 2
action or inaction. A statement was filed in behalf France—. 4 Sept.21 1932 5 Sweden
334 Sept. 1 1932 4
Germany_.
Switzerland 2
Jan. 22 1931 234
of the Persian Government, explaining that Persia Greece_ _ __ 9 Dec. 3 1932 10
"already had decided to notify the Council of the
In London open market discounts for short bills
intimidating—it might almost be said threatening— on Friday were 13'@1 3-16, as against 13@1 13-16%
attitude of Great Britain." A delay was requested, on Friday of last week, and lh@l 5-16% for three
and the Persian Government declared that it does months' bills, as against 15-16@15 8% on Friday of
/
not intend in the meantime to take any measures last week. Money on call in London on Friday was
%. At Paris the open market rate on Saturday,
against the Anglo-Persian Oil Co. The date of
Jan. 23 was thereupon set by the Council for a Dec. 17, was reduced from 17
4% to 1% but in
hearing of the dispute, in the expectation that the Switzerland the rate remains at 13/270.
—4
-Persian representatives will have had time to prepare
their ease and reach Geneva from Teheran. The
HE Bank of England statement for the week
President of the Council dispatched communications
ended Dec. 21 shows a loss of £19,677,185 of
to both disputants, urging them to "refrain from gold, reflecting the payment of the war debt instalany act or step that might aggravate or extend the ment due the United States. The Bank's gold holddispute."
ings are now down to £120,628,031 in comparison
with £140,305,216 in the previous week and £121,XTENSIVE plans for a coup d'etat in Argentina,
353,268 a year ago. The loss of gold was somewhat
which it is alleged would have resulted in a offset by a contraction of £2,158,000
in circulation
reign of terror by Radical malcontents, were uncov- and reserves decreased £17,519,000.
The reserve
ered and frustrated by the police of Buenos Aires ratio is off sharply, being down to 18.14% from
late last week. A number of prominent Radical lead- 33.31% a week ago. In the same week last year
ers were arrested, among them former Presidents the ratio was 20.94%. Public deposits fell off
Hipolito Irigoyen and Marcelo T. Alvear. The police £712,000, while other deposits rose £12,227,549.
also seized 4,000 bombs and hand grenades, while The latter consists of bankers' accounts, which
papers showing that the entire country was to be increased £12,607,232 and other accounts which desubjected to revolution also were secured in raids. creased £379,683. Loans on Government securities
A
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Volume 135
Financial Chronicle
increased £25,428,000 and those on other securities
£3,618,784. Of the latter amount £92,752 was to
discounts and advances and £3,526,032 to securities.
The reserve ratio is unchanged at 2%. Below we
publish a table setting forth the different items with
comparisons for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1929.
1928.
1930.
1932.
1931.
Dec. 25.
Dec. 26.
Dec. 21.
Dec. 23.
Dec. 25.
.£
CIrculation_a
370,098,000 370.030.991 379,676,869 379,573,000 388,242,899
7,825,000 14,641,211 10,284,679 8,829.000 12,969.050
Public deposits
132,887,023 111,002,963 89,905,609 106,837,470 107,001,102
Other deposits
Bankers' accounts 98,898,276 72,281,664 56,217,226 71,048,531
accounts_ -- 33,988,747 38,721,299 33,688,383 35,788,939
Other
Governm't securities 99,676,000 67,605,906 51,736,247 67,123,855 67,296.855
33,406,880 49,612,335 37,213,354 40,035,196 44.785,930
Other securities
& advances 11.832,965 13,536,612 14,199,048 22,300.076
Securities
21,573,915 36,075,723 23,014,306 17.735,120
Reserve notes & coin 25,530.000 26,322,277 29,144,563 26,453,000 25.824,375
Coin and builion_120,628,031 121,353,268 148,821,432 146,027,587 154,067,274
Proportion of reserve
18.14%
20.94%
21%
29.08%
22.80%
to liabilities
2%
Bank rate
3%
5%
434%
6%
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England
note issues adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
HE Bank of France in its statement for the week
ended Dec. 16, shows a decrease in gold holdings of 75,004,933 francs. Total gold holdings are
now 83,268,864,632 francs, in comparison with
68,063,696,256 francs last year and 53,283,850,425
francs the previous year. Credit balances abroad
show a reduction of 51,000,000 francs and bills
bought abroad 11,000,000 francs. A loss is also
shown in note circulation, namely 447,000,000
francs, reducing the total of notes outstanding
to 82,035,287,125 francs. Circulation a year
ago stood at 82,527,138,735 francs and two years
ago at 75,369,153,765 francs. French commercial
bills discounted declined 171,000,000 francs while
advances against securities and creditor current
accounts rose 20,000,000 francs and 47,000,000
francs respectively. The proportion of gold on hand
to sight liabilities stands this week at 78.16%, as
compared with 60.20% a year ago. Below we furnish a comparison of the various items for three years:
T
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
for Week.
Dec. 16 1932. Dec. 18 1931. Dec. 19 1930.
Francs.
Francs,
Francs.
Francs.
Gold holdings__ —Dec. 75,004,933 83,268,864,632 68,063,696,256 53,283,850,425
Credit bats. atm'd-Dec. 51,000,000 3,104,489,541 15,335,442,054 6,683,571,485
French commercial
bills dIscountedaDea. 171,000.000 2,536,700,015 6.386,407,364 7,267,824,458
Bills bought abr'dbDeo. 11,000.000 1,604,950,771 9,188,811,871 19,408,400,248
Adv. agt. securs—Inc. 20.000,000 2.571.513,763 2,795,080,072 2,930,070,961
Note circulation—Deo.447,000,000 82,035,287,125 82,527,138,735 75,369,153.765
Cred. curr. ants _Ina. 47,000,000 24,505,903,845 30,532,359,719 23,712,182,800
Proportion of gold
on hand to sight
liabilities
60.20%
Inc.
53.78%
78.16%
0.23%
a Includes bills purchased in France. b Includes bills discounted abroad.
4263
tively. The proportion of gold and foreign currency
to note circulation stands at 26.9% as compared with
25.6% a year ago. A comparison of the various
items for three years is furnished below:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
Dec. 15 1932. Dec. 15 1931. Dec. 15 1930.
for TVeek.
Reichsmarks. Reichsmarks. Reichsmarks. Reichsmark,.
Assets-Gold and bullion__ _..Dec. 5,532,000 798,537,000 1,002,174,000 2,215,702.000
57,924,000 126,600.000 222,017,000
Of which depos.abr'd_ Unchanged.
Res've in for'n curr__Inc. 3,656,000 117,587,000 158,355,000 550,866,000
Bills of exch. & checksDec. 67,153,000 2,784,366,000 3,792,175,000 1,731,522.000
Silver and other coin_Ino. 31,282,000 234,334,000 159,855,000 161,473,000
17,421,000
7,442,000
13,660,000
1,777,000
Notes on oth. Ger.bks.Ine.
Inc. 9,289,000 110,413,000 222,219,000
81.430,000
Advances
102,474,000
Inc.
297,000 396,506,000 102,892,000
Investments
Inc. 2,684,000 756,639,000 866,693,000 470,477.000
Other assets
LiaZeSSuies—
Notes in circulation_ _Dec. 38,518,000 3,400,444,000 4,538,137.000 4,256,065,000
1,331,000 354.039,000 434,112,000 301.307401
0th. daily matur.obligIne.
Inc. 13,487,000 751,827,000 852,225,000 379,551,000
Other liabilities
Propor. of gold & for'n
65,1%
25.6%
0.2%
26.9%
curr. to note circul_Inc.
EALINGS in the New York money market
have been extremely quiet this week, with
rates substantially unchanged in all departments.
Funds were available in great abundance, but the
demand remained small. All the factors making
for low rates remain operative, and they have, in
fact, been augmented by the substantial increases in
American gold stocks. Call loans on the New York
Stock Exchange were 1% for all transactions of the
week, whether renewals or new loans. In the outside
3
or "street" market, call loans were available at 4%
A
Tuesday, while 5 % was quoted in
Monday and
subsequent sessions. Time loans were unchanged,
with transactions scarce. Brokers' loans against
stock and bond collateral increased $2,000,000 in
the week to Wednesday night, according to the usual
report of the Federal Reserve Bank of New York.
Gold movements at New York in the same period
consisted of imports of $8,335,000, with no exports
reported. There was a net release of $11,997,000
of gold held earmarked for foreign account, while
gold earmarked abroad for account of the Federal
Reserve Bank of New York amounted to $95,550,000.
The New York institution was notified that gold
amounting to $2,172,000 was received at San Francisco from the Far East. The net increase in the
gold stocks during the period was thus $118,054,000.
D
EALING in detail with call loan rates on the
Stock Exchange from day to day, 1% was the
ruling quotation all through the week both for new
loans and renewals. The time money market has
shown no improvement this week. Rates are quoted
nominally at M% for 30 to 90 days, 3/2@%% for
four months and 34@1% for five and six months.
There has been some improvement in the demand
for commercial paper this week and while the offerings have shown a slight increase, the supply of high
class paper is still short of the requirements. Quotations for choice names of four to six months' maturity
are 1M@1%%. Names less well known are 2%.
On some very high-class paper occasional transactions at 13% are noted.
D
HE Bank of Germany in its statement for the
second quarter of December reveals a loss in
gold and bullion of 5,532,000 marks. The total of
bullion is now 798,537,000 marks which compares
with 1,002,174,000 marks a year ago and 2,215,702,000 marks two years ago. An increase is shown in
reserve in foreign currency of 3,656,000 marks, in
silver and other coin of 31,282,000 marks, in notes on
other German banks of 1,777,000 marks, in advances
HE market for prime bankers' acceptances has
of 9,289,000 marks, in investments of 297,000 marks
been very brisk this week, but sales are limited
and in other assets of 2,684,000 marks. A contraction
of 38,518,000 marks in note circulation, reduces the on account of the shortage of offerings. Rates are
total of the item to 3,400,444,000 marks, in com- unchanged. The quotations of the American Acparison with 4,538,137,000 marks last year and ceptance Council for bills up to and including three
4,256,065,000 marks the previous year. Bills of months are M% bid, Y asked; for four months,
s%
exchange and checks fell off 67,153,000 marks while %% bid and M% asked; for five and six months,
A
3
other daily maturing obligations and other liabilities 7 % bid and 4% asked. The bill buying rate of
1,331,000 marks and 13,487,000 marks respec- the New York Reserve Bank is 1% for 1-90 days;
rose
T
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4264
Financial Chronicle
13/8% for 91-120 days, and 13/2% for maturities from
121-180 days. The Federal Reserve banks show a
trifling decrease in their holdings of acceptances,
the total having moved down from $33,769,000 last
week to $33,221,000 this week. Their holdings of
acceptances for foreign correspondents increased
during the week from $35,911,000 to $36,171,000.
Open market rates for acceptances are as follows:
SPOT DELIVERY.
—180 Days-- —150 Days— —120 Days—
Asked.
Bid.
Asked
Asked.
Bid.
Bid.
Prime eligible bills
fi
34
14
34
—90Days— —80Days— —30Days—
Asked
Asked.
Bid.
Asked.
Bid.
Bid.
44
34
Si
31
Prime eligible bills
44
34
FOR DELIVERY.WITHIN THIRTY DAYS.
14% bid
Eligible member banks
14% bld
Eligible non-member banks
been no changes this week in the
THERE have ratesscheduleFederal Reserveinbanks.
of the
rediscount
effect
of rates now
The following is the
for the various classes of paper at the different
Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANNS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
BostonNew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
at. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effect on
Dec. 23.
Date
Established.
Previous
Rate.
334
234
334
334
834
334
234
334
334
334
334
334
Oct. 17 1931
June 24 1932
Oct. 22 1931
Oct. 24 1931
Jan. 25 1932
Nov. 14 1931
June 25 1932
Oct. 22 1931
Sept. 12 1930
Oct. 23 1931
Jan. 28 1932
Oct. 21 1931
234
3
3
3
4
a
334
234
4
3
4
234
STERLING exchange, continuingasthe movement
which began two weeks ago, is decidedly firm
in Wednesday's trading moved high as 3.3431
and
for cable transfers, which compares with the low of
3.14M touched on Tuesday, Nov. 29. Despite the
firmness in quotations, the market has been extremely
dull, a seasonal phenomenon characteristic of the
period preceding the Christmas holidays. The range
this week has been from 3.31 to 3.344 for bankers'
4
sight bills, compared with a range of from 3.243 to
3.313/i last week. The range for cable transfers has
been from 3.313/i to 3.3431, compared with a range
of from 3.25 to 3.31 5-16 a week ago. The firmness
in the pound throughout the past two weeks is
generally attributed to the payment of the war
debt instalment of $95,550,000 which was due the
United States Treasury on Dec. 15. One reason for
the firmness in the rate is the demand originating
in Continental Europe for transfers to London
partly as a result of the marked increase in confidence
and partly of the firmer rates prevailing for open
market money in London, which made transfers
from the Continental centres desirable. This demand for sterling and transfers to London came
chiefly from Amsterdam and Paris and to some extent
from Swiss centres.
Markets everywhere became extremely dull on
Thursday in anticipation of the approach of the
Christmas holidays. The London market will be
closed from Saturday, Dec. 24, to Tuesday, Dec. 27,
inclusive, and also on Saturday, Dec. 31. The
quotations recorded this week were the highest
since Nov. 14. The market had evidence several
times during the week, certainly in the European
centres if not so much in New York, that the Bank
of England was frequently a seller when the rate
threatened to rise too rapidly. London bankers are
not pleased with the rapid advance. The rise was
due in part to a technical recovery following the
Dec. 24 1932
recent collapse of the pound and in part to the depreciation in French francs. The seasonal pressure
against sterling should run its course by the turn of
the year. However, as many large British concerns
will have to cover dollar requirements at that time,
sterling may be temporarily depressed again, but the
seasonal pressure should be entirely lifted by the
middle of January. Thursday's Bank of England
statement was awaited by the market with great
interest, though the statement can have no bearing
on sterling exchange as the realignment in the Bank's
figures has been fully anticipated since the gold payment. The current statement as of Dec. 21 shows a
drop in gold bullion of £19,677,185 from the week
of Dec. 14. The British statement issued and dated
on Thursdays is always as of the close of business
on the preceding day. Total gold holdings on Dec. 21
stood at £120,628,031, the lowest since July 7 1920.
On Dec. 14 gold holdings amounted to £140,305,216,
and on Dec. 23 1931 they were £121,353,268. The
decline in gold holdings of course affected the reserves, which declined from £43,049,000 to £25,530,000, the lowest level reached since the middle of
the last decade. The drop in reserves, together with
the sharp increase in deposit liabilities of approximately £12,607,000 in bankers' accounts caused a
decline of 15.17 points to 18.14% in the proportion
of reserves to liabilities, the lowest since July 11926,
when a ratio of 17.96% was reported. The lowest
ratio on record was reported on Dec. 29 1920 at 7.3%.
Last week the bank statement as of Dec. 14 recorded
a ratio of 33.31%, and a year ago, on Dec. 23, the
ratio stood at 20.94%. It is believed that the present
break in the reserve ratio is the largest decline ever
recorded by the Bank of England. At this time
there is a heavy demand for currency for holiday
purposes, which, of course, helped to reduce the ratio.
Since Dec. 1 there has been an increase of £11,254,000
in circulation, which has caused a shrinkage of a like
amount in the reserves. The extra notes outstanding
will, of course, as a seasonal matter return to the bank
soon after Jan. 15. The loss of gold represents the
gold earmarked for the Federal Reserve Bank in
New York as a result of the payment of which details
were given here last week. The item has its complement in a footnote to the Federal Reserve Bank
statement of gold movements for the week ended
Dec. 21 to the effect that the Reserve Bank shows
a gain in gold holdings totaling $95,550,000 by reason
of gold earmarked abroad. It is generally believed
that the reduction in the Bank of England's gold
reserves may have the effect of prolonging the postponement of the return to the gold standard. The
drop in the bullion also postpones indefinitely the
possibility of retirement of the £15,000,000 extra
fiduciary issue authorized a year ago last August as
an emergency measure. Of a total of £370,098,000
in circulation, £275,000,000 represents the fiduciary
issue.
As stated above, the London money market is
firmer and proving attractive to Continental funds.
Even the New York market is watching London bill
rates with the expectation that they will be profitable
for the transfer of dollars to Lombard Street. Owing
to the firmness in open market money rates there
was some discussion last week of the possibility of an
increase in the Bank of England rate of rediscount,
which continues at 2%. However, London dispatches state positively that no such step is contemplated and London feels doubtful that present
Volume 135
Financial Chronicle
market rates can be maintained as funds are superabundant even for the present season. On Thursday
call money against bills was quoted % of 1% to 1%,
compared with M% on Wednesday. Two-months'
4%,
bills (bankers' acceptances) were 1 3-16% to 11
compared with l3/s% to 1 3-16%. Three-months'
4% to 1 5-16%, compared with 1 3-16%
bills were 11
A
to lYi%. Four-months' bills were 1 5-16% to 13 %,
5-16%. Six-months' bills
I%
compared with W to 1
were slightly easier at 1%%,compared with 1 5-16%
to 1%70.
Gold continues to come to the London open
market and the shipments from the Indian hoards are
especially steady. Much of this gold has been
steadily taken for a long time by the Bank of England
and the British Treasury for the Exchange Equalization Account, but since the figures are never divulged
there is no way of knowing exactly how much gold
the Treasury has acquired since the establishment of
the fund. A great deal of the gold taken in the
open market has been for Continental account,
though in recent weeks American bankers have been
the heaviest buyers. Gold sold in the London open
2
market this week at from 123s. 43/d. per ounce to
124s. 73d. per ounce. The average market price
in shillings before England went off the gold standard
was around 85s. per ounce. The Bank of England
. buying rate was 84s. 10d.
At the Port of New York the gold movement for
the week ended Dec. 21, as reported by the Federal
Reserve Bank of New York, consisted of imports
of $8,335,000, of which $3,360,000 came from
England, $2,130,000 from Holland, $1,532,000 from
India, $998,000 from Canada, $104,000 from Chile
and $211,000 chiefly from Latin American countries.
The Federal Reserve Bank reported a decrease of
$11,997,000 in gold earmarked for foreign account.
At the same time the Bank in a special footnote
reported a gain in gold through gold held earmarked
abroad for the Federal Reserve Bank of $95,550,000.
In tabular form the gold movement at the Port of
New York for the week ended Dec. 21, as reported
by the Federal Reserve Bank of New York, was
as follows:
-DEC.21, NCLUSIVE.
GOLD MOVEMENT AT NEW YORK,DEC.15
Exports.
Imports.
$3,380,000 from England
2,130,000 from Holland
1,532,000 from India
None
998,000 from Canada
104,000 from Chile
211,000 chiefly from Latin-American countries
$8,335,000 total
Net Change in Gold Earmarked for Foreign Account.
Decrease, $11,997,000
$95,550,000
Gain through gold held earmarked abroad
The above figures are for the week ended Wednesday evening. On Thursday there were no imports
or exports of the metal, nor any change in gold held
earmarked for foreign account. Yesterday $11,943,100 of gold was received, $8,048,800 coming from
England, of which $7,563,800 represents a transfer
on account of the debt payment made to the United
States on Dec. 15, as the Federal Reserve Bank
reports a loss of $7,563,800 through decrease in gold
held abroad. In addition to the $8,048,800 from
England imports yesterday comprised $2,800,000
received from France; $995,900, from Canada, and
$98,400 from India. There were no exports of the
metal yesterday, but gold held earmarked for foreign
account increased $820,000. For the week ended
Wednesday evening approximately $2,172,000 of
4265
gold was received at San Francisco, $1,608,000 coming from China and $564,000 from Australia. Thursday $1,122,000 more of gold was received at San
Francisco from China.
Canadian exchange continues at a severe discount,
although fractionally more favorable to Montreal
than last week. On Saturday last Montreal funds
were at a discount of 12 9-16%; on Monday at
124%; on Tuesday at 12%%; on Wednesday at
1334 %; on Thursday at 13%, and on Friday at
.
4
123 %.
Referring to day-to-day rates, sterling exchange on
Saturday last was firm in a quiet market. Bankers'
sight was 3.31@3.31%; cable transfers, 3.313'®
3.31. On Monday the market was dull and the
8
pound firmer. The range was 3.313/@3.31% for
2
bankers' sight and 3.313/@3.32 for cable transfers.
On Tuesday sterling moved to higher ground.
2
Bankers' sight was 3.323/@3.333; cable transfers,
3.32/@3.33%. On Wednesday, in dull trading,
the pound went to 3.3434, a new high on the move.
The range was 3.33/@3.343/ for bankers' sight
.
%@3 3434 for cable transfers. On Thursand 3.333
day exchange was easier in a dull market. The
range was 3.323'@3.33% for bankers' sight And
3.3234@3.33 9-16 for cable transfers. On Friday
2
sterling was steady; the range was 3.323/@3.33%
A©3.33M for cable
for bankers' sight and 3.325
Closing quotations on Friday were
transfers.
3.33 7-16 for demand and 3.333/ for cable transfers.
Commercial sight bills finished at 3.333/8; 60-day
bills at 3.3234; 90-day bills at 3.313%; documents for
-day grain bills
payment (60 days), at 3.3234, and 7
at 3.32%. Cotton and grain for payment closed at
3.33%.
XCHANGE on the Continental countries presents no new features of importance. These
exchanges are all seasonally inactive at this time.
French francs continue to show softness at times,
largely because of the dissatisfaction felt in international markets over the default of the French
Government on the American war debt instalment
which was due on Dec. 15. However, the occasional
weakness of the franc must also be attributed to
seasonal pressure and the unfavorable trade balance
of France. Whatever adverse effect may have resulted from default on the war debt payment is now
largely discounted and may also be offset by the
rather widely held expectation that the French
Government will shortly find it practicable to reverse
the stand forced upon the Herriot government by
the Chamber of Deputies. It is understood that
the Bank of France has had to intervene in the
market on several occasions recently in order to
support French exchange. At rates which have
been current for the franc during the past few weeks
the market is justified in expecting a considerable
gold flow from Paris to New York. It is understood that approximately $8,000,000 of gold is now
on the way or has been engaged for shipment from
Paris to New York. According to Paris dispatches,
gold will continue to flow from France to the United
States, as there is no visible reason at the moment
for expecting an important recovery in French exchange. This week the Bank of France shows a
decrease in gold holdings of 75,004,933 francs, the
total standing on Dec. 16 at 83,268,804,632 francs,
which compares with 68,063,696,256 francs a year
ago, and with 28,935,000,000 francs in June 1928,
E
4266
Financial Chronicle
following the stabilization of the unit. The Bank's
ratio is at record high, standing at 78.16%, which
compares with 77.93% on Dec. 9, with 60.20% on
Dec. 18 1931 and with legal requirement of 35%.
German marks are of course largely nominal, as
all German foreign exchange transactions are strictly
controlled by the Reichsbank, operating through
governmental decrees. Consequently mark exchange
is not in any way affected by the major factors
bearing on the leading units. Belgian exchange has
been under pressure for some weeks and is ruling
below dollar parity to such an extent that the market
expects gold shipments from Belgium to the United
States in a short time. The belga is also adversely
affected because of its close association with the
French franc. Italian lire and the other Continental
exchanges are all extremely dull at this season, but
they are generally steady and not greatly affected by
the influences operating on sterling and French francs.
The London check rate on Paris closed at 85.37
on Friday of this week, against 84.72 on Friday of
last week. In New York sight bills on the French
centre finished on Friday at 3.90 8, against 3.903
on Friday of last week; cable transfers at 3.9034,
against 3.903 , and commercial sight bills at 3.90,
%
against 3.903/g. Antwerp belgas finished at 13.85
for bankers' sight bills and at 13.853/ for cable transfers, against 13.84 and 13.843/2. Final quotations
for Berlin marks were 23.80M for bankers' sight bills
and 23.81 for cable transfers, in comparison with
23.793/ and 23.80. Italian lire closed at 5.113'
for bankers' sight bills and at 5.12 for cable transfers,
against 5.115 and 5.12. Austrian schillings closed
%
at 14.103', against 14.103/2; exchange on Czechoslovakia at 2.96%, against 2.961 ; on Bucharest at
4
0.6034, against 0.6034; on Poland at 11.243/2, against
11.243/, and on Finland at 1.473', against 1.42.
2
Greek exchange closed at 0.533 for bankers' sight
bills and at 0.54 for cable transfers, against 0.539
and 0.54.
XCHANGE on the countries neutral during the
war is largely in the doldrums of the pre-holiday
market. Trading is limited and very few commercial
bills are on offer, hence quotations are more or less
nominal. The Scandinavian currencies are ruling
higher, owing to the firmness in sterling to which
these units are allied. Holland guilders are easy,
ruling just above the import point for gold from Amsterdam to New York. Frequent shipments of gold
have arrived from Holland over the past several
weeks, including $2,130,000 this week. These are
believed to be private transactions for the purpose
of building up balances here to more practicable
margins. The gold arriving does not come from the
stocks of the Nederlandsche Bank. Swiss francs
are relatively firm. The present temporary firmness
is attributed to year-end influences originating in
other European countries. The balance of payments
is running against Switzerland and lower rates are
looked for. Par of the Swiss franc is 19.30. There
is a movement of Swiss and Dutch funds to London,
and to some extent to New York. This movement
is expected to take on greater proportions after the
turn of the year and may offset seasonal influences
which should ordinarily lend firmness to both currencies in January. Spanish pesetas, while dull, are
exceptionally. steady and seem not to be affected
by the events bearing upon the other European
foreign exchange quotations.
E
Dec. 24 1932
Bankers' sight on Amsterdam finished on Friday
at 40.163/2, against 40.18 on Friday of last week;
cable transfers at 40.17, against 40.183/, and com2
mercial sight bills at 40.12, against 40.14. Swiss
francs closed at 19.253/b for checks and at 19.25%
for cable transfers, against 19.24 and 19.2434.
Copenhagen checks finished at 17.293/ and cable
transfers at 17.30, against 17.143/ and 17.15.
2
Checks on Sweden closed at 18.243/ and cable
transfers at 18.25, against 1.8.07 and 18.08; while
checks on Norway finished at 17.243/ and cable transfers at 17.25, against 17.073/ and 17.08. Spanish
pesetas closed at 8.153/ for bankers' sight bills and
at 8.16 for cable transfers, against 8.15 and 8.153/2.
XCHANGE on the South American countries is
entirely featureless. The renewal of revolutionary plots in Argentina and the declaration by
President Justo on Dec. 19 of a state of Beige (modified martial law) had no effect on exchange, as all
foreign exchange transactions are governed by the
Exchange Control Board. All the South American
currencies are only nominally quoted and no important developments in the foreign exchange situation can be expected in these countries until there
is a more complete clarification of business conditions
in other parts of the world, more especially in Great
Britain and the United States.
Argentine paper pesos closed on Friday nominally
at 259 for bankers' sight bills, against 259 on
Friday of last week; cable transfers at 25.80, against
25.80. Brazilian milreis are nominally quoted 7.45
for bankers' sight bills and 7.50 for cable transfers,
against 7.45 and 7.50. Chilean exchange is nominally
quoted 63', against 63'. Peru is nominal at 18.00,
against 18.00.
E
XCHANGE on the Far Eastern countries presents no new features. The Chinese units are
easier owing chiefly to the low silver quotations.
Silver was quoted in New York at from 251 cents
4
down to 24% cents, the latter on Thursday and
Friday, an all time low. These quotations compare
with 253 cents a fine ounce in New York on Feb.
%
16 1931, which then established a record low. It is
understood that Chinese interests have been in the
market persistently since late in September, but
despite this buying the silver market has continued
to hover around the extreme lows of all time. As
frequently pointed out here, buying or selling
exchange on China is equivalent to a transaction in
silver. Exchange on India is firm owing to the
higher quotations for sterling, to which the rupee is
attached legally at the rate of is. 6d. per rupee.
Gold continues to flow from India to London and
New York attracted by the heavy premium. It is
estimated in responsible quarters that at least
$1,000,000,000 of gold will be shipped out of India
before the premium ceases to be attractive to the
native gold hoarders. Over $400,000,000 has been
shipped since September 1931. Japanese yen continue
to fluctuate widely and this week the unit is ruling
only slightly above the all-time low for the currency.
Closing quotations for yen checks yesterday were
213 , against 213' on Friday of last week; Hong
%
Kong closed at 21%@21 15-16, against 21%@
3
21 13-16; Shanghai at 27@27 11-16, against 28;
Manila at 49%, against 493 ; Singapore at 38%,
4
against 38%; Bombay at 25 3-16, against 25 1-16,
and Calcutta at 25 3-16, against 25 1-16.
E
Financial Chronicle
Volume 135
URSUANT to the requirements of Section 522
of the Tariff Act of 1922, the Federal Reserve
Bank is now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
p
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
DEC.17.1932 TO DEC. 23 1932, INCLUSIVE.
Country and Moneta
nit.
Noon Buying Rate for Cable Transfers in New York,
Value in United States Money.
Dec. 17. Dec. 19. Dec. 20. Dec. 21. Dec. 22. Dec. 23.
$
I
$
$
EUROPE$
$
.139437 .139670 .139690 .139670 .139650 .139670
Austria,schilling
138407 .138400 .138405 .138425 .138465 .138415
Belgium, beige
.007200 .007200 .007200 .007200 .007200 .007200
Bulgaria, ley..
Czechoslovakia, krone .029611 .029614 .029611 .029611 .029608 .029606
171576 .171500 .172412 .172792 .172691 .172576
Denmark, }crone
England, pound
3.310791 3.315500 3.325458 3.336125 3.330416 3.331708
sterling
.014183 .014233 .014233 .014383 .014333 .014316
Finland. markka
.039025 .039028 .039023 .039022 .039022 .039017
France,franc
Germany, reichsmark .237907 .237935 .237950 .238017 .238050 .237992
.005312 .005222 .005380 .005289 .005332
7
Greece drachma
.401689 .401630 .401467 .401421 .401500 .401592
Holland. guilder
Hungary, pengo-...... .174250 .174250 .174250 .174250 .174250 .174250
.051169 .051176 .051181 .051180 .051183 .051180
Italy. lira
170492 .170846 .171438 .172069 .171908 .171730
Norway, krone..
111810 .111810 .111810 .111850 .111810 .111810
Poland, zloty
Portugal, escudo
030190 .030260 .030225 .030210 .030220 .030125
Rumania. leu
.005975 .005962 .005966 .005983 .005975 .005972
.081498 .081514 .081482 .041494 .081500 .081500
Spain. peseta
.180461 .180800 .181492 .182076 .181915 .181769
Sweden, krona
Switzerland,franc.... .192360 .192471 .192646 .192553 .192480 .192505
Yugoslavia, dinar- .013400 .013350 .013375 .013450 .013500 .013450
ASIAChinaChefoo tadl
.288958 .289583 .289166 .286666 .285416 .284375
Hankow tadl
.284375 .284583 .284583 .282083 .280833 .279791
Shanghai tael
.277031 .277500 .277812 .275000 .273437 .272968
Tientsin tadl
.294375 .294583 .295416 .292083 .290833 .289375
Hong Kong dollar- .214375 .214375 .215000 .213593 .212812 .213437
Mexican dollar-._ .196562 .196875 .197500 .195625 .194062 .194062
Tientsin or PelYan
dollar
.196250 .196250 .197083 .195416 .194166 .193333
Yuan dollar
.195416 .195416 .196250 .194583 .193333 .192916
India, rupee
.250450 .250475 .251700 .252500 .252125 .252000
.210425 .210055 .210925 .211910 .213300 .213000
Japan, yen
Singapore (S.8.)dollar .383750 .384375 .385000 .386875 .386875 .385625
NORTH AMER.Canada. dollar
.874531 .870625 .870729 .868177 .868020 .874114
999237 .999237 .999268 .999237 .999237 .999237
Cuba, peso
Mexico. peso (silver). .322666 .323250 .321500 .313750 .316166 .307750
Newfoundland, dollar .871875 .868000 .867750 .865500 .865875 .871500
SOUTH AMER.Argentina, peso (gold) .585835 .585835 .585835 .585835 .585835 .585835
Brazil, mitrels
.076300 .076300 .076300 .076300 .076300 .076400
Chile, peso
060250 .060250 .060250 .060250 .060250 .060250
Uruguay, peso
473333 .473333 .473333 .473333 .473333 .473333
Colombia. peso
952400 .962400 .952400 .952400 .952400 .952400
HE following table indicates the amount of gold
bullion in the principal European banks as of
Dec. 22 1932, together with comparisons as of the
corresponding dates in the four previous years:
T
Banks ofEngland_ __
France a.- Germany b
Spain
Italy_ _
Nethlands.
Nat. Belg....
Switzland.
.
Sweden....
Denmark-.
Norway
1932.
1931.
1930.
1929.
£
£
£
£
120,628,031 121,353,268 151,316,227 140,027,587
666,110,917 544,509,570 426,267,680 331,099.468
37,030.650
99,694,950 105,738.800
43,611,150
90,333,000
97,494,000 102,596,000
89,875,000
56,120,000
62,947,000
57,243,000
60,848,000
37,290,000
35.516.000
86,049,000
75,583,000
73,844,000
32,093,000
37,072,000
73,053,000
89,056,000
25,620,000
22,449,000
60,964,000
11,443,006
13,401,000
13,331,000
11,433,000
7.399.000
9,581,000
9.560,000
8,015,000
8,014,000
8,136,000
8,149,000
6,559,000
Total week_ 1,252,854,598 1,095,803,988
PrQv week_ 1.273.573.172 1.007 297 79Q
961,320,857
OAQ 212.867
864,474,855
856.404.217
1928.
£
154,067,274
254.676,149
132,182,850
102,362.000
54,638,000
36.215,000
24,434.000
19,258,000
13,122.000
9,600.000
8,162.000
808,717.273
Rim 135 AM
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of goi held
abroad, the amount of which the present year is £2,896,200.
, President Hoover, Governor Roosevelt, and
the Debts.
Mr. Hoover's further attempt to prepare the way
for a revision of the war debt agreements, and to
enlist the aid of Governor Roosevelt in carrying
through the program, has been checked and, we hope,
finally defeated by the unwillingness of the President-elect to involve either himself or his Administration in the undertaking. It seems surprising that
Mr. Hoover, in view of the irritation of American
public opinion occasioned by the recent notes of the
debtor Governments and the defaults of France,
Belgium and three other countries, should have
thought it wise to continue his encouragement of the
debtor Governments and their peoples by proposing
an inquiry which, at best, could have been hardly
more than begun during the remaining months of
his Administration. He apparently counted, how-
/
4267
ever, upon his ability to convince Governor Roosevelt that the situation was too critical to admit of
delay, and to win his support by offering him a share
in the choice of the investigators to be appointed.
The telegrams that were made public on Thursday
show Governor Roosevelt friendly but cautious, and
entirely unwilling to be a party to action over which,
in the nature of the case, he could not exercise any
authority until the 4th of March, and the nature
and purpose of which might easily be misinterpreted
abroad to the embarrassment of his Administration.
The special message which Mr. Hoover sent to
Congress on Monday, the essential parts of which
were also restated in his telegrams to Governor
Roosevelt, was an elaboration of the various aspects
of the debt question as Mr. Hoover sees it, and a
statement and defense of the course which he proposed to take. The message began by emphasizing
the need of restoring price levels, the serious effect
upon prices of a wide abandonment of the gold
standard, and the part played by depreciated currencies in lowering costs of production abroad and
"thus undermining the effect of our protective
tariffs." "I concur," he declared, "in the conclusions of many thoughtful persons that one of the
first and most fundamental points of attack is to
re-establish stability of currencies and foreign exchange, and thereby release an infinite number of
barriers against the movement of commodities, the
general effect of which would be to raise the price
of commodities throughout the world." It was in
aid of this and other related objects that "we have
joined in the World Economic Conference, where
the means and measures for the turning of the tide
of business and price levels through remedy to some
of these destructive forces can be fully and effectively considered, and, if possible, undertaken simultaneously between nations."
Two factors of special importance, Mr. Hoover
continued, have contributed to the present difficulties. One is the financial burden of armaments
and the effect of armaments in lessening confidence
in political stability. The question of armaments
is "not a part of the work proposed for the Economic
Conference," but "cognizance of its progress and
possibilities must be ever in the minds of those dealing with the other question." The other factor is
the war debts to the United States. The importance
of this factor, Mr. Hoover thinks, as we do, has been
exaggerated, but some nations are unable to pay, in
others the payments "weigh heavily upon foreign exchange and currency stability," and "the emotions
of peoples must be taken into account." The United
tates, for convincing reasons which the message
recites, has refused to postpone the payments due,
and Mr.,Hoover again declared that he would "not
entertain the thought of cancellation," but that we
must nevertheless "honor the request for discussion
of these questions by nations who have sought to
maintain their obligations to us."
He accordingly proposed a preliminary inquiry
by the Executive into the question of the debts, not
by "ordinary diplomatic agencies and facilities,"
which he considered are "not suitable," but by
"specially qualified representatives." As the debts
are inseparable from disarmament and world economic matters generally, "the ideal way would
therefore seem to be that some of our representatives
in these matters should be selected at once who can
perform both these functions of preparing for the
4268
Financial Chronicle
Dec. 24 1932
World Economic Conference, and should exchange States still farther with the League, at a time when
views upon the debt questions with certain nations the authority and usefulness of the League are at
at once and to advise upon the course to be pursued their lowest ebb, and which would also, if the discusas to others. It would be an advantage for some sion were to reach any practical result at all,
of them to be associated with the Arms Conference. strengthen the French hope of obtaining with AmeriSome part of the delegates appointed for this pur- can aid the security which no European Power has
pose could well be selected from the members of the yet been willing to grant. Instead of holding out
Congress." The procedure proposed would be "no the prospect of more amicable international reladerogation of either Executive authority or indepen- tions and more enduring peace, it would plunge the
dence," and "on the side of Congress it is no com- United States into the midst of the bitterest political
mitment," but it would "provide for the subsequent struggle and the most complicated political maneuvrpresentation to the Congress of the deliberations, ing that has gone on in Europe for the past five
intricacies, reasoning and facts upon which recom- years.
mendations have been based, and is of first imThe attempt to relate the debts to the discussions
portance in enabling the Congress to give adequate of the World Economic Conference, while less
consideration to such conclusions." As the inquiry dangerous in its implications, seems entirely futile
should not be delayed until after March 4, Mr. as far as the promise of helpful result goes. Mr.
Hoover announced his intention "to seek the co- Hoover agrees that it was wise to exclude the debts
operation of President-elect Roosevelt in the organi- from the program of the Conference, but he neverzation of machinery for advancement of considera- theless thinks that "the successful outcome" of the
tion" of both debts and the problems of the Eco- Conference "would be greatly furthered if the debt
problem were explored in advance." How the adnomic Conference.
Mr. Hoover's attempt to present all sides of the vance exploration of a subject which the Conference
debt question has resulted in the present instance in is not to discuss can help bring about agreement on
piling up more weighty objections to the program .other subjects is not quite clear. The whole suggeswhich he advocates than convincing arguments in tion, however, is open to serious objection. At the
favor of it. He gives, for example, a forcible sum- present moment there is much uncertainty as to
mary of the reasons for postponing the debt pay- whether the Conference will ever meet. If and when
ments due on Dec. 15, which we have quoted in full it meets, it will find itself, as far as plans for general
in our article on the Financial Situation in the economic recovery are concerned, flat against the
earlier part of this issue of our paper. The integrity wall not only of the American tariff, but also of the
of the debt agreements as valid and binding obliga- British tariff built up in pursuance of the Ottawa
tions, it may be observed, together with the policy agreements. The questions of the gold standard,
of dealing with each debtor nation separately, re- price levels, declining international trade and exfusing to associate debts with reparations or in- change difficulties are inextricably bound up with
demnities, and rejection of further financial sacri- the high tariff policy which not only the United
fices by the American people, are precisely the points States but most European countries have pursued.
at which the European debtor Governments have A cardinal objection in Europe to the payment of
united in attacking the debt agreements, denying the war debts to the United States has been that our
their moral justification, and declaring that they high tariff duties made it impossible to pay the debts
must be revised and that pending such revision pay- in goods, but since no one expects to see the Ottawa
ments must cease. If the reasons which Mr. Hoover agreements abandoned or radically modified, and no
marshals were sufficient to warrant a refusal of delegates whom Mr. Hoover could appoint could
requests for postponement, on what ground could pledge the United States to any tariff change, it
he expect that the reasons would disappear when seems hopeless to think that any preliminary discusthe question of further payments was taken up?
sion of the debts could help the Conference to a deciThe most disturbing part of Mr.Hoover's program, sion regarding what might well prove to be its
however, is his proposal to mix the debt question greatest problem. As a matter of fact, the world is
with the question of disarmament and the varied as weary of international conferences as is the United
list of matters that may be expected to come before States of presidential commissions, neither the one
the proposed World Economic Conference. The im- nor the other appearing able to accomplish anything
plications of this extraordinary proposal are so far- of real importance. Mr. Hoover's proposal to treat
reaching and important as to merit detailed ex- the debts as a kind of side issue of the Conference, a
posure.
something of which the Conference might in some
There can be no doubt that present-day armaments way make use but of which it was to have no official
are a heavy financial burden for most European knowledge, would merely tend to prolong a situation
countries, that they tend to create political in- to which a depressed world owes a good deal of its
stability, and that debt charges could be more easily present trouble—the disposition to put the burden
met if armament costs were reduced. The only con- of blame upon some other nation, or a group of nacerted attempt, however, that has been or is being tions collectively, and refrain from doing anything
made to reduce and limit armaments is that which fundamental until other nations agree, instead of
the Geneva Conference has undertaken under the each nation shouldering its own load and attending
direction of the League of Nations, and that attempt as strictly as possible to its own affairs.
has thus far proved entirely fruitless primarily beWe think that Governor Roosevelt has been well
cause of the persistent refusal of France to accept advised in declining to fall in with Mr. Hoover's proany scheme of disarmament that was not accom- posal. His telegrams to Mr. Hoover show no lack
panied with a joint guarantee of its national security. of interest in the underlying issues or of concern for
When Mr. Hoover proposes an American commission their outcome, but he made it clear not only that he
which shall study both debts and disarmament, he could not undertake any part in dealing with the
advances a plan which would involve the United debts until he was himself possessed of Executive
Volume 135
Financial Chronicle
authority, but that Mr. Hoover's representatives, if
any were appointed, should confine themselves to
fact-finding inquiry and do nothing that would bind
the Government to any future policy. Even the
British Government, it now appears, has hesitated
in the face of Mr. Hoover's pronouncement in view
of the coming change of Administration. The new
French Ministry of M. Paul-Boncour seems to have
no program about the debts other than that of "continuing negotiations," and public opinion in France
appears to be hardening against further payment
notwithstanding the ludicrous discovery that the
funds for the December instalment had actually been
voted some months ago. It is greatly to be hoped
that Mr. Hoover will be willing to let the matter
drop as far as Executive interference is concerned,
and leave the President-elect free from commitments,
formal or implied, which he might feel compelled to
repudiate.
On the Source of Wealth.
As, finally, gold only is money and nothing else
is, so, too, the ultimate wealth of a nation consists
in and of the individuals comprising it. Men only
are wealth; all things else—money, credit, organizations, machines, arts and occupations—are but
tokens. The gold is in the individual. We have for
some decades now been trying to keep people from
coming to these shores. This is done to the nation's
great hurt. A country is rich, prosperous and powerful in proportion to'the number of free individuals
within its boundaries. Where men are free to pursue
their own private initiative, density of population
provides an index to the national wealth. Men of
an earlier day saw this and welcomed the immigrant.
Lincoln,in one of his speeches, repeated with evident
satisfaction a historian's prophecy that one day the
United States would have a population of five hundred million free and contented people. Noah Webster, in the preface to his dictionary, expressed the
hope that his work would have value to future generations when this country should be a nation of
five hundred million.
New Jersey is but a small State. It has great
agricultural areas, many superb model farms, but
there is still abundant space left for cultivation. The
area of New Jersey is 8,224 square miles. This is
about as rich an eight thousand square miles as can
be found anywhere in this world, but the State is
far from overpopulated, though its population
density is 488 to the square mile.
Were the United States as rich in final ultimate
wealth as Lincoln and Noah Webster anticipated
with such fervent hope, the density of population
would be only 165 to the square mile. Had the United
States a population proportionate to that of New
Jersey, we should number 1,464,000,000. In other
words, continental United States would not be overcrowded if it held all the people who inhabit the
world to-day. Try to imagine the amazing material
and cultural wealth that would accrue to such a
nation if the people then were animated by the same
individualistic freedom which was enjoyed here until
a few decades ago, before we began to seek State
doles and public guidance for our private affairs.
In their imaginations Lincoln and Noah Webster
visualized a free people, each member, humble or
great, standing on his own. Is it too much to hope
that their aspiring dreams may never be confounded?
Benedict Spinoza said: "The object of government
4269
is not to change men from rational beings into beasts
and puppets, but to enable them to develop their
minds and bodies in security, and to employ their
reason unshackled; neither showing hatred, anger,
or deceit; not watched with eyes of jealousy and
injustice. In fact, the true aim of government is
liberty."
In the degree in which men and nations seek
spiritual values material wealth accumulates and
culture flourishes. All the arts sweep forward in
direct ratio to the freedom enjoyed by the individuals
in society. All Five-Year Plans must fail because
they are based on coercion. Emerson said truly:
"Freedom knows nothing but victories." Freedom,
individual freedom,and co-operation in freedom only
can bring the greatest good to the greatest number.
We must be religious men in the primary meaning of
that term—each gathering himself together again—
from day to day, or there can be no freedom. "Let
us keep out the barbarian." Out of our territorial
borders? No, out of our individual selves, and then
there will be, not danger, but a superabundance of
wealth in numbers of population, whether these numbers total half a billion or a billion souls. We are
not half civilized.
Our immigration laws were conceived in barbarism. The - thoughtful lover of mankind stands
aghast at their execution. These laws have robbed
us of more potential wealth than decades of business
depression, wars and panics could ever have induced.
We are losing contact with Constitutional principles. We seek more and more centralization of
authority and direction, when we should rather follow the aims of the founders and seek decentralization and the greater freedom of the individual. We
seek regimentation, and in just consequence we increase the number in the lock-step. Beauty, grace,
strength, power and wealth come from human variation. The savage never changes; his customs are
fixed and as ancient as the rocks. The barbarian
knows not individualism, but overwhelms in his
march, destroys wantonly, moving steadily in the
set direction of the horde, but never forward.
Better for all the eternal direction of the Buddha:
"Let all things that breathe, all spirits and all gods,
all men and all women, overcoming sorrow and
attaining cheerfulness, go forward freely, without
obstacles, each in his own path." There would be
no danger in numbers if we could, as a people, keep
before our minds the aims of the 56 signers whose
names began with Adams and ended with George
Wythe. We could house all Europe and be the richer
for it. Our menace is from within,not from without.
Our riches were derived from immigration, and only
secondarily from extent of territory and variety of
soil and of climate. Take from us the gifts of discovery,invention and achievement showered upon us
by the immigrant and his son, and we should be poor
indeed, and our cities few in number. Were he to
come to our gates to-day, Charles Thomson, who was
for 15 years Secretary of the Continental Congress,
would find himself debarred because a minor,friendless, and with no possessions but the rags on his back.
Were Charles A. Steinmetz to present himself at our
shores to-day, he would find himself excluded for
two reasons—he had but $10 or $15. and he was a
hunchback. Jahn Boyle O'Reilly, who wrote the
"Ode to the Pilgrim Fathers," would have been debarred as a political disturber. The list could be
expanded indefinitely.
4270
Financial Chronicle
There is no wealth but spiritual wealth. Spiritual
values can reside only in civilized men, because such
men are above all laws,for they carry the law of right
action within themselves. Such men without instruction, without force, without direction, fulfill every
day and hour the four absolutes, absolute honesty,
absolute purity, absolute unselfishness and absolute
love, from which source only can come the material
wealth of nations.
Even in a state of slavery wealth is created by
men. The 20,000 men who labored for 20 years to
build the Taj Mahal were slaves. Practically all the
wealth of the Indies was created by populations enslaved to their princes. When men are released from
slavery, and from the bonds of clan and custom, and
are permitted to exercise their free initiative, wealth
and culture expand enormously. The world could be
turned into a paradise by a free people imbued with
a right sense of spiritual values, so great would be
the expansion in wealth and cultural enrichment.
Swedenborg said: "The will and understanding of
a man should not in the least degree be compelled
by another, for all compulsion takes away from freedom, but a man may compel himself, for to compel
himself is to act in freedom." For what is spiritual
efficiency but love and wisdom freely applied to
human use.
Dec. 24 1932
these business corporations were paying only about
half the taxes they are required to pay in the present
bond-issuing and money-spending days, and as a
result, the corporations and their stockholders have
had more than a billion of new taxes added to their
expenses, taken out of the profits and dividends and
handed over to the various American governments.
The railroads of the country,for instance, 15 years
ago were paying taxes totaling $157,000,000. Now
they are paying about $304,000,000. If their taxes
had not been thus doubled they would now have $157,000,000 more for dividends or other purposes. As
the dividends paid by the railroads during the
present year will hardly exceed $80,000,000, this
additional $157,000,000, if not taken for taxes, would
be a great lift for stockholders. The reason the stockholders will not receive this lift is due to the fact
that the tax collector will come along first with
increased tax levies and take the money away.
Thus, increasing taxes not only cost the public
what they pay directly to the tax collector, and what
they pass along in higher living costs from day to
day, but also deprive them of the income with which
to meet various and sundry obligations.
In view of the colossal debt of approximately $15,000,000,000 by State and local governments already
piled up against the taxpayers, and with this debt
increasing rapidly each year, it is about time the
Lest We Forget—Bond Issues Make Taxes Grow. public be awakened to the effect of
the demands for
When the Seventy-second Congress passed the new road bonds, new school bonds, and other municiRevenue Act of 1932, the American public was in- pal bonds on present taxes, higher living costs and
formed that the tax rate would be raised this year, lowered income from investments.
yet in spite of this important legislation the layman
thinks that if the tax collector never calls upon him German Railways Face Large Deficit Despite
that he, personally, does not pay any taxes.
Lausanne Agreement.
Unless somehow the taxpayers of the United States
The seven It annual report of the German National
learn more about the taxes they pay, there is going Railways, covering the year
1931, emphasizes the
to be a rough awakening somewhere ahead.
fact that the economic crisis confronting Germany
The total debt incurred by State and local govern- is far from being entirely relieved.
ments in this country is to-day around $15,000,Railway finances in Germany have in the past
000,000. Most of this is in bonds. The interest on been inevitably bound up with
reparations, one of
this enormous debt has to be paid. The debt itself the root causes of the crisis,
and the panic which
has to be paid. By whom? By the taxpayers. So set in following the Austrian
Credit-Anstalt revelait comes to pass that in addition to the yearly interest tions caused the German
banking system to bend
totaling more than three quarters of a billion, there under the strain.
is a growing amount of principal to be met—just as
At the end of last year industrial production in
if it had been borrowed by the taxpayers at a bank Germany was 40% below the
last achieved maximum
or other financial institution.
and had thus reached a condition of depression hithHow do these huge bonded debts oppress the indi- erto undreamed of. Seventy-fi
ve per cent. of the
vidual taxpayer? To begin, he discovers his own freight traffic conveyed by the
company consists of
personal taxes increasing from year to year. Next, products needed in the process
of production, and
he finds that many of the things he buys cost more this traffic accounts for one-half
of the total revenue
on account of the increase in the manufacturer's from freight traffic. At the end
of 1931 it had fallen
tax. And finally, if he has investments, he learns to the level of the years
1897-1898. The production
that his dividends are reduced because of the growing of commodities for direct
consumption is now apamounts deducted for taxes from the business profits proximately at the level of the
year 1905-1906, and
of the corporations whose stocks he holds.
it is pointed out that the total freight tonnage carried
The first two of these methods of taxation merely by the company showed a
corresponding decline.
have to be stated to be seen, but the third is not so During 1927
it amounted to 7.73 tons per capita;
often seen or understood, therefore it may be well to in 1931 it was 6.15 tons, which
corresponds to the
illustrate.
like figure reported for the year 1908.
For example, the business corporations of this
Freight revenue was 19% less than that shown
country pay more than $2,000,000,000 dollars in for 1930 and 34% below the
year 1929, which was
taxes. This, of course, comes out of their profits. the best year of the company's
existence. Passenger
If these two or more billions were not taken in taxes traffic offered more resistance. In
the early part
they would naturally belong to the stockholders. of the year it showed only a slight
decrease, but after
But surely these corporations could not expect to go the bank crisis it gained momentum
. In 1928 the
along without paying taxes.
number of journeys per capita was 24; in 1931 it
True enough! But that is not the point. The fact was 20; in other words, it had fallen
back to the
of the matter is that approximately 10 years ago level of the years 1913-14. Passenger
revenue was
Volume 135
Financial Chronicle
4271
15% less than that reported for 1930; 20% below the every community the world
over. From most of these
year 1928, and 19% below the year 1929.
crimes the State would obtain no revenue whatever,
Total operating revenues reached 721,000,000 punishment being
either death or long terms of
reichsmarks, which was approximately 16% less than imprisonment
.
the amount for 1930, and 28% below 1929. In spite
But there is a long list of minor offenses which
of the fact that exceptional measures of economy are prohibited in some States
, although sanctioned
were introduced,it was impossible to adjust expendi- by license in others,in which
latter public treasuries
tures to the decline in revenues; for fixed charges are are replenished by the payme
nt of license fees.
always extremely high in relation to those which
Horse races, where bets are permitted to be made,
can be adjusted to the volume of traffic carried. is a conspicuous example of
the differing views
Nevertheless, the company succeeded in cutting down among the variou
s States as to what constitutes a
its expenditures, apart from the reparations charges, crime. In Maryland, for instan
ce, it is not a crime
by 11% compared with 1930, and by 19% compared to conduct a race track or
to make wagers upon the
with 1929. The operating ratio, without taking repa- results of the races, althou
gh in the adjoining State
rations into account, was more unfavorable, it being of Pennsylvania
wagers of the kind are absolutely
94.12% in 1931 compared with 89.50 in 1930.
prohibited. As the freedom from restriction works
The successful settlement of the Lausanne Confer- out in Maryland, horser
acing, with its allied bookence was the first step in the restoration of con- making, is
a source of much revenue. Being an
fidence among lenders of money. It was particularly amuse
ment, much capital is invested in tracks and
important so far as the German railways were con- customary buildi
ngs, such as grandstands and
cerned, for clauses were included in the agreement stables.
The races are well patronized, not only by
relieving the company of the debts which have ac- reside
nts of the State, but by citizens of adjoining
crued during the year of the Hoover moratorium. States, such
as Pennsylvania, fast trains being run
It is not yet clear, however, what will be the full during the racing season
from Philadelphia to Harve
effect of the agreement upon the German railway de
Grace.
finances. During the year of the moratorium the
Such interest is taken in the Maryland events that
company was due to pay 540,000,000 reichsmarks, bookma
king in Philadelphia is extensively conhalf of which was included in the accounts for 1931; ducted
, raids being frequently made to suppress the
in addition, following upon an agreement with the illegal
business.
Reich, a further 70,000,000 reichsmarks were conWhat are known as "Blue Laws," designed to keep
tributed toward reparations. By Article 4 of
the the Sabbath holy, prevail also in Pennsylvania, havLausanne agreement the Bank for International ing
come down from the early days of the Republic
Settlements will now return the provisional receipt
s and the Province. A "closed Sunday," as it is called,
to the German National Railway Co., and the debt
prevents the opening of theatres and moving picture
of 54,000,000 reichsmarks, which has accrued during shows
on Sunday,and in like manner baseball games
the year, will be cancelled. Moreover, the debent
ure and all other sports conducted for profit are supbonds—deposited in accordance with the Young presse
d. Before national prohibition the sale of
Plan and The Hague Convention—will now be
re- liquor in Pennsylvania was prohibited on Sunday.
turned to the Reich and the German Railway Co. Under
these restrictions it has been difficult for the
Thus, the 660,000,000 reichsmarks, which was
an hotels to hold the traveling public over Sunday.
annual payment on the bonds and styled "repar
ation
Lotteries, the number game and similar games of
tax," has now been cancelled.
chance are under a ban all the time.
The economic crisis has been felt so acutely in
Clubs especially have felt the heavy hand of proGermany that, apart from reparations payments,
the hibition, and some which formerly were very prosrailway company will probably be faced with
an perous have ceased to exist. Not only is the revenue
operating deficit at the end of the present
year, so from the sale of liquor lost but the organizations
that the Lausanne agreement should afford
consid- have been deprived of the old attraction which made
erable relief to the administration. The
agreement, them centers of conviviality and sociability. Banof course, is subject to ratification, and much
de- quets have become perfunctory affairs, especially
pends upon the eventual attitude of the United
States when one may sit comfortably at his own home and
towards the question of war debts.
hear a speech broadcast.
Now with deficits occurring for almost every city
and taxation having reached unheard-of heights,
Crime and Taxation Both Rampant.
citizens are beginning to wonder if the business of
Inability of the Federal Government, States
and being a brother's keeper has been overdone. The
cities to derive adequate revenues through the
cus- greater the number of prohibitive laws enacted the
tomary sources to meet expenditures is causing the larger
the force of enforcement officers, and conseAmerican citizens to ask themselves if they are
not quently the heavier the taxes. Hence the questi
on
paying too high a price for the regulation of people's
arises whether we can consistently retrace our steps
morals. There are certain types of crime which must
from the position of high moral government which we
be prohibited, and as far as possible be suppressed,
have gradually established. The old beer gardens,
if civilization is to endure. Laws for this purpose with
their excellent music and the many musical
with their penal clauses are as fundamental as the Germa
n clubs, have almost become extinct. In their
Decalogue itself.
place we have dance halls of doubtful character; bootEach discovery and invention appears to open a legging;
any amount of speakeasies, covering a scope
new avenue for persons with evil minds to follow, from
mere bars to magnificently furnished social
and there must be adequate laws to hold all modern clubs; bandit
s and rackets.
criminals in check. What may be termed the priLosses sustained by our pseudo morality are well
mary crimes are so well known that it is unnecessary comprehended
; perhaps it will be well to schedule
to schedule such offenses which are recognized in the gains,if
any,and strike a balance so that citizens
4272
Financial Chronicle
Dec. 24 1932
acollects and distributes repar
The instrument under which the Bank
the payments
Bank and the countries receiving
tions, executed by the
will be termed the "Trust Agreement." The Hague from Jan. 3 to 20
The plenary session of the Powers at
Conference."
1930, will be referred to as the "Hague
the Hague Conference and
Fourteen instruments were drawn up atconcern the Bank and when
20 1930. Several of these
signed on Jan.
the "Hague Agreements."
s of
referred to collectively will be called
between the Government
First in importance is the agreement n, Italy, and Japan, which
Great Britai
Germany, Belgium, France,
e Agreement."
same
will be referred to hereafter as "The Hagu
agreement between these
Second only in importance is the nment of the Swiss Confederation
Powers on the one hand and the Gover
"Swiss Convention."
ments
on the other, which will be designated the
this discussion, are agree lia,
Third, and relatively unimportant in
Canada, Austra
great Powers already named and Rumania, Czechobetween the six
d, Portugal,
New Zealand, South Africa, India, Polan called the "Ancillary Agreebe
slovakia and Jugoslavia. These may
Hague
rnents."
tion payments under the
The parties entitled to receive repara are known as the "Creditor
ment and the Trust Agreement
Agree
Hague
Powers."
six Powers signatory to the ition
Because of the importance of the
g recogn
considerable number of Powers givin Agreements
Agreement and the
and the Ancillary
to the Bank and the Swiss Convention l interest. That interest is
ationa
the question takes on broad interncter of the Bank and its powers
chara
emphasized when the unique
ns
come to be considered.
resulted In the creation of millio g
International SettleThe complexity of human affairs has
the world actin
Legal Structure of Bank for
of of corporations by various sovereigntiesl throughout has hitherto reE. Reynolds
ationa intercourse
ments Reviewed by Jackson
singly. The complexity of intern
action of
few instrumentalities by treaty
creation of
Bank of New York—Much suited in the collectively. aExamples of these last are the International
First National
acting
Required to Statesight 'Union, International Association of the Congo, the Pan
Copyr
the ReparaLitigation, He Says, Will Be
ean Commission of the Danube,
ction American Union, the EuropLeague of Nations. Apparently it required
Questions Involved—Fun
Settle Many
tion Commission, and the
reparations
after
Banks Possible the complexities of the World War with its considmath of
eration
under
of Gold Holding for Central
to produce the unique entity ate mechanism of its creation
difficulties
the intric
The ensuing detailed study of is granted will demonstrate its hybrid
Field of Controversy.
it
by a
and the extraordinary privileges
of the Bank for International character. It stems from international treaties but is chartered ipal
"The Legal Structure
t to munic
and is
15 by Jackson E. single State. It functions very like any bank Haguesubjec ment it moves
Agree
Settlements" was discussed on Dec.
gs; but under the
National Bank of New law in its commercial dealin sovereign States and can hale them before
Reynolds, President of the First
nly
almost as an equal among
on Committee of the the bar of justice. It has no fellow in the legal firmament and is certai
York (and Chairman of the Organizati
Young Plan) Sta generiS.
r the
3 to
sat at Baden-Baden from Oct. well
Bank for International Settlements unde
as
The Organization Committee
the City of New York,
er and Statutes of the Bank detail
before the Association of the Bar of
Nov. 16 1929 and drafted the Chart
in great
York City. In his as the Trust Agreement. These documents describeds, and its rights
at the latter's headquarters in New
, its relations to Government
as a
regarding the International Bank the functions of the Bank attempt to classify the resulting entity then
concluding comments
and duties, but made no
The Organization Committee
Reynolds said:
of legalistic nomenclature. e for the plenary conference of the
Mr.
matter
The Hagu
in the various docuadjourned to reconvene at 3 and concluded on Jan. 20 1930 with the
Any recapitulation of the provisions contained to the Bank's status
Powers which began on Jan.ments. In the intervening December the
reveals a good deal of conflicting evidence as
ments
Agree
r of rather intricately related
referred to
signing of the Hague
In law. Its creation resulted from a numbe
Organization Committee were
opment of international
documents prepared by the Jurists" sitting at Brussels as advisers to
acts and during a transitional stage in the devel from earlier methods
ds an unusual variation
so-called "Committee of
considered para
law. It certainly recor
This Committee of Jurists
The resulting legal structure
the plenary conference. designation of the Bank to be employed in the
of dealing with an international problem.
to interest international
language:
ticularly the descriptive
ses numerous aspects which are bound
disclo
es. They proposed the following
but quite as much because
text of the forthcoming treati the Bank for International Settlements
lawyers not only because of their novelty, settle the many questions
s recognize that its establishment, possess the quality of
will be required to
"The partie
a good deal of litigation
of
tions ceases to be a function
will, from and after the date
Involved. Even if the handling of repara
an international body corporate.
documents
potential, from
Bank, it has many other activities, actual and
made on the basis of the
of the
Manifestly this proposal was Committee and predicated upon the
its operations and even its
which legal questions will arise concerning
ization
Thereprepared by the Organ
Central Banks may furnish
ipal action of Switzerland.
status. The one function of holding gold for
character
of the Bank by the munic
future.
a rich field of controversy in thein the drama of the law. In one it is a creation posited the Bank as a corporaton of international s.
upon it
ition of the interested Government
The Bank plays a double role
by the proposed treaty recogn at The Hague the language proposed by
law of Switzerland like any
Swiss corporation subject to the municipalcontemplated that
. The
At the plenary conference
omitted from the Agreements
other citizen of that State. The new plan
the Committee of Jurists was by the Organization Committee, were
ary commercial
ions of the institution will be assimilated to ordin
originally drafted
"the operat
in indocuments, as
ptive designation of their effect
and financial practice." (Par. 54.)
incorporated without any descri of precise classification and nomennot covered by the proThe Bank's statutes provide that in all cases
interest
ternational law. This question
perhaps one of merely academic
visions respecting the arbitration tribunal,
clature by treaty recognition is to which the Bank, as finally created,
t in any court of comt
proce
"the Bank may proceed or beArticleeded agains
but it does suggest the extenareas of municipal and international law.
57.)
petent jurisdiction." (Statutes.
bridges the gap between the with this view as we discuss the details
financial transactions
In the sphere of these ordinary commercial and
other corporations
We shall be further impressed
In the large it resulted from interthat the Bank must settle its disputes with of the municipal
it is clear
of its rights, duties and functions.
to Governor individuals by submission to the ordinary application the transactions: national action and under the Trust Agreement its relationsother hand,
parties to
On the
law by the courts of the place chosen by the
s functions
be governed by international law.
ments must
many of the Bank'
it will be governed by the municipal
and this is so notwithstanding the fact that erland.
in many of its banking functions reason of the place where the contracts
are admittedly beyond the control of Switz international stage as an
law controlling the transactions by
ns.
In its other role the Bank moves on thesuperior, in some respects,
are made and other consideratio s illustrating the foregoing generalizaactor of stellar rank. It enjoys advantages relations existing between
And now to some detailed factor
nments under the usual
to those accorded Gover
tions.
important relations to States
sovereign States. It sustains unusual and
The Permanency of the Bank.
exceptional immunities in peace
incorporation of the
and acts as their trustee. It Is accorded ns of consequence. It is adburde
The Hague Agreement, in Article VI and by
and war. It is exempted from tax
ment, recognizes in advance the
nments
Charter, Statutes and Trust Agree
nal on an equal footing with Gover
mitted to the Arbitral Tribu
dance with a convention conis clear enough that the
corporate existence of the Bank in accor the same (lay. The same
and may institute suits aginst them. It obligations which entitle
Confederation on
cluded with the Swiss
.
Bank has unusual international rights and
e 6 of the Ancillary Agreements
recognition was accorded by Articl ly granted the charter on Feb. 25
It to especial consideration in international law.d, the Bank, and estabThe Government of Switzerland actual
nstatus of this hybri
In gradually defining the
d by the group of Gover
doctrines of public inter1930. Thus the Bank was in a sense create no one of them.
lishing its rights and obligations, the accepted s and a growth not yet
l of
ments concerned and was under the contro
national law may well undergo new adaptation make important conand these are roughly
will
There are 60 articles in the Statutes of the Bank more or less routine,
clearly perceived. Doubtless many of you
ehends
divisible into two categories. The first comprrs of procedure and internal
tributions to that evolution.
ary, provisions governing matte
, had the though necesscommon to all sets of corporation by-laws. The second
organization
Mr. Reynolds, preceding the above comments
ions essential to carrying out
comprehends those fundamental provis
rs as the Bank's
following to say:
of your
the objects of the Bank. They concern such vital matteand prohibited,
ss my appreciation
s granted
At the outset will you permit me to expre presenting this paper on
domicile, objects, capital structure, power the General Meeting, the
of
courteous invitation and the opportunity
the constituion of the Board, the conduct of
may moderately interest that
ions, &c. The Articles of the
a topic which greatly interests me and practice in the field of interdistribution of profits, arbitration provis
ed in
simple corporate
portion of this association engag
tes in the first category can be amended by category can be
Statu
in the second
national law.
n abbreviations
action. The Articles of the Statutes
a
ng discussion certai
must be "sanctioned by
For the sake of brevity in the ensui
amended only by corporate action which
But
employed as now indicated.
present charter." (Statutes, Article 60.)
will be
law supplementing the
l Settlements will be designated simply
taken
The Bank for Internationa
Switzerland la its Convention (Article I) has under and not to sanction
it,
as the "Bank."
known in
1029,
"not to abrogate the charter, not to amend or add to in paragraph 4 of the
the Committee of Experts of June 7 in the
of the Bank referred to
The report of
amendments to the Statutes ment with the other signatory Governments."
language
be referred to
as the Young Plan, will
charter otherwise than in agree
this country
fundamentals we have
es, i.e., "The New Plan."
This paragraph 4 of the Charter covers the
adopted in the formal treati under the New Plan for the creation of
described as in the second category.
The Committee appointed
"
could not be made
the "Organization Committee.
Under the then existing Swiss law this convention
the Bank will be described as -Laws or the Bank in our corporate nomencall the By
years, but Switzerland agreed
binding beyond 15
What we would
in Europe—the "Statutes."
clature are given the name used
stand in the "Land
may comprehend just where they
e."
of the free and the home of the brav
is so protracted that
The process of repealing a law
appointed at once
it may be well to have commissions
collect facts so that citito make investigations and
ves may have full
zens and legislative representati
should be non-partiinformation. Such commissions
their reports may
san and unprejudiced in order that
ion. The subject is
carry proper weight and recognit
ce. This proceedof national interest and importan
her of the two great
ing is made necessary because neit
campaign embodied
political parties in the recent
h gave the voters a
a plank in their platform whic
the above principles on
clear-cut issue respecting
which they could vote yes or no.
Volume 135
Financial Chronicle
4273
"to initiate the necessary constitutional procedure in order that the assent
"if any dispute shall arise between the Bank,
of the Swiss people may be obtained for the maintenance in force durinti
on the one side, and any
Central Bank,financial institution, or other
the whole of the Bank s existence of the provisions of the convention.'
Statutes, on the other side, or between the bank referred to in the present
(Swiss Convention, Article 3.)
regard to the interpretation or applicationBank and its shareholders with
of the
the same shall be referred for final decision to the Statutes of the Bank,
The period of the Bank's existence is nowhere defined, but as the
Arbitral Tribunal."
Bank is to carry out the New Plan and under the Trust Agreement
The foregoing provisions indicate the extent to
assumed functions running until 1988, its existence to the latter date
accorded the privilege of association with sovereig which the Bank is
n States and the right
to summon them before the Arbitral Tribunal
Is certainly indicated. It cannot be liquidated under its Statutes before
on
Obviously, it is a Swiss corporation, but in many a footing of equality.
it has discharged all the obligations it has assumed under the New Plan.
(Article 55.) The probabilities are that so far as Switzerl
trol of that Government. Functioning within ways beyond the conand and
its granted powers, it
the other Powers are concerned the Bank will exist for an indefinite
cannot be controlled by the Governments joining in
its creation. It
period—even beyond 1988. Reading the Statutes, the
moves in an exceptional sphere of its own and seems
Charter, and
to
the treaties together, it is clear the Bank is protected against any sudden
tion of the New Plan (paragraph 54) adopted by the realize the intenHague Agreement
and arbitrary interference by Governments in the fundamental nature
as being "outside the field of political influence
." To paraphrase the
of its organization and control for a practically indefinite period.
words of Sir John Fischer Williams,
"it comes near to possessing something not wholly
Insulation from Government Interference.
remote from lutes'
national independence."
The New Plan reiterated again and again the intention to
(Vol. 24 American Journal of International Law, p. 667.)
remove
Indeed,it
the Bank and its operations from the interference of Governments.
approximates "an international body corporate" as envisage
In
d by the
Article X of the Hague Agreement the contracting parties undertoo
Committee of Jurists.
k that
Bank, its property and assets, and also the deposits
"The
Control of Stock of the Bank.
of other funds
: •
entrusted to it, in the territory of, or dependent on the
As required by the Charter and Statutes, the original authoriz
of, the parties shall be immune from any disabilities and fromadministration
ed stock
any restrictive
measures such as censorship, requisition, seizure or
of the Bank is 200,000 shares
of peace or war, reprisals, prohibition or restriction confiscation, in time (Charter, Statutes, Article of a par value of 2,500 Swiss francs each.
5.) A majority of these, or 112,000, was
currency and other similar interferences, restrictions of export of gold or
or prohibitions."
subscribed in equal amounts of 16,000 shares in each of seven
A like engagement was entered into by paragraph 10
those being the six countries whose Governments signed countries;
of
the
of the Swiss Convention and was incorporated in the Charter Article 3
Agreement and the United States, which was not a signator Hague
as granted.
The Powers signatory to theAncillary Agreement have
agreement. This was all pursuant to the Statutes, Chartery to that
likewise committed
themselves to these protective measures.
and the
various Hague agreements.
Article 31 of the Statutes provides that
/n no case was the Government of the country permitted to
subscribe.
"no person shall be appointed or hold office as a Director
The Central Banks of Germany, Belgium, France, Great
who
or an official of a Government or a member of a legislativ is a member
Britain and
e body, unless
Italy became the subscribers in their respective countries. The
he is a Governor of a Central Bank."
Japan is prohibited by law from buying shares and the Industria Bank of
Article 25 of the Statutes prohibits the Bank
l Bank of
from making advances
Japan took the Japanese tranche. The State Department
to Governments or accepting deposits from
of the
States issued a formal announcement May 16 1929 to the effect United
respects, as well as in the provisions respectin them. In the foregoing
that the
g
Federal Reserve Bank would not be permitted to participate
which will be considered later, there is manifesttaxation and arbitration,
a clear intent to insulate
in the formation of the Bank. Under these circumstances in any way
the Bank from all Government meddling.
the 16,000
shares allotted to the United States were subscribed by a consorti
The League of Nations made an abortive
um of
gesture to modify this
American banks consisting of the First National Bank of
principle by transmitting to the intereste
the City of
d Governments the League's
New York,J. P. Morgan .4 Co.and the First National Bank of Chicago
deliberations on the subject at the Tenth
—
Ordinary Session
an expedient provided for in this Statutes.
held in September 1929. These in turn were transmit of the Assembly
ted to the OrganThus the founders of the Bank were the nationals of the seven countries
ization Committee the following month.
It
named, which happen to be the leading financial countries
deliberations that the Bank would exercise was contended in these
of the world
an exceptional influence
as well. The capital may be increased but the seven
upon the economic life of the world, might pursue
a policy in conflict
afforded protection of their control by a provision of the countries are
with the efforts of the League, or might exert
Statutes
too powerful an influence
they shall be entitled to subscribe in equal proportions to 55% that
over individual States. On these grounds an official
of the
liaison
additional issue. (Statutes, Article 9.) While the shares
the League and the Bank was suggested. The Organiza between
are transtion Com- ferable on the books of the Bank, the latter may decline
mittee did not, however, adopt the idea and
to accept any
the suggestion was never
corporation or person as the transferee without assigning
renewed.
any reason
for its refusal. (Statutes, Article 13. Ownership of
In the detail of its corporate organization the Bank was
shares carries
no privilege of voting or of representation at the general
from the influence of Governments by precautionary also insulated
meeting, that
measures taken
privilege being exercised by the Central Banks in proporti
to prevent the Governments securing any control of its official
direction.
number of shares subscribed in their respective countries; on to the
In our later consideration of the constitution of the Board
and in case
of Directors
the Central Bank of any country does not exercise
and distribution of the Bank's stock we shall see how
the
Government
exercised by a financial institution of that country privilege, it is
meddling has been further circumvented.
selected by the
Board of the Bank. (Statutes, Article XV.)
Under
First National Bank of the City of New York votes this procedure the
Mitigation of Multiple Taxation.
the
The Statutes authorize the offer of the minority American shares.
The New Plan (paragraphs 60, 61, 82)
Banks of countries other than those of the original stock to Central
"recommended that the Governments
seven subscribers
providing their currency be upon a gold or gold
into a convention for the avoidance of of the countries concerned enter
double and triple taxation of the
exchange standard.
Bank"
(Statutes, Article 7.) Under this authority the minority
shares have
been distributed in Switzerland, Sweden, Holland,
by providing that
Norway, Albania,
Austria, Czechoslovakia, Danzig, Greece, Jugoslav
"the funds and investments of the Bank should be freed from
ia, and Poland.
National
taxation at the point where they drive interest, income and
It would be difficult to improve on the foregoin
profit."
g scheme for perpetuating the stock control of the Bank in the hands of the
The Hague Agreement provides in Article X that
seven founding
countries and at the same time accomplishing the
"the contracting parties will take in their respective territorie
cardinal purpose
s the
necessary for securing that funds and investments of the Bank, measures
of the New Plan to make the Bank a financial instituti
resulting
on free from all
from the payments by Germany, shall be freed from all National
Government influences.
or local
fiscal charges.
Control of the Board of Directors.
The signatories to the Ancillary Agreement are committeed
to a like
The administration of the Bank is vested in a board
attitude.
of
25 members, and the same foresight has been exercised todirectors of
The Government of Switzerland by the Swiss Conventi
perpetuate
on and by
control of the board in the hands of the nationals of the
the charter it granted to the Bank accorded it extraordinary
seven countries
exemptions
participating in the foundation of the Bank.
and immunities from taxation in respect to its operatio
ns. Thus
Sixteen of the 25 directors are named directly by the founding
exempted were:
group.
Seven of these 18 are ex officio directors, being Governors
(a) Stamp, registration and other duties on all document
for
s relating to
being of the Central Banks of the seven founding countries the time
its incorporation or liquidation and the original issue of its
, or their
shares;
lco) All taxes on its capital, reserves or profits;
nominees; seven more are persons representative of finance,
industry,
c) All taxes on agreementsfor
or commerce, appointed by those Governors to serve for
and the bonds issued thereunder mobilization loans on the German annuities
three years;
on foreign markets;
and two additional persons of French and German nationality respectiv
(d) All taxes on remuneration paid by the Bank to its
ely
employees of nonSwiss nationality;
appointed by the Governors of the Bank of France and the
Reichsbank,
(e) All taxes on Government deposits in pursuance of the
respectively. These additional directors representing these two
new plan.
countries
These exemptions comprehended taxes imposed by
are accorded only during the continuance of German
reparations in
Cantonal, communal and other public authorities in the Confederation. recognition of the fact
that Germany makes the payments
Switzerland.
It will be observed that, aside from the last-men
receives the lion's share of them. (Statutes. Article 28.) and France
tioned exemptions
granted by Switzerland, the other Governments have
Thus the founding countries have control of substantially
not given special
two-thirds
effect to the experts' original recommendation "for
of the Board, but this is not all. In addition, they
completely dominate
triple taxation." Now that the German avoidance of double
and
the selection of the remainder of the Board. These nine
reparation payments
minority memhave been interrupted, there are no general exemptions
bers are chosen to represent the minority stock
from taxation
distributed among
for business of the Bank done in countries other than
countries other than those of the founders. The
Switzerland. In
Governor of the
those countries the Bank has no more claim than
Central Bank of each of these other countries, in which
shares have
special advantages in conducting its operation its competitors to any
been distributed, submits to the Board a list of
s. Thus at present the
four candidates of
exemptions from taxation are not so important
his own nationality for such a directorship and
to the Bank as the
may include his own
authors of the New Plan originally contemplated they
name. From these lists the Board elects by a
might become.
more than nine persons. Thus the original two-thirds majority not
founding countries absoArbitration Provisions.
lutely control two-thirds of the Board and practical
ly dictate the selection
Article XV of the Hague Agreement provides that
of the entire Board. (Statutes, Article
28.)
"any dispute, whether between the Governments signatory
agreement or between one or more of those Governments to the present
for International Settlements, as to the interpretation or and the Bank
the new plan shall . . . be submitted for final decision to application of President Hoover, in Message to Congre
an arbitration
ss, Inditribunal
the constitution and procedure of which are carefully set forth
in the
Agreement. By paragraph 8 of the same article
jurisdict
tended to the interpretation or application of the Statutes of ion was exthe Bank.
Article XX of the Trust Agreement executed by the Creditor
ments provides that any disputes with regard to the meaning Governor application of the provisions of the Trust Agreement shall be submitted to
the
same tribunal.
Article 2 of the Swiss Convention binds Switzerland to
submit any
dispute of like character to the Arbitral Tribunal, and
paragraph 11 of
the Bank's charter provides that any dispute between the Swiss Government and the Bank as to the interpretation or application of the charter
shall be referred to the Arbitral Tribunal.
Finally, and most significant of all, Article 56 of the Bank's
Statutes,
adopted by all the Governments concerned, provides that
cates Purpose to Create Commission to Consider War Debts If Congress Fails to Authorize Body—Will Seek Co-operation of President-elect Roosevelt—Debts Linked with
Economic Conference and Armaments—.
Comments on Gold and Larger Use of Silver
to Aid Trade and Price Stability.
A message dealing with the war debts was sent to Congres
s
by President Hoover on Dec. 19, in which also he declare
d
that "it is certain that the most urgent economic
effort
4274
Financial Chronicle
still before the world is the restoration, of price levels."
In his message the President indicated that "a year ago I
requested that the Congress should authorize the creation
of a debt commission to deal with situations which were
bound to arise. The Congress did not consider this wise.
In the situation as it has developed it appears necessary
for the Executive to proceed. Obviously any conclusions
would be subject to approval by the Congress." The
President went on to say that "should the Congress prefer
to authorize by legislative enactment a commission set up
along the lines . . . indicated, it would meet my hearty
approval." According to President Hoover,"the discussion
of debts is necessarily connected with the solution of major
problems at the world economic conference and the arms
eonference." He added:
The ideal way would therefore seem to be that some of our representatives in these matters should be selected at once who can perform both
these functions of preparing for the World Economic Conference, and
should exchange views upon the debt questions with certain nations at
once and to advise upon the course to be pursued as to others. It
would be an advantage for some of them to be associated with the Arms
Conference. Some part of the delegates appointed for this purpose
tould well be selected from the members of the Congress.
His intention to seek the co-operation of President-elect
Roosevelt "in the organization of machinery for advancement of consideration of these problems" was made known
by President Hoover, who said:
Discussions in respect to both debt questions and the World Economic
Conference cannot be concluded during my Administration, yet the
economic situation in the world necessitates the preliminary work essential to its success. The undertaking of these preliminary questions should
not be delayed until after March 4.
The message of the President alluded to the recent request
by the principal debtor Nations that the December payments on their debts be postponed, "and that we should
undertake an exchange of views upon possible revision in
the light of altered world conditions." The President further
observed:
Of the total of about $125,500,000 due, Czechoslovakia, Finland,
Great Britain, Italy, Latvia and Lithuania have met payments amounting to 08,685,910,despite the difficulties inherent in the times. Austria,
Belgium,Estonia, France, Greece, Hungary and Poland have not made
their payments. In the case of some of thesa countries such failure was
unquestionably due to Inability in the present situation to make the
payments contemplated by the agreements.
The President in part also said:
I will not entertain the thought of cancellation. I believe that whatever further sacrifices the American people might make by way of adjustment of cash payments must be compensated by definite benefits in
markets and otherwise.
In any event, in protection to our own vital interests, as good neighbors and in accord with our traditional duty as wise and fair creditors
whether to individuals or nations, we must honor the request for discussion of these questions by nations who have sought to maintain their
obligations to us.
The President, in commenting on the decline in world
prices, said "it is not enough to say that the fall in prices is
due to decreased consumption and thus the sole remedy
is the adjustment by reduced production. . . . Price
levels have been seriously affected by abandonment of the
gold standard by many countries and the consequent instability and depreciation of foreign currencies." He further said: "I concur in the conclusions of many thoughtful
persons that one of the first and most fundamental points of
attack is to re-establish stability of currencies and foreign
exchange, and thereby release an infinite number of barriers
against the movement of commodities." He added:
While the gold standard has worked badly since the war, due to the
huge economic dislocations of the war, yet it is still the only practicable
basis of international settlements and monetary stability so far as the
more advanced industrial nations are concerned. The larger use of
silver as a supplementary currency would aid to stability in many quarters of the world.
In full the President's message follows:
To the Senate and House of Representatives:
I indicated in my message on the state of the Union of Dec. 6 that I
should communicate further information to the Congress. Accordingly,
I wish now to communicate certain questions which have arisen during
the past few days in connection with the war debts. These questions,
however, cannot be considered apart from the grave world economic
situation as it affects the United States and the broader policies we should
pursue in dealing with them. While it is difficult in any analysis of
world economic forces to separate the cause from the effect or the symptom from the disease, or to separate one segment of a vicious cycle from
another, we must begin somewhere by determination of our objectives.
It Is certain that the most urgent economic effort still before the
world is the restoration of price levels. The undue and continued
fall in prices and trade obviously have many origins. One dangerous consequence, however, is visible enough in the increased difficulties
which are arising between many debtors and creditors. The values
behind a multitude of securities are lessened, the income of debtors is
insufficient to meet their obligations, creditors are unable to undertake
new commitments for fear of the safety of present undertakings.
Effect on Prices of Abandonment of Gold Standard and Depreciation of
Foreign Currencies.
It Is not enough to say that the fall In prices is due to decreased consumption and thus the sole remedy is the adjustment by reduced pro-
Dec. 24 1932
duction. That is in part true; but decreased consumption is brought
about by certain economic forces, which, if overcome, would result in
a great measure of recovery of consumption and thus recovery from the
depression.
Any competent study of the causes of continued abnormal levels of
prices would at once establish the fact that the general price movement
is world-wide in character and International influences, therefore, have
a part in them. Further exploration in this field brings us at once to
the fact that price levels have been seriously affected by abandonment
of the gold standard by many countries and the consequent instability
and depreciation of foreign currencies. These fluctuations in themselves,
through the uncertainties they create, stifle trade, cause invasions of
unnatural marketing territory, result in arbitrary trade restrictions and
ultimate diminished consumption of goods, followed by a further fall
in prices.
The origins of currency instability and depreciation reach back again
to economic weaknesses rooted in the World War, which have culminated in many countries in anxieties in regard to their financial institutions, the flight of capital, denudation of gold reserves with its consequent jeopardy to currencies. These events have been followed by
restrictions on the movement fo gold and exchange in frantic attempts
to protect their currencies and credit structures.
Restrictions have not alone been put upon the movement of gold and
exchange, but they have been imposed upon imports of goods in endeavor
to prevent the spending of undue sums abroad by their nationals as a
further precaution to prevent the outflow of gold reserves and thus undermining of currency. These steps have again reduced consumption and
diminished prices and are but parts of the vicious cycles which must be
broken at some point if we are to assure economic recovery.
We have abundant proof of the effect of these forces within our own
borders. The depreciation of foreign currencies lowers the cost of production abroad compared to our costs of production, thus undermining
the effect of our protective tariffs. Prices of agricultural and other commodities in the United States are being seriously affected and thousands
of our workers are to-day being thrown out of employment through the
invasion of such goods.
I concur in the conclusions of many thoughtful persons that one of
the first and most fundamental points of attack is to re-establish stability of currencies and foreign exchange, and thereby release an infinite
number of barriers against the movement of commodities, the general
effect of which would be to raise the price of commodities throughout the
world. It must be realized, however, that many countries have been
forced to permit their currencies to depreciate; it has not been a matter
of choice.
I am well aware that many factors which bear upon the problem
are purely domestic in many countries, but the time has come when
concerted action between nations should be taken in an endeavor to
meet these primary questions.
Gold Standard and Larger Use of Silver.
While the gold standard has worked badly since the war, due to the
huge economic dislocations of the war, yet it is still the only practicable
basis of international settlements and monetary stability so far as the more
advanced industrial nations are concerned. The larger use of silver
as a supplementary currency would aid to stability in many quarters of
the world. In any event, it is a certainty that trade and prices must
be disorganized until some method of monetary and exchange stability
is attained. It seems impossible to secure such result by the individual
and separate action of different countries, each striving for separate
defense.
World Economic Conference.
It is for the purpose of discussing these and other matters most vital
to us and the rest of the world that we have joined in the World Economic
Conference, where the means and measures for the turning of the tide
of business and price levels through remedy to some of these destructive
forces can be fully and effectively considered and,if possible, undertaken
simultaneously between nations.
The reduction of world armament also has a bearing upon these questions. The stupendous increase in military expenditures since before
the war is a large factor in world-wide unbalanced national budgets,
with that consequent contribution to instable credit and currencies and
to the loss of world confidence in political stability. While these questions are not a part of the work proposed for the Economic Conference.
cognizance of its progress and possibilities must be ever in the minds of
those dealing with the other questions.
War Debts.
The problem of the war debts to the United States has entered into
this world situation. It is my belief that their importance, relative
to the other world economic forces in action, is exaggerated. Nevertheless, in times of deep depression, some nations are unable to pay and,
in some cases, payments do weigh heavily upon foreign exchange and
currency stability. In dealing with an economically sick world, many
factors become distorted in their relative importance and the emotions
of peoples must be taken into account.
As Congress is aware, the principal debtor nations recently requested
that the December payments on these debts should be postponed and
that we should undertake an exchange of views upon possible revision in
the light of altered world conditions.
We have declined to postpone this payment,as we considered that such
action (a) would amount to practical breakdown of the integrity of these
agreements, (b) would impose an abandonment of the national policies
of dealing with these obligations separately with each nation, (c) would
create a situation where debts would have been regarded as being a
counterpart of German reparations and indemnities and thus not only
destroy their individual character and obligation but become an effective
transfer of German reparations to the American taxpayer, (d) would be
no real relief to the world situation without consideration of the destructive forces militating against economic recovery, (e) would not be a
proper call upon the American people to further sacrifices unless there
were definite compensations. It is essential in our national interest
that we accept none of these implications and undertake no commitments before these economic and other problems are canvassed and so
far as possible are solved.
December Debt Payments.
Of the total of about $125,500,000 due, Czechoslovakia, Finland, Great
Britain, Italy, Latvia and Lithuania have met payments amounting
to $98,685,910, despite the difficulties inherent in the times. Austria,
not
Belgium, Estonia, France, Greece, Hungary and Poland have
failure
made their payments. In the case of some of these countries such make
was unquestionably due to inability in the present situation to
the payments contemplated by the agreements.
Certain nations have specifically stated that theirdo not see their
way clear to make payments under these agreementslfor the future.
Volume 135
Financial Chronicle
Thus our Government and our people are confronted with the realities
of a situation in connection with the debts not heretofore contemplated.
It is not necessary for me at this time to enter upon the subject of
the origins of these debts, the sacrifices already made by the American
people, the respective capacities of other governments to pay, or to
answer the arguments put forward which look toward cancellation of
these obligations. I may, however, point out that except in one country the taxation required for the payments upon the debts owing to our
Government does not exceed one-quarter of the amounts now being
imposed to support their military establishments. As their maintained
armaments call for a large increase in expenditures on our defensiveforces
beyond those before the war, the American people naturally feel that
cancellation of these debts would give us no relief from arms, but only
free large sums for furthn military preparations abroad
Further, it is not amiss to note that the contention that payment
of these debts is confined to direct shipment of goods or payment in
gold is not a proper representation, since in normal times triangular
trade is a very large factor in world exchanges; nor is any presentation
of the trade-balance situation complete without taking into account
services, as, for instance, American tourist expenditures and emigrant
remittances alone to most of the debtor countries exceed the amount of
payments. I may also mention that our country made double the total
sacrifice of any other nation in bringing about the moratorium which
served to prevent the collapse of many nations of Europe, with its reactions upon the world. This act of good-will on our part must not
now be made either the excuse or opportunity for demanding still larger
sacrifices.
Against Cancellation.
My views are well known; I will not entertain the thought of cancellation. I believe that whatever further sacrifices the American people
might make by way of adjusment of cash payments must be compensated by definite benefits in markets and otherwise.
In any event, in protection to our own vital interests, as good neighbors and in accord with our traditional duty as wise and fair creditors,
whether to individuals or nations, we must honor the request for dismission of these questions by nations who have sought to maintain their
obligations to us.
The decision heretofore reached to exclude debt questions from the
coming World Economic Conference or from any collective conferences
with our debtors is wise, as these are obligations subject only to discussion with individual nations, and should not form part of a collective
discussion or of discussion among many nations not affected; yet it seems
clear that the successful outcome of the Economic Conference would
be greatly furthered if the debt problem were explored in advance,
even though final agreement might well be contingent on the satisfactory solution of economic and armanmet questions in which our country
has direct interest.
Creation of Machinery to Deal with Debts.
Thus, from this present complex situation, certain definite conclusions are unavoidable:
1. A number of the most serious problems have now arisen and we
are bound to recognize and deal with them.
2. It is of great importance that preparatory action should be taken
at once, otherwise time will be lost while destructive forces are continuing against our agriculture, employment and business.
3. Adequate and proper machinery for dealing with them must be
created. It is clear that ordinary diplomatic agencies and facilities
are not suitable for the conduct of negotiations which can best be carried
on across the table by specially qualified representatives.
4. As I have pointed out, the discussion of debts is necessarily connected with the solution of major problems at the world economic
conference and the arms conference. The ideal way would therefore seem to be that some of our representatives in these matters should
be selected at once who can perform both these functions of preparing
for the world economic conference, and should exchange views upon the
debt questions with certain Nations at once and to advise upon the
course to be pursued as to others. It would be an advantage for some
of them to be associated with the arms conference. Some part of the
delegates appointed for this purpose could well be selected from the
members of the Congress. On the side of the Executive this is no derogation of either executive authority or independence: on the side of the
Congress it is no commitment, but provides for the subsequent presentation to the Congress of the deliberations, intricacies, reasoning
and facts upon which recommendations have been based, and is of first
importance in enabling the Congress to give adequate consideration
to such conclusions.
5. Discussions in respect to both debt questions and the world economic
conference cannot be concluded during my Administration, yet the
economic situation in the world necessitates the preliminary work essential
to its success. The undertaking of these preliminary questions should
not be delayed until after March 4.
I propose, therefore, to seek the co-operation of President-Aect
Roosevelt in the organization of machinery for advancement of consideration of these problems.
A year ago I requested that the Congress should authorize the creation of a debt commission to deal with situations which were bound
to arise. The Congress did not consider this wise. In the situation
as It has developed it appears necessary for the Executive to proceed.
Obviously,any conclusions would be subject to approval by the Congress.
On the other hand, should the Congress prefer to authorize by legislative enactment a commission set up along the lines above indicated,
It would meet my hearty approval.
I had occasion recently, in connection with these grave problems,
to lay down certain basic principles:
"If our civilization is to be perpetuated, the great causes of world peace,
world disarmament, and world recovery must prevail. They cannot
prevail until a path to their attainment is built upon honest friendship,
mutual confidence and proper co-operation among the Nations.
"Those immense objectives upon which the future and welfare of all mankind depend must be ever in our thought in dealing with immediate and
difficult problems. The solution of each of these upon the basis of an
understanding reached after frank and fair discussion in and of itself
strengthens the foundation of the edifice of world progress we seek to erect;
whereas our failure to approach difficulties and differences among Nations
In such a spirit serves but to undermine constructive effort.
"Peace and honest friendship with all Nations have been the cardinal
principles by which we have ever guided our foreign relations. They are
the stars by which the world must to-day guide its course—a world in
which our country must assume its share ofleadership and responsibility."
The situation is one of such urgency that we require national solidarity
and national co-operation if we are to serve the welfare of the American
people, and indeed if we are to conquer the forces which to -day threaten
the very foundations of civilization.
HERBET HOOVER.
The White House, Dec. 19 1932.
4275
James Speyer Returns from Abroad—Finds
Lausanne Agreement Has Given German
People Renewed Hope Surprise in Germany
That New York Is in Financial Difficulties.
James Speyer, who returned on the "Europa" on Dec. 22
from a short trip to Europe, when asked about conditions in
Germany, said:
"As I only spent about one week in Berlin and Frankfort, it is, of
course, difficult to form a reliable opinion; but I had an opportunity to
meet some of the leading Bankers and oticials,including the new German
Minister of Finance and the President of the Reichsbank. The general
impression which other visitors and I received is that the Lausanne
Agreement,lifting at last an impossible burden from the German Nation,
and the preliminary discussions at Geneva, tending towards re-admitting
this nation to a place of equality, after all these hard years, have given
the German people renewed hope and confidence in their future.
As the recent elections (with about 30 party candidates) did not result
in giving any one party a workable parliamentary majority, General von
Schleicher, backed by the influence and prestige of the venerable President von Hindenburg, decided to, and did, form his Cabinet without
regard to political affiliations. It is composed of well-qualified men,
each one experienced in his particular field, and their principal aim is to
provide work for the millions who are only too willing to work but who
have been unemployed for a number of years. All this is welcomed by
the business community, and everybody realizes the importance, and is
anxious, to have the Republic and the German cities continue, as heretofore, to punctually fulfill their obligations to American bondholders.
Although a few German cities have not been able to punctually meet
their short-term debts owing to their own citizens, people over there can
not understand why the largest and richest city in the United States—
our own New York—should find itself in financial difficulties. This is
rather humiliating for a New Yorker, and we surely should all be sufficiently interested to work energetically to remedy this deplorable
condition, and to see to it that it does not occur again.
On the other hand, leading people over there were astonished to see
that at our last election, in spite of a severe business depression, the
Socialists and Communists secured only a very small proportion of the
total vote cast. They do admire the American spirit which animates
everyone here to help his fellow-citizens in this hour of stress, without
relying on government doles, etc."
In our issue of Dec. 10(page 3964) we noted that members
of the League Loans Committee (London) conferred with
Mr. Speyer in London on Dec. 6
The Course of the Bond Market.
Firmness in the bond market early this week was supplanted by a downward trend which began on Tuesday.
Rail bonds, particularly low-grade issues, led the decline.
Railroad Baa bonds, according to Moody's averages, made
new lows since the September high, and the average of all
domestic Baa issues reached its previous low of Dec. 5.
One railroad receivership and rumors of others impending
seemed to be the dominating factors in the decline. Moody's
Aaa bond averages made a new high point last Saturday,
but receded therefrom very slightly, when the general weakness in lower grade issues developed. This relative strength
of the highest grade obligations is no doubt due to the relative scarcity of corporate issues possessed of an unquestioned
factor of safety. The price index of 120 domestic bonds
closed Friday at 78.10, compared with 79.56 a week ago and
79.11 two weeks ago.
United States Government bonds again made new highs
this week, rising steadily each day. There seemed to be no
unusual developments to account for the strength. Approximately the same considerations appear to apply here as in
the case of gilt-edge corporate bonds, namely, the relative
lack of unquestionably safe investments available for the
amount of funds seeking such investments. Moody's longterm Government price index closed the week at 102.71,
compared with 102.05 a week ago and 101.82 two weeks ago.
The railroad bond market was marked by extreme weakness in all issues except the few which occupy unquestionably
sound positions, such as Union Pacific 1st 4s, 1947, which
changed from 983 to 98%; Atchison Topeka & Santa Fe
%
gen. 4s, 1995, from 933 to 92%, and Pennsylvania cons.
4
434s, 1960, from 10034 to 101. Among the medium grade
and low grade issues showing severe depression were New
York Central ref. & imp. 43/35, 2013, which declined from
4
0% to 3534; Chicago Milwaukee St. Paul & Pacific gold 5s,
1975, from 1734 to 1434; Chicago & Western Indiana 1st &
ref. 534s, 1962, from 7634 to 65, and Missouri Pacific 1st &
ref. 5s, 1981, from 2034 to 19. Central of Georgia bonds
suffered large declines, the cons. 5s, 1945, from 25 to 15,
and the ref. & gen. 55, 1959, from 17 to 534, because of the
appointment of receivers for this company. Railroad news
was not unfavorable, apart from this receivership, November earnings reports comparing relatively favorably with
those of a year ago, carloadings for the week of Dee. 17
showing unseasonal gains and the railroad wage controversy
having been settled for another breathing spell of nine
Dec. 24 1932
Financial Chronicle
4276
months. The railroad bond price index closed on Friday
at 67.07, compared with 70.15 a week ago and 70.05 two
weeks ago.
The utility bond market was fairly strong. The highgrade issues rose fractionally, causing Moody's bond price
index for Aaa, Aa and A ratings to move into new high
ground since October. The more speculative issues, however, as evidenced by the Baa group, sold off somewhat this
week in common with the downward trend of railroad bonds.
Such high-grade issues as Bell Telephone of Pa. 5s, 1960;
Duquesne Light 43s, 1967; West Penn Power 4s, 1961;
American Telephone & Telegraph 5s; 1965, and Pacific
Gas & Electric 43s, 1957, sold at higher levels this week
than last. Among the lower grade issues to show declines
this week were Interstate Power 5s, 1957, all International
Telephone & Telegraph issues and American & Foreign
Power 5s, 2030. New York traction issues firmed up
somewhat. Moody's index of 40 public utility bonds closed
the week at 85.23, while a week ago it stood at 85.48 and
two weeks ago at 84.60.
Irregularity characterized the industrial bond market
this week. Price declines in second grade rails were transmitted to industrial. On the whole, developments by industries and companies governed price movements except
in Aaa issues, which moved into new high ground on Monday. Weakness in U. S. Steel stocks brought selling and
lower prices for steel bonds in general. Packing bonds were
strong and active on the announced intention to exclude
hogs from the Farm Allotment Plan, Wilson 6s, 1941, and
the Armour issues being features. Rubber issues remained
firm, holding substantially all of the previous advances.
Publicity on economy program accomplishments failed to
stimulate more than faintly the Paramount issues. Announcement of a plan to maintain the current interest rates
on Schulco 63's, 1946, brought no activity in these bonds.
Baldwin Locomotive 53's, 1933, held the gains of previous
weeks on publication of the novel plan for meeting this issue
at maturity. The price index of industrial bonds closed
at 84.35 on Friday, was 84.60 a week ago and 83.97 two
weeks ago.
Foreign bonds were fairly firm this week. German issues
were strong, some of them selling at higher levels than they
reached last week. French and Belgian issues recovered
from the setback occasioned by the non-payment of war
debts. Antwerp 5s, 1958, made a recovery of several
points after last week's decline. Japanese obligations were
irregularly lower, but the 6M% obligations of the Government rose 13. points for the week. Australian, Scandinavian and Polish bonds changed fractionally. The only
sharp break occurred in Argentine bonds, prices for which
declined some 10%. Moody's foreign bond yield average
was 10.39% on Friday, 10.42% a week ago and 10.46%
two weeks ago.
Following the successful offering of New York, New
Jersey and Illinois issues, strength in the State and municipal bond market has been pronounced,even though the greatest demand has been for shorter maturities. Issues which
have been subject to periods of uncertainty shared in general
price improvement. Speculative municipals were not
greatly influenced.
Moody's computed bond prices and bond yield averages
are shown in the tables belcw:
MOODY'S BOND PRICES.*
(Based on Average Yields.)
MOODY'S BOND YIELD AVERAGES.?
(Based on Individual Closing Prime.)
1932
Daily
Averages.
Dec. 23
22
21
20
19
17
16
15
14
13
12
10
9
8
7
6
3
2
1
Wang
Nov.25
18
11
4
Oct. 28
21
14
7
Sept.30
23
16
9
2
Aug. 26
19
12
5
July 29
22
15
8
1
June 24
17
10
3
May 28
21
14
7
Apr. 29
22
15
8
1
Mar.24
18
11
4
Feb. 26
19
11
An
120 DOMeniC4 by Ratings.
120
Domes
Baa.
A.
Aa.
460.
He.
120 Domestics
by Grotty*.
RR.
.
P U. Indus.
78.10
78.55
78.88
79.11
79.58
79.68
79.56
79.56
79.34
79.34
79.34
79.11
79.11
78.77
78.66
78.55
78.32
78.44
78.66
78.77
102.98
102.98
103.15
102.98
103.15
103.32
103.32
102.81
102.64
102.47
102.47
102.47
102.30
102.30
101.97
101.64
101.81
101.97
101.81
101.64
86.38
86.91
87.17
87.43
87.83
87.69
87.83
87.96
87.96
88.10
87.96
87.83
87.83
87.69
87.83
87.69
87.30
87.30
87.43
87.30
74.77
75.40
75.61
75.82
76.14
76.25
76.14
76.03
75.71
75.61
75.71
75.29
75.40
75.29
75.29
75.09
75.19
75.09
75.19
75.29
58.80
59.22
59.58
59.94
60.74
60.82
60.67
60.74
60.67
60.67
60.74
60.31
60.38
59.80
69.58
59.36
59.15
59.29
59.80
60.01
67.07
67.77
68.31
68.67
69.96
70.15
70.15
70.05
70.05
70.15
70.33
70.05
70.05
69.86
69.86
69.49
69.22
69.31
69.86
69.96
85.23
85.61
85.61
85.61
85.48
85.61
85.48
85.35
85.10
84.85
84.85
84.72
84.60
84.10
83.85
83.72
83.72
83.72
83.60
83.72
84.35
84.47
84.60
84.72
84.85
84.85
84.60
84.60
84.60
84.47
84.35
83.85
83.97
83.85
83.72
83.72
83.60
83.72
83.85
83.85
79.34
80.03
79.91
79.11
80.49
81.18
80.84
81.42
82.50
82.14
80.84
81.78
81.18
80.95
80.14
76.87
72.26
70.43
66.98
64.71
62.87
62.48
63.27
63.90
63.11
60 97
59.01
62.02
63.98
66.55
68.40
69.80
68.49
67.07
71.87
74.88
75.61
77.55
75.82
74.57
74.46
72.16
72.65
72.95
74.39
74.77
82.62
57.57
93.55
62.56
102.14
102.14
101.97
101.04
101.64
101.81
101.64
101.81
102.30
101.47
100.49
100.33
99.68
99.36
98.73
96.70
95.18
94.29
93.26
91.81
90.83
90.13
90.27
90.55
90.13
89.04
86.64
89.45
92.10
93.26
93.85
94.58
92.82
92.68
94.58
96.70
98.70
97.62
95.63
94.29
93.70
91.67
91.81
92.25
93.40
93.70
103.32
85.61
106.96
87.98
87.96
88.23
87.96
87.56
88.23
88.90
88.63
88.63
89.45
88.90
87.83
88.10
87.43
87.96
86.38
83.85
80.72
79.45
77.88
76.46
74.67
74.77
75.82
76.78
76.35
73.45
73.55
77.00
78.88
80.95
81.90
82.62
80.95
79.68
82.50
84.35
84.72
85.74
83.48
82.02
81.54
79.80
80.49
81.07
82.99
82.87
89.72
71.38
01.64
76.03
76.03
76.78
76.67
76.03
77.11
77.55
77.22
77.33
78.44
77.66
76.78
77.22
76.89
76.67
75.61
72.28
68.67
67.42
93.27
60.16
58.73
58.52
59.36
69.94
59.80
58.04
56.12
58.52
60.31
63.19
85.62
67.07
66.64
67.07
71.29
73.45
73.85
75.29
73.35
72.26
71.77
89.77
70.62
70.52
72.06
73.15
78.55
54.43
92.97
59.87
60.60
61.71
61.71
60.38
62.79
63.98
63.66
64.96
66.30
66.81
64.88
67.16
66.47
65.79
65.54
61.11
54.61
51.85
47.63
45.50
43.58
43.02
43.62
44.25
43.02
41.03
38.88
41.44
42.90
45.46
47.44
49.22
47.73
45.15
50.80
55.42
56.58
59.80
58.66
57.57
58.32
55.55
55.73
55.99
57.17
57.30
67.88
37.94
78.55
42.58
70.90
71.96
72.55
71.57
73.45
74.25
73.95
74.67
76.67
76.46
74.88
76.25
76.14
76.25
76.35
71.38
65.45
64.15
59.87
56.32
54.86
54.73
55.61
58.32
55.61
52.47
49.53
52.24
54.55
57.64
59.94
62.56
60.82
59.29
64.80
70.15
71.19
73.85
72.95
71.67
71.77
69.31
70.15
70.71
72.06
72.16
78.99
47.58
95.18
53.22
84.10
84.97
84.60
83.85
85.23
86.12
85.61
86.64
87.43
86.77
85.61
86.51
85.74
85.87
84.85
81.66
77.55
75.82
73.05
72.16
69.40
69.13
69.59
70.52
69.68
68.58
66.73
71.09
72.95
74.46
75.92
76.68
74.98
71.97
77.58
80.72
81.07
83.35
81.42
79.68
79.56
77.11
77.44
77.86
80.14
81.54
87.69
65.71
99.85
73.55
84.22
84.35
83.48
82.74
83.60
83.97
83.72
83.72
83.85
83.72
82.74
83.23
82.14
81.18
79.45
77.66
74.77
72.26
69.31
67.25
65.96
65.12
66.04
66.21
65.62
63.90
63.35
65.29
68.64
79.40
70.90
71.48
71.00
71.38
73.65
74.57
74.98
78.14
73.55
72.75
72.45
70.82
70.71
70.81
71.48
71.19
84.85
62.09
90.55
63.74
78.66
66.90
48.86
62.17
78.88
65.96
98.41
89.88
74.25
91.39
92.82
87.43
Jan. 29
22
15
High 1932
Low 1932
High 1931
Low 1931
Year Ago
Dec. 23 1931___ 68.40 91.53
Two Years Ago
Dee. 24 1930- 90.41 103.82
AU
1932
120
nogg Domes
tic.
Average:.
Dec. 23__
22_
21_.
20_.
19_.
17._
18_
15-14._
13_.
12_
10-.
9-8__
7__
6_
3__
2__
1_.
Weekly
Nov.25-18..
11..
4..
Oct. 28-21-_
14__
Sept.30.23-16-9-2-Aug.2812-5.July 29-22-15-8._
June 24::
17_.
10-.
3..
May 28-21_.
14..
7..
Apr. 29..
22- _
8__
Mar.24..
18..
11._
4..
Feb. 26..
1911._
5..
Jan. 29.22._
15..
Low 1932
HIgh 1932
Low 1931
Herb 1931
Yr. ApoDee.23'31
2 Yrs.Aoo
Dea.24'30
120 Domestics by Ratings.
120 Domestics
by Grottos.
40
For
.
P U. DMus. 010u5.
Aaa.
Aa.
A.
Baa.
RR.
6.38
6.34
6.31
6.29
0.25
6.24
6.25
6.25
6.27
6.27
6.27
8.29
6.29
6.32
6.33
6.34
6.36
6.35
6.33
6.82
4.57
4.57
4.56
4.57
4.56
4.55
4.55
4.58
4.59
4.60
4.60
4.60
4.61
4.61
4.63
4.65
4.64
4.63
4.64
4.65
5.69
5.65
5.63
5.61
5.58
5.59
5.58
5.57
5.57
5.56
5.57
5.58
5.58
5.59
5.58
5.59
5.62
5.62
5.61
5.62
6.69
6.63
6.61
6.59
6.58
6.55
6.56
6.57
6.60
6.61
6.60
6.64
6.63
8.64
6.64
8.66
6.65
6.66
6.65
6.64
8.56
8.60
8.45
8.40
8.29
8.28
8.30
8.29
8.30
8.30
8.29
8.35
8.34
8.42
8.45
8.48
8.51
8.49
8.42
8.39
7.50
7.42
7.36
7.32
7.18
7.16
7.16
7.17
7.17
7.16
7.14
7.17
7.17
7.19
7.19
7.23
7.26
7.25
7.19
7.18
5.78
5.75
5.75
5.75
5.76
5.75
5.76
5.77
5.79
5.81
5.81
5.82
5.83
5.87
5.89
5.90
5.90
5.90
5.91
5.90
5.85
5.84
5.83
5.82
5.81
5.81
5.83
5.83
5.83
5.84
5.85
5.89
5.88
5.89
5.90
5.90
5.91
5.90
6.89
5.89
10.39
10.45
10.34
10.34
10.41
10.52
10.42
10.89
10.37
10.34
10.88
10.46
10.46
10.40
10.44
10.54
10.56
10.52
10.54
10.57
6.27
6.21
6.22
6.29
6.17
8.11
6.14
6.09
6.00
6.03
6.14
6.06
6.11
6.13
6.20
6.51
6.94
7.13
7.61
7.78
8.01
8.06
7.96
7.88
7.98
8.26
8.53
8.12
7.87
7.56
7.35
7.19
7.34
7.50
7.00
6.68
6.61
6.43
6.59
6.71
6.72
6.95
6.90
6.87
6.73
6.69
5.99
8.74
6.17
8.05
4.62
4.62
4.63
4.65
4.65
4.64
4.65
4.64
4.61
4.66
4.72
4.73
4.77
4.79
4.83
4.96
5.06
5.12
5.19
5.29
5.36
5.41
5.40
5.38
5.41
5.49
5.67
5.46
6.27
5.19
5.15
5.10
5.22
5.23
5.10
4.96
4.96
4.90
5.03
5.12
6.16
5.30
5.29
5.26
6.18
5.16
4.55
5.75
4.34
5.57
5.57
5.55
5.57
5.60
5.55
5.50
5.52
5.52
6.46
5.50
5.58
5.56
5.61
5.57
5.69
6.89
8.16
6.28
6.40
6.53
6.70
6.69
6.59
6.80
6.54
8.82
6.81
6.48
6.31
6.13
6.05
5.99
6.13
6.24
6.00
5.85
5.82
5.74
5.92
6.04
6.08
6.23
6.17
6.12
5.99
5.97
5.44
7.03
4.65
6.57
6.57
6.50
6.51
6.57
6.47
8.43
6.46
6.45
6.35
6.42
6.50
6.46
6.49
6.41
6.61
6.94
7.32
7.46
7.98
8.37
8.57
8.60
8.48
8.40
8.42
8.67
8.96
8.60
8.35
7.97
7.67
7.50
7.55
7.50
7.04
6.82
8.78
6.64
6.83
6.94
6.99
7.20
7.11
7.12
6.96
6.85
6.34
9.23
5.21
8.41
8.31
8.16
8.16
8.34
8.02
7.97
7.91
7.75
7.59
7.63
7.76
7.49
7.57
7.65
7.68
8.24
9.20
9.67
10.48
10.94
11.39
11.53
11.88
11.23
11.53
12.05
12.67
11.94
11.56
10.95
10.62
10.16
10.46
11.02
9.86
9.07
8.89
8.42
8.58
8.74
8.63
9.05
9.02
8.98
8.80
8.78
7.41
12.96
6.34
11.64
7.08
6.97
6.91
7.01
6.82
6.74
6.77
6.70
6.51
6.53
6.68
6.55
6.56
6.55
6.54
7.03
7.69
7.85
8.41
8.93
9.16
9.18
9.04
8.93
9.04
9.56
10.10
9.60
9.21
8.73
8.40
8.05
8.28
8.49
7.77
7.16
7.05
6.78
6.87
7.00
6.99
7.25
7.16
7.10
6.96
6.95
6.30
10.49
5.06
9.43
5.87
5.80
5.83
5.89
5.78
5.71
5.75
5.67
5.61
5.66
5.75
5.68
6.74
5.73
5.81
6.07
6.43
6.59
6.86
6.95
7.24
7.27
7.22
7.12
7.21
7.33
7.54
7.06
6.87
8.72
6.58
6.50
6.67
6.98
6.43
6.15
6.12
6.93
6.09
0.24
6.25
8.47
6.44
6.42
6.20
6.08
8.59
7.66
4.95
6.81
5.86
5.85
5.92
5.08
5.91
5.88
5.90
5.90
5.89
5.90
5.98
5.94
6.03
6.11
6.26
6.42
6.69
6.94
7.25
7.48
7.26
7.73
7.62
7.60
7.87
7.88
7.95
7.71
7.55
7.24
7.08
7.02
7.07
7.03
8.80
8.71
8.67
0.56
8.81
6.89
6.92
7.11
7.10
7.09
7.02
7.05
5.81
8.11
5.38
7.90
10.54
10.33
10.10
10.30
10.20
10.09
9.97
9.99
9.98
10.08
10.48
10.33
10.92
10.99
11.19
11.30
11.53
11.73
12.02
12.18
12.13
18.76
13.92
14.80
14.75
15.29
15.28
14.82
14.03
14.10
13.70
13.31
13.30
13.23
12.77
12.66
12.02
12.31
12.55
12.82
12.86
13.23
13.00
13.22
13.12
13.30
9.86
15.83
6.57
16.58
7.35
5.31
6.33
7.52
10.23
8.10
6.31
7.63
18.11
5.39
4.52
4.85
5.43
6.74
5.32
5.22
5.61
7.83
•Ncac-These prices are computed from average yields on the beide of one "Ideal" bond (48% coupon. maturing In 31 years and do not purport to show either the
actual price
average level or the average movement of the truer quotations. They merely serve to Illustrate In a more comprehensive way the relative levels and the relative Movepicture of the bond market.
ment of yield averages, the latter being
The last complete list of bonds wed In computing these Indexes was published In the "Chronicle" on Oct. 1 1932, page 2228. For Moody'e Index of bond
back to 1928. refer to the "Chronicle" of Feb. 6 1932. page 907.
prices by months
Volume 135
Financial Chronicle
4277
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Dec. 23 1932.
Though wholesale jobbing and manufacturing trade as a
rule is slow, there is not only a fair retail and holiday business
but the indications are that in some respects this December
will have a better record than December of last year. Seasonal
contraction is in evidence and there appears to be no immediate prospect of anything other than a gradual consolidation of the present position but the tone is better and it is
apparent that constructive factors are in the ascendant.
The heavy industries are still quiet and there have been
noticeable reductions in the price of crude petroleum recently.
During the week the weather has had both some beneficial
and detrimental effects. It has helped Christmas shopping
materially and the coal trade has been benefited, but the
severe cold of the first part of the week tended to slacken
some lines.
Retail trade is about as large this year as last as regards
quantity but the decrease in dollar value averages about
25% or more in some cases. In Chicago it has been slow.
In the Central West Christmas buying has been better but
in Chicago department store price cutting has been necessary
in some instances to move unsold stocks of Christmas goods.
The coal trade there has increased sharply during the recent
cold snap and coal mining has expanded. Wholesalers have
reported good fill-in orders from the country. In St. Louis
more seasonable weather caused an increase in retail trade
but the volume of sales has been below expectations. The
demand is chiefly for the cheaper grade of goods. Industry
is generally slow there and unemployment acute. In Kansas
City the Christmas trade, though hampered by the severity
of the weather, showed some increase. In MinneapolisSt. Paul retail business was reported as slow owing to the
recent very cold weather except in some seasonal lines.
Since the weather has moderated wholesale trade in food
and electrical lines has been good. Flour, however, has been
dull owing to the continued weakness in wheat. Trade lags
in the Cleveland district. Store sales there are reported to
have been 36% smaller during the first 10 days of December
than during the same time in 1931, while in the first 11
months of the year there was a reduction as compared with
the same period in 1931 of 26%. In Philadelphia, colder
weather helped the trade in Christmas goods and fuel. In
Boston the Christmas trade is about as large as that of a
year ago but the dollar value is roughly 25% less. The shoe
industry is still quiet with some indication of a decline in
retail prices. Wool has been quiet for the most part, but
its statistical position is considered strong. Stocks of woolen
goods have become much depleted in the face of a better
demand. The railroads have concluded an agreement with
their workers to continue their present wage scale with
its 10% reduction. Car loadings are making a better than
seasonal showing. New York Central's passenger traffic is
reported to be running ahead of last year. The net earnings
of class I railroads in October were only .6% below those of
that month in 1931. Detroit has recently been characterized
as the busiest industrial center of the country. Actual motor
output for the past week is stated at 32,976 cars and trucks
against 23,279 in the preceding week and 13,629 in the
corresponding week last year. Business failures are fewer
and our monetary gold stock last week increased some
$119,000,000, principally as a result of the British gold
payment of their international debt.
The persistent and continued dullness of the stock market
with an attendant lack of speculative interest is a discouraging factor, although the uncertainty of the outlook as regards
domestic politics, international debts, tax legislation and general conditions both domestic and foreign make it hard to see
on what theory activity could be stimulated at this time.
The market has been generally lower, but so far has not
violated the bottom levels of October, November and early
December. Bonds have been as a rule active with rising
prices for the more stable issues. Some classes of United
States Governments have made new high records but the
more speculative groups have been irregularly lower.
Wheat has not been able to withstand the effects of renewed liquidation in a narrow market and prices have drifted
downward to new lows. Corn has broken under long selling
and the dullness of the cash market against which continued
smallness of the country offerings were ineffectual. To-day
the December delivery sold below 21c. or the lowest price
since 1896. Oats, rye and barley have also weakened though
some foreign buying of rye was not without its effect. Cotton
declined under January liquidation, hedge selling and latterly
in part because of the weakness of stocks although to-day
prices showed a firmer trend. Some selling attributed to
Southern mills and a fear that the next acreage may be increased were factors. Coffee has advanced despite the reduction of the interior tax by Brazil as the reduction was not
so large as had been expected. The last Farm Board sale too
brought better prices than had been looked for. Raw sugar
has declined; also of late rubber and hides have been lower
but at the lowest prices spot hides have been more active.
As to the stock market on the 17th stocks were dull with
sales of only 413,644 shares at irregular fluctuations. The
close was steady. Bonds were really of more interest than
stocks. Most German bonds,including Government, State,
municipal and corporation issues, sold at the highest prices of
the year. French bonds were also higher. Sales amounted
to $6,048,000. Sterling advanced 1 Xe.; francs declined
Xc. Grain, cotton and most other commodities advanced.
On the 19th stocks, after an early advance, reacted and
closed with a hardly perceptible average net rise. It was
a day of sluggish price movements with sales of only 917,200
shares. Stocks showing the most advance included American Can and People's Gas, though the trading everywhere
was without really interesting features. German bonds
made another new high record. Foreign issues were generally strong and U. S. Government bonds advanced a
fraction but domestic corporation issues were irregular.
The total bond sales were $11,800,000. Sterling exchange
advanced /c.
On the 20th stocks were lower. The decline was led by
%
U. S. Steel with a drop of 23i for the preferred and 15 for
the common. The average loss for the more active issues
was about 13 points with a volume of slightly over 1,000,000
shares. Domestic corporation bonds were lower, foreign
bonds irregular and U.S. Governments higher with total sales
of $10,672,000. Sterling exchange advanced 13ic. On the
21st stocks were dull and closed at negligible declines after
some irregularity. There was no point to the fluctuations and
the sales were only 738,700 shares. Sterling advanced 13i.
Bonds were steadier for corporation issues and six U. S.
Government issues reached a new high for this year. Foreign bonds were firm.
On the 22d, stocks declined 1 to 33 points with sales of
1,300,000 shares. Sterling exchange fell nearly 2 cents.
Stocks which were especially weak were United States Steel
issues, New York Central, American Telephone, Westinghouse Electric, Atchison and Auburn. United States Federal
bonds in all but three instances reached new high points for
the year. Domestic corporation bonds were weaker and
foreign issues irregular. German bonds declining 1 to 2
points and French also weakening. To-day trading was
desultory in a typical pre-holiday session. The volume
declined to 925,908 shares and prices were lower as a rule.
The weekly trade news was generally optimistic, rather than
otherwise, but the market itself appeared to be governed by
internal considerations rather than anything else. Bank
clearings were up and our gold supply is being continuously
augmented. Tax selling persists in dribbles, but taken as
a whole the market reflects a steadier tone. Bonds *ere
reactionary as a rule, except for U. S. Governments which
were firm. Some issues made new tops for the year.
Baltimore & Ohio and Interborough bonds were two exceptions to the general trend. Sales amounted to slightly less
than $11,000,000.
Manchester, N. H., wired Dec. 22 that the Amoskeag
Workers' Council, representing the 6,000 employees of the
Amoskeag Mfg. Co. are awaiting the management's reply
to the proposal for a return to the wage scale existing prior
to Oct. 3 1931. The illness of Agent Henry Rauch is said to
have delayed the reply. The employees voted this week to
ask cancellation of the last two reductions, including the
re-adjustment approved last April and the 10% cut voluntarily taken in October 1931. Treasurer Dumaine came here
this week and addressed the council before the vote was taken.
It is understood he told the workers that the company would
4278
Financial Chronicle
show a loss this year. At Springfield, Mass., on Dec. 22
the Malone Knitting Co., operating at full speed with 135
employees, is filling a large American Red Cross order for
infant's shirts. It has declined a second order because of
the rush of other business.
At Spartanburg, S. C. plants of the Proximity Manufacturing Co. at Greensboro, N. C., will close only Saturday
and Monday for Christmas, it is officially announced. At
present the company's four plants, White Oak, Revolution,
Proximity mills and Proximity Print Works, are operating
on a five-day week schedule. The Proximity company employs around 4,000 workers. For a number of years the
mills have closed several days during the Christmas season.
The unusually short holiday this year is due to improved
business. Danville, Va., wired on Dec. 17 that the directors
of the Riverside and Dan River Cotton Mills had decided to
pass the dividends on the company's preferred and common
stocks, due on Jan. 1. The mills are running at capacity,
but the low price of textiles affords a narrow margin of profit.
It was the third dividend passed. Fayetteville, N. C., wired
on Dec. 18 that when the Binz Silk Mill here reopens under
new management shortly after the first of the year, employment will be given to 200 persons. The plant has been idle
for several months.
On the 17th New York had its first big snow storm of
the season, a fall of nearly seven inches. The temperatures
were 12 to 21. The snow storm was nation wide. It
prevailed in the Southern States, in New England and the
West. Washington and Baltimore had a fall of 12 inches.
The Atlantic coast was battered by a storm from the Virginia Capes northward causing trouble to coastwise steamship traffic. Rail traffic was interrupted and also air
transportation. Ferry and other harbor traffic here was
delayed by the low visability caused by the whirling snow
and. the clouds of vapor rising from the icy waters of the
Hudson and East Rivers. In Pennsylvania the drifts in
some cases were 5 to 6 feet deep and for the first time this
Winter the Allegheny River was frozen over, at Franklin,
Venango County. Thin ice covered the Allegheny and the
Monongahela Rivers further south. The North Penn
section of Montgomery County in Southeastern Pennsylvania had the heaviest snowfall in four years. By night
virtually all roads except main arteries and railroad lines
were blocked. Pennsylvania temperatures varied from 20
degrees above zero to several degrees below. Temperatures of 10 to 26 degrees below zero were frequent in Western
Massachusetts and in Maine, New Hampshire and Vermont.
On the 18th the New York City temperatures were 18 to
33. The streets had been pretty well cleaned by 36,000
men, including 17,000 jobless. Ice was threatening to
block the Hudson River to navigation at the earliest date
for years past. Albany, N. Y., had temperatures of 6 to
26, Boston 16 to 30, Chicago 8 to 20, Cincinnati 10 to 30,
Cleveland 14 to 16, Kansas City 12 to 30, Minneapolis
4 to 24, Montreal 6 to 12, Philadelphia 28 to 32, Seattle
36 to 40, San Francisco 44 to 48, Spokane 20 to 30 and
Winnipeg 4 below to 10 above.
On the 20th the temperatures here were 25 to 40. Chicago
had 22 to 36, Cleveland, 22 to 40, Kansas City 26 to 38,
Detroit 16 to 36, Milwaukee 20 to 38, St. Paul 20 to 34,
Boston 24 to 40, Philadelphia 30 to 38 and Winnipeg 4 to 32.
On the 22nd the New York temperatures were 32 to 42.
Boston had 40 to 50, Chicago 30 to 42, Cleveland 32 to 42,
Milwaukee 32 to 44, Kansas City 36 to 40, Philadelphia 34
to 52, St. Louis 28 to 42, Winnipeg 6 to 24.
It was 32 to 47 degrees in New York to-day with the forecast for warmer weather to-night and rain to-morrow. Overnight it was 34 to 50 degrees at Boston,30 to 42 at Pittsburgh,
30 to 46 at Portland, Me., 24 to 52 at Washington, 34 to 42
at Chicago, 38 to 48 at Cincinnati, 32 to 42 at Cleveland
28 to 34 at Detroit, 32 to 44 at Milwaukee, 42 to 54 at St.
Louis, 34 to 42 at Kansas City, 46 to 64 at Los Angeles,
48 to 52 at San Francisco, 30 to 40 at Montreal and zero to
24 above at Winnipeg.
Wholesale Prices Declined Further During Week Ended
Dec. 17 According to National Fertilizer Association-Association's Index at New Low Point for
1932.
While wholesale prices were again lower during the latest
week, the decline was not nearly so large as that recorded
during the previous week. The wholesale price index of
the National Fertilizer Association declined only two points
for the latest week ended Dec. 17, while for the preceding
week there was a drop of five points. The latest index
number is 59.3. A week ago it was 59.5 and a month ago
Dec. 24 1932
60.4. The latest index number established a new low point
for 1932. A year ago the index stood at 65.0. (The threeyear average 1926-1928 equals 100.) The Association, under
date of Dec. 19, also said:
Of the 14 groups in the index, three advanced,six declined and the remaining five showed no change. Fats and oils, textiles and building materials
advanced. Fuel, grains, feeds and livestock, foods, metals, agricultural
implements and miscellaneous commodities were lower. The largest gain
was shown in the group of fats and oils. This particular group suffered a
large decline during the preceding week.
During the latest week, 32 commodity prices declined and 21 advanced.
During the preceding week there were 40 declines and only eight advances.
Important commodities that advanced during the preceding week were
raw cotton, silk, lard, butter, cottonseed oil, cocoanut oil, eggs, corn,
light hogs, lambs, hay, oak flooring, coffee and corn meal. Declining
prices were noted for wheat. oats, wool, cotton yarns, tallow, milk.
bread, raw sugar, potatoes, apples, oranges, ham, linseed meal, choice
and good cattle, heavy hogs, tin, silver, lumber, petroleum, gasoline, calf
skins and hicks.
The index number and comparative weights for each of the 14 groups
listed in the index are shown in the table below:
WEEKLY WHOLESALE PRICE INDEX
-BASED ON 476 COMMODITY
PRICES (1926-1928=100).
Per Cent
Each Group
Bears to the
Total Inder.
Group.
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
Foods
Fuel
Grains,feeds and livestock--Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural implements__ _ _
100.0
All groups combined
Latest
Week
Dec. 17
1932.
Preceding
Week.
Month
Ago.
Year
Ago.
60.2
62.2
35.7
43.0
61.2
86.6
70.7
67.6
77.4
47.5
87.3
61.7
67.9
91.8
60.4
63.0
36.6
42.5
61.3
86.6
70.5
67.8
77.4
45.0
87.3
61.7
67.9
91.9
61.7
63.6
38.0
45.2
61.4
86.6
70.6
68.3
77.4
46.9
87.3
62.5
67.9
91.9
67.9
59.0
49.8
49.4
66.7
89.1
73.4
74.8
84.3
55.2
88.9
70.6
79.7
92.7
59.3
MI 5
en e
RCA
Retail Food Prices Decreased 1% During Period from
Oct. 16 to Nov. 15, According to United States
Department of Labor-Average Decrease Noted of
About 15% Since Nov. 16 1931.
Retail food prices in 51 cities of the United States, as
reported to the Bureau of Labor Statistics of the 'United
States Department of Labor, showed an average decrease
of 1% on Nov. 15 1932, when compared with Oct. 15 1932,
and an average decrease of a little less than 15% since
Nov. 15 1931. The Bureau's weighted index numbers,
with average prices in 1913 as 100.0, were 116.7 for Nov. 15
1931; 100.4 for Oct. 15 1932; and 99.4 for Nov. 15 1932.
Under date of Dec. 17 the Bureau further reported on retail
food prices as follows:
During the month from Oct. 15 1932 to Nov.15 1932, the following articles
decreased in average price for the month: Sliced ham, potatoes, onions and
raisins, 7%; round steak, pork chops and navy beans, 6%; sirloin steak,
5%;chuck roast,lamb and cabbage,4%;rib roast, sliced bacon, hens. lard.
flour, cornmeal and rice, 3%; Plate beef, canned red salmon, evaporated
milk and canned tomatoes, 2%; fresh milk, cheese, vegetable lard substitute, rolled oats, macaroni, pork and beans, canned corn, tea, coffee
and prunes, 1%; and wheat cereal, less than 5-10ths of 1%• Increases
were shown in the average price of the following: Strictly fresh eggs. 9%;
butter, 3%; and canned peas, bananas and oranges, 1%. The following
articles showed no change in the month: Margarine, bread, cornflakes and
sugar.
Changes in Retail Prices of Food by Cities.
During the month from Oct. 15 1932 to Nov. 15 1932, the following
cities from which prices were received showed decreases in the average
cost of food: Houston, 4%; Richmond, 3%; Bridgeport, Buffalo, Charleston (S. C.); Columbus, Indianapolis, Little Rock, New Haven, New
Orelans, Omaha,Philadelphia, Pittsburgh. Portland (Me.); Portland (Ore.)
and Salt Lake City, 2%; Atlanta, Baltimore, Butte, Chicago, Cleveland.
Denver, Detroit, Fall River, Jacksonville, Kansas City, Memphis, New
York, Norfolk • Peoria, Savannah, Scranton, Springfield (Ill.) and Washington, 1%; and Boston, Milwaukee, Minneapolis, Mobile, Newark and
Rochester, less than 5-10ths of 1%. Increases were shown in the following cities Los Angeles, 2%; St. 1,011113 and San Francisco, 1%; and Birmingham, Cincinnati, Dallas, Louisville, Manchester, Providence and
Seattle, less than 5 10ths of 1%. In St. Paul there was no change in the
month.
For the year period Nov. 15 1931 to Nov. 15 1932, all of the 51 cities
showed decreases: Cincinnati, 22%; Butte, Columbus and Detroit, 19%:
Houston. Philadelphia and Providence. 18%; Boston, Mobile and Salt
Lake City, 17%; Atlanta, Chicago, Fall River, Indianapolis. Minneapolis.
New Haven, Omaha, Pittsburgh, Portland (Me.) and Scranton, 16%
Buffalo, Charleston (S. 0.), Cleveland, Jacksonville, Little Rock, L011111ville, Milwaukee, Richmond, St. Paul and Washington, 15%; Baltimore.
Dallas, Kansas City, Manchester, Memphis. New Orleans, Peoria, Rochester, St. Louis, Savannah, Seattle and Springfield (Ill.), 14%; Bridgeport.
Los Angeles and Portland (Ore.), 13%; Birmingham, Denver, New York
and Norfolk, 12%; Newark, 11%; and San Francisco, 10%•
Loading of Railroad Revenue Freight Still Small.
Loading of revenue freight for the week ended on Dec. 10
totaled 521,216 cars, according to reports filed on Dec. 17
by the railroads with the car service division of the American
Railway Association. This was a decrease of 26,245 cars
under the preceding week and a reduction of 92,405 cars under
the same week last year. It also was a reduction of 223,137
cars under the same week two years ago. Details follow:
4279
Financial Chronicle
Volume IS
Miscellaneous freight loading for the week ended Dec. 10 totaled 167,598
cars, a decrease of 14,377 cars below the preceding week, 32,843 cars under
the corresponding week in 1931 and 94,576 cars under the same week in 1930.
Coal loading totaled 119,415 cars, a decrease of 1,632 cars below the preceding week, 11,653 cars under the corresponding week last year and 29.658
cars below the same week in 1930.
Coke loading amounted to 5,064 cars, a decrease of 306 cars below the
preceding week, 1,593 cars under the same week last year, and 3,477 cars
under the same week two years ago.
Loading of merchandise less than carload lot freight totaled 166,067 cars,
a decrease of 2,998 cars under the preceding week, 31,487 cars under the
corresponding week last year and 52.938 cars below the same week two
years ago.
Live stock loading amounted to 18.101 cars, a decrease of 2,050 cars below the preceding week, 6,550 cars under the same week last year and 7,472
cars below the same week two years ago. In the Western districts alone,
loading of live stock for the week ended on Dec. 10 totaled 14,202, a decrease of 5,374 cars compared with the same week last year.
Grain and grain products loading totaled 27,752 cars, 3,928 cars below
the preceding week, 2,429 cars below the corresponding week last year and
11,780 cars under the same week in 1930. In the Western districts alone,
grain and grain products loading for the week ended on Dec. 10 totaled
17,097 cars, a decrease of 2,383 cars below the same week in 1931.
Forest products loading totaled 15,386 cars, a decrease of 1,276 cars below
the preceding week, 3,679 cars under the same week in 1931 and 18,676
cars below the corresponding week two years ago.
Ore loading amounted to 1.833 cars, an increase of 322 cars above the
week before, byt 2,171 cars below the corresponding week last year and
4,560 cars under the same week in 1930.
All districts reported reductions in the total loading of all commodities
compared not only with the same week in 1931 but also with the same week
in 1930.
Loading of revenue freight in 1932 compared with the two previous
years follows:
1932.
1931.
2,269,875
2,245,325
2,280,672
2,772,888
2,087,756
1,966,355
2,422,134
2,065,079
2,244,599
3,158,104
2,195,209
547,461
521,216
Four weeks in January
Four weeks in February
Four weeks in March
Five weeks in April
Four weeks in May
Four weeks in June
Five weeks in July
Four weeks in August
Four weeks in September
Five weeks in October
Four weeks in November
Week ended Dec. 3
Week ended Dec. 10
2,873,211
2,834,119
2,936,928
3,757,863
2,958,784
2,991,950
3,692,362
2,990,507
2,908,271
3,813,162
2,619,309
636,366
613,621
2s525
95 7711572
--•-•
1930.
3,470.797
3,506,899
3,515,733
4,561,634
3,650,775
3,718,983
4,475,391
3,752,048
3,725,686
4,751,349
3,191,342
787,072
744,353
AcR
AR 559nAo
The foregoing, as noted, covers total loadings by the railroads of the United States for the week ended Dec. 10. 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 Dec.3.
During the latter period 32 roads showed increases over the
corresponding week last year, the most important of which
were the St. Louis-San Francisco By., the Lehigh Valley
RR., the Southern Pacific Lines in Texas & Louisiana,
the Texas & Pacific By., the Missouri-Kansas-Texal- Lines,
the Virginian Ry. and the St. Louis Southwestern Ry.
-WEEK ENDED DEC. 3.
CARS)
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
Railroads.
1932.
Eastern District
Group A:
Bangor & Aroostook
Boston & Albany
Boston dr Maine
Central Vermont
Maine Central
New York N. II. dc Hartford
Rutland
Total
Group B:
y Buff. Rochester & Pittsburgh
Delaware & Hudson
Delaware Lackawanna & West_
Erie
Lehigh & IIudson River
Lehigh & New England_
Lehigh Valley
Montour
New York Central
New York Ontario & Western
Pittsburgh & Shawmut
Pitts.Shawmut & Northern_ _
a Ulster d: Delaware
Total
Group
Ann Arbor
Chicago Ind. & Louisville
Cleve. Gin. Chic. & St. Louis
Central Indiana
Detroit & Mackinac
Detroit St 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
Total
Grand total Eastern District_
Allegheny District
Baltimore & Ohio
Bessemer & Lake Erie
y Buffalo Sr Susquehanna
Buffalo Creek & Ganley
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 dr Western
Norfolk 8:Portsmouth Belt Line
Virginian
Total
Southern District
Group A:
Atlantic Coast Line
Clinchfield
Charleston & Western Carolina_
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & Potom_
Seaboard Air Line
Southern System
Winston-Salem Southbound.._
Total
1931.
1930.
1932.
1,878
3,478
8,889
720
3.103
12,176
619
2,140
3,633
10,002
932
4,012
13.592
675
205
4.208
8,877
2,556
1,880
10,570
807
203
4,946
10,450
2,738
2.327
12.056
1,040
25,553
30,863
34,986
29,103
33,760
5,837
8,641
11,706
121
1,730
8.713
1,380
18,184
2,160
541
295
6:65
10,262
12,490
169
1,630
8,673
1.386
21,455
1,922
430
380
8,954
12.794
14,703
164
2,161
11,228
2,317
26.333
1,225
642
510
5,856
4,389
11,808
1,720
756
6,088
35
22,904
1,859
27
215
7.448
5,416
12,996
1,974
867
6,937
11
27,008
1,989
16
229
59,308
64,850
81,031
55.657
64.891
479
1.529
7,440
15
255
183
1,202
2,140
5.305
3,218
3,767
4,098
2,971
1,081
4,938
2,796
581
1,771
9,032
54
322
250
1,166
3.012
5,900
4,042
4,491
4,713
3.292
1,239
5,845
2,745
521
2,156
10,515
58
297
249
1,798
3,325
6,659
5.150
5.457
5,154
4,708
1,229
5.955
2,962
826
1,470
9,747
49
79
2,221
885
4,973
7,288
168
7,259
3,996
3,539
555
6,005
1,466
1,116
1,875
10.823
77
115
2,325
1,326
5,837
8,331
204
8.182
4,215
4,648
661
6,467
1,987
1932.
1931.
1,522
2,857
7.518
669
2,342
10,037
608
41,417
48,455
56,193
50,526
58,189
126,278
144,168
172,210
135.286
156,840
24,050
1.056
28,089
973
z35,453
1,322
10,678
688
13,310
930
247
5.533
248
9.828
210
589
177
1,599
76.333
17,839
8,075
74
3,749
8
264
291
943
51.080
11,834
3,586
66
2,842
148
7,294
47
377
189
1,396
63.057
14,811
6,260
57
3,044
9,359
30
13
16
2.417
29.409
13,214
726
1
3,382
5
11,252
47
20
19
2,887
33.696
16,235
1,086
1
4,952
101,792
125,742
155.496
69,941
84.440
18,858
14,466
731
3,157
18,988
14,951
859
2,917
23.863
19,025
940
4,283
5.292
3,106
774
489
5,530
3.585
1,395
568
37,212
37,715
48.111
9,661
11,078
7,511
856
334
130
50
1,339
467
311
6,159
17.496
172
8,718
1,091
358
170
52
1,801
537
385
7,896
20.716
203
12,736
1,281
675
201
100
2,242
570
431
9.954
24,958
223
3,460
1,186
711
279
79
967
675
2,633
2,750
9,983
617
4,500
1,206
768
286
82
1,345
813
3,311
3,556
11,608
823
34.825
41,927
53,371
23,340
28,298
Croup B:
Alabama Tenn.& Northern_
Atlanta Birmingham & Coast__
-West. RR.of Ala
Att.& W.P.
Central of Georgia
Columbus S: Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah_
Mississippi Central
Mobile & Ohio
Nashville Chatt. di St. Louis
New Orleans-Great Northern
Tennessee Central
1931.
1930.
129
580
582
2,977
235
654
866
243
830
19,794
15,423
111
127
2,046
2,779
428
307
235
672
726
3,343
282
992
883
336
790
20,230
17,713
150
122
1,969
2,562
516
519
306
786
877
4,328
398
1.031
1,041
486
1,217
26,047
23.719
156
202
2,757
3,370
851
632
1932.
125
486
895
1,814
179
395
1,100
228
617
7,126
2,861
257
218
1,144
1,665
321
675
1931.
147
628
1,042
2,317
217
551
1,229
352
629
7.787
3,702
317
215
1.005
2,002
231
592
48,111
52,040
68,104
20,106
22,963
Grand total Southern District
82,936
93,967
121,475
43,446
51,261
Northwestern District
Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw. St. Paul & Pacific_
Chic. St. Paul Minn.& Omaha_
Duluth Missabe & Northern...
Duluth South Shore & Atlantic_
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern_
Great Northern
Green Bay & Western
Minneapolis S: St. Louis
Minn. St. Paul & S. S. Marie
Northern Pacific
Spokane Portland di Seattle_ _ _
687
12,587
2.307
16,314
3.270
325
283
2,493
227
8.086
548
1.624
3.863
8,393
989
1.219
15.831
2,915
21,374
4,191
486
488
3,555
283
9,222
586
2,139
5,021
10,182
845
1.366
17,886
3.249
24,770
5.389
761
1,024
5,186
339
12,173
637
2.838
6.102
12.805
1,083
1,555
6.918
1.842
5,393
2,773
71
369
3,127
135
1,172
317
1.261
1.319
1,532
698
1,211
8,425
2.251
6.286
2,549
107
328
4,370
154
1.861
380
1,641
1,520
2.267
1,013
61,996
78,337
95,608
28.482
34.363
18,900
2,967
163
14,348
11,679
2.567
1,254
2,782
303
1,845
384
168
12,047
243
*292
12,890
521
1,086
20.717
3.360
217
18.340
14.129
3.019
1,945
3,978
415
1,514
487
104
15,182
268
292
15.752
1,237
1,650
27.077
3,758
216
24.601
15,311
3.593
2,287
4,688
638
1.687
732
153
20,028
279
286
18.573
1,292
1,861
3.829
1,464
35
5.063
5.159
1,677
744
1.549
7
1.271
217
34
2,526
174
641
5,552
9
1,099
4,413
1,877
31
5.654
6.554
2,054
966
1,928
16
1.041
219
107
3,528
203
652
7,283
11
1,387
84,439
102,606
127,060
31,050
37,924
151
173
246
1,997
178
1,894
162
1,378
1,231
306
769
64
4,988
13,623
44
246
8,509
2,466
488
7,011
5,364
1,487
33
139
164
233
1,852
255
1,603
204
1,703
1,335
302
826
73
4,966
15,642
49
128
8,362
2,361
435
6.356
4.817
1,997
29
148
269
304
2,650
130
2,114
352
2,383
1.401
365
908
92
5.875
18,787
47
115
10,086
2,455
622
9.290
6.686
2,006
27
2,565
629
190
912
38
1,809
772
1.053
677
455
122
192
2,141
6,268
13
158
2,648
1,118
239
2,312
2,788
1,683
44
2.483
443
128
991
54
1,801
806
1,409
969
429
202
369
2.152
6,202
40
103
2.882
1,121
305
2.544
2,741
2,512
55
52,808
53.831
67.112
28.826
30.741
Total
Total
Central Western DistrictAtch. Top. & Santa Fe System_
Alton
Bingham di Garfield
Chicago Burlington & Quincy
Chicago Rock Island & Pacific_
Chicago Sz Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City
Northwestern Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
Houston dc Brazos Valley
International-Great Northern..
Kansas Oklahoma dr Gulf
Kansas City Southern
Louisiana & Arkansas
Litchfield & Madison
Midland Valley
Missouri & North Arkansas....
Missouri-Kansas
-Texas Lines
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. LouisCSouthwestern
San Antonio Uvalde & Gulf....
Southern Pacific in Texas & La_
Texas & Pacific
Terminal RR. Assn. of St. Louts
Weatherford Mln. Wells & N.W
Total
a Included In New York Central. y Included in Baltimore & Ohio RR. z:Estimated. * Previous week.
Total Loads Received
from COnnealOnS.
Total Revenue
Freight Loaded.
Railroads.
Financial Chronicle
4280
Wholesale Prices During Week Ended Dec. 17 Decreased
Slightly as Reported by United States Department
of Labor.
The Bureau of Labor Statistics of the U. S. Department
of Labor announces that its index number of wholesale prices
for the week ending Dec. 17 stands at 63.0 as compared with
63.1 for the week ending Dec. 10 showing a decrease of
.2 of 1%. Under date of Dec. 22 the Bureau also announced:
These index numbers are derived from price quotations of 784 coinmodities, weighted according to the importance of each commodity and
based on average prices for the year 1926 as 100.0.
The accompanying statement shows the index numbers of groups of
commodities for the weeks ending Nov. 19 and 26, and Dec. 3, 10, and 17.
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF NOV. 19, 26,
AND DEC. 3, 10 AND 17.
(1926=100.0)
1Weelc Ending
Nov. 19 Nov. 26
All commodities
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous
64.2
48.3
61.3
71.4
53.6
72.0
70.6
70.7
72.7
72.5
63.0
64.0
47.3
61.6
71.4
53.4
72.1
79.5
70.7
72.7
72.5
63.5
Dec. 3
63.6
46.8
60.7
71.1
53.0
71.9
79.5
70.5
72.5
72.5
63.5
Dec. 10 Dec. 17
63.1
44.7
58.7
70.8
52.8
71.6
79.4
70.6
72.3
73.5
63.3
63.0
44.7
58.8
69.3
53.0
71.5
79.3
70.6
72.3
73.5
63.2
Trend of Employment in United States During November According to United States Department of
Labor-Decreases Reported in Employment and
Wages of 17 Major Industrial Groups as Compared
with October.
The Burean of Labor Statistics of the United States
Department of Labor reports the changes in employment
and payrolls in November 1932, as compared with October
1932, based on payroll reports ending nearest the 15th of
the month, received from 67,884 identical establishments in
17 major industrial groups having in November 4,487,587
employees, whose combined earnings in one week were
$86,981,315. The combined totals of these 17 industrial
groups show a decrease of 1.0% in employment and a
decrease of 3.1% in payrolls over the month interval. This
more pronounced decrease in payrolls than in employment
from October to November is due to some extent to election
day and the observance of Armistice Day in certain localities
during the November pay period. The Bureau also reported
the following under date of Dec. 21:
Two of the 17 industrial groups reported increases In both employment
and payrolls; the metalliferous mining group reporting increases of 4.7%
In number of workers and 4.3% in payroll totals, and the bituminous mining
group reporting gains of 3.5% and 0.7% in employment and payrolls,
respectively. The retail trade group reported a gain in employment of
0.5% coupled with a decrease of0.3% in earnings, and the electric railroad
operation group reported a decrease of 0.7% in number of workers coupled
with an increase of 0.3% in payrolls. In the remaining 13 groups decreases
in both employment and payrolls were reported. In five instances, the
decreases In employment were less than 1%. Wholesale trade reported a
drop of 0.3% in employment and 0.9% in payrolls, crude petroleum producing reporting 0.6% fewer employees with decreased payrolls of 0.2%.
and the bank-brokerage-insurance-real estate group reported a decline of
0.6% In number of workers and a decrease of 0.7% In payrolls. The group
of manufacturing industries reported decreases of 0.8% in employment
and 3.3% In payrolls, and the telephone and telegraph group reported
decreases of 0.9% In number of employees and 1.9% in payrolls. The
power and light group reported decreases In employment and payrolls of
1.1 and 1.6%, respectively, and the hotel group reported a decline of 1.5%
In number of workers and a decline of 1.9% in payrolls. Laundries reported
1.7% fewer employees combined with a payroll decrease of 3.3%, and
the anthracite mining group reported a decrease of 1.9% in employment
and a falling-off in earnings of 23.6% over the month interval. The dyeing
and cleaning group reported losses of 5.2% and 11.1% in employment and
earnings, respectively, and the quarrying and non-metallic mining group
reported a decrease of 5.8% in number of employees and 10% in payrolls.
The building construction group reported 7.8% fewer employees in November as compared with October combined with a payroll decrease of 9.7%
and the canning and preserving Industry reported a seasonal decline from
October to November of 37.7% in employment and 33.7% In payrolls.
Manufacturing Industries.
Employment in manufacturing industries decreased 0.8% In November,
as compared with October. and payrolls decreased 3.3%.
These changes are based on reports received from 18.178 establishments
In 89 of the principal manufacturing industries in the United States, having
In November 2.691,711 employees whose combined earnings in one week
were $45.969.944.
Increased employment was reported in 43 of the 89 manufacturing
Industries included in this monthly employment survey, and increased
payrolls were reported in 28 industries. The agricultural implement Industry reported the most pronounced increase in employment from October
-sugar Industry reported a seasonal increase
to November, 16.7%. The beet
of 11.5% in number of workers and aircraft industry reported a gain of
10% in employment. Employment in the automobile industry showed a
gain of 8.6% from October to November, and payroll totals in this industry
increased 18.1% over the month interval. The plumbers' supplies industry
reported an increase of 8.4% in employment and gains of slightly more
than 6% were reported in the men's furnishing and rubber boot and shoe
Industries, The typewriter industry reported a gain of 5.9% In employment
and the clock. explosive, pottery, and stamped ware industries reported
gains of over 4% in number of workers from October to November. Employment in steam railroad repair shops showed an Increase of 3.6% and
Dec. 24 1932
the machine-tool industry reported a gain of 3.1%. Six industries (steam
fittings, tools, hosiery and knit goods, leather, rayon, and shirts and
collars) reported gains in employment ranging from 2.8 to 2.3%.
The most pronounced decreases in employment from October to November were largely seasonal, and were reported in the following Industries;
9111nerY. 16.4%; boots and shoes, 10.1%; marble-slate-granite, 9.9%;
11
women's clothing, 8.2%; woolen and worsted goods, 7.3%; silk goods and
Ice cream, 6.4% each; beverages and fur-felt hats, 6.3% each; brick, 5.1%;
confectionery, 4.8%; tin cans, 4.7%; cement, 4.3%; forgings, 3.8%;
jewelry, 3.1%, and smelting 3%.
INDEX NUMBERS OF EMPLOYMENT AND PAYROLL TOTALS IN
MANUFACTURING INDUSTRIES.
(12 Month Average 1926=100.)
Employment.
Payroll Totals.
Manufacturing Industries.
Nov.
1932,
Oct.
1932.
Nov.
1932.
Nov.
1931.
General index
Food and kindred products
Slaughtering and meat packing Confectionery
Ice cream
Flour
Baking
Sugar refining, cane
Beet sugar
Beverages
Butter
readies and their products
Cotton goods
Hosiery and knit goods__
Silk goods
Woolen and worsted goods_.Carpets and rugs
Dyeing and finishing textiles-- Clothing, men's
Shirts and collars
Clothing, women's
Millinery
Corsets and allied garments- - Cotton small wares
Hats,fur-felt
Men's furnishings
Iron and steel and their products,
not including machinery---Iron and steel
Cast-iron Pipe
Structural ironwork
Hardware
Steam fittings
Stoves
Bolts, nuts, washers and rivets.
Cutlery and edge tools
Forgings, Iron and steel.....
Plumbers' suppliesTin cans and other tinware_ - - Tools, not including edge tools.
Wirework
..umber and allied products
Lumber, sawmills
Lumber, millwork
Furniture
Turpentine and rosin
..eatlaer and its manufactures- --Leather
Boots and shoes
'aver and printing
Paper and pule
Paper boxes
Printing, book and Job
'tinting, newspapers & periodicals
1hetnicals and allied products- --Chemicals
Fertilizers
Petroleum refining _______ -Cottonseed oil, cake and meal - Druggists' preparations-Explosives
Paints and varnishes
Rayon
Soap
tone, clay and glass products-- Cement
Brick, tile and terra cotta-- -- Pottery
Glass
Marble, granite, slate, &c
lorderrous metals and their prod.
Stamped and enameled ware- - Brass, bronxe and copper prod.
Aluminum manufactures
Clocks, clock movements, &c.._
Gas and electric fixtures
Plated ware
Smelting and refining copper.
lead and zinc
Jewelry
obacco manufactures
Chewing and smoking tobacco
and snuff
Cigars and cigarettes
mnsportation equipment
Automobiles
Aircraft
Cars, electric and steam railroad
Locomotives
Shipbuilding
Itubber products
Rubber tires and Inner tubes-- Rubber boots and shoes._
Rubber goods. other
'achinery, not including transportation equipment
Agricultural implements
Electrical machinery, apparatus
and supplies
Engines and waterwheels
Cash registers and calculating
machines
Foundry & mach,shop prods..
Machine tools
Textile machinery and parts__.
Typewriters and supplies
Radio
Heinroad repair shops
Electric railroads
Steam railroads
Oct.
1932.
67.1
59.9
59.4
52.5
39.9
38.6
90.0
90.4
90.3
70.1
87.9
88.0
82.2
203.3
77.0
103.7
74.0
73.5
85.8
70.7
67,4
65.1
82.5
69.7
71.8
73.5
68.1
100.8
85.6
70.0
72.1
87.1
87.7
97.3
68.5
84.7
80.9
77.8
213.9
72.6
96.8
74.7
75.0
86.8
64.9
76.9
54.2
77.9
70.9
63.8
70.6
76.7
101.0
81.0
74.1
68.8
85.4
86.2
92.6
64.1
83.0
79.4
76.4
238.5
68.0
95.7
73.0
75.5
89.1
60.8
71.3
55.1
78.1
69.7
65.3
64.8
64.1
99.7
82.3
69.4
73.2
82.7
82.9
79.1
66.1
83.3
82.7
74.3
177.5
67.6
95.6
56.6
56.1
70.3
57.2
55.9
48.1
70.4
43.0
50.3
56.6
51.0
87.2
69.8
43.1
66.7
69.7
70.8
73.6
55.0
72.3
68.5
64.7
125.7
55.2
78.5
52.1
53.6
66.7
44.9
56.7
34.6
57.6
43.9
42.0
48.1
49.9
85.6
61.5
51.7
45.4
66.7
66.0
64.9
50.4
67.7
66.2
62.5
156.3
51.4
76.7
47.4
51.6
66.1
39.6
49.7
33.2
54.0
38.0
43.7
38.4
37.6
77.0
57.5
42.9
49.1
64.6
62.5
49.7
63.7
61.2
51.4
60.0
71.5
73.1
73.2
73.1
74.2
81.4
107.9
48.1
43.8
47.7
59.4
49.0
68.9
71.6
68.2
88.8
78.4
83.9
85.7
104.9
82.2
93.4
46.8
67.4
56.8
83.8
94.3
75.3
149.5
99.0
56.4
52.7
41.5
72.4
65.3
69.1
64.3
66.9
62.6
55.0
63.6
85.4
71.1
53.1
53.0
29.6
41.2
49.2
37.3
55.4
62.3
84.4
55.2
51.2
76.8
60.2
91.5
30.0
36.1
34.2
45.4
45.2
78.1
69.9
80.1
80.2
75.2
73.6
72.6
97.4
75.5
84.7
45.1
61.8
54.1
71.7
75.7
68.2
139.6
96.9
44.6
42.9
28.8
60.2
57.0
51.8
54.0
60.4
51.1
47.7
41.6
66.8
63.7
53.2
53.2
30.1
40.3
49.9
38.4
55.0
61.4
64.2
53.1
55.5
73.2
61.8
90.1
38.1
35.1
33.9
47.4
44.8
71.9
71.7
72.0
80.1
75.0
74.1
71.8
97.9
76.0
85.3
46.0
61.5
54.7
71.9
70.0
67.1
142.8
98.3
43.7
41.0
27.4
62.7
57.9
46.6
54.4
62.9
51.9
48.3
43.5
67.5
64.0
40.9
36.3
36.2
46.1
40.8
34.3
41.0
48.9
56.7
49.2
52.7
48.7
56.2
87.7
33.9
29.9
34.7
40.8
43.3
45.6
60.1
41.4
84.2
63.6
78.4
80.6
104.4
74.4
77.1
38.3
64.2
63.0
88.6
78.3
68.0
132.6
92.0
43.0
40.8
25,7
54.2
53,7
57,5
49.8
50.9
46.1
36.9
53.1
68.8
51.5
26.6
23.2
14.9
23.6
24.3
23.6
37.2
33.6
43.8
25,9
28.7
47.4
35.1
64.4
22.2
19.1
20.1
28.7
37.6
53.1
55.4
52.5
66.7
52.0
63.0
59.5
85.4
60.9
61.7
30.1
52.2
44,9
70.4
51.2
54.6
118.3
84.4
27.5
25.2
13.0
37.5
39.4
35.3
37.0
40.1
31.5
29.5
31.4
46.8
45.5
26.0
23.0
14.3
23.5
24.5
22.3
31.7
34.4
42.3
26.3
31.8
41.7
35.7
61.3
20.8
18.1
20.0
25.6
36 5
.
42.4
54.1
39.0
65.
3
50.3
61.6
57.
0
85.7
60.8
61.6
30.8
52.0
47.0
71.8
54.1
51.7
120.2
83.0
25.9
23.2
11.5
37.
8
40.2
28.9
36.1
39.2
31.0
30.5
32.5
48.5
43.4
70.5
49.2
81.4
58.8
44.0
73.9
57.0
42.7
74.8
57.0
40.3
68.4
39.3
32.6
55.8
37.5
29.2
55.7
87.4
80.6
52.4
51.1
229.0
20.2
21.1
93.3
71.6
65.1
72.4
86.6
89.8
71.0
39.5
38.2
166.8
21.1
13.8
67.7
63.9
50.0
52.0
84.3
89.2
72.9
42.1
41.5
183.5
21.1
14.1
66.7
64.6
58.8
55.2
85.4
74.6
67.6
42.4
41.2
249.7
12.4
17.8
80.0
50.4
43.5
54.9
67.2
73.3
53.7
24.7
22.7
174.1
12.4
9.4
52.4
41.1
34.5
39.7
81.2
71.8
.
53 7
27.7
26.9
.
186 3
11.7
.
97
47.0
40.2
32.8
45.2
58.0
62.9
34.2
45.6
19.4
45.8
22.6
46.1
24.8
27.1
14.0
26.7
1
15
73.3
55.1
49.3
39.8
49.1
39.7
61.7
38.3
32.6
24.9
32.5
23.6
76.7
57.7
50.2
69.7
75.8
104.1
55.6
74.2
54.2
63.8
44.0
29.6
53.6
55.9
79./9
48.6
65.5
47.3
63.4
44.3
30.5
52.9
59.2
77.7
50.2
65.6
49.0
61.0
38.4
36.6
52.1
53.5
86.5
51,1
70.8
49.6
46.8
23.3
17.1
34.0
30.4
62.9
36.2
51.8
35.0
45.6
23.0
18.3
32.2
32.7
58.4
3
9.1
52.5
38.1
Nov.
1931,
Smaller Decline Recorded in Weekly Electric Output.
According to the National Electric Light Association, the
production of electricity by the electric light and power
industry of the United States for the week ondod Dec. 17
1932 was 1,563,384,000 kwh. as against 1,518,922,000 kwh.
PER CENT CHANGES (1932 UNDER 1931).
Current
Week.
Major Geographic Regions-3.7
Atlantic Seaboard
-5.6
England (alone)
New
-8.2
Central Industrial
-5.9
Pacific Coast
Previous
Week.
-7.4
-5.4
-11.1
-7.7
-6.7
Total United States
Commodity Groups and Subgroups.
1931.
Jan. 2 ____ 1,523.652,000 1,597,454,000
Feb. 6 __-- 1.588,853,000 1,679,016,000
Mar. 5 ____ 1,519,679,000 1,664,125,000
Apr. 2 ---- 1,480,208,000 1,679.764,000
May 7 ____ 1,429,032,000 1,637,296,000
June 4 ____ x1,381,452,000 1,593,622,000
July 2 --- 1,456,961,000 z1,607,238,000
Aug. 6 -___ 1,426,986,000 1,642,858,000
Sept. 3 __-_ 1,464,700,000 1,635.623,000
_
Oct. 1 - 1,499,459,000 1,645,587,000
Oct. 8 ____ 1,506,219,000 1,653,369,000
Oct. 15 ____ 1,507,503,000 1,656,051,000
Oct. 22 ____ 1,528,145,000 1,646,531,000
Oct. 29 ____ 1,533,028,000 1,651,792,000
Nov. 5 ____ 1,525,410,000 1,628,147,000
Nov. 12 ____ 1,520,730,000 1,623,151,000
Nov. 19 __-- 1,531,584,000 1,655,051,000
Nov. 26 ____ 1,475,268.000 1,599,900,000
Dee. 3
1,510,337,000 1,671,466,000
Dec. 10
1,518,922,000 1,671,717,000
Dec. 17
1,563,384,000 1,675,653,000
Dec. 24
1,564,652,000
Dec. 31
1,523,652,000
Months
January_ _ _ 7,014,066,000 7.439.888,000
February
6,518,245,000 6,705,564,000
March
6,781,347,000 7,381.004.000
April
6.303,425,000 7,193,691,000
May
6.212,090.000 7,183,341,000
June
6,130,077,000 7,070,729,000
July
6.112,175,000 7,286,576,000
August
6,310.667,000 7,166,086,000
September.. 6,317,733,000 7,099,421,000
October
6,633,865.000 7,331,380,000
November
6.971,644,000
December.-.
7,288,025,000
1930.
1929.
1932
Under
1931.
1,680,289,000
1,781.583,000
1,750.070.000
1,708,228,000
1,689,034,000
1,657,084,000
1,594,124,000
1,691,750,000
1,630,081,000
1,711,123,000
1723,876,000
1,729,377,000
1,747,353,000
1,741,295,000
1,728,210,000
1,712,727,000
1,721,501,000
1,671,787,000
1,746.934,000
1,748.109,000
1,769,994.000
1,617,212.000
1,197,454,000
1,542,000.000
1,726,161.000
1,702,570.000
1,663,291,000
1,608,492,000
1,689,925,000
1,592,075.000
1,729,667,000
1774.588,000
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
1718,002,000
1,806,225.000
1,840,863,000
1,860,021,000
1,637.683,000
1,680,289,000
4.6%
5.4%
8.7%
11.9%
12.7%
13.3%
9.3%
13.1%
10.4%
8.9%
8.9%
9.0%
7.2%
7.2%
6.3%
6.3%
7.5%
7.8%
9.6%
9.1%
6.7%
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
7,270,112,000
7,566,601,000
7,585,334,000
6,850.855,000
7,380,263,000
7,285,350,000
7,486,635,000
7,220,279,000
7,484,727,000
7,772,878.000
7.523,395,000
8,133,485,000
7,681.822,000
7,871,121.000
5.7%
Y6.1%
8.2%
12.4%
13.5%
13.3%
16.1%
11.9%
11.0%
9.5%
Total
RR nna ono nnn 89467.099.000 90 277 153.000
x Including Memorial Day y Change computed on basis of average daily reports.
c Including July 4 holiday.
-The monthly figures shown above are based on reports covering approxiNote.
mately 92% of the electric light and power industry and the weekly figures are based
about 70%.
on
Decrease from October to November Reported by United
States Department of Labor in Wholesale Prices.
The index number of wholesale commodity prices as computed by the Bureau of Labor Statistics of the U. S. Department of Labor shows a decrease from October 1932, to
November 1932. This index number, which includes 784
commodities or price series weighted according to the
importance of each commodity and based on the average
prices for the year 1926 as 100.0, averaged 63.9 for November
as compared with 64.4 for October, showing a decrease of
approximately /i of 1% between the two months. When
3
compared with November 1931, with an index number of
70.2 a decrease of 9% has been recorded in the 12 months.
In reporting this on Dec. 16, the Bureau of Labor Statistics
also said:
In the group of farm products decreases in the average prices of corn,
rye, wheat, calves, cows,steers, hogs,cotton, lemons, oranges, apd domestic
of 1% from the
wool caused the group as a whole to decline less than
previous month. Increases were recorded in the average prices of barley,
oats, sheep, eggs, fresh apples, tobacco, onions and potatoes.
Among foods price increases during the month were reported for butter,
bananas, lamb, lard, and granulated sugar. On the other hand cheese,
bread, rye and wheat flour, beef, pork, coffee and raw sugar averaged lower
than in the month before. The group as a whole increased .2 of 1% in
November when compared with October.
The hides and leather products group decreased nearly 2% during the
month, due to decreases in boots and shoes, hides and skins, and leather.
Other loather products showed no change in the average prices for the
month. Textile products as a whole decreased 2% from October to November due to declining prices for clothing, cotton goods,silk and rayon, woolen
and worsted goods, and other textile products. The subgroup of knit
goods increased slightly.
In the group of fuel and lighting materials increases in the average prices
of anthracite coal, electricity, and petroleum products caused the group as
a whole to advance .4 of 1%. Bituminous coal, coke, and gas declined
during the month.
Metals and metal products showed a downward tendency for November
due to decreases in agricultural implements, iron and steel products, and
nonferrous metals. Motor vehicles and plumbing and heating flautres
showed no change during the month. In the group of building materials,
brick, and tile, paint and paint materials, and other building materials
moved upward and cement, lumber, and structural steel showed no change
In average prices for the two months. The group as a whole remained at
the October level.
Fertilizer materials recorded minor price increases between October and
November. Chemicals, drugs and pharmaceuticals, and mixed fertilizers
showed recessions during November, causing the group to decline .4 of 1%
from the month before. As a whole the housefurnishing goods group showed
no change from the previous month.
The group of miscellaneous commodities decreased a little more than
3. of 1% between October and November, due to declining prices of cattle
November
1931.
-9.1
Arranged in tabular form, the output in kilowatt hours of
the light and power companies for recent weeks and by
months since the first of the year is as follows:
1932.
feed, crude rubber, and other miscellaneous commodities. Automobile
tires and tubes and paper and pulp showed no changes during the month.
The November averages for all the special groups of commodities were
below those for October, ranging from less than ji of 1% in the case of
finished products to 3% in the case of semi-manufactured articles.
Between October and November price increases took place in 110
Instances, decreases in 214 instances, while in 460 instances no change in
price occurred.
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES (1926=100.0)
All commodities
Farm products
Grains
Livestock and poultry
Other farm products
Foods
Butter, cheese and milk
Cereal products
Fruits and vegetables
Meats
Otherfoods
Hides and leather products
Boots and shoes
Hides and skins
Leather
Other leather products
Textile products
Clothing
Cotton goods
Knit goods
Silk and rayon
Woolen and worsted goods
Other textile products
Fuel and lighting materials
Anthracite coal
Bituminous coal
Coke
Electricity
Gas
Petroleum Products
Metals and metal products
Agricultural implements
Iron and steel
Motor vehicles
Non-ferrous metals
Plumbing and heating
Building materials
Brick and tile
Cement
Lumber
Paint and paint materials
Plumbing and heating
Structural steel
Other building materials
Chemicals and drugs
Chemicals
Drugs and pharmaceuticals
Fertilizer materials
Mixed fertilizers
HousefurnIshing goods
Furnishings
Furniture
Miscellaneous
Automobile tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
Raw materials
Semi
-manufactured articles
Finished products
Non-agricultural commodities
All commodities other than farm products
and foods
• Data not yet available.
October
1932.
70.2
58.7
51.3
55.7
63.1
71.0
80.7
73.1
65.1
67.7
68.0
81.6
92.5
49.0
78.8
101.1
62.2
72.6
58.1
59.0
41.8
64.2
72.5
69.4
94.2
83.7
81.4
103.4
100.1
42.5
82.6
85.5
81.5
95.2
54.7
81.4
76.2
81.4
74.6
65.9
77.5
81.4
81.7
81.9
76.1
80.6
61.3
70.1
77.7
80.9
79.7
82.3
68.7
46.0
59.8
80.8
9.6
86.7
62.0
64.9
74.8
72.6
64.4
46.9
34.4
45.0
52.1
60.5
60.5
64.1
52.2
56.4
65.4
72.8
84.6
49.6
64.1
81.9
55.0
62.5
56.2
50.9
30.8
56.5
67.7
71.1
88.7
81.1
76.7
104.6
104.4
47.4
80.3
84.7
80.4
92.7
50.7
67.5
70.7
75.3
79.0
56.6
68.3
67.5
81.7
80.0
72.7
79.8
55.9
63.4
66.5
73.7
74.7
72.8
64.1
44.6
42.7
73.4
7.3
82.1
54.6
60.7
69.6
68.1
73.5
Noeymber
1932.
...toow-amob000.coommo.on000pol*.w.p.co
;.
omoom .4.4.40-4-4.4mmo-4.4moocoocroo-iolo-4,
-4,000....iwo&wtoo..wowomtoo.....4mowcoomcoit.o.000,
..-4oto.wwwwkototoow.woow
64.3Zoioi.ioitiola:466Cab;o.L.A.:. .06 Co4.604.;.Wb,b,b566;0,.LieoZoOoMioLiM
1
in the preceding week and 1,675,653,000 k-wh. in the corresponding period last year. The percentage decline as compared with 1931 was 6.7%, as against a decrease of 9.1%
for the week ended Dec. 10 1932.
Weeks
Ended.
4281
Financial Chronicle
Volume 135
70.2
Life Insurance Sales in 1932 Averaged About
$25,000,000 for Every Working Day.
It is stated by the Life Insurance Sale. Research Bureau
of Hartford that as the year 1932 is reviewed life insurance
is justified in pointing with pride to its performance during
the past months. Under date of Dec. 19 the Bureau further
said:
Life insurance companies have been outstanding in the soundness of their
financial structure and in their ability to meet all obligations. In addition
to large SUMS paid to beneficiaries, hundreds of millions of dollars have been
paid to living policyholders as annuities, endowments, dividends and on
surrendered policies. Millions of dollars have been available to policyholders as loans on their insurance. For many men their life insurance
has been the one investment which has not depreciated in value during the
past months. In contrast to most investments, a life insurance policy
purchased in 1928 is worth much more to-day.
A glance at the growth of life insurance is proof of the increasing recognition of its importance. Fifty years ago annual sales totaled about $200.000,000. More than twice this amount was sold in every month of 1932.
By 1890 sales had reached an annual total of $1,000,000,000, during the
next 20 years sales increased more gradually but steadily until in 1910
annual sales reached the $2,000,000,000 mark. The next decade, from
1910 to 1920, was one of unprecedented growth. In ten years the annual
volume increased $6,000.000,000 and in 1920 the country purchased about
$8,000.000,000 of new life insurance. The year 1921 showed a decrease in
volume, but beginning with 1922 the volume again increased until the peak
was reached in 1929.
Decreased incomes during 1930, 1931 and 1932 have retarded the growth
of sales. The economic situation in 1932 has been one of the most severe
in history-the incomes of all classes have been cut and in some cases completely wiped out. Despite decreased incomes, an increasing proportion
is being spent in life insurance. Using a conservative estimate for December, sales during 1932 have averaged about $25,000,000 for every working
day.
"Annalist" Wholesale Price Index at New Low Level
Drop of 0.5 Point Reported for Week of Dec. 20
Domestic and Foreign Wholesale Price Indices
Lower During November as Compared with October.
A fresh drop of 0.5 points for the week carried the Annalist Weekly Index of Wholesale Commodity Prices down
to a new low of 85.6 on Dec. 20, from 86.1 a week ago and
96.5 last year. Further reporting, the "Annalist" said:
4282
Financial Chronicle
Losses in wheat, steers, hides, bituminous coal and the petroleum group
accounted for the decline, only partly offset by higher cotton and beef.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES (1913=100).
(Unadjusted for seasonal variation)
Dec. 20 1932.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
Dec. 13 1932.
Dec. 22 1931.
64.9
94.0
*684
125.5
94.7
106.5
95.5
72.7
82.9
102.0
80.1
124.8
99.0
109.7
96.8
85.9
85.6
All commodities
x65.9
93.5
x68.3
128.1
94.7
x106.4
x95.5
73.3
86.1
96.5
*Provisional. x Revised.
In other countries, November price levels bowed little change from
October, although United States prices fell sharply. Canada and Prance
declined only 0.3%, while British prices were unchanged. November
figures for Italy are not available, but the weekly figures indicated a
slight decline. In Germany, however, though monthly averages are not
at hand, the weekly figures indicate a sharper drop for November, presumably reflecting further deflation in the face of Governmental supporting measures.
The Japanese index for October shows an advance of 15.6% from June,
when the post-war low mark was touched, and now stands at the highest
point since September 1930. Since June, however, the yen has declined approximately 23.8%; if allowance be made for the drop in exchange, prices on a gold basis dropped nearly 12% instead of advancing.
DOMESTIC AND FOREIGN WHOLESALE PRICE INDICES.
(Measured In domestic currency. 1913=100.0)
Per Cent Change
Nov.,
1932.
U. S. A
Canada
United Kingdom
aFrance
Germany
Italy
Jannn
Oct.,
1932.
Sept.,
1932.
Nov.,
1931.
88.4
101.2
101.1
391
*
*
*
91.0
101.5
101.1
392
94.3
304
127_8
95.2
104.5
102.1
397
95.1
307
12A 5
102.0
110.4
106.4
417
106.6
329
111 1
Month.
Year.
-2.9
-0.3
0.0
--13.3
-8.3
-5.0
*
*
•
*
•
• Not available. x July 1914=100.0.
Indices used: U. S. A.. "Annalist"; Canada, Dominion Bureau of Statistics;
United Kingdom, Board of Trade; France, Statistique Generale; Germany, Federal
Statistical Office; Italy, Milan Chamber of Commerce; Japan, Bank of Japan.
Outstanding in the domestic price situation was the drop in petroleum
prices as a result of lighter consumption, excessive crude production, the
tangled proration situation in Texas and the undercutting of posted prices
by the smaller producers. The "Oil, Paint and Drug Reporter" average
dropped to 80.982 a barrel on Dec. 16 from $1.011 the week previous.
The refinery gasoline average moved downward in sympathy to 4-11/16
cents a gallon, from 4%; reductions subsequent to Dec. 16 should lower
this week's average further.
Meanwhile the entire East Texas field has been shut down until Jan. 1
under martial law (the Supreme Court decision apparently not preventing) to permit the taking of the bottom-hole pressure of each well, preliminary to a new prorating schedule. Daily crude production for the
entire country dropped 23,000 barrels to 2,060,000 for the week ended
Dec. 17, the lowest since the days of August and September last year,
when martial law was first applied to check the flood from the new East
Texas field. The decreases were distributed over the country, with 5,700
in California, 9,000 in the eastern territory, 15,700 in Oklahoma and
23,000 in Texas; of the last, 15,700 was in East Texas, although the field
had not yet been shut down, and next week should therefore show a very
sharp further reduction inasmuch as the East Texas field produces
330,000 to 350,000 barrels daily.
Decline in Trade Union Employment from October to
November Smallest in Records of American Federation of Labor According to President Green-But
Winter Cuts Impend--1,000,000 More Workers Face
Loss of Income-Idle Are Put at 10,908,000 in
November.
While encouraged by the fact that trade union employment from October to November had decreased less than
in any other year for which records were kept, William
Green, President of the American Federation of Labor, in
a statement issued at Washington on Dec. 12, said that at
least 1,000,000 workers would lose their incomes in the
next few months unless efforts to create new jobs were
successful. The New York "Times" account from Washington, Dec. 12, went on to say:
Counting an increase of 28,000 in unemployment as of November, Mr.
Green estimated the total number without work in the country at 10,980,000.
This estimate, he said, was based upon records covering 650,000 union
members. The weighted figures showed the percentage of the unemployed
at 25.4 for July, 25.1 for August, 24.8 for September, 23.9 for October
and 24.1 at the beginning of November.
"An increase in unemployment is normal in November," Mr. Green
said, "but this year the coming of winter unemployment is more serious
than ever before, since it finds workers with resources long since exhausted
and with vitality lowered.
"In the last few months temporary work brought hope to hundreds of
thousands;in the next few months at least a million will lose their sources
of income, unless our efforts to create Jobs can keep them at work.
Efforts Have Eased Slack.
"Union reports for November show one encouraging fact; unemployment
has increased less this year than in any other November since we have
kept records. This year, 0.2 of 1% of the membership lost their Jobs,
while in previous Novembers the increase in unemployment varied from
0.4 to 1.8% of the membership. Apparently, there has been a greater
-thus work increased
effort to keep men employed by sharing work, for part
from 22 to 23% of the membership, while in November last year part-time
did not increase.
"Usually nearly 1.000,000 persons in the country as a whole lose their
Jobs from October to November. This year It is to be hoped that efforts
to keep men at work may prevent much of this winter lay-off. Farm lay-
Dec. 24 1932
offs should be much less serious this year, since farmers have already
cut their forces to the minimum and hired far fewers workers this summer
than in the last eight years."
Mr. Green said the slight increase in unemployment from October to
November was due chiefly to the fact that factories and trade did not take
on enough workers in October to off-set the lay-off of farm labor at the
end of the harvest season. Farmers, he said, turned off 136.000 in October
and the utilities, service industries and the Federal Government 40,000,
while factories and mines each took on 33,000 and wholesale and retail
trade 82,000.
"Looking back two and a half years," he continued, "we find that the
worst lay-offs have been in manufacturing, building and railroads. Comparing the number at work in October, 1932, with those at work in April
1930. we find that factories have laid off over 2,500,000 (30%); building
industries, 1,500,000 (53%); railroads over 500,000 (37%); wholesale and
retail trade over 500,000 (18%); hotels and laundries, 350,000 (23%); and
mines, 140.000 (15%).
Tabular Estimate Of Unemployed.
Mr. Green gave the following tabular estimate made by the Federation
of the extent and ratio of unemployment;
Year and Month.
Total
Unemployed.
(Per Cent of Membership)
Trade Union
Unemployment.
Unemployed
Weighted.
-April
1930
1932
-January
February
March
April
May
June
July
August
September
October (preliminary)
13.3
23.1
23.0
22.5
22.8
22.8
23.8
25.4
25.1
23.9
24.1
2,064,000
10,304,000
10,533,000
10,477,000
10,496,000
10,818,000
11,023,000
11,420,000
11,460,000
10,880,000
10,980,000
Part
Time.
20
20
21
22
21
21
21
22
23
to
November 1932 Chain Store Sales 1132% Lower Than
in 1931.
A compilation by E. A. Pierce & Co. of this city, showing
sales by chain stores throughout the country, follows:
November Decese from
1932.
Nor. 1931.
S
%
62,848,653
15.8
a
16,328,978
15,761,800
8.0
10,651,153
14.9
7,870,443
2.6
4,557,968
18.4
3,099,321
11.0
1,692,505
6.2
Grocery ChainsGreat Atlantic & Pacific a
Safeway Stores b
Kroger Grocery b
American Stores c
First National Stores a
National Tea b
H. C. Bohack d
Dominion Stores e
Jewel Tea f
11 Months Decr'se from
1932.
11 Mos.1931
$
%
795,163,797
14.3
1
210,412,546
197,023,055
13.1
15.5
106,203,006
4.2
92.541,827
15.4
60,174,700
8.5
29,973,509
10.1
20,876,627
885,933
11.3
9,331,743
18.6
123,596,754
y13.6
1,521,700,870
y13.6
20,215,612
9,841,370
6,336,108
4,853,553
3,129,485
2,661,159
1,654,780
1,562,627
1,186,760
212,680
Total
5 & 10c.-$1 Chains
F. W. Woolworth
S. S. Kresge
W.T. Grant
S.H.Kress
McCrory Stores
J. J. Newberry
AfeLellan Stores
G. C. Murphy
Nelsner Bros
NI. H. Fishman
8.1
12.3
2.9
13.1
9.8
z5.2
6.9
z0.2
0.6
216,788,683
106,370,162
61,943,300
53,440,505
33,841,031
27,275,231
16,776,124
15,642,348
12,632.342
2,215,361
10.8
13.9
1.9
7.6
7.0
z7.3
7.8
3.5
7.2
z1.2
z1.4
Total
51,654,134
7.8
Apparel and Department Chains
15,042.074
8.8
J. C. Penney
1,550,21913.0
Lerner Stores
1,630,907
6.6
Interstate Dept. Stores
1,155,939
17.3
Consolidated Retail Stores
905,593
17.6
Lane Bryant
546,933,987
8.8
136,334,560
18,472,641
16,153,528
13,392,477
10,698,189
10.5
16.1
13.9
22.0
23.7
20,284,732
9.9
195,061,395
13.0
3,471,781
1,248,609
12.9
11.2
41,731,799
14,486,645
15.6
7.6
Total
Shoe Chains
Melville Shoe
Schiff Co
4,720,390
12.5
56,218,444
13.7'
1,537,355
708,913
9.2
10.0
18,493,388
22.1
7,864,495
13.1
Total
Restaurant Chains
Waldorf System
Exchange Buffet
2,246,268
9.5
26,357,883
19.6
1,054,172
323,164
15.8
14.6
12,715,623
3,991,579
10.5
17.0
1,377,336
15.5
16,707,202
12.1
1,115,500
z4.9
10,736,000
6.3
204,995,114
y11.5
2,373,705,781
y12.3
22,609,104
16,551,568
15.7
10.6
252,606,258
159,014,106
Total
Drug Chains-
Walgreen
Peoples Drug
Total
Miscellaneous
-
Western Auto Supply. Kan.City
Total 31 chains
Mail Order
Sears Roebuck b
Montgomery Ward
Total
Grand total 33 companies
39,160,672
13.4
411,620,364
244,155,786
y11.5
19.6
19.
4
19.
5
2,785,326,145
Y13.6
a Four weeks and 47 weeks ended Nov. 26. b Four weeks and 48 weeks ended
Dec. 3. c Five weeks to Dec. 3 and 11 months. d Five weeks and 47 weeks ended
Dec. 3. e Four weeks and 48 weeks ended Nov. 26. f Four weeks and 44 weeks
ended Nov. 5.
x Comparable figures for 1031 not available. y Safeway figures Included In
totals, but not considered in computing percentage decrease. a Increase over
November 1931.
President Green of American Federation of Labor Says
Organized Labor Must Accept No Wage Cuts
Tell Chicagoans Their Next Move Is the Strike.
In a speech before 1,500 elevator operators, President
Green of the American Federation of Labor declared in
Chicago on Dec. 5 that organized labor everywhere must
accept no further wage cuts. A Chicago dispatch to the
New York "Times" adds:
HIs talk was regarded by some observers as a turning point, so far as
labor was concerned, in the continued downward revision of wage scales.
His plea was applauded by the operators.
"The time has come," asserted Mr. Green,"when organized labor must
resist all wage decreases. We can start here, with the elevator operators.
Financial Chronicle
Volume 135
If your employers insist on lowering your wages, fight.
Let the people walk up to the twentieth floors.
Strike, if necessary.
Geneva Bureau Finds 35,000,000 Unemployed Throughout World.
United Press advices from Geneva, Dec. 17, are taken
as follows from the New York "Herlad Tribune":
There are 35,000.000 workers unemployed in the world and their annual
loss in wages amounts to more than $20,000,000,000. the International
Labor Office estimated to-day.
The estimate was made in a report on the possibilities of alleviating unemployment. issued in connection with the forthcoming conference on the
hours of work,scheduled to convene here on Jan. 10. The report suggested
the possibility of adopting the 44
-hour week.
Gas Utility Revenues Stabilize in October.
Revenues of manufactured and natural gas utilities aggregated $48,219,584 in October, a decline of less than 5%
from the figure of $50,692,873 reported for October 1931,
according to data received by the statistical department of
the American Gas Association from companies representing
more than 90% of the public utility distribution of manufactured and natural gas. The Association further adds:
This decline in revenues was the smallest reported for any month since
March 1932 and was due in large part to the relatively better showing
made by the natural gas companies during October. While revenues of
the manufactured gas companies fell from $32,426,769 in October 1931 to
$30,530,730 in the same month of 1932, a decline of nearly 6%,the natural
gas utilities reported revenues of $17,688,854 for October 1932, which were
only 3% below the same month of the previous year. This represented
the smallest decline in natural gas company revenues reported since May
1931.
Sales of natural gas for domestic purposes registered an increase of
4.3% during October, while revenues from domestic sales Increased by
nearly 2%. Natural gas sales to commercial establishments such as
hotels, restaurants, &c., increased about 19% during the month, while
revenues from commercial sales gained 11%. This expansion in domestic
and commercial sales was offset, however, by continued declines in gas
sales for industrial purposes. For October natural gas industrial sales
were down 8%, while revenues declined 13%.
The increase in natural gas sales and revenue, particularly for domestic
uses, was most pronounced in the Mid-Continent and Southwestern sections of the country, embracing such States as Kansas, Oklahoma. Louisiana and Texas. In the Eastern and Mid-West States, such as New York,
Pennsylvania, West Virginia and Ohio, natural gas sales and revenues were
substantially below those of a year ago, while in California October revenues
from natural gas sales were down 8%.
COMPARATIVE STATISTICS OF 206 MANUFACTURED GAS COMPANIES
FOR THE MONTH OF OCTOBER 1932.
Ten Months Ended Oct. 31.
Month of October.
•
1932.
1931.
Deer.
%
1932.
Customers
Domestic
8.694,878 9,037.649 3.8
House heating
51,270
45,563 s12.5
Industrial & commerolSee
402,475 0.4
401,006
hlisoellaneous
8,240
6.645 - October
1931.
Decr,
%
See
October
Total
9,155,394 9,492,332 3.5
Gas Sales(inThou.Cu. Fe.)
Domestic
21.608,984 22,504,723 4.0 212,297,220 218,412,997 2.8
House heating
706,323 559,142 a26.3 14,611,316 14,078,474 a3.8
Industrial & commercial 5,633,700 6,331,025 11.0 60,148,954 68,515,194 12.2
Mhioellaneous
191,355
__ 1,703.693 1,756,024
189,339
Total
28,140,362 29,584,229 4.9 288,761,183 302,762,689 4.6
Revenue$
$
$
$
Domestic
25,007,721 26.327,294 5.0 246,838.519 255,261,396 3.3
House heating
537,341
473.430 213.5 10,534,843 10,991,648 4.2
Industrial et commercial 4.851,333 5,493,095 11.7 52,208,074 59,538,094 12.3
Miscellaneous
__ 1,180,897 1,341,243
132,950
134,335
Total
30,530,730 32,426,769 5.8 310,762,333 327,132,381 5.0
Gas (in Thou. Cu.lot.)
Cu produced:
Water gas
12,667.066 14,538,434 12.9 130.760.171149,614.083 12.6
Retort coal gas
2,288,613 2,766,027 17.3 23,507,591 27,425.527 14.3
011gas
385,492
581,688 38.7 6,036,798 6,126,803 1.5
Coke oven gas
4,141,335 4,581,386 9.6 39,253,738 44,565,121 11.9
Reformed oil still gas
408,881 2.7 3,882,009 3,659.618 6.1
397,928
Total gas produced 19,880,434 22,876,416 13.1 203,440.307 231,391,152 12.1
Gas purchased:
Coke oven gas
7,734.448 8,670,709 10.8 74,960,721 88,613,345 15.4
011 still & natural gas 4,334,986 1,610,646
__ 37,073,256 5,016,231
-Total gas purchased 12,069,434 10,281.355 a17.4 112,033,977 93.629,576.19.7
Total gas prod.& purch. 31,949,868 33,157,771
a Increase over 1931.
3.6315,474.284 325.020,728
2.9
Bank of Montreal Finds Little Improvement in
Canadian Trade.
The year draws to a close with little improvement in
general trade, says the Bank of Montreal, in the December
22 review of Canadian trade. The bank further says in
part:
Retail business has felt the spirit of Christmas buying in a moderate
way, although in the total the turnover has been well below that of a
year ago. Wholesale distribution has been quiet, as is incidental to the
season, and commodity prices have in many instances touched new lows,
notably in the cases of wheat and livestock. Indeed, farm products
generally have fallen so greatly that the purchasing power of nearly onehalf the population is seriously reduced.
Larger production has been more than offset by lower prices, the
Dominion Bureau of Statistics placing the total value of the field crops
of Canada in 1932 at $424,057,000, being $2,600,000 less than in 1931,
and $238,000,000 less than in 1930. The depressed state of the lumber
Industry will result in a smaller cut of timber this winter and lessen
seasonal employment in that occupation, and there are no large public
works under construction to absorb labor. The index of unemployment,
4283
however, does not rise. Manufacturing establishments are, for the most
part, working much below capacity, textile and silk mills being an exception.
The season of navigation recently closed was better than that of last
year. Arrivals of ocean vessels at the port of Montreal, 963, were snore
numerous than in any year since 1928, and shipments of wheat were
112,700,000 bushels. Inward cargoes of general merchandise were light,
but trade in British anthracite coal reached a new high mark, more than
1,100,000 tons having been brought to Canada. The port of Vancouver
has also had a busy year, doubling its export of wheat.
Although there was a decrease of $11,500,000 in the export of Canadian
produce in November from the corresponding month last year, the value
of this trade has been exceeded in only one month since December 1931.
Imports rose slightly in November, $675,000, and were $9,142,000 less
than a year ago. Total external trade last month, $83,713,000, shows a
decline of $20,684,000 from the year before, and in the last eight months
the decrease is $186,350,000. In the twelve months to November the
excess of exports over imports was $49,113,000.
Decline of Slightly More than Seasonal Nature Reported in New York State Factory Employment
During November-Wage Payments also Lower.
New York State factory employment showed slightly
more than the usual seasonal decline from October to November, according to a statement issued Dec. 10 by Industrial
Commissioner Frances Perkins. The decrease amounted to
1% as compared with an average seasonal decline of 0.4%
for the 18 years 1914-1931. The drop, however, was not
as great as had been registered during the October to November period of the three previous depression years, 1929,
1930 and 1931. Total wage payments were also lower this
month, falling 4.4% below the October figures, as against
an expected seasonal loss of about 1%. Returns from approximately 1,600 representative New York State factories
form the basis for this analysis. Commissioner Perkins,
statement also said:
The November setback lowered the New York State factory employment index, computed with the 1925-1927 average as 100, to 59.0 (preliminary), a loss of 14.3% from a year ago. The payroll index, also computed on the 1925-1927 base, fell to 44.3 (perliminary), 25.4% below the
level recorded a year ago. Although the downward movement was fairly
general, some good-sized increases In the metal group partially counteracted the trend. The major part of the decrease was due to seasonal
declines in the clothing and millinery, food and tobacco, and furs, leather
and rubber goods groups. In New York City, the decline was greater than
for the State as a whole, employment in that city dropping 3%, and wage
payments decreasing 6.4%.
Metal Industries Continue on Upgrade.
The seasonal improvement in employment In metals continued during
November. with the group as a whole showing a 3.4% gain. Increases
in personnel were again reported by the sheet metal and hardware, firearms,
tools and cutlery, machinery and electrical apparatus, railroad equipment
and repair shops, and instruments and appliances divisions. Pick-ups occurred also in brass, copper and aluminum and iron and steel concerns.
Manufacturers of automobiles and automobile parts reported an unusual
upturn in operations, with the number of persons employed 25% above the
October total. Most of this gain, however, was due to greatly increased
activity in a large up-State plant which had been operating with a minimum
working force for the past half year. Silverware and jewelry, structural
and architectural iron, cooking, heating and ventilating apparatus, and
boat and shipbuilding concerns operated below last month's level.
-..--_--Seasonal Drop in Clothing and Millinery.
A seasonal drop during November in the number of persons employed
in clothing and millinery factories checked the employment advance evident
in this group since August. The passing of the fall and winter manufacturing season caused sharp drops in the number of operatives employed in the
manufacture of men's clothing, women's clothing, and women's headwear.
Losses occurred also In the women's underwear and the laundering and
cleaning divisions. In men's furnishings and miscellaneous sewing,seasonal
factors were still operating towards higher employment.
Textile Employment Unchanged.
Employment in textile mills, which had been showing good-sized gains
the past three months, remained about unchanged in November, which is
contrary to the usual seasonal upward movement. Advances continued to
be reported by makers of knit goods and miscellaneous textiles, but declines
were shown by manufacturers of silk goods, woolena, carpets and felts
and cotton goods. As a result, the group as a whole recorded a net loss
of a few workers.
Losses Continue in Food Industries.
The food and tobacco group again reported a seasonally depressed state
of employment. Most of the industries comprising the group showed losses,
although the majority of persons laid off were from canneries, where activity
Is experiencing its usual late Autumn curtailment. A sharp seasonal decline
occurred also in the manufacture of beverages. The demand for help by
the candy industry continued, although usually November brings a slackening of activity in candy factories. A slight riso occurred in sugar and
other groceries, while the remaining divisions in the group reported lowered
employment.
Most Other Industries Develop Downward Tendency.
Seasonal declines were reported by the furs, leather and rubber goods
group, with many persons being laid off by manufacturers of furs, shoes,
gloves, bags and canvas goods, and pearl, horn and bone. Mixed trends
were noticed in the wood manufactures, stone, clay and glass, and printing
and paper goods groups, with a slight net loss in each case. Employment
in water, light and power plants and pulp and paper factories, and in chemicals, oils and paints was higher this month than last.
New York City Employment Lower.
Employment in New York City factories suffered a sharp setback in
November, falling 3% below the October level. Most of the decrease was
due to adverse seasonal influences in the clothing and millinery and furs,
leather and rubber goods groups. A majority of the metal industries
showed gains, but a sharp drop in the boat and shipbuilding division caused
employment in the group as a whole to remain unchanged from the previous
month. Employment in foods, printing and paper goods, stone. clay
Dec. 24 1932
Financial Chronicle
Employment up in Four Up-State Cities.
Increases in employment during November were reported in four up-State
cities, while decreases were shown in two others. Buffalo automobile and
railroad repair shops were much busier this month than last. Advances
In metals in Syracuse also accounted for a good part of the improvement
noted in this district. Textile employment was higher in the AlbanySchenectady-Troy area. Utica showed a net rise in employment, but
payrolls were lower. Binghamton and Rochester experienced declines in
both employment and payrolls.
FACTORY EMPLOYMENT IN NEW YORK STATE.
(Preliminary.)
Percentace Chance
Oct. to Nov. 1932.
Industry.
Stone, clay and glass
Miscellaneous stone and minerals
Lime, cement and plaster
Brick, tile and pottery
Glass
Metals and machinery
Silverware and Jewelry
Brass, copper and aluminum
Iron and steel
Structural and architectural iron
Sheet metal and hardware
Firearms, tools and cutlery
Cooking, heating, ventilating apparatus
Machinery and electrical apparatus
Automobiles, airplanes, Ac
Railroad equipment and repair shops
Boat and shipbuilding
Instruments and appliances
Wood manufactures
Saw and planing mills
Furniture and cabinet work
Pianos and other musical instruments
Miscellaneous wood, Ac
Furs, leather and rubber goods
Leather
Furs and fur goods
Shoes
Gloves, bags canvas goods
Rubber and gutta Pemba
Pearl, horn. bone, Ac
Chemicals, oils, paints, Ac
Drugs and industrial chemicals
Paints and colors
011 products
Photographic and miscellaneous chemicals
Pulp and pacer
Printing and paper goods
Paper boxes and tubes
Miscellaneous paper goods
Printing and bookmaking
Textiles
Silk and silk goods
Woolens, carpets, felts
Cotton goods
Knit goods, except silk
Other textiles
Clothing and millinery
Men's clothing
Men's furnishings
Women's clothing
Women's underwear
Women's headwear
Miscellaneous sewing
Laundering and cleaning
Food and tobacco
Flour, feed and cereals
Canning and preserving
Sugar and other groceries
Meat and dairy products
Bakery products
Candy
Beverages
Tobacco
Water, light and power
Total
Total State.
N. Y. City.
-0.1
-1.1
-4.6
-3.9
+5.3
+3.3
-1.2
+5.1
+12.4
-4.9
+3.1
+0.4
-8.0
+0.2
+24.5
+4.0
-19.4
+4.6
-0.4
-6.8
-0.9
+0.7
+3.5
-3.4
+8.8
-11.4
-3.2
-6.9
+3.7
-6.5
+0.1
-0.6
+0.4
+0.7
-0.1
+2.2
-0.4
-5.4
+2.7
-0.3
No change
-4.4
-4.3
-4.ti
+4.4
+3.2
-8.0
-4.3
+2.2
-13.1
-2.2
-19.8
+4.6
-1.1
-5.0
-1.0
-41.1
+0.3
-0.2
-1.2
+2.9
-14.2
-1.4
+0.9
-0.6
-3.8
+0.6
-21.3
+5.4
No change
+2.9
+13.2
-1.0
-8.1
-3.6
-0.6
-13.4
-0.4
-19.8
+4.8
-0.9
-0.8
No change
-2.5
-0.3
-0.4
-1.3
+1.6
-5.8
+0.7
+0.1
-0.9
-3.0
-6.1
+0.7
No change
+0.8
+26.4
+1.0
-24.3
-3.2
-0.2
+3.9
-3.3
+1.4
-0.4
-8.5
-8.2
-12.6
-0.2
+5.5
+2.3
+0.7
+0.5
+0.8
+26.7
+1.8
-1.0
-2.1
+0.1
-1.0
+1.7
+8.2
-26.2
Business and Agricultural Conditions in Minneapolis
Federal Reserve District-Volume of Business Continued Smaller During November as Compared with
Year Ago.
In its preliminary summary of agricultural and business
conditions the Federal Reserve Bank of Minneapolis states
that "the volume of business in the Ninth (Minneapolis)
District in November continued to be smaller than last
year's volume, but the bank debits of the district increased
abnormally. The adjusted bank debits index rose from 47
in October to 51 in November," according to the summary,
"and in the latter month was only 15% below November
last year, whereas the October index was 23% lower than
last year's figure." The summary issued Dec. 16 also contained the following:
The November decrease in bank debits from last year's figure was the
smallest percentage decline reported since May 1931 and with that exception, the smallest since June 1930. The autumn upturn in bank debits
from August to November 1932 was the largest percentage increase in this
series since 1928. Bank debits at St. Paul and Faribault, Minnesota and
at Lead and Mobridge, South Dakota were larger in November than a
year ago.
Decreases from the November volume last year were reported for electric
power consumption,freight carloadings, building permits, flour and linseed
products shipments, copper and iron ore output, marketings of rye, flax
and all kinds of livestock, and department store sales. Wheat marketings
were larger in November than in the corresponding month last year.
The estimated cash income to farmers from marketings of seven importlast
ant items was 42% smaller in November than in the same month
Prices
year, in spite of a small increase in the income from bread wheat.
Northwest, with the exception of
of all of the major farm products of the
in
ewes, were lower in November than a year ago, although the declines
lambs and eggs were not important.
Total of seven items
832,893,000
819,232.000
58
Seasonal Declines Reported in Pennsylvania Factory
Employment and Wage Payments from October to
November by Philadelphia Federal Reserve Bank
Wage Payment in Delaware Factories Lower Although Employment Increased.
Factory employment in Pennsylvania showed a seasonal
decline of 1% and wage payments and operating time about
6%from October to November,following continued increases
for three previous months, according to indexes compiled
by the Philadelphia Federal Reserve Bank from reports of
807 representative factories which employed in November
over 227,000 workers and had a weekly payroll of $3,330,000.
These decreases resemble a similar tendency in the same
period of the past three years, the Bank noted under date
of Dec. 16, adding:
Virtually all manufacturing groups and most of the individual industries
reported declines in employment and payrolls as was to be normally expected
following the peak of fall activity reached in October. Additions to working
forces were made by plants in the areas comprising Reading-Lebanon.
Williamsport, Pittsburgh and Wilmington. while the remaining thirteen
areas showed reductions. Payrolls were smaller in all industrial centres
except Pittsburgh.
The composite index number of Pennsylvania factory employment in
November was almost 62% of 1923-25 average and the payroll index
number was over 36. Compared with a year ago, these indexes were
13% lower for employment and 29% lower for wage payments. Of the
51 individual industries 10 reported a gain in employment and four an
increase in payrolls over November 1931.
Delaware factories showed a rise of about 1% in employment but declines
of nearly 3% in wage payments and employee-hours actually worked in
November as compared with October. The index number of employment
was 4% and that of wage payments 15% lower than in November 1931.
FACTORY EMPLOYMENT. WAGE PAYMENTS AND
-HOURS IN PENNSYLVANIA.
EMPLOYEE
Prepared by the Federal Reserve Bank of Philadelphia in co-operation with
of Labor and Industry and the United States Bureau
the Pennsylvania Department
of Labor Statistics.
(Index numbers are percentages of 1923-1925 average which is taken as 100.)
Employment.
Payrolls.*
Per Cent
Per Cent
Nov. Chance From
Nov. Chance From
1932
1932
Nov. Index. Oct.
Nov.
Index. Oct.
1932. 1931.
1932. 1931.
wo,N,.ww
busier.
ESTIMATED VALUE OF IMPORTANT FARM PRODUCTS MARKETED IN THE NINTH FEDERAL RESERVE DISTRICT.
% Nov. 1932
Nov. 1931. of Nov.1931.
Nov. 1932.
104
84,177,000
$4,325,000
Bread wheat
83
1,182.000
749,000
Durum wheat
36
298,000
108,000
Rye
39
1,452,000
562,000
Flax
75
687,000
517,000
Potatoes
59
11,712,000
Dairy products
6,852,000
46
13,385,000
Hogs
6,119,000
EmyTtte
Hours.:
%
Change
Nov.
from
Oct.
-6.2
-5.9 -28.8
All manufacturing Indust__ 61.8 -1.1 -13.1
-5.4
-5.0 -36.6
50.7 -0.4 -19.3
Metal products
-9.1 -39.4 -10.3
38.7 -4.9 -2.9
Blast furnaces
-0.9
-0.5 -34.4
Steel works & rolling mills 45.6 +1.1 -15.9
+8.5
+3.1 -30.6
50.8 +7.4 -19.9
Iron and steel forgings_
-7.9
-25.5 -42.3
67.6 -8.0 -21.1
Structural iron work
Steam and hot water heat-17.2 -18.4 -16.9
76.2 -1.9 -10.2
ing appliances
66.7 +1.2 +0.3
-8.0 -7.1
Stoves and furnaces
-3.2
-5.7 -36.9
49.0 -0.2 -16.9
Foundries
-2.5
-2.5 -43.4
Machinery and parts_, 52.9 +1.0 -26.0
-9.8 -41.5 -13.0
69.6 -3.5 -24.4
. .
Electrical apparatus__
-6.7
-3.8 -38.6
33.8 -0.3 -22.5
Engines and pumps
+1.4
---44 -37.7
55.0 -0.4 -20.2
Hardware and tools
+5.1
+3.4 -29.0
Brass &bronze products_ 53.1 +0.2 -9.7
-4.5
-2.0 -51.5
Transportation equipment_ 36.29 -4.6 -31.8
+8.1
30.6 -1.5 -28.5
+7.9 -43.8
Automobiles
-28.3 -72.7 -31.9
Automobile bodies& parts 28.0 -29.6 -54.8
-3.2
+0.9 -18.4
Locomotives and cars..._ 20.9 +1.0 +8.3
+9.1
0.0 +4.5
67.6
+9.0 -21.0
Railroad repair shops
+19.4 -42.1 +45.8
28.6 +14.9 -30.6
Shipbuilding
86.7 -2.7 -2.9
-9.8 -15.4 -10.8
Textile products
+1.4
-4.2 -10.0
61.1 +2.7 -1.3
Cotton goods
-16.7 -25.3 -21.8
Woolens and worsteds_.... 60.8 -3.8 +0.2
92.7 -9.4 +1.5
-16.1 -16.5 -17.6
Silk goods
-14.9 -29.0 -14.3
Textile dyeing & flnish'g 66.3 -5.2 -20.9
57.9 +6.2 -10.2
+0.6 -29.3 +12.3
Carpets and rugs
66.3 -1.2 -11.0
-11.1 +14.1
-Hats
-6.1
109.1 +0.8 -5.5
-5.7 -154
,
Hosiers
+1.0
98.6 +7.1 +11.4
Knit goods. other
-6.7 +8.4
+2.7
72.7 -10.9 +7.1
-22.2 -11.6
Men's clothing
99.1 +12.9 +1.8
Women's clothing
+14.0 -19.5 +75.6
-5.4
Shirts and furnishings_
120.3 -1.6 -16.6
+1.7 -29.0
-4.7
99.0 -1.1 -4.0
Foods and tobacco
-6.3 -16.4
-1.8
Break and bakery prods_ 96.1 +0.7 -8.0
-0.9 -19.1
Confectionery
99.7 -3.2 -4.2
-16.4 -6.8 -18.6
-9.5
73.7 -1.6 -11.6
Ice cream
-4.9 -25.6
95.8 +1.6 -1.8
-5.0
Meat packing
-4.9 -16.0
+3.7
99.0 -1.3 -1.7
Cigars and tobacco
-3.8 -17.9
+3.0
Stone. clay & glass productk 49.7 +1.4 -10.8
-0.8 -31.4
-3.4
Brick, tile and pottery... 50.4 +1.2 -24.3
-9.6 -44.2
-3.8
41.4 -6.3 -11.0
Cement
-9.4 -36.6
67.3 +14.1 +12.9
Glass
+22.3 -5,5 +27.0
44.7 -2.4 -18.9
-1.8
Lumber products
-8.5 -36.4
-2.4
Lumber & planing mills_ 25.3 -5.6 -31.1
-9.7 -54.1
51.3 -2.7 -16.0
Furniture
-2.4
-9.1 -36.6
55.9 +0.4 -7.0
Wooden boxes
-6.3 -6.5
2
+3.
75.8 -1.8 -10.7
Chemical products
-1.0 -20.9
-8.7
51.8 -0.6 -18.3
Chemicals and drugs--2.9 -25.6 -11.0
55.1 -0.9 -9.5
Coke
+5.4 -33.8
-67.9 +3.5 -9 9
Explosives
.
+14.1 -27.7
-Paints and varnishes.... 78.9 -6.8 -17.1
-11.6 -31.3
.
-1 4
-3.2
114.5 -2.1 -3.0
Petroleum refining
-1.2 -16.8
87.2 -1.0 -1.1
Leather and rubber prod
4
-7.
-9.1 -13.6
+4.4
Leather tanning
90.0 +6.1 -0.9
+0.5 -22.5
Shoes
92.8 -9.9 -2.8
-25.1 -7.4 -17.4
+2.4
+4.5 +12.3
Leather products, other_ 72.2 -1.6 +11.2
Rubber tires and goods
78.3 -0.9 -4.4
-18.5 +20.0 -22.0
-1.3
0.0 -11.1
82.0
Paper and printing
-2.4 -22.5
Paper and wood pulp,._. 72.4 -1.1 -7.3
-5.9 -23.9
-0.1
Paper boxes and bags_ _ _ 66.4 +0.2 -25.3
+0.3 -29.1
+2.2
-1.3 -21.5
Printing and publishing.. 87.6 +0.8 -10.7
Figures from 807 companies representing 51 Industries.
p Preliminary. •
z Figures from 570 companies representing 47 industries.
eab.a.b
and glass, and wood manufactures turned downward. The textiles, water.
light and power, and chemicals, oils and paints group continued a little
,
3.-.WOOOPNO OWCA.00000WW.4..000000.40,11C.2,04
0
,
,
WO -4011 C WWUDONWA,
DOeDWW.PWC .. .4.
4284
FACTORY EMPLOYMENT AND WAGE PAYMENTS IN DELAWARE
COMPARISON WITH THE PREVIOUS MONTH BY INDUSTRY.
Prepared by Department of Research and Statistics of the Federal Reserve Bank
of Philadelphia.
Per Cent Change November
Compared with October 1932.
No.
of
PayEmployee
Plants. EmployHours.*
rolls.
ment.
-2.9
54
-3.1
+0.9
All manufacturing industries
-14.9
-13.4
-24.5
10
Metal products
5
-4.5
Transportation equipment
+2.6
-0.5
+2.4
-7.4
3
-3.7
Textile products
7
0.0
-4.6
-5.4
Foods and tobacco
-12.5
-31.1
4
-23.0
Stone, clay and glass products
5
-4.7
-0.9
-1.2
Lumber products
Chemical products
5
-11.2
-24.6
-21.9
8
+9.3
Leather and rubber products
+9.7
+8.7
-0.6
Paper and printing
7
-3.3
* Based on reports from 48 plants.
FACTORY EMPLOYMENT AND WAGE PAYMENTS IN DELAWARE
COMPARISON WITH PREVIOUS YEARS FOR
ALL MANUFACTURING INDUSTRIES.
Prepared by Department of Research and Statistics of the Federal Reserve Bank
of Philadelphia.
Employment.
Payrolls.
1932
1932
Indexes.
Compared
Indexes.
Campar'd
with 1931
with 1931
1930. 1931. 1932. Per Cent. 1930. 1931. 1932. Per Cent.
January
February_ _ _
March
April
May
June
July
August
September..
October
November_
Oecember
Average
113.1
112.4
112.9
112.6
109.4
107.2
102.7
101.6
98.5
94.0
87.9
86.7
103.3
4285
Financial Chronicle
Volume 135
87.1
87.6
88.1
86.9
86.3
85.6
84.4
83.2
81.2
74.5
74.9
76.0
83.0
79.3
78.5
75.9
74.8
72.6
71.5
69.8
68.1
72.1
70.9
71.6
-9.0
-10.4
-13.8
-13.9
-15.9
-16.5
-17.3
-18.1
-11.2
-4.8
-4.4
107.8
107.0
108.1
108.1
103.8
101.1
94.2
93.2
89.7
87.1
78.1
78.7
96.4
77.0
79.9
81.7
79.7
81.1
78.0
68.7
68.9
64.1
61.0
54.7
56.4
70.9
57.8
59.5
57.2
52.8
49.4
48.5
45.9
44.7
47.9
48.0
46.7
-24.9
-25.5
-30.0
-33.8
--39.1
-37.8
--33.2
--35.1
-25.3
--21.3
--14.6
FACTORY EMPLOYMENT AND WAGE PAYMENTS BY CITY AREAS.
Prepared by Department of Research and Statistics of the Federal Reserve Bank
of Philadelphia.
(City areas are not restricted to corporate limits of cities given here.)
Employment.
Payrolls.
Per Cent Change
Compared With
November
Indexes,
Allentown-BethlehemEaston
54.0
Altoona
56.8
Erie
51.2
Harrisburg
'59.2
Hasleton-pottsvIlle____ 79.9
Johnstown
37.8
Lancaster
59.6
New Castle
39.3
Philadelphia
68.4
Pittsburgh
54.3
Reading-Lebanon
68.7
Scranton
53.8
Sunbury
67.1
Wilkes-Barre
96.3
Williamsport
51.1
Wilmington
73.4
York
78.7
Oct.
1932.
Nov.
1931.
0.6
-9.4
23.0
-34.5
12.4
+2.3
-5.3
19.7
+1.0
12.5
11.4
13.8
-20.9
+7.4
+5.2
-22.5
12.8
-5.4
-9.5
-13.2
-3.4
-2.1
+2.5
+2.2
-11.7
2.9
+0.8
+3.4
1.0
-
Per Cent Change
Compared With
Nov.
Indexes.
33.2
32.2
30.5
36.4
53.3
15.5
36.3
17.3
50.5
22.7
42.6
43.9
37.9
68.5
30.0
54.3
52.6
Oct.
1932.
3.8
-8.8
20.2
15.9
10.4
-13.4
-14.8
-7.0
+3.7
0.9
-14.9
-18.0
-9.5
2.0
0.2
4.0
-
Nov.
1931.
-23.1
41.9
49.1
24.2
21.4
-48.0
39.9
-8.0
-24.7
-34.6
25.0
-25.0
19.0
-12.6
43.2
19.1
11.4
Lumber Mills at Year's Lowest Production Point but
Orders Are Well Above Output.
New business at the lumber mills of the country during
the week ended Dec. 17, gained 9%, as compared with the
low record of the previous week, according to telegraphic
reports to the National Lumber Manufacturers Association
from regional associations covering the operations of 791
leading softwood and hardwood mills. While orders totalled
111,737,000 feet, production was 86,347,000 feet-the low
point for the year.
The week's production was only 17% and new business
22% of capacity, compared with 19% and 21%,respectively,
the previous week, adds the Association, which further
reports as follows:
421,000 feet, or the equivalent of 11 days' average production, on similar
date a year ago.
Last week's production of 406 identical softwood mills was 73,522,000
feet, and a year ago it was 93,749,000 feet; shipments were respectively
70,002,000 feet and 100,792,000; and orders received 97,381,000 feet and
125.655,000. In the case of hardwoods, 194 identical mills reported
production last week and a year ago 8.517,000 feet and 12,645,000; shipments 10.102.000 feet and 15,531,000; and orders 9.833.000 feet and
14,847,000 feet.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 217 mills reporting for
the week ended Dec. 17:
UNSHIPPED ORDERS.
SHIPMENTS.
NEW BUSINESS.
Feet.
Feet.
Feet.
Coastwise and
Domestic cargo
Domestic cargo
delivery_ _ 94,265,000 intereoastal_ _ 11,503,000
29,019,000
delivery
91,536,000 Export
11,940,000
Export
19,836,000 Foreign
9.841,000
43,870,000 Rail
11,316,000 Rail
Rail
Local
3,847,000
Local______
3,847,000
229,671,000
Total
Total
37,131,000
64,018,000
Total
Production for the week was 44,172,000 feet. Production was 17%
and new business 25% of capacity, compared with 19% and 21% for the
previous week.
Southern Pine.
The Southern Pine Association reported from New Orleans that for
95 mills reporting, shipments were 22% below production, and orders 23%
below production and 1% below shipments. New business taken during
the week amounted to 14,200,000 feet (previous week 19.353,000 at 103
mills); shipments 14,328,000 feet (previous week 17,565.000), and production 18,453,000 feet (previous week 20.466,000). Production was 33%
and orders 25% of capacity, compared with 35% and 33% for the previous
week. Orders on hand at the end of the week at 84 mills were 45.462.000
feet. The 84 identical mills reported a decrease in production of 8% and
in new business a decrease of 10%,as compared with the same week a year
ago.
Western Pine.
The Western Pine Association reported from Portland, Ore., that for
115 mills reporting, shipments were 47% above production, and orders
49% above production and 1% above shipments. New business taken
during the week amounted to 19.746,000 feet (previous week 19,003,000
at 114 mills); shipments 19,549,000 feet (previous week 22,032.000); and
production 13,285.000 feet (previous week 17,559,000). Production was
10% and orders 15% of capacity, compared with 13% and 15% for the
previous week. Orders on hand at the end of the week at 115 mills were
104,667,000 feet. The 103 identical mills reported an increase in production of 4%, and In new business a decrease of 41%, as compared with the
same week a year ago.
Northern Pine.
The.Northern Pine Manufacturers of Minneapolis. Minn., reported no
production from 7 mills, shipments 1,136,000 feet and new business 1,141.-000 feet. The same number of mills reported new business 60% less than
for the same week last year.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported productoin from 13 mills as 348.000 feet, shipments
226,000 and orders 202,000 feet. Orders were 3% of capacity compared
with 3% the previous week. The 11 identical mills reported a decrease of
54% in production and a decrease of 64% in new business, compared with
the same week a year ago.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tennessee. reported production from 344 mills as 10,089,000 feet, shipments 12.202.000
and new business 12,070.000. Production was 17% and orders 20% of
capacity, compared with 20% and 23% the previous week. The 183 identical mills reported production 30% less and new business 32% less than for
the same week last year.
The Northern Hemlock and Hardwood Manufacturers Association. of
Oshkosh, Wis., reported no production from 13 mills, shipments 686.000
feet and orders 360,000 feet. Orders were 7% of capacity, compared with
13% the previous week. The 11 identical mills reported a decrease of 56%
in orders, compared with the same week last year.
New Chevrolet Models Announced-Chrysler Corp.
Again Lowers Prices-New Pontiac and Auburn
Lines to be Introduced Shortly-Continental
Motors Corp. to Enter Automobile Market.
The Chevrolet Motor Car Co. on Dec. 17 introduced its
new Chevrolet Six line for 1933. Major developments and
minor refinements in the 1933 models make the most radically
changed and improved car since the first Chevrolet six was
brought out in 1928, the company announced. The wheel
base has been extended to 110 inches. The engine has been
stepped up to 65 h.p. to give a top speed of more than 70
miles an hour. The seven models of the new Chevrolet Six
are priced as follows:
Softwood orders were 30% above the output in the week ended Dec. 17.
hardwood orders were 23% above. New business in the West Coast and;
Western Pine territories was reported as 45% and 49% above production,
in the Southern Pine region, it was 23% below.
Compared with corresponding week of last year, all regions showed appreciable declines in new business, and all were below last year in production
except the Western Pine which reported cut 4% more than for the corresponding week of last year.
For the year to date, production is 41% below and new business 31%
below last year. Now business for the year, however, is 22% above production, and shipments are 24% above.
Stocks on hand at the mills on Dec. 17 were the equivalent of Si days'
average production of the reporting mills, compared with 113 days' average
production on Dec. 19 1931.
Lumber orders reported for the week ended Dec. 17 1932, by 447 soft
wood mills totalled 99,307,000 feet, or 30% above the production of the
same mills. Shipments as reported for the same week were 72.370.000
feet. or 5% below production. Production was 76,258,000 feet.
Reports from 357 hardwood mills give new business as 12,430,000 feet,
or 23% above production. Shipments as reported for the same week were
12,888,000 feet, or 28% above production. Production was 10,089,000 feet.
The Chrysler Corp. on Dec. 16 countered the announcement of the Chevrolet company, which was made on the
same day, by reducing prices on the competing Plymouth
Six line $20 to $30 on top of reductions of $50 to $70 announced on Nov. 1 last when the new models were brought
out. New factory prices of the Plymouth Six compare
as follows:
Unfilled Orders.
Reports from 383 softwood mills give unfilled orders of 354,090.000 feet,
17 1932. or the equivalent of 9 days' production. The 356 identical
on Dec.
softwood mills report unfilled orders as 347,467,000 feet on Dec. 17 1932,
or the equivalent of 10 days' average production, as compared with 414,-
New Price,
Six.
Four-door sedan
$545
Convertible coupe
565
Coupe with rumble seat_
525
Business coupe
495
Note
-All prices are f.o.b. factory.
Sport Roadster
Coupe
Phaeton
Coach
Sport coupe
Sedan
Cabriolet
Note
-All prices are f.o.b. Flint, Mich.
New Price.
$485
495
515
515
535
565
565
Initial Price,
Six.
$575
595
545
495
Old Prize.
1.485
490
495
495
535
590
595
Price 1932.
Four.
$635
645
610
565
4286
Financial Chronicle
The Pontiac organization will announce a new straight
eight in the low price field within the near future, a Detroit
dispatch says. The new line will have seven body styles.
The new Fisher no-draft ventilation system and safety glass
windshields will be standard equipment on all models.
The Auburn Automobile Co. will introduce at the New
York Automobile Show two new models, a Salon 8 and a
Salon 12, in addition to its present models, according to a
Chicago dispatch. The new cars, which will sell at higher
levels than the present ones of this type, are intended to tap
new markets and will not supplant the existing 8 and 12,
which will be continued. There will be changes and improvements in both design and engineering in the new
models.
William R. Angell, President of the Continental Motors
Corp., announces that this company will make its bid for
the 1933 automobile market with two six-cylinder cars.
Mr. Angell states:
Both of these sixes will embody the latest refinement in grace and beauty
of lines. They will be full sized in every respect, with ample wheelbase,
a surprising amount of room, an abundance of power, exceptional speed
and splendid economy.
There will be many departures in engineering design. Our engineers
have not been hampered or held back by precedent or custom. Several
of the major features of the cars, which mean comfort and general good
performance, will be exclusive with Continental.
Of greatest interest, doubtless, will be the light six, the model name of
which will be announced later. It may set a new low price for six-cylinder
cars. In appointments, appearance and performance, it will have medium
priced car quality in the low price field. Its economy will rank with the
best.
The big six, to be known by a distinctive trade name later, is to be a
luxury car brought down to the bottom rung of the medium price bracket.
In fact, this completely new and beautiful car will replace the DeVaux
models of the former Continental-DeVaux line.
To handle the merchandising of these new sixes we are rapidly developing
an adequate dealer organization. The interest displayed by established
dealers in all parts of the country is gratifying.
Agricultural Department's Report on Acreage of Winter
Wheat and Rye Sown for 1933 Crop.
The Crop Reporting Board of the United States Department of Agriculture made public on Dec. 20 its report
showing the acreage and condition of winter wheat and rye
for the crop of 1933 as follows:
Winter Wheat.
-The area sown to winter wheat in the United States in
the fall of 1932 is estimated at 39,902,000 acres, a reduction of 1.3% from
the acreage sown in the fall of 1931. This N the third successive year in
which reductions of winter wheat sowings have occurred, with the result
that the acreage sown this year is the smallest sown in any year since
1923. The area sown in the fall of 1931 was 40,420.000 acres and in 1930
43,520,000 acres.
In the hard red winter wheat area, most of which lies between the Rocky
Mountains and the Mississippi River, sowings this fall were about 3.7%
below those of 1931. This accounts for a decrease of about 1,000,000 acres,
which is only partially offset by increases of 2.4% and 8.3%, respectively.
in the soft winter wheat and white wheat producing areas.
The condition of winter wheat on Dec. 1 was reported at 68.9% of normal, as compared with 79.4% on Dec. 1 1931 and the Dec. 1 ten-year
average (1920-1929) of 83.3%. The present condition is the lowest Dec. 1
condition reported since these reports were begun in 1863. Condition is
below average over practically the entire country, indicating that the plant
had made less than average advancement by Dec. 1. Conditions have
been especially unfavorable in the hard winter wheat States of the Great
Plains. Unseasonably cold weather combined with shortage of moisture
has caused deterioration of the crop in this area. More recently some protection has been afforded by snow cover.
In the past conditions below average on Dec. 1 have been followed by
more than average abandonment and below-average yields per acre. An
examination of the relationship between Dec. 1 condition and abadoninent
for the United States as a whole in past years indicates a probable abandonment in excess of 20% and a crop in 1933 below 400,000,000 bushels
-The area of rye sown for all purposes in the fall of 1932 is estimated
Rye.
at 4,649,000 acreas, as compared with 5.000,000 acres in the fall of 1931
and 5,318,000 acres in the fall of 1930. This is the first December estimate made by the Crop Reporting Board of rye sown for all purposes,
previous estimates having related to rye for grain only. In the past two
years about 60% of the total acreage seeded to rye was finally harvested
for grain and the remainder cut for bay, used for pasture or cover crop.
Some acreage was also abandoned.
The condition of rye on Dec. 1 1932 was reported at 76.3% of normal,
as compared with 82.0% on the corresponding date of last year and the
ten-year average (1920-1929) Dec. 1 condition of 87.5. Conditions are
below average in all sections of the country, but are especially poor in the
Great Plains area where the bulk of the rye is produced.
The Crop Reporting Board of the United States Department of Agriculture makes the following report for the United States,from data furnished
by crop correspondents, field statisticians, co-operating State Boards (or
Departments) of Agriculture and Agricultural Colleges.
Fall Sowings.
Crop and Year.
Per Cent of Acreage
Sown the
Prerious Fall.
Winter wheat
10-year average, 1920-1929
100.5
1929
99.9
1930
1931
92.9
98.7
1932
Rye (tor all purposes)
10-year average, 1920-1929
1930
94.0
1931
93.0
1932
a Weighted on basis of rye for grain.
Acres.
Condition
Dec. 1.
Per Cent.
43,562,000
43,520,000
40,420,000
39,902,000
83.3
86.0
86.3
79.4
68.9
5,318.000
5,000,000
4,649.000
a87.5
82.9
82.0
76.3
Dec. 24 1932
Winter Wheat.
-The abandonment in 1932 was 16.7% of the acreage
sown to winter wheat. in 1931 5.0% and the average for the ten years
1920-1929 was 12.4%.
Rye.
-The estimates for rye relate to the acreage sown for all purposes,
viz.: Grain, hay, pasture and cover crop.
WINTER WHEAT.
Condition Dec. 1.
Area Sown.
State.
Aug'n Ant n Ant'n Ant n Alien 10-yr.
011929 011930 011931 of1932 011932 Argo.
(Re- (Re- (Re- (Pre- Corn- 1920oised) lifted) oised) limi- pared 1929. 1930. 1931. 1932.
nary). with
1931.
.
New York
New Jersey
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
South Dakota
Nebraska
Kansas
Delaware
Maryland
Virginia
West Virginia.North Carolina._ _
South Carolina_ - _
Georgia
Kentucky
Tennessee
Alabama
Arkansas
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Washington
Oregon
California
(Tho usaruf
Acres)
233
202
194
213
54
49
48
49
1,001
935 898
898
1.884 1,730 1,592 1,831
1,687 1,727 1,480 1,539
1,978 1,845 1,495 1,510
715
712 698 803
34
25
38
44
182
157
172
189
394
324 281
239
1,358 1,505 1,473 1,311
101
247
288
403
3,847 3,496 3,042 2,890
12,958 12,876 11,711 11,477
106
96
81
81
488
430 400
408
599 615
588
559
106
116
117
116
277
344
380
399
35
54
82
74
28
51
77
73
209
260
307
304
210 256
280 286
2
4
6
6
19
37
34
31
4,578 4,615 4,407 4,275
3,677 4,075 4,035 3,833
900 824
772 811
781
647
701
666
189
210
169
135
1,603 1,433 1,218
877
377
377 379
360
22
24
29
44
200
204
192
200
2
3
2
1
1,215 1,412 1,284 1,412
877 868
782 899
658
735 889 655
United States_ _ 43.562 43.520 40.420 39.002
%
110
103
100
115
104
101
115
115
110
85
89
140
95
98
100
102
95
99
105
90
95
99
102
100
92
97
95
105
95
80
72
95
150
104
200
110
115
95
05.7
%
90
89
88
84
85
85
88
91
90
91
85
85
85
79
89
86
85
87
87
84
86
88
85
85
84
80
80
79
87
86
82
79
94
88
92
80
88
90
% % %
93
88
91
90
88
67
95
87
88
92
86
91
94
79
94
84
86
90
94
87
89
92
72
85
78
91
70
90
95
85
h7
64
,74
71
83
60
87
67
66
77
72
83
90
81
77
86
84
88
82
82
80
83
as 83.
74
85
86
94
75
91
86
54
79
91
90
95
78
95
72
94
82
81
81
89
87
71
ass
so a
.10
a
87
85
85
87
83
83
84
84
79
82
78
70
70
57
88
88
83
87
76
68
74
84
80
76
75
49
56
86
73
67
55
80
80
70
95
88
90
76
55.0
RYE (FOR ALL PURPOSES).*
Area Sown.
State.
Condition Dec. 1
Autumn Autumn Autumn Autumn
of 1930 of 193101 193201 1932 l0-Yr.
(Ere- Compar. Awe.
with
ilmi(Re(Re1920- 1930.
end). (ased. nary). 1931. 1929.
Thou sand Ac res.
40
40
48
New York
69
New Jersey
63
79
146
146
147
Pennsylvania.- 116
105
140
Ohio
189
189
203
Indiana
88
98
128
Illinois
207
243
191
Michigan
354
295
194
Wisconsin
421
413
459
Minnesota
67
89
Iowa
68
56
75
112
Missouri
North Dakota._ 1,540 1,387 1,110
557
546
503
South Dakota_ _
356
Nebraska
404
508
48
Kansas
53
67
11
Delaware
9
11
35
35
Maryland
42
119
132
Virginia
156
23
32
West Virginia_ _ _
19
152
North Carolina_
152
160
25
28
24
South Carolina
42
42
39
Georgia
77
96
120
Kentucky
110
88
95
Tennessee
18
22
15
Oklahoma
5
5
6
Texas
80
67
80
Montana
7
4
7
Idaho
30
31
32
Wyoming
45
40
68
Colorado
3
4
Utah
3
15
14
13
Washington_ _ _
.
55
52
21
Oregon
%
100
110
100
110
100
90
85
120
102
75
75
80
102
88
90
125
100
90
120
100
90
100
80
90
80
80
120
100
105
90
%
90
91
90
88
89
91
89
92
89
93
88
84
86
89
84
90
88
87
87
89
85
88
89
87
83
80
81
90
87
83
110
105
84
90
100
as
%
85
90
68
87
89
87
81
86
85
89
91
77
86
91
92
90
68
73
60
88
79
84
78
88
80
89
82
90
91
87
99
74
87
1931.
1932.
%
91
91
88
95
92
93
91
94
87
93
88
74
78
77
83
97
85
77
83
74
62
76
94
78
82
85
88
86
75
54
64
75
82
%
89
86
85
89
85
86
83
83
79
87
81
68
69
70
74
89
86
85
88
80
70
79
87
80
54
56
83
78
72
59
70
85
88
92.0 087.5
United States_ 5,318 5,000 4,649
76.3
52.0
520
* This is the first December estimate made by the Crop Report ng Board of rye
acreage sown for all purposes, previous estimates having related to rye sown or grain
only. The 1930 and 1931 acreage estimates here given have been revise I on the
basis of "rye acreage sown for all purposes," which includes rye for grain, hay,
pasture and cover crops. The August 1932 report on "Intentions to sow" was
also on this new basis. Allowance has been made for spring sown rye.
a Weighted on basis of rye for grain.
Cost of Raising Argentine Grains.
A cablegram as follows from Buenos Aires Dec. 19 appeared in the New York "Times":
The &genii of Rural Statistics reported to the Minister of Agriculture
to-day that an investigation of the costs of production shows for wheat
7.20 pesos a quintal, the equivalent of 50 cents a bushel; for flaxseed,
10.65, the equivalent of 691 cents, and for corn 4.90, the equivalent of
/
2
32 cents.
Canadian Grain Shipped Through Lake Erie Ports
Affected by British Treasury Ruling Denying
Preference to Canadian Wheat Consigned Through
United States.
The following from Buffalo, N. Y., Dec. 21 is from the
New York "Times":
About 10,000,000 bushels of Canadian grain shipped annually through
Lake Erie ports are affected by the British customs decision that consignments through United States ports shall not enjoy empire tariff
Financial Chronicle
preferences. This decision, according to Buffalo elevator operators, will
materially reduce the Winter storage of grain here.
The present method of moving the Canadian grain in the Autumn months
consists of shipping it to Buffalo in vessels that will lay up in this port
for the Winter. The grain cargoes are held in storage in the boats until
the owner or broker for the cargo finds a buyer in England or some other
European nation. Then the vessel is moved to an elevator, and the grain
is placed in railroad cars and transported to seaboard.
CORN-FOR ALL PURPOSES.*
Acreage Harvested.
The Crop-Reporting Board of the United States Department of Agriculture made public on Dec. 15 its report of
-crop acreage and production for 1932, with revisions for
1931 and 1930, based on the latest information available,
including data furnished by crop correspondents, field
statisticians and co-operating State agencies. This report
was published in last week's issue of our paper on pages
4118, 4119, 4120 and 4121. We now give the figures for
the more important crops showing the details y States:
WINTER WHEAT.
Acreage Harvested.
Stale.
Yield per Acre.
1930. 1931. 1932. 1930 1931. 1932
1,000 1,000
Acres. Acres.
New York
214
201
New Jersey
53
49
Pennsylvania
976
898
Ohio
1,601 1,713
Indiana
1,569 1,710
lillnois
1,800 1,836
Michigan
694
701
Wisconsin
32
24
Minnesota
167
152
Iowa
387
313
Missouri
1,263 1,490
South Dakota
96
185
Nebraska
3,751 3,339
Kansas
12,310 12.618
Delaware
105
91
Maryland
481
404
Virginia
591
603
West Virginia
105
113
North Carolina
265
339
South Carolina_
34
53
26
Georgia
49
Kentucky
202
252
Tennessee
202
252
Alabama
2
4
Arkansas
18
36
Oklahoma
3,935 4,407
Texas
3,089 3,892
Montana
686
412
Idaho
731
621
Wyoming
161
164
Colorado
1,218 1,218
New Mexico
181
360
Arizona
22
24
Utah
194
194
Nevada
2
3
Washington
875 1,356
Oregon
833
825
California
592
456
United States
Production.
1930.
1931.
1932.
1,000 Bush- Bush- Bush- 1,000 1,000 1.000
Acres. els. els. els. Bush. Bush. Bush.
191 18.3 25.5 20.5 3,916 5,126 3.916
48 23.5 27.0 21.0 1,246 1,323 1,008
889 22.0 22.0 15.0 21,472 19.756 13,335
1,576 17.8 29.5 20.5 28,498 50,534 32,308
1,436 18.0 25.9 16.0 28,242 44,289 22,976
1,450 18.0 23.5 15.0 32.400 43.146 21.750
691 23.0 26.0 24.0 15,962 18,226 16,584
36 20.5 19.0 19.5
456
702
656
163 20.0 21.0 21.0 3,340 3,192 3,423
250 21.0 21.0 17.0 8,127 6,573 4.250
1,326 14.0 20.0 11.2 17,682 29,800 14.851
259 17.0 6.3 19.0 1,632 1,166 4,921
2,050 18.3 17.2 12.0 68,643 57,431 24,600
9,252 13.5 19.0 11.5 168,185 239,742 106,398
79 19.5 23.5 11.5 2,048 2,138
908
380 23.0 24.0 13.0 11,063 9,696 4,940
579 15.5 22.0 10.8 9,160 13,266 6.253
116 17.5 21.0 11.0 1,838 2,373 1,276
376 10.8 13.0 9.5 2.862 4,407 5,572
80 10.0 13.0 9.5
340
689
760
273
637
74 10.5 13.0 9.5
703
270 14.0 22.0 10.5 2,828 5,544 2,835
272 11.0 17.5 9.5 2,222 4,410 2,584
20
60
50
6 10.0 12.5 10.0
203
475
31 11.3 13.2 8.0
248
3,966 9.5 17.0 11.0 37,382 74.919 43,626
2,958 10.5 14.4 10.0 32,434 56,045 29.580
618 9.3 9.5 20.0 6,380 3,914 12,360
652 22.0 17.0 23.0 16,082 10,557 14,996
110 12.5 8.5 10.0 2,012 1,394 1,100
487 14.0 12.0 9.0 17,052 14,616 4,383
220 8.2 18.0 6.0 1,484 6,480 1,320
616
672
29 28.0 28.0 21.0
609
184 22.0 14.0 17.0 4,268 2,716 3,128
42
66
19
1 21.0 22.0 19.0
1 207 22.5 22.0 25.0 19,688 29,832 30,175
751 23.0 18.5 20.0 19,159 15,262 15,020
593 20.5 14.2 18.0 12,136 6.475 10,674
39.463 41.357 33 556 15.2 19.0 13.7 399.593 787.393 462.151
DURUM WHEAT.
Acreage Harvested.
Yield per Acre.
Production.
State.
1930. 1931. 1932. 1930. 1931. 1932. 1930.
1,000 1,000 1,000 Bush- Bush- BushAcres. Acres. Acres. els. els.
els.
Minnesota
203
126
126 16.5 14.0 13.0
North Dakota
3,042 1,977 2,768 12.0 6.8 9.5
South Dakota.- 1.470
837
929 12.0 6.5 12.2
Montana
30
20
40 7.5 3.2 15.0
Four St.85539
4,745 2.960 3.863 12.2
1931.
1932.
1.000 1,000
Bush. Bush.
3,350 1,764
36,504 13,444
17,640 5,440
225
64
1,000
Bush.
1,638
26.296
11,334
600
7.0 10.3 57,719 20,712 39,868
SPRING WHEAT OTHER THAN DURUM.
State.
Acreage Harvested.
Yield per Acre.
Production.
1930. 1931. 1932. 1930. 1931. 1932. 1930.
1,000 1,000
Acres Acres.
2
3
10
11
10
15
99
10
64
946
44
7
4,318
1,774
126
14
1,750
360
70
168
27
63
11
1.001
120
10
a
9
14
99
10
70
1,078
48
6
7,557
2,803
202
18
3,412
540
122
193
31
76
17
1,091
240
ik.ciRe.R.IR,
TRRays.Rn,
Rnoc..00..00000
Maine
Vermont
New York
Pennsylvania
Ohio
Indians
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
Montana
Idaho
Wyoming
Colorado
New Mexico
Utah
Nevada
Washington
Oregon
1,000
Acres.
2
1
10
10
11
15
121
11
67
1,017
45
12
6.854
2,242
188
47
3,501
514
182
335
30
82
11
1.430
194
United States-- 16.932 11.027 17.858 11.8
Bush- Bushels. els.
22.0 22.0
21.0 ---18.5 17.0
21.0 14.5
21.0 16.5
17.0 17.0
19.5 17.0
20.0 19.0
17.0 19.0
13.8 13.4
17.0 13.5
19.0 12.5
6.2 10.7
5.7 13.5
7.6 10.0
9.0 8.5
6.0 12.5
19.5 29.0
10.5 11.0
12.0 12.0
18.0 14.0
25.0 29.0
23.0 26.0
11.0 13.5
20.0 21.0
1,000
Bush.
44
20
170
210
214
285
2,686
198
1,407
17,086
742
156
71.967
28.007
2,914
517
28,708
13,878
2,002
4,522
420
2.624
286
18.590
4,462
1931.
1932.
1.000
Bush.
44
21
185
231
210
255
1,930
200
1,088
13,055
748
133
26,772
10,112
945
126
10,500
7,020
798
2.016
486
1.575
253
11,011
2,400
1.000
Bush.
66
170
130
148
238
1,683
190
1,330
14,445
648
75
80,860
37.840
2.020
153
42,650
15,660
1.342
2,316
434
2.204
442
14.728
5,040
8.4 12.7 200,115 92,114 224.812
WHEAT PRODUCTION BY CLASSES FOR UNITED STATES, 1930-1932.
Winter.
Year.
Spring.
Hard Red. Soft Red. Hard Red. Durum.
1930
1931
'0'29
1,000
Bushels.
373,984
491,529
2114 022
1,000
Bushels.
175,245
249,502
147 759
1,000
Bushels.
160,554
70.290
157 1102
1,000
Bushels.
59,191
21,266
40.813
While
(Winter &
Spring).
Total.
1.000
Bushels.
88.453
67,632
85.781
1.000
Bushels.
857,427
900.219
726.821
Yield Per Acre.
Production.
State
;
1930.
Maine_.Vermont-
Agricultural Department's Report on the 1932
Production of Grain and Other Crops.
4287
R.I
Conn
New York
New Jer_
Pa
Ohio_ _ .
Indiana-.
Illinois _
Michigan
Wisconsin
Minn_
Iowa_
MissourL
No. Dak
So. Dak
Nebraska
Kansas
.
Delaware
Mary8.1
Virginia
W.Va
No.Caro
So. Caro
Georgia_
Florida_
Kentucky
Tennessee
Alabama
Miss
Arkansas
Louisiana
Okla
Texas
Montana
Idaho _
Wyoming
Colorado_
New Mex
Arizona
Nevada.Wash__ .._
Oregon.
California
1931.
1932. 1930. 1931. 1932.
1,000
Acres.
13
13
60
39
9
51
555
168
1,219
3,438
4,466
8,832
1,245
1,981
4,533
11,335
6,123
1,035
5,146
9,564
6,776
138
508
1,498
421
2,233
1,531
3,432
648
2,815
2,788
2,765
1,999
1,776
1,119
3,193
4,634
141
35
192
1,836
257
31
16
2
34
60
90
1,000
Acres.
14
13
64
37
8
51
566
170
1,268
3.57
4,734
9,185
1,407
2,080
4,896
11,732
6,184
1,190
4,837
10,042
6,573
146
545
1,527
446
2,345
1,608
3,672
674
2,928
2,927
3,042
2,299
1,954
1,287
3,321
5,236
123
42
190
1,836
283
36
16
2
37
62
90
1,000 Bush- Bush- Bush- 1,000
1,000
1.000
Acres. els. els. els. Bushels. Bushels. Bushels.
16 42.0 42.0 41.0
546
656
588
14 45.0 46.0 40.0
585
560
598
64 43.0 46.0 41.0
2,580
2,944
2.624
38 45.0 43.0 40.0
1,755
1,591
1,520
9 42.0 43.0 39.0
378
344
351
54 42.0 42.0 42.0
2,142
2,142
2,268
594 30.0 39.0 35.0
16,650
22,074
20.790
165 36.0 41.0 42.0
6,048
6.970
6,930
26,818
1,255 22.0 49.5 37.0
62.766
46,435
3,433 25.5 45.0 35.5
87,669 160,920 121.872
4,639 26.2 39.0 37.5 117,009 184,626 173,962
9,001 26.0 37.0 43.0 229,632 339,845 387,043
26,768
1,463 21.5 29.1 33.0
40,944
48,279
67,354
2,184 34.0 28.0 37.0
58,240
80,808
4,847 31.0 23.5 36.5 140,523 115,056 176,916
11,732 34.0 32.9 46.0 385,390 385,983 539,672
6,122 14.0 27.5 30.5
85,722 170,060 186,721
18,112
22,015
1,404 17.5 18.5 19.0
26,676
4,982 16.0 5.2 14.7
25.152
82.338
73,235
10,644 25.0 17.0 25.3 239.100 170,714 269,293
81,312 115,028 136,197
7,362 12.0 17.5 18.5
2,622
147 19.0 32.5 29.0
4.745
4,263
6,858
548 13.5 38.0 30.0
20,710
16,440
16,478
1,466 11.0 28.2 18.0
43,061
26,388
5,052
12,934
446 12.0 29.0 25.0
11.150
2,322 18.0 20.5 15.0
48,072
40,194
34,830
1.656 14.5 14.3 10.8
22,200
22,994
17,885
36,036
3,858 10.5 10.0 10.0
36,720
38,560
5,832
687 9.0 8.5 8.5
5,729
5,840
2,811 10.0 28.5 24.0
28,150
83,448
67,464
2,927 14.0 25.0 20.3
39,032
73,175
59,418
3,224 10.5 14.0 11.5
29,032
42,588
37,076
2,414 11.5 18.5 13.5
22,988
42,532
32,589
8,347
1.993 4.7 22.5 18.0
43,965
35,874
1.261 11.0 16.0 14.2
12,309
20,592
17,906
35,762
3,288 11.2 15.6 20.0
51,808
65,760
5,707 16.0 17.5 18.0
74.144
91,630 102,726
1,692
215 12.0 14.0 12.0
1,722
2,580
1.330
55 38.0 36.0 41.0
1,512
2,255
213 16.0 10.0 9.5
3,072
1,900
2,024
1,909 21.5 9.5 7.0
39,474
17,442
13,363
297 14.0 16.0 11.0
3,598
4,528
3,287
41 16.0 16.0 15.0
496
576
615
20 31.0 20.0 27.0
496
320
540
2 23.0 20.0 24.0
46
48
40
38 38.0 37.0 34.0
1,292
1,369
1.292
65 33.0 32.0 31.0
1,980
1.984
2,015
99 30.0 29.0 31.0
2,700
2,610
3,069
1930.
1931.
1932.
U. S._ 100,793 105,301 107.729 20.4 24.4 27.0 2,059,641 2.567,306 2.908,045
•This table covers corn for all purposes, including hogged and shoed corn, and
that cut and fed w thout removing the ears, as well as that husked and snapped for
grain. The yield or grain with an allowance for varying yields of corn for other
Purposes is applied to the total acreage to obtain an equivalent production of all
corn.
CORN-FOR GRAIN.
Acreage Harvested.
Yield Per Acre.
Production.
State.
1930.
1931.
1,000 1,000
Acres. Acres.
2
Maine_ __
2
3
3
Vermont6
7
10
9
2
1
R.I
12
12
Conn_ ___
85
New York
100
130
New ler134
Pa
876
946
2,891 3,190
Ohio
Indiana
4,037 4,453
Illinois
8,055 8,469
Michigan h 630
761
Wisconsin
638
677
Minn_ _
3,006 3,116
Iowa_
.
9,915 9,987
Missouri_
5,223 5,479
No. Dalt_ IN 138
188
So. Dak_
3,663 2,794
Nebraska 8,819 9,148
Kansas.... 5,399 5.515
Delaware
134
142
Maryland
463
510
Virginia. 1,398 1,43
W.Va.,...
376
418
No.Caro. 2,135 2.244
So. Caro.. 1,493 1.572
Georgia
3.321 3,540
Florida,...
616
645
Kentucky 2,626 2,729
Tenn
2.642 2,854
Alabama_ 2,666 3.017
Miss
1,970 2,259
Arkansas. 1,614 1,808
Louisiana 1,090 1,261
Okla
2,963 3,153
Texas,... 4,440 5,099
Montana.
16
20
Idaho
21
261
Wyoming
80
72
Colorado_
1,461 1,461
New Mei<
221
243
Arizona
22
25
Utah .
7
7
Nevada...
1
1
Wash__ _ _
11
11
Oregon _ _
24
25
California
48
48
U. S
1932. 1930. 1931. 1932.
4..
. m o.w
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..
Volume 135
1930.
Bush- Bush- Bush- 1,000
els. els. els. Bushels.
42.0 42.0 41.0
84
45.0 45.0 40.0
135
43.0 46.0 41.0
258
45.0 43.0 40.0
450
42.0 43.0 39.0
84
42.0 42.0 42.0
504
30.0 39.0 35.0
2,550
37.0 42.0 42.0
4,810
22.0 49.5 37.0
19,272
26.8 45.5 35.5
77,479
27.7 39.0 37.5 111,825
26.0 37.0 43.0 209,430
15,120
24.0 31.0 33.0
22.649
35.5 29.0 38.0
96,192
32.0 24.0 36.5
34.0 33.3 46.0 337,110
73,122
14.0 27.5 30.5
2,553
18.5 18.5 19.0
62,271
17.0 8.2 15.6
25.0 17.0 25.3 220,475
12.5 18.0 19.0 67.488
2,546
19.0 32.5 29.0
6,250
13.5 38.0 30.0
15.378
.11.0 28.2 18.0
4.512
12.0 29.0 25.0
38,430
18.0 20.5 15.0
21,648
14.5 14.3 10.8
34,870
10.5 10.0 10.0
5,544
9.0 8.5 8.5
10.0 28.0 24.0
26,260
36,988
14.0 25.0 20.3
27,993
10.5 14.0 11.5
23.640
12.0 18.5 13.5
7,747
4.8 22.5 18.0
11,990
11.0 16.0 14.2
11.4 16.0 20.4
33,778
16.0 17.0 18.0
71,040
12.0 17.5 13.0
192
39.0 36.0 41.0
819
1.360
17.0 11.0 11.0
22.0 10.5 8.0
32,142
14.0 16.0 11.0
3,094
18.0 16.0 15.0
352
32.0 22.0 27.0
224
25.0 24.0 24.0
25
38.0 37.0 34.0
418
35.0 30.0 31.0
840
34.0 33.0 32.0
1,632
1931.
1932.
1.000
Bushels.
84
135
322
387
43
504
3,900
5,628
46,827
145,145
173,667
313,353
23,591
19,633
74,784
332,567
150,672
3,478
22,911
155,516
99,270
4.615
19,380
40,411
12,122
46,002
22,480
35,400
5,482
76,412
71,350
42,238
41,792
40,680
20,176
50,448
89,232
350
936
792
15,340
3,888
400
154
1
24
407
750
1,584
1,000
Bushels.
82
120
328
360
39
546
3,710
5,334
34,188
109,908
162,638
366,532
28,050
33,554
119,209
468,464
169,550
2,432
55,255
253,126
120,023
4,147
15,300
24,894
10.200
33,045
17,464
37,210
5.593
65.040
57.611
36,570
32,224
33,444
17,594
64,790
100,026
715
1,230
825
10,984
2,827
435
216
24
40s
992
1,664
85,399 89,614 93,396 20.3 24.7 26.9 1,733,573 2,215,262 2,508,920
Preference Denied to Canadian Wheat Handled by
Buffalo (N. Y.) Elevator -Ruling by British Treasury Blow to Growers-Makes 40e; of Dominion
Exports to England Subject to Six-Cent Tariff
Decision in Laconia Case.
According to a ruling by the British Treasury, issued on
Dec. 21, Canadian wheat shipped to England by the way of
Buffalo, New York, is not entitled to preferential treatment
by British customs unless there is convincing evidence that
it was not only shipped from Canada but was definitely
consigned to Great Britain when it left Canada. A wire-
4288
Financial Chronicle
less message from London Dec. 21 to the New York "Times"
further reported:
This is the decision in a test case relating to three carloads of grain
which recently arrived in Liverpool on the steamship Laconia after it
had been shipped from Canada to Buffalo, where it was received by a
grain elevator company and subsequently sent by rail across New York
State for loading on the Laconia.
This question would not arise in the matter of boxed or crated goods
routed the same way, because in such a case there would be no doubt
as to the identity of the shipment. But in the matter of wheat, there is
no evidence that the whole shipment which began the journey from Canada
is identical kernel for kernel with the cargo that was transhipped from
Buffalo to the Laconia's dock.
Ruling Serious for Canadians.
This ruling is far more serious to Canadian grain growers than to New
York elevator or railway interests because it subjects Western Dominion
wheat to a duty of six cents a bushel, the same as if it had been grown
in the United States. Forty per cent of the Canadian wheat sent to
Great Britain comes via Buffalo, and in the Winter there is no other
way to send it, except by shipment from Vancouver through the Panama
Canal.
There may be some politics in this ruling, because Canada has not yet
kept her promise, given at Ottawa, to remove her supplementary duties
on British exports, which were imposed when Great Britain went off the
gold standard as an offset to the depression of the pound. Perhaps as
soon as that agreement is carried out, some way of identifying Canadian
wheat shipped via Buffalo will be found that is satisfactory to the
British customs authorities.
Premier Bennett left London to return to Canada to-day, several hours
before the Laconia ruling was filed. He probably knew it was coming,
however.
The Treasury statement says the decision is not due to adhesion to
"unnecessarily meticulous regulations on the part of the customs but is
based on an important principle."
Ottawa Agreement Cited.
"The Ottawa agreements act," continues the Treasury note, "provides
that, in order to obtain preference, goods must not only be of empire
origin but must be consigned to the United Kingdom from a part of the
empire. In this case, while there is no dispute about the Canadian
origin of the wheat and while its transit from Port Arthur, Ont., to
Liverpool is traced by the documents presented, there is no evidence that
when the wheat left Canada it was definitely consigned to the United
Kingdom.
"This requirement of consignment from a part of the Empire has been
an essential principle of preference ever since its initiation in Sir .Austen
Chamberlain's budget in 1919, and has always been regarded as of primary importance in order to insure, as far as possible, that the benefit
of the preference shall not be diverted to non-empire traders, as may
well be the case where goods pass through foreign countries. Similar requirements have been imposed by the Dominion governments in the case
of preferences accorded to British goods.
"It should be added, however, that mere transit through a foreign country does not of itself form a fatal obstacle to preference, provided the
vital condition of consignment from a part of the Empire to the United
Kingdom is satisfied.
"The Government is most anxious that the benefit of the preferences
secured under the Ottawa agreement should accrue to Canadian wheat
growers, and the customs will always be ready to consider carefully evidence which may be produced with the object of showing the required
conditions have been complied with."
Under date of Dec. 16 Associated Press advices from
Ottawa said:
Private reports from England to high authorities in the grain trade
here said to-day that a test shipment of Canadian grain recently sent to
Liverpool by way of Buffalo (N. Y.), would not receive the 6-cents a
bushel preference under the Canada-United Kingdom trade agreement.
The decision of the British Government under its regulations, it is understood, was that shipments of Canadian wheat by way of Buffalo or
other American ports must be made on true bills consigned to "named
consignees."
The identity of the grain actually shipped by Buffalo or other United
States ports must be clearly established by documents required by British
regulations, it was said here. The documents in the case of the test
shipment, it was understood, had been adjudged insufficient, for the reason
that the shipment was not made to a "named consignee."
Grain experts here interpret reports which have been cabled to them
from London to mean that, if Canadian grain is shipped by way of
Buffalo or other United States ports, the 6-cent preference will be granted
If the grain shipment is made on true bills consigned to "named persons
in the United Kingdom."
From the New York "Times" of Dec. 17 we quote:
A small shipment of wheat from Fort William, Ont., was sent in bond
through the United States and loaded aboard the Laconia for Liverpool to
test the working of a British tariff order that Canadian wheat consigned
direct to the United Kingdom would be admitted duty free, no matter
whether it was shipped from a Canadian or an American port. The Canadian Press states.
From London Dec. 21 Canadian Press advices stated:
The Laconia shipment of wheat, to which a Treasury ruling to-day
denied the benefit of the empire tariff preferences, arrived here Dec. 7.
It consisted of three carloads of grain shipped from Fort William, Oct.,
on a bill of lading marked "For export to the United Kingdom." This
was taken by the British authorities as not indicating through consignment.
The Reliance Grain Company of Winnipeg was the original shipper.
From Fort William the grain went to a Buffalo elevator and was shipped
by rail to New York, where the International Export Association delivered
the wheat to the Laconia for shipment to Liverpool.
Rise in Wheat Export in Argentina Seen—Bureau
Puts 1933 Total at 151,268,000 Bushels.
Buenos Aires advices Dec. 18 stated that the Bureau of
Rural Statistics estimates that the new grain crops will
enable Argentina to export 151,268,000 bushels of wheat and
49,599,000 of flaxseed in 1933, against 136,672,000 of wheat
and 84,726,000 of flaxseed in 1932. The cablegram from the
New York "Times" continued:
Dec. 24 1932
This year's flaxseed production is estimated at only 58% of last year's.
The bureau's official estimate follows: Wheat, new crop, 231,021,000
bushels; home consumption, 73,340,000 seed, 22,002,000; exportable surplus, 135,679,000; carryover, 15,589,000; total exportable, 151,268,000;
flaxseed, new crop, 53,150,000; home consumption 1,181,000; seed, 7,087,000 ; exportable surplus, 44,882,000; carryover, 4,717,000; total exportable, 49,599,000.
The bureau estimates the exportable surplus of corn on Saturday at
14,395,000 bushels. Grain markets were weak all last week, even the
news of a small wheat crop in the United States failing to affect prices.
Wheat closed at 5.50 pesos a quintal, equivalent to 39 cents a bushel, unchanged from the previous Saturday. Corn was unchanged at 3.95 pesos
a quintal, equivalent to 27% cents a bushel. Flaxseed improved slightly
from 8.80 to 9 pesos a quintal, equivalent to a gain of from 57% to 58%
cents a bushel.
Wheat Surplus in Sweden—State Monopoly Seeks.
Foreign Sale to Protect Home Price.
From Stockholm Dec. 20 the New York "Times" reported
the following:
The excellent Swedish wheat harvest has created some anxiety in the
State Grain Office about marketing prospects for 1933.
Officials report that the 1932 harvest will not be fully consumed when
the 1933 crop is harvested, and that storage facilities are so short that
serious difficulties are bound to arise. The Grain Office, therefore, is
asking the government's permission to export 30,000 tons immediately.
As the Swedish wheat market is a State monopoly, one of the aims of
which is to favor home producers by paying at present a higher price for
some wheat than the ruling world price, this would mean the purchase of
30,000 tons of wheat from the farmers at a protected internal price in
order to permit its resale to foreign buyers at a much lower level.
The Netherlands Increases Percentage of Domestic
Produce to Be Required in Wheat Flour.
It has been proposed that the quantity of flour of domestic
wheat which must be contained in wheat flour transported
or sold in the Netherlands be increased from 25% to 40%
of the mixture, it is said in a cablegram received in the
Department of Commerce from Commercial Attache Jesse F.
Van Wickel, The Hague. Announcement of this was made
by the Department on Dec. 17.
In its issue of Dec. 19 the "Wall Street Journal" said:
By Government decree, Holland has increased its quota of home grown
wheat to be used in miller's grista to 40%, after January 15, compared
with 25%, the present rate, which has been in effect since September 15.
Holland, always an importing nation for wheat, took more than 31,000,000
bushels of foreign wheat during the past crop season ended July 31 1932.
Brazil's Coffee Tax Modified By Decree-- Rate Reduced
49c. a Bag, According to Word Received in New
York by Consul General.
From the New York "Times" of Dec. 21 we quote the
following:
Sebastiao Sampaio, Consul General of Brazil, reported yesterday the
receipt of a cable dispatch from Dr. Mauro Roquette Pinto, Presideneof
:NM
the Brazilian National Coffee Council, which read as follows:
"I have the pleasure to inform you that the Brazilian Governmenehas
lust signed a decree modifying the collection of the coffee tax of 55 milreis
($4.23). for 15 shillings gold. or 48 milreis 600 reis ($3.74), at the actual
rate of exchange, representing a difference of 49c. a bag.
"Such a step was taken by the Government after suggestions maderbY
the National Coffee Council of Brazil In its last report presented to the
Minister of Finance and therefore shows the perfect unity of views which
exists between the Federal Government and the National Coffee Council,
which is the representative body of the entire coffee industry of this country.
"The economic coffee policies of Brazil continue to run with complete
smoothness as a consequence of the perfect agreement between the Government, the Bank of Brazil and the council. I am sure that such Policing
and the new decree of the Government will be of great benefit to the
Brazilian coffee situation."
Recommendation By National Coffee Council For
Cut in Brazilian Export Tax on Coffee—Limitation of Production Also Suggested.
Limitation of coffee production in Brazil and reduction of
thTexport tax on the bean was recommended by the National
Coffee Council on Dec. 2, according to United Press advices
from Rio de Janeiro published in the New York "Herald
Tribune." The cablegram added:
The Council. it was revealed, has already reported to Minister of Finance
Oswald Aranha recommending the institution of "sacrifice quotas" and
a further limit on production. The Council, according to the report, would
continue in control of coffee exports, ascribing a variable quota to each
State, dependent upon market conditions, Diversification of agricultural
production also was recommended. Last week President Vargas prohibited
the planting of new coffee trees for a three-year period.
Recommendations adopted at to-day's Council meeting included the
immediate lowering of the coffee export tax a bag from 55 rallreis to 30
milrels.
On Dec. 20 Associated Press advices from Rio de Janeiro
stated:
The coffee market here was stagnant to-day and no prices were quoted
because the National Coffee Council withdrew and made purchases only
at its offices. The council charged that broken; were quoting excessive
prices. In return. the brokers alleged that the council's prices were low
and refused to recognize them. A conference on Thursday is expected
to settle the dispute.
The Santos market was normal.
Volume 135
Financial Chronicle
Reciprocity for United States Urged on Brazil—Paper
There Agrees with American Chamber Coffee Purchases Should Be Balanced.
From Rio de Janeiro, Dec. 13, a cablegram to the New
York "Times" said:
The "Correio d'Amanha" putlishes an editorial to-day suggesting
policies for the allotment of exchange quotas agreeing in principle with a
resolution passed on Dec. 5 by the American Chamber of Commerce of
Rio de Janeiro.
The chamber's resolution was not published here, a dispatch to the New
York "Times" reporting it was requoted here and widely discussed. It is
believed that "Correlo's" editorial follows careful study of the reasons for
the exchange restrictions and the conclusion that the only solution is one
similar to the suggested by the chamber.
"Correio" criticizes the banking and fiscalization department, which
stopped private remittances but allowed exchange for the importation of
minor items without even investigating the nature or origin of the importations. Agreeing with the principles covered by the chamber resolution.
which urged a proportion of exchange for the United States commensurate
with its purchases of coffee from Brazil,"Correio" suggests a commensurate
distribution of importations for countries purchasing Brazil's products.
The editorial concludes that gold derived from Brazil's coffee exports should
be allocated on a reciprocal basis.
Poland Creates Barter Bureau to Win South American
Trade—Central Import Agency Established to
Accept Coffee in Paymentfor Steel Mill Products—
Brazil Buys 60,000 Tons of Rails Under Plan.
Advices as follows (Associated Press) from Warsaw
(Poland), Dec. 17 appeared in the New York "Herald
Tribune":
Compensating trade policies almost like barter have been inaugurated by
the Polish Government in an effort to obtain more South American business
for Polish steel mills. The first result of the new arrangement was an order
for 60,000 tons of rails for export to Brazil.
In return for this order Poland will center the importation of coffee in one
organization, so that the coffee business may be directed to countries which
in turn buy Polish goods.
The Central Import Co. was established to handle these transactions as
a clearing house. Payment for the rails, or other steel products, will be
made in coffee direct to the foundries and steel mills, which will in turn sell
coffee to the import company for cash.
The difference between prices is expected to be so small as not to present
any difficulties over money transfers.
Poland previously has imported 7,000 to 8,000 metric tons of coffee annually, most of it through Brazilian agencies. In an effort to increase the
coffee consumption new coffee restaurants are being opened here by a
company which is 45% Brazilian and 55% Dutch.
Joint Board of Nine to Handle Million Dollar Advertising Campaign—To Promote Increased Consumption of Brazilian Coffee in United States.
The campaign of Brazilian coffee interests to increase consumption in the United States is indicated by announcement
on Dec. 12 of the formation of a joint board of nine members
selected from the two leading coffee associations to handle
the $1,000,000 advertising campaign which will be inaugurated at the turn of the year. The New York "Journal
of Commerce" of Dec. 13, indicating this, also said:
The members of the Advisory Marketing Board have been selected from
the Brazilian-American Coffee Promotion Committee and the Associated
Coffee Industries of America. At the first meeting of the joint committee
this week plans of the campaign, which was authorized by the National
Coffee Council of Brazil, will be formulated.
Personnel of Committee.
The board's membership of nine men is composed of four delegates from
the Brazilian-American committee,four from the Associated industries, and
one representing both groups. The latter is Berent Friele, President of the
American Coffee Corp. The others member are: Sebastiao Sampaio,
Consul General of Brazil; David N. Walker in charge of coffee sales for
Arbuckle Bros.; James F. Brownlee, Vice-President of the General Foods
Corp.; W. Miles Ryan, President of the Ryan Coffee Co.; Traver Smith,
Vice-President of Standard Brands, Inc.; Carl Stoffregen, President of
Steinwender, Stoffregen & Co.; Theodore Well, Vice-President of Hard &
Rand, Inc.; Lot Boardman, Vice-President of William S. Scull Co.
The organization of the Advisory Marketing Board is looked upon as a
pioneer step in the development of trade association work in this country.
It is felt that the board can do important work in unifying all phases of
coffee marketing efforts. The purpose of the board is to provide a representative organization of technically trained coffee men which will insure
profitable harmonizing of the Brazilian promotional campaign with the
interests of the United States trade.
In conjunction with the naming of the board the Brazilian-American
Coffee Promotion Committee which represents the Brazilian National
Coffee Council in America, announced the appointment of Felix Coate as
technical counsellor. Mr. Coste was formerly secretary-manager of the
National Coffee Roasters' Association and of the Joint Coffee Trade Publicity Committee, and is widely known among coffee men throughout the
country.
Items regarding the campagin appeared in these columns
Nov. 5, page 3061 and Nov.26, page 3599.
Sale by Grain Stabilization Corporation of 46,000 Bags
of Brazilian Coffee Remaining from December
Allotment.
In reporting the sale on Dec. 15 of 46,000 bags of Brazilian
coffee the New York Coffee and Sugar Exchange in its
review of the coffee market for the week ended Dec. 16 said:
Coffee prices dipped sharply at the close of the week after maintaining a
steady indertone. The decline was attributed to rumors that the Brazilian
4289
coffee export tax would be lowered. Net declines for the week ended Dec.
16 were 5 to 16 points in the Rio contracts and 8 to 25 points in the Santos
contracts. On Thursday [Dec. 151 the Grain Stabilization Corporation
sold 46,000 bags of Santos coffee at prices ranging from 10 to 10.26 cents a
pound, which was regarded as a favorable price range by the trade. Spot
brokers report that large consumers are continuing their hand-to-mouth
buying policy. Stocks of Brazilian coffee have not increased noticeably
since the Revolution came to a close.
In its announcement (prior to Dec. 15) of the proposed
sale of the 46,000 bags, the Exchange stated:
The Grain Stabilization Corporation will open bids at noon on Dec. 15
for 46,000 bags of coffee offered for sale. Under the terms of the coffee
wheat barter between the Federal Farm Board and the Brazilian Government 62,500 bags of coffee can be sold each month. Of the December
allotment only 16,500 bags have been sold so far this month.
When the current offering of 46,000 bags is disposed of, the Grain Stabilization Corporation will have exactly 800,000 bags left out of the original
1,050,000 bags received from Brazil in exchange for 25,000,000 bushels of
American wheat.
Statistics of the New York Coffee & Sugar Exchange disclose that free
stocks of Brazilian coffee in this country have not increased much since the
close of the Brazilian Revolution, Sept. 29. At the start of the Revolution.
July 9, there were 600,963 bags in this country compared with 237.641
bags when the Revolution was over. To-day there are approximately
250,000 bags of Brazilian coffee in the United States compared with 641.566
bags a year ago.
An item indicating that only 16,500 bags of Brazffian
coffee had been sold out of the December allotment of 62,500
appeared in or issue of Dee. 3, page 3762.
Remaining Cotton Holdings of Cotton Stabilization
Corporation to Be Turned Over to American
National Red Cross for Needy Under Jones Resolution Passed by House.
On Dec. 19 the House of Representatives passed without
a roll call the Jones resolution (H. R. 13606), providing for
the distribution of the remaining cotton holdings of the
Cotton Stabilization Corporation to the American National
Red Cross for conversion into clothing for the relief of the
needy. With regard thereto Washington advices Dec. 19
to the New York "Journal of Commerce" said:
This measure is almost identical to that approved by the Congress last
session, which turned 500.000 bales of stabilization cotton over to the Red
Cross. The only change is a new provision permitting the relief organization to exchange the cotton for bedding in cases where such material is
needed.
See 329,000 Bales on Hand.
It is estimated that the Stabilization Corporation has but 329.000 bales
of spot cotton on hand at the present time, all of which will be turned over
to the Red Cross. There is, however. about 171,000 bales of cotton futures
in the hands of the Corporation, which, it is understood are not affected
by the bill.
Testifying before the House Agricultural Committee recently, Judge
John Barton Payne, Chairman of the Red Cross, said that of the 500,000
bales made avallanle under the previous allotment only 33,000 bales remain
on hand, and this would last only for a few more weeks. He also added
that the cotton that will be made available by the bill will fall far short
of supplying the demands.
As of Dec. 8, requests have been approved by the Red Cross for 52,021,557 yards of cloth from the cotton and,in addition, purchases of underwear, hosiery, overalls, trousers and knickers have been made totaling
1,306,508 dozen. The estimated value of the cloth and garments purchased
is $7,441,855. This cloth and clothing were needed by 4,202,267 families.
Textile Group Approves.
A letter approving the method of distributing the cloth and garments
was made public by Chairman Jones of the Agriculture Committee from the
Association of Textile Merchants.
"The merchandise has gone to people who no longer can be classed as
consumers through regular mercantile channels, so that there has been no
serious diversion of business from retail trade, the letter said.
"Additional employment has been furnished to many workers in the
cotton mills, garment factories and other industries which undertook the
manufacture of the goods on a profitless basis and, furthermore, surplus
cotton has been consumed in a normal manner, reducing the existing supply
without adversely affecting prices for the raw material."
In.the "United States Daily" of Dec. 20, it was stated:
The bill would direct the Federal Farm Board to make available for this
purpose at any time prior to May 1 1934 the remainder—not In excess of
350,000 bales—of the Cotton Stabilization Corporation's cotton stock
for use in providing cloth, wearing apparel and nedding for the needy and
distressed people of the United States and Territories.
The manufacture, exchange or sale would be without profit to any organization or other persons, and none of the expense of delivery, receipt
and distribution of this relief cotton would oe borne by the Federal Government, including the Federal Farm Board.
A favorable report on the bill was ordered on Dec. 13
by the House Committee on Agriculture.
Move by Governor Parnell of Arkansas to Enlist Aid
of Governors of Cotton-producing States to Free
Cotton Trade from Government Competition—
Holds Program of Federal Farm Board Ruinous. V
Charging that the Federal Farm Board has "done more
to destroy the cotton market" than any other factor "except
possibly the Grundy Tariff Act," Governor Parnell of
Arkansas on Dec. 8 asked the Governors of other cottonproducing States to join a movement for repeal of the farm
marketing act in so far as it affects cotton.
Associated Press advices Dec. 9 from Little Rock to the
Houston "Post" said:
Financial Chronicle
4290
Governor Parnell said he opposed the appropriation of a "single cent"
to the Board or granting it any of the additional powers it Wednesday
asked of Congress.
"Why should we spend more money or grant new powers to a nureaucratic organization which had the foolish conceptions that the farmer's
problems could oe solved merely by 'plowing up every third row of cotton',
'slaughtering every tenth dairy cow' or 'limiting cotten production to home
consumption?'" he asked.
"Of course such policies . . . are ridiculous and childish. But the
entire program of the Board as it affects cotton has been tragic and ruinous.
Its activities, coupled with prohibitive tariffs, have almost destroyed the
Southern farmer.
"Our immediate need as I see it," he said, "is to get the government out
of business and our immediate interest is cotton. Therefore, let us at once
petition our representatives in Congress to introduce appropriate legislation to abolish the Farm Board, to take the government out of the cotton
business, and by legislative act to definitely dispose of the now existing
surplus of cotton under government control.
"I would suggest that such disposition be made over a period of two
years by proportionate weekly sales between January and September of
each year so that a minimum of competitive selling would be offered during
the harvesting period. Such sales, I think, should be of a public nature,
advertised and offered in designated public markets."
As to restoring the farmer's foreign market, Governor Parnell said he was
convinced it would be accomplished only by President-elect Franklin D.
Roosevelt's proposal for working out reciprocal trade agreements between
this and other countries.
A cotton farmer himself, Governor Parnell telegraphed the other Governors that he was convinced the only way "we shall see the return of happy
days" is to get the government out of the cotton business.
He proposed to the cotton States Governors that they ask their Senators
and Representatives to strive to bring about repeal of the Act creating the
Board, in so far as it gave the Board power to handle cotton, and to require
the Board to sell each month a certain percentage of the cotton it now holds
until the total Is liquidated.
A brief reference to the action of Governor Parnell appeared in our issue of Dec. 10, page 3944.
•
Changes by Poland in Customs Duty on Cotton.
Under date of Dec. 17 the American Polish Chamber of
Commerce and Industry in the United States said:
The Ministry of Industry and Commerce announces that beginning with
Jan. 1 1933 the reduced rate of duty on raw cotton of 1 zloty per 100 kilograms will be applied only to shipments arriving via Polish ports, while
the rate on shipments reaching Poland through other points, if covered by
a special permit issued by the Ministry of Finance, will be increased to
6 zlotys per 100 kilograms. The basic rate of duty on raw cotton imported
without a special permit is 45 zlotys.
Increase in Estimates of Domestic Cotton Crop Offset
by Drop in Estimates of Foreign Crops.
The increase of approximately 1,400,000 bales in estimates of the domestic cotton crop since early fall has been
recently offset in part by a scaling down of estimates of some
foreign crops, according to the New York Cotton Exchange
Service. The latter states that a leading Indian source
reduced its estimate of the Indian crop a week ago by approximately 200,000 equivalent 500-pound bales. Estimates
of the Chinese crop have been lowered about 200,000 bales
or more. The Brazilian Government's estimate of the crop
of northern Brazil indicates that the total Brazilian crop
will be around 40,000 bab s below previous indications,
if southern Brazil contributes the same amount as last year.
The Exchange Service on Dec. 19 also said:
These changes indicate that, while the American cotton supply will be
about 1,400.000 bales above early-season indications, the foreign cotton
supply may be 400.000 or 500,000 bales less. This changed relationship
between supplies of American and foreign growths undoubtedly explains
in large part the continued strength of prices of foreign cotton relative to
American, or conversely the continued cheapness of American cotton
relative to foreign growths. We recently called attention to this price relationship with reference to Indian cotton. Since most foreign growths,
aside from long staple cottons, compete with Indian as well as with American, the price relationship of Indian to American furnishes a fairly good
Index of the relative price position of the bulk of foreign growths versus
American.
The Netherlands Establishes Import Quota for Certain
Colored Textile Fabrics.
Imports of certain colored textile fabrics into the Netherlands have recently been limited, as concerns each supplying
country, to one-half of previous imports into the Netherlands from that country, according to a radiogram received
in the Department of Commerce from Commercial Attache
Jesse F. Van Wickel, The Hague, and announced by the
Department Dec. 17.
Cotton Fabric Used in Process of Decorating Walls of
Radio City Music Hall of Rockefeller Centre—
Approximately 2,000 Yards
of
Monk's Cloth
Required.
Cotton fabric has interestingly contributed to the fine
arts and demonstrated its superior acoustical properties in
the Radio City Music Hall of the famous Rockefeller
Centre, New York City. According to the Cotton-Textile
Institute, approximately 2,000 yards of monk's cloth have
Dec. 24 1932
been used for the highly decorative treatment of the walls.
In announcing this on Dec. 21, the Cotton-Textile Institute
also said:
It had been intended to use a non-cotton fabric but the material selected
failed to meet acoustical requirements. Monk's cloth was substituted and
the desired results were obtained. The wall decorations are by the noted
New York studios of Donald Deskey fiom designs by Ruth Reeves. The
art treatment is in three tones presenting an abstract suggestion of three
forms of entertainment, music, the theatre and the circus, done in the
modern manner. There is a large repeat of the familiar stage and circuscharacters all shown in spirited action.
Selection of monk's cloth for this work gives cotton fabric an important
decorative place in the world's largest theatre. Radio City Music Hall
has a seating capacity of 6,200 and because of its size the matter of acoustics
introduced difficult problems. It remained for cotton to contribute to
their solution. The hall is one of a group of entertainment buildings which
will also include an opera house and two other theatres. Rockefeller
Centre covers an area of three large blocks in the heart of the exclusive
Fifth Avenue shopping district. It is being developed at a cost of many
millions of dollars to constitute the world' greatest art, drama and musical
centre.
Cotton Bags Being Used Successfully for Packaging
Onions for Retail Sales.
Successful experimental use of cotton bags for retail put-ups
of onions last year has resulted in their more general adoption
for this purpose by one of the largest commission houses
in the New York wholesale produce market. This firm,
according to the New Uses Section of the Cotton-Textile
Institute, first tried out 100,000 bags of the 10-, 15- and
-pound sizes. Later, 300,000 bags were used, and during
25
the present season the firm has to date required more than
1,000,000 cotton bags, for the packaging of onions in the
popular retail sales units. Under date of Dec. 23 the
Cotton-Textile Institute noted further as follows:
One of its customers, a large chain organization, gave a trial order this
season for 25 carloads of onions put up in open mesh cotton bags of various
sizes. The chain store managers were directed to call the special attention
of housewives to the cotton bags and to emphasize their re-use possibilities
as dish-cloths, mop pads, or dusting cloths. Speedy sale of the onions led
to a repeat order for a larger quantity packaged in cotton. Fifty-two railroad carloads of onions were thus disposed of within a few days.
This use of cotton bags follows similar successful experience in the retail
packaging of potatoes and oranges. Millions of cotton sacks are now used
annually by the potato shippers of Idaho, Maine, Long Island and other
important producing centres. Adoption of cotton sacks for oranges is
another recent development, offering a market of about the same proportions as that created by the packaging of potatoes in cotton bags.
Activity in the Cotton Spinning Industry for Nov. 1932.
The Department of Commerce announced on Dec. 21 that,
according to preliminary figures compiled by the Bureau of
the Census 31,464,872 cotton spinning spindles were in place
in the United States on Nov. 30 1932, of which 24,349,506
were operated at some time during the month compared with
24,587,732 for October, 23,883,948 for September, 22,022,490 for August, 19,758,252 for July ,20,646,966 for June,
and 24,870,182 for November 1931. The aggregate number
of active spindle hours reported for the month was 6,966,828,759. During November the normal time of operation
was 253' days (allowance being made for the observance of
Thanksgiving Day in some localities) compared with 25%
for October, 25 2-3 for September, 27 for August, 25 for
July, and 26 for June. Based on an activity of 8.96 hours
per day the average number of spindles operated during
November was 30,492,073 or at 96.9% capacity on a single
shift basis. This percentage compares with 97.0 for October,
94.6 for September, 72.4 for August, 51.5 for July, 57.6 for
June and 85.5 for November, 1931. The average number of
active spindle hours per spindle in place for the month was
221. The total number of cotton spinning spindles in place,
the number active, the number of active spindle hours and
the average hours per spindle in place, by States, are shown
in the following statement:
Spinning Spindles.
Active Spindle Hours
for November.
State.
In Plate
Nos. 30.
Active Dartag Nov.
Total.
Average per
Spindle is Piam.
31,464,872
24,349,506
6,966,828,759
221
Cotton growing States 19,107,506
New England States- 11,238,282
1,119,084
All other States
17,016,718
8,636,598
696,190
5,495,197,004
1,325,135,006
146,496,749
288
118
181
1,888,794
1,031,248
3,316,346
981,580
8,117,624
216,756
1,169,316
193,760
580,336
6,165,446
1,821,250
5,692,604
591,304
282,068
678,462
757.978
1,664,848
650,596
2,844,310
76,228
3,485,796
148.440
727,434
135,476
290,384
5,424,448
943,088
5,437,250
500,554
176,802
645,438
508,334
535,086,340
138,483,865
851,295,249
140,110,324
684,616,279
48,543,603
163,528,886
24,733,188
68,787,087
1,572,367,535
184,875,888
2,007,021,808
221,894,024
41,880,962
169,930,340
112,773,381
288
134
257
143
112
224
140
128
119
255
102
353
375
148
250
149
United States
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New Jersey
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
Volume 135
Financial Chronicle
Production, Sales and Shipments of Cotton Cloth in
November, as Reported by Association of Cotton
Textile Merchants of New York-Decrease Noted
in Production as Compared with October.
Statistical reports of production, billings and sales of
carded cotton cloths during the month of November 1932
were made public on Dec. 19 by the Association of Cotton
Textile Merchants of New York. The figures cover a
period of four weeks. The report follows:
Production during November amounted to 249,054.000 yards, or at the
rate of 62,263,000 yards weekly. Sales were 204.999,000 yards, or 82.3%
of production. Billings were 215.578,000 yards. or 86.6% of production.
Stocks increased 33,476.000 yards during the month to a total of 200,144.000
yards. Unfilled orders decreased 10,579,000 yards to 336,544.000 yards.
These statistics are compiled from data supplied by 23 groups of manufacturers and selling agents reporting to the Association of Cotton Textile
Merchants of New York and the Cotton-Textile Institute, Inc. These
groups report on more than 300 classifications or constructions of carded
cotton cloths and represent the major protion of the production of these
fabrics in the United States.
Production Statistics
-November, 1932.
The following statistics cover upwards of 300 classifications or constructions of carded cotton cloths, and represent the major portion of the production of these fabrics in the United States. This report represents
yardage reported to our Association and the Cotton-Textile Institute, Inc.
It is a consolidation of the same 23 groups covered by our reports since
October, 1927. The figures for the month of November cover a period of
four weeks.
November, 1932
(4 Weeks)
Production was
249,054,000 yards
Sales were
204.999.000 yards
Ratio of sales to production
82.3%
Billings were
215.578.000 yards
Ratio of billings to production
86.6%
Stock on hand Nov. 1 were
166.668.000 yards
Stocks on hand Nov. 30 were
200,144,000 yards
Change in stocks
Increase 20.1%
Unfilled orders Nov. 1 were
347,123,000 yards
Unfilled orders Nov. 30 were
336.544,000 yards
Change in unfilled orders
Decrease 3.0%
Petroleum and Its Products
-Texas and Oklahoma Oil
Men Endorse State Laws
-Injunctions Sought
Against Commission's Closing Order-Louisiana
Standard Cuts Crude Prices.
Facing a situation described by Governor Murray of
Oklahoma as "as delicate as a woman's character," state oil
authorities of Oklahoma and Texas have taken stringent
steps to prevent the production situation from getting out of
bounds entirely.
The first step was the issuance of an order by the Texas
State Railroad Commission closing down the East Texas field
entirely from Dec. 17 until 7 a. m. Jan. 1, allegedly for the
determination of bottom pressure in each well, but thought
by many to be an immediate answer to the price cuts made
last week by all of the large operators.
Suits have already been filed in the Federal Court at Tyler,
Texas, attacking the validity of the Commission's order and
asking an injunction to restrain its enforcement. As a matter
of fact, doubt is expressed in many quarters as to the Commission's authority in taking such a drastic step. It is pointed
out that the recently amended state laws in Texas covering
the Commission's activity specified that restraint in production could be exercised to a point where output was comparative with market demand.
However, even a few days respite from the East Texas
production will serve to aid the industry in general.
Final withdrawal of all military rule in East Texas came
about this week with the transfer of the last detachment of
45 state militiamen, in accordance with the ruling of the
United States Supreme Court that Governor Sterling exceeded his authority in ordering military enforcement of
rulings which Federal Courts had held unconstitutional.
C. B. Ames, President of the American Petroleum Institute, expresses as his opinion that "Governor Sterling's
case as decided by the Supreme Court does not in any way
impair the power of the states to regulate the production of
crude oil for the prevention of waste."
At a meeting held Thursday, Dec. 22, at St. Louis, called
by the East Texas Producers & Royalty Owners Association,
attended by executives of major oil companies and independent producers of Texas and Oklahoma,a joint statement
was issued as representing the opinion of those present, to
the effect that the oil industry should cooperate to bring
about the following:
1. Connection of every well in the East Texas field.
2. supporting the present state allowable figure for Texas based on market
demand, which is 789.000 barrels daily.
3, Supporting the present order, fixing a maximum of 310.000 barrels
daily production for East Texas (the market demand, as evidenced by purchasers and consumers from that field, both independent and majors)
4291
allocated according to formulae fair and legal considering all the factors
properly involved.
4. Reducing the Texas allowables if after strict enforcement it develops
that present allowables are in excess of market demand.
5. The present laws governing production of oil and gas in Texas, we
believe, are adequate and should be given a fair trial.
Meanwhile the crude price structure continues on the low
basis established last week. Other companies have readjusted
their postings downward, but there is still a marked disparity in prices posted by various companies in certain fields.
Last Monday Shell Petroleum Corp. announced reductions effective as of
Dec. 17, in East Texas. West Texas and Salt Flat fields, meeting new prices
posted by Humble Oil & Refining Co. At the same time Tidal Oil Co.,subsidiary of Tide Water Associated, made :ts initial posting in Conroe field,
meeting the Humble prices. Sun Oil 0.. has also met Humble's prices in
the Gulf Coast area.
Other price changes follow:
Dec. 17.
-Standard 011 Co. of LouIsla, cute crude prices from 9c. to
25c, a barrel in nine fields, as follows on oi
- 15 gravity: Caddo cut 14c.
)w
to new price of 39c.; El Dorado, Sabin( aod De Soto cut 11 to 42c. a
barrel; Homer, cut 9c. to 44c. a barrel; Ca-tervide and Sarepta cut 18c.
to 35c. a barrel; Haynesville, cut 20c. tomew price of 33c. a barrel; all postings carry a 2c. Increase per barrel for each degree of gravity u to 4t, degrees
and above.
Dec. 17.
-Ohio 011 Co.reduced prices of Illinois Prirceten. Indiana.. and
Western Kentucky crude oils 23c. a barrel; Lima has tot.... cut 15. ^,nd
Wooster cut 30c. a barrel.
.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A.P.I. degrees are not shown.)
Bradford, Pa
$1.72 Eldorado, Ark., 40
40 76
Corning, Pa.85 Rusk. Tex., 40 and over
.77
flhlnois
.87 Salt Creek. Wyo.,40 and over
.77
Western Kentucky
1.05 Horst Creek
.60
Mid-Continent, Okla., 40 and
Midland Dist.. Mich
.85
above
.77-1.00 Sunburst. Mont
1.05
Hutchinson, Tex.,40 and over
.63 Sante Fe Springs, Calif.,40 and over 1.00
Spindletop. Tex..40 and over
.65 Huntington. Calif., 26
1.00
Winkler. Tea
.50 Petrolla. Canada
1.90
Smackover, Ark., 24 and over
.75
REFINED PRODUCTS
-GASOLINE PRICES REDUCED ALONG
ATLANTIC SEABOARD-KEROSENE SLIGHTLYOTRONGER
WITH PRICE RANGE NARROWING-HEATINGZOILS IN
IMPROVED DEMAND.
Gasoline prices along the Atlantic Seaboardlhave been
readjusted downward, from tank car to service station
quotations. Standard Oil Co. of New Jersey posted the
first tank car cut on Tuesday, Dec. 20, when it reduced
unbranded gasoline /0. a gallon to new price of 6e., and
3
standard grades 4e. a gallon to new price of 63.4c. Stan3
dard of New York has met these new postings.
Standard of New York also cut tank wagon and service
station prices 2c. a gallon in the New York City metropolitan area, while similar downward revisions ranging from
from 1 to 2c. a gallon have been made at other points in
its territory.
Effective yesterday, Dec. 23, the Atlantic Refining Co.
cut gasoline tank wagon and service station prices le. a
gallon in Eastern Pennsylvania, including Philadelphia,
and
a gallon in Western Pennsylvania.
Slightly improved weather conditions during the last
few days brought forth an increased demand for gasoline,
while the lower prices spurred jobbers to cover forward
requirements more fully. The crude price cuts of last
week have now been accounted for, and as no further downward revision in the crude market is expected, it is believed
that the refined products division will now build upwards.
Kerosene has shown considerable improvement during
the past week, with the price ranging of 53'-6c. a gallon,
tank car, narrowing as sellers who would contract at the
lower price became harder to locate. Consumption of
kerosene is mounting in satisfactory fashion, and some
factors profess a belief that the entire market will be on a
6c. basis shortly, despite the weakening shown in other
refined items.
Heating oils have shown improvement lately, and the
price schedule seems to be firmly established. Large
jobbing organizations report that business is meeting expectations. Grade C bunker fuel oil is steady and fairly active
with the price unchanged at 75c. a barrel. Diesel is moving
steadily at a firm price of $1.65 a barrel, both quotations
in bulk at refinery. Price changes of the week follow:
Dec. 19.
-Standard Oil Co. of New Jersey posts a reduction of
7-10c.
a gallon in tank wagon and service station prices
throughout its territory
with the exception of Delaware.
Dec. 20.
-Standard 011 Co. of New Jersey reduces posted gasoline
prices for tank car quantities from Xc. for U.
S. Motor grade, making
new price 6c, to
for "Standard," making new price Vic.
Dec. 20.
-Standard Oil Co. of Ohio reduces tank wagon and service
station prices of gasoline lc. a gallon on ethyl
and X70 grades, and 2c.
a gallon on third grade, throughout entire territory with exception
of
several points where prices were already below state structure.
Dec. 21.
-Standard of New York announces reduction of 2c. a gallon
in tank wagon and service station prices in metropolitan area.
Dec. 23. Socony-Vacuum Corp. meets tank car gasoline price reduction posted Tuesday by Standard of New Jersey.
Dec. 23.
-Atlantic Refining Co. posts reduction of lc. a gallon in gasoline tank wagon and service station prices in Eastern Pennsylvania,
including Philadelphia. and ;ic. a gallon in Western Pennsylvania.
Financial Chronicle
4292
Gasoline, Service Station, Tax Included.
$ 128
$ 175 New Orleans
New York
$ 145 Cleveland
13
.18 Philadelphia
19 Denver
Atlanta
135 San Francisco:
187 Detroit
Baltimore
139
Third grade
18
.155 Houston
Boston
Above 65 octane-- .180
195
.155 Jacksonville
Buffalo
214
Premium
155
15 Kansas City
Chicago
14
147 St. Louis
175 Minneapolis
Cincinnati
Kerosene, 41-43 Water White, Tank Car Lots, F.O.B. Refinery.
3.02% -.033. New Orleans, ex- -.$0.0314
N.Y.(Bayonne)3.0554.-06 Chicago
04%-.0314
Tulsa_
Los A ng., ex_ .0431-.06
03
North Texas
Fuel 011, F.O.B. Refinery or Terminal.
5.60
Gulf Coast C
California 27 plus D
N.Y.(Bayonne)5.75-1.00 Chicago 18-22 D_42%-.50
Bunker C
$.75
.70
.60 Philadelphia C
1.65 New Orleans C
Diesel 28-30 D
Dec. 24 1932
51,010,000 barrels
A.P. I. estimate B. of M. basis, week Dec. 17 1932_b
51,995,000 barrels
U. S. B. of M. motor fuel stocks, Dec. 1 1931
56,171,000 barrels
U. S B. of M. motor fuel stocks, Dec. 31 1931
b Estimated to permit comparison with A. P. I. Economics reports, which is of
Bureau of Mines basis.
c Includes 32,739,000 barrels at refineries, 11,522,000 at bulk terminals, 1,124,000
barrels in transit, and 4,550,000 barrels of other motor fuel stocks.
Reductions of From 1 to 2 Cents a Gallon Made in
Gasoline Prices by Standard Oil Co. of New York.
A reduction of 2 cents a gallon in the price of gasoline
in New York City and in Long Island and a cut of from 1 to 2
cents a gallon in parts of Connecticut and some points in
Gas 011, F.0.13. Refinery or Terminal.
New York State near the metropolitan area were announced
$ 0154
Tulsa
I ChicagoN. Y. (Bayonne)$0164
on Dec. 20 by the Standard Oil Co. of New York, subsidiary
28 plus G 0-$.0351-.04 I 32-36 00
U. S. Gasoline, Motor (Above 65 Octane). Tank Car Lots, F.O.B. Refinery
of the Socony-Vacuum Corp., effective Dec. 21. The new
$ 04-.0454
Chicago
N.Y.(Bayonne)N. Y. (Bayonne)price at service stations in New York City is now 10.5 cents
ex. .05-.055(
New Orleans.
Pan-Am.Pet. Co_ .06
Standard Oil, N.J..04-.045(
Shell Eastern Pet- .0654 Arkansas
Motor. 60 oca gallon plus 4 cents State and Federal taxes per gallon.
05-.07
California
New York5.06
tane
Los Angeles. ex_ 004-.07
Colonial-Beacon- .07
Motor, 65 ocThe company on Dec.22 announced a reduction of % of a
05-.051(
Gulf ports
Crew Levick
lane
0654
06-.055(
0654 Tulsa
cent a gallon in the price of unbranded grades of gasoline in
z Texaz
Motor,standard .0634
.0554
Pennsylvania__
07
Gulf
Stand. Oil. N. Y. .0611
tankcar lots and % of a cent a gallon for branded grades,
07
Continental
Tide Wat. 011 Co. .07
•.0654
Republlo 011
Richfield 011 (Cal.).07
effective immediately. The new price on unbranded grades
Warner-Quin.Co_ .07
is 6 cents a gallon at New York, Boston and Providence,
•Below 65 octane. s -Fire Chief' .07.
6% cents at Buffalo and 63/i cent,. at Portland, Me. On
- branded grades the new price is 63i cents at New York,
Daily Oil Production 63,760 Barrels Lower in Week
Gasoline Stocks Resume Rise.
Boston and Providence and 6% cents at Portland and
in the United Buffalo.
The daily average gross crude oil production
States declined 63,750 barrels in the week ended Dec. 17
Gasoline Prices Reduced by Standard Oil Co. of New
1932, the daily rate for the week being 2,060,100 barrels,
Jersey.
in the
compared with a daily average of 2,123,850 barrels
A reduction of 7-10ths of a cent a gallon in the price of
an average of 2,102,700 barrels daily in the
previous week,
of gasoline in tank wagons and at
last four weeks and a daily average of 2,430,300 barrels first and second grades
service stations was announced on Dec. 19 by the Standard
the week ended Dec. 19 1931.
for
The change affects the company's
After a small decline in the previous week, the seasonally Oil Co. of New Jersey.
in the State of Delaware, where the
upward trend in gasoline storage stocks was resumed, total entire territory except
usually makes the market.
stocks of motor fuel at all points on Dec. 17 1932 being Atlantic Refining Co.
On Dec. 20 the company posted a reduction of % cent a
49,935,000 barrels, or 407,000 barrels more than at the end
gallon on gasoline in tankcar lots. The new prices posted
of the preceding week.
week ended Dec. 17 1932 by the company are: U. S. Motor grade, 6 cents a gallon,
Reports received during the
from refining companies controlling 91.6% of the 3,856,300 New York Harbor, and Standard gasoline 63 cents a gallon
barrel estimated daily potential refining capacity of the f.o.b. its refineries.
United States indicate that 2,090,000 barrels of crude oil
daily were run to the stills operated by those companies, Price of Gasoline Reduced by Atlantic Refining Co.
and that they had in storage at refineries at the end of the
Tank wagon and service station prices of gasoline in Pennweek 32,739,000 barrels of gasoline and 129,913,000 barrels
amounted sylvania were lowered by the Atlantic Refining Co., effective
of gas and fuel oil. Gasoline at bulk terminals
to 11,522,000 barrels and 1,124,000 barrels were in water- Dec. 23. A cut of 1 cent a gallon was made in eastern Pennborne transit in or between districts. Cracked gasoline sylvania, including Philadelphia, while in the western part
production by companies owning 95.4% of the potential of the State the prices were lowered 3 cent a gallon.
charging capacity of all cracking units averaged 421,000
barrels daily during the week.
Standard Oil Co. of Ohio Cuts Gasoline Prices.
The report for the week ended Dec. 17 1932 follows in
The Standard Oil Co. of Ohio announced on Dec. 20 a
detail:
DAILY AVERAGE PRODUCTION OF CRUDE OIL.
reduction of 1 cent a gallon on its premium and regular
(Figures In Barrels 01 42 Gallons.)
grades of gasoline and 2 cents on its third grade. According to Associated Press advices from Cleveland, the new
Average
Week
4 Weeks
Week
Week
State-wide prices, effective Dec. 21, are 10, 12 and 15 cents
Ended
Ended
Ended
Ended
Dec. 17 Dee. 19
Dec. 10
a gallon, plus 5 cents in taxes.
Dec. 17
1932.
1932.
371,300
90,650
47,800
47,550
24,500
162,600
51,150
334,450
51,150
28,650
33,050
134,000
35,150
92.700
17,800
31,750
5,450
2,500
27,600
470,300
Oklahoma
Kansas
Panhandle Texas
North Texas
West central Texas
West Texas
East central Texas
East Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern (not including Michigan)
Michigan
Wyoming
Montana
Colorado
Now Mexico
California
1932.
396,250
90,900
47,900
48,150
25,000
163,700
50,600
350,150
55,300
28,750
33,600
135,400
33,550
101,700
18,350
32,250
5,600
2,650
28,050
476,000
375,550
94,800
47,550
47,650
24,800
163,950
50,150
352,050
53,100
28,700
33,550
136,250
34,350
98,250
18,750
33,350
5,800
2,700
29,700
471,700
1931.
545,350
107,800
52,600
55,500
26,600
197,500
56,850
387,050
58,250
27,900
34,250
120,000
33,650
110,050
14,150
38,350
7,800
3,950
43,500
509,200
2i160 100 2.123.850 2.102.700 2.430.300
Tntal
GAS AND FUEL
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS AND
OIL STOCKS, WEEK ENDED DEC. 17 1932.
(Figures in Barrels of 42 Gallons Each.)
Daily Refining Capacity
of Plants.
District.
Crude Runs
to Stills.
%
Deihl °Per%. Average. Wed.
Reporting.
Potential
Rate.
Total.
•Motor
Fuel
Stocks.
Gas and
Fuel Olt
Stocks.
1
California
644,700 638,700
144,700 135,000
434,900 424,000
459,300 390,000
315.300 177.700
555.000 542.000
146,000 142,000
79.000
89.300
152,000 138.000
915,100 866,100
Totals week:
Dec. 17 1932
r).... 1 n 1079
.ou,ortrIm.00vo
04
dwirivont.:05oo
coommtocoom
East Coast
Appalachian __ _ _
Ind., ni., KY--.
Okla., Kan., Mo.
Inland Texas.-Texas Gulf
Louisiana Gulf
-Ark....
No.La.
Rocky Mountain
464,000
85,000
279.000
209.000
88.000
373.000
104,000
49.000
29,000
410,000
72.6 11,686,000 8,755,000
744,000
63.0 1.761,000
65.8 6,730.000 3.572,000
53.6 4.838.000 2.743.000
49.5 1,386,000 2,123.000
68.8 5,825.000 8.729.000
73.2 1,192,000 2,821.000
474.000
278,000
62.0
467,000
21.0 1,111.000
47.3 15,128,000 99,485,000
3.856,300 3.532.500 91.6 2.090.000 59.2 49,935.000 129,913,000
ft A5fi 300 3.532.500 91.6 2.001.000 56.6 49.528.000 130,500,000
total motor fuel stocks on U.S. Bureau of Mines
a Below is set out an estimate of compared with certain December 1931 Bureau
basis for week of Dec. 17 1932,
figures:
Ashland Refining Co. Lowers Crude Oil Price in
Kentucky Fields.
The price of Somerset crude oil in the Kentucky fields was
reduced 20 cents a barrel on Dec. 19 by the Ashland Refining Company, bringing the price to 65 cents a barrel. This
price together with the premium of 15 cents a barrel for Somerset crude, makes the price to producers 80 cents a barrel.
Five-Day Week Adopted by Shell Oil Co.
Definite adoption of the five-day week for employees,
effective Dec. 15, was announced at San Francisco Dec. 13,
according to Associated Press advices from that place,
by G. Legh-Jones, President of the Shell Oil Co. The
announcement said the five-day week had been on a trial
basis since Dec. 1.
United States Acts to Halt Evasion of Gasoline Import
Cents a
Tax-Increases Rate on Naphtha to
Gallon.
Associated Press advices from Washington Dec. 21 to the
New York "Journal of Commerce" said:
To break up importers' evasion of the 254 cents a gallon tax on Imported
gasoline, the Treasury to-day ordered the same rate levied on foreign
naphtha, which it said has been imported In large quantities for conversion
Into motor fuel.
naphtha
The new tax rate will go into effect in 30 days. It raised the
low when
Import tax rate from ono-half cent a gallon. This had been left
heavy gasoline and oil import tax, on the
Congress last spring put on the
theory that naphtha was not motor fuel.
ascertained,
Customs agents, however, investigated large imports and
By conthey said, that the naphtha was being converted Into gasoline
escaped. No
version in this country the heavy motor fuel tax was being
officials
definite total of the naphtha imported for conversion was available,
said to-day.
Volume 135
Financial Chronicle
Oil Wells in East Texas Field Shut Down by Texas
Railroad Commission—Order Affects 9,300 Wells
Until Jan. 1 1933—National Guardsmen Leave
Field.
Under a non-production order of the Texas Railroad Commission, which is in charge of preserving the natural resources
of Texas, the flow of petroleum from the East Texas area,
one of the most prolific in the world, was stopped on Dec.
17. Associated Press advices from Austin on that day said
that the order, which will keep the field closed down until
Jan. 1, became effective at noon Dec. 17 and reports to the
Commission several hours later indicated that it was being
complied with generally. The advices, as noted in the New
York "Times" of Dec. 18, continued:
At the Longview (Texas) field headquarters it was estimated that 90%
of the 9.300 wells had been shut in and the remaining 10% would be closed
down voluntarily when the Commission's order was delivered to those in
charge.
The Commission acted to permit its engineers to gauge bottom-hole
pressure of the wells and obtain other scientific data needed for consideration at a hearing set for Dec. 28, when proration and operation problems
that are causing worry in all Texas oil fields would be discussed with those
interested in production.
The ruling came at a time when unrest and turmoil prevailed because
of price cuts by purchasers of crude oil in the Mid-Continent fields. It
was ordered that oil in storage units of any kind remain in the field during
the period of the shutdown.
Evaders of Ruling to Be Sued.
Members of the Commission said they would prosecute operators who
refused to obey the order. The statute provides a penalty of 81,000 each
day a Commission order is violated and directs the manner in which properties shall be placed in receivership under the penalty clause.
Maurice Cheek, Assistant Attorney-General, said he believed producers
who had obtained restraining orders to prevent the Commission from applying production rules to their wells would be subject to the shutdown
ruling.
The shutdown was the second in the turbulent two-year history of the
area. Governor R. S. Sterling closed all wells from Aug. 17 to Sept. 5
1931 under martial law.
Under the Railroad Commission's last proration order wells were producing from 25 to 43 barrels daily, based on each well's ability to produce.
Several operators had obtained court restraining orders to prevent the Commission from interfering with production until the validity of the new State
conservation law could be determined.
Associated Press advices from Long-view, Texas, Dec. 19
said that the Railroad Commission struck a new snag in
the gigantic East Texas field, there being only two gauges
of the kind needed to permit its engineers to gauge bottom
hole pressure in the wells that have been closed. The New
York "Evening Post" of Dec. 19 in reporting the advices
added:
The Commission has asked large oil companies, whose wells have been
closed, to lend or rent 13 gauges they own. The Commission hoped to
receive favorable replies to-dar.
A check of bottom-hole pressure was one requirement of a new proration
law enacted recently by a special session of the Texas Legislature.
The Commission reported virtually 100% effective the shutdown,
which operators have estimated will hold 4,300,000 barrels of oil from the
market.
Accounts (Associated Press) from Tyler, Texas, Dec. 21,
to the New York "Times" said:
National Guardsmen evacuated the East Texas oil field late Dec. 21,
after having occupied it 16 months,and left its 9,000 silent wells to petroleum
engineers and the courts.
At almost the same time a suit was filed in the Federal District Court
at Tyler attacking the order of the Texas Railroad Commission which
closed the field from noon on last Saturday until Jan. I. It charges "a
general breakdown" in enforcement of proration. It was brought by the
Rowan St Nichols Oil Co. It will be heard on Saturday in Fort Worth by
Federal Judge James C. Wilson.
Governor sterling sent the troops to control the great oil pool on Aug. 17
1931. Recently the United States Supreme Court ruled that he had overstepped his authority.
T. S. Hose Finds Current Decrease in Crude Prices Has
Relieved Oil Industry of Menace.
Decrease in the price of crude oil led by the Texas Co.
has saved the oil industry from going through a period similar
to that of the summer of 1931, when crude oil went to an
average of 20 cents a barrel, according to the weekly review
of the oil industry by T. S. Hose, petroleum engineer. Mr.
Hose says:
"Probably in the history of business it has never before been neeessagy
for an industry dealing in a necessity, the demand for whose products is
only 7% less than its all-time peak, to cut prices to save itself.
Since the beginning of proration State authorities have closed their eyes
by the smaller companies, lo
to enforcing proration. 011 has been stolen
wild-cat propositions to
great percentage of which had stock to sell or
could and sold it below the market
finance. They took all the oil they
price, following a short-sighted policy which disregards the fact that a
never be replaced.
barrel of oil once taken out of the gound can
"The big companies did not offend. They looked to the future with the
return possible on the money entrusted
Idea of making the greatest ultimate
stockholders.
to them by their
inevitable seasonal falling off in demand,
"On Oct. 15 1932. because of the
as demand for the products of
new proration rulings were put into effect
position of the industry warranted an increase in
crude and the statistical
increase of 12 cents per barrel, or a little over 13%,
An
the price of crude.
into effect by all but two of the major buyers. These
was voluntarily put
laws were not abided by,and as more companies met the advance,
proration
was taken of the situation by the small producers.
more advantage
4293
"On November 12 the Texas legislature passed the Market Demand Law.
On December 1 it went into effect. Immediately a group of small operators
in East Texas started to get an injunction. During the week ending December 10, Oklahoma increased production about 30.000 barrels a day illegally.
"To sum up the situation—the buyers of over 50% of crude voluntarily
advanced prices: the small operators took advantage of the situation by
not abiding by the proration rules and the result would have been but one—
oil prices would have fallen to the lowest level in their history.
"The current price cut is only temporary, but it was a most necessary
step. Early in 1933 the menaces referred to above will be removed and
crude prices will be higher than they have been at any time in 1932."
C. B. Ames of American Petroleum Institute Holds
State Powers Regulating Crude Oil Production
Unimpaired in Texas Decision.
State power to use the military to enforce valid orders of
the courts regulating crude oil production to prevent waste
is not impaired by the U. S. Supreme Court decision that
Governor Ross Sterling of Texas lacked authority to maintain martial law in the East Texas oil fields last year. This
is the opinion of C. B. Ames, President of the American
Petroleum Institute and former Assistant Attorney-General
of the United States, as well as general counsel for the Texas
Company. Mr. Ames issued a statement Dec. 17 commenting on the pertinent paragraphs of Chief Justice Charles
Evans Hughes's opinion. The statement follows:
Governor Sterling's case decided by the Supreme Court last Monday
does not in any way impair the power of the States to regulate the production
of crude oil for the prevention of waste. The question decided is a narrow
one and was stated by Chief Justice Hughes as follows:
The question before us is simply with respect to the Governor's
attempt to regulate by executive order the lawful use of complainants'
agorctinfo
o a ns erini&fd y t e them protection
htil. sIdetead
exthercyserodotaignr
rights
In
orders, to make that exercise impossible. In the place of
by his executive
judicial procedure, available in the courts which were open and functioning,
'
he set up his executive commands which brooked neither delay nor appeal.
The answer to this question was likewise stated by the Chief Justice
as follows:
Complainants had a constitutional right to resort to the Federal
". .
court to have the validity of the Commission's order judicially determined.
There was no exigency which justified the Governor in attempting to
enforce by executive or military order the restriction which the District
Judge had restrained pending proper judicial inquiry. If it be assumed
that the Governor was entitled to declare a state of insurrection and to
bring military force to the aid of civil authority, the proper use of that
power in this instance was to maintain the Federal court in the exercise of
Its jurisdiction and not to attempt to override it; to aid in making its
process effective and not to nullify it, to remove, and not to create, obstructions to thee .ercise by the complainants of their rights asjudicially declared."
The court has not decided that the Governor could not use military
authority for enforcing an order of the courts or of the regulatory commission, but, assuming that he has such power, the holding is that he was
not exercising that sort of power, but was undertaking to prevent the
enforcement of the orders of the court. In so far, therefore, as military
authority is being used to enforce valid orders of the courts or of the commissions there is nothing in this opinion holding that such an exercise of
power is invalid. It is to be assumed that every power of the State can be
lawfully used in enforcing the valid orders of courts and commissions.
FirgrfaIrull
Gov. Murray of Oklahoma Asks President-elect Roosevelt for League of Oil States—Proposes Organization Run Business.
From the New York "Herald Tribune" we take the following from Oklahoma City, Dec. 22:
A league of oil States, embracing phases of the proposed inter-State oil
-elect
compact now before Congress and proration, Is proposed to President.
Roosevelt by Governor W. H. Murray of Oklahoma in his personally
owned paper, the "Blue Valley Farmer," to-day. Governor Murray
writes that the league could run the oil business, see that land owners,
States and the public received fair treatment, and halt bickering among
oil operators.
The Corporation Commission to-morrow will take pipe line nominations
of the four zones in Oklahoma City field, as required by the State Supreme
Court in its last decision, holding the Commission had exceeded its authority
In its proration policy. On Dec. 23 the Commission will seek nominations
as to what allowables will be for Seminole and the rest of Oklahoma.
The same day at Austin the Texas Railroad Commission will review the
entire Texas oil situation, particularly East Texas.
Oil Proration Order in Oklahoma Held to Be Void—
State Supreme Court Rules Corporation Commission Decision in Closing Ten Oil Wells Was Invalid.
From the "United States Daily" of Dec. 22 we take the
following from Oklahoma City, Dec. 21:
Vacating an order of the State Corporation Commission of several
months ago closing 10 wells of the H. F. Wilcox Oil & Gas Co. in the Oklahoma City oil field on charges of overproduction of crude oil, the State
Supreme Court has handed down a decision holding invalid the proration
order of the Commission which has governed the field since the summer
of 1931.
The court ruled that market demand for the Oklahoma City field must
be determined separately for each of the four pools designated lathe previous
Commission finding, the Wilcox sand area. the Simpson below Wilcox,
the Siliceous Lime area, and the Fault Line zone, instead of for the field as
a whole.
The opinion also held that the Commission must prescribe a set of general
rules; that the practice of special flat allowables and water allowables is
not authorized by Oklahoma statutes; but said the Commission has wide
discretion in making orders without conducting hearings. On the latter
point, Chairman Paul A. Walker of the Commission said this would give
the Commission greater power than he "ever dreamed it possessed.Mr. Walker said the Commission certainly is going to follow the law but
some points in the decision must be clarified. He said such clarification
will be asked of the court, in a petition for rehearing if necessary.
Pending clarification of the decision, the Commission has postponed to
Dec. 23 its general proration hearing designed to evolve a complete new
set of rules for proration in Oklahoma oilfields.
4294
Financial Chronicle
Hearings on Reopening.
The Commission also will conduct hearings to determine whether it will
'permit companies with wells closed, in some cases months ago, on charges
of illegal over-production of crude oil, to open their wells and run current
allowables.
Attorneys at a hearing before the Commission said thay believe the opinion
of the court holding the Commission's order void automatically eliminates
all charges of overproduction brought by military authorities against
companies charged with total overproduction of some 5,000,000 barrels
of oil.
Col. Cicero I. Murray, oil field military commander, said wells will be
kept closed until the mandate of the Supreme Court is handed down or
until the Commission directs they be permitted to reopen.
Netherlands East Indies and Persia Adopt Gasoline
Tax for Revenue.
Th: latest countries to adopt the tax on gasoline as a
means of securing revenue are the Netherlands East Indies
and Persia, according to reports received in the Commerce
Department's Minerals Division. The Department on
Dec. 20 added:
Persia's present tax on motor vehicles is to be abolished in the near
future and a tax on gasoline substituted, according to local reports, Consul
R. B. Streeper, Teheran, informs the Department. The Government has
for some time considered the present law unsatisfactory and has been
studying nieans of replacing it. It is now learnt that a bill defining the
proposed new tax will shortly be submitted to the MedPiss, or Parliament,
which so far has not been known to refuse any legislation instituted by the
Government.
Until last month no tax was laid on gasollne sold in the Netherlands
East Indies, but now a tax of $0.048 per gallon has been imposed. The
tax applies to both imported and domestic gasoline, with the exception of
domestic gasoline which is exported or used on the premises by the refineries
or for other immediate uses, states a report from Consul Joseph F. Burt,
Curacao.
Dec. 24 1932
November 1932 to 8,766,670 barrels of 42 gallons each, as
against 9,171,320 barrels during the previous month and
9,535,068 barrels during the corresponding period in 1931.
Shipments totaled 8,377,280 barrels as compared with
7,794,100 barrels in October 1932 and 8,984,320 barrels in
November 1931.
During the eleven months ended Nov. 30 1932 production
amounted to 106,010,491 barrels, as against 102,208,927
barrels in the same period last year, while shipments totaled
100,936,380 barrels as compared with 103,580,064 barrels
during the first eleven months of 1931. A comparative
table follows:
PRODUCTION AND SHIPMENTS OF VENEZUELAN OIL.
[In Barrels of 42 Gallons Each.]
Production,
Month.
1932.
1931,
Shipments,
1930.
1932.
1931.
January
February
March
April
May
June
July
August
September
October
November
9,589,088 10,384.451 11,518.273 9,087,000 10.787,289
8,994,242 9,486,327 10,898,535 8,546,100 9,515,725
9,998,250 10,282,727 11,920,282 9,949,300 10,362,346
10,480,750 9,252,503 10,724,045 11,004,200 8,585,690
10,648.460
9,514.909 10,918,419 11,260,000 9,048,694
10,578,631 9,181,369 11,361,233 10,313,300 8,561,200
9,550,761 9,913,192 11,624,070 8,394,200 9,401,400
9,429,632 9,795,887 11,378,274 8,128,600 9,274,100
8.802,887 9,412,329 11,310.770 8.087.300 9,420,000
9.171,320 9,440,165 11,784,591 7,794,100 9,639,300
8,766,670 9,535.068 10,910,501 8,377,280 8,984,320
Eleven months_ _ _ 106,010,491 102,208,927 124,348.993
100,936,380 103.1,80,064
December
9,921.889 10,492,030
9,100,800
Total for year
116,130.816 134,841,023
112,680.864
•
-
European Demand for Copper Lifts Prices Abroad
Domestic Trade Slow.
Production and Shipments of Portland Cement Again
According to "Metal and Mineral Markets" for Dec. 22
Declined During November • 1932
-Inventories the feature of the market for non-ferrous metals was the
Higher.
good inquiry for copper that prevailed in European trading
According to the United States Bureau of Mines, Depart- centers. Buying was sufficient in volume to bring about
ment of Commerce, the Portland cement industry in Novem- a fair recovery in values abroad,so that the c.i.f. quotation
ber 1932 produced 6,462,000 bbls., shipped 4,782,000 bbls. at the close of the current week stood just about where it
from the mills, and had in stock at the end of the month reposed before the news got out of the failure of the con18,764,000 bbls. Production of Portland cement in Novem- ference. The buying in Europe managed to stir up a little
ber 1932 showed a decrease of 20.8% and shipments a de- interest here, and prices held on a fairly steady basis in all
crease of 33.2%, as compared with November 1931. Port- directions. Both lead and zinc passed through a rather
land cement stocks at mills were 15.5% lower than a year ago. quiet period without damaging the price structure for these
In the following statement of relation of production to metals. Tin prices moved slightly higher on the uplift
capacity the total output of finished cement is compared in sterling exchange. Silver settled yesterday at 25 cents
with the estimated capacity of 165 plants both at the close per ounce, which was only M-cent above the recent low.
of November 1932 and of November 1931:
The same publication says:
RATIO OF PRODUCTION TO CAPACITY.
Copper Steadies Abroad.
Though nothing new developed in connection with the various problems
oa. 1932. Sept. 1932.I Aug.1932. that came up for general discussion at the recent conference of copper
producers, the market gave a pretty good account of itself in the last
The month
29.1%
I 37.2%
34.6%
36.9%
34.2%
week. European consumers of copper continued active on the buying
The 12 months ended- i 44.4%
29.0%
29.6%
30.6%
32.1%
end, and the "cheap" offerings soon disappeared from view, with the
PRODUCTION. SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
result that prices abroad gained virtually all of the ground lost in the
CEMENT, BY DISTRICTS, IN NOV. 1931 AND 1932 (IN THOUSANDS
preceding seven-day period. Important European consumers of copper
OF BARRELS).
are not well covered for early 1933 needs, and quite a few operators now
believe that these buyers stand ready to accumulate copper at around
October.
Oaober.
Stooks at End
5 cents and under. Sellers in the European market during the last week
District.
Production.
Shipments.
of Month.
were not so anxious to part with metal as in the preceding week. In the
1931. 1932. 1931. 1932. 1931. 1932.
last two weeks between 15,000 and 20.000 tons
of copper were sold In
the foreign market, according to trade authorities, mostly for first-quarter
Eastern Pa., N. J.. and Md
2,046 1,002 2,064 1,115 4,649 3,669
shipment.
New York and Maine
686
328
661
364 1,185 1,278
Ohio, Western Pa., and W. Va
769
Domestic inquiry picked up a little, Contrasted
757
581
417 3,310 2,691
with the situation as it
Michigan
385
312
267
158 2,011 1,402
existed earlier in the month. Most of the demand
was for second-quarter
Wis., Ill., Ind., and KY
894
988
761
503 2,485 1,872
metal, for which buyers' ideas were too low to
Va.,Tenn.,Ala., Ga.,Fla.,& La680
733
763
bring out copper. Prompt
518 1,656 1,440
and near-by material again sold at 5 cents, and
East. Mo.,Is. Minn.,& S. Dalt_
827
894
474
379 2,710 2,029
was available at that figure
W.M0.,Neb.,Kan.,Okla.& Ark
546
586
475
throughout the week. On second-quarter business,
370 1,311 1,710
however, quotations
Texas
459
351
378
352
649
546
ranged from 5% cents to 5% cents, depending
Colo.. Mont.,Utah. WYO.,&Idaon the seller.
97
107
85
87
485
588
Production costs for Rhokana, excluding
555
California424
527
455 1,114 1,033
debenture Interest and depredation, according to the annual report of
Oregon and Washington
144
120
73
64
854
526
the company, have been
reduced to £22,389 per long ton of blister,
delivered in Europe. Sir
8,161 6,462 7,156 4,782 22,219 18,764
TotaL
Auckland Geddes, Chairman, recently told shareholders
that "I do not
think that there will be an agreement among
PRODUCTION, SHIPMENTS, AND STOCK OF FINISHED PORTLAND
world producers of copper for
CEMENT. BY MONTHS, IN 1931 AND 1932 (IN THOUSANDS OF
some time."
BARRELS).
The question of again issuing copper
Statistics regularly is being considered.
Stoats at BM
L. 8 Cates, President of Phelps
-Dodge, in a statement to the press
Month.
Production.
Shipments.
of Month.
issued during the week, said that danger of
discord among foreign producers, as was demonstrated in the recent
1931.
1932.
1931.
1932.
1931.
1932.
conference, has left no doubt
that protection is essential as insurance to the
American copper industry.
January
6,595
5,026
4,692
3,393
27,759
25,778
He pointed out that current foreign consumption
February
is at the rate of 675,000
5,920
3,971
5,074
3,118
28,812
26,657
tons a year, or about 25% below the average
March.
8,245
4,847
7,192
3,973
for 1925. 1926 and 1927.
29,676
27,545
11,245
April
Current United States consumption he estimated
5,478
11,184
6,536
29,715
28,498
at 300,000 tons a Year,
May
14,010
6,913
14,200
against a normal of approximately 730.000 tons.
8,020
29,554
25,394
14,118
June
7,921
16,077
9,264
27,602
24,043
13,899
Lead Prices Maintained.
July
7.659
15,545
9,218
25,934
22,512
13,549
August
7,835
15,172
10,968
24,313
Although the recent moderate demand for lead
19,398
continued through last
12,092
September
a8,210
13,671
9,729
22,736
17,878
week, prices were uniformly maintained at 3 cents,
10,762
October
7.939
New York, the contract
12,360
8,743
21,218 217,074
settling basis of the American Smelting & Refining Co.,
8,181
November
6,462
7.156
4,782
22,219
and at 2.87% cents.
18,764
5,974
December
4,142
St. Louis. No inclination to stimulate buying through
24,098
a downward revision of prices was evident on the part of various selling interests. A
.........1
124.570
1284811
__
large part of the business of the week was placed by
corroders.
•Revised.
Sales of virgin lead for January shipment total
about 0,500 tons, and
Note.
-The statistics above presented are comet ed from reports for November
this figure Is held in several directions to indicate that after the first of
received by the Bureau of Mines from all manufacturing plants except three, for
the year consumers may be expected to be more active in acquiring metal.
which estimates have been Included in lieu of actual returns.
Sales for December shipment total about 18,300 tons.
November statistics for
industry reveal
domestic
Venezuelan Crude Oil Production Off During November shipments and an increase therefined stocks. a falling off in domestic
in
Production from
ore increased by more than 3,000 tons.
-Shipments Higher than in Preceding Month.
Nos 1931 Nov. 1932.
According to "O'Shaughnessy's Oil Bulletin," the estimated production of crude oil in Venezuela amounted during
Zinc Inactive.
With the exception of a few small-lot sales, the zinc market was lifeless
throughout the last week. What business was booked specified prompt
Volume 135
Financial Chronicle
shipment, and the price, in each instance, was on the basis of 3.125 cents.
St. Louis.
Announcement was made during the week that the American Metal Co.
would soon reopen its Blackwell, Okla., smelter, thereby providing work
for about 120 of the unemployed of the district.
Recent deliberations abroad indicate that an agreement may be expected
to be reached soon by the members of the cartel. Quotas for several
operators are yet to be fixed, and then, following a few modifications to
the existing agreement as it stands to-day, it will probably be readopted,
to take effect at the beginning of 1933.
World production during November amounted to 70,079 short tons,
year,
against 69,569 tons in October, and 81.760 tons in November last
achording to the American Bureau of Metal Statistics. The daily rate for
2,244 tons in October, and
November was 2,336 tons, and compares with
the low of 2,120 tons in August this year. Production outside of the
United States amounted to 54,327 tons during November, a decline of 376
tons from the October level. On the other hand, output in the United
States increased from 14,866 tons in October to 15,752 tons in November.
Tin $tagnani.
The domestic tin market was practically lifeless throughout the week.
Somewhat similar conditions prevailed abroad, with buyers in both markets
hesitant in acquiring metal while the international economic situation
continues in such an unsettled state. Prices in this country scarcely
moved during the seven-day period, reflecting the almost total lack of
trading interest in the metal.
Chinese 99% tin, prompt shipment, closed as follows; Dec. 15, 21.70
cents; Dec. 16, 21.70 cents; Dec 17, 21.65 cents; Dec 19. 21.75 cents;
Dec. 20, 21.75 cents: Dec. 21, 21.75 cents
Steel Production Off One Point to About 14%-Purther
Year End Decline Likely-No Change in Prices
Announced.
Except for such support as is being given by rollings of
automobile material and tin plate, steel production this week
is more markedly under the influence of year-end cessation
of activity in many metal consuming industries, says the
"Iron Age" of Dec. 22.
Raw steel output is at about 14% of the country's capacity,
a decline of one point from last Nieek, and a further drop
is indicated for the holiday period, when a considerable
number of steel mill units, as well as a host of manufacturing
plants that use iron and steel, will be idle for a week or
10 days, in some instances perhaps longer, continues the
"Age," which further reports as follows:
The receipt of orders during the next few days for January shipment might
after the plans ofsome steel companies with respect to next week's schedules.
but the business now on the books does not warrant the expectation that
a severe year-end slump in operations can be avoided. The Pittsburgh
district will drop to about 10% next week, while Chicago production has
already slipped below that figure. There have also been declines in the
Valleys and at Birmingham.
In contrast to this slowing down in most districts, the Detroit unit of the
National Steel Corp. is making steel for a brief time at full capacity to meet
urgent requirements of automobile manufacturers, and at Cleveland steel
operations have declined only slightly owing to the support of automobile
companies' needs. Foundries making castings for motor cars are taking
more pig iron from Cleveland and Chicago furnaces, with the result that
shipments in those districts this month will decline little, if any,from those
of November.
Tin plate production, though it has declined to an average of 35%, is
the mainstay of some district operations, notably at Wheeling, where a
30% steel-making rate is maintained this week. However, as is customary at this time of year, tin plate has been made in anticipation of
January requirements. Some pipe and wire products have also been
produced for stock to give Christmas pay to employees. Tin plate contracting for 1933 is proceeding slowly, a situation attributed largely to the
fact that producers are taking a firmer price stand than they did a year ago,
concessions to large buyers being in lesser amount and not subject to
negotiation.
The firm price situation on tin plate is not to be found, however,throughout the whole list of steel products. Marked irregularity has occurred on
plates in the East, where sharp concessions from published quotations have
been given on attractive tonnages, and some of the larger producers which
hitherto have declined to grant such deep cuts have been forced by competition to do so. At Chicago and elsewhere in the Middle West, structural
steel prices have weakened on some building projects.
Price adjustments downward for 1933 contracts have been made on
ferrosilicon, forrochromium, ferrovanadium and sillco-manganese. Pig
iron and scrap prices remain fairly steady In the face of a generally small
demand.
In appraising projects for the early part of next year, the steel industry
looks for its principal support from the automobile industry, though it is
not banking too heavily on the volume of car buying that may develop when
new models, now being produced for dealers' stocks, are on display floors.
-day the busiest industrial center of the country. Automobile
Detroit is to
manufacturing schedules have been increased In recent days to the point that
December output of at least 110,000 cars is assured, and with Ford getting
a
into production, a January total in excess of this figure is virtually certain,
as most of the other car makers will maintain present schedules well through
next month.
Ford has bought steel for 40.000 bodies of its new line and further purchases are expected before the end of the month. Chevrolet has also
bought additional steel, and the Chrysler Corp. may place first quarter
contracts for materials this week. There have been some fairly large
machine tool purchases at Detroit, with more in prospect.
The steel industry is not counting strongly on volume buying by the railroads, although some rail orders are expected within the next two months.
A few roads are taking bids on their usual quarterly requirements of various
steel products, aggregating several thousand tons. The Santa Fe rail
orders, amounting to 27,349 tons, have been distributed among four
makers, the bulk going to the Colorado mill.
A moderate amount of general replenishment buying Is naturally expected
in January, as most consumers and jobbers have let their stocks run down
almost to the vanishing point, and there is a hope that this will bring
January production at least up to the November average of 18%. Beyond
that point the steel companits are unable to gage the extent of the demand
trade being that no vigorous
for steel early in 1933,the general opinion in the
4295
upturn can be expected until some progress has been made toward solving
international and domestic economic problems.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
Based on steel bars, beams, tank plates.
Dec. 20 1932. 1.9480. a Lb.
1 9480. wire, rails, black pipe and sheets.
One week ago
1.9480. These products make 85% of the
One month ago
1.970e. United States output.
One year ago
Low.
High.
1.926e. Feb. 2
1 977e. Oct. 4
1932
1.945e. Dec. 29
2.0370. Jan. 13
1931
2.018e. Dee. 9
2.273e. Jan. 7
1930
2.283e. Oct. 29
2.3170. Apr. 2
1929
2.217e. JUIS 17
,
2.286o. Dec. 11
1928
2.212e. Nov. 1
2.402e, Jan. 4
1927
Pig Iron.
Based on average of basic Iron at valley
Dec. 20 1932. 813.55 a Gross Ton.
$13.56 furnace foundry Irons at Chicago.
One week fig0
13.59 Philadelphia. Buffalo. Valley and BirOne month ago
14.79 mingham.
One year ago
Low.
High.
$13.56 Dec. 6
$14.81 Jan. 5
1932
15.79 Dec. 15
15.90 Jan. 6
1931
15.90 Dee. 16
18.21 Jan. 7
1930
18.21 Dee. 17
18.71 May 14
1929
17.04 July 24
18.59 Nov.27
1928
17.54 Nov. 1
19.71 Jan. 4
1927
Steel Scrap
Based on No. 1 heavy melting steel
Dec. 20 1932. 86.92 a Gross Ton.
$6.92 quotations at Pittsburgh. Philadelphia
One week ago
7.37 and Chicago,
One month ago
• 8.58
One year ago
Low.
High.
$0.42 July a
$8.50 Jan. 12
1932
7.62 Dec. 29
11.33 Jan. 6
1931
11.25 Dec. 9
15.00 Feb. 18
1930
14.08 Dec. 11
17.58 Jan. 29
1929
13.08 Alb' 2
18.50 Dec. 31
1928
13.08 Nov.22
15.25 Jan. 11
1927
"Steel" of Cleveland, in its summary of the iron and steel
markets, states:
Cushioning the seasonal slide of the iron and steel markets into the
holiday period are a number of encouraging developments, including sustained releases for automotive steel which for some producers will mount
to a higher total than last month.
Railroads have released some rails; cities are placing cast iron pipe for
stock; oil industry is inquiring better for tanks; pig iron shipments are
holding up unexpectedly well; in some districts demand for coke is greater
than in November.
The drift in production, however, continues downward, steel operations
in the week ended Dec. 17 being off a point to 14%. A further recession
is indicated for this week, and next week the July 4 low of the depression.
or 12%, undoubtedly will be reached. Some plants will suspend from Dec.
24 to Jan. 3; one important mill to Feb. 1.
December assembly of automobiles is at a rate close to 100,000 wilts.
probably 40% in excess of November. January apparently will equal
December, as Ford is releasing more material and parts for new models.
Chevrolet is specifying at a rate indicating it will at least equal its 55,000
unit schedule for this month, such late starters on 1933 models as Pontiac.
Olds, Hudson and Willys will assemble more cars next month than this.
Wheeling & Lake Erie Railroad has released the remaining 50 freight ears.
to an Ohio builder, of an earlier commitment for 100. New York Central
has ordered out 7,500 tons of rails, Illinois Central 2,500 tons, and the New
Haven 1,000 tons, while formal inquiry from the Santa Fe for 26.484 tons
has been issued. The Edgar Thomson rail mill of the Carnegie Steel Co.
reopened Dec. 14 for a run of 10,000 tons.
An Reconstruction Finance Corporation loan to San Diego, Calif., foreshadows purchase of 15.000 tons of cast Iron pipe or the equivalent of steel
pipe. New York has closed on 997 tons of cast pipe and Richmond. Va..
on 800 tons bids are in on 730 tons for Schenectady, N. Y.. Boston will
-mile
take tenders soon on 1.200 tons. A survey is being made for a 300
gas line from northern Montana to Spokane.
Following the exceptional structural bookings of a week ago, awards this
week have receded to 11.609 tons, slightly below the 1932 weekly average.
A favorable decision is expected soon on a proposed observation tower for
the Chicago fair, requiring 50.000 tons. Because the qualifications for an
R. F. C. loan have been tightened measurably, the structural industry is
losing hope of substantial support from this source.
Not only is more oil industry Inquiry for tank work current at Cleveland,
but a tank fabricator also notes $3,000,000 worth of business contingent
upon legalization of beer. A Buffalo tankmaker has closed on $40,000
worth of brewery business. Tin plate production has eased off to 40%
despite further releases by the American Can Co. Argentina has placed
25.000 base hoses of tin plate abroad.
Chicago furnaces report the decline in pig iron shipments less pronounced
than in the past two years, with an upturn expected in January. Radiator
foundries are taking low phos iron at Pittsburgh. Both Pittsburgh and
Chicago note good demand for coke, the latter a gain over November.
Steel scrap has sold off to $5.50 at Chicago, only 50c. above the summer
low, while this grade at Pittsburgh has brought only $8.50 in two sales.
"Steel's" steelworks scrap composite is down 21c. to $6.29.
A Japanese house has closed on 100 machine tools, including more than
50 milling machines, the bulk going to Cincinnati builders. Worcester,
Mass., makers have booked orders for the navy, and at Detroit a noteworthy increase in demand is reported.
Basic iron and steel products being steady, "Steel's" iron and steel
composite at $28.91 and finished steel index at $46.70 are unchanged.
Foreign manganese ore, however, is generally about 10% lower, and cast
iron pipe levels at Birmingham. Ala., are off about $1 per ton, with fittings
reduced $10.
Steel ingot production in the week ended last Monday
2
(Dec. 19) is placed at slightly over 143/% of theoretical
capacity, according to the "Wall Street Journal" of Dec.21.
This compares with 153/2% in the week before and a shade
under 17% two weeks ago. The "Journal" adds:
The recent decline has not been as large as many had anticipated shortly
after the beginning of December. However, there is likely to be a goodsized drop for the current week and next week also, due to the shutdowns
which are planned over Christmas. Some of the mills are to be closed
Friday night and will not oe reopened until Tuesday or Weinesday of next
week. There may be similar closings over the New Year holiday.
In the week ended Monday the production of United States Steel Corp.
Is estimated at about 15%, compared with 15%% in the previous week
and 16% two weeks ago. Leading independents are at 143.5% against
l53% in the preceding week and 175i% two weeks ago.
4296
Financial Chronicle
For the week before Christmas last year there were declines of about 1%
In operations, with United States Steel at 25%,independents at better than
23% and the average about 24%. In the like 1930 week the reduction
amounted to 3%, the average being at better than 34%, United States
Steel at about41% and independents a little under 30%. In the corresponding week of 1929 there were fractional losses, with the industry
at 63%.
United States Steel at 64% and independents a little below 62;4
%, while
in 1928 the average rose nearly 1% to 81%, with United States Steel up
13i% to between 83% and 84% and the Independents gaining fractionally
to 79%.
Price of Steel Sheets Reduced in Chicago.
Iron and steel jobbers in Chicago, Ill., have reduced steel
sheets $2 to $9 a ton in town and have reduced galvanized
sheets $12 a ton out of town. According to advices from
Chicago, Dec. 12, to the New York "Evening Post" these
changes were made in order to bring steel sheet prices more in
line with mill levels. Reductions in town are as follows:
Black sheets,$2 a ton; blue annealed sheets over 48 inches wide, $6 a ton;
galvanized sheets. $7 a ton; blue annealed sheets 48 inches wide and under
$9 a ton.
Dec. 24 1932
World Production of Steel in 1932 Estimated at
49,160,000 Gross Tons-Pig Iron Output Placed
at 38,200,000 Gross Tons-United States Loses
World Lead in Per Capita Consumption of Steel.
Production of steel in the United States was restricted
so severely in 1932 that for the first time in years this
country lost its world lead in per capita consumption, states
"Steel" of Cleveland. After making an adjustment for
imports and exports, domestic consumption of steel averaged 242 pounds for each of the 124,822,000 inhabitants.
This compares with 453 pounds per capita in 1931. "Steel"
further reports as follows:
Great Britain, after ranking second to the United States for
the past
few years, took first place in 1932 with an average of 249
pounds per capita.
As in 1931, France was third, with a consumption of 175
pounds per capita,
and Germany fourth at 149 pounds.
World production of steel is estimated by the magazine
"Steel" at
49,160.000 gross tons in 1932, compared with 68,108.000 tons in
1931.
93,057,000 tons in 1930 and the all-time record of 117,980,000 tons
in 1929.
To this world total the United States contributed 13,500,000 tons
in 1932,
compared with 25,630,000 tons in 1931. The decline in world
production
from 1931 to 1932 was 28%, while the shrinkage in output in
the United
States was 47%.
Excepting Germany, the decrease in steel production in 1932 was
much
less pronounced in Europe than in the United States.
Great Britain
actually increased its total from 5,179,000 tons in 1931
to 5,240,000 tons
in 1832. France declined from 7,697,000 tons in 1931
to 5,475.000 tons in
1932. The Belgian total in 1932 was 2,745,000 tons, compared
with
3,073.000 tons in 1931. Germany poured only 5,655,000 tons this
year,
contrasted with 8,159.000 tons in 1931. Russia expanded from
5,264.000
tons in 1931 to 5,500,000 tons in 1932, but this was just slightly
under the
Soviet figure for 1930.
Comparing the United States with the rest of the world, six years
ago it
contributed more than half of the world total, but in 1932 the
share of the
United States was only 27.5%. In 1931 it was 37.7%.
Relatively the same showing was made in pig iron in 1932. World
output is estimated at 38.200,000 gross tons, compared with 54,762,000
tons
in 1931. By countries, pig iron totals for 1932 are United
States, 8.800,000
tons; Russia. 5,500.000 tons; France, 5,435,000 tons;
Germany. 3,800.000
tons; Great Britain, 3.600.000 tons; Belgium, 2,720,000
tons; Luxenburg •
1,910,000 tons, and the Saar, 1,320.000 tons.
Bituminous Coal and Anthracite Production Under
that of a Year Ago-Sharp Decline in Anthracite
Output Registered During Week Ended Dec. 10 1932
According to the United States Bureau of Mines, Department of Commerce, 6,775,000 net tons of bituminous coal
were produced during the week ended Dec. 10 1932, compared with 6,750,000 tons in the preceding week and 7,290,000 tons in the corresponding period last year. Anthracite
production amounted to 936,000 tons as against 1,246,000
tons during the week ended Dec. 3 1932 and 1,248,000 tons
during the week ended Dec. 12 1931.
During the calendar year to Dec. 10 1932 output of
bituminous coal totaled 284,205,000 tons and of anthracite
45,769,000 tons, compared with 359,389,000 tons of bituminous coal and 57,167,000 tons of anthracite during the
calendar year to Dec. 12 1931. The Bureau's statement
Employment and Wages in Pennsylvania Anthracite
follows:
Collieries Decreased from October to November
Production of bituminous coal showed little change In the week ended
According to Philadelphia Federal Reserve Bank
Dec. 10 1932. The total output is estimated at 6,775,000 net tons, as
against 6,750.000 tons in the preceding week. Production during the week
Compares With Seasonal Increases During Past
of Dec. 12 1931. amounted to 7.290.000 tons.
Three Months.
Anthracite production in Pennsylvania registered a sharp decline In the
week of Dec. 10 1932, falling below the level current in 1931 for the first
Following continued seasonal increases for three successive
time since early in November. The total output for the week is estimated
months, anthracite employment showed a decline of almost
at 936,000 net tons, a decrease of 310,000 tons, or 24.9%. This compares
2% and wage payments 24% from October to November,
with 1,248,000 tons produced In the same week of 1931.
The total production of beehive coke during the week of Dec. 10 1932
according to indexes compiled by the Philadelphia Federal
Is estimated at 20.700 net tons, as against 22,300 tons in the preceding
Reserve Bank on the basis of direct reports collected by the
week and 21,800 tons in the corresponding week of 1931.
Anthracite Institute from 154 collieries which employed in
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
November about 86,000 workers and had a weekly payroll
COKE (NET TONS).
of more than $2,000,000. These decreases resemble similar
Week Ended
changes downward that occurred in the same period of the
Calendar Year to Date.
past four years. The Department of Research and Statistics
Dec. 10 Dec. 3 Dec. 12
1932.d
1932.c
1931.
1932.
1931.
1929.
of the Philadelphia Bank, in noting the forgoing, also said:
Bitum. coal-a
Weekly total 8,775.000 6,750,000 7,290.000 284,205,000 359,389,000 505,843,000
Daily aver__ 1,129,000 1,125,000 1,215,000
978,000 1,234,000 1,735.000
Penn. anth.-b
Weekly total 938.000 1,246,000 1,248,000 45,769,000 57,187.000 69,512,000
Daily aver__ 156.000 207,700 208,000
159,200
198,800
241,800
Beehive coke
Weekly total
20,700
22.300
21,800
712.000 1,223.000 6,229.700
Daily aver__
3,450
3.717
3,633
2,414
4,146
21,118
a Includes lignite, coal made Into coke, local sales and colliery fuel. b Includes
Sullivan County, washery and dredge coal, local sales and colliery fuel. c Subject
to revision. d Revised.
The November employment index number was 61% of the 1923-25
average, or 25% lower than a year ago. The payroll index was 43, or 36%
below a year ago. While the level continued lower, monthly fluctuation
in
both employment and payrolls in the first 11 months this year on
the
whole have been similar to those of last year. Comparisons of monthly
Indexes follow:
(1923-25 Average=100.)
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS).
January
February
March
April
May
June
July
August
September
October
November
n..,,,,,i,..
Dec.6
1930.
December
Average
1923.a
.
4,13 CO
.
744;
207,000
304,000
349,000
63,000
115.000
83,000
171,000
237.000
253,000
1,002,000 1,321,000 1,535,000
278,000
411,000
514,000
82.000
98.000
121.000
148.000
144,000
159,000
552,000
789.000
584,000
193.000
215.000
204,000
39.000
52.000
37,000
10.000
23,000
21.000
71,000
74,000
64,000
37,000
41.000
56,000
53.000
48.000
27.000
438,000
541.000
599,000
1,586,000 2,327.000 2,818,000
73,000
109,000
103,000
17.000
13,000
21.000
136.000
138,000
100.000
183.000
224,000
193,000
53.000
81.000
57.000
1.254,000 1,680.000 1,132.000
445.000
615,000
892,000
133,000
147,000
173.000
2.000
5,000
5,000
6,750.000 6,525.000 7,228,000 9,730,000 9.900,000
Total bituminous coal
Pennsylvania anthracite-. 1,246,000
976,000 1,243,000 1.685,000 1,806,000
7O115.000 7.501_000 8.4110 OfM1 11 415 nnn 11 7nrc Ann
a Average weekly rate for the entire month. b Includes operations on the
N.& W.; C.& 0.; Virginian; K.& M.; and B. C.& G. c Rest of State, Including
Panhandle.
1932.
1930.
1931.
1932.
105.6
107.8
83.3
84.8
92.3
89.5
90.3
81.7
91.9
96.2
94.7
cm 8
74.2
69.3
71.7
68.1
66.1
51.5
43.2
47.8
54.4
62.1
61.0
_ -.
005-4=-4.400mm80
.i.D.WiaboWCakiok.b
Dec. 5
1931.
§§§§§§§§M§n§§§§§§§§n§
.a. to-a. .
Alabama
194,000
Arkansas and Oklahoma._
77,000
Colorado
101.000
Illinois
808,000
Indiana
279,000
Iowa
88,000
Kansas and Missouri
150,000
Kentucky-Eastern
554,000
Western
188,000
Maryland
30,000
Michigan
11,000
Montana
31,000
New Mexico
24,000
North Dakota
54,000
Ohio
387.000
Pennsylvania (bituminous) 1,643,000
Tennessee
86.000
Texas
12.000
Utah
66.000
Virginia
192.000
Washington
29.000
West Virginia-Southern b 1,339.000
Northern_c
345.000
Wyoming
80.000
2,000
Other States
Nor. 26
1932.
ienw004.0e0W..N.4 0*,0-4owCoc,
0w tO c4,
10005405000-4wwW0a0e.WotrW.010www
Dec. 3
1932.
Wage Payments.
1931.
.400.4000-400
4000 .0100
:.si464..iaWMCD.W
Week Ended-
Stale.
Employment,
1930.
75.0
85.5
59.8
83.1
63.9
55.9
45.0
47.2
54.4
76.3
66.6
65.5
51.5
49.0
51.3
60.4
48.6
31.4
29.0
34.6
39.4
56.0
42.7
- --
Wage Agreement Calling for $5 a Day for Illinois Mine
Workers Extended Two Years.
A two year extension of the wage agreement ending March
31 was signed Dec. 22 by the United Mine Workets of America, District 12 (Illinois), and the Illinois Coal Operators'
Association according to Associated Press advices from Chicago, Ill., to the New York "Herald Tribune" of Dec. 23,
which also said:
The current scale calls for a basic wage of $5. Agreement on this figure
ended a protracted tie-up of coal mines in the State last spring, although It
precipitated strife in the coal fields between miners adhering to the contract
of the United Mine Workers and a group which formed the Progressive
Miners Union.
The new contract extends the $5 basic wage until March 31 1935.
John L. Lewis, International President of the United Mine Workers.
called to-day's agreement the "death knell" of the progressive Union. lie
said it would insure "peace and stability" in Illinois coal fields for two more
years, an adequate supply of coal, and opportunity for owners to make
long-term contracts
Financial Chronicle
Volume 135
4297
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ended Dec. 21, as reported by
Federal Reserve banks, was $2,192,000,000, a decrease of
$2,000,000 compared with the preceding week and an increase of $227,000,000 compared with the corresponding
week in 1931. After noting these facts, the Federal Reserve
Board proceeds as follows:
On Dec. 21 total Reserve bank credit amounted to $2.180,000,000, a
decrease of $9,000,000 for the week. This decrease corresponds with an
increase of $119,000,000 in monetary gold stock, offset in part by an increase of $66,000,000 in money in circulation, $21,000,000 in member bank
reserve balances and $8,000,000 in unexpended capital funds, nonmember
deposits, &c., and a decrease of $14,000,000 in Treasury currency, adjusted.
Holdings of discounted bills declined $6,000,000 at the Federal Reserve
Bank of San Francisco, $3,000,000 each at Cleveland and Atlanta, and
$14,000,000 at all Federal Reserve banks. The System's holdings of bills
bought in open market and of United States Government bonds show little
change for the week, while holdings of Treasury certificates and bills increased $70,000,000 and those of United States Treasury notes decreased
by the same amount.
During the week the Federal Reserve Bank of New York, in connection
with the Dec. 15 payment by the British Government to the United States.
made available in New York for account of the Bank of England gold to
the amount of $95,550,000, against the earmark in London, pending shipment to New York, of an equivalent amount of gold for the account of the
Federal Reserve Bank of New York. This gold is shown in the statement
as "Gold held abroad."
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amourt of Reserve
bank credit outstanding and certain other items not included
in the condition statement, such as monetary gold stocks and
money in circulation. The Federal Reserve Board's explanation of the changes, together with the definition of the different items, was published in the May 31 1930 issue of
the "Chronicle," on page 3797.
The statement in full for tne week ended Dec. 21, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages, namely,
4349 and 4350.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended
Dec. 21 1932 were as follows:
Increase (-I-) or Decrease (—)
Since
Dec. 211932. Dec. 14 1932. Dec. 23 1931.
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
270,000,000 --14,000,000 --641,000,000
33,000,000 --1,000,000 --224,000,000
1.851,000,000
+1,093,000,000
25,000,000 +5,000,000
—54,000,000
TOTAL RES'VE BANK CREDIT2,180,000,000
Monetary gold stock
4,488,000,000
Treasury currency adjusted
1,910,000,000
Money in circulation
bank reserve balances
Member
5,730,000,000
Unexpended capital binds, non-mem-2,446,000,000
ber deposits, &O
401,000,000
—9,000.000
+119,000,000
—14,000,000
+174,000,000
+23,000,000
+150,000,000
+66,000,000
+21,000,000
+8,000,000
—3,000,000
+445,000,000
—95,000,000
Returns of Member Banks in New York City and
Chicago--Brokers' Loans.
Beginning with the returns for June 1927, the Federal
Reserve Board also commenced to give.out the figures of
the member banks in New York City, as well as those in
Chicago, on Thursday, simultaneously with the figures for
the Reserve banks themselves, and for the same week, instead
of waiting until the following Monday, before which time the
statistics covering the entire body of reporting member
banks in the different cities included cannot be got ready.
Below is the statement for the New York City member
banks and that for the Chicago member banks, for the
current week, as thus issued in advance of the full statement
of the member banks, which latter will not be available until
the coming Monday. The New York City statement, of
course, also includes the brokers' loans of reporting member
banks. The grand aggregate of brokers' loans the present
week shows an increase of $2,000,000, the total of these
loans on Dec. 21 1932 standing at $395,000,000, as compared
with $331,000,000 on July 27 1932, the low record for all
time since these loans have been first compiled in 1917.
Loans "for own account" increased from $377,000,000 to
$379,000,000, while loans "for account of out-of-town banks"
remain unchanged at $12,000,000 and loans "for account of
others" at $4,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Dec. 211932. Dec. 14 1932. Dec. 7 1931.
$
7,055,000,000 7,052,000,000 7,175,000,000
Loans and Investments—total
Loans—total
On securities
All other
3,436,000,000 3,432,000,000 4.420,000,000
1,620,000,000 1,619,000,000 2,231,000,000
1,866,000,000 1,813,000,000 2,189,000,000
Investments—total
Dec. 21 1932. De c. 14 1932. Dec. 7 1931.
$
$
3,569,000,000 3,620,000,000 2.755,000,000
U. S. Government securities
Other securities
2,502,000,000 2,52.1000,000 1.778,000,000
1,067.000,000 1,097,000,000 977,000,000
Reserve with Federal Reserve Bank_ __ _1,066,000,000 1,055,000,000
Cash in vault
52,000,000
44.000,000
705,000,000
68,000,000
Time
Net demand deposits
deposits
Government deposits
5,674,000,000 5,692.000,000 5,162,000,000
885,000,000 898,000,000 789,000,000
176,000,000 153,000,000 166,000,000
Due from banks
Due to banks
87,000,000
85,000,000 57,000.000
1,450,000,000 1,467.000,000 864,000,000
Borrowings from Federal Reserve Bank_
98.000.000
Loans on secur. to brokers & dealers;
For own account
379,000,000
For account of out-of-town banks __
12,000,000
For account of others
4,000,000
377,000,000
12,000,000
4,000.000
553.000,000
51,000,000
7,000.000
395,000,000
393,000,000
611,000.000
234,000,000
161,000.000
232,000,000 451,000,000
161,000,000 160,000,000
Total
On demand
On time
Chicago.
Loans and investments—total
1 092,000,000 1,103,000.000 1.597,000.000
Loans—total
640,000,000
Investments—total
648,000,000 1,084.000.000
361,000,000
279,000,000
On securities
All other
361,000,000
287,000,000
637.000,000
447.000.000
452,000.000
455,000,000
513,000.000
257,000,000
195,000,000
265,000,000
190,000,000
301,000.000
212,000,000
Reserve with Federal Reserve Bank... 289,000,000
Cash in vault
19,000,000
287,000,000
17,000,000
146,000,000
21,000,000
Net demand deposits
Time deposits
Government deposits
910,000,000
313,000,000
21,000,000
890,000,000 1,019,000.000
315,000,000 420,000,000
20,000,000
16,000,000
Due from banks
Due to banks
260,000,000
300,000,000
254,000,000
303,000.000
U. S. Government securities
Other securities
Borrowings from Federal Reserve Bank_
130,000.000
248,000,000
11.000.000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York
and Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on Dec. 14:
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on Dec. 14 shows practically no change
for the week in total loans and invesments, increases of $162,000.000 in
net demand deposits. $9.000,000 in time deposit and $37,000,000 in
reserve balances with Federal Reserve banks, and decreases of $20,000.000
in Government deposits and $10,000,000 in borrowings from Federal
Reserve banks.
Loans on securities increased $15,000.000 at reporting member banks
in the Philadelphia District and $8,000,000 in the Boston District, and
declined $6.000,000 in the New York District, all reporting banks showing
a net increase of $15.000.000 for the week. "All other" loans declined
$37,000,000 in the New York District and $48.000.000 at all reporting
banks.
Holdings of United States Government securities declined $23,000,000
at reporting member banks in the New York District and $17.000.000 at
all reporting banks. Holdings of other securities increased $55,000,000
In the New York District and $48,000,000 at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $79,000,000 on Dec. 14. the principal change for the
week being a decrease of $8,000,000 at the Federal Reserve Bank of San
Francisco.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ended
Dec. 14 1932, follows:
Increase (+) or Decrease (—)
Since
Dec. 14 1932. Dec. 7 1932.
Dec. 16 1931.
Loans and investments—total_ _ __18.839,000,000
—2,000,000 —2,214,000,000
Loans—total
On securities
All other
10,331,000,000
—33,000,000 —2,881,000,000
4,322,000,000
6,009,000,000
+15,000,000 —1,418,000,000
—48,000,000 —1,463,000,000
Investmets—total
8,508,000,000
U.S. Government securities_ __ _ 5,209,000,000
Other securities
3,299,000,000
Reserve with F. R. banks
1,992,000,000
Cash in vault
229,000,000
Net demand deposits
11,714,000,000
Time deposits
5,653,000,000
Government deposits
348,000,000
Due from banks
1,714,000,000
Due to banks
3.330.000,000
Borrowings from F. It. banks__
79,000,000
+31,000,000
+757,000,000
—17,000,000
+48,000,000
+873,000,000
—116,000,000
+37,000,000
+17,000,000
+325.000,000
—30,000,000
+162,000,000
+9,000,000
—20,000,000
—454,000,000
--351,000,000
—205,000,000
+68,000,000
+22,000,000
+702.000,000
i-790,000,000
—10,000,000
—313,000,000
4298
Financial Chronicle
Silver Imported Into and Exported From the
United States by Countries in November 1932.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
its monthly report showing the imports and exports of gold
and silver into and from the United States during November
1932. The gold exports were only $12,006, of which $8,560
went to Argentina and $3,446 to Canada. The imports
footed up to $21,755,795, of which $5,628,962 came from
Canada, $4,772,533 from British India, $2,684,528 from
Netherlands, $1,614,617 from China, $1,376,341 from
United Kingdom and $1,348,943 from Hong Kong. Below
is the report:
Gold and
GOLD AND SILVER EXPORTED FROM AND IMPORTED INTO THE
UNITED STATES BY COUNTRIES.
SILVER.
GOLD.
Total.
Countries.
France
Netherlands
Poland and DanzigSpain
Switzerland
United Kingdom_
Canada
Costa Rica
Guatemala
Honduras
Nicaragua
Panama
Salvador
Mexico
Newfoundland and
Labrador
Bermudas
Barbados
Jamaica
Trinidad At TobagoOther Brit, West Ind.
Cuba
Dominican Republic
Netherland West Ind.
Haiti, Republic of....
Argentina
Chile
rel' 31om b1a
British Guiana
Peru
Uruguay
Venezuela
aritish India
Ceylon
China
Netherland East Ind_
long Kong
'hillppine Islands
kustralia
New Zealand
3ritish South Africa_
Total
Refined Bullion.
Total (Incl. Coin).
Exports. Imports, Exports. Imports. Exports, Imports.
Dollars. Dollars. Ounces. Ounces. Dollars. Dollars.
6,895
2,684,528
471
6,580
1,376,341
3,446 5,628,962
21,660
12,546
37,694
33,640
3,950
3,324
892,663
896
1,688
138,708
101,234
92,104
428,416
5,333
12
1,816,785
2,085
268,252
157,182
1,736
150
4
696,840
986,500
300
1,914
3,723
117
3,510
1,000
315
12,119
184
54,173
1,861
34,646
110,990
700
7,400
8,580
27,497
62,433
93.900
178
73,183
20,647
2,835
15,096
94,021
118,182
346,513
92,645
4,772,533
512,678
138,423
2,100
1,614617 2,843,398
762,055
231,426
122,789
35,480
1,348,943
665,975
5,231
486,895
579
38,144
63
16
281
12,006 21,755,795 3,056,289 2,987.488 875,271 1,494,024
Shipments of Gold to Mints Increase-Metal Mined
by Unemployed and Old Jewelry to Reach New
Record of Receipts.
Small shipments of gold which has been mined by the unemployed or which is contained in jewelry probably will bring
the total of shipments received by the United States mints
to new high records during the present fiscal year, the Bureau
of the Mint states in its annual report made public Dec. 19.
From the "United States Daily" of Dec. 20 we quote:
Bullion deposits during the last fiscal year numbered 54,105 compared with
36,098 In the year before, according to the Bureau, and this increase has
continued into the present year.
"Many small parcels have been received from individual placer miners,
doubtless thus working while more remunerative employment is unavailable, and many more small parcels of secondary materials
-old jewelry,
plated ware, &c,
-have been returned to monetary use," according to the
annual report.
Each of the parcels must be separately melted, assayed and computed,
and the new influx of small shipments has greatly increased the work of
the mints, according to the report. Additional information made available
In the report follows:
Gold was responsible for most of the coinage during the fiscal year which
ended June 30 1932, making up $111,015,000 of the $111.999.580 which
was coined. Silver coinage amounted to only $803,000 and nickel and
bronze coinage to $181,580. Because of the value of the gold, the number
of pieces coined did not increase as rapidly as the value. Only 26,801.500
domestic coins were struck.
During the fswal year 1932 the Government acquired $413,057,073
of gold through its various mint services, and at the end of the year the
Government had $1.793,828,454 in gold coins and $2,124,767,363 in gold
bullion.
Gold consumption in the industrial arts during the fiscal year is estimated at $29,157,865, of which $5,930.780 was new material. Silver
used in the arts Is estimated at 33,682,119 fine ounces, of which 24,335,838
fine 01111CaS was new material. Compared with the previous year, gold
consumption decreased by $13,500,000 and silver consumption fell by
about 2,700,000 ounces.
Andrew W. Mellon, United States Ambassador to
Great Britain, Arrives in United Statesfor Christmas
Holidays.
Andrew W. Mellon, United States Ambassador to the
Court of St. James, was a passenger on the North German
Lloyd liner Europa which arrived in New York on Dec. 22.
From the New York "Herald Tribune" of Dee. 23 we
quote the following:
Dec. 24 1932
He emphatically denied that he planned to resign and said that his visit
had nothing to do with the situation arising out of the reluctant payment
of the British debt on Dec. 15.
With more color in his cheeks and greater affability than had been
noted in years, Mr. Mellon discussed foreign affairs for more than one-half
hour. He flushed when asked for his opinion of the ability of France to
pay her debt.
"Gentlemen, I can't say what I think about the French defaulting on
the sum owed the United States Government," he said. "You can well
understand that it would not be proper or wise for me to give even my
private opinion."
During the interview he requested that certain statements be Stricken out.
"I am merely coming home for Christmas, which I shall pass with relatives in Pittsburgh, and I shall leave for that city to-morrow night," he
said. "I hope to see President Hoover later at Washington. My ticket
has been purchased for my return to England on the Majestic Jan. 4.
Parliament has adjourned until the latter part of January and so I took
advantage of the opportunity to return here and obtain fresh contact with
matters at Washington.
"I was most pleased, naturally, with the fact that Great Britain paid
her debt on Dec. 15. We who were aware of the actual situation never
had any doubt that she would pay, All that Great Britain wanted was a
proper understanding. Now, please, do not insist that I state my actual
views on the ability of France to pay, for some hold one view and some
of us hold other views. You can understand that it is better that I do not
state mine.
"Despite reports to the contrary I am not coming home with any particularly new views on the British situation. Certainly there is nothing
In connection with my responsibilities that brought me home.
"I would not know whether the defeat of President Hoover in the recent
election was a grave or serious disappointment to the British Government,
but I should't think It was."
Mr. Mellon indicated that business and industry in England has shown
no recent marked improvement, but added: "No human brain can forecast the trend or development of the economic, industrial, financial or
business situation in Europe, and I most certainly shall not give an optimistic picture that as yet is unwarranted."
Increase in Number of Gold Mines in Ontario-Month's
Output $3,934,183.
Canadian Press accounts from Toronto, Out., Dec. 14,
said:
With the world clamoring for gold, the mining industry in Ontario is
bringing in new producers. Twenty companies reported their outputs
to the Provincial Department of Mines for November instead of 17 as in
October. The new producers are Askley in the Kirkland Lake field and
Munro-Croesus and Triple Lake in the Porcupine field.
Total gold and silver production in the Province for November was
$3,934,183, which was about $26,000 more than in October. The figures
for the 11 months of this year were $42,637,618, against $38,833,574 for
the corresponding period of 1931. The Kirkland Lake district produced
in the 11 months, $21.761.116: the Porcupine district. $19,398,332. and
Northwestern Ontario, $1,478,170.
Alaska Preparing for Active Gold-Mining Season.
Under date of Dec. 16, the Department of Commerce
at Washington, said:
Weather conditions in Alaska were normal during November, with
sufficient snow in the interior to permit transportation by sled of a full
winter's supply of provisions as well as machinery for next season's gold
mining operations, according to a radiogram to the Commerce Department
from the Alaska Territorial Chamber of Commerce.
Numerous small companies are now sledding outfits to mine prospects
located during the past summer and gold mining promises to be one of
the chief developments of the Territory during the coming season, the
radiogram stated.
Aeroplane companies operating in the interior enjoyed an excellent
year. Although the weather is ranging from 20 to 40 degrees below zero
In some places, no difficulty with flying has been experienced, as this extreme cold has been accompanied by clear weather and good visibility.
Regular flights with passengers and freight are being made from Seward to
Anchorage, Fairbanks and Nome.
Shipments of merchandise from the Territory to the United States were
valued at $705,855 in November compared with $1.092.830 for the same
month last year and gold shipments declined slightly from $1,077,199 to
$1,005,021.
India Disgorges Hoarded Gold Equal to 30% of World's
Supply, According to Department of Commerce.
Gold flowing from British India from January 1931,
through September of this year amounted to 11,386,700
fine ounces, or about 30% of the world's production of
38,805,000 fine ounces during this 21-month period, according to H. M. Bratter, of the Commerce Department's
Finance Division. The Department's announcement Dec.
16 continued:
India has been long known as "the sink of the precious metals." The
Indians use both silver and gold in the form of personal ornament and luxury
items, as well as In actual hording. The country produces very little gold
from mines. Recent estimates of the country's stock of the metal vary
from $2,500,000.000 to $3,000,000.000. From the year 1873 to 1930,
India's net recorded imports of gold totaled $2.800.000.000.
Natives in possession of gold have recently found that it has become
profitable to release gold from hoards and place it on the world market.
Depreciation of the British Indian rupee, the exchange value of which is
linked to the English pound sterling, has in recent months caused the
price of gold in India to soar. This has stimulated British Indian exports
of the yellow metal, some of which is finding its way directly to the United
States. The bulk of the gold goes to the London bullion market for sale
to the highest bidder, and naturally much of this gold then finds its way
to European or other central banks.
Importance of this movement to the Western World from India may be
gauged from the fact that, during the nine-year period from 1922 to 1930.
India's absorption of gold amounted to 27% of the world's mine production.
In other words, apart from the absorption of gold by the arts and industries in other countries, the 27% represented gold not available as a basis
for the currency and credit structure.
Financial Chronicle
Volume 135
of gold
During the period from 1922 to 1930 world mine production
Within
approximaed 169,586,000 fine ounces, or about $3,505,000,000
to 43,141,800 fine ounces.
the same period India's net imports amounted
fine ounces.
In addition, mine production within India yielded 3,449,000
Thus, India's total consumption of gold for the nine-year period amounted
to approximately 46,590,000 fine ounces or say $963,000,000.
an outIn 1931 an important change took place. Beginning in June,
the calendar
flow of gold set in, amounting to 4,630,900 fine ounces net for
year. The total outflow from the beginning of 1931 to September 1932
was, as mentioned above, 11,386.700 fine ounces or about 30% of the
world's production during this period.
The phenomenon of an outflow of gold from India is not entirely new,
except in degree. Since the world war, Indian trade in gold has varied
considerably. During years of crop failure and economic depression
Indian imports of precious metals are generally much reduced. In 1920-21,
for example, the price of gold in India went to a high level and the Indians
began to sell their gold. During the following years India resumed the
absorption and hoarding of gold.
A corollary of this absorption of gold was the return rupees to the treasury.
This tendency partially accounted for the great increase in the Indian
Treasury stock of rupee coins, the melting and sale of some of which has
been repeatedly noted in the silver market. With the reversal of the gold
flow from an import to an export movement, the return of the rupee coints
to the Indian Treasury has been checked and, to a certain extent,re versed
World's
Industrial
Production
Reckoned
4%
at 703
1928.
Under date of Dee. 2 a Berlin wireless message to the
New York "Times" stated:
of
The official Institute for Study of Trade Fluctuations calculates that the
world's industrial production in September was 70.7% of the 1928 output,
whereas the decrease in July was 66.6. The institute's bulletin sees the
greatest Present revival in Germany, the United States, France and Japan,
whereas it finds that Canada and Poland have not recovered. It considers
that measures for protection of governmental credits have been a factor in
the recovery.
Die Bank expresses the judgment that the German Government's subsidies have thus far hardly influenced business recovery, and contends that
wage subsidies of $100 annually for new employees have proved an insufficient Inducement to manufacturers and have been taken advantage of
very little. Social insurance records, however, report increasing intakings
from Premiums, which Proves that employment is better.
London Chamber of Commerce Offers Barter Plan for
Trade with 36 Nations Having Curbs on Exchange.
Back to barter—but on a giant scale—is the plan of the
London Chamber of Commerce to rebuild British trade, it
was stated in Associated Press advices from London Dec. 3,
published in the New York "Times", which also had the
following to say:
Broken monetary systems, exchange restrictions instituted by 35 nations,
and increasing trade stagnation have caused the Chamber to advocate this
return to the simplicities of bygone centuries.
Coining the word "bartex" to describe its Plan, the Chamber is backed
by the Association of British Chambers of Commerce, the Federation of
British Industries and the National Union of Manufacturers. It proposes
that the government shall create barter clearing houses and immediately
extend invitations for a conference in London to all countries with exchange
restrictions.
Such clearing houses would be set up in the United Kingdom and in the
countries with which business may be done. Checks, vouchers or some
similar documents would be issued, involving for their liquidation the
passage of goods.
The risk of exchange fluctuation would be the only one involved, it is
argued, and the insular position of Britain makes the adoption of such a
plan simple, as it is necessary here to use shipping documents (bills of lading and so on) and these would be the instruments controlling clearing
houses.
As worked out by the Chamber and described by Sir Stanley Machin,
the senior vice-president, the plan would work like this;
Assuming legal sanction and agreements reached through the central
banks of each country, the internal value of an external trade barter unit
to be known as "bartex" would be fixed within each, and negotiable only
between Britain and the specific county/.
The only procedure then necessary would be for the seller in. say, Denmark, to draw through his bank on the English buyer for the invoice value
of goods in "bartex." The English buyer would take up the documents in
sterling. the Danish sellers would be paid In kroner.
Certificates of origin would accompany shipments, and British ships
would receive their pay in "bartex," thus stimulating the use of British
shipping.
Existing frozen credits, the chamber suggests, could be released at once
under this system if the foreign governments undertook to issue "bartex"
10-year guaranteed bonds. Payable one-tenth each year and covered by an
agreed excess of exports over imports to such value.
Bank of England Statement Shows Sharp Ratio Decline—Gold Payment on Debt to United States
Covered by Acquisition of Treasury Obligations.
Pointing out that a sharp decline in gold stock and a
large increase in holdings of Government securities were
shown in the statement of the Bank of England, cabled
from London on Dec. 22, the New York "Journal of Commerce" of Dec. 23 added:
These changes were the direct result of the payment last week of the
British war debt to the United States.
With over $95,000.000 gold set aside for the account of the' Federal
Reserve Bank of New York and taken out of the gold reserve total of the
British bank, bullion declined from £140,305,000 to £120,628,000.
Treasury Notes.
The Treasury gave its own notes to the Banking Department instead of
to the Issue Department, and for these notes obtained the notes of the
Bank of England. These were the notes carried as assets of the Banking
Department. They were then turned over to the Issue Department in
return for gold. In a consolidated statement giving the operations of the
4299
two departments this would be exactly the same as an increase in the
fiduciary issue. The reserve basis of the notes alone is given greater
Publicity than the reserve base to both notes and deposits. It is presumed
that the method was chosen on the assumption that it would meet with
greater public favor.
Government securities advanced from £74.249,000 to £99,676,000.
This was a substitution of new assets for the gold earmarked for American account.
Circulation showed a decline from 472,256,000 to 470,097.000. It is
unusual for circulation to decline right before Christmas. The figures
cabled from Paris give notes other than those carried as reserve by the
Banking Department and, allowing for till notes of the commercial banks,
represent money in use. The decline would suggest slack Christmas
business.
Last week's gold shipment to the United States incident
to the debt payment was referred to in our Dec. 17 issue,
page 4132.
Gold Shipment from Great Britain to United States
—Reinsurance Premiums Raised.
With the opening up of additional shipments of gold
from Great Britain, a wireless message Dec. 21 to the New
York "Times" said:
Apparently thinking that too many eggs had been placed in one basket,
Insurance brokers to-day charged high rates by reinsurance on the cargo
of £4,000,000 ($19.468,000) worth of gold that was aboard the liner Majestic when she sailed to-day from Southampton for New York.
Compared with the normal rate of 2 shilling per £100. the premiums
to-day were 5 shillings to 6 shillings 3 pence, a rise from 3 to 4 shilling
yesterday. It is understood that more French gold was loaded on the
Majestic, raising the total from the previous high estimate of £3,500,000.
Additional rates for reinsurance of 2 shillings also will be paid on shipments of gold to the United States aboard the Lancastria on Saturday
and the Mauretania next Wednesday.
According to advices the previous day (Dec. 20) to the
same paper, only about £2,400,000 of the gold is on account
of Britain's war-debt payment.
Gold-Selling Rush Nets Great Britain $68,124,000 in
Year, Report Shows—Little Remains in Hiding
Places.
Advices as follows from London, Dec. 18, are taken from
the New York "Times":
A total of £14,000,000 (about $68,124,000) has been collected in Britain's
great gold-selling rush that began a year ago, according to a report of
Sir Robert Johnson, Deputy Comptroller of the Royal Mint,just published.
Half this amount, Sir Robert estimates, was in gold coins held by private
citizens and half was obtained from jewelry and scrap metal. Goldselling by the public still continues, he declares, but is fast abating and
"the number of gold sovereigns still to be extracted from their hiding
places is almost negligible."
India sent 41,000,000 in gold to England during the year ended Aug.
20, but according to Sir Robert this was mostly in bullion bars.
"Women in India apparently still cling to their bracelets and bangles,
and there is no sign of any considerable melting down of native jewelry,"
he declares.
Nevertheless, he estimates the outflow at about one-tenth India's gold
hoard and says the decrease in India's unprofitable metalic hoardings
"is at once significant and encouraging."
Rapid Increase in World's Gold Production, Supplemented by Release of Hoarded Gold.
Under the above head the New York "Times" reported
the following from London Dec. 9:
Partly stimulated by the high price now obtainable for gold in London,
as a result of sterling's depreciation, the world's production of gold appears
to be steadily increasing. The fact is, however, that ever since gold output
was temporarily checked in many Parts of the world by the war, annual
production has been progressively enlarging. Last year's world output Is
now estimated as in value very little short of that produced in 1914 or
1915, and there is no doubt that production for the current year will show
marked advance.
The Transvaal's output will have exceeded that of 1931 by a very large
amount. The district's November production, just reported, is 978.716
ounces, as against 974.965 in the preceding month and 900,510 In November.
of 1931. This makes the Transvaal's total output for the 11-months
10,572,946 ounces, as against 9,850,792 in the corresponding period last
year. It nearly equals the Transvaal production for the whole of last year,
which was 10,874,145 ounces, so that it is evident that last year's high
record Transvaal production will have been exceeded this year by a large
amount.
Production in other gold fields of the world has also gone to a higher
level, but this is not all. During the present year very large additional
supplies of gold came out from hoard of one kind or another, attracted by
the high price paid in current British funds. In England many millions
sterling were thus added to the monetary gold supply this year. More
particularly, India will have shipped during 1932 nearly 180.000,000 gold,
derived entirely from existing reserves and hoards.
Senator Pittman Urges Peg to Stabilize Silver—Suggests Fixing Price Above World Markets in Address
at Mining Congress.
Restoration ,of export volume and maintenance of foreign
trade of the United States must rest upon raising the exchange value of silver money, Senator Key Pitman (Dem.,
Nev.) told delegates to the 35th annual convention of the
American Mining Congress at Washington on Dec. 15.
Advices on that day from Washington to the New York
"Journal of Commerce" also had the following to say:
4300
Financial Chronicle
Depreciation of commodity prices, world currencies and the price of silver
had been previously outlined by the Senator as the larger ills affecting
world prosperity.
He suggested acceptance of silver, at an agreed price slightly above the
world market, in payment of lnternatonal obligations due the United
States as a method of combatting these ills.
Tariff Is Defended.
Vigorously attacking opponents of the present tariff, H. W.Smith of the
Union Carbide Co. declared that "there is no tariff wall and no evidence
of retaliation in foreign tariffs." He explained that two-thirds of the imports of the country come in duty free and described the tariff as a "stop
gap provided by law to protect workers whose labors produce a transportable commodity."
An optimistic view of the future for the mining industry was presented
the convention by Scott Turner, director of the United States Bureau of
Mines. It requires a severe stretch of the imagination to believe that the
existing trend of consumption of mineral commodities is permanently
checked because of its pause and recession during the past few years, he
argued. Requirements for mineral production is soundly based upon the
demand for higher standards of living requiring manufactures of which
mineral raw materials are prime requisites, he added:
"Though the mineral industry, like other industries, is in a severe state
of decline, the condition can be appraised as only temporary." he held.
"The logic of the situation does not permit a pessimistic view."
The world problem to-day is the commodity price problem, Senator
Pittman stated. He contended that trade and commerce depend on purchasing power, which ultimately goes back to the price of commodities.
Dec. 24 1932
country. The recourse, which has been suggested in this country and followed elsewhere, has been an increase in the tariff walls.
Such action only forces more goods back into the world market thus
driving down world prices again. The new tariffs are then nullified by the
decline and the whole process ripe for repetition.
By stabilizing foreign currencies on the gold standard, prices might be
steadied. Countries might then be relieved of the necessity of progressively increasing their tariffs in order to protect their trade balances and their
exchanges. Protection of exchange rather than retaliation is believed to
be the cause of foreign tariffs which followed the adoption of the last American tariff.
In the stabilization offoreign currencies and their return to the gold standard. England is felt to be the key. Many of the foreign countries have their
currency systems tied up directly with the English pound sterling. Departure of England from the gold standard in 1931 was followed promptly
by similar action in the Scandinavian countries and many of the British
possessions.
Department of Commerce Lists 44 Countries Off Gold
Standard-Counts 33 "Officially" and 11 "Practically" in This Category-Backs Hoover Contention on War Debt As to Necessity of Stability of
Currencies.
The emphasis placed by President Hoover in his report
on the war-debt situation to Congress on Dec. 19, on the
Stresses Debased Currencies.
necessity of bringing about a greater stability of international
Currency depreciation in most of the world as measured by the gold
currency in fighting the world economic depression, is instandard has had the same effect as a tariff wall and in most cases has increased present tariffs, the Senator charged. lie explained that the pound
creased by a survey by the Commerce Department, which
sterling wlll now purchase 50% more wheat in Argentina or Russia than it
lists 33 countries having "officially suspended the gold or
will buy in this country, and added that we are similarly affected by the
gold exchange standard."
same condition in most countries.
Severely criticizing the dumping of silver bullion on world markets by
Eleven other countries are described as "not officially,
India, he strongly urged that this practice be offset by international agreebut practically" in the same category.
ment or action by the United States.
In most instances-Uruguay, Argentina, Brazil, Mexico,
Department of Commerce Reports Silver Playing More Australia and New Zealand being the exceptions-this
Important Role in Foreign Monetary Systems
- condition has developed since Sept. 21 1931, when Great
Germany, France, Colombia, and Cuba Among Britain abandoned the gold standard. A dispatch to the
Countries Making Greater Use of the White Metal New York "Times" from Washington Dec. 19(from which
we quote) continued:
-Minor Factor in United States Currency.
Question of Adjusting the Pound.
As a result of shortage of gold reserves, various foreign
In any effort to effect stability in international exchange, it was said
countries during the past two years have made provision
in one quarter, the key to
situation lay in bringing
back to
for the more extensive use of silver in their monetary sys- the gold basis because aboutthe of world trade Is carried Britaincountries
50%
on by
tems, according to a bulletin issued by the Commerce with currencies having a relation to the pound sterling.
These countries, with heavy exports to Britain, cannot afford to have
Department. On Dec. 12 the Department had the following
their currencies fluctuate too widely from the level of the pound. When
to say:
their currencies rise above the value of the pound the British importer
Outstanding among such countries is Germany, which in July of last
year raised the legal maximum for silver coinage from 20 to 30 reichsmarks
per capita. As a result, the German Government has made heavy purchases of silver in recent months, notably from Russia, and the stock of
that metal in use as currency has increased from 9154 million reichsmarks
in 1929 to 1,672,000.000 reichsmarks in August 1932. Inasmuch as German law requires no gold reserve to be held behind the silver coins, it is
pointed out that the substitution of silver for paper money serves to relieve
the pressure on the country's gold stock.
Other countries in which the monetary use of silver is being increased,
the bulletin shows, include France, Colombia, Cuba, Mexico, Peru and
Rumania. The French monetary law of June 1928 provided for the replacement of Bank of France notes of denominations up to 20 francs with
silver coins. 0.680 fine. The law names Dec. 31 1932 as the date when this
substitution should be completed, but application of this law will have to
be postponed, as not enough silver has been minted to replace the approximately three billion francs paper money in question.
Silver at the present time plays a relatively minor role in the currency
system of the United States, representing in March last only about 12%
of the total money in circulation. Standard silver dollars and silver certificates formed about 7% of the total, while standard sliver dollar coins,
taken by themselves, were less than .6 of 1%. More than 90% of the
standard silver dollars in the United States are held in Government vaults.
The bulletin just issued embodies a study made by H. M. Bratter of the
Department's Finance and Investment Division. In it is presented a
detailed analysis of the economics of silver, covering such factors as supply
and demand, determination of price, position of silver in Mexico. United
States, India and China. Considerable attention IF also paid to the longterm movements of the price of silver. Copies are obtainable from branch
offices of the Bureau of Foreign and Domestic Commerce or from the
Superintendent of Documents, Washington, D. C., at 10 cents each.
Return of Currencies to Gold Basis Urged-Suggested
at Treasury Department As Consideration for
Debt Revision.
From the "United States Daily" of Dec. 21 we take the
following:
Revision of war debts in exchange for the return of foreign currencies,
especially the English pound, to the gold standard, thus relieving American
Industry of competition from countries with depreciated moneys, might be
one of the lines of negotiations followed by President Hoover's newly
proposed commission for dealing with the debtors and with the World
Economic Conference according to opinions expressed orally Dec. 20 at
the Treasury Department
Stabilization of world currencies is felt to be the most favorable device
for checking the operation of a vicious cycle which includes falling prices,
trade barriers to protect against low-priced imports, further clogging of
trade channels by the new barriers and resulting new declines in prices, it
is said.
Additional oral Information made available follows:
The time element Is essential in dealing with the vicious cycle and action
must be initiated promptly; yet the co-operation of Governor Roosevelt,
as suggested in the President's debts message, Is essential also if the action
is to have continuity.
American industry on both the Atlantic and Pacific seaboards is feeling
more and more keenly competition from countries which, because of their
depreciated currencies, are able to make low-priced imports into this
must Pay a heavy penalty in purchasing their products.
Whether the effort would be to bring the British pound back to the
old par value of 34.866 or stabilize it at a lower level, it was agreed, was
a question which the British Government would have to determine in
the light of its economic problems.
Countries Off the Standard.
The 33 countries listed by Grosvenor M. Jones, chief of the Finance
and Investment Division of the Commerce Department, as having officially
suspended the gold or gold exchange standard areas follows:
Europe.
Par of
Par of
CountryUnit. Exchange. CountryUnit. Exchange.
Denmark
30.2680 Portugal
krone
$0.0442
escudo
Finland
0.0252 Sweden
markka
krona
0.2680
Greece
drachma 0.0130 United Kingdom_ _pound
4.8666
Norway
0.2680 * Spain
krone
0.193
peseta
Far East.
Japan
$0.49851Straits Settlem'ts_dollar
yen
$0.5678
British India
0.3650 Siam
rupee
baht
0.4424
Latin America.
Argetina
30.9648 Paraguay
peso
peso
30.0226
Bolivia
boliviano 0.3650 Peru
sol
0.2800
Brazil
0.1196 Uruguay
milreis
1.0342
peso
Chile
0.1217 Mexico
peso
0.4985
peso
Colombia
0.9733 Costa Rica
peso
colon
0.2500
Ecuador
0.2000 El Salvador
suers
colon
0.5000
Others.
uriaTalla
$4.8666 South Rhodesia.. _pound
pound
$4,8666
New Zealand
4.8666 Nyassaland
pound
pound
4.8666
Egypt
4.9431 Mozambique
pound
0.0442
escudo
Palestine
4.8866 Canada
pound
dollar
1.000
North. Rhodesia_ _pound
4 866
* Spain. strictly speaking, was not on the gold standard, but might be
included in a list of countries whose currencies are depreciated in terms of
gold.
Countries listed by the Department as not officially but practically of
gold or gold exchange standard are as follows:
Europe.
Par of
Par of
CountryCountry
Unit. Exchange.
Unit. Exchange.
Austria
whining $0.1407 Estonia
$0.2680
kroon
Bulgaria
0.0072 Latvia
lev
0.1930
1st
Czechoslovakia_ crown
0.0296 Rumania
0.0060
leu
Germany
reichsmark 0.2382 Yugoslavia
0.0176
dinar
Hungary
pengo
0.1749
Latin America.
Nicaragua
cordoba $1.000 Venezuela
bolivar
30.1930
Depreciation of Currencies.
Recent quotations in some of the foreign currencies as related to their
par values show the extent to which depreciation has gone. The British
pound sterling has varied recently from $3.25 to about $3.30. The following quotations for the currencies of some of the other nations are given
in cents:
Sweden. 18.10; Denmark, 17.20; Norway, 17.10; Czechoslovakia, 2,965;
Finland, 1.45; Greece, 0.54: Spain, 8.15; Yugoslavia, 1.38; Japan, 20.81:
Argentina, 25.69; Brazil. 7.45; Chile, 6.06; Peru, 17.50; Colombia, 95.50;
Uruguay, 47.25: Rumania, 0.60; Hungary, 17.45.
The survey lists the 33 countries as officially off the gold standard by
reason of having reduced the value of domestic currency in terms of gold
or having prohibited the use of the gold supply in international transactions,
In which case the value of the currency in terms of gold automatically
declines.
Volume 135
Financial Chronicle
gold
The countries classified as not officially but practically off the
standard are those which have placed governmental restrictions on the
amount of foreign exchange that may be so used or have limited the transactions to which it may be applied
regarded
Germany is the outstanding instance among larger nations
of placing
as being "practically" off the gold standard because of its system
quotas on the amount of exchange available for import purposes.
Importers are allowed a definite percentage of the amount of exchange
the
they required in the corresponding period of the preceding year and
quotas are altered from month to month.
KingIn several countries, because of their connection with the United
pound
dom, their currencies are "tied" to or move in sympathy with the
because of the volume of trade
sterling. In a majority of cases this is
such countries carry on with the United Kingdom. Denmark, Norway and
Sweden send far the largest part of the exports to Britain; if their currencies,
and therefore prices, were at a premium, they would be at a disadvantage
in competing with other exporting nations.
The same relation to a less extent, exists between the currencies of
Canada, Australia and New Zealand and that of the United Kingdom. It
applies also to Argentina. which exports more to England than any other
country, and has a large volume of British investments.
These and other countries with currencies related to sterling are estimated to do about 50% of world trade.
The effect of depreciated currencies upon the prices of many products
of the United States was stressed in one official quarter, and the opinion
was expressed that resort to higher tariffs or anti-dumping orders would
not solve the situation.
Commerce Department Explains Classing Canada As Off
Gold—Lays It to Dominion's Prohibiting Export
of Metal.
From the New York "Times" we take the following from
Washington Dec. 20:
Reports from financial centres that surprise had resulted from the Commerce Department's classification of Canada as having abandoned the gold
standard were received with interest at the Department to-day, but it
saw no reason to modify its statement of yesterday that Canada was among
the 33 foreign countries "which have officially suspended the gold or gold
exchange standard".
The Department holds any country off the gold standard which restricts
In any way the free flow of gold to and from its borders, and, although
a difference of opinion exists among some government financial experts as
to the exact status of Canada with relation to gold, the Department's position is definitely that Canada is no longer a gold-standard country.
In Canada the Government took no action changing the value of the
dollar and does not now recognize, except in an indirect way,its depreciated
value in terms of gold.
But the Department holds that, by prohibiting gold exports, the value
of Canadian exchange became automatically depreciated in the world
money markets, and that the statutory parity between the Canadian
and American dollar would te immediately restored by a termination of
that prohibition.
psi While recognizing that Canadian currency remains tied to gold, those
who include it among those countries off the gold standard assert that
Canada itself recognizes its depreciated value in terms of gold.
The prohibition against gold exports from Canada has been in effect
since Oct. 19 1931, under an order in Council.
4301
Becoming convinced that future efforts to win the assistance of Mr.
Roosevelt would be in vain, the President made public the correspondence
between the two. This immediately gave rise to expressions of opinion—
Republlcans asserting that by this correspondence Mr. Roosevelt it put
in an extremely difficult position; Democrats declaring that the latter
had escaped political alliances that might have proven very embarrassing.
In a message to Congress this week (this is given elsewhere
in this issue of our paper), President Hoover indicated that
he planned to enlist the co-operation of President-elect
Roosevelt "in the organization of machinery for advancement
of these [debt, arms, eze.1 problems." Under date of Dec. 17
President Hoover, in a telegram to Gov. Roosevelt, referred
to his proposals bearing on the naming of a delegation to
represent the United States at the World Economic Conference, and the invoking of measures to consider the debt
problem; the President stated that "it seems clear that the
successful outcome of the World Economic Conference will
be greatly furthered if the debt problems can be satisfactorily
advanced before that Conference, although final agreement
in some cases may be contingent upon the satisfactory
solution of certain economic questions in which our country
has a direct interest and the final determination of which
may well form a part of the matters coming before the
Economic Conference." "I should be glad to know,"
the President added, "if you could join with me in the
selection of such delegation at the present time or if you
feel that the whole matter should be deferred until after
March 4." In his response Dec. 19 President-elect Roosevelt
stated:
I feel that it would be both improper for me and inadvisable for you.
however much I appreciate the courtesy of your suggestion, for me to take
part in naming representatives. From the necessity of the case, they could
be responsible only and properly to you as President for the effective performance of their assignments, particularly in matters calling for almost
daily touch with and directions of the Executive. I would be in no position prior to March 4 to have this constant contact.
I think you will recognize that it would be unwise for me to accept
an apparent joint responsibility with you when, as a matter of constitutional fact, I would be wholly lacking in any attendant authority.
A further message (Dec. 20) to President-elect Roosevelt
from President Hoover stated:
With view to again making an effort to secure co-operation and that
solidarity of national action which the situation needs, I would be glad
If you could designate Mr. Owen D. Young, Colonel House, or any other
men of your party possessed of your views and your confidence and at
the same time familiar with these problems, to sit with the principal officers of this administration in an endeavor to see what steps can be taken to
avoid delays of precious time and inevitable losses that will ensue from
such delays.
In part Gov. Roosevelt said in reply:
Move of President Hoover to Have President-Elect
Roosevelt Join with Him in Naming Debt Commission—Gov. Roosevelt Suggests that President
Name His Representatives for Preliminary Study—
Plans Regarded at Standstill—Text of Communications.
In making public telegrams which this week passed between President Hoover and President-elect Franklin D.
Roosevelt on the question of the naming of a Commission
to deal with the war debt and other problems, President
Hoover on Dec. 22 issued a statement as follows:
Governor Roosevelt considers that it is undesirable for him to assent to
my suggestions for co-operative action on the foreign problems outlined
in my recent message to Congress. I will respect his wishes.
Situations will no doubt develop and will be dealt with by the Administration as they arise, but of course, no commitments will be made for
the next Administration.
The correspondence between myself and Governor Roosevelt is attached hereto.
With the issuance of the above, President-elect Roosevelt
gave out the following statement at Albany on Dec. 22:
I am rather surprised at the White House statement issued this afternoon. It is a pity, not only for this country but for the solution of world
problems, that any statement or intimation should be given that I consider it undesirable to assent to co-operative action on foreign problems.
I have made to the President the definite suggestion that he select
his representatives to make preliminary studies. I have asked to be
kept advised as to the progress of these preliminaries. I have offered
to consult with the President freely on these preliminaries.
I hope that this practical program and definite offer of co-operation
will be accepted.
The Washington correspondent of the New York "Journal
of Commerce," commenting on the developments had the
following to say in part under date of Dec. 22:
President Hoover's plans for preliminary consideration of the war debt
problem in co-operation with the debtor nations of Europe were seen
stalemated to-day with his announcement of the unwillingness of President-elect Roosevelt to co-operate with him.
Proposing to deal with such situations as may develop when they arise.
President Hoover declared no commitments will be made for the next
Administration, and Ors is interpreted as indlc itive of delay until the advent of Mr. Roosevelt into the White House. Because of this turn of
events it was made manifest that President Hoover has abandoned his
plan for naming a commission to deal with the debt question and Mao-.
dated problems, and members of his official family have let it be known
that so far as the Hoover Administration is concerned the matter will
be at a standstill until Governor Roosevelt takes it up himself.
The designation of a man or men of such eminence as your telegram
suggests would not imply mere fact-findings; it would suggest the presumption that such representatives were empowered to exchange views
on matters of large and binding policy.
May I respectfully suggest that you proceed with the selection of your
representatives to conduct the preliminary exploration necessary with
Individual debtor nations and representatives to discuss the agenda of
the World Economic Conference, making it clear that none of these representatives is authorized to bind this government as to any ultimate policy.
I shall be very glad if you will keep me advised as to the progress of the
preliminary discussions, and I also shall be happy to consult with you
freely during this period.
The full texts of the telegrams follow:
Telegram—Washington, 5;35 P. M., Dec. 17 1932.
Gov. Franklin Roosevelt,
Hyde Park, N. Y.
My Dear Governor;
As you have seen from the press the position of the debtor governments
in respect to the Dec. 15 payments is now largely determined. In accord
with both your expressions and my own statements it is the duty of the
United States to survey and exchange views on these questions individually
with some of the debtor governments. It is necessary to consider the
character of machinery to be erected for this purpose.
These problems cannot be disassociated from the problems which will
come before the World Econoreic Conference and to some degree those
before the conference on world disarmament. As the economic situation
In foreign countries is one of the dominant depressants of prices and employment in the United States it is urgent that the World Economic Conference should assemble at as early a date as possible. The United States
should be represented by a strong and effective delegation. This delegation should be chosen at an early moment in order that it may give necessary consideration and familiarize itself with the problems, and secure
that such investigation and study is made as will be necessary for its use
at the conference.
Beyond this, such problems as the exchange of views in respect to debts
cannot be accomplished in satisfactory manner through the ordinary
routine of diplomatic contacts. Satisfactory conclusions can only be
reached by free and direct roundtable discussion with each government
separately where agreement may be had upon fact and where conclusions
can be reached. It has been an almost universal practice in our Government where unusual and vital questions are involved to appoint special
delegations to undertake such discussions. The routine machinery of
diplomacy neither affords the type of men required nor can they give
the time from other duties which such discussions require.
While we must not change our established policy of dealing with each
debtor separately, and indeed no other course could be entertained in view
of the widely divergent conditions which exist in the different countries
and the very different situations in which they find themselves, and while
the decision heretofore reached not to consider the debt question at the
coming World Economic Conference is a wise one, It seems clear that the
successful outcome of the World Economic Conference will be greatly
furthered if the debt problems can be satisfactorily advanced before that
conference although final agreement in some cases may be contingent upon
4302
Financial Chronicle
the satisfactory solution of certain economic questions in which our country
has a direct interest and the final determination of which may well form a
part of the matters coming before the economic conference.
It is desirable that such delegation should include members of the Congress in order that such intricate facts and circumstances can be effectively
presented to the Congress. It is no derogation of Executive authority to
choose members from that quarter. It might be well to consider whether
this delegation should also embrace in Its membership some of the old or
new memoers of the delegation to the Arms Conference in order that these
three important questions should be given co-ordinate consideration.
If it were not for the urgency of the situation both at home and abroad
and the possible great helpfulness to employment and agricultural prices
and general restoration of confidence which could ne brought about by
successful issue of all these questions and the corresponding great dangers
of inaction, it would be normal to allow the whole matter to rest until
after the change of administration, but in the emergency such as exists at
the moment I would be neglectful of my duty if I did not facilitate in every
way the earliest possible dealing with these questions. It is obvious that no
conclusions would be reached from such discussion prior to March 1, but a
great deal of time could be saved if the machinery could be created at once
by the appointment of the delegates as I have mentioned.
I shall be informing the Congress of the economic situation and of the
desirability of the above proposed machinery for dealing with these conferences. I should be glad to know if you could join with me in the selection
of such delegation at the present time or if you feel that the whole matter
should be deferred until after March 4th. I believe there would be no difficulty in agreeing upon an adequate representation for the purpose. In such
selection the first concern would be the selection of a chairman for the
delegation.
HERBERT HOOVER.
President-Elect Roosevelt's Reply.
TELEGRAM.
Albany, N. Y., 8:50 p. m..
Dec. 19 1932.
The President,
The White House.
Dear Mr.President: I have given earnest consideration to your courteous
telegram of Dec. 17 and I want to assure you that I seek in every proper way
to be of help. It is my view that tbe questions of disarmament, intergovernmental debts and permanent economic arrangements will be found
to require selective treatment even though this be with full recognition of
the possibility that in the ultimate outcome a relationship of any two or of
all three may become clear.
(1) As to disarmament: Your Policy Is clear and satisfactory. Some
time, however, Is required to bring it to fruition. Success in a practical
program limiting armaments, abolishing certain instruments of warfare and
decreasing the offensive or attack power of all nations will, in my judgment,
have a very positive and salutary influence on debt and economic discussions.
(2) As to the debts: If any debtor nation desires to approach us, such
nation should be given the earliest opportunity so to do. Certainly in the
preliminary conversations the Chief Executive has full authority, either
through the existing machinery of the diplomatic service or by supplementing
It with specially appointed agents of the President himself, to conduct
such preliminary investigations or inquiries without in any way seeking
formal Congressional action. I am impelled to suggest, however, that
these surveys should be limited to determining facts, and exploring possibilities rather than fixing policies binding on the incoming Administration.
I wholly approve and would in no way hinder such surveys.
(3) As to the Economic Conference: I am clear that a permanent economic
program for the world should not be submerged in conversations relating
disarmament or debts. I recognize, of course, a relationship, but no an
Identity. Therefore, I cannot go along with the thought that the personnel
conducting the conversations should be identical.
By reason of the fact that under the Constitution I am unable to assume
the authority in the matter of the agenda of the Economic Conference until
after March 4 next, and by reason of the fact that there appears to be a
divergence of opinion between us in respect to the scope of the conference,
and futher, by reason of the fact that time is required to conduct conversations relating to debts and disarmaments, I must respectfully suggest that
the appointing of the permanent delegates and the final determination of
the program of the Economic Conference be held in abeyance until after
March 4. In the meantime I can see no objection to further informal conferences with the agenda committee or to the carrying on of preliminary
economic studies which would serve an undoubtedly useful purpose.
I feel that it would be both improper for me and inadvisable for you,
however much I appreciate the courtesy of your suggestion, for me to take
part in naming representatives. From the necessity of the case, they could
be responsible only and properly to you as President for the effective performance of their assignments, particularly in matters calling for almost
daily touch with and direction of the Executive. I would be in no position
prior to March 4 to have this constant contact.
I think you will recognize that it would be unwise for me to accept an
apparent joint responsibility with you when, as a matter of constitutional
fact. I would be wholly lacking in any attendant authority.
FRANKLIN D. ROOSEVELT.
President Hoover's Second Telegram.
Telegram: The White House, Dec. 20 1932. 2:30 p. m•
Gov. Franklin D. Roosevelt, Albany, New York.
My Dear Governor:
I have your telegram expressing the difficulties which you find In cooperation at the present time. In the face of foreign conditions which are
continually degenerating agricultural prices, increasing unemployment and
creating economic difficulties for our people, I am unwilling to admit that
co-operation cannot be established between the outgoing and incoming
Administrations which will give earlier solution and recovery from these
difficulties.
If you will review my previous communications and conversations I
think you will agree that while outlining the nature of the problems my
proposals to you have been directed to the setting up not of solutions but
of the machinery through which by preparedness the ultimate solution of
these questions can be expedited and co-ordinated to the end that many
months of delay and increasing losses to our people may be avoided.
I fully recognize that your solution of these questions of debt, the world
economic problems and disarmament might vary from my own. These conclusions obviously cannot be attained in my Administration and will lie
entirely within your Administration. I wish especially to avoid any embarrassment to your work and thus have no intention of committing the
Incoming Administration to any particular policy prior to March 4. Even
the exploratory work you suggest should oe participated in by men in
whom you have confidence, and I wish to facilitate it. What I dean of the
utmost importance is that when you assume responsibility on March 4
machinery of your approval will be here, fully informed and ready to
function according to the policies you may determine.
Dec. 24 1932
My frequent statements indicate agreement with you that debts, world
economic problems and disarmament require selective treatment, but you
will agree with me that they also require co-ordination and preparation
either in the individual hands of the then President or in the hands of men
selected to deal with them and advise him. There is thus no thought of
submerging the world economic conference with other questions, but rather
to remove the barriersfrom successful issue of that conference.
With view to again making an effort to secure co-operation and that solidarity of national action which the situation needs, I would be glad if you
could designate Mr. Owen D. Young, Colonel House or any other men of
your party possessed of your views and your confidence and at the same
time familiar with these problems to sit with the principal officers of this
Administration in endeavor to see what steps can be taken to avoid delays
of precious time and inevitable losses that will ensue from such delays.
HERBERT HOOVER.
President-Elect Roosevelt's Reply.
Telegram—Albany, N. Y., 9:45 p. m., Dec. 21 1932.
The President,
The White House.
Dear Mr. President:
I think perhaps the difficulties to which you refer are not in finding the
means or the willingness for co-operation but, rather, in defining clearly
those things concerning which co-operation between us is possible.
We are agreed that commitments to any particular policy prior to March 4
are for many reasons inadvisable and, indeed, impossible. There remains,
therefore, before that date only the possibility of exploratory work and
preliminary surveys.
Please let me reiterate not only that I am glad to avoid the loss of precious
time through delay in starting these preliminaries, but also that I shall
gladly receive such information and expression of opinion concerning all of
those international questions which because of existing economic and other
conditions must and will be among the first concerns of my administration.
However,for me to accept any joint responsibility in the work of exploration might well be construed by the debtor or other nations, collectively
or individually, as a commitment—moral even though not legal, as to
policies and courses of action.
The designation of a man or men of such eminence as your telegram
suggests would not imply mere fact-findings; it would suggest the presumption that such representatives were empowered to exchange views on
matters of large and binding policy.
Current press dispatches from abroad already indicate that the joint
action which you propose would most certainly be interpreted there as much
more of a policy commitment than either you or I actually contemplate.
May I respectfully suggest that you proceed with the selection of your
representatives to conduct the preliminary exploration necessary with
Individual debtor nations and representatives to discuss the agenda of
the World Economic Conference, making it clear that none of these representatives is authorized to bind this Government as to any ultimate policy.
If this be done, let me repeat that I shall be happy to receive their information and their expressions of opinion.
To that I add the thought that between now and March 4 I shall be
very glad if you will keep me advised as to the progress of the preliminary
discussions, and I also shall be happy to consult with you freely during this
period.
FRANKLIN D. ROOSEVELT.
ondon Economist" Opposes War Debt Pact on
• Separate Basis—Holds an Anglo-American Accord
Would Be Peril to Europe—Calls Question Political
—Urges Against Policy That Would Leave France
With Sense of Isolation.
The following from London Dec. 16 is from the New
York "Times" of Dec. 17:
"The London Economist" takes a strong pro-French view of the war
debts question, saying an Anglo-American accord that left Europe out
would be a disastrous mistake. The periodical will say editorially in
to-morrow's Issue:
"While from some points of view It would have been useful if France
and England could have acted on a conunon principle, France's position
may at least have the useful effect of re-emphasizing the special character
of these obligations.
"We shall be greatly surprised if, in the opinion of the world France
Is considered to have humbled herself In the dust or if her commercial
debtors promptly proceed to repudiate their obligations.
"If France's considered decision enables some nervous folk in this country
to realize that this whole question is In the realm of high politics and not
in the ordinary commercial sphere, it may, Perhaps, strengthen the handa
of our negotiators in the coming months in insisting on the sort of solution
the world really needs."
"The Economist" further will say
"If the receipt by the American Treasury of the hard cash from Britain
on Dec. 15 overshadows in the eyes of Congressmen the reservations
made by us respecting payment and creates a feeling in favor of treating
Great Britain with exceptional leniency, there may well be a growing
tendency in this country to consider that our best course is to enter into
bilateral negotiations with the United States at the earliest opportunity
and leave the rest of Europe to look after itself.
"Such a policy would, in our view, be a profound and disastrous mistake. In the first place, it would frustrate the welcome desire that M.
Herriot expressed so passionately in the Chamber, that the good relations
established at Lausanne and elsewhere between Great Britain and France
should be maintained unimpaired.
"The Franco-British estrangement which left France smarting with a
sense of isolation would not merely involve the risk of losing all the fruits
of the laborious conference at Lausanne but would jeopardize every hope
of friendly co-operation and the laying of the spectre of nationalism in
Europe.
"No results that could be achieved by Anglo-American harmony would
substitute for such a deplorable setback in European relations. Secondly,
it would hinder rather than promote the chances of our working out a
practicable, agreed solution of our own obligations to America."
Foreign Obligations Reduced $6,800,000 by Recent
Debt Payments- Instalments on Principal by Four
Nations Offset in Default of Interest by Several
Countries.
The $98,700,000 of war debt payments which the United
States received on Dec. 15 made a net reduction in the total
Volume 135
Financial Chronicle
principal amount owed America of only $6,800,000, and
foreign debtors still owe a principal sum of $11,786,336,657,
according to Treasury Department figures made available
Dec. 19. The "United States Daily" of Dec. 20 from which
we quote continued:
is not included as a part of the
It was explained that interest not yet due
up of the principal remaining
total indebtedness, that figure being made
of which has been
unpaid plus interest which had accrued, and the payment
defaulted.
Net Reduction $6,800.000.
States received
principal payments of $31,567,200 which the United
Finland and Latvia reduced
Dec. 15 from Great Britain, Czechoslovakia,
interest charges of $24,731,266 on
the foreign debt by that amount, but
defaulted were
which France, Belgium, Poland, Estonia and Hungary
Treasury accounts, leaving
added to the principal of indebtedness on the
to the figures.
the net reduction only $6,800,000, according
on Dec. 15, $67.Of the $98,700.000 which the United States received
this
118,710 represented payments of interest which had accrued, and
indebtedness
sum,therefore, did not go toward cutting down the principal
Department explains. Additional
of the foreign nations, the Treasury
information made available follows:
Analysis of Payments.
From 20 debtor nations the United States has now received $2,726,226,
charges. The $98,808 in repayment of loans and the meeting of interest
to
700.000 which the Treasury received on Dec. 15 brought the payments
that total although they brought the indebtedness down by only $6,800,000,
from $11.793.172,630 to $11,786,336.657.
Out of the $2,726,266,808 which America has received from foreign
debtors only $756,867,610 has been on principal and has effected a reduction
been paid to
in the total indebtedness. The remaining $1,969,399,197 has
meet interest charges and has not cut down the total of indebtedness.
In June, when the next debt instalments come due, another $41,152,840
is scheduled to be paid on principal, reducing the indebtedness by about
that amount. Interest charges due in June will total $103,026,834, bringing
any of the
the aggregate of scheduled payments up to $144.000,000. If
nations which owe interest default on the payment, the sum of the default
in the form of accrued interest.
will go to increase the principal indebtedness
Payments which are to be made on June 15 unless otherwise noted and
the nations from which they are due follows;
Interest.
Principal.
Austria (Jan 1 1933)
$4,200,000 $2,125,000
Belgium
1,500,000
Czechalovakia
284,322
Estonia
148,592
Finland
21,477,135 19,261,433
France
75.950,000
Great Britain
Greece:
130,000
Jan. 1
213.380
231,000
May 10
28,260
Hungary
1,245.438
12,300,000
Italy
118,961
Latvia
92.386
39,705
Lithuania
3,559,062
Poland
1,000,000
Rumania
275.000
Jugoslavia
Total
$41,152,840$103.026,834
The foreign debt payments Dec. 15 were referred to in
our issue of Dec. 17, page 4128.
Note to United States from Lithuania Which Had
Sought Postponement of Dec. 15 Debt Payment—
Country Is One of Those Which Met Instalment.
Lithuania, which is one of the six foreign nations which
paid the Dec. 15 instalnaent on its debt to the United States
prior to that date had addressed a note to this country
seeking postponement of the payment and asking a review
of the entire war debt question. The letter of transmittal
from the Lithuanian Minister Bronius K. Balutis, addressed
to the Secretary of State at Washington on Dec. 12 was
given as follows in the "United States Daily" of Dec. 15:
"Sir: I have the honor to submit, for the consideration of the United
States Government, the enclosed memorandum presenting the position of
the Lithuanian Government on the question of its obligations under toe
terms of the debt funding agreement entered into between Lithuania and
the United States of America on Sept. 22 1924.
"The Lithuanian Government will greatly appreciate the favor of a
reply to the questions raised in the said memorandum."
The memorandum accompanying the letter of transmittal follows in full
text:
The Lithuanian Government, fully conscious of its duty in relation to
the fulfilment of international obligations and firm in its determination
to discharge them to the best of its ability, heretofore has met faithfully
its obligations under the terms of the Debt Funding Agreement entered
Into between the Governments of Lithuania and the United States of
America on Sept. 22 1924
The disintegrating forces, which originated from the World War activities
and whicn seemed to be on a decline at the time of the above mentioned
debt settlement, have reasserted themselves during recent years on such
a wide scale and with such unexpected violence throughout the world
that it is felt that the encouraging prospects of the early economic recuperation, so fondly hoped for at that time, now have to be all but abandoned. The general feeing seems to be teat urgent and drastic corrective
measures must be taken without further delay if the remnants of the
economic structure are to be saved and the very hope for a better future
is not to be abandoned.
that
It is in the light of these general circumstances and apprehensions
unwillingly, to
the Lithuanian Government feels itself moved, however
respectfully submit .o the Government of the United States, for its earnest
attention and consideration, the greatly changed state of conditions by
in its attempts to
wnicn the Government of Lithuania finds itself faced
discharge the obligations undertaken by the terms of the above mentioned
agreement.
4303
I. A brief review of the origin of the agreement, as well as of some of
toe circumstances closely relating to it, may be helpful in clarifying the
motives which prompt the Lithuanian Government in tnis matter.
In 1919, while the Lithuanian territory was still under the occupation
of German troops and the Lithuanian Government was as yet unrecognized
by the Allied and Associated Powers, and, as such, was deprived of tne
ability to enter into any direct binding agreements with other governments.
the Government of the United States was in the process of disposing of
'various surplus war materials then stored in France.
The Lithuanian Government. througn its delegation to the Peace Conference in Paris, applied for some of these surplus war materials. A request was made not for weapons or other strictly-termed war materials,
but for food, clothing, medical appliances and like materials then urgently
needed by the destitute population of Lithuania. This application was
unsuccessful for the reason that the Lithuanian Government, still unrecognized by the Government of the United States, lacked the legal
capacity to enter into a binding international agreement.
The United States Liquidation Commission, in charge of the disposal
of the above mentioned surplus war materials, though unable to grant
the request of the unrecognized government, could dispose, however, of
these surplus materials to private organizations and corporations.
To meet the said contingency, the co-partnership named "Vilnis" was
organized and this organization negotiated with the United States Liquidation Commission the purchase of certain supplies to the total value of
$4,159.491.96. Payment for the said supplies was arranged in the following manner: A Special Treasury Note of the Lithuanian Government
in the face value of $5.000,000. due and payable on June 30 1922, was
given, thus covering the principal and interest at the rate of 5% per annum
up to the date of maturity of the said note. (It is interesting to note here
that the significant passage in the said Special Treasury Note read, in part,
as follows: "Tots note shall be entitled to the security of, and shall constitute a charge upon, any payments or property which the Government of
Lithuania may receive from Germany or any of its Allies, by way of reparation or cession.")
In addition to the above mentioned supplies, Lithuania received a certain
amount of supplies from the American Relief Administration, the original
coat of which was $822,136.07.
Thus the total indebtedness of the Lithuanian Government to the Government of the United States, arising out of the above two transactions,
to
amounted to the original value of $4.981,628.03. With the interest
date, accrued and unpaid, it was funded by the agreement, signed on
terms substantially similar
Sept. 22 1924, in the sum of $6,030,000. on
to those of the settlement with Great Britain.
Toe above tends to indicate that Lithuania's indebtedness in some
respects differs from the so-called "war debts" proper, as for instance.:
(a) The Lithuanian Government's indebtedness did not arise out of
loans made before the Armistice, nor was it for any war materials or for
war purposes generally. On the contrary, it was incurred for supplies of
sum a nature that it might be more properly classified under the head of
relief assistance.
(b) The Lithuanian Government in contracting tnis indebtedness did
not receive one cent in cash, but acquired the various supplies at the prices
then prevailing, and it must be remembered that the prices of 1919, due
to the exigencies of war, were the highest on record.
In this connection it may also be observed that the above mentioned
temporary legal incapacity placed the Litnuanian Government. as a purcnaser, in a disadvantageous position as compared to that of other purchasers whose legal status was not questioned and who, arriving on the
scene at an earlier date, had a full opportunity for a free bargain and an
ample selection while the Lithuanian purchaser, handicapped by the above
circumstances, was glad to receive what could possibly be obtained.
It should be stated immediately that the above elucidation of the transof
action, resulting in an indebtedness of Lithuania to the United States
but
America, is made here not in a spirit of any grievance whatsoever,
a legal
with the sole purpose of indicating that while all the debts, from
circumpoint of view, are of equal validity, still there may be certain
would
stances, in connection with the process of contracting them, which
equity,
seem to justify their consideration, if not in law then at least in
in a somewhat different light from the straight loan transactions.
Lithuania
II. By the terms of the Funding Agreement of Sept. 22 1914.
in the total
undertook to repay tills original indebtedness of $4,981,628.03
be paid during
funded sum (principal and interest) of over $14,000,000 to
a period of 62 years.
to mention
With reference to the above settlement it may be permissible
adequately
a few additional circumstances which may illuminate more
the position of Lithuania. They are:
settlements, being the
(1) Lithuania is well advanced on the list of debt
fourth nation to sign a debt funding agreement.
is the same as that
(2) The interest payable, as accepted by Lithuania,
of Great Britain and is of the highest category.
Lithuania by the
(3) In the meantime, the extent of reduction granted to
a
terms of the debt settlement happens to be of the lowest category only
few other debtors leading her by an insignificant fraction of percentage.
and the
(4) Although between the beginning of the World War in 1914
date of the debt, settlement with the United States in 1924, the Lithuanian
devaluation of the
people were twice made unwilling victims of the total
currency imposed upon them (first the Russian rouble and then the German
mark), yet Lithuania undertook to pay off her obligations as soon as
she succeeded in establishing her national sound currency—and she has
already actually paid in cash on account of the said indebtedness the total
sum of $1,128.580.22.
(5) Additional light may be thrown on the subject by mentioning the
fact that Lithuania, although a victim of the very extensive damages done
to her while her territory was a battlefield for the contending armies and
of still more extensive damages resulting from a nearly five-year occupation
by German armies, received no appropriate compensation or reparations
which could be applied toward payment of her own obligations contracted
during dire necessity and thus lighten her own burden. In this respect
the position of Lithuania greatly differs from the position of other debtors
and her comparative capacity to pay is thereby affected.
It is hoped that the above observations may lay the foundation for the
claim that, if Lithuania was eager to settle her obligations at the earliest
possible opportunity, she was in no less a degree determined, regardless
of all the difficulties and handicaps of a newly-born state, to carry out
faithfully and to the best of her ability the obligations so undertaken.
III. It is assumed from the various statements repeatedly made by authoritative persons, at the time of the debt settlement and since, that the
basic principle underlying the debt settlements with the various debtor
countries was the debtor's capacity to pay. It must be recognized that it
is a just and generous principle, and of undisputed practical value. Yet,
since this principle was laid as a foundation of the settlement, it may also
be logically assumed that what was just and equitable at the time of settlement and of the initial payment must also be just and equitable at the time
of any subsequent payment—in other words, that the same principle
of the capacity to pay, born at the inception of the transaction, was meant
4304
Financial Chronicle
to live during the subsequent stages of the fulfilment of the same transaction. An eloquent confirmation of the above assumption was given by
the Debt Funding Commission itself when the policy of the United States
was defined in the following terms:
"The Commission (Debt Funding Commission) in its settlement with
Great Britain . . .and In subsequent negotiations or settlements has
adhered to the principle that the adjustments made with each government
must be measured by the ability of the particular government to put aside
and transfer to the United States the payments called for under the funding
agreement.
"Nor does the principle of capacity to pay require the foreign debtor
to pay to the full limit of its present or future capacity
"It must be permitted to preserve and improve its economic position,
to bring its budget into balance, and to place its finances and currency
on a sound basis, and to maintain and. if possible to improve the standard
of living of its citizens.
"No settlement which is oppressive and retards the recovery and development of the foreign debtor is to the best interests of the United States
or of Europe."
Prompted by the above stated considerations, the Lithuanian Government, while greatly regretting the necessity, nevertheless feels its duty to
make a frank exposition of Lithuania's present economic and financial
conditions which naturally control its "capacity to pay". . . .
IV. In order to show the difference between the economic conditions
which prevailed in Lithuania at the time of the debt settlement and those
existing at the present time,a statistical comparison of a few chief indicators
of the national welfare wid be necessary—such as of the annual budgets,
the trade balances and the currency curculation.
Annual Budgets. The annual budget of Lithuania for 1925. the first
year of the debt payments to the United States, totaled in the sum of nearly
$26.000,000. During subsequent years the annual budgets gradually increased until in 1930 the sum of nearly $35,000,000 was reached. Practically all of the budgets were balanced with a small favorable margin.
Reduction in Budget.
Then adverse economic and financial conditions proceeded to set it
back. The current year's budget was balanced at a level of $28,000,000.
thus making a drastic reduction in comparison with last year, of $6,000,000.
The figures available for the first nine months of the current year indicate
a further alarming fall in revenue receipts and a considerable further reduction of the budgetary figures will be unavoidable. Thus the budget
of the current year has dropped nearly to the level of that of 1925, and the
modest degree of progress made during the intervening years was lost.
Of greater significance is the apprehension that, regardless of drastic cuts
in expenditures, a balance between revenue receipts and expenditures may
not be maintained. For a small and new country with limited and very
modest resources, the prospect of being thrown on the negative side of the
ledrer is a matter not merely of apprehension but of real dancer.
The above budgetary figures also demonstrate the extremely low level
of incomes and expenditures per capita: about $10 in 1924. $14 in 1930,
and again about $10 in 1932. It is not difficult to see that the margin between the present level of the country's development and that of a minmum
indispensable for its cultural and economic progress is so narrow that a
further retrenchment would not only arrest the continuation of the very
modest progress but would simultaneously set into action those disintegrating forces which, if permitted to continue, would lead to an actual
collapse of the economic structure.
Change in Trade Balance.
Trade balance. As already mentioned above, Lithuania undertook to
repay her obligations to the United States of America shortly after the
establishment of her own stable currency.
Having practically no gold reserve at the time and having to discharge
her obligations to the United States in terms of gold currency, Lithuania
could meet these obligations only from her foreign trade surpluses. The
development of the foreign trade of Lithuania was as follows:
For the year of 1924, the value of exports was $26,660,000; the value
of Import—$20,650.000, leaving a surplus of $6.000,000
For the year of 1930, the exports amounted to $33.378,000, the imports
to $32,984,000. leaving a surplus of only $.394,000
The catastrophic drop in the prices of agricultural products, which constitute practically the sole items of export, as well as various trade restrictions of recent origin, account for the following figures of exports for
the last two years: 1931. $27,311,910; 1932. $14,246,140 (for the first
nine months).
Commerce With United States.
The sharp drop in exports compelled a corresponding curtailment of
Imports, as is shown by the following figures: 1931, $27,795,910; 1932,
$12,434,090.
Of particular interest is the trade balance between Lithuania and the
United States. It has always been very adverse to Lithuania, as the
following figures show:
Exports to the United States:
Imports from the United States:
1924
$811.560 1924
$988,460
1925
1,381,080
359,380 1925
1926
1.065,240
208,330 1926
1927
437,870 1927
1,450,330
1928
241,140 1928
2,047,860
1929
442,140 1929
1,672,430
1930
264,340 1930
1,470,370
1931
201,360 1931
1.077,390
1932 (for the first 9 mos.)
23,670 1932 (for the first 9 mos.)
393.170
Total
Total
$2,989,790
$11.996,330
Tne above review of the development of tne foreign trade of Lithuania
clearly demonstrates two propositions:
First.—Tnat tne catastrophic drop in prices of agricultural commodities
the numerous new and drastic trade restrictions introduced throughout
Europe, and, finally, the abandonment of the gold standard by some
countries which happen to DO among the best trade customers of Lithuania,
brought about the situation where it comes not only increasingly difficult,
but almost impossible to build up the balances out of which her foreign
obligations may be met.
Second.—That the trade balance with the United States for the period
from the time of the debt settlement up to the present date shows that
Lithuania nits actually paid to the United States of America in trade a
net sum of $9,006.540.
National Currency.
Money circulation. The Lithuanian national currency, the "litas,"
was established at the end of 1922. In the beginning it was covered almost
exclusively, by stable foreign currencies—mostly the dollar and pound
sterling Then a modest gold reserve was gradually built. The Lithuanian
Government has this to its credit, that while the various European currencies, new ones as well as old ones, crashed or widely fluctuated, the
Dec. 24 1932
newly-established Lithuanian national currency never went off its full par
value, which was of a gold standard.
This was achieved at the cost of considerable hardships and sacrifices.
The fixed determination of toe Lithuanian Government is to continue to
maintain her currency on the gold standard, as it is considered to be the
only reliable anchor for her economic and financial safety. Yet this is
possible of achievement only when the annual budgets are adequately
balanced and the trade and paying ..)a.lances maintain a proper equilbrium.
If it is deemed advisaole to apply such a policy to any country,—in the
case of a small and new country with limited resources•and possibilities,
a similar policy is imperative.
Capacity to Pay Instalment.
V. It is hoped that the above review, incomplete as it is, will sufficiently
indicate the cnanged status of economic and financial conditions in Lithuania
and demonstrate how gravely the events of recent years have affected her
capacity to pay. In some respects this capacity is actually even below
the level of the capacity existing at the time of the debt settlement.
In view of the above considerations. the Lithuanian Government has
the honor to request, and ventures to hope that the Government of the
United States will consent, to reexamine and to reconsider the question of
the indebtedness of Lithuania to the United States, with a view of its
more proper adjustment to the new and changed economic and financial
conditions.
At the same time the Lithuanian Government desires to bring to the
attention of the United States Government that the rapidly diminishing
revenue receipts of the current year, the greatly reduced value of the
foreign trade and the existing exchange difficulties, have created a situation
whereby it becomes increasingly difficult for tne Lithuanian Government
to meet the payment due on the 15th day of December of the current year
in the manner provided by the terms of the Funding Agreement of 1924.
The Lithuanian Government, therefore, would greatly appreciate it if a
postponement of this payment could be granted or an adequate relief
from the strict compliance with the terms of the said agreement could be
arranged.
The Dec. 15 payment by the six foreign nations was
noted in our issue of Dec. 17, page 4128.
Poland Disappointed at Reply of United States Holding
Postponement of Dec. 15 Debt Payment Unnecessary.
According to a Warsaw cablegram Dec. 17 to the New
York "Times" the reply of the United States to Poland's
second note, demanding full payment of the $3,000,000 that
Poland failed to pay Thursday has caused disappointment
in Poland. The cablegram added:
Premier Prystol visited United States Ambassador Bolin and the Cabinet
has deliberated over the matter all day. It has reached no agreement,
but a negative reply is anticipated.
Last week (page 4140) we gave the text of the second note
from Poland to the United States seeking postponement
of the Dec. 15 payment. Poland is one of the countries
which defaulted, and on page 4139 of our Dec. 17 issue,
we published the communique of the Embassy at Washington
explaining the default.
The reply of Secretary of State Stimson to the second note
from Poland was delivered on Dec. 15 to the Polish Ambassador. It read:
Dec. 15 1932.
His Excellency, Tytus Filpowitz, Ambassador of Poland.
Excellency: My Government has considered, with the greatest care,
the note of Dec. 8 1932. from the Polish Government, in which it has set
forth at length the reasons it advances for a reconsideration of the whole
question of inter-governmental war debts and for the postponement of the
payment due by the Polish Government to the Government of the United
States on Dec. 15 next (1932).
Whatever part debt payments may have played in the economic history
of the post-war years, it is clear that in the present condition of world-wide
depression, accompanied by a sweeping fall of prices, their weight
has
greatly increased, and that they have a very definite relationship
to the
problem of recovery in which both the Polish and the
American People
have so vital an interest.
The President of the United States is prepared, through whatever
agency
may seem appropriate, to co-operate with the Polish Government
in surveying the entire situation and in considering what means may be taken
to
bring about the restoration of stable currencies and exchange, the revival
of trade and the recovery of prices.
I believe that there are Important avenues of mutual advantage which
should be thoroughly explored. Such an examination does not imply
cancellation.
My Government, however, has not been able to reach the conclusion
that a postponement of the Dec. 15 payment from the Polish Government
to the United States is necessary because of its effect on the problem of
recovery. Although we recognize the serious economic and financial
difficulties which the Polish Government, In common with all other governments, is now facing, the maintenance of these agreements in their operation, pending due opportunity for analysis of all matters bearing upon
your request for revision and its consideration by the American Congress
and people, still appears to us to outweigh any reasons presented for a delay.
Accept, Excellency, the renewed assurances of my highest consideration.
HENRY L. STIMSON.
Prior to the delivery of the above, Poland had been advised of the tenor of the reply.
Poles Back French Stand—Believe They Would Not
Have Delayed Payment If Paris Had Not.
From the New York "Times" of Dec. 16, we take the following from Warsaw Dec. 15:
It is generally believed here that there would have been no Polish delay
in the war-debt payment to the United States if the French had not refused
payment.
The French decision is praised here as a courageous and much needed
move, demonstrating the absurdity of the war debts, in that they should
force a rich country like Prance into financial default.
Volume 135
Financial Chronicle
Poland, according to the big business paper, "Kurjer Polaid." is in good
company with countries like France and Belgium, whose financial integrity and adherence to international obligations are beyond doubt. She
tried to persuade the United States in a second note that she could not
pay and the United States would not listen, but the debtor cannot send the
money, nevertheless.
The Exchange here received news of the failures to make payments calmly.
The dollar even dropped two points below yesterday's high rate of 8.95
instead of the normal 8.90.
Poland Seeks Paris View—Wants French Debt Attitude
Before Replying to Reply of United States.
The Polish reply to the United States's second note regarding war-debt payments remained under consideration on
Dec. 18, said Associated Press advices that day from Warsaw
(to the New York "Times"), which also stated:
Poland desires first to know what the French Government decides in
regard to the suggestion by the United States Government that the French
debt situation be studied further. In official circles, it is explained, it Is
not ill will but dire economic necessity that compels Poland to decline to
pay the $3,303,000 instalment due Dec. 15.
Poland's finances are in such bad shape, it was said, that the Government had to issue a statement denying rumors that civil service salaries
would not be paid.
Poland Desirous of Meeting Debt Obligations—Wishes
More Advantageous Form of Payment,Says Foreign
Minister Beck.
Associated Press advices from Warsaw Dec. 20 stated:
Poland never refused to pay the United States, Foreign Minister Beck
asserted at a press reception this afternoon.
"The Government's attitude on the debt question," he said, "is well
explained in our second note to the United States. Poland wants to most
her obligations but wishes a more advantageous form of payment. Poland
was one of the first to sign a consolidated agreement and she obtained more
unfavorable terms than nations that were financially stronger."
M. Beck emphasized that the Polish debts were not war debts but
constituted reimbursement for American relief work in Poland. He said
the amount was too small to be of world importance.
Poles Cut Interest on Mortgage Bonds—Principal Payments Suspended for Three Years by Bill Passed
by Parliament—Debt Accord Expected.
Compulsory conversion of long-term mortgage bonds was
voted by the Senate at Warsaw on Dec. 20 after the bill
had been passed by the lower House. A Warsaw cablegram
Dec. 20 to the New York "Times" further said:
The interest rate was fixed at a maximum of 4%% and payments on
principal were suspended for three years.
Nearly $200,000,000 in bonds and obligations, mostly at 7 and 8%, will
be affected. Of the total $85,000,000 is In agricultural credits. The
Minister of Finance declared in the Senate that the bill was intended to
relieve Polish agriculture, which suffered from low prices, and high overhead charges, of which interest was the heaviest. The bondholders,
mostly town dwellers and small investors, will suffer much less than agriculture might profit
State-guaranteed bonds and those issued in foreign markets were exempted in the conversion bill.
The Poles are rather optimistic about the debt parleys which Ambassador
Fillpowitz has been charged to enter with the United States. It was
reported to-day that Poland would propose to pay the December instalment
partly in cash and partly in goods or special obligations.
Exchange recovered to-day after the slump on Dec. 15 when the expected
payment to the United States was not made by the Government.
Polish State Land Bank Controlled by Ministry of
Finance—Land Allotment Program Held Failure.
Transfer of the Polish State Land Bank to control by the
Ministry of Finance is believed in local financial circles to
reflect a definite policy to make it abandon all collaboration
with the Polish land parcellation program and restrict its
activities to more conservative banking operations, says a
report to the Commerce Department from Commercial
Attache Clayton Lane, Warsaw, Poland. The Department's advices Dec. 16 also said:
After the World War a program of land parcellation was inaugurated.
Large estates were broken up and the land was parceled out to small individual holders. Large scale agricultural enterprise did not secure a foothold here as it did in other countries during the post-war years.
FarceDation has been practically abandoned at the present time, it was
stated. Competent authorities are more and more convinced that the
land reform decree, the purpose of which was to assist the formation of
small, sound and well-equipped farms has proved a failure. The majority
of these farms, acquired with the assistance of the Bank, are reported In
very bad financial condition and are unable to pay off their indebtedness to
the Bank.
The State Land Bank was originally dependent on the Ministry of Agrarian Reform. Last June, however, this Ministry was incorporated in the
Ministry of Agriculture, which then took over control of the State Land
Bank. The State Land Bank's functions also include the financing of
agricultural co-operatives, irrigation enterprises, district banks and other
provincial Institutions.
Consul-General in New York Says Jugoslavia Has
Cash for Debts—Asserts Exchange Conditions Block
Transfer of Funds.
Jugoslavia is in the position of a debtor willing to pay
and having sufficient money to do so, but unable to make
the payments because exchange conditions prevent her from
obtaining the necessary dollars, Radoye Yankovitch, Jugo-
4305
slav Consul-General, told a group of Americans and Jugoslays
gathered at the Waldorf-Astoria on Dec. 17 in honor of the
45th birthday of King Alexander I of that country. From
the New York "Times" of Dec. 18 we quote further:
Mr. Yankovitch, who gave the luncheon in honor of his King, pictured
his country as "confronted by this paradox, We have the best will to pay,
we have the money to pay, but still we cannot pay."
Other speakers. including John A. Kingsbury, President of the AmericaJugoslav Society and Secretary of the Milbank Memorial Fund, and
Colonel Franklin Q. Brown, President of the Army and Navy Club, expressed confidence that the Jugoslav foreign obligations would eventually'
be met.
"This year Jugoslavia has been inable to most her foreign financial
obligations," Mr. Yankovitch said. "This is not due to recklessness in
balancing the budget nor to any kind of laxity in her commercial precautions. The budget has made provision for paying these obligations, and
money has been set aside the same as every year, but conditions created by
the world depression have made it impossible to obtain dollars in exchange
for these funds which Jugoslavia has set aside.
Hopes for Re-adjustment
Mr. Yankovitch expressed the hope, however, that "with good-will and
co-operation of all nations the world maladjustment of economic conditions
will soon pass, and Jugoslavia will be enabled to celebrate the next birthday
of King Alexander in a happier world situation."
Mr. Yankovitch closed with a toast to President Hoover, to match the
toast to King Alexander proposed by Colonel William M. Chadbourne,
who presided.
The need for international co-operation to eliminate "cut-throat competition" between nations was stressed by other speakers, including George
Gordon Battle. Thomas J. Watson, President of the Merchants Association, declared that the economic interest of this country demanded a consideration of the commodities it could buy from Jugoslavia and other countries for the benefit of the people here. Professor Edwin R. A. Seligman
of Columbia University urged Jugoslavia to take the lead In combining with
her neighbors to lower international trade barriers.
"One of the problems of Jugoslavia is to find markets for her goods and
services," Mr. Watson said. "We, in our own search for markets, should
consider the desirability of certain kinds of imports, and we must remember
that trade cannot be one-sided. To-day all nations are being educated in
the benefits of honest co-operation."
Cause of Slump Traced.
Professor Seligman ascribed the present conditions In the world to exaggerated production resulting from the war, coupled with exaggerated
nationalism, which had brought trade to a standstill in some parts of Europe
and caused a reversion to conditions of the early Middle Ages. Jugoslavia,
he said, would be well-advised if she could combine with her neighbors in
an attempt to lower these barriers, introduce more agricultural machinery
and discourage production on poor land.
Old Ottoman Debt Arranged—Turkey Will Issue New
Bonds for Obligations.
Associated Press advices from Paris Dec. 14 to the New
York "Times" stated:
Representatives of the Turkish Government to-day reached in principle
an agreement with holders of the old Ottoman debt whereby Turkey will
resume payment of interest on that part of the Ottoman debt for which
Turkey assumed responsibility after the fall of the Ottoman Empire.
The capital of about 900,000,000 French francs (currently about $36.000,000) will take the form of new Turkish bonds bearing 734% interest,
No Disturbance on Exchange Market Incident to Debt
Payments, According to Directors of Bank for International Settlements.
Associated Press advices, Dec. 11, from Basle, Switzerland, said:
The Swiss Telegraphic Agency said to-day that the general opinion of
bankers gathered here for the monthly meeting of the Board of Directors
of the Bank for International Settlements was that payments to the United
States in Deecember would not cause any disturbance on the exchange
market.
The agency quoted the bankers further as expressing the opinion that
rapid stabilization of all exchanges was desirable and should be taken into
consideration. This remark was made in connection with a recommendation
made by the directors last July.
English-Speaking Unity Seen in British Payment
on Debts.
The following (Canadian Press, from Montreal, Dec. 15)
is from the New York "Times":
Payment to-day by Great Britain of her war debts installment to the
United States was "one of the most striking and magnificent proofs" that
the Engliah-speaking people understand each other and that they are
governed by the same standards of conduct, Wesley Frost, United States
Consul-General in Montreal, said in a Service Club address to-day.
"This date marks a rebirth, and it will shed a splendid light for the
two great English-speaking Powers as they walk shoulder to shoulder down
through the troubled decades to come," Mr. Frost said.
Exchange of Debt Speeches by Legislators Is Proposed
by London "Times".
From the New York "Times" we quote the following from
London, Dec. 17:
The London "Times," in an editorial this morning, suggests that the
exchange of notes on the war debts has not gone far enough and that it
should be followed by an exchange of parliamentary records.
The problem, it argues, has become a question between Legislatures, rather
than executives, and it should be a comparatively simple matter to arrange
that members of Parliament at Westminster should be supplied with the
Congressional Records on war-debts and the members of Congress receive
in return copies of the relevant British Hansard.
"The issue containing Wednesday's debate might well be made a beginning," The "Times" says. "Doubtless such an arrangement would involve
the risk that mischievous, in addition to helpful, speeches would receive
wider publicity, but the greater risk is ignorance."
/4306
Financial Chronicle
Bank of England Not to Increase Fiduciary Issue.
The following, from London, is from the "Wall Street
Journal" of Dec. 14:
It is understood here, on good authority, that the earmarking. on
Thursday of £19,500,000 gold at the Bank of England in payment of the
Dec. 15 war debt maturity to the United States probably will be carried
out without increasing the fiduciary issue but will be withdrawn from the
Bank of England's reserve.
Last condition statement of the Bank of England showed the reserve at
£49,726,845, of which £48,759,855 was gold. Effect of the earmarking,
if it is carried out as has been suggested, would be to reduce the amount of
gold held in the issue department of the Bank of England to approximately
£120,000,000 and the reserve in the banking department to about
£30,500,000. As the bank return which is published on Thursday is made
up to Wednesday, this transaction will not appear in the statement until
next week.
In the meantime, the Christmas expansion in the note issue is likely to
deplete the reserve by a further £10,000,000. If reserve is reduced to
around £20,000,000, it would compare with £26,000,000 at the same time
last year.
Such facing of realities, it is claimed here, probably would be better than
camouflaging the situation arising from debt payment by means of increasing
the fiduciary issue and probably would be viewed with less nervousness by
the Continent.
a
In some quarters it is feared that the lowering of the reserves will have
deflationary effect, but as bankers' deposits with the banking department
be to
are some 20% higher than last year, the effect at the most would
prevent a further inflation rather than cause an actual deflation.
---.0,—_
Debt Debates
in Congress.
From the New York "Times" we quote the following from
London, Dec. 21:
British Parliament to Get Records of
Official reports of the war-debt debates in the Senate and the House of
Representatives are in the future to be kept in the library of the British
House of Commons.
MTh's departure follows an editorial in "The London Times" last Saturday
which declared that the problem of war debts had become more palpably a
question between legislatures rather than between executives, and that it
was clearly desirable that members of the two parliaments should know
what the others are saying and thinking. The "Times" hoped members of
Congress would receive copies of "The British Hansard," the record of proceedings in Parliament.
New Zealand Proposes to Pay Great Britain Despite
Delay Offer.
A Wellington, N. Z., message, Dec. 17, to the New York
"Times" stated:
The Government of New Zealand to-day offered to resume payment of its
war debt to Great Britain in view of the fact that Great Britain was compelled to pay the December installment of her debt to the United States.
Great Britain had offered to continue the postponement of New Zealand's
payments as if the Hoover moratorium were still effective, but New Zealand's
Government declined to take advantage of this generosity and informed
Great Britain that if her offer was made on the assumption that the
United States would grant a postponement New Zealand would feel bound
to resume her own liability.
The Government has suggested that Great Britain "may desire to review
the position," and feels convinced that the people of New Zealand will
approve its gesture, despite their own economic difficulties.
Newspaper Asks Debt Revision for Canada—Calls
Payments to United States Excessive.
Under date of Dec. 12 the New York "Times" reported
•
the following from Vancouver, B. C.:
The Vancouver "Sun" to-day stressed the need for revision of Canada's
debt to the United States.
"England's debt to the United States totals in round figures $4,000,000,000," the newspaper says. "Canada's debt to the United States,
made up of investments and trade balances, totals 34,000,000,000.
"England's debt is amortized over 60 years and England's interest is
3%. Canada's obligations mature within 20 years, and Canada's Interest
averages close to 6%,plus the present premium of 13% on American funds.
"If the same volume and the same prices for foods and goods existed
-day as when these obligations were incurred there would be no difficulty
to
In Payment because people trade food and goods; they don't trade dollars.
"If England has difficulty in making this elemental fact understood to
the Republican Government at Washington what will be the fate of Canada
and her obligations?
"Canadian obligations were incurred in trade; they must be Paid for in
trade. And not one more Canadian cent should cross the border until this
truth is understood and realized in both the United States and Canada.'
Canada Plans No Inflation—To Proceed Along Sound
Currency Lines.
The Canadian Government has no intention of attempting
revolutionary experiments with its currency, nor has there
been the slightest thought of "repudiation," in any form,
of its obligations in the United States, it is stated in authoritative quarters. This was noted in Montreal advices to
the "Wall Street Journal" of Nov. 26, from which the
following is also taken:
The recent "easier credit" step by the Government,involving distribution
of some $35,000,000 to the banks, and which nas been interpreted in some
quarters as an initial move in a new policy of currency "inflation," is
as far as the Government plans to go in following the "reflation" policies
of other countries, according to the same well-informed quarters.
Canada's present position, with respect to gold, is that an embargo
upon the export of gold by private interests has been in effect for almost
a year. Canada's obligations in New York, however, are still discharged
In gold or its equivalent value In New York funds, and there is no present
Indication that this policy will be modified or changed in the slightest
degree.
Dec. 24 1932
Borrowed $35,000,000 to Increase Circulation.
The Government's $35,000,000 "reflation" move of a few weeks ago
on
involved the Government borrowing that sum from the banks at 4%
two-year notes, with the understanding that banks would deposit these
notes with the Minister of Finance under the Finance Act, thus providing
for a $35,000,000 increase in circulation. In explaining this step in Parliament, Premier R. B. Bennett pointed out that Canada was by this
-easing policies of other
move merely emulating, in a mild way, credit
leading countries, including the United State and England. And further
than this step, it is revealed, the Canadian Government has no present
intention of going.
Of toe proceeds of it $35,000,000 loan, the Canadian Government
used $12,000,000 to retire a short-term debt, while the balance was used
to supplement the receiver general banking accounts, which eacn year on
Nov. 1 must be adequate not only to provide for the ordinary operations
of the various branches of the public service, but also to pay approximately
$30,000,000 of interest on the country's National debt.
Mr. Bennett stated In Parliament tnat not only were advances to tne
banks under toe Finance Act at an unusually low level, but Canada's
gold holdings, at time of the "reflation" move, were higher than Year
before. At that time Canada's gold holding represented 44.5% of the
total Dominion note circulation as against 43.1%, corresponding date
in 1931.
Government Borrowing Unnecessary.
He also remarked that with financing operation, then under way, completed, Canada is finished with the market for some time; there are no
more temporary loans to redeem, and the next maturity is in August 1933.
He added that "any broad action along this line (referring to the 'reflation'
move) is unnecessary and,as I have stated frequently on previous occasions,
this country will not departfrom the established principles ofsound money."
Since these remarks, Canada has consummated its $80,000,000 domestic
loan, of which $25,000,000 short-term issue was sold on a yield basis of
,
-year issue on a yield ba, is of 4J %•
4.28%, and $55,000,000 20
Canada has in its Parliament a relatively small group of radicals, who
of various "inflation" panaceas.
would "bring back prosperity" by means
A larger group favors a mild form of currency inflation, chiefly on grounds
that lower value for the Canadian dollar would stimulate export trade,
maintaining that the advantages to Canada would more than counterbalance the disadvantages. This group attempted vainly at the Imperial
Conference to commit Canada to support a plan for tying the Canadian
dollar to the British pound as a means of expanding inter-Empire trade.
The conservative fiscal policy of Premier Bennett, however, has had
the support of the majority of Parliament, and he has been backed by most
leading financial institutions, business men and popular opinion In the
Dominion.
No Consideration of Revolutionary Experiments.
The Government has taken the stand that revolutionary money experiments will not be considered by Canada, at least until after the world
economic conference. Canada's financial and trade relations are much
closer to the United States than to Britain, despite impediments such as
tariffs, and for that reason the value of her currency in New York is much
more Important to this Dominion than is case of other units in the British
Empire.
Some consideration is being given by the Government to revision of
the dumping duty, arising out of exchange, against imports from United
Kingdom. At present the pound is Pegged, for duty purposes, at $4.40,
and difference between actual rate of exchange and $4.40 is collected
as a dumping duty by Canada on every pound value of imports from
United Kingdom. Very radical modification Is unlikely, in view of present
Government's policy of maintaining protection for Canadian industries.
Montreal "Star" Editorially Attacks "Ridiculous
Yarns" About Canadian Currency.
From its Montreal bureau the "Wall Street Journal"
of Nov. 28 reported the following (United Press): Montreal
Under the caption, "American papers please copy," the
"Star" says editorially
"New York banks are receiving a number of inquiries from hen-headed,
chicken-hearted clients who are all hot and bothered as to whether Canada
will maintain the integrity of her currency, will default on her gold bonds
Payable In New York, and all the rest of it. The New York banks which
are touch with the Dominion have nothing but contempt for these ridiculous
yarns about Canada and for the people who peddle them. We submit
that it is high time that responsible American authorities raised their
voices on this subject, and routed the idle 'bears' and speculators for the
fall in Canadian exchange.
"Canadians have not hesitated to raise clear, loud voices in defense of
the American dollar, when it was subject to 'bear-raiding' from Europe.
Now is the time for a little reciprocity in this matter."
Canada Studies Currency, Bank Act Revisions—Farm
Group Seeks Central Unit Like Federal Reserve
System—Move Is Opposed.
From the New York "Herald Tribune" we take the
following from Montreal Dec. 17:
Currency and revision of the bank act have become live questions In
Canadian politics. The Progressives and Alberta United Farmers, a
group of 16, are decidedly for inflation, but in addition to that they want
a publicly owned and directed central bank to assume responsibility for
credit to which they presumably would extend the sole right of note 1143110.
The Liberal Party, now in opposition, in connection with a reorganization
has announced support for banking reform and the Party is likely to declare
for establishment of a central bank. The revision of the bank act, due
this year, has been deferred until the 1934 session for the Prime Minister
to await the action of the world economic conference on currency and
related problems.
There are 10 chartered banks in Canada and the three representative
bankers who have publicly discussed the question of a central bank are
all opposed to it Canada is sometimes referred to as the Thirteenth District
of the Federal Reserve System; certainly the Canadian banks have large
Interests in New York, with six branches and where regular settlements
for Canadian bills are made in the course of business. But the bankers of
Canada are satisfied to proceed as at present, co-operating in and through
the Canadian Bankers Association with the Federal Treasury Board. In
1914, the Finance Act was passed whereby it is legal and convenient for the
banks to deposit approved securities with the Treasury and receive Dominion
notes in return, thereby increasing their currency requirements.
For that privilege they pay 5% on the amount extended by the Treasury.
banks
On Oct. 31 the amount advanced under the Finance Act to the
was $27,500,000. The amount varies with demands for currency and
Volume 135
Financial Chronicle
credit. In 1928 the average use made of this reserve by the banks was
$51.528,000, and in 1929, $82,916,000.
The banks regard this arrangement as superior to any central bank
planned for Canada. At the annual meeting of the Imperial Bank of
Canada, A. E. Phipps, General Manager,stated that a central bank could
not increase banking resources or currency by a single dollar. Once established, the expense to the country would go on forever. "It is interesting
to recall that when financial depression on a large scale hit the United
States, that the Federal Reserve System of that country, which was restricted by regulations such as govern a central bank,was not able to cope
with the situation, and other measures (for one, the Reconstruction Finance
Corporation, based on the lines of the Canadian Finance Act) were enacted for the purpose of making available more credit and more money
than it was possible to obtain from the Reserve banks, owing to the restrictions imposed upon them. If you can imagine the United States with a
finance act instead of a Federal Reserve System, there would have been
no cause for enactment ofspecial laws, and in fact there need never have been
any money panic."
Sir Charles Gordon, President of the Bank of Montreal, at the annual
meeting of his bank,said the shore of financial history is strewn with wrecks
of ventures in irredeemable paper money which, he assumed, the proposed
central bank would issue to meet popular demand. He contrasted the
Canadian system with that of the United States during the last three
years, and submitted there is no need for a central bank in Canada.
Calgary to Pay in Canadian Funds—Refuses to Buy
Exchange for Bonds Due in New York.
Canadian Press advices from Calgary, Alta.,
stated:
bee.
20
Calgary has decided not to pay charges of $300,000 for United States
exchange when it meets its $2.609,677 payment of maturing debentures in
New York on Jan. 1. The principal and interest will be met, but in Canadian funds.
With two of the 10 Aldermen dissenting the City Council last night
refused to pay the exchange charges because it would mean a five-mill
Increase in the tax rate for 1933. Mayor Andy Davison reported that both
the Alberta Government and the Federal Government had refused to aid
the city.
Further Canadian Press accounts from Calgary, Dec. 22,
said:
Concluding its final meeting of the year, Calgary's City Council to-night
stood firm against paying exchange charges In meeting debenture payments in New York Jan. 1 totaling more than $2,500,000.
Called as a special meeting to deal specifically with exchange charges on
interest payments, the Aldermen briefly reviewed the whole question and
refused any change in attitude. Approximately $300,000 exchange charges
on the principal of the three debenture issues will be ignored, and between
$5,500 and $6,000 in exchange on interest payments.
After Mayor Andy Davison disclosed the city's sinking fund was $401,000
short on 1932 levies, the Council voted to issue five-year treasury bills
bearing 4% interest to make up the shortage, providing approval is given
by the Alberta Board of Public Utilities. The move, the Mayor said,
would save the city 2% in carrying charges.
Alderman C. E. Carr, who, with Alderman L. H. Fenerty opposed the
city's default on debenture exchange, contended that if the sinking fund
could raise money in this manner it could do so to meet the exchange
demands.
President Hoover Names Nathan W. MacChesney As
American Minister to Canada Succeeding Col.
MacNider.
Colonel Nathan William MacChesney, of Illinois, was
named by President Hoover on Dec. 15 to be American
Minister to Canada. He will succeed Colonel Hanford
MacNider, recently resigned. Associated Press accounts
from Washington Dec. 15 said:
Col. MacChesney, who is 54 years old, has long been a friend of the
President and is a frequent White House visitor. He attended Stanford
University and at the same time as Mr. and Mrs. Hoover.
After practicing law for many years in Chicago he was named a special
assistant to the Attorney General In 1911 and later acted as counsel for the
Senate in its investigation of the Veterans Bureau and of rents in the District of Columbia.
He was judge advocate of the general headquarters of the American Expeditionary Forces and was decorated by the United States and other countries. He has been general counsel for Siam since 1924.
The resignation of Mr. MacNider was noted in our issue
of Sept. 10, page 1740.
British House of Commons Votes Sum for Irish Annuities—Passes Supplementary Estimate of $11,290,260
after Plea by Prime Minister MacDonald's Son.
The following from London Dec. 20 is from the New
York "Times":
With an almost complete absence of bitterness, the House of Commons
to-night voted a supplementary estimate of £3,410,955 [about $11,290,260
at current exchange] to pay for the defaulted Irish land annuities.
The better atmosphere was partly the work of Malcolm MacDonald,
the Prime Minister's son and Under-Secretary of State for the Dominions
who opened the debate instead of his chief, J. H. Thomas.
Asserting that the Government felt "deeply sorry" over the dispute, Mr.
MacDonald insisted that Britian was anxious to settle it "not only because
some of the economic consequences are unfortunate but also because any
disturbance of friendship between [Irish] people, the Government and
ourselves is a matter of deep concern to every one."
The total already obtained from the tariff against Free State produce,
Mr. MacDonald said, was £1,357,160, and it would be about E2,500,000
by the end of the full year. This is about E1,500,000 short of the amount
due on the land annuities.
Irish Free State Said to Plan an Independent Currency.
From the New York "Times" we take the following
from London, Dec. 13:
4307
Creation of an independent Irish Free State currency with an Irish
dollar as the unit is being secretly arranged in Dublin, according to "The
Daily Mirror." The scheme, it is said, involves withdrawal of £6,000,000
in gold (about $29,220,000) from the Bank of England, and further security
is likely to be Irish land.
Irish currency is now on a sterling basis. with coins and notes of the
same denomination as the British. One suggestion is that the plan is
a first step toward depreciating Irish currency, which would aid Irish
farmers in selling produce to Britain over the new tariff wall. Professor
T. E. G. Gregory of the London School of Economics described the scheme
to-night, however, as "crack-brained." It must lead to inflation, he said,
"which in the end will produce disastrous chaos; it means changing one set
of difficulties for another."
Irish Land Issue and Relief Affects British Budget
to Extent of £21,420,966.
The following London cablegram Dec. 15 is from the
New York "Times":
-day.
Chancellor Neville Chamberlain's budget troubles were added to to
in
Hardly had the British Treasury paid the United States 595,550,000
supplementary
gold, which will stretch accounts by £29,500,000. than
Parliament.
estimates amounting to £21,420,955 were presented in
unemployment
Of this, £18,010,000 is unexpectedly required for the
is to meet Britain's liabilities to
insurance relief fund, and £3,410,000
of the refusal
bondholders and other expenditure incurred as a result
annuities.
of the Irish Free State Government to pay the land
members of Parliament.
The size of these new demands came as a shock to
during the
Unless Mr. Chamberlain has a better prospect of economies
large deficit
remainder of the financial year than appears likely now, a
Is probable when the year ends in March.
De Valera Asks Irish to Pay Republican Loans—
Would Refund $4,000,000 at 25% Premium.
In Associated Press advices from Dublin (Irish Free
State) Dec. 19 it was stated that President Eamon de Valera
announced to the Saorstat that day that the Government
had decided to propose legislation providing for the repayment at the rate of $1.25 on every dollar loaned of
Irish Republican loans raised in the United States. The
advices, as published in the New York "Times," continued:
after its
Such legislation is to be introduced into the Dail immediately
amend
reassembly on Feb. 1. The technical nature of the bill will be to
the funds act of 1924.
will include:
The principles of repayment, President de Valera said,
dollar
1. The sum of $1.25 will be paid either in stock or cash for each
receivers
subscribed In loans, the amount already paid on each dollar by
to be regarded as payment in part.
completely
2. The payment on $10 and $25 bond certificates will be
In cash.
upward
3. Payments on bond certificate of denominations of $30 and
and
will be in stock, in multiples of $5 in cash for odd amounts in dollars
cents.
4. The stock will have Irish Free State Government security, bearing
payable
interest at the rate of 3M %, tax free in the Irish Free State,
of five
yearly, and redeemable at the nominal value at the end of a period
market.
years or at any intervening date by purchase in the open
is in the neighborhood
The total amount owed in the United States
and
of $5,000.000. The amount will be made up of portions of the first
worked
second loans floated in America in 1921 by Mr. de Valera, who
British
for his passage across the Atlantic on a tramp steamer despite
efforts to capture him.
The American loan was issued in two parts: The first in January
which
1921, which realized $5,263,695, and the second in November 1921,
after
realized $622,720. About $2,000,000 was returned to subscribers
is now due
litigation in American courts, but $4,000,000 plus interest
Former Premier Herriot of France Said to Have Discovered That Fund for Debt Dec. 15 Payment to
United States Was Voted In Budget Last March—
Fight Resulting in His Defeat Regarded as Having
Been Needless.
Under date of Dec. 19 a wireless message from Paris to
the New York "Times" said:
To-day's main event here was the revelation by Jenne in "The Paris
need
Midi" that Edouard Herriot need never have been defeated, for he
to pay
not have asked the Chamber of Deputies to vote necessary credits
last Thursday's debt instalment to the United States.
The debate of last Tuesday night [Dec. 131 need never have been held
and all the fuss might have been quietly avoided. For last March the
Chamber and Senate both voted in the 1932 budget the credits necessary to
make the Dec. 15 payment.
That fact was curiously discovered yesterday by former Premier Herriot
himself. He had asked for a copy of the budget to look into another
matter. The very next paragraph to the one that interested him was an
item of 480,000.000 francs. M. Herriot read it and to his immense surprise
found the necessary credit had been regularly and properly voted ten months
ago, and that he could have made the payment without asking new permission.
On the night of the debate no one remembered that fact. Even Francois
Pietri, who was Minister of the Budget at that time in the Laval administration, forgot, while he eloquently supported payment, that the question
had already been settled. The oversight was not inexcusable. Since the
credit was voted the Tardieu government had succeeded that of Pierre
Laval, there had been a general election and the Herriot Cabinet had come
Into power and made the Lausanne agreement. Last March seems a long
time ago in French political history.
Cabinet Action in Doubt.
It is a point of general interrogation whether the new Cabinet will avail
itself of the fact that the credit has been voted to make the payment now,
or whether it will abide by the Chamber's more recent decision.
It is expected that on Thursday [Dec. 221 the new Government will
present its request for voting a monthly credit pending passage of the
budget and will ask permission to increase the Treasury bond issue to permit
necessary year-end payments to be made.
4308
Financial Chronicle
Premier Joseph Paul-Boncour's Cabinet held its first meeting to-day
and began discussion of its declaration of policy which it will lay before
Parliament Thursday. In the morning M. Herriot turned over to his
successor his office as Minister of Foreign Affairs.
On the whole the new Cabinet has been well received. Henri Cheron's
presence in the Finance Ministry had a good reaction on the Bourse and
has been welcomed by moderate elements in Parliament. On the other
hand, the Socialists on whose support M. Paul-Boncour must, in large
measure, depend for a majority, have shown themselves cold toward the
Finance Minister.
The fall of the Herriot government,following the rejection
by the Chamber of Deputies, of the proposal of Premier
Herriot to meet, with reservations, the Dec. 15 payment
due the United States, was noted in our issue of Dec. 17,
page 4133. On Dec. 17 a Paris cablegram to the New
York "Times" said:
Senator Joseph Paul-Boncour, one of the most eloquent leaders of the
Paris bar, French delegate for many years and under successive governments to the League of Nations and the Disarmament Conference, Minister
of War in Edouard Herriot's Cabinet and until a few years ago a member
of the Socialist Party, will be the new Premier of the French Republic.
After a day passed in consultation, he informed President Lebrun this
evening that he was prepared to accept his invitation to form a Cabinet.
M. Herriot will not be a member of the Cabinet. The former Premier
was entreated by M. Paul-Boncour, as he was by Camille Chautemps, to
continue as Minister of Foreign Affairs, but he declined. As long as the
debt situation, on which he was defeated, is not cleared up it is apparent
he intends to stay out of the Government
The members of the new French Cabinet are given elsewhere in this issue.
New French Cabinet Formed—Includes No Foe of
Debt Payment—Paul-Boncour Finishes Task by
Giving Finance Post to Henry Cheron.
Under date of Dec. 18 a Paris wireless message to the
New York "Times" said:
Premier Joseph Paul-Boncour has made his Cabinet and has taken into
It as Finance Minister that shrewd Norman Senator, Henry Cheron, who
during his last term of office as Chief Treasurer of the country piled up a
nest egg of 14,000,000,000francs(about $560,000,0001, which Andre Tardieu,
Pierre-Etienne, Flandin and others quickly dispersed.
It is notable that no member of the new Cabinet voted against payment
of the debt instalment to the United States last week.
M.Cheron comes back to an empty treasury, to an ever-growing decrease
in income and an ever-growing Increase in expenditure, with the deficit in
revenue this year already near 4,000,000,000 francs below the estimates
and an immediate need of money if end-of
-the-year payments are to be
made by the French Government. His return will be hailed by many
throughout the country, but in Parliament there may be a different reaction.
Members of New Cabinet.
The rest of the Paul-Boncour Cabinet is largely the same as that of
Edouard Herriot. Following is the Cabinet as it was announced this
evening at 9 o'clock, when, after a day of difficult negotiations, M. PaulBoncour presented the members to President Lebrun:
President of the Council of Ministers Agriculture—Henri Quoit!lle.
and Minister of Foreign Affairs— Colonies—Albert Sarraut.
Joseph Paul-Boncour,
Labor—Albert Dalhnier.
Justice—Abel Gardey.
Merchant Marine—Leon Meyer.
Interior—Camille Chautemps.
Posts St Telegraph—Laurent Eynac.
War—Edouard Daladier.
Commerce—Julien Durand.
Marine—Georges Lenues•
Pensions—Edmond Miellet.
Air—Paul Painleve.
Public Works—Georges Bonnet.
Finance and Budget—Henry Cheron. Health—Charles Danielou,
Education—Anatole de Monzie.
The Under Secretaries are:
Council Presidency—Eugene Fret.
Beaux Arts—Jean Mistier,
Foreign Affairs—Pierre Cot.
Colonies—Gratien Candace.
Education—Raymond Patenotre.
War—Guy la Chambre.
Interior—Alexander Israel.
Agriculture—Alexis Jaubert.
Air—Paul Bernier.
Labor—Francois de Tessan.
Technical Education—Hippolyte
Duces.
Physical Education—Philippe Marcombes.
Henry Cheron, New Finance Minister of France, Said
to Face a Treasury Shortage of 5,000,000,000 Francs.
Under date of Dec. 20 advices from Paris to the New
York "Times" stated:
Henry Cheron, who left 19,000.000,000 francs in the treasury when he
left the office of the Finance Ministry in 1930, found a different situation
when he resumed his duties there to-day.
In their report to the incoming Minister, Louis Germain-Martin, former
Finance Minister, and Maurice Palmade, forma* Budget Minister, showed
that the treasury's total resources on the day the Herriot government fell
last week had been 3,392,000,000 francs (the franc is worth 3.9 cents).
There was, however, a deficit of nearly 4,000,000.000 francs in tax receipts
under budget estimates. There was also a deficit of nearly 1,000,000,000
francs left over from the 1932 budget because of the failure of certain items
counted in revenues in that budget.
The new Finance Minister therefore finds himself obliged to make
Immediate use of the authorization passed in October to raise 3.000.000,000
francs extra by issuing bonds to cover expenses of the first weeks of the
new year. He also faces the prospect of a monthly deficit of 1,000.000,000
francs In tax collections as compared with estimates.
France Reported as Taking Up Debt Issues with United
States—Premier Paul-Bancour Calls on United
States Ambassador Edge.
In Associated Press advices from Paris it is stated that
Premier Paul-Bancour suddenly and dramatically virtually
launched debt negotiations with America yesterday (Dec. 23)
by personally calling upon United States Ambassador Edge
at the embassy. The advices, as given in the New York
"Sun" went on to say:
Dec. 24 1932
He asked that Mr. Edge take the matter up with Washington so that
France may help in reaching a solution of the debt question.
Mr. Edge had let it be known to M. Paul-Boncour that he would be
pleased if the Premier could receive him so that he, Edge, might convey
his respects to the new Premier and Foreign Minister.
•
The Foreign Office sent no reply to this request during the day.
Suddenly and without giving any notice beforehand M. Paul-Boncour
accompanied by Pierre de Fouquieres. Director of Protocol, arrived at the
embassy chancellery in the Rue de Chaillot and asked to see Mr. Edge.
Half Hour Conference.
For half an hour M. Paul-Boncour and Mr. Edge thrashed out the
entire debt problem.
Information from American sources indicates that M. Paul-Boncour
frankly expressed a desire to receive any assistance possible from the embassy and the Washington Government which would enable him to take
up the debt question with the Chamber of Deputies and enable the Government and the Chamber to reach a solution of the question as soon as
possible.
It is stated that there was no mincing of words throughout the conference, which was characterized throughout by the finest spirit of good
will on both sides, and that the conversations did a great deal to clear
the atmosphere.
Apparently M. Paul-Boncour refrained from making any prediction as
to when the Chamber might alter its attitude concerning postponement of
the December interest payment.
However, it was understood, he did intimate to Mr. Edge his fervent
hope that Mr. Edge would take the matter up with the Washington Government:A) that negotiations might be continued uninterrupted.
First Concrete Step.
M. Paul-Boncour's call was the first of a series of calls he made to the
chiefs of diplomatic missions.
It was the first concrete step of the new government in fulfillment of its
policy announced yesterday in the Chamber of Deputies to continue negotiations with the United States, although it has taken the position necessary in view of the complexity of the American political situation duejto
the forthcoming change of Presidents.
American circles think it would be too optimistic to draw too many
conclusions from M. Paul-Boncour's visit—for example, that the debt
question will soon be near a solution—and believe the proper interpretation
of the visit is that France is determined not to permit the debt question
to lie dormant.
It was understood that M Paul-Boncour will confer with Henri Berenger
in the latter's capacity of Chairman of the Foreign Affairs Committee of
the Senate and negotiator of the 1926 Washington debt settlement.
War Debt Revision Considered Inevitable by Governor
of Bank of Spain.
A wireless Madrid message Dec. 14 is taken as follows
from the New York "Times":
"Self-preservation" will lead the governments and financiers of the world
to revise war debts, according to Julio Carabias, Governor of the Bank of
Spain.
"When the economic interests of the whole world are involved, some adjustment beneficial to the financial and commercial interests of all must
must ensure," he declared. He added that he did not see how reparations
and war debts could be separated.
"Britain's position on the Dec. 15 payments is correct and is to be
applauded." he said, adding that France's reluctance was undoubtedly due
to lack of assurance of a new arrangement before the next payments fall due.
French Revenue Falls 20% Under Estimates for Budget.
In a Paris message Dec. 17 to the New York "Times" it
was stated that French tax collections for November show
a deficit of 20%, compared with the budgetary estimates of
the Finance Ministry. This brings, it is stated, the total
deficit for the first 11 months of the year to 3,827,000,000
francs [$150,018,000]. The November total of collections
was 3,312,000,000 francs. Last year's collections in the
same months were 3,909,000,000.
Paris Keeps $19,000,000 Gold She Had Ready to Pay
United States Debt.
A Paris cablegram Dec. 15 is taken as follows from the
New York "Times":
Following the decision of the Chamber of Deputies early Wednesday
morning not to pay the war debt instalment to the United States, an order
was given to-day canceling shipments of $19,000,000 worth of gold which
had been boxed for dispatch to New York.
The first shipment was to have left on the liner Manhattan to-day and
the rest had been scheduled to go on the Pennland, New York and Europa.
Former Premier Laval Reiterates He Opposes French
Payment on Debt to United States—Declares Paris
"Entitled" to Moratorium.
The following (Associated Press) from Paris Dee. 15 is
from the New York "Times":
Former Premier Pierre Laval reiterated to The Associated Press to-day
that it was true that if there were only one vote in the French Senate against
payment of the December interest, it would be his. M. Laval added the
following statement, saying it was intended for the American people:
"For your great nation I have only feelings of admiration and friendship. I have too often affirmed the necessity of confident collaboration
between France and the United States, and I have too much expressed
my appreciation of the delicacy and generosity of the American people not
to wish passionately that the misunderstanding which separates us may
rapidly disappear.
"Doubtless soon I shall have occasion in the Senate to interpret the
meaning and juridical and moral importance of the initiative taken in
June 1931, by President Hoover, which was ratified by Congress in December
of the same year, and also of the communique of Washington.
"I will present my views of reparations and debts—on the link which
exists between them—and I will make a distinction between the moratorium
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Financial Chronicle
4309
to which we are entitled and the definite settlement of these matters.
France alone cannot support the policy of wiping the slate clean.
"Because I know how much your compatriots like direct speaking and
frankness in discussion. I have the conviction that as a result of my explanation they will not regret the friendly feeling they showed to my country
through my person during my visit to the United States."
M. Laval is understood to believe that the Hoover moratorium and the
Hoover-Laval communique at Washington clearly linked reparations and
debts and established the priority of reparations over debts.
He authorized cabling, as an expression of his general views, the contents
of an editorial he wrote recently for his newspaper, "Monitor," published
at Clermont-Ferrand.
As a result of the Lausanne accord, he wrote, "Germany, her external
debts lightened, will henceforth be in a position to play a role in the industrial domain that will not always conform to the interests of British industry.
"Mr. MacDonald," the editorial said, "will perceive that his policy
which triumphed at Lausanne reserves surprises for his country. Provided
with powerful material procured as a result of loans from American and
English bankers, German industry can now gayly set forth to conquer the
majority of the markets of Europe. American industrialists will soon feel
the disastrous effects of the Lausanne agreement by seeing certain European
outlets closed to them."
"We cannot pay our English and American creditors unless we receive
our credits from Germany," M. Laval wrote. "France cannot alone suffer
the effects of wiping the slate clean. Our country has gone to the extreme
limit of financial sacrifice in aiding the reconstruction of Europe."
intimated that for long-term credits, M% "or thereabouts"
was quite sufficient.
With respect to the question of treating foreign and German
creditors alike, he is reported as saying:
French Union Calls Meeting of World Exporters to
The Berlin curb market for Germany's dollar bonds is active and strong.
There have been sharp advances in the majority of bonds, particularly of
the industrial description, many of which have risen eight to nine points
since the beginning of the month. Banks. however, consider that calculations lately appearing in the English press, predicting Germany's ability
to wipe out its foreign debt rapidly through repurchasing its foreign bonds
at depreciated prices are erroneous and chimerical.
The official census shows only 330,000,000 marks of dollar bonds to have
been acquired by Germans before November 1931. Since 1931. the amount
officially sanctioned has averaged only 10,000,000 marks monthly. There
has been some surreptitious buying and some purchasesfrom private German
cash balances abroad. But the rough estimate is that the total amount of
such bonds now in German hands does not exceed 700,000,000 marks, or
$175,000,000, and some authorities place the figure 20% lower.
Barriers.
Paris advices as follows, Dec. 15, are taken from the
New York "Times":
•
Act Against Trade
The Union of French Exporting Industries, recently organized to combat
trade barriers and the effects upon international exchanges of excessive
protection, announced at a luncheon at the Inter-allied Club to-day the
calling of a meeting of exporters of all countries. The session will be held
next April at the Paris headquarters of the International Chamber of
Commerce.
The object of the meeting,it was explained by Robert Altermann, director
of the Union, will be to obtain the collaboration of exporters of every nation
in an organized campaign to reduce trade barriers. Attempt will be made
to adopt a program to facilitate the task of governments in concluding
commercial treaties based on liberal policies.
The members of the French Union are chiefly connected with the silk,
wool, wine, cheese, chemicals and luxury trades.
Dr. Hugenberg, German Nationalist Leader, Demands
Cut in Private Debt—Holds Interest Slash Vital if
German Short-Term Credits Abroad Are to be Paid
—Urges Rate of 1 2%—Wants Long-Term Conversion and Payments in Proportion to Export Surplus—Default Otherwise.
Dr.Alfred Hugenberg,leader of the Nationalist Party, who
it is stated, has close connections with German big business,
told American newspaper men at a luncheon in Berlin on
Dec. 21 that it would be necessary to scale down the interest
on the German private short-term debts owed abroad to
about 134%, convert these debts into long-term amortization debts and make sinking fund payments proportional to
the nation's export surplus over any given period. A
cablegram from Berlin to the New York "Times" went on
to say:
Declaring that these three measures would be the tasks of the bankers'
meeting here next month to prolong the standstill agreement, Dr. Hugenberg asserted that the pri ary one would be the reduction of interest rates,
as in his opinion there was the alternative of demanding either high interest
or repayment of the principal.
If an agreement covering the three points were not reached, he added,
German business would arrive at a point where payments abroad would
have to be suspended.
Official quarters and Reichsbank officials, when apprised of Dr. Hugenberg's utterances, promptly let it be known that they represented his private
opinion and that he spoke in his capacity as a party leader. It was made
plain that those quarters did not identify themselves with his pronouncements.
-War Experience.
Stresses Post
Dr. Hugenberg declared that the experiences of the World War and
afterward had shown conclusively that international indebtedness could
not be increased beyond a certain amount without seriously upsetting world
business.
If this amount were exceeded, he asserted, more damage would be
done to a creditor country's business if it insisted on the repayment of
these debts than if it scaled them down, the reason being that international
debts could be liquidated only through the transfer of goods and an excessive
debt burden left a debtor country no other way than to force its products
upon the creditor through dumping, with the result that domestic business
in the creditor country would gradually be ruined.
On the basis of the export surplus of the last 12 months, he continued,
Germany's annual capacity to pay abroad was about 1.000,000,000 marks
[about $280,000,000], which was less than what was required for the debt
service. Any improvement in business in 1933 would reduce the surplus
as the price of raw material would increase, he added, predicting that the
suspension of payments abroad was consequently inevitable if the standstill and other agreements were not amended.
Negotiations for revision of the Franco-German trade agreement of Aug.
17 1927, initiated in Berlin Nov. 21, have been concluded and a protocol
amending the agreement will now be submitted to the two governments for
ratification. No details of the new accord, which will take effect Feb. 1,
will be made public at present.
Negotiations are still going on for the regulation of money transfers arising
from trade between Germany and France and for making tourist traffic
easier.
According to Associated Press accounts from Berlin Dec.
21, Dr. Hugenberg, in addition to urging that the interest
rate on short-term credits should be reduced to 1 3270,
As far as I am concerned, all credits frozen in July 1931, should be
treated alike, whether extended by Germans or foreigners. On current
debts, namely those contracted since then. difference of treatment is
justifiable in that Germans can be paid back in marks while foreigners
demand foreign exchange.
From the New York "Times" of Dec. 22 we quote:
Bankers Here Scou. Rates.
Wall Street bankers concerned in German credits had little comment to
make yesterday on the statement of Dr. Alfred Hugenberg calling for
lower interest rates on German private debts owed abroad, beyond indicating that the rates of 134% on short-term and ;4% on long-term credits
suggested by him were not to be taken seriously.
Dr. Hugenberg's views, one banker said, did not appear to reflect the
attitude of serious German bankers.
Repurchases of Dollar Bonds in Germany Put at
$175,000,000.
From Berlin Dec. 16 a wireless message to the New York
"Times" said:
Buy Swedish Shares to Keep Trade From
British.
A cablegram as follows from Stockholm Dec. 17 is from
the New York "Times":
Germans
The Swedish Government's new policy of encouraging trade with Great
Britain is being obstructed by German industrialists who are fighting
bitterly to retain their share of the Swedish market.
It became known to-day that the Stinnes group in Germany had bought
a majority interest in the three most important coal-importing companies
In Sweden, which may make it impossible for Sweden to substitute Welsh
coal in large quantities for the German or other Continental product.
Germany Votes $10,710,000 for Unemployed Relief—
Persons"On Dole" Increase 250,000 Since November
to Total of 5,600,000—Amnesty Releases 10,000.
In a Berlin message Dec. 21 (copyright) to the New York
"Herald Tribune"it was stated that the Cabinet of Chancellor
Burt von Schleicher, in its last meeting before the Christmas
holidays, agreed that night (Dec. 21) to appropriate 45,000,000 marks ($10,710,000) for winter relief of the unemployed
and youths. The cablegram continued:
This subsidy Is expected to benefit 6,900,000 receivers of unemployment
insurance and transitional benefit and 300,000 in the youth movement.
Unemployment statistics published to-day revealed that the number of
those "on dole" has increased by 250.000 since November and now totals
5,600,000. Meanwhile, this figure stood to be increased still more as the
prisons of the country began to disgorge an army of persons—between
10,000 and 15,000—released by the amnesty signed by President Paul von
Hindenburg last night, following its acceptance by Parliament.
Dr. Max Roosen a Beneficiary.
Among the beneficiaries of the decree is Dr. Max Roosen, who attempted
the assassination of Hans Luther, President of the Reichsbank, last March,
and Carl von Ossietzky, Editor of the radical weekly "Die Weltbuehne."
The five National Socialists (Fascists) who were condemned to death by a
summary court at Beuthen, East Prussia, in August for the murder of a
Communist worker at Potempa, but whose sentence subsequently was
commuted to life imprisonment, will not benefit by the pardon.
Of the totalsum voted by the Cabinet for relief purposes,35.000.000 marks
($8,330,000) will be taken from the Federal treasury to provide cheaper
meat and fuel for the jobless and their families. From Jan. 1 to March 31
everyone "on dole" will be entitled to receive monthly four pounds of fresh
meat at 30 pfennigs (7 cents) a pound below the current market rates and
two hundredweights of coal a month at 30 pfennigs a hundredweight under
the normal price. Every head of a family with four or more dependents
will be entitled to receive, in addition, a second certificate allowing him
cheaper prices.
Substitutions for Vegetarians.
Vegetarians will profit by a clause permitting sausage, milk, bread or
sea-fish to be substituted for meat, if desired. The Government also will
appropriate another 1,500,000 marks ($357,000) to provide cheaper freight
rates for coal destined for the unemployed.
Another 9.000,000 marks ($2,142,000) was granted by the Cabinet to
provide warm meals for 300,000 youths enrolled in various organizations
engaged in voluntary labor. Twenty pfennigs (about 4;4 cents) will be
paid daily as a subsidy for food for each member ofsuch associations.
Remittance Received for Payment of Jan. 1 Coupon
on Bonds of Westphalia United Electric Power
Corp.
Speyer & Co., as fiscal agents for $19,315,000 Westphalia
United Electric Power Corp. first mortgage 6% gold bonds,
series "A," announce that they have received the regular
4310
Financial Chronicle
remittance for payment of the Jan. 1 1933 coupons of these
bonds.
Proposed Meeting in Berlin Next Month to Act on
Revision of German "Standstill" Agreement—
Albert H. Wiggin to Attend Meeting—London
Committee Adjourns Sessions.
Albert H. Wiggin, Chairman of the Governing Board of
the Chase National Bank of New York and Chairman of the
Committee on the German Credit Agreement of 1932, made
the following statement on Dec. 12:
"In accordance with the German Credit Agreement of 1932, a meeting
will be held in January for the revision of the present agreement, which
expires at the end of February 1933. The meeting will convene on Jan. 30
In Berlin."
It is understood that Mr. Wiggin will sail for Germany
next month to be present at the meeting. In its issue of
Dec. 13, the New York "Times" said:
Creditor bankers here and abroad have been at work for several weeks on
discussions preparatory to the drawing up of a new standstill agreement.
R. H. Brand of Lazard Brothers, London, a member of the London Standstill
Committee, has been in New York conferring with bankers here and representatives of the German standstill debtors have conferred in London with
creditor bankers.
Among the proposals discussed are plans for refunding a part of the
standstill credits into long-term obligations and arrangements for facilitating
the repayment of the credits in marks by enlarging the uses to which
so-called "blocked marks"—marks that may not be transferred out of
Germany—can be put.
None of these plans has been definitely settled on. It has been objected
that the creditors had nothing to gain by exchanging a short-term obligation for a long-term one, and that increased use of "blocked marks" would
tend to set up two different kinds of currency in Germany, "free marks"
and "blocked marks."
From the "Times" we also take the following from London, Dec. 12:
The committee studying the prospects of renewing the German standstill
agreement expiring in February, in which United States bankers are
largely interested, has adjourned sessions until Jan. 10. Favorable progress
has been made, it was officially announced to-night, and it is expected that
these prior informal meetings will be able to frame a program and greatly
facilitate the work of a formal meeting under the Chairmanship of Albert H.
Wiggin in Berlin, Jan. 30, between representatives of the creditor countries
and the German debtors.
The standstill arrangements were originally made on the understanding
given by politicians that they would negotiate a settlement of the war
debts, which was eventually fulfilled at Lausanne.
Signs of increasing co-operation among the European nations were responsible for a firmer tone in German and other securities on the London Stock
Exchange. This strength was attributed also to brighter German trade
reports and the progress made in liquidating the standstill credits.
A reference to the London meeting appeared in our issue
of Nov. 26, page 3613.
In a Berlin cablegram, Nov. 30, to the New York "Times"
it was stated:
According to local financial circles, the recommendations of the London
Committee to study the German standstill agreement provide for considerable
enlargement of existing facilities for repayments by means of conversion
Into marks for investment. With the exception of reimbursement credits,
all cash claims would be eligible for such conversion, subject, however, to
the Reichsbank's veto in specific cases on the grounds of general policy.
The amounts repaid in marks by German debtors would be deposited in a
trust account of the Reichsbank, it is stated, and would be freely transferable. The balances could be invested in real estate securities, private
partnership shares, credits and the like, as well as any obligations that
might be issued by the Reich Government in foreign currencies.
The study committee is also understood to be advising the limited employment of mark balances in tourist trade and in the payment of supplementary German exports and services.
British House of Common Votes Australian Loan—
Grants Guarantee of $14,000,000 as Provided by
Five Powers in Protocol Last July.
The following from London Dec. 20 is from the New
York "Times":
Amid grumbling from all three parties the House of Commons authorized
to-day the guarantee of 100,000,000 schillings (about 814,000,000) to
Austria which was the British share of the new loan provided by the fivepower protocol of last July.
The Laborites joined with the diehards in arguing it was better to guar•
antee loans for development at home Instead of making loan after loan to
weak nations abroad. Sir Arthur Samuel, Conservative, protested that
Britain was merely throwing good money after bad. while George Lambert,
Liberal, bitterly objected to Britain's "being dragged at wabbly chariot
wheels of the League of Nations" in financial matters.
p Neville Chamberlain, Chancellor of the Exchequer, reminded the House,
however, that Austria had agreed to balance her budget and reform her
finances.
"Austria is taking the scheme of reform seriously," he declared, "and
making a valiant effort to carry out her side of the bargain. As she has
done that on the strength of the protocol it is now for those who signed the
protocol to carry out their side of the arrangement and guarantee the loan
accordingly."
The resolution was adopted without a division.
Hungary Reported as Prolonging Moratorium on
Foreign Obligations a Year.
A wireless message as follows from Budapest Dec. 22,
is from the New York "Times":
transfer moratorium on foreign
The Government's decision to prolong the
-morrow.
debts for another full year will be published to
Dec. 24 1932
The Finance Minister told the Economy Committee of Parliament to-day
that the Government would have to discuss with the League Financia
Committee in January certain changes which had become necessary and
which would affect the interests of Hungary's foreign creditors.
Trustees of Hungarian Loan of 1924 to Use Reserve
Fund to Pay Feb. 1 Interest.
The trustees of the State Loan of the Kingdom of Hungary
1924 announce that, since the Hungarian Government has
failed to provide them with necessary foreign currencies for
the full Feb. 1 1933 interest and sinking fund, they will
utilize the reserve fund to the extent found necessary ill
order to pay in full the interest due on the loan on that
date. It is stated that no par of the reserve fund has been
or will be utilized to purchase bonds for the sinking fund for
the fiscal year ending Feb. 1 1933. In accordance with
the provisions of the general bond, the trustees have called
upon the Hungarian Government to reconstitute the reserve
fund in its entirety.
Speyer & Co. announced on Dec. 19 that, prior to the
cessation of foreign currency remittances due from the
Hungarian Government to the trustees,$219,000 face amount
of the 73/% sinking fund dollar bonds of the State Loan of
the Kingdom of Hungary 1924 were purchased during 1932
for the above-mentioned sinking fund. The sum this
applied to purchase bonds for the above sinking fund is
less than the sum required to be so applied in accordance
with the terms of the general bond, for the reasons stated
in the announcement of the trustees.
Finnish Cabinet Quits Over Fiscal Measure—President
Refuses to Sanction Measure Fixing Legal Rate
of Interest on Private Loans.
The following from Helsingfors, Dec. 7, is from the
New York "Times":
The economic depression has caused a political crisis. The Sunila
Cabinet, with an Agrarian majority, resigned to-day in consequence of
President Svinhufhud's refusal to permit the introduction in Parliament
of a bill providing for a legally fixed maximum of 7% interest on loans
granted by others than banks and similar financial institutions.
The measure was to have been effective for three years, during which
foreclosures were to have been forbidden without special sanction, The
bill exempted bond loans and foreign lenders.
The influential Agrarian party insisted on this measure as a part of its
program to combat the depression, despite the opposition of the other
parties and against considered opinion in financial circles. Yesterday
the directors and governors of the State Bank declared that a lowering by
law of the interest rate would upset the equilibrium of the money market.
Sweden Reported As Extending Aid to Two Banks—
One Said to Have Lost 9,000,000 Kroner of Capital
Through Kreuger.
The following from Stockholm Dec. 13 is from the New
York "Times":
The State Councils in extraordinary meeting to-day decided to render
State support to two important Swedish banks, the Ostergoetlands Enskilda
and the Gothenburg Handelsbank, which are to be reconstructed. The
first mentioned bank lost 7,000,000 kroner out of a share capital of 17,000.000, and the second, whose share capital was 20,000,000 kroner. lost
14,000,000 on engagements with the Transatlantic Shipping Co. and
Nudoulst & Holm.
The difficulties of the Oestergoetiands Enskilda were duo to losses of
Kreuger.
about 9,000.000 kroner through Ivar
Dutch Chamber Approves Loan,
From The Hague Dec. 2 the New York "Times" reported
the following:
The Chamber passed to-day the proposed loan of 300,000,000 guilders
firstly for converting the 5% loan of 186,000,000 guilders of 1932 presumably into 4 per cents.
r $158,080,000 Deficit Estimated in
of Italy.
1933-34 Budget
Under date of Dec. 19 a wireless message from Rome
(Italy) to the New York "Times" said:
The Council of Ministers approved to-day a provisional budget for
1933-34 totaling 20.614,000.000 lire (81,055.436,800). Since receipts
are estimated at 17,714,000.000 lire, there is a presumed deficit of 2,900.000,000 lire, to which must be added a debit balance on the movement
of capital this year amounting to 187,500,000 lire.
In view of the present circumstances of the world, this estimated deficit
of 3,087.500.000 lire ($158.080,000) is not considered excessive, particularly as such "Invisible exports" as tourist trade, shipping receipts and
money returned by emigrants are expected to more than make up the
difference.
Italian Government Savings Banks Show 29% Increase
in Deposits in Four Years.
•
Deposits in the Italian governmental Ordinary Savings
Bank and the Postal Savings Bank have increased 6,858,700,000 lire, about $342,935,000, or 29% since 1928, it is
stated in a report to the Commerce Department from
Commercial Attache Mowatt M. Mitchell, Roma. The
Department, in indicating this on Dec. 9, said further:
Volume 135
These two institutions attract the great bulk of the savings of the Italian
people, and the status of deposits in them is an excellent barometer of
the financial condition of the Italian laboring and peasant classes.
Deposits in the Government Savings Bank have grown from 13,262.400.000 lire in 1928 to 15,275,600,000 lire by Aug. 1 1932; while deposits
in in the Postal Savings Bank increased from 10,706.900,000 lire in 1928
to 15,552,400,000 lire by Aug. 1 1932.
(Lire about 5 cents, United States.)
Italy Cuts Interest Rates on Postal Savings Certificates.
In pursuance of the policy of reducing interest rates, the
Italian Treasury has lowered the rate of interest on postal
savings certificates to 4% from 5%, according to Rome
advices to the "Wall Street Journal" of Dec. 2.
Mayor of Tucuman (Argentina) Reports Arrangements
With New York Bankers for Three-Year Moratorium.
In its issue of Dec. 20, the New York "Times" reported
the following from Tucuman, Argentina:
The Mayor of this city returned to-day from Buenos Aires and announced
that he had arranged with E. H. Rollins & Sons of New York for suspension
of sinking fund payments for three years and the acceptance of 60% of
the annual interest payments, which would require a semi-annual transfer
of 251,000 pesos, about $64,500. The balance of the 40% of the interest
would be payable in certificates.
All payments are to be resumed in full after three years.
In printing the above, the "Times" said:
Of $3,396,000 of city of Tucuman (Argentina) 7% bonds marketed here
in 1928 by E. H. Rollins & Sons and H. M. Byllesby .St Co., Inc., about
$3.000,000 is outstanding. When the plan of the city for a three-year
moratorium was reported in dispatches from Buenos Aires on Dec.2 last, a
spokesman for the bankers said they had not agreed to any adjustment
of the debt. No further comment on the status of the plan was available
from the bankers last night
Items in the matter appeared in these columns Dec. 10,
page 3964.
Budget Finance Committee of Argentine Chamber of
Deputies Would Authorize Government to Nego—
for Conversion of Foreign Loans.
From Buenos Aires, Dec. 22, the New York "WorldTelegram" reports the following:
tiate
The Budget Finance Committee of the Chamber of Deputies issued a
report to-day recommending that the Government be authorized to negotiate
with foreign bondholders and bankers for the conversion of foreign loans
The plan is to convert foreign bonds into new issues amounting only to
the bonds actually outstanding at the present time. The new issues would
bear the same rate of interest and amortization as the original issues, but
loan services would apply only on the actual amount of new issues, and not
on the already retired portions of old loans.
The budget committee's report furthermore authorizes the Government
to reduce service charges on the country's internal debt, also by offering
new bonds in exchange for the present issues. The new internal bonds,
however, need not have the same rates of interest and amortization, but a
bonus may be offered to those offering old bonds for conversion.
The Government will be authorized to fix a period from between 8 to 30
days either to accept or reject the conversion offer. The bonus to be
offered, either in cash or bonds, should not exceed 2% of the amount of
bonds offered for conversion.
Increase Plan Fails in Argentina Deputies
Reject Higher Levies and Study Cost Cutting to
Balance Budget.
Under the above head, the New York "Times" published
a Buenos Aires cablegram Dec. 21, which said in part:
Tax
Threatened with nation-wide tax strikes and flooded with protests from
practically every industrial, commercial and agricultural organization in
the country, Congress refused to-day to approve new tax projects submitted
by Finance Minister Alberto Hueyo totalling 41.000.000 pesos ($10.500.000)•
The Chamber of Deputies continued in session until late in the night
debating the budget committee's report proposing a cut of 23,500,000
pesos ($6,000,000) from the government's budget estimates to avoid
the necessity of increasing taxation. Despite the opposition of the Socialists, it seemed probable just before midnight that the Chamber would
approve the budget committee's substitute budget and authorize Senor
Hueyo to negotiate with North American and other foreign bankers for
the conversion of the foreign debt, which would save another 50,000,000
pesos ($13,000.000).
The budget committee rejected the Socialists' project for slashing 47,000.000 pesos ($12,000,000) from the war and navy appropriations The
committee estimates receipts of 66.000,000 Pesos ($17.000,000) less than
Senor Hueyo's estimates, of which 41.000,000 pesos of his would be derived from new taxation The committee's susbstitute budget provides
for total expenditures of 820,286,600 pesos ($210.813,658), of which 223,000.000 pesos ($57,000.000) is interest and service charges on the foreign
debt after being converted. This conversion project is for a reissue of the
amount outstanding at the present value and on the same terms as the
original loans, which would reduce the annual service charge 50,000,000
pesos.
Default Proposal Rejected in Argentina by Chamber
of Deputy Committee—Study of Conversion Plan
Sponsored by Regime After Socialist Project Fails.
A cablegram as follows from Buenos Aires, Dec. 12, is
taken from the New York "Times":
The Finance and Budget Committee of the Chamber of Deputies voted
down to-day a Socialist project to suspend sinking-fund payments on
Argentina's foreign and internal indebtedness, and is now studying the
majority's proposal to convert the entire bonded indebtedness on the basis
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Financial Chronicle
of a reissue at present prices of the amount outstanding on the same interest
and sinking fund conditions as originally issued.
The conversion loan would save about 62,000.000 Pesos ($15,000,000)
annually without prejudice to the bondholders. The project has the backing of Finance Minister Hueyo, who has steadfastly refused to entertain
any plan to suspend payments and, it is believed, will be readily accepted
by the bankers and bondholders.
All Argentine loans are automatically paid off by a cumulative sinking
fund, the amount of the annual payments being fixed when the loan is
issued and remaining the same throughout its life, although the principal diminishes annually.
A 1% cumulative sinking fund offsets a loan in 33 years. That is.
on a $100,000,000 loan at 6% interest, the 1% sinking fund requires annual
payments of $7.000,000. If only $50,000,000 is still outstanding, the
conversion, as projected, would require an annual payment of only $3,500,000. The bondholder would continue to receive 6% but for treasury
purposes there would be a new loan to run 33 years from the date of conversion.
The project is expected to pass Congress and make unnecessary the
passage of new tax laws, which are being stoutly resisted throughout the
republic. The conversion of foreign gold loans alone would save about
35,000,000 pesos ($8,750,000) annually, and as Congress plans to lop off a
20,000,000-peso increase in the budget this would wipe out a deficit of
50,000.000 pesos in this year's budget and balance the next one.
Senor Hueyo said in a published statement he would convert the internal debt as soon as the bill was passed, effecting an immediate saving
of about 26.000,000 pesos while negotiating for conversion of the foreign
debt.
Army Begins Rule of All Argentina—Martial Law
Decreed Over Opposition of Ten Provinces for
Indefinite Period—Four Governors Asked It.
A cablegram from Buenos Aires, Dec. 19, is taken as
follows from the New York "Times":
President Justo issued a decree to-night declaring a state of siege (modified
martial law) throughout Argentina for an indefinite period.
The proclamation, authorized by Congress Saturday, had been postponed pending replies to telegraphic inquiries of Provincial Governors as
to whether conditions in their provinces necessitated their inclusion.
Ten replied they did not want a state of siege, four said they did.
Congress authorized a state of siege for 30 days. renewable as the President thinks it desirable. To-night's decree gives no time limit. The action
suspends constitutional guarantees and permits the government to act
without the delay inherent in the usual legal routine.
The same paper published the following (Associated
Press) from Buenos Aires, Dec. 19:
As developments confirmed the government's mastery of a revolutionary
plot to-day, the Argentine political atmosphere became the clearest it has
been since constitutionalism was restored in February. The threat, which
had been looming in the background throughout the administration of
President Justo and had become a major hazard in recent weeks, apparently
was definitely dispelled.
On Saturday a state of siege was authorized and the government declared it effective this afternoon. The authorities have indicated that
alteration of legitimate normal activities is not contemplated under the
state of siege.
To Help Argentine Trade—Rationing of Foreign
Exchange Through Committee Proposed.
In the New York "Times" of Dec. 14 it was stated that
plans for the establishment of commercial reciprocity
through the control of foreign currency exchange have been
recommended by the recently formed financial advisory
committee in Argentina in collaboration with the Ministry
of Finance, according to the Argentine Information Bureau
here. The "Times" added it has been suggested that this
step be initiated through the Exchange Control Committee.
As the plan is outlined, the exchange would be distributed pro rata, after
satisfying the requirements of national and provincial governments, among
the takers of bills, according to the destination of remittances. In this way,
each foreign country would receive amounts approximately proportionate
to the Argentine exports which it had received in previous years.
—4,—
Antioquia
Prepared to Pay to
Bonds.
Holders of 8%
Gold
In its issue of Dec. 10 the New York "Times" said:
The Department of Antioquia. Colombia, has notified holders of its
-year 8% internal gold bonds, due in 1946, that it is
highway-to-the-sea 20
prepared to pay the interest on these bonds, which was due on Nov. 1,
effecting this payment in Colombian pesos at the offices of the Banco
Aleman-Antioqueno, Medellin', as and when the coupons are presented for
payment.
Republic of Colombia Bondholders' Committee Under
Chairmanship of Richard Washburn Child—
Names Sub-Depositaries—Advises Action Now
While Republic's Financial Position Is Improving.
The bondholders' committee for Republic of Colombia
dollar bonds of Departments and municipalities, of which
Richard Washburn Child is Chairman and Douglas Bradford,
Secretary, announces that response to their recent call for
deposit of bonds with the New York Trust Co. has been of
such proportions that it has been decided to name subdepositaries in order to meet the demand. The following
banks have consequently been named: Whitney Trust
& Savings Bank for New Orleans; American Trust Co. for
San Francisco, and Bank of Montreal for Canada. Gold
exchange is being daily provided for Colombia through increasing coffee trade with the United States, the committee
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Financial Chronicle
points out, the balance of trade in favor of the South American Republic being $33,452,374 for the first nine months of
this year. The sound and improving financial position of
Colombia, declares the committee, emphasizes the need of
action as soon as possible. The committee also says:
Statements being circulated by those who counsel delay and a do-nothing
policy, or who are trading in the bonds, are misleading and detrimental to
the interests of the bondholders. The committee is of the opinion that
action should be taken now and advises further deposits of bonds in order
that the Individual bondholder by united action may be in the strongest
possible position for negotiations with the Republic of Colombia.
Dominican Government to Meet Payments on Debt—
Denies that It Has Any Thought of Default.
From the New York "Times" of Dec.8 we take the following: •
A cablegram received here yesterday by P. B. Pina, Consul General
of the Dominican Republic, from the Secretary of State of his Nation,
states that President Rafael Leonidas Trujillo, in a press interview, "emphatically declares that it is impossible ever to interrupt punctual payment
of interest on debt and that the Dominican Government shall always
honor its credit by performing its obligations."
The statement of President Trujillo it was explained, followed the
printing in a Santo Domingo newspaper of a report that the Dominican
Government might consider default on an interest payment.
Bank of Brazil Cuts Exchange Rate—Tendency to
Foster United States Trade Seen.
A cablegram as follows from Rio de Janeiro, Dec. 20
appeared in the New York "Times":
The Banco do Brazil has lowered the official exchange rate from 13.310
mikeis to the dollar to 13.300, representing a change of one-fifteenth of a
cent. This does not imply, it is said, that the Bank is easing its rigid
method of handling exchange but this, with the recent fixed weekly covering allotted to some North American interests, besides affording a feeling
of confidence in Brazil's economic situation, shows a desire of the Banco
do Brazil to treat as reasonable the recent suggestion of the American
Chamber of Commerce of Rio de Janeiro that exchange should be allotted
to the various countries In proportion to their purchases in Brazil.
Brazil Names New Minister of Agriculture.
According to a Rio de Janeiro cablegram Dec. 22 to the
New York "Times" Major Juarez Tavora, a Northern military leader in the 1930 Revolution, was appointed Minister
of Agriculture on that day by President Bargas. Major
Tavora said he had definite plans for developing Brazil's
agriculture, especially wheat, and that he opposes Brazil's
one-crop tendency.
Ecuador
Plans New Loan of
Balance Budget.
$1,000,000 to
Under date of Dec. 22 a cablegram from Guayaquil to
the New York "Times" reported:
To balance the budget Congress authorized the Government to-day to
borrow an additional 6,000,000 sucres, about $1,000,000, from the Banco
Nacional. Also, the newspaper "Cniverso" says, the extra session of Congress intends to authorize a loan of 50,000,000 sucres, about 88,000,000.
While the Government's original estimate of 40,000,000 attires, about
$6.500,000, provided a balanced budget, Congress added items making an
increase of 6,000.000 sucres in expenditures, despite a warning that revenues probably would be lower next year.
It is reported that gasoline and sugar monopolies are being considered,
although the Government already monopolizes liquors, tobacco, matches
and salt. It is also reported that the Province of Esmeraldas will not plant
tobacco next season because the price is too low and the monopoly has its
warehouses full as a result of a recent increase in retail prices, causing a
drop In sales.
Chase National Bank of New York to Advance
$3,100,000 to Cuba to Meet Dec. 31 Payments.
Under date of Dec. 13, Associated Press advices from
Havana stated:
The Chase National Bank will let the Treasury have $3,100,000 to help
it meet Dec. 31 payments totaling $8,106,250 on the foreign debt, Secretary
of the Treasury Octavio Averhoff announced to-day. The remainder,
approximately $5,000,000, will be paid out of Treasury funds, he said.
Of the $3,100,000 to be advanced by the ()lase Bank, $1,650,000 will
be in the form of short-term financing, the loan to be repaid in monthly
payments before June 30 1933. It is guaranteed by the present production
tax of 10c. a sack on sugar, and consumption taxes on sugar and rice, the
revenue from which formerly was devoted to general budget needs.
The House last night, at President Machado's request, voted favorably on
the short-term operation, and the Senate is expected to shortly. The remaining $1,450,000 to be advanced by Chase is "of private nature," Mr. Averhoff
said, and will be repaid from the public works special fund taxes.
All the $8,106,250 due Dec. 81 is owed to the Chase and affiliated banks.
It includes amortization of $6,250,000 of public works serial certificates
which mature on that date, and interest on other loans.
On Dec. 12 a cablegrom from Havana to the New York
"Times" stated:
The House of Representatives approved to-day a loan of $1,650,000 to
the Cuban Government from the Chase National Bank of New York.
According to the terms of the contract between the Chase Bank and the
Treasury Department the funds that will be advanced will be applied to
the payment of $1,100,000 six-month interest with respect to the $40,000,000
of 5%% public works bonds and of $550,000 as semi-annual interest on
$20,000,000 of short-term banking credit which finally will mature on
March 17 1983, terminating two years of extensions granted to the Government in 90-day periods in view of its inability to make payments.
Dec. 24 1932
Guaranteeing the new loan, the lower House voted to pledge all revenues
derived from the existing production tax of 10c. a bag on raw sugar and
the sales tax of one-half cent a pound on refined sugar not consumed in the
island, created by law on Jan. 22 1932. At the same time it increased
the sales tax on refined sugar to one cent a pound.
With payment of these large interest items now assured, Cuba has yet to
provide $6,456,250 for the payment of principal and interest on other
public works obligations falling due on Dec. 31. Treasury officials state
that some $3,000,000 from revenues will be available on that date, leaving
a deficit of $3,456,250 which the Government must obtain from some
source.
Efforts to obtain an advance of $1,500,000 from the Standard, Sinclair
and Shell Mex oil companies, which advance would be applied on duties
on imports after Jan. 1 next, are still pending.
Cuban Treasury Decrees that $300,000 Newly Coined
Silver Money be Applied Toward Payment of Loan
Due Dec. 31.
Associated Press advices from Havana Dec. 20 stated:
A Treasury decree signed to-day authorized the taking of 8300,000 recently coined silver money from general treasury funds to apply on the
88,106,250 payments which the Government must make to the Chase National Bank on Dec. 31.
Congress must pass on this newest operation before it can become effective, and President Machado was expected to send that body a message
asking ts approval in the next day or so.
The payments to the Chase National Bank represent amortization of
$6,250,000 public works serial certificates maturing at the end of this year
and interest on other loans held by the banking firm.
By obtaining short-term loans, "private credits" and the like from the
Chase Bank an advance against gold from the Federal Reserve, and anticipati on of taxes from oil companies for 1933 the treasury has obtained
enough money to meet the payments, Secretary Averhoff has announced.
Mexico Indicates Intention to Withdraw from League
of Nations—May Remain a Member If Country's
Economic Situation Improves.
On Dec. 15 Mexico sent to the League of Nations notice
of its intention to withdraw from the League, effective two
years hence, alleging financial difficulties. In Associated
Press advices from Geneva Dec. 15, it was stated:
The note said the action was not meant to indicate Mexico did not desire
to co-operate in League activities but that in view of the economic situation
it was obliged to give such notice under terms of the covenant.
From the New York "Times" we quote the following from
Geneva Dee. 15:
The League of Nations published to-day the note from the Mexican
Government giving legal notice of its intention to quit the League on the
expiration of the 2-years' time limit which the covenant requires.
The note emphasizes, however, that "this step does not mean that
Mexico will inevitably be obliged to leave the League, with whose lofty
Ideals she identifies herself, but is simply in prevision of the possibility of
her being no longer able to continue membership, In view of the depression
through which her national economy is passing."
Mexico was elected to the Council in September, although she joined the
League only a year ago The sharpest criticisms of her present step are
from the Spaniards and Latin-Americans, who led in getting the League to
upset traditions in order to speed Mexico's entry and who later backed
Mexico's candidacy for a Council seat. They feel Mexico has let them down.
Under date of Dec. 15 Mexico City advices to the same
paper said:
•
Manuel C. Tellez, Minister of Foreign Relations, issued a statement tonight on Mexico's notice of withdrawal from the League of Nations. It
read:
"In view of the repercussion which the world depression has had upon
our internal economic situation and in accordance with the readjustment
plan adopted by the Government, the President of the Republic has decided
with the approval of the Ministers of Finance and Foreign Relations, that
Mexico shall advise of her withdrawal from the League of Nations, effective at the end of 1934, in accordance with the provisions of that organization.
"The terms of this notification, however, leave it implicitly understood
that,if the Mexican economic situation improves, she will remain a member
of the League, with whose high principles she Is now so fully identified.'
Manuel C. Tellez Resigns as Mexican Foreign Minister—
His Successor Dr. Puig Casauranc Now Ambassador to United States.
A cablegram from Mexico City Dec. 20 to the New York
"Times" said:
Manuel Tellez resigned as Foreign Minister to-day and President Rodriguez has appointed Dr. Jose M. Puig Casauranc, now Ambassador to the
United States to succeed him.
Dr. Tellez, who represented Mexico in various capacities in Washington
for 11 years, finally becoming dean of the diplomatic corps, will return to
his old Ambassadorial post, where he was most popular and where his
children were born.
Dr. Puig accompanied General Calles on his journey last summer to
Boston, where an operation was performed that prolonged the life of
Senora Calks several months. Dr. Puig is an intimate friend of General
Canes and is well known as a newspaper man.
Mexican Senate Votes to Buy Clipperton Island—
Awarded to France by King of Italy as Arbitrator.
A cablegram Dec. 16 from Mexico City to the New York
"Times" stated:
The Senate has nnanmously approved the proposal of Senator Rubeni
Ortiz of Chihuahua that Mexico, although recognizing the award of the
King of Italy, holding Clipperton Island in the Pacific Ocean to be French
territory, offer to buy the islands. Funds for the purpose would be provided
by a levy of one day's salary on Government workers.
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Financial Chronicle
In view of the small size of the lonely rock island and its great distance
from France, at is believed an uninterested third power should have no
difficulty in fixing a price agreement to both nations.
The same paper reported the following from Mexico City
Dec. 14:
The Mexican Senate approved this afternoon a recommendation of its
foreign relations committee for acceptance of the award of Clipperton
Island to France by the King of Italy as arbitrator.
Senator Marte R. Gomez, President of the Senate and former Minister
of Agriculture, opposed "mutilation of the National territory .. . because
approbation of the award would cause a fatal precedent."
The island is 600 miles out in the Pacific Ocean, but "it would be dangerous for us to admit that there exists in America any unclaimed, free
territory," Senator Gomez argued. In this instance, he insisted, "Mexico
. . . can still allege that not all the proofs in her favor have been adduced.
In the Colonial archives in Seville,I understand, there is sufficient documentary evidence to prove that Clipperton Island was discovered by Spanish
mariners. . . . The matter,in my opinion, is of world interest, as Clipperton should not be converted into a menace to peace."
The committee resolution holds that, although not agreeing with the
King of Italy's decision, Mexico is honor bound to live up to an agreement
made 30 years ago, when Porfirio Diaz was dictator,to abide by the decision.
Number of Mexican Bank Holidays Reduced. —
From the "Wall Street Journal" of Dec. 20 we take the
following from Mexico City:
National Banking Commission has reduced the number of holidays,
excepting Sundays, which local banks may observe next year. to 14from 17.
Bill in Mexican Congress to Control Power Companies—
Will Take the Regulation Out of Hands of Various
States—Three Concerns Dominate.
Under date of Dec. 11 a cablegram from Mexico City to
the New York "Times" had the following to say:
Arbill sponsored by President Rodriguez for Federal regulation of power
companies will be enacted soon by Congress, it is understood here.
All power companies, according to the measure, which has been reported
out by the committee on constitutional amendments, hereafter will operate
under Federal concessions and Federal regulations, instead of under control
by the States.
A study by the committee showed that 95% of the hydroelectric power
In Mexico is produced by three foreign companies,as follows: The Canadianowned Mexican Light & Power Co., 60%; subsidiaries of Electric Bond &
Share Co., of New York, 30%, and the Companla Electrica de Chapala,
5%. The remaining 5% is distributed among 375 companies.
The Mexican Light & Power Co. operates in the Federal district and the
States of Mexico, Hidalgo and part of Michoacan. the Electric Bond &
Share Co. in 12 States and the Compania Electrica de Chapala in Jalisco,
Colima and part of Michoacan.
"Without exaggeration," the committee reported to Congress. "it may
be affirmed that the inhabitants of the Republic of Mexico find themselves
in a network of capitalistic organization so powerful as to make very difficult
efficacious action by the State in regulating it. With indifference we have
seen that during 1928-29 the Electric Bond & Share Co. of New York. the
Bylesby Engineering Co. of Chicago, the Mexican Light & Power Co. of
Canada have shrewdly and prudently bought up Mexican power plants,
investing about $100,000,000. With a confidence contrasting with the
pessimism then prevailing in regard to our political and financial outlook.
these companies gathered in a great part of the sources of electric power
in the Nation."
New Mexican Bank Approved.
The "Wall Street Journal" of Dec.20 contained the following from Mexico City:
Ministry of Finance has granted Candelario Gualardo Jr., Laredo
capitalist, concession to establish a deposit and discount bank to be known
as Laredo Mercantile Bank in Laredo. Tamulipas State. across the border
from Laredo, Texas. Bank will begin business with capital of 150,000 pesos
(approximately $49,500, American) and will begin operations January 15.
Chinese Authorities at Hankow Try to Tax Foreign
Business Men—Directed Against Firms in Former
British and Russian Concessions.
From the New York "Times" of Dec. 18 we take the following special correspondence from Shanghai, Nov. 17:
The local Chinese authorities at Hankow are creating a difficult and
dangerous situation by attempting to force foreign firms there to pay a
"business tax" which Consuls consider illegal and unenforceable against
foreigners who enjoy extraterritorial privileges.
The Chinese authorities have now resorted to threats to enforce payment of
this levy. A circular letter has been sent to all foreign firms which says:
"Merchants who fail to fulfill this duty and do not pay this tax will be
subject to the penalty of fines from one to five times the amount of the tax
which they should pay. They will be forced to stop business activities if no
satisfactory results can be obtained.
"Again, it is ruled that no hearings will be given by any courts or other
Government institutions to those merchants who do not pay this tax. They
will be powerless to file lawsuits or any other legal actions pertaining to
their business, and will thus be deprived of all judicial protection."
These threats are made against foreign firms operating in the former
Russian and former British concessions, but as yet no attempt has been
made to intimidate merchants whose places of business are in the concessions
still administered by France and by Japan.
China Seeks New Revenue—Surtaxes Proposed on
Railway Services to Aid War Victims.
The New York "Times" of Dec. 17 reported the following
from Shanghai:
Surtaxes on all services of the Government-owned railways and telegraph
lines are now proposed in order to raise a relief fund for the areas in the
Provinces of Honan, Anhui and Hupeh, which have been devastated this
year during General Chiang Kai-shek's anti-Communist campaign.
4313
Extreme destitution prevails in these war-devastated areas, and the
provincial governments concerned are reported to be unable to finance any
relief projects. It is proposed that the surtax be collected for the next six
months in order to care for the needy during the winter and to enable the
peasants to start life anew on their lands next spring.
The railway surtax proposed would be an extra charge of 40c. on every
first-class train ticket; of 20c. on every second-class train tacket, and of 10c.
for all third-class fares. The freight surtax proposed is 5% of the value
of every shipment. The telegraph surcharge has been tentatively fixed at
an additional Sc. on every message.
$1,300,000 Shanghai, China, Loan Reported
Underwritten by British Group.
From the New York "Herald Tribune" of Dec. 18 we take
the following from Shanghai (China), Nov.17:
The Municipality of Greater Shanghai has announced the flotation of a
six million local dollar reconstruction loan (approximately $1,300,000 gold)
to be used for the restoration of Woosung, Chapei, Kiangwan and surrounding areas devastated during the Sino-Japanese fighting in February.
A notable feature of the loan is the fact that it is being underwritten
by a Shanghai British brokerage firm, Benjamin & Potts. This is the first
occasion, according to Chinese financial authorities, that an internal Chinese
loan has been sponsored by a foreign financial syndicate. The local
vernacular press have thus far greeted the loan without criticism, and
instead have cited it as an evidence of Sino-British co-operation and
good-will.
The new bond issue will be redeemable within 20 years and will bear
Interest at the rate of 7% a year. The loan will be underwritten at 80 net,
without commission, the average yearly return for the bonds amounting to
10.688%. This figure is not high in comparison with the existing Chinese
internal bonds on the Shanghai market, whose average rate of return to the
investor is about 17%.
Underwriters Bear Expense.
J. K. Choy, Commissioner of Finance of the City Government of Greater
Shanghai, in commenting on the loan, pointed out that "the present issue
is the first internal loan that has ever been underwritten by a foreign syndicate." "All the expenses connected with the flotation," he continued, "will
be borne by the underwriters. When the foreign investors of Shanghai become better acquainted with Chinese bonds after their experience with the
present Municipal issue, a new field of investment will be thrown open to
them for the use of their surplus capital."
Mr. Choy went on to state that the present bonds are well secured, "for the
wharfage dues at Shanghai, as security, are likely to show considerably
greater stability as a whole because of the unitary character of the port
of Shanghai, and the abnormal situation last winter is not likely to occur
again."
The British-owned Hongkong and Shanghai Banking Corporation is acting
for the loan service which is the concern's first active venture in Chinese
Government financing since 1912, the year after the revolution.
A greet many of the areas which will be benefited by the reconstruction
loan were virtually laid waste by fire and shell during the hostilities last
winter. In many previously populous and prosperous villages only a few
houses remain standing. Steps already have been taken by the municipality
to provide temporary houses for farmers in outlying districts, but once
thickly congested Chapel is still a mass of ruins in many sections.
Better Roads Planned.
Taking advantage of the opportunity for improving previous conditions,
the Government is planning to lay out a better system of roads and to
provide better public utility facilities. Light and water systems will be
extended to sections which did not previously enjoy them; public school
buildings damaged or destroyed during the fighting will be repaired or
rebuilt. A large public hospital also is included M the rehabilitation
plans.
The municipality has encountered considerable opposition from villagers in
its emergency efforts at reconstruction. Some weeks ago, 1,500 farmers
and villagers from Kiangwan and its vicinity stormed the municipal offices
at Kiangwan in protest against the authorities' policies of war relief. The
farmers objected to the temporary refugee villages constructed by funds
advanced by the municipality, Insisting that they were situated too far
from their farms. Instead, they demanded loans to rebuild their individual
homes on their former sites.
Four-year Boxer Fund Returned by Soviet Russia—
China Receives Instalments for 1820-24 Under
.
Terms of the Recent Agreement.
Advices as follows from Nanking Dec. 20 are taken from
the New York "Times":
It was officially announced to-day that the entire Soviet Boxer indemnity
prior to 1924 would be returned to China as a result of an agreement made
when diplomatic relations were resumed recently.
Because of the pressing business needs of both powers, a new commercial
treaty will be consummated before negotiations for a non-aggression pact
are started.
The "Times" in its issue of Dec. 21 observed:
The Boxer indemnity, which was assessed upon China by fourteen powers
after the suppression of the Boxer rebellion in 1901, totaled 982.238.150
halkwan taels ($667,921,940) principal and interest, to be paid in instalments from 1902 to 1940. Russia's share of this was about $306,000,000.
After the Russian revolution in 1917, China continued to pay the instalments to the Russo-Asiatic Bank until July 1920. Then she ceased making
payments and put them into a suspension account until 1924, when she
entered into an agreement with the Soviet by which the funds were retained
In China for specified uses under joint Chino-Soviet supervision.
The amount to be remitted to China apparently is that placed in the suspension fund during the four-year period.
Nanking Again China's Capital After Nine-Month
Shift to Loyang.
Removal of the Chinese capital back to Nanking from
Loyang, where it was taken in February at the height of the
fighting with Japan, was announced by the Chinese Legation
at Washington, on Dec. 2, said an Associated Press account
to the New York "Times," which further said:
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Financial Chronicle
The legation quoted telegraphic dispatches from the Minister of Foreign
Affairs. It said that since conditions in Bonen, Hupeh, Anhwei, Xiangsi,
Fukien and other provinces "have gradually returned to normal, the League
of Nations is in session, and the public opinion of the world has discerned
the truth of our dispute with Japan, and as diplomatic negotiations require
expeditious action, the National Government has removed its seat to
Nanking, where communications are convenient and contacts with the
other capitals of the world may be facilitated."
Level of Japanese Yen Stability Held Doubtful.
The Yokohama Specie Bank is believed to be an important
factor in holding the exchange level of the Japanese yen at
around 20c., United States, but it is doubted in Japanese
financial circles that the rate will be maintained at this
level, according to a cablegram to the Commerce Department
from Commercial Attache Halleck A. Butts, Tokyo. The Department's announcement, issued Dec. 16, added:
Discussions concerning the advisability of the Government purchasing
foreign currency securities privately held by Japanese continue, but no
Immediate action is anticipated, the cable reported.
Stock prices are following the upward movement of commodity prices,
although bonds are weak. The Bank of Japan has recently absorbed Government bonds to the amount of 200,000,000 yen, and an increase in its note
issue is to be expected as a consequence.
The final draft of the 1933-34 budget places expenditures at 2,239,000,000
yen, necessitating a bond issue of approximately 900,000,000 yen.
Merchandise exports for the month of November were valued at 152,000,000
yen, an increase of 5,000,000 yen over October, and 75,000,000 yen larger
than in November 1931. (Par of the yen is 49c.)
This year's rice crop will yield about 311,296,000 bushels, according to
the second official forecast, it was stated.
Japanese Industrial Boom Continues.
The Japanese industrial boom of recent months is continuing, according to a cablegram to the Commerce Department from Commercial Attache H. A. Butts, Tokyo, Japan.
The Department, on Dec. 17, further said:
Advances still continue In stocks and commodity prices and the wholesale price index has moved up 20% this year, it was stated. Wages remain
'
stationary, however.
Benefits accruing to Japanese manufacturers from the depreciated
exchange are becoming less pronounced, it was reported, some sales recently
being made at less than replacement costs. Industrialists are reported in
financial circles as urging a stabilized exchange, and the Yokohama Specie
Bank is said to be a factor in holding the present level at around 20c.,
United States. (The gold par of the yen is 49.85c., United States.)
The pronounced activity in the iron and steel industry continues. The
money market remains very quiet, with the outlook for the next three
months cloudy.
Ruling on Bonuses Called to Attention of Members by
New York Stock Exchange—Distribution of Christmas Bonus Must Be Reported.
The New York Stock Exchange issued the customary
notice to its members regarding the distribution of Christmas
bonuses as follows on Dec. 9:
NEW YORK STOCK EXCHANGE.
Coramittee on Quotations and Commissions.
Dec. 9 1932.
To the Members of the Exchange:
I am directed by the Committee on Quotations and Commissions to
again call your attention to Section 1 of Article XX of the Constitution,
the last paragraph of which reads as follows:
"No employee shall be paid other than a fixed salary not varying with
business unless the prior written approval therefor shall have been given
by the Committee on Quotations and Commissions."
All firms planning to distribute a Christmas bonus to their employees
must report their plans in writing to the Committee on Quotations and
Commissions for its approval.
ASHBEL GREEN, Secretary.
Any Gift is a Gratuity According to Committee of
Arrangements of New York Stock Exchange.
Under date of Dec. 19, Ashbel Green, Secretary of the
New York Stock Exchange issued the following announcement:
NEW YORK STOCK EXCHANGE.
Committee of Arrangements.
Dec. 19 1932.
To the Members of the Exchange:
Referring to Sections 3 and 5 of Chapter XIV of the Rules adopted by
the Governing Committee pursuant to the Constitution, which sections
refer to the giving of gratuities, the Committee of Arrangements hereby
gives notice that a gift of any character is considered to be a gratuity.
ASHBEL GREEN, Secretary.
Nominating Committee of New York Stock Exchange.
The New York Stock Exchange announced on Dec. 19
that the following members of the New York Stock Exchange
have been nominated for members of the Nominating Committee for 1933:
J. Wright Brown,(Jacquelin & DeCoppet); Wm. Shippen Davis, (Blake
Bros. & Co.); Robert J. Haramerstaag.(Hammershiag, Borg & Co.); Martin
J. Quinn Jr.,(E. C. Benedict & Co.); Byam K. Stevens,(Stevens & Legg).
The annual election of members of the Nominating Committee will be held on Jan. 9 1933.
Dec. 24 1932
Slight Reduction in Annual Dividends to Policyholders
Made by New York Life Insurance Co.
The Board of Directors of New York Life Insurance Co.
at their meeting held on Dec. 14 adopted a scale of dividends
to policyholders for the first quarter of 1933, according to
an announcement made by the company. In general, the
policyholder's annual dividend will be 90% of the annual
dividend he received in 1932, the announcement said, adding:
The rate of interest payable on moneys left with the company on deposit
under its policy contracts will be the same as in 1932, namely 4X% on
funds subject to withdrawal and 43 % on other funds. Dividends to be
i
,
paid after the first quarter of 1933 will, as usual be determined by the
board at its February meeting.
Nevada Bank Reorganization Plan Completed—San
Francisco Chamber of Commerce and Government
Agencies Work Out Rehabilitation Plan.
San Francisco, Calif., advices yesterday, Dee. 23, appearing in last night's New York papers, reported that a plan
for the financial rehabilitation of closed Nevada banks
(closed under the Nevada banking moratorium) has been
completed by a committee representing the San Francisco
Chamber of Commerce, working in co-operation with the
depositors and stockholders of the 12 closed so-called Wingfield banks and representatives of the Reconstruction
Finance Corporation and the Regional Agricultural Credit
Corporation. The dispatch continuing said:
The plan contemplates segregation of assets of closed banks, provision
of a $2,000,000 loan by Reconstruction Finance Corporation, taking over
of about 34,800.000 of livestock loans by Regional Agricultural Credit
Corporation and provision of $500.000 in deferred deposits for new bank
by large San Francisco and other California corporations which sums have
been pledged.
State of Nevada proposes to amend banking laws in January to permit
branch banking after which the new Bank of Nevada will be organized
with $1,750,000 of capital and surplus of $5,670,000 of deposits and total
assets of about 37,400.000.
Of old Wingfield assets, after $2,900,000 of offsetting items between
banks and $6,000,000 in doubtful deferred assets will be trusteed, the
remainder, about $15,000,000, will be divided between Regional Agricultural Credit Corporation, new depositors corporation and banks. About
54% of depositors' equity of closed banks on an aggregate basis will go to
capital purposes and 46% into deposits of new banks. About $200,000 will
be raised in Nevada by subscription for new branch bank
Execution of plan, it is thought, can be carried out within 30 days if
Reconstruction Finance Corporation assents to the loan, which would be
made to the depositors corporation, which would in turn buy assets to
provide cash for bank. Victor Palmer, Treasurer of Standard Oil Co. of
California has headed San Francisco Chamber committee.
Our last previous reference to the Nevada bank holiday
appeared in these columns last week (Dec. 17), page 4150.
National Thrift Corp. of America Reported Insolvent—
Federal Receiver Frank C. Mortimer Estimates
Deficit at $3,338,000 and $80,000,000 Volume of
Business Transacted with 30,000 Clients.
The report of Frank C. Mortimer, Federal receiver,
recently filed with United States District Judge Wm. P.
James in Los Angeles, shows that the National Thrift Corp.
of America is insolvent. A summary of the action says:
The capital stock account of $1,385,241.61 is entirely wiped out and the
statement of financial condition, as prepared by the receiver as of Sept. 8
1932, shows a deficit of $3,338,000.
The company did a volume of business representing a face value of 80
millions of dollars with approximately 30,000 clients scattered throughout
many States.
The National Thrift Corp. of America was organized under the laws
of Delaware about 10 years ago. It entered into contracts under the title
of thrift certificates, bonds and annuity agreements under which clients
either paid in full or in installments for these investments. The thrift
certificate contracts ran for periods of 10, 16 and 20 years.
Secured Investors Protected.
Three trusts were established by the corporation and there has been
deposited in these trusts numerous first trust deeds on properties of various
kinds which are intended to secure the investors. Under a separate action
In the Federal court, by investors, Mr. Mortimer has also been appointed
as receiver of two trusts established by the National Thrift Corp. of America
with the Metropolitan Trust Co. of California. The receiver reports that
the holders of bonds, thrift certificates and annuity agreements are protected in proportion to the values which are found to exist in the respective
trusts and as their respective rights are legally determined to exist.
It was the practice of the corporation to retain the first 12, 16 and 25
payments made under thrift certificate contracts for COMMISSIORS, overwrites and other charges which, according to the receiver, the corporation
expected to absorb over the terms of the respective certificates.
In a circular letter to the above class of investors, the receiver states
that he proposes to offer a constructive plan for the conservation of values
under some plan of reorganization, using the values within the two trusts
.basis.
asa
Mr Mortimer directs the attention of investors to the fact that heavy
losses have recently been borne by investors in other corporations in financial difficulty, due to confusion, misunderstanding and lack of co-operation
on the part of investors in promptly going forward with constructive plans.
He advises investors not to part with their secured holdings in National
Thrift Corp. trusts nor to sign away any of their rights until they have
received for consideration the constructive plan which he proposes to submit
in due time to the Federal court and thereafter to the investors for approval.
Tangled Records.
The receiver found the affairs of the corporation to be highly Involved
and the books were not in proper condition.
Financial Chronicle
Volume 135
Transactions with subsidiaries or affiliates, officers and directors are
not clearly set forth and documents of value are unlocated.
Notes of directors with the capital stock of the corporation attached as
collateral are likewise carried as assets, the notes dating as far back as 1926.
Large and unprofitable ranch properties were recently acquired under
trades, and certain directors and officers of the corporation withdrew large
sums for commissions, overwrites and officers' compensation, under contracts with the corporation.
Mortgages and trust deeds carried as assets are subject to heavy shrinkages in values.
Large amounts have been written off in connection with real estate deals.
Large profits were sought in non-productive properties ordinarily classified
as difficult of future sale.
Reference is made In the report to the questionable type of assets.
Many of the accounts receivable prove to be worthless.
The manner in which the capital stock was issued requires further
explanation.
Large sums were withdrawn by officers and directors one day prior to
receivership, and large commissions were paid within the organization for
the acquisition of certain trust deeds.
Losses By Unsecured Creditors.
The report further states:
"Investigations of your receiver, his appraisers and accountants since
Sept. 8 1932, the date of receivership, show the financial condition of the
corporation to be hopelessly involved; the value of tangible assets is nominal.
This condition is clearly shown in the tentative statement of condition as
prepared by the receiver as at Sept. 8 1932. Such being the financial
status of the corporation, the possibility of realizing values for distribution
to unsecured creditors and shareholders is extremely remote."
The receiver, immediately after appointment, closed the offices of the
company which occupied an entire floor in a downtown office building,
and reports a total saving in overhead expense of approximately 840,000
per year.
Receiver Returns Remittances.
Installment payments made by thrift certificate contract holders since
date of receivership have been impounded by the receiver in trust, and
permission is being obtained from the Federal court to return these funds
direct to those who made the remittances as there is no likelihood that the
corporation can fulfill its part of the contracts.
Company Reported Insolvent.
The closing paragraph of the report states;
"Nominal funds were on hand at inception of receivership and only
small amounts have been possible of collection to date of this report. This
has interfered with the efforts of your receiver to conduct the business of
his office. After payment of expenses which have been held down to a
nominal amount, there are no funds on hand nor are funds in sight to
continue the receivership beyond this date. In conclusion, it is the opinion
of your receiver that the National Thrift Corp. of America is hopelessly
insolvent."
American Bankers Association in Memorial to Congress
Suggests Changes in Glass Banking Bill—Views
on Restrictions on Investment Security Business
of Member Banks, Affiliates, &c.—On Branch
Banking Quotes Resolution of Association.
Approval of the general purpose and main features of the
Glass Banking Bill, with suggestions for the elimination of
specific provisions which would destroy the direct investment security business of national and State member banks
in the Federal Reserve System and also force them to give
up investment affiliates after three years, is expressed in a
memorial submitted to Congress from the American Bankers'
Association, it was announced in New York on Dec. 21 by
Francis H. Sisson, President of the Association. The
memorial asks for these modifications in the bill, Mr. Sisson
pointed out, "not only in the interests of the banks but of
the public which the banks are organized to serve."
"These institutions for many years, through their powers
of underwriting and investing in securities, have supplied
long-term capital to many important industries as well as
to States and municipalities," the memorial says. "The
demand for long-term credit of this character has averaged
annually over $7,000,000,000, and of this amount certainly
more than one-half has been provided by member banks.
The conduct of such business is a legitimate function of the
banks and a necessary service to the industries and municipalities of the country; it has not been the cause of bank
failures. It is in the public interest that member banks be
permitted to continue, as heretofore, the operation of their
bond departments."
The memorial, in opposing compulsory separation of
security affiliates from member banks after three years.
declares the belief that "reasonable supervision and regulation of security affiliates, as now provided in the bill, is
desirable and that this Is all that is necessary to safeguard
the public from mismanagement and unsound financing."
The Bankers' Association also declares that it strongly
recommends elimination of any provisions in the bill "which
would deprive State institutions of their full charter and
statutory rights which, under the existing Federal Reserve
Act, they are permitted to retain," pointing out that this
feature was incorporated in the Act in 1917 as an inducement
for State banks to enter the System. The belief is expressed
that the framers of the Glass Bill have not taken into consideration the fact that there are provisions in it which, "if
enacted into law would constitute a direct breach of the
guaranty of Congress under which many State institutions
joined the Federal Reserve System."
4315
Approval of the principle of a Federal Liquidating Corporation for closed banks along lines proposed by the Federal
Reserve Board,through Governor Eugene Meyer, is expressed
by the Association. The memorial says:
We do not believe that member banks should be further burdened by
being required to make subscriptions out of capital funds. We, therefore,
recommend that the provisions of the bill be stranded in accordance with
Governor Meyer's proposal that the capital of the Liquidating Corporation
be furnished by the Treasury; or, we suggest the alternative that the capital
be furnished by the Treasury and the Federal Reserve banks.
Opposition is expressed to provisions in the bill amplifying
present regulations defining the use of credit facilities of
Federal Reserve banks on the grounds that the Federal
Reserve Board under the present law has sufficient power.
The desired results could be obtained, it says, "in such
cases where credit facilities are misused, if a provision were
added requiring the directors of a regional Federal Reserve
bank to inquire into the uses of credit by their members and
to report misuses of credit facilities of the regional bank
to the Federal Reserve Board."
With respect to Section 19 of the bill, dealing with branch
banking, the memorial points out that at the last general convention of the American Bankers' Association, held in Los
Angeles in October this year, a resolution was passed which
said in part that "the subject of branch banking has become
a question of such a highly controversial nature as between
banks operating under various conditions that the association as a whole feels that it should not attempt at this time
to formulate a definite attitude aimed to commit all types
of bankers on this many-sided question. We believe, therefore, that any expression and action on branch banking
should be left to the specialized consideration of the various
divisions" of the Association.
The memorial follows in full:
MEMORIAL OF THE AMERICAN BANKERS' ASSOCIATION TO CONGRESS RESPECTING THE GLASS BILL, S. 4412.
The American Bankers' Association, whose membership comprises a large
majority of the banks of the country directly affected by the provisions
of S. 4412 desires to record Its approval of the general purpose and main
features of the bill.
There are, however, certain provisions of the bill which, it is respectfully
submitted, should be modified, not only in the interests of the banks but
of the public which the banks are organized to serve.
Restrictions on Investment Security Business of Member Banks.
Section 14 of the bill, which applies to National banks, and Section 6 (b),
which makes the provisions of Section 14 applicable to State member banks,
would destroy the investment security business of these institutions which,
for many years, through their powers of underwriting and investing in
securities have supplied long-term capital to many important industries
as well as to States and municipalities. Section 18 of the bill also prevents the transaction of such business indirectly through affiliates.
The demand for long-term credit of this character has averaged annually
over $7,000,000,000, and of this amount certainly more than one-half ha
been provided by member banks. The conduct of such business is a legitimate function of the banks and a necessary service to the industries and
municipalities of the country; it has not been the cause of bank failures.
It is in the public interest that member banks be permitted to continue as
heretofore, the operation of their bond departments.
If member banks are prohibited from conducting investment security
business, such business will be confined to the private banks and partnerships now engaged in the underwriting of long-term security issues, that
are not under supervision of or responsible to Federal and State banking
authorities. These concerns are relatively few in number, and there is grave
doubt whether, in case of withdrawal of member banks from the business
of underwriting and distribution of investment securities, there is any
other way in which the capital needed may be effectively supplied. It has
been the history of past depressions that recovery has largely come about
through this character of financing and the lack of adequate long-term
credit would seriously retard the restoration of commerce, industry and
agriculture to normal conditions.
We, therefore, respectfully urge that Section 14 of the bill be eliminated,
as well as the fourth paragraph of Section 5 (b), which subjects State
member banks to the same limitations and conditions with respect to the
Investment security business as are applicable to National banks; and,
for reasons hereinafter stated, that Section 18 of the bill which provides
for the entire separation of security affiliates from member banks after
three years, be also eliminated.
We beg to quote from the memorandum of Governor Meyer submitted on
March 29 to Senator Norbeck with respect to Senate bill 4116, the immediate
predecessor of S. 4412. Concerning Section 15 of that bill, which is
Section 14 of the present bill, Governor Meyer said:
"This section would make It necessary for member banks to dispose of a large
amount of securities at this time which would be very unfortunate. Since it is
aimed generally at investments in securities, it is believed that its purpose Ls covered
sufficiently by the proposed substitute for Section 3 of the bill.
The clause commencing in line 19 on page 35 apparently is intended to enable
I'.attonal banks to compete more effectively with State banks. Its tendency would
be to lower the standards of banking in the National banking system to the standard
of the State banks, where more liberal powers are granted to State banks by State law.
The definition of investment securities which is contained in the law, as amended
by the Act of Feb. 25 1927, would be stricken out and apparently the Comptroller
would be given unlimited power to prescribe his own definition except that stocks
could not be included. This modification is undesirable.
"For the reasons stated, it is recommended that this section be omitted entirely."
The elimination of bond departments of banks would be a grave injustice
and would also have a tendency to be detrimental to the best interests of
the country by destroying this credit machinery for which there is no
adequate substitute.
Security Affiliates.
We respectfully submit that S. 4412 goes too far in providing for the
compulsory separation of security affiliates of member banks after three
years. Section 18 directly requires this and the fifth paragraph of
Section 5 (b) and Section 16 indirectly effect this result by prohibiting
the stock of member banks to represent the stock of security affiliates.
4316
Financial Chronicle
We believe that reasonable supervision and regulation of security affiliates, as now provided in the bill, is desirable and that this is all that Is
necessary to safeguard the public from mismanagement and unsound
financing. Such affiliates wisely conducted constitute an important part of
the present machinery of underwriting, issuing and distributing long-term
Issues through which business industries as well as Federal and State Governments and municipalities obtain their money. In fact, a deprivation
of such machinery would leave no other source of supply for the greater
part of current demands for long-term credit and an adequate supply of
such credit is an essential to the return of normal conditions. Heretofore
such affiliates have not been subject to supervision and regulation which the
bill now provides. We urge that it is unwise at the present time to go
further and entirely abolish security affiliates; that instead they be
given proper supervision and regulation for a period of years, at the end
of which time it can better be determined what, if any, further provisions
of law should be made on the subject.
We, therefore, ask that, in addition to the elimination of Section 18, that
the fifth paragraph of Section 5 (b) and Section 16 of the bill also be
eliminated.
We should also like to call attention to the fact that Section 2 (b),
which contains the definition of affiliates, is so broadly drawn that it will
probably extend the operation of the bill to many companies and organizations which are not affiliates in any sense and which the draftsmen very
probably did not have in mind. Under Section 2 b(3), for example, wherever
an insurance company, railroad company or industrial company has an
executive committee of its Board of Directors composed of only three
people, two of whom happen to be on the Board of Member Banks, such
companies will be held to be affiliates.
Deprivation of Charter Rights of State Institutions.
We strongly recommend the elimination of any provision in the bill
which would deprive State institutions of their full charter and statutory
rights which, under the existing Federal Reserve Act, they are permitted
to retain. In June 1917, as an inducement to such banks to enter the
Federal Reserve System, there was incorporated in Section 9 of the Federal
Reserve Act the following: "Any bank becoming a member of the Federal
Reserve System shall retain its full charter and statutory rights as a State
bank or trust company and may continue to exercise all corporate powers
granted to it in the State in which it was created."
We believe the framers of the bill have not taken into consideration the
fact that there are provisions in the present bill which, if enacted into law,
would constitute a direct breach of the guaranty of Congress under which
many State institutions joined the Federal Reserve System.
For example, the fourth paragraph of Section 5 (b) provides that
"State member banks shall be subject to the same limitations and condition
with respect to the purchasing, selling underwriting, and holding of investment
securities and stocks as are applicable in the case of National banks under paragraph
Seventh' of Section 5136 of the Revised Statutes, as amended."
We have already asked for the elimination of this paragraph in connection with the elimination of Section 14, which amends Section 5138 U. S.
R. S. so as to virtually prohibit the investment security business of
National banks. But even with the elimination of Section 14, the present
Section 5136 U. S. R. S. does not permit National banks the same latitude
with respect to investments as do the charters of some State member banks.
For instance, under the law of New York, State banks are permitted to
Invest in stock and underwrite stock issues, and of this right they would
be deprived, so long as they retained membership in the Federal Reserve
System, should the fourth paragraph of Section 5 (b) be retained. Therefore, there is additional reason for the elimination of that paragraph.
If such provisions remain in the bill, the result will be that State
member banks will be required to operate under two sets of regulations—
those prescribed by State law as well as those prescribed by Federal law.
Federal Liquidating Corporation.
We approve the principle of a Federal Liquidating Corporation for closed
banks, and are in accord with the proposals of the Federal Reserve Board
as expressed by Governor Meyer for the formation of this Corporation and
the composition of ith capital structure. We do not believe that member
banks should be further burdened by being required to make subscriptions
out of capital funds. We, therefore, recommend that the provisions of the
bill be amended in accordance with Governor Meyer's proposal that the
capital of the Liquidating Corporation be furnished by the Treasury; or,
we suggest the alternative that the capital be furnished by the Treasury
and the Federal Reserve banks.
Restrictions Upon Credit Facilities of Federal Reserve Banks.
We are opposed to Section 3 of S. 4412 amplifying the present regulations defining the use of credit facilities of Federal Reserve banks because
we believe that the Federal Reserve Board under the present law has
sufficient power. We believe that the desired results would be obtained
in such cases where credit facilities are misused, if a provision were added
requiring the directors of a regional Federal Reserve bank to inquire into
the uses of credit by their members and to report misuses of credit facilities
of the regional bank to the Federal Reserve Board through the medium
of the Chairman of their regional board.
Branch Banking.
With respect to Section 19 of the bill we beg to submit the following
resolution adopted in October 1932, at the last general convention of the
American Bankers' Association, held at Los Angeles, Calif.:
"The American Bankers Association is designed and administered to give organized representation to the many diverse and at times even conflicting interests
involved In the various phases of banking.
For this reason the different divisions have been set 1113 to give opportunlY
for the study and expression of views and the taking of suitable action regarding
problems affecting the functional and charter interests of all types of banks, subject
to the direction of the General Convention.
"Whenever there arise broad questions of policy the carrying out of which may
be beneficial to one and perhaps detrimental to another group of members or which
may Involve the statutory state or national rights and privileges of any banks, the
Association feels that It should not attempt to commit our membership as a whole
to any rigid line of action but should instead refer such questions in each case to
the divisions which have been specifically created to specialize In particular aspects
of banking operations and policy.
"It is recognized that the aubject of branch banking has become a question of
such highly controversial nature as between banks operating under various conditions that the Association as a whole feels that it should not attempt at this time
to formulate a definite attitude aimed to commit all types of bankers on this many
sided question.
"We believe, therefore, that any expression and action on branch banking should
be left to the specialized consideration of the various divisions."
For the American Bankers Association, Francis If. Sisson, President.
Offering of $100,000,000 or Thereabouts of 91
-Day
Treasury Bills.
On Dec. 19 Secretary of the Treasury Mills announced
an offering of $100,000,000 or thereabouts of 91-day Treasury
bills. They will be dated Dec. 28 1932 and will mature on
Dec. 24 1932
March 29 1933. The new issue is designed to meet $100,665,000 of Treasury bills maturing on Dec. 29. Tenders
for the new bills were received at the Federal Reserve banks
and their branches up to 2 p. m. Eastern standard time
yesterday (Dec. 23).
The bills, which are sold on a discount basis to the highest
bidders, will be issued in bearer form only, and in amounts
or denominations of $1,000,$10,000,$100,000,$500,000,and
81,000,000 (maturity value). The announcement of Secretary of the Treasury Mills also said in part:
It is urged that tenders be made on the printed forms and forwarded in
the special envelopes which will be supplied by the Federal Reserve banks
or branches upon application therefor.
No tender for an amount less than $1.000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed
on the basis of 100, with not more than three decimal places, e. g.. 99.124.
Fractions must not be used.
Tenders will oe accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
Dank or trust company.
Immediately after the closing hour for receipt of tenders on Dec. 23 1932,
all tenders received at the Federal Reserve banks or branches thereof up to
the closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter, procably on the following
morning. The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders, and to allot less than the
amount applied for, and his action in any such respect shall be final. Those
submitting tenders will be advised of the accepting or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at
the Federal Reserve banks in cash or other immediately available funds on
Dec. 28 1932.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other dispostion thereof will also be exempt from all
taxation, except estate and inheritance taxes. No loss from the sale or
other disposition of the Treasury bills shall be allowed as a deduction, or
otherwise recognized, for the purposes of any tax now or hereafter imposed
by the United States or any of its possessions.
It was announced yesterday that the bills had been placed
at. a new low record price of only 0.09% per annum. The
Secretary, in his statement, said:
Subscriptions received at the Federal Reserve banks to-day amounted
to $319,718,000.
"The highest bid made was 99.981, equivalent to an interest rate of
0.08% on an annual basis," Secretary Mills said. "The lowest bid accepted
was 99.976, equivalent to an interest rate of about 0.09% on an annual
basis. Only part of the amount bid for at the latter price was accepted.
The total amount of bids accepted was $100,039,000. The average price
of Treasury bills to be issued is 99.978. The average rate on a bank
discount basis is about 0.09%."
Senate to Take Up Glass Bill Jan. 6--Banking Measure
Obtains Only Modified Preferred Status When
Senator Blaine Objects—Senate Committee Agrees
to Present Measure with Two Amendments—
Branch Banking Made Subject to State Laws—
Affiliates Given More Time.
At a meeting of the Senate Banking and Currency Committee, on Dec. 13, attended by Senator Watson, majority
leader of the Senate, plans were completed to place the
Glass Banking Bill before the Senate on Jan. 5, to remain
there as privileged business until acted upon, except that
it may be laid aside for the consideration of routine appropriation bills as they come from the House. According to a
Washington dispatch, Dec. 15, to the New York "Times,"
Senator Glass on that day won half a victory when the
Senate made his banking reform bill the pending business of
the Senate on Jan. 5. The dispatch of the 15th went on
to say:
The Virginian asked unanimous consent that it receive complete preferred
status, but was defeated in this through objection of Senator Blaine, leader
of a faction which is dissatisfied with the branch banking provision of
the bill as drawn. The Senate Banking and Currency Committee is holding
daily sessions in an effort to iron out differences on this point.
The Glass Bill, under the agreement reached, will be subject to temporary
displacement by appropriation bills and may be laid aside for other business
by a majority vote of the Senate.
The agreement obtained by Senator Glass will probably, in effect, delay
consideration of his bill, as it already had preferred status following the
Philippine Bill debate.
After stating that delay would enable the Committee to adjust differences,
Mr. Glass said:
I am going to ask unanimous consent that the bill to provide for the safer and
more effective use of the assets of the Federal Reserve banks and of National banking associations, to regulate Interbank control, to prevent undue diversion of funds
Into speculative operations, and for other purposes, be made a special order for Jan.5,
and be continued with to its conclusion, except that it be laid aside for appropriation
bills.
When Senator Blaine objected to what he termed "sewing up" the Senate,
Senator Glass modified his request and obtained consent to it.
The dissatisfaction of Senator Blaine's group centers around the authority
Iii the bill for national banks to establish branches, despite a tentative
agreement by the Committee to modify the bill cutting down the present
blanket authorization for branch banks to a stipulation that National banks
may establish branches only in States where State banks are permitted to
operate through branches.
From Washington, Dec. 13, advices to the "Times" said:
Consideration Of the Glass Bill had been scheduled to follow a vote on
the Philippine independence bill, but to-day's plan was evolved when it
became evident that the Philippine bill may be debated indefinitely.
Volume 135
Financial Chronicle
The Glass Bill, which contemplates far-reaching changes in the National
banking structure, probably will be amended in two important particulars
when taken up by the Senate. The Committee agreed informally to-day
to sponsor amendments to the bill already on the senate calendar, to meet
objections voiced by influential Senators.
The first of the proposed amendments affects branch banking, a topic
which has found the Banking Committee heretofore sharply divided.
As reported from the Committee, the bill provides that National banks
may establish branches within a fifty-mile radius of their central office,
irrespective of State laws on branch banking. This practice is forbidden
In most States. Senator Norbeck led a large group of Senators who fought
that provision.
A compromise was reported to have been reached in a private session of
the Committee this morning under which the bill would be amended during
debate to provide simply that National banks may operate branches in
States which permit branch banking.
The other proposed amendment on which it was agreed that action
should be taken would extend the time within which National banks may
divorce themselves from security affiliates, as they would be required to
do when the Glass Bill becomes a law.
The bill at present sets three years as the time limit within which this
must be done, but the Committee agreed that the time should be extended
to five years.
Establishment of State-Wide Branch Banking by
National Banks Unrestricted by State Laws
Advocated by James L. Walsh of Guardian Detroit
Union Group As Fundamental Solution of Present
Stringency in Commercial Credits—Glass Bill
Endorsed.
Establishment of State-wide branch banking by National
banks, unrestricted by State laws, would relieve the present
commercial credit stringency, declares James L. Walsh, Executive Vice-President, the Guardian Detroit Union Group,
Inc., in a feature article in the January issue of "Credit and
Financial Management," official publication of the National
Association of Credit Men.
In support of this viewpoint concerning the branch banking bill of Senator Carter Glass, which he endorses, Mr.
Walsh declares:
"It would appear that before any great loosening of credit can be
expected, the present psychology of the primary creditor class, namely, the
bank depositor, must be improved. The obvious way to bring this about
Is to put an end to bank suspensions. Authorization by Federal statute
for National banks to establish branches throughout the States in which
located, unrestricted by State laws, appears to offer the most promising
results with least additional loss to the depositor public.
"However, the sound, ably managed unit bank in small and mediumsized towns should in all fairness be protected from any possibility of
unfair competition through the establishment of branches by banks having
their main offices in larger financial centers. It is believed that the
greatest good to the greatest number of the parties at interest is served
by Section 19 of the Glass Bill (Senate 4112), as modified by the Vandenburg
Amendment, which reads as follows:
"'Section 19. Paragraph fe, of Section 5135,of the Revised Statutes as amended,
Is amended to read as follows:
"'(C) A National banking association may, with the approval of the Federal
Reserve Board, establish and operate new branches within the limits of the city.
town or village, or any point within the State in which said association is situated.
No such association shall establish a branch outside of the city, town or village in
which it is situated unless It has a paid-in and unimpaired capital stock of not less
than $500,000. Except in a city, town or village where there is no National or
State bank regularly transacting customary banking business, no such association
shall establish a branch, except by taking over an existing unit bank, or an affiliate
of such association.'
"The purpose of Section 19, as quoted above, is, fundamentally, to
authorize by law the continuance of banking facilities in communities
where, due to economic reasons, a small unit bank is finding it difficult
to survive; and to authorize the establishment of some sort of banking
facilities in cities, towns, or villages which are now without any banking
facilities whatsoever. The line of reasoning which has led the Committee
on Banking and Currency of the United States Senate, and a large majority
of the Senate itself, to approve the limited kind of branch banking referred
to above, was clearly and comprehensively stated by Senator Arthur H.
Vandenburg, of Grand Rapids, Mich., in his address in the Senate of the
United States on May 12 1932, as follows:
"'Mr. Vandenberg: . . .I have been one of those. and still am, who feel that
the preservation of decentralized community lire is absolutely essential to the
preservation of the traditional American community character. I feel, furthermore, that decentralized community life is impossible without a practical degree
of decentralized commercial and banking independence. . . .
"'But we confront a condition and not a theory to-day, and, even in defense of
decentralized community life, situations readily may arise in which limited branch
banking might be the only community salvation. Certainly it would not protect
decentralized community welfare, Mr. President, to close the door on a banking
facility which might prove to be the community's only way of saving the solvency
of its banking resources. Branch banking might be this sole available facility.
Neither does it protect decentralized community welfare to close the door on a
banking facility which may be the only such facility available after all other banking
facilities have failed or been withdrawn. Indeed. it might well be argued that
under certain circumstances a recourse to limited branch banking may well prove
to be the means of keeping alive many a decentralized community which otherwise might disintegrate through its very Inability to secure any banking facilities
whatsoever.'
"In this connection, it may be of interest to quote Senator Oarter Glass,
of Virginia, speaking in the United States Senate on May 10 1932, as
follows:
"'Mr. President: I have been now for nearly 32 years a member of the Banking
and Currency Committees of the other branch of Congress and of the Senate.
have been an Intent listener and observer to all measures of importance that have
been considered: and I assert here that never in the whole period has any merchant
or business man having relationship with banks ever protested against branch
banking. No man who has wanted credit, no man who wanted to borrow funds
with which to conduct his business has ever in that whole period raised his voice
against branch banking. It has only been done by the bank which wanted a
monopoly of credit in its community.'
"If, therefore, banks are not doing what they should to take care of the
credit needs of small companies, it is apparent that their hesitancy has
considerable justification in the light of the demonstrated weakness of our
banking structure. If the smaller producer or manufacturer is now unable
to obtain sufficient bank credit, his proper course is to strike at the root
of credit stringency by supporting legislation which will strengthen our
banking structure, remove the fear of another epidemic of bank failures,
and permit the banker to pursue a normal lending policy.
4317
"As to the criticism which has been directed against banks in this connection, possibly it is justified to a greater or lesser extent, but it has been
mistakenly pointed at as a symptom, rather than as an underlying cause."
Amendment to Glass Banking Bill Offered by Senator
Metcalf Would Strip Measure of New Restrictions
on Dealings in Securities by National Banks—
Proposals Also Would Bar Further Supervision
by Comptroller and Rights in Certain States.
Amendments which in effect would eliminate from the
Glass banking bill all provisions further limiting dealing in
securities by National banks for their own account were
introduced in the Senate by Senator Metcalf on Dec. 21.
With regard thereto a Washington dispatch to the New
Tork "Times" said:
Some limitations regarding portfolio investments are placed upon National
banks in the present law, but Senator Glass, in his bill now on the calendar,
seeKs to increase the limitations to a marked extent as part of a general
reform of the whole National banking structure.
The Metcalf amendments touching this phase of the bill are threefold in
character, although affecting several portions of the bill.
The first would strike out of the bill Senator Glass's proposal that the
Comptroller of the Currency exercise strict supervision over investments
made by National banks for their own account. According to Senatorial
Interpretation of the current laws, the Comptroller does not have such
authority, except to determine through examination of the books of the
National banks that they are staying within limits established by law.
The second Metcalf amendment would strike out a provision limiting
purchases of securities by National banks to 10% of any individual issue
of securities where such issues exceed $100.000.
The third amendment would eliminate the blanket authority conferred
on National banks to engage in any business authorized by the laws of
the State in which a National bank is located.
Asks that Present Laws Stand.
Incidentally, the third amendment touches on branch banking, a bone
of contention in the Glass bill and a practice regarding which the Senate
Banking and Currency Committee has yet to reach an agreement.
With the Glass bill amended as Senator Metcalf proposes, current laws
would remain in effect, as his resolutions stipulate.
Under the present laws, there is no limitation as to the quantity or type
of securities in which National banks may invest, provided investment in
all classes of securities do not exceed the equivalent of 15% of a bank's
paid-in and unimpaired capital and 25% of its unimpaired surplus.
Senator Metcalf introduced another amendment which would liberalize
a section of the Glass bill concerned with an entirely different subject.
Where the Glass bill would limit investments by National banks in safety
deposit affiliated to 15% each of their capital and surplus, Senator Metcalf
would amend the bill to permit such investments to equal 15% of a bank's
capital and 25% of its surplus.
Senator Metcalf has on file another amendment under which the security affiliates of National banks would be regulated instead of abolished,
as is provided in the Glass bill.
House Passes Collier Bill Amending Volstead Act—
Measure Would Legalize Beer of 3.2%—Also Imposes Tax of $5 a Barrel to Yield Revenue Estimated
at from $126,000,000 to $150,000,000.
On Dec. 21 the House of Representatives, by a vote of
230 to 165, passed the Collier bill amending the Volstead
Prohibition Act so as to legalize the manufacture and sale of
beer, ale and porter, of 3.2% of alcohol by weight. From
the "United States Daily" of Dec. 22 we quote:
The bill levies a manufacturer's excise tax of $5 a barrel on all beer,
lager beer, ale, porter and other similar fermented liquors containing
one-half of 1% or more of alcohol by volume and not more than 3.2% of
.
alcohol by weight, which is equivalent to 4% by volume...
Provision-s of Bill.
The bill provides for a $5 tax, the same rate on fractional parts of a
barrel, in lieu of the pre-prohibition tax of $6 per barrel. It increases
the occupational taxes of $50, in the case of brewers making less than
500 barrels annually, and $100 in the case of those manufacturing more
than that quantity, to $1,000 a year in both cases. The new occupational tax does not apply to those brewing beverages of less than one-half
of 1% alcohol.
It prescribes how the beverage to be authorized shall be sold in bottles,
casks, barrels, kegs, or other containers, sealed and labeled. It amends
the special Federal prohibition laws applying to Alaska, Hawaii and Puerto
Rico so that such law shall not prohibit the liquors now proposed to be
legalized, and it does not, according to its sponsors, interfere with the
power of local legislative authorities to enact laws continuing their prohibition of such beverages.
Licenses Required.
The bill requires manufacturers of the liquor covered by the bill to qualify
as brewers under the internal revenue law and to secure a permit under
the prohibition law, with penalties for manufacturing these liquors without a permit. Permits for manufacture are not to be issued in any State,
territory or the District of Columbia if their local laws prohibit such manufactures. The bill does not repeal the tax, still on the statute books,
left over from pre-prohibition days, of $50 a year on wholesale and $20
on retail liquor dealers.
Protection to States.
Other provisions of the bill are designed to make certain that the proposed law shall not have the effect of legalizing sale of liquors having more
than 3.2% of alcohol by weight, and that penalties and obligations, seizures,
forfeitures, sEc.. made prior to the enactment of this bill, shall not be
disturbed. They also are designed to continue the protection of the
Webb-Kenyon Act and the so-called Reed "bone dry act" to "drY" states
against transportation into those States of intoxicants in interstate commerce.
The bill would take effect 30 days after enactment.
The $5 tax according to Treasury estimates would yield
revenue from $125,000,000 to $150,000,000 for the fiscal
year 1934.
4318
Financial Chronicle
On Dec. 15 the House Ways and Means Committee decided to increase the alcoholic content to be allowed in beer,
from 2.75% (as provided in the bill then under consideration) to 3.2%. On Dec. 19 the Committee rejected, by a
vote of 14 to 9 the Lea wine bill, believing it to be contrary
to the Eighteenth Amendment. Associated Press advices
from Washington on Dec. 16 said:
At the same time a committee of Senators was agreeing on inclusion of
protection for dry States in a proposed substitute for the controverted
amendment.
Chairman Collier, of the House Committee, told reporters the 14 to 9
vote against wine resulted from a belief "that the alcoholic content in
naturally fermented wines was in violation of the spirit of the Eighteenth
Amendment."
He felt the legalization of light wines "would be held unconstitutional."
Regarding the Committee's report Washington advices
Dec. 16 to the New York "Times" said in part:
Determined to concentrate on one phase of modification at a time, the
Ways and Means Committee again to-day rejected wine from its recommendations to the House and laid the groundwork for takng up the Collier
bill. providing 3.2% brew, on the floor Tuesday (Dec, 20). • • •
The House committee, which had voted yesterday. 17 to 7, to report
the beer bill, turned down wine by 14 to 9 in a vote on the Lea bill carrying substantially the same language as deleted from the Collier bill yesterday. Representative Lea had been instructed to reintroduce the language
as a separate measure for special consideration. ...
The wine advocates, chiefly from the Pacific Coast, were clearly disappointed by the Committee's action, but said they would support the bees
bill anyway.
After the revised brew measure had been introduced in the House, Chairman Collier filed the Committee's majority report commending the beer
tax plan as a potential producer of more than $200,000.000 yearly in public revenue.
Minority Reports Are Filed.
From the seven members who voted against reporting the bill came
three separate reports setting forth reasons for opposition. One was filed
by three Democrats, Representatives Ragon, Cooper and Sanders; another by three Republicans, Representatives Hawley. Timberlake and
Crowther, and the third by Representative Treadway of Massachusetts,
The Democratic and Repbulican minority reports both held that evidence before the Committee showed 3.2% beer would be an intoxicating
beverage, which they could not leaglize under their oaths of office until the
Eighteenth Amendment was repealed or changed.
The bill was brought up for debate on Dec. 20, as to which
we quote the following from the Washington account (Dec.
20) to the New York "Times":
The time for general debate was exhausted to-night. The measure will
be taken up the first thing to-morrow under the five-minute rule and read
for amendments. The final vote will follow the amending process, which
Is expected to be concluded before nightfall.
A chamber filled nearly to capacity and packed galleries greeted the bill
when it was called up by Chairman Collier of the Ways and Means Committee just after noon. An agreement was quickly reached to limit the
discussion to the one day.
Forty-one members spoke before the day was over. The galleries stayed,
but the membership present dwindled to 42 by 6 p. m.
Rainey Opens Debate for Bill.
The six hours of debate on the bill turned the House into an open forum
on the liquor question. Comparatively few remarks were made about
the revenue merits of the measure under discussion, but the afternoon
and part of the early evening were consumed by members rehearsing the
twelve-year-old arguments on prohibition.
The bitter feelings which have characterized wet and dry discussions
were apparent for a while, but before the discussions had proceeded far an
air of good humor developed and continued, with momentary interruptions,
until general debate ended.
Representative Rainey of Illinois, Democratic floor leader, opened the
argument for the bill. Even before mentioning the subject of revenue,
the Democratic leader hastened to assure the House that, in his judgment,
it was not being called upon to legalize an intoxicating beverage. He
quoted Professor Yandell Henderson of Yale, as an authority for this view,
then proceeded to the tax features of the bill.
"We are anxious to get revenue," Mr. Rainey said, "and to get just
about as much revenue as we can. It is estimated by Dr. Doran of the
prohibition unit that at the present time. 20,000,000 barrels of high-power
beer, containing 6% and even more than that of alcohol, is sold every year
In the United States without payment of any tax.
"If this can be converted into a legitimate source of revenue, even if
the consumption were not greater than that, it would yield an enormous
amount of revenue."
The same paper, in its dispatch from Washington Dec. 21,
when the bill passed the House by a vote of 230 to 165, said
in part:
This action was taken by the same House which voted 228 to 168 against
2.75% beer in May, and was the first outright victory for the wets since
the Eighteenth Amendment was submitted by Congress fifteen years ago
last Sunday.
The outcome was a show of strength no more expected by the wets or
Democratic sponsors of the bill than by the drys. The wets were prepared
for a mojority of less than 30. but when the roll was called 133 Democrats
were joined by 96 Republicans and one Farmer-Laborite In vindicating the
prohibition modification clause of the Democratic platform. The opposition could muster only 64 Democrats and 101 Republicans, more than half
of whom were "lame ducks."
The bill will be sent to the Senate the first thing to-morrow, according
to Speaker Garner. Its probable fate in that body has been the subject
of much speculation, but House leaders expressed the hope to-night that the
Senate Democrats would join with them in carrying out "the mandate
of the American people as expressed at the last election." . . .
The Collier bill went through the House without the dotting of an "I" or
the crossing of a "t". It coasted to an easy victory, but not until the wets
had tempted defeat, right on the brink of victory.
On a parliamentary maneuver by Representative Sirovich of New York
to gain the floor, the drys forced a vote on the bill before the wets had
gathered for the proceedings, and It was only by rapid counter manipulations and stalling for time that the ballot was delayed until supporting
votes could be mobilized.
Dec. 24 1932
This early test came thirty minutes after the bill had been opened for
amendments. Drys saw they had the wets in a weak spot, due to the lack
of friends of the bill on the floor.
Dr. Sirovich set the stage when. in an endeavor to obtain the floor and
elaborate further on his scientific discussion of the relation of beer and milk
of yesterday, he moved to strike out the enacting clause. It was a mere
pro forma amendment, used many times in like circumstances by speakers
In obtaining the rights of the floor. But when Dr. Sirovich, after speaking,
asked unanimous consent to withdraw the amendment, the drys objected
and demanded an immediate ballot.
A vote by tellers mustered 118 in favor of the motion, while the worried
wets scoured the cloak rooms and committee offices seeking aid. By the
time the nays were counted they numbered 163, the motion was tabled
and the debate resumed.
Dr. Sirovich got into his delicate parliamentary position by seeking to
defend his beer demonstration of yesterday against ironical attacks by the
drys. Representative O'Connor of New York had offered his amendment
to declare 3.2% beer non-intoxicating in fact, at the outset of the consideration of the bill.
Representative Mapes of Michigan, an outstanding dry, immediately
sought to amend Mr. O'Connor's amendment by adding a further Congressional declaration that 3.2% beer has "the same ingredients as milk."
Dr. Sirovich, who had just entered the House, resented this apparent
ridicule of his discussion of the nutritive qualities of beer, and sought to
take the floor. The motion to strike out the enacting clause was the
means he chose. . . .
After the vote on Dr. Sirovich's motion the hilarity of the House was
Increased when Representative Beck of Pennsylvania, Republican wet
leader, announced that he had voted for the motion by mistake and not
because he had been converted to the ranks of the drys.
When Representative Bankhead of Alabama, who was presiding, had
sufficiently restored order for the House to proceed, the Mapes amendment
and the O'Connor amendment were voted down without a record vote.
The result of this early flare-up revealed to friends of the bill a surprising
strength on their side, and thence, until the end, they knocked down one
amendment after another as members sought to write in changes which
ranged from reducing the alcoholic content to putting in a protecting clause
for home brew makers.
Seeks Lower Alcoholic Content.
The effort to reduce the specified alcoholic content was started by Representative Michener of Michigan. "lame duck" and assistant Republican floor leader. He presented an amendment to make the content 2.75%,
explaining that he could not go along with a movement to restore the
"old-time beer." Mr. Michener and Representative Wood of Indiana,
"testified" as former prosecutors that pre-Volstead beer was intoxicating,
and contended that the percentage in that brew was the same as the wets
-day.
were attempting to legalize to
Representative William E. Hull of Illinois, "testified" as one engaged in
the liquor business for 28 years that 4% beer was never intoxicating.
A showdown on the alcoholic content amendment was hurried along
when Representative Rainey of Illinois. Democratic floor leader, moved
to cut off debate. The ballot was 124 against reducing the percentage
and 75 for it. The beer advocates again felt their strength, although a
few ardent drys who look to the Supreme Court to kill the measure on
constitutional grounds, voted for the higher content.
Rulings by Representative Bankhead, the presiding officer, helped
the leaders along with the bill. He held a large number of amendments
out of order. The first to suffer such a fate was one by Representative La
Guardia of New York, so to change the opening language of the bill as
to legalize other drinks than beer, provided the alcoholic content was
not more than 3.2%.
Lower Tax Move Crushed.
An attempt by Representative Palmisano of Maryland, a former bartender, to reduce the proposed tax from $5 to $3 in the interest of a fivecent glass of beer was crushed.
An amendment offered by Representative Vinson of Kentucky, to prohibit the sale of beer in saloons was ruled out of order, and the House
with little discussion, voted down the proposal of Representative McKeown
of Oklahoma, to strike out all reference to ale and porter.
A sharp debate developed over the protection for home brewers offered
by Representative Schafer of Wisconsin. Representative Rainey of Illinois, took the floor in opposition to the amendment, and explained that
the Ways and Means Committee had intended to make home brewing impossible by providing that every "brewer" should pay the license fee of
ELM.
He said that since the bill was a revenue measure, the committee wanted
to permit no beer to be brewed on which the license fee and tax of $5 a
barrel were not paid. Representative Bachman of West Virginia, came
to the assistance of the home brewers, but the amendment was voted
down, 83 to 58.
An amendment seeking to restrict the sale to hotels, restaurants and
clubs was ruled out of order by Representative Bankhead. A like fate
befell the amendment of Representative La Guardia proposing that all
States, even the wet areas, must enact "affirmative" legislation to legalize
the proposed 3.2% beer.
An amendment by Representative Harlan of Ohio. to prevent citizens
of bone-dry States from buying the beer in wet States and transporting it
home for their own use went down in the general slaughter.
Representative Clancy of Michigan. tried vainly to limit the penalties
for violation of the State protection clauses by reducing fines from $1.000
to $1 and striking out entirely the mandatory jail sentence for second
offenses. A motion by Representative Schafer to strike out the penalties
was defeated on a division vote. 8 to 53. The bill arrived successfully at
the voting stage, unamended in any particular, at 3:40 p. m.
Vote Surprises Party Leaders.
Handlers of the bill were uneasy when the balloting opened, but it was
As the roll-call proceeded more
not long before a definite trend was seen
than 100 members kept tally sheets.
Party whips had reported many defections from the vote of Dec. 5.
on repeal of the Eighteenth Amendment, when the wets mustered 272
votes for outright repeal against 144, only six shy of the necessary twothirds majority. While the results of the roll-call to-day did show many
changes, largely among Southern Democrats, there still were votes and
to spare.
The Democratic canvasser, Representative Milligan of Missouri, had
promised 130 votes for the beer bill. Ile delivered 133. Republican wets
had figured "at least" 90, and they furnished 96.
Chairman Collier, of the Ways and Means Committee, author of the bill,
and Democratic Leader Rainey turned toward each other in admitted surprise when the vote was announced. Later Mr. Collier said.
"We passed the bill to give a palatable malt beverage to the American
people and to aid in balancing the budget."
Volume 135
Financial Chronicle
Speaker Garner expressed surprise at the size of the vote, but emphasized his followers in the Democratic party were only following the dictates of their party platform and the expressed will of the voters of the
country.
Reference to the Senate action is made in another item
in this issue.
Senate Defeats Move by Senator Bingham to Speed
Action on House Bill Legalizing 3.2% Beer.
Senate action on beer was postponed until after the new
year was defeated yesterday (Dec. 23), when the Senate
rejected a move to get immediate consideration for the 3.2%
measure passed by the House. Members of both parties
joined in voting down, 48 to 23, a motion by Senator Bingham (Rep.) of Connecticut, to take up the question without
committee consideration. Associated Press advices from
Washington further reporting yesterday's Senate action said
in part:
The vote was not considered by Senate leaders as a test on the issue,
but to be merely a decision that the House bill must go through the usual
routine study.
Chairman Norris has called a meeting of the Judiciary Committee
for Monday to begin this procedure, but, with a quorum at that time
unlikely, action probably will go over until after the Christmas recess
beginning to
-day. Mr. Norris has predicted passage of the bill, but
whether President Hoover would sign it is a subject of speculation.
Shortly before the Senate met Democratic members agreed at a conference to oppose the Bingham motion and send the question to committee.
Twenty-one Republicans joined with 26 Democrats and Senator Shipstead,lone Farmer-Laborite, in forcing this procedure. Eleven Republicans
and 12 Democrats voted for the Bingham motion.
The vote was followed by assurance from Senator Robinson of Arkansas,
minority leader, that the Democrats were not delaying action. He said
he was warranted in promising speedy committee consideration.
Despite the announced plan of Bingham for a "snap vote" on the issue,
the Senate galleries were only partially filled.
Senator Bingham asserted after the vote that the Senate's action meant
no beer by Christmas. This remark brought applause from the gallery.
Vice-President Curtis rapped the gavel sharply for order.
"We will be lucky if we have beer by next Christmas," Mr. Bingham
said.
Following its action on the Bingham motion, the Senate adjourned
until next Tuesday (Dec. 27), foregoing the regular 10
-day holiday recess.
Undaunted by the Democratic strategy, Mr. Bingham made his motion
soon after the Senate convened—seeking to have the Senate consider his
own bill to legalize beer in order to use it as a vehicle for consideration
of the bill passed by the House.
Senator Robinson of Arkansas, Democratic leader,immediately demanded
that the beer question be given the usual Committee study.
'
Vice- President Curtis ruled that the Bingham motion was not debatable
but unanimous consent was given to Senator Robinson,to make a statement.
Mr. Robinson said he would vote against Senator Bingham's motion,
but if it carried he would then move to send the measure to the Judiciary
Committee. The Democratic leader was following instructions given
him at the Party Conference.
Mr. Bingham explained he made his motion in order to speed action,
fearing prolonged delay if the beer legislation had to take the usual Committee course.
Of the 23 votes in favor of Senator Bingham's motion, 11
were cast by Republicans. and 12 by Democrats; the 48
opposing votes were those of 21 Republicans, 26 Democrats
and 1 Farmer-Laborite. An item regarding the adoption
of the measure by the House is given elsewhere in this issue.
Approval of National Sales Tax by Executive Committee
of New York State Chamber of Commerce—State
Sales Tax Opposed.
Citing the inequalities which would result from enactment
of a State sales tax, the executive committee of the Chamber
of Commerce of the State of New York, meeting on Dec. 20,
adopted an interim report opposing such a tax, but reaffirming the Chamber's approval of a National sales tax. Pointing
out that bills may be introduced in the State Legislature at
its coming session in January for establishment of a sales
tax, to aid in balancing the State budget, the report, which
will be submitted to the Chamber for consideration at its
next monthly meeting to be held on Jan. 5, says:
In view of the probability that the Federal Government will enact a
Federal sales tax in the near future, a similar tax imposed by the State of
New York is extremely unwise. This form of taxation should be confined entirely to the Federal Government. The payment of a double tax
on the same transaction would still further reduce profits or add to losses
in business. The great majority of manufacturing and selling organizations
in this State are already having much trouble to make both ends meet.
Furthermore, a Federal and State tax would very likely be dissimilar in
their application and sellers would be compelled to keep two systems of
accounting to meet the requirements of the two Governments, thus adding
still more to the cost of doing business.
There are numerous objections to a State tax which do not apply to a
Federal tax. A tax which is merely State-wide places our merchants in
cities near an adjoining State, where a corresponding sales tax does not
exist, at a great disadvantage. This State has a large percentage of its
population residing adjacent to neighboring States. The City of New
• York receives daily a tremendous number of commuters from New Jersey
and Connecticut, as well as shoppers from more distant points. A State
sales tax, if passed on to consumers, would tend to drive this very large
business away from this city and State.
Furthermore, since the Federal Constitution forbids States to tax interState commerce, mall order houses located outside the State would have
an unfair advantage in dealing with residents of the State. Justice demands
that all retailers and others subject to a sales tax should pay alike throughout
the Nation.
4319
This Chamber at a special meeting on Sept. 29 1932 unanimously
adopted a report of its Committee on Taxation which favored a Federal
tax on sales, provided radical reductions of Federal expenditure did not
obviate the need for additional revenue to balance the budget. In the
survey then made of sales taxes, which accompanied that report, it was
shown that this tax had serious defects when used in a single State. While
eight States had adopted a sales tax, they had done so mainly in order
to discriminate against chain stores, and the laws were framed -to accomplish that purpose. But as a revenue measure, the difficulties in those
States located in the South and the Middle West, would not be comparable
with the difficulties in New York State with its vast inter-State trade and
commercial transactions.
The following resolution is therefore offered:
"Resolved. That the Chamber of Commerce of the State of New York
is opposed to a State sales tax, believing that this form of taxation should
be Nation-wide and accordingly used only by the Federal Government;
and that its adoption by a single State discriminates against transactions
in that State to the detriment of its merchants and others whose sales are
subject to tax."
President Hoover Approves Increases on Five Tariff
Schedules—Upholds Adequacy of Rates Now in
Effect on Six, Including Crab Meat,
President Hoover, acting on recommendations of the
Tariff Commission, on Dec. 16 increased the rates of duty
on five tariff schedules and upheld the adequacy of the
present assessments on six others. Washington advices
Dec. 16 to the New York "Journal of Commerce" further
said:
Recommendations of the Commission that decreases should be ordered in
the present duties on cotton velveteens and certain agricultural hand implements were refused by the President, who returned these reports to the
Commission for further investigation.
In a communication to the Commission the President pointed out that
since 1929-1930, the years used in these investigations, there has been
tremendous shifts in costs due to the effect of depreciated currencies.
Asks Further Inquiry.
"It seems to me that before I take action upon lour recommendations
there should be a further inquiry, bringing the matter more closely up to
date," be said.
"I do not wish this communication to be taken as a disinclination to act
upon the commission's recommendations, out merely that I should take no
action without consideration of the immediate disturbed situation."
Among the increased duties approved was a change of the assessment of
the 60% ad valorem duty on prismbinoculars to the American selling price.
This action marks the first time that the American selling price has been
used as a basis of computation of duty, although it is provided for in the
new tariff law.
Increased duties were ordered on folding rules, aluminum and wooden,
cotton velvets other than upholstery velvets, prism-binoculars, upholsterers'
nails,thumb tacks and chair glides, and cocoa fiber mats. No change was
ordered in the duties on blown glass tableware, precision drawing instuments, barley malt, crab meat, cotton upholstery velvets, cotton velvet
and velveteen ribbons, and certain agricultural hand tools.
In its report on cotton velveteens and velvets the Commission specified
no change on cotton upholstery velvets, no change on cotton velveteen
ribbons or cotton velvet ribbons. a reduction on plain black cotton
velveteens, a reduction on twill back cotton velveteens and an increase on
cotton velvets other than upholstery velvets from 62;i% ad valorem to
70% ad valorem.
The President approved the findings of the Commission with respect to
cotton velvets, cotton velveteen ribbons and cotton velvet ribbons, but
returned the rest of the report to the Commission.
The Commission's report on agricultural tools recommends no change in
the duty on shovels, spades, scoops, drainage tools, scythes, sickles, grass
hooks, and corn knives, and a decrease in rates on forks, hoes and rakes.
The President asked for a review because of increased imports due to depreciated currencies abroad.
Upholds Crab Meat Report.
Contention of the Commission that costs of production in the United
States and the principal competing country Japan do not furnish an adequate basis for determining the duty on crab meat under the flexible tariff
provisions was upheld by the President and no change ordered.
Among the reasons given for its action in this investigation were: Domestic
and imported crabmeat are from two widely different species of crab: all
imports are canned, while only 2% of the domestic production is so packed:
and wholesale prices of the domestic meat have fallen materially during the
past three years, whereas prices of the imported product have remained
almost stationary.
Duties on aluminum rules were increased from 45 to 65% ad valorem, and
on wooden rules from 40 to 60% ad valorem.
The present rate of duty of 3c. per pound on upholsterers nails, thumb
tacks and chair glides of two or more pieces was increased to 4Hc. per
pound; the rate of 6-10c, per pound on thumb tacks of one piece of iron or
steel and on all thumb tacks of material other than iron or steel was increased
to 9-10c, per pound.
Duty on cocoa fiber mats was increased from Sc. to 12c. per square foot.
Federal Intermediate
Credit Bank of St. Louis Lowers
3%.
A reduction in the interest rate of the Federal Intermediate Credit Bank of St. Louis has resulted in a big
increase in the amount of livestock feeder paper offered
to the Bank, Joseph R. Cosgrove, Manager of the Bank,
said. In the St. Louis "Globe-Democrat" of Dec. 12 he
was quoted as saying:
Interest Rate to
Under the Illinois law,7% is the maximum interest that may be charged.
Last year our discount rate was 5%%,and the local institutions making the
the loans to the farmers and feeders were unable to collect the full maximum
of 3% spread which they are allowed to charge under the Federal Farm
Loan Board's ruling. The rate now charged local lending institutions
is 3%. Thus, the local institutions can add the full 3% to that rate and
still only charge the borrower 6%. This comes about largely through
the low interest rates prevailing on money in the big money markets and
also because Congress during the last session made the debentures of the
Federal Intermediate Credit banks eligible as collateral for loans from
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Financial Chronicle
the Federal Reserve banks to banks that are members of the Federal Reserve
System, thus making the debentures highly liquid.
Six new agricultural credit corporations were recently formed in Illinois.
They are located in Sycamore, Galesburg, Bloomington and Princeton.
Two new ones are located in Chicago. Four more credit corporations are
in prospect in Springfield, Danville, Rochelle and Aledo.
Thus the Federal Intermediate Credit Bank of St. Louis will be.able
more adequately to meet the needs of feeders and breeders for livestock
loans. Through the sixteen credit corporations now doing business and
four additional ones to be in operation in the near future. Almost all of
our loans in Illinois and Missouri can be classified as feeder loans, although
some loans are made for breeding purposes, and a very few might be called
barnyard loans. Last October the Federal Intermediate Credit Bank had
loans and discounts outstanding amounting to $8,740,000, whereas, this
October the total outstanding was $10,900,000.
The twelve Federal Intermediate Credit banks have shown a steady
growth in their discount operations. In the nine years in which they
have been in business they have advanced money on 400,675 farmers' notes
for an amount approximately $768,000,000 for 1049 local institutions.
Their direct loans to 135 farmers' co-operative marketing associations
with a membership approximating 1.346,000. amounted to $803,351,916.
National Credit Corporation to Make Ninth Payment
to Subscribing Banks on Dec. 30—Will Also Pay
at Rate of 3% Interest on Notes Unpaid Oct. 15.
On Dec. 20 the National Credit Corporation announced
that it will redeem on Dec. 30 5% of the original prinicipal
amount of its outstanding gold notes—being the ninth
partial redemption. On Dec. 30 also the corporation will
pay intcrest at the rate of 3% per annum on the principal
of the notes remaining unpaid on Oct. 15 1932—the interest
being computed from the respective dates stated in the notes
to Oct. 15 1932. The notice regarding the ninth partial
redemption follows:
THE NATIONAL CREDIT CORPORATION.
Ninth Partial Redemption.
To the Registered Payees of the Gold Notes of The National Credi Corp. issued
under an Agreement made as of Oct. 15 1931, between The National
Credit Corp. and The New York Trust Co., as Agent of the Loan:
Notice is hereby given that, pursuant to the provisions of the above
mentioned agreement, the National Credit Corp. has called for redemption
and will on Dec. 30 1932, be prepared to redeem and pay 5% of the original
principal amount of each of its outstanding gold notes (being the amount
of a ninth partial redemption), upon presentation of such notes at the
principal office of the undersigned. No. 100 Broadway, New York City,
for endorsement thereon of the payment made.
Upon and after Dec. 30 1932, sufficient moneys for such redemption
having been deposited with the undersigned by the National Credit Corp.,
all interest on that part of the principal amount of each gold note called
for redemption shall cease.
As any interest on the notes is payable only out of the surplus or net income
of the corporation, all as more fully set forth in the notes and agreement,
interest, if any, on the amount of the redemption payment is hereafter to be
determined subject to the provisions of the agreement.
Checks will be issued only in the names of the registered payees.
Dated: New York, Dec. 20 1932.
THE NEW YORK TRUST CO.,
As Agent of the Loan,
By A. C. DOWNING,
Vice-President.
All notes that have not been deposited with the New York Trust Co.,
should be presented so as to receive the payment mentioned. Checks will
be sent direct to the registered payees of deposited notes without any further
action on the part of such payees.
The following ib the notice bearing on the interest payment:
THE NATIONAL CREDIT CORPORATION.
Notice of Payment of Interest on Gold Notes.
To the Registered Payees of the Gold Notes of The National Credit Corp., issued
under an Agreement made as of Oct. 15 1931. between The National
Credit Corp., and The New York Trust Co., as Agent of the Loan:
The Board of Directors of The National Credit Corp., pursuant to the
provisions of subdivision (b) of Section 1 of Article III of the above-mentioned agreement, have ascertained, determined and declared the amount
applicable to the payment of interest on the gold notes outstanding on
Oct. 15 1932 and (or) theretofore partially redeemed.
Upon presentation of notes at the principal office of the New York Trust
Co., No. 100 Broadway, New York City, on or after Dec. 30 1932 for
endorsement thereon of the payment made, there will be paid a sum representing (a) interest at the rate of 3% per annum upon that part of the
principal amount of the notes which remained unpaid on Oct. 15 1932,
computed from the respective dates stated in the notes to Oct. 15 1932, and
(b) interest at the same rate upon the amounts paid in partial redemption of
notes prior to Oct. 15 1932, computed from the respective dates stated in
the notes to the respective dates of such partial redemption.•
Checks will be issued only in the names of the registered payees.
Dated, New York. Dec. 20 1932.
THE NATIONAL CREDIT CORPORATION.
By MORTIMER N. BUCICNER,
President.
* The date of each partial redemption and the percentage of the original
principal amount of each note redeemed on said date, are as follows. March
28 1932, 15%; April 111932, 10%; April 22 1932. 10%; May 2 1932, 10%;
May 23 1932, 10%; June 13 1932. 10%; Aug. 29 1932. 15%•
All notes that have not been deposited with the New York Trust Co.
should be presented so as to receive the payment mentioned. Checks will be
sent direct to the registered payees of deposited notes without any further
action on the part of such payees.
Since the partial redemption (15%) paid on Aug. 20 1932,
there was a further partial redemption (10%) Nov. 3—the
eighth. An item relative thereto appeared in our issue
of Oct. 29. page 2929. In the ninth redemption (Dec. 30)
altogether 95% of the $135,000,000 contributed by the
banks subscribing will be returned to them. After the
Dec. 24 1932
Dec. 30 disbursement there will be outstanding, it is stated,
but $6,750,000. In its issue of Dec. 21 the New York
"Herald Tribune" said:
National Credit Corp. was formed in October 1931. to make loans to
banks on assets which could not be rediscounted with the Federal Reserve.
It called for subscriptions from banks totaling approximately $135,000,000
and, in addition, borrowed around $20,000,000 from banks in direct loans.
Some of the corporation's loans have been repaid, while others have been
taken over by National Credit Corp.
Senate Passes Norbeck Bill to Ease Farm Debt—Provides for Cancellation and Moratorium on Crop
Loans Made.
The Norbeck bill, providing for agricultural production
loan moratoriums and cancellations, was adopted by the
Senate on Dec. 22, according to Washington advices on
that date to the New York "Journal of Commerce," which
added:
It was explained by Senator Norbeck, South Dakota, sponsor of the
bill, that the Secretary of Agriculture has found great difficulty in making
collection of Federal funds advanced for crop-production loans on account
of prevailing low prices of agricultural commodities.
In some sections the average farmer is unable to pay in full. In other instances they are even unable to pay a substantial part, because the crop was
light. It will be impossible for many farmers to put in a crop next year
unless partial extension on present indebtedness is made. There are individual cases where the entire crop will only pay a part of the loan.
The authority granted under this bill will permit the Secretary of Agriculture to deal with each case as he may find best, both as to seed loans and,
live stock feed loans.
A favorable report on the Smith crop production loan bill was ordered today by the Senate Agricultural Committee. This measure makes available
for the crop and harvesting year of 1933 the unexpended balance of amounts
allocated and made available to the Secretary of Agriculture in the Reconstruction Finance Corporation law. All amounts received in the repayment
of loans already made also would be available for redistribution under this
bill.
Nebraskans in Move Against Federal Farm Board—New
Congressional Delegation to Demand Repeal of
Present Market Act.
The following from Omaha (Neb.) Dec. 10 is from the
New York "Herald Tribune":
Nebraska's new Congressional delegation will be a unit for some sort of
farm relief. Members of the Nebraska delegation look upon this as the
most important matter to come before Congress, second not even to the
European debt situation. And the first step of the Westerners, regardless
of party affiliation, will be to seek repeal of the Marketing Act and do away
with the Federal Farm Board, which, they maintain, is one of the chief
causes of the conditions under which agriculture is struggling to-day.
With buying power restored to the farmers, these Western legislators believe prosperity will quickly spread to all other sections of the country, and
with this point in mind they will ask the aid of Representatives from other
agricultural States in repealing the law which created the Farm Board.
Senator R.B Howell of Nebraska is leader of the farm bloc in the Senate.
He is a Republican, but he is as strongly opposed to the Farm Board as
are any of the Democratic Senators.
Calls Board Complete Failure.
"The principle upon which the Farm Board Is founded is all wrong," said
Senator Howell. "In the Senate I voted for it because I was willing to try
it as an experiment. But it has proven an absolute failure. It should be
abolished. It has been a costly experiment in dollars and cents and a stilt
more costly experiment in its effects on agriculture. Some bureau must
pick up the pieces of wreckage the Board has left behind it, and I suppose the
present Board, cut to a few members and with its power curtailed, could do.
that, although it would be just as well to place the duty of picking up this
wreckage under the Department of Agriculture.
"Something must be done for agriculture, but the Farm Board has
clearly demonstrated that that organization cannot help the farmers.
have no plan to advance and I will support any plan that looks as though
it will be worth while. But the Farm Board has been a miserable failure."
Edward R. Burke of Omaha, newly elected Representative from this district, a Democrat, believes with Senator Howell that the Farm Board is a
failure and he will work for its abolition.
Representative Malcolm Baldrige, Republican, of the Second Nebraska
District, goes even farther than does Burke, the Democrat. Baldrige opposes all governmental regulation of grain prices and will work for repeal
of the Marketing Act. He says;
"Every time any country has tried to legislate grain prices there has been
trouble. The Farm Board is a dismal failure and should be abolished. I
will vote to annul the law which created it. It was just another of those
noble experiments. It was an honest, sincere effort to do something for
agriculture, but it has been a miserable failure.
Expects Allotment Plan Trial.
"Since the Farm Board has failed so miserably, I think the allotment
plan is next in line for a trial. If that plan fails, then something else should
be tried. I will support any plan the people of this Western country want
,
to rry
Terry Carpenter is another Nebraska Representative who is against the
Farm Board, but wants some sort of relief for the farmer and stock raiser.
Carpenter is a Democrat, has just been elected over Robert Simmons, Republican, who has represented his district for many years. Carpenter and
Simmons had a clean-cut fight, with the Farm Board as the bone of contention, Carpenter opposing the Marketing Act and Simmons defending it.
The district had never elected a Democrat and was normally for Simmons by about 50,000. Carpenter, a novice in politics, overturned Simmons's 50.000 majority and was elected by 5,000. lie credits his victory
to the bitter opposition to the Farm Board among the farmers in his district
and in Washington he will vote for repeal of the Farm Board law.
The Nebraskans' campaign for repeal of the Marketing Act has already
received support from Iowa and will be one of the subjects discussed in a
meeting of Iowa Democratic Representatives which has just been proposed by Otha D. Wearin, newly elected Representative from the western
Iowa district. Wearin's campaign was based on the opposition of farmers
to the Farm Board.
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Financial Chronicle
Second Farm Bloc Formed to Push Four-Point Relief—
President O'Neal of American Farm Bureau Federation Says 160 Members of Congress Are United
for Short-Session Action.
From Chicago, Dec. 20, Associated Press advices to the
New York "Herald Tribune" said:
For the second time a farm bloc has been organized in Congress to give
hi-partisan support to agriculture's relief demands.
The American Farm Bureau Federation late to-day received word from its
President, Edward A. O'Neal, who is now in Washington, that about 150
members of Congress had banded to force through the short session of Congress a four-point legislative program.
Eleven years ago the Farm Bureau sponsored a farm bloc which obtained
enactment in the Sixty-seventh Congress of more agricultural legislation
than in all the 66 preceding sessions.
Mr. O'Neal's telegram said Congressmen from both parties are backing
an agricultural program which tentatively includes expansion of currency.
lowering of the price of the dollar. stopping farm mortgage foreclosures
and giving equality to agriculture and labor.
Four subcommittees of the bloc have been appointed, Mr. O'Neal said.
with Democratic chairmen as follows: Farm mortgage foreclosures, Representative John N. Sandlin. Louisiana; farm relief legislation, William W.
Arnold. Illinois; currency reform, Jeff Busby, Mississippi, and
co0 Mien, James M. Mead, New York.
New Draft of Tentative Bill for Farm Relief—Far
Leaders Ask Mortgage Holiday—Want Debt Commissions — Reconstruction Finance Corporation
and Land Bank Help Urged—Hearing Before
House Committee on Jones Farm Allotment Bill.
Advocacy of the plan of the larger agricultural organizations to raise agricultural prices to pre-war parity with prices
of industrial products as a means to prevent the country
from slipping further into depression, and opposition to the
plan on the ground that it is unworkable and probably unconstitutional were expressed at hearings before the House
Committee on Agriculture Dec. 16 and 17. said the "United
States Daily" of Dec. 19, which further noted:
The committee on Dec. 17 made public a new draft of a tentative bill
providing machinery designed to raise prices of farm products to pre-war
parity with industrial products, as contrasted with previous proposals to
raise them by the amount of the tariff. The principle of the two plans is
similar except for the different price results sought, witnesses explained to
the committee, each providing a tax to be used to pay higher prices to the
farmer.
Seven-Point Program.
At the hearing Dec. 17 Representative Nelson (Dem.),of Columbia. Mo.,
criticized government interference with both agriculture and industry and
offered a seven-point program for the betterment of agriculture as follows;
Repeal the Agricultural Marketing Act.
Revise the tariff to restore demand abroad for American products.
Extend the time and reduce the interest rate on farm-mortgagesAdopt a policy of controlled expansion of the currency to produce "an
honest dollar."
Eliminate government subsidies.
Reduce expenses.
Let the farmer alone.
A draft of a tentative bill authorizing the Secretary of
Agriculture to enter into voluntary domestic allotment contracts with producers of agricultural commodities for the
curtailment of production, and to issue to them in return
"adjustment certificates" for a Government bounty on the
reduced output was submitted to the House Agricultural
Committee by Chairman Jones on Dec. 13. With reference
to the provisions of the bill, a Washington account Dec. 13 to
the New York "Times" said:
The bill was submitted for scrutiny during an executive session of the
committee, which followed Mr.Jones's conference yesterday with more than
50 representatives of National farm organizations. The measure probably
will form the basis of the farm relief program of the Roosevelt administration. Its main features were laid before the farm leaders
yesterday
by Henry Morgenthau Jr.
The farm organization officials continued their conference behind closed
doors to-day, and are expected by to-morrow to have formulated changes
for submission to the House Committee. The nature of the changes could
not be definitely learned to-night, but reports were that the conference
would insist upon immediate reduction in acreage and production instead
of in 1934, as contemplated by the tentative bill.
Domestic Consumption the Base.
The bill, as it now stands, provides that the Secretary of Agriculture.
days after enactment, shall declare the percentage of total production
30
represented by probable domestic consumption of wheat, cotton, tobacco
and hogs. Each producer of the commodities covered in the Act would then
be entitled to an adjustment certificate covering the "domestic consumption
percentage" of his own production for the next year following adoption of
the plan.
Meanwhile, assessments of 42 cents a bushel on wheat,five cents a pound
on cotton, four cents a pound on tobacco and two cents a pound on hogs
would be levied against the processors of the commodities, and the fund so
collected placed with the Secretary of Agriculture, who would distribute
It after deduction of the expenses of administration.
The tentative draft does not provide for any reduction in production
during 1933, the understanding being that by the time the bill becomes
effective the acreage for the year will have been determined.
Quotas To Be Established.
The Secretary of Agriculture would be authorized to enter into voluntary
contracts with producers of the four commodities, the contract to provide
that;
The producer is not to exceed his allotted quota for a commodity.
Upon notice from the Secretary of Agriculture the producer will reduce
his production quota for such period and in such an amount, not exceeding
20%,as the Secretary may specify.
4321
A producer may increase his quota if he has arranged with another to
make an equivalent reduction.
Violation of terms shall cost the benefits of the Act to the breaker of a
contract.
Under the proposed bill the production quotas and all regulations would
be left entirely in the hands of the Secretary of Agriculture and would not
be subject to the review of any court or office of the government.
Another provision embodied in the tentative draft is that a producer
having a contract with the Secretary of Agriculture may deposit it with
any bank or credit corporation for a loan of not to exceed 75% of the
probable benefit expected from the fund. The lending agency would notify
the Secretary of Agriculture and the Secretary would pay the producer
through this agency. The interest on such loans would be fixed at 6%.
"Any note in evidence of any loan under thia section accompanied by a
contract as security therefor shall be eligiole for rediscount by Federal
Reserve banks," says the bill.
In addition, the Secretary of the Treasury is directed to "advance
funds necessary to redeem adjustment certificates pending the collection
of adjustment charges" from processors.
Although providing striking comparisons with former farm-relief plans,
the indications were that the proposal would not be reported out of the
Committee on Agriculture in its present form. Chairman Jones stressed the
fact that "this is simply a tentative bill, to be used wholly as a basis of the
committee's work." John A. Simpson, head of the Farmers' Union,
predicted that the measure would not be passed by the present session of
Congress.
Advices Dec. 13 from Washington to the New York "Journal of Commerce" said:
Similar to the Rainey allotment proposal introduced during the closing
of the last session, the present measure would repeal the stabilization
tea es of the Agricultural Marketing Act and directs the Department of
Agriculture, within 30 days, to estimate and proclaim probable domestic
consumption of the 1933 production of wheat, cotton, tobacco and hogs.
One thing that has come out of the conference, which is being held behind
closed doors, is the fact that there is very little unanimity behind the allotment plan. One farm spokesman remarked that "if the acreage allotment
plan is enacted it will elect a Republican President in 19313." while John
Simpson of the Farmers' Union declared that the plan has been "expected"
to death.
Economists and university farm experts among President-elect Roosevelt's advisers who are assisting in working out the allotment plan include
Henry Morganthau Jr., Prof. M. L. Wilson of Montana State College of
Agriculture, Prof. Rexford G. Tugwell of Columbia and William Irving
Myers, Professor of Farm Finance at Cornell.
A six months' moratorium on farm mortgage foreclosures
and a wholesale refinancing of such indebtedness with Federal aid through the Reconstruction Finance Corporation
or the Federal Land banks was demanded on Dec. 17 by
the national conference of organized farm leaders in Washington, in a report which it proposes as the basis for legislation, it was stated in a Washington dispatch Dec. 17 to the
New York "Times, which continued:
The farm leaders have been in Washington for a week drafting legislation
for inclusion in the farm relief plans of the Roosevelt administration and
have now before the House Committee on Agriculture proposals embodying
the domestic allotment plan for raising farm prices sponsored by Presidentelect Roosevelt during his campaign. To-day's report was the work of a
special committee of the conference devoted to the subject of emergency
mortgage credit.
The Committee states in its report that "permanent policies, possibly
involving the co-ordination of re-shaping of the services of existing credit
agencies, depend somewhat on the plans of the incoming administration."
For this reason, the Committee said it would make no definite recommendations concerning long-time policies and felt there are certain emergency phases of the credit question that should be given immediate consideration.
Agricultural Distress Is Cited.
Asserting that farmers by great sacrifices during recent years "had
protected the whole mortgage structure," the committee said that ruinous
prices had developed a distress situation in 1932 of which it was demanding
consideration by Congress. It said that the effect of an improvement in the
farm mortgage situation would be immediately felt by every urban community and by financial institutions interested in the mortgage situation.
To bring about this improvement the Committee made the following
recommendations:
1. A quickening of public interest to the end that private adjustments
between mortgage holders and their debtors be made as quickly as possible
and on terms commensurate with the ability of the debtor to pay.
2. With respect to the relationship of the Federal Land banks to farmers
who have executed mortgages through their own farm loan associations,
It is recommended that the Federal Land banks should have ail possible
legitimate assistance in caring for deserving borrowers who have become
delinquent in their payments.
3. It is recommended that arbitration boards be established, to which
Boards' creditors and debtors can apply for assistance in making necessarY
readjustments.
4. It is recommended that Federal funds set up for the purposes of the
reconstruction program shall be shared with agriculture in refinancing
mortgage indebtedness.
Urge Halt to Foreclosures.
"While refinancing of mortgage indebtedness through private agreement is already in progress, it is felt that this process can be hastened by
the use of existing government machinery, such as the Federal Land banks
and the Reconstruction Finance Corporation," the Committee said in its
report. "While public opinion seems to be agreed on the necessity and
desirability of a refinancing program so far as farm mortgages are concerned, the method of procedure has not been perfected.
The immediate problem is to stop foreclosures, in so far as possible,
during the next six months, or until a permanent plan of refinancing can
be put into effect.
"The credit committee has given consideration to one specific plan
which could be followed if it should meet with the approval of Congress.
This method of procedure would involve setting up a debt adjustment
commission In each agricultural county. These commissions would operate
under Federal authority and would be made up of competent, publicspirited citizens serving without pay.
"These debt adjustment commissions would be empowered to hear
appeals from debtors or creditors. They could call in other parties at
Interest and endeavor to arrive at voluntary adjustments that would avoid
the dispossession of competent farmers who retain substantial farm equities,
and make it possible for them to retain ownership of their farms on terms
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Financial Chronicle
which would give them a reasonable opportunity of paying off their indebtedness.
Rules for Settlements Outlined.
The following rules are suggested to guide these commissions in arriving
at equitable settlements:
First. No mortgage would be foreclosed as long as the farmer owner
continues to pay annually toward taxes and interest an amount equal to
the customary landlord's share from the farm.
Second. In cases where the face value of the mortgage is greater than
the net foreclosure value of the farm, the mortgage should be scaled down
to the foreclosure value and refunded on terms which the farm owner can
reasonably be expected to meet. Both debtors and creditors would benefit
by such adjustment in most doses.
Third. Where there are other substantial debts aside from the first
mortgage indebtedness, it is suggested that the debt adjustment commission confer with all creditors, endeavoring to effect the total debt of the
farmer to a sum which the farm owner could reasonably be expected to
handle. The legal rights of each creditor would be equitably considered
In such adjustments.
In cases where the creditors cannot or will not refund or adjust the
mortgage as an alternative to foreclosure, it was recommended that funds of
the Reconstruction Finance Corporation or other government agency,
which the Committee said "have been freely used in salvaging the equities
of industrial institutions," be used for preserving the equities of farmers
In their property.
"Such procedure," said the Committee, "would be very helpful in cases
where the mortgage owner is willing to sell at a net foreclosure value, thus
permitting refinancing on terms which the borrower would meet."
Forced Sales Deplored.
The Committee closed its report with the statement that it deplores
the tendency of mortgage owners to take deficiency judgments in foreclosure proceedings, and urged immediate discontinuance of the practice.
"The Committee likewise deplores any immediate efforts to salvage
government assets by forced sale or foreclosed farms at a sacrifice price,"
It stated. "Such forced sales merely tend to further destroy the market
value of farm land."
Information placed before the Committee indicated that 50% of the
6,000,000 farms in the country are still free of mortgage. A distribution
Of mortgaged farms, according to holders of the mortgages, showed that
20 to 25% are held by insurance companies, 20% by Federal Land banks
and Joint Stock banks, 10% by commercial banks, 10% by mortgage companies and 30% by "individuals." mainly retired farmers.
The farm leaders meanwhile continued the presentation of their witnesses
before the House Committee on Agriculture in support of the domestic
allotment plan for restoring the pre-war value offarm crops. Representative
William L. Nelson of Missouri rocked the meeting this morning when he
declared:
"I very much fear that if this plan is put into effect, it will do the same
thing to Mr. Roosevelt that the Farm Board did to Mr. Hoover."
"That is a good point," declared Representative Adkins of Illinois.
Both Messrs. Adkins and Nelson were defeated for re-election.
Nelson Offers Seven-Point Program.
As a substitute for the "complicated" farm-organization program,
Representative Nelson placed in the record the following seven-point program as a simple and effective way of circumventing the depression and
bringing back prosperity to agriculture and to the country:
1. Repeal the Farm Marketing Act with its stabilization features.
2. Revise the tariff so as to restore foreign demand for surplus raw
products from American farms.
3. Extend the time and grant lower interest rates on farm mortgages.
4. Bring about a sound and controlled expansion of the currency and
provide an honest dollar.
5. Get rid of subsidies and "stilts" now enjoyed by industry and paid
for by the public.
6. Cut expenses and reduce taxes.
7. Let the farmer alone.
In addition, Mr. Nelson suggested a flat $2 per 100 pounds be paid hog
raisers on their entire production for the current year out of the Federal
Treasury. Mr. Nelson is a hog raiser.
In indicating that a farm relief program in the House would
be started on its way in the Committee on Agriculture
Dec. 13, when hearings on the general subject would begin,
the "United States Daily" of Dec. 9 said:
draft of a
Chairman Jones (Dem.) of Amarillo, Tex., is formulating a
complete
committee bill to lay before the Committee but so far it is not
what it will propose.
and he stated orally he is not yet prepared to outline
and
Mr. Jones said representatives of farm organizations and groups
opportunity
others having constructive views to present will be given full
that
at the coming hearings. These include representatives of the group
recently met in Chicago and discussed various phases of agricultural
problems.
The Norton bill(H. R. 13310), a companion bill to a measure introduced
the
in the Senate by Senator McNary (Rep.), of Oregon. Chairman of
relief
Senate Committee on Agriculture and Forestry, is among other farm
proposal,
measures on the Committee's calendar. The McNary-Norton
which is to amend the Agricultural Marketing Act of June 15 1929, is
a three-way relief program, providing for an equalization fee plan,&debenture
plan, and an allotment plan, under which an agricultural surplus would be
exported, withheld from market or otherwise disposed of as directed by the
Federal Farm Board except that it shall not be disposed of in the domestic
market.
Chairman Jones said that while the measure now being formulated as a
Committee draft plan will be before the Committee, other bills on the
calendar would not be excluded from proper consideration.
Agriculture's own solution for the farm problem was presented on Dec. 14 to the House Committee on Agriculture
by Fred Lee, attorney for leading farm co-operatives, according to a Washington dispatch that day to the New York
"Journal of Commerce," from which we also quote:
Approved last night by farm organizations in session here, the plan
embraces:
1. pre-war purchasing power of farm commodities in terms of goods
the farmer buys must be restored
2. Production of farm products must be reduced in llne with effective
demand.
must be applied to basic products
3. Plans to attain these objectives
which have a price determining effect on other products, and on which
of exportable surpluses.
the tariff is not effective because
and must not require govern4. Plans adopted must be self-financing
mental agencies.
Dec. 24 1932
The plan applies to wheat, cotton, tobacco, hogs and possibly dairy
products, to be administered by the Secretary of Agriculture.
In the case of wheat, cotton and tobacco, it provides special adjustment
payments on that portion going into domestic consumption sufficient to
raise prices to pre-war levels. The adjustment payments will be made
In two equal instalments, the first 30 days after marketing, and the second
six montlatriater.
Payments will be made only to those who have reduced 1933 acreage
20%,and have not planted that acreage to other cash crops. The Treasury
will pay the money to be recovered by an excise tax from the manufacturer.
On Dec. 15 Associated Press advices from Washington
stated:
The first two opposition witnesses appearing before the House committee on the proposed farm relief legislation were Charles A. Cannon,
cotton manufacturer of Concord, N. C., and Fred J. Lingham, President
of the Federal Mill, inc., of Lockport, N. Y., and Chairman of the Legislative Committee of the Millers' National Federation.
Confining his remarks to cotton, Mr. Cannon testified that instead of
receiving a bounty of five cents a pound the producers would receive
only two cents.
"The consumer would pay 6 cents a pound," Cannon testified, "representing a sales tax of 33 1-3 to 40%. Domestic consumption would be
curtailed and employment in the mills thereby reduced."
Mr. Lingham said the domestic allotment plan would "increase the
surplus by increasing production."
"One trouble with the proposal is that it will raise prices," he said,.
"and during this depression we have founa.the consuming market continually seeking lower prices."
According to advices Dec. 15 from Washington to the
New York "Times," abolition of the Federal Farm Board
under the Democratic program for agricultural relief will
not be opposed by the farmers' organizations, their spokesmen told the House Committee on Agriculture on that day.
The dispatch further said:
At the same time representatives of several of the larger organizations
Indicated they would seek a compromise with Democrats in Congress
whereby the Board would be continued in operation until next December.
The latter course was discussed as a means of assuring the inclusion in
the Democratic agricultural bill certain provisions sought by the farm
organizations which are at variance with proposals laid before them by
agricultural advisers to President-elect Roosevelt and are embraced in the
tentative draft of legislation now before the Committee.
These differences revolve chiefly around demands of the farm organizations for an immediate restoration of the pre-war parity of farm prices
In purchasing power and an immediate curtailment of production.
Agency is Held Secondary,
Questioned at to-day's session of the committee by Representative
Andresen of Minnesota as to the farmers' position regarding the Farm
Board, Frederick T. Lee, counsel for the organizations, said they were
more interested in a definite plan for relief than with agencies charged
with its administration.
"We insist upon the preservation of all the provisions of the Agricultural
Marketing Act except those dealing with stabilization," he said. "We want
such features as the co-operative and educational work continued. But
whether they are continued under the Farm Board or the Secretary of
Agriculture, the farm leaders do not feel concerned. We would leave that
question to the new administration."
Some opposition to the adjusted payment features of the domestic allotment plan proposed by the farm organizations developed among Republican members of the Committee to-day.
Under the bill laid before the Committee by Chairman Jones, producers
of wheat, cotton, tobacco and hogs would receive the equivalent of the
tariff on that share of the commodities produced which the Secretary of
Agriculture may determine to be the percentage going into domestic consumption during the year. The proposal is based on the theory this would
make effective for the farmer the tariff benefits accorded other industries.
Under the plan submitted by the farm organizations, however, producers of cotton, wheat, tobacco and hogs would receive from the Treasury
an amount which the Secretary of Agriculture finds is required to bring
the farmer's compensation on the domestic portion of his crop up to its
pre-war level in terms of purchasing power. The funds would be obtained
by an adjusted tax on the processors.
Cite Objections to Plan.
Representative Hope of Kansas, said that while the Committee might
feel justified in applying the "tariff yardstick," it might feel differently
about paying a bounty to one industry which is not given another. Mr.
Lee replied that by re-establishing the pre-war parity of prices for agricultural commodities, the products of all other industries would share in the
rise.
Representative Beam of Illinois contended that imposition of a processing tax of two cents a pound on hogs would constitute a 50% sales tax
on foods, and would result in the confiscation of the floor stocks of all small
dealers.
Other members of the committee challenged the exclusion of all but
wheat, cotton, tobacco and hogs from benefits to be derived from the
allotment plan. Representative Clarke of New York, said the value of
products of the dairy industry in 1931 was $1,617,000,000, compared with
$897,000,000 for hogs, and asked why the dairy farmers had been omitted.
Mr. Lee replied that the question was now being considered by representatives of dairy interests, and that the Committee would soon be advised
of their decision.
Mr. Clarke then asked Mr. Lee if the plan of the farm organizations
had the approval of the President-elect and was told that the farm leaders
had tried to make their plan conform to principles laid down by Mr. Roosevelt in his Topeka speech. It was later explained that although the Presidenelect had not expressed approval of the leaders' proposals, he had been
fully advised of their purposes by "personal representatives" who sat in on
conferences at which their plan was drafted.
Domestic milling interests made a united protest against
the proposed domestic acreage allotment plan of farm relief
before the House Agricultural Committee on Dec. 16. We
quote as follows what Washington advices (Dec. 16) to
the "Times" said:
and
Fred J. 'Ingham, Chairman of the Millers' National Federation
he
President of Federated Mills, Inc.. of Lockport, N. Y., asserting that
plan
spoke for the milling trade as a whole, contended that the allotment
suicide.
was unconstitutional and spelled social injustice and economic
Financial Chronicle
Volume 135
4323
Although it had not been described as such, the proposal amounted, he
maintained, to a sales tax on the prime necessities of life which would
cost consumers $605,000,000 a year in its application to wheat, cotton
and hogs.
Tentative Bill Drafted.
Both witnesses characterized the proposal as a 60% sales tax on food and
said that, with purchasing power of consumers at its present level, people
would rapidly shift to competitive foods, to the detriment of packers and
hog raisers alike.
Other Opponents to Be Heard.
A tentative bill drafted by Chairman Jones and laid by him before
the Committee provides for "adjustment payments" to producers of
wheat, cotton, hogs, and tobacco to the amount of the existing tariff on
those commodities. .
Spokesmen for the millers and some sections of the textile industry
condemned the plan as unworkable, in testimony before the Committee
last week, and a number of witnesses still remain to be heard in opposition
to its adoption.
Faced by this mounting opposition. Chairman Jones called upon the
packers to state frankly if there was any plan of farm relief they favored.
and when informed in the negative, said that unless they got together on
some plan for raising the prices of agricultural products generally, they
would find themselves operating under some temporary relief measure
whether it was to their liking or not.
"The time has come when the thinking men of America must get down
to brass tacks and do something for the farmer," Chairman Jones told Mr.
Hunter and the Committee. "Discrimination by various groups during
the past has progressed to the point where the great agricultural section of
the population has been bled nearly white, and you must recognize that it is
a condition that cannot be allowed to continue."
Mr. Jones mentioned various plans for farm relief and methods for raising agricultural prices which had been before the Committee in the past
eight years and asked the witness if he would prefer any one of them to
another. Mr. Hunter replied in the negative.
Farmers Take Stand.
Representatives of the organized farm associations, meanwhile, have
laid before the Committee their counter proposals in the form of amendments to the Jones bill. eliminating the tariff rates as a basis of payment,
and substituting the "pre-war parity" of agricultural products with industrial prices as a base.
Processors under this scheme would be taxed whatever amount would
be required to raise domestic prices to that level. All payments would be
made contingent upon agreement by producers to effect an immediate
20% reduction in output.
Underlying the former plan is the contention that the farmers pays
for the tariff on his purchases of industrial products but is deprived of that
benefit on his own sales.
Confining his arguments to the plan providing for payments on a tariff
basis and excluding tobacco, Mr. Lingham told the Committee its adoption
would impose consumption taxes of $210,000,000 a year on flour. $125.000,000 on cotton, and $270,000,000 on pork, based on the current rate
of consumption.
"This would mean," he said, "an average approximate tax on every
man, woman and child in the United States on their flour purchases of
$2, cotton El, and pork products $2, or a total of $5.
"To day not one.consumer in a thousand has any knowledge of what
is proposed in the way of taxing his actual necessities of life. To him the
words 'domestic allotment plan' have no definite meaning. What will
he say when he understands what these words mean?
"The proponents of the plan say the tax will be levied on the processor
or at the time of processing. The consumer does not now realize that it
113 in effect a sales tax pure and simple to raise a fund through a special
tax, bearing most heavily on the poor, to turn over to the wheat farmer
in the case of flour, or rather,a series of special funds to turn over to special
groups."
Mr. Lingham further stated that although one of the primary objects
of the domestic allotment plan was to reduce production, it would actually
bring about the opposite result,.which he said, would be "catastophic"
from the standpoint of the farmers.
He contended that if the present human consumption of wheat was
500,000.000 bushels in the United States, producers of that amount would
be assured a bounty of about $200,000,000 a year and being assured of
that amount, they certainly would produce as much as possible for sale
at the "non-oonus" price.
Beyond that, argued the millers' spokesman, "it is hardly thinkable
that all farmers who have not heretofore grown wheat shall be barred
from participating in this fund in order that it might be turned over to
the favored neighbor who happened to grow wheat in the past."
In addition, said Mr. Lingham, while tending to stimulate production.
the allotment plan would actually reduce consumption by turning People
from flour to cheaper substitutes such as meal, oats and rye. Others
able to pay the higher price might refuse to buy flour out of resentment
against the tax.
Stating that the House Agriculture Committee failed to
reach a decision Dec. 21 on the domestic allotment relief
plan sponsored by farm leaders, Associated Press advices
added that Committee discussion indicated a sentiment to
apply that method to wheat and cotton only on a strictly
emergency basis. The Associated Press added:
This trend of thought, should it hold when a final vote is taken, would
eliminate tobacco and hogs from the measure and would not include butterfat as requested by dairymen.
The committee will resume consideration of the bill to-morrow.
Chairman Jones stressed that no formal action was taken to-day. Other
Committee members said the merits of the allotment plan were not discussed in detail.
Most of the round-table talk hinged on limiting the bill to the two great
staples, wheat and cotton, and several members freely predicted this
would be the Committee's final decision. Packing interests have made a
vigorous protest against the inclusion of hogs through which the Committee
hoped to reach the corn crop. Several producers have joined in this opposition.
No witnesses of the tobacco manufacturing industry have been heard.
Other items bearing on the allotment plan are given elsewhere in our issue to-day under another head.
Packers Oppose Farm Allotment—Representatives of
Industry Tell House Committee That It Would
Bankrupt Them—Proposal Characterized as 60%
Levy on Food—Chairman Jones Warns That Some
Bill Must Be Passed—Head of Cotton Co-operative
Urges Remedy to Restore "Lost Buying Power."
Packing interests on Dec. 19 added their voices to those
of the millers at a hearing before the House Committee on
Agriculture in opposing the adoption by Congress of the
domestic allotment plan for farm relief. The Committee,
as we indicate in another item, is considering a tentative bill
introduced by Chairman Jones, embodying the domestic
allotment feature, and intended to raise the prices of wheat,
hogs, cotton and tobacco to their pre-war level. On Dec. 19
it was stated in a Washington dispatch to the New York
"Times":
Frank A. Hunter, head of the Hunter Packing Co. of East St. Louis,
and George E. Putnam, economist for Swift & Co.. asserted that the proposed tax of two cents a pound on pork products to be levied against
processors of that commodity could not be passed on to the consumer and
that it would result eventually in bankruptcy for the meat packing industry.
Price Fixing Opposed.
Mr. Jones asked the packer if he would support a scheme to accomplish
the same result by having a Federal agency fix the price that farmers would
be paid for their products on that part of their output which was found to
be the probable domestic consumption. The reply was that any attempt
to fix an arbitrary price for any commodity was doomed to failure, and that
it could only be controlled by the law of supply and demand.
The Chairman next asked the witness if he would approve the passage
by Congress of a general sales tax and the use of a part of such funds for
Paying a bounty to the farmer. Mr. Hunter said he would not oppose
such a plan. Mr. Jones rejoined:
"As long as we have only the assurance that our plans will not be opposed,
we will never get anywhere. What we need is for some one to actively
support something."
Mr. Hunter then said that the imposition of a general sales tax and use
of part of the revenues to help the farmers might boa good idea.
Chairman Jones pointed out that under the bill pending before the
House Committee producers of the commodities it includes would be
paid a bounty by the Government on that part of their output needed in
domestic consumption amounting to the present tariff rate on such products.
He said that in this way the farmer would get the same benefit of the tariff
as is enjoyed by industry.
Mr. Jones asked the witness whether it was true that to prevent a lopsided situation the great agricultural sections of the country had to be
brought effectively into the tariff picture. Mr. Hunter agreed that this
might be true.
The extreme necessity of Congress passing some measure
at the present session for relief of cotton farmers was urged
Dec. 20 before the House Committee on Agriculture by
U. Benton Blalock, President of the American Cotton Cooperative Association, said a Washington dispatch Dec. 20
to the New York "Journal of Commerce," from which we
also quote:
"The cotton South has completely lost its buying power and can not
longer be considered an asset in that respect to the nation," he declared.
"And when I say no return of prosperity to the South, I mean there will
be no return of prosperity for the manufacturers, the railroads, bankers
professional and business men, as well as the tamers, under these conditions. We are all in the same boat."
Opposition to adoption of the alloment plan had been voiced earlier in
the day before the Committee by representatives of packing interests.
They assailed especially the plan to restore the pre-war prices of hogs by
imposing a tax on the processors, who in turn are supposed to pass it on to
the consumers.
Lee Assails Plan.
T. G. Leo, President of Armour & Co., declared that it is not conceivable
to one experienced in the business that the imposition of a tax on hogs as
proposed would enable the processor to increase by $280,000.000 the
amount of money obtained from the consuming public on pork.
"Any idea that the processor himself could assume the burden of the
proposed tax should immediately be cast aside," he added. "There has
never been a time when the margins in the meat packing business were
wide enough to cover such a tax, and the records available in the Department of Agriculture will substantiate my statement.
"I am entirely sympathetic with the desire of farm leaders to restore
prosperity to the farmers. However. I would not be true to the trust imposed upon me oy the 80,000 stockholders of Armour & Co., nor would I oe
fulfilling my duty as a citizen if a failed to register with you gentlemen my
certainty of belief that the proposed legislation in so far as it relates to
hogs would be detrimental if not actually destructive to the great live stock
and meat industry of this country."
Inability of the packers to either absorb the tax or pass it on to the
consumer was also stressed by Thomas E. Wilson of the Wilson Packing
Co. Ile said that it will be necessary for the packers to deduct the tax from
the prices paid the farmers which would be in direct opposition to
what is
contemplated by the plan.
/31alock Lauds Project.
Announcing his approval of the measure, however, Mr. Blalock said
that so far as cotton is concerned the plan can be very efficiently and economically administered.
He asked that a provision be incorporated in the bill giving the Secretary
of Agriculture discretion to make the distributions to producers according
to grades and staples, and in no instances
to allow distributions to be
made on non-tenderable grades.
The purpose of this provision, he said, would
be to encourage production
of better grades and staples and penalize
lower grades.
An extremely large percentage of the cotton producers of the South are
anxious to curtail their crop, he asserted, and "we believe they will comply
with any law that requires a certain percentage of reduction in acreage
if they can be assured that their neighbors will be compelled to abide by
the same provisions in regard to curtailment if they are to participate
in
the benefits of the program.
A
4324
Financial Chronicle
Farm Allotments Admitted a Bounty—Senator Capper
Says Relief Plan Would Cost Consuming Public
About $760,000,000 Yearly—But Would Not Be Burden—Increase in Farmer's Buying Power, He Says,
Inevitably Would Break Economic Jam—Held Un-
employment Aid.
The domestic allotment plan, the newest method proposed
by economists for farm relief, would cost American consumers
$750,000,000 a year and increase the income and buying
power of the farmer to that extent, said Senator Capper of
Kansas on Dec. 18. The New York "Times" Washington
advices, authority for the foregoing, continued:
Senator Capper characterized the plan as a form of bounty, but justified it, because he said that increasing the income of the farmer would
break the economic jam, stimulate industry and help put the unemployed
back into jobs. The cost to the consumer, he said, would not be burdensome, as the price of bread would not be increased more than one cent a
loaf and the cost of cotton goods, tobacco and pork products would be
slightly increased.
In explaining the plan and reviewing the farm problem, Senator Capper
in his statement, prepared for the New York "Times" said:
"Neither a definition nor an analysis of the so-called domestic allotment plan for relief of a distressed nation through the medium of farm
relief explains what its proponents believe it will do for agriculture and,
through the return of farm buying power, what it will do for industry and
labor.
Ezchange Held Prosperity Basis.
"Before discussing the plan itself, it is necessary to consider the general situation and piece together a few of the facts which go to make up
that situation.
"Prosperity—the material well-being of our people—does not depend
entirely upon the production of wealth, or, let us say, the production
of things. It depends, in large measure, upon the exchange of these
things for other things and for services—labor, if you want to call it that.
"The annual income of the people of the country does not depend upon
the amount of money in the country so much as upon the number of times
that money is used to exchange commodities for other commodities or for
services.
"We have plenty of goods—commodities—in the United States to-day.
"We have plenty of services—labor—in the United States to-day.
"We have plenty of currency—money—in the United States to-day.
"The trouble is these are not being exchanged at sufficient speed.
"Five billion dollars in currency that stays in the same hands for a
year, in the form of civilization we have developed, is of the same value
as no currency at all.
"Five billion dollars that change hands in exchange for commodities
and services 20 times in a year is a purchasing power of $100,000,000,000.
If it changes hands 40 times in a year, 8200,000,000,000 worth of commodities and services have been sold—and bought.
"Our need to-day is not so much more currency, more goods, more
services, but more movement, more interchange of these.
"Under our system wages are paid for the labor incident to the production or exchange of commodities through services. In the last analysis,
to state it generally rather than with technical accuracy, wages are paid
by commodities. This may not be the right system, the ideal system,
but it is the system we have.
"Unemployment will be ended as a major problem if we could have an
exchange of all commodities required for life and living in the form of civilization we have developed.
"When the wheels of an engine get on dead centre, it takes enough weight
at the right place to start the wheels again. Apply many times that
weight all over the engine and it won't start; in fact, it probably would retard starting the engine, the machinery.
"There are many who believe—and I am one of them—that the way to
start our economic machinery running is to apply enough weight to the
purchasing power of agriculture and the wheels will get off dead centre,
and general exchange of commodities and services will be resumed.
"There are many who belleve—and I am one of them—that the huge
surpluses of wheat, cotton, tobgcco, hogs and possibly other farm products
make up a large part of the overload that caused our economic machine to
stop on dead centre. Not the only cause, not the only overload, of course,
but one of the big overloads that must be taken care of.
Buying Power Held Essential.
"It is held by many—and I am one of them—that if the farmer could
start buying, that buying will start the entire machinery.
"But the farmer cannot have buying power as long as he produces
these huge surpluses for which there is at present and apparently for some
time to come no market demand. These surpluses have helped and continue to maintain the lack of balance, the lack of parity between agriculture and industry.
"In principle, the so-called domestic allotment plan proposes to do these
important things:
"First, place almost immediately in the hands of the farmer, in proportion to the domestic market for things he has to sell, money with which
he will start buying manufactured goods. The manufacture of these goods
will call for labor and thereby provide the remedy for unemployment.
"Second, in return for money furnished the farmers by a bonus—that
is what it amounts to—on these major staple products of which huge
surpluses are produced, the farmer is to reduce his production of these
to the approximate point where these surpluses will not overload the economic machinery. In other words, reduce production to approximately
the demands of the domestic market.
"It seems to me this picture is necessaty to understand the drastic
change in our economic life proposed by a plan which calls for an increase
In the cost of the necessities of life—both to farmers themselves and to
city folks—through what looks at first glance like simply a bounty to
the producers of a few staple commodities in exchange for a reduction in
acreage planted or tonnage produced.
Would Skirt Machinery Mooing.
"If this plan, details of which are still being worked out, and those details are in some respects very complicated and difficult to understand,
through increasing farm income by some three-quarters of a billion dollars
or so, results in the annual exchange of that amount 20 times, the machinery
would start moving,and all of us would profit from it, directly or indirectly.
"To those of us who believe that a depressed agriculture is the key-log
in the economic jam, some such plan of restoring parity of purchasing
power, and also balance of production, seems to be necessary.
Dec. 24 1932
"Here is what the plan proposes to do, as I understand it, using wheat
as an example:
"Suppose we produce in the neighoorhood of 850.000,000 bushels a
year. Suppose this country consumes about 600,000.000 bushels. Suppose
there is no export market for the other 250,000,000 bushels, and it keeps
piling up, even after some practically is given away.
"It seems what should be done is to reduce production approximately 20%•
"To-day the wheat grower is receiving for his wheat approximately 55
cents a bushel less in purchasing power than he received in pre-war days.
He is not receiving the tariff benefit of 42 cents a bushel which the protective tariff rate is supposed to give him.
"It is proposed that the wheat farmer be given another 55 cents a bushel—
or 42 cents a bushel; there are several variations of the domestic allotment
plan in addition to the world price he now receives; it is proposed that in
return for this he reduce his acreage by 20%, which over a period of several
years would result in a practical reduction of 20% in his production. If
and when that happened, presumably the tariff would protect him, and the
payment of a bonus no longer would be necessary.
Processing Tax to Pay Charge.
"It is proposed to raise funds to pay this bonus by a charge, tax if you
want to call it that, upon the processing of the wheat. This charge ultmately
would be passed on to the consumer. In the case of wheat, it probably
would mean an additional cent a loaf for bread.
"Similarly with cotton, hogs, tobacco, perhaps with dairy products.
"Consumers would invest some three-quarters of a billion dollars a
year in giving farmers an income which would result in the purchase of
manufactured commodities in sufficient amount to create a demand for
labor to manufacture those products.
"The wheat producer who has been producing. say. 7.500 bushels of
wheat for which he gets $900, would produce about 4.500 bushels for which
he would receive about $4,000. He would have money to spend,and would
•
spend it.
"The miller would pay the tax 55 cents or 42 cents, as the case might
be—and would pass it to the consumer.
"The consumer would pay a cent a loaf more for bread—and would stand
a much better chance of having a job at living wages than he has to-day.
"If, as I said before, the three-quarters of a billion dollars allowed the
producers of these commodities changed hands 20 times in a year—it
might go to 40 times—in the processes of merchandising and exchange, the
buying power of the country would be increased not three-quarters of a
billion, but 15.000.000,000 times. If it were exchanged 40 times, the buying
power would be increased $30,000.000,000. There is the theory of the
allotment plan."
Henry Morgenthau Jr. Discusses Ban on Federal Farm
Board at Washington Conference—Tells Farm
Chiefs Roosevelt's Plans—Allotment Plan Favored.
Abolition of the Federal Farm Board and its stabilization
operations, consolidation of all Federal credit agencies under
one Government bureau, and some form of the domestic
allotment plan of farm relief were laid before 50 agricultural
leaders in Washington on Dec. 12 by Henry Morgenthau
Jr. of New York, as the agricultural legislative program
contemplated by President-elect Roosevelt. Noting this,
it was further reported in an account to the New York
"Times" from Washington:
Mr. Morgenthau, who is Chairman of Mr. Roosevelt's Advisory Committee on Agriculture in New York State, outlined the program at a meeting
behind closed doors, at which the discussion lasted far into the night.
The conference took place on the eve of hearings before the House
Agriculture Committee, on measures which will figure in the present
session of Congress. Representatives of the National Grange, the Farmers
Union and the Farm Bureau Federation were present.
The question that gave greatest concern to the agricultural leaders was
not the proposed scuttling of the Farm Board, but the possiollity that the
rest of the Agricultural Marketing Act providing for financial assistance
to farm co-operatives, might go with it.
Without financial assistance from the government providing for the
orderly marketing of farm crops, the farmer would again be at the 'neer,
of commission men and the private trade for prices he would receive for
his product, speakers declared.
There was a difference of opinion as to what was contemplated by the
new administration, but a majority of those attending the conference
thought that all Farm Board activities, except stabilization, would be
transferred to the Department of Agriculture.
Efficiency and Economy Are Seen.
Mr. Morgenthau declared that consolidation under one bureau of the
various agricultural credit functions of the government was especially
at
desirable in the interests of economy and efficiency. These activities are
present divided among the Farm Board, the Department of Agriculture
and the Reconstruction Finance Corporation.
the
The farm organizations were asked to compose their differences on
line
method of relief and to agree on the adoption of some plan along the
of the domestic allotment proposal.
favor conThose attending the conference indicated that they would
Although
fining the domestic allotment plan to wheat, cotton and tobacco.
producers of
there has been talk of applying the plan for the benefit of
which make it
hogs, problems of administration have been pointed out
of the legispossible that the hog raiser will be excepted by the advocates
lation.
drafting of legis
The conference divided into five committees for the
lative proposals. They were:
Act—C. E• Huff.
Surplus Control and Amendments to the Marketing
Chairman.
President of the Farmers National Grain Corporation,
Goldsborough
Stabilization of the Dollar along the Lines Suggested in the
Bill—Henry Wallace, Chairman, of Iowa.
Chairman.
Short Selling and Market Control—P. L. Bette, of Chicago,
the Farmers
Farm Credit—H. G. Henry, Chairman of the Board of
National Grain Corporation, Chairman.
-0. A. Ewing, of Chicago, Chairman.
Livestock Marketing and Credit.
investigating governTestifying to-day before the Shannon Committee
Creekmore, Vice-President
ment competition with private business, E. T.
Cotton Goods Co-Operation Assoand General Manager of the American
immediately to dispose
ciation, said that if the Farm Board were required
Board had made loans, a loss to the
the cotton it holds and on which the
of
Board of $63,000,000 would result.
the Farm Board "intends
Mr. Creekmore said he did not believe that
The Board knew that if there was
to hold us responsible for stabilizetion.
it."
aloes the Board would have to stand for
1
Volume 135
Financial Chronicle
F Of the 13.000,000 bales of surplus cotton in the world to-day. 9,000,000
Committee.
bales are in the United States. Mr. Creekmore told the
borne fruit in
The price stabilization efforts of the Farm Board have
years, he believed, but he said it
checking declines during the past two
"hundreds of
would be a great mistake to eliminate the Board when it has
millions of dollars" to be liquidated.
pi
Proposed Mississippi Live Stock Exchange of St. Louis.
According to the St. Louis "Globe-Democrat" an application for a decree of incorporation for the Mississippi Live
Stock Exchange of St. Louis was filed in the Circuit Court
on Dec. 10 by the officers, William C. Veach, President;
William H. Young, Secretary; William ,J. Carmichael,
Treasurer.
Mr. Veach is Vice-President of the Mississippi Valley
Stock Yards and Carmichael is superintendent of the yards.
Mr. Young is a commission merchant. The paper quoted
also said:
Mr. Veach said yesterday the new yards will open-in about two weeks
and will be able to accommodate approximately 3.000 head of cattle and
6.000 hogs when the pens, which are in the course of construction, are
completed. He said additional pens will be begun when the present work
is finished.
The Exchange is being organized, Mr. Veach said, for the accommodation
of commission men and others who will operate through the yards. There
are now 30 members and the number will be increased when the yards
open, he stated.
The purpose of the organization will be to establish and maintain a
commercial exchange wherein to promote the principles of justice and
equity in trade and uniformity in the customs and usages of those engaged
in the purchase and sale of live stock and other commodities, the petition
sets out. The organization will also furnish credit information to members
and provide other information material to the growth and development of
the industry, besides assisting State and Federal officers in guarding
against the sale and distribution of unsound and unhealthy live stock or
products. The organization is to be non-profit making and have a corporate
life of 50 years.
International Control of Wheat Production to Reduce
World Surplus Forecast with Proposed Enactment
by Congress of Voluntary Allotment Plan.
An international control of wheat production to reduce
the world surplus and thereby stabilize prices was forecast
at Huron,S. D.,on Dec. 13 as a consequence of the proposed
enactment by Congress of the voluntary domestic allotment
plan. Associated Press advices from Huron, published in
the Detroit "Free Press" of Dec. 14, continued:
W.it. Ronald, editor of the "Mitchell (D. S.) Republican" and a sponsor
of the allotment plan to which he referred, said in an address to the Beadle
County Farm Bureau that this is not only possible but probable.
Notes Growing Interest.
"Inquiries I have received indicate a growing interest in this plan by
Canadians and by Australian observers in the United States." Mr. Ronald,
said:
"The United Kingdom adopted the principle in its wheat act of last May,
whereby the processor is taxed on both domestic and imported wheat to
create a fund to ming up the price to the wheat farmers of the United
Kingdom. Being importers of wheat, the British Isles have adapted this
plan tothe stimulation of production and therefore do not use its production
limitation feature as proposed for the United States
"Adoption by Congress of this same plan, but with control of production
through Ihnitation of the acreage of the individual farmer would set forth
the means by which the United States, Canada, Australia, and Argentina,
the four wheat exporting countries, could effectively carry out an agreement for curtailment of production to a near balance with demand.
"These exporting countries this year have 1.300.000.000 bushels for
export, while the requirements are only 700.000.000 bushels, with a consequently disastrous price decline.
"Italy. Germany and France in the five pre-war years imported an
average of 146 million bushels; this year they have produced enough to
meet their own needs.
Producers Increase Yields.
"In the pre war period the United States, Canada, Australia and Argentina raised an average of 1,124.000,000 bushels of wheat. In the last five
years their production has averaged 1.624.000.000 bushels, notwithstanding the fact that importing countries have greatly increased their own yields.
"Without an international agreement. the United States might reduce
its wheat acreage through the voluntary domestic allotment plan, without
any corresponding cut in the sowings of the other exporting countries, or
even with an increase in their acreage. But if these others adopt the same
plan, a horizontal decrease could co agreed upon which would do away with
the unsaleable surplus and in succeeding years the limitations could be so
fixed as to balance production closely to demand. This, of course, takes no
account of Russia, whose troubles apparently will keep her out of the export
market for a period at least."
Farmers' Aid Plea Presented to President Hoover and
Congress—Delegation Asks $500,000,000 Fund.
Before President Hoover and Congress on Dec.9 were laid
demands for a $500,000,000 Federal fund for distressed
farmers—the program of the National Farmers' Relief Conference. Associated Press advices Dec. 9 said:
A delegation of five, including one negro. went to the White House to
read its program to the Chief Executive. One hundred and fifty went to
the Capitol. split into groups and presented lengthy petitions to VicePresident Curtis and Speaker Garner.
Mr. Curtis laid the plea before the Senate immediately upon its convening and Representative Howard, Democrat, Nebraska,read it to the House.
The White House group Included one overalled farmer and two in Khaki
trousers. Mr Hoover shook hands "nth all. As they departed. Philip
Smith of New Hope, Pennsylvania, spokesman for the group, said the
President did not make any positive comment on our request, explaining
4325
it was all new to him and that he could not give an immediate answer, but
he received us very well and listened to our statement . . .
The delegation calling on the Vice-President sought permission to present
eir demands in person on the Senate floor, but Mr. Curtis advised against
this . . .
When Mr. Bentzley began reading his petition from the National Farmers'
Relief Conference, "Will you support- such and such, the Vice-President
interrupted him to say he had no vote or right to appear before a committee
and suggest the petition be presented through him or a Senator with a
request that it be read to the Senate.
1933 Farm Tool Prices in Dark—Makers Discount Cut
as Sales Spur, Fearing Effect on Unpaid Bills—Low
Output Buoys Costs.
From its Chicago bureau the "Wall Street Journal" of
Dec. 20 reported the following:
What the leading farm equipment companies will do in 1933 regarding
prices of agricultural tools and machinery is still an important question.
The permanent price lists which normally are released late in November or
early in December have not yet been announced and in all likelihood will
not appear now until after the first of the year.
Some of the officials will admit that a reduction in farm equipment costs
is feasible in line with lower steel and labor costs if present volume levels
are ignored. However, none or them is willing to say that a price reduction is
justified with unit costs held high by present production levels, and none
is willing to admit that his company will cut prices next year. Information
of this sort, of course, is zealously guarded by the various companies on the
grounds that a premature knowledge of t gives too pronounced an adtantage to competing companies.
1932 Sales Substantially Off.
Opinion of leading manufacturers is that a cut in farm implement prices
would not noticeably improve business and would probably result in a
lower gross for the companies, because any expected increase in volume
would be insufficient to make up for reduced prices. The manufacturers'
guarantee of 70 cent wheat, 50 cent corn and 85i cent New Orleans cotton
for 1932 autumn payments on machinery purchased this year was virtually
a price cut due to failure of commodity prices even to approximate those
levels. Yet the plan did not result in any upswing in orders. Total sales
for the year are well under 1931.
Others feel that a price cut now would be beneficial as a further concession to the farmer. In other words it would increase his good-will.
But here another obstacle presents itself. About 80% of the farm-machinery sold in the past three years has not yet been fully paid for. There is
comparatively little refinancing done in the farm equipment business and
customers for the most part pay their notes to representatives of the company. The farmers who now owe money to the industry represent the bulk
of agricultural machinery purchasers.
Debtors Might Plead Discrimination.
The industry, therefore, must be cautious so as not to allow them to
feel that they are being discriminated against in favor of the new customer
should prices of new merchandise be cut without an adjustment being made
on unpaid machinery. A disgruntled attitude on their part might even
further slow up collections.
There will, of course, as there always are, be some adjustments made
in the price list after the first of the year. At present, however, it is certain
that an important cut in farm equipment prices is looked upon with proflounced disfavor by the manufacturers.
Much will depend on the action of International Harvester Co. in this
respect. With the exception of a few lines, such as corn bickers and crawler
tractors, Harvester usually sets the pace and is generally followed closely
by the other major units in the industry as a competitive necessity.
All Makers' Receivables Big.
Receivables constitute an important part of the assets of all of the farm
Implement companies, reflecting abnormally low prices for farm products
with the resulting shrinkage in farm income and retarded collections. They
account for more than a third of the leading companies' total assets.
International Harvester, the largest unit in the industry, at the close of
December 1931, as of which time the latest report was made public, was
holding receivables with an aggregate value of $121,483.747. This figure
contrasted with Harvester's total net current assets of $224,566,512 and
total assets of $362,320.836.
Of Deere & Co.'s total assets of $115,522,949 on Oct.31 1931. 853,698,654
was in the form of receivables, while J. I. Case at the close of 1931 included
receivables of 822.910,909 in its total assets of $53,570,853.
Wheat Export Prospects Fade—Liverpool's Break to
1688 Lows Puts United States Further Over World
Parity.
From the "Wall Street Journal" of Dec. 20 we take the
following:
With less than 10 days left before the first of the new wheat crop shipments from Argentina and Australia come onto the Continental markets.
the United States finds itself with its price for wheat the furthest out of
line with the world level in about 17 months. Clearances for the first six
months of the season beginning July 1 last were only aoout one-third of last
season's unsatisfactory figure. As a result, the United States will probably
go into the 1933-34 crop year on July 1 next with a new record old crop
surplus of some 432,000,000 bushels.
The United States opened the current crop season with the shortest
winter wheat crop since 1925 and a total new wheat output only 66.000.000
bushels over domestic needs. With the bulk of the Australian and Argentine
old crops already sold out and a crop failure in Russia eliminating three
of this country's principal export competitors, prospects for a revival of
the United States' wheat traffic—provided that prices here returned to
world parity, from which they had been lifted by artificial Farm Board
operations—were the brightest in years.
Two months ago, the Liverpool-Chicago spread had widened to within
loss than two cents of the minmum 10 cent shipping premium that the
English market must hold to facilitate exports from this country. To-day,
with Liverpool March wheat at the equivalent of 42% cents, gold, or the
lowest since 1588. Chicago quotations virtually approximate these figures
and are, therefore, about 10 cents out of line for shipments.
Canada's prices, deflated recently to as low as 33.35 cents a bushel, gold
basis, are still in line for exports and it is likely that the Dominion will
continue to vie with Argentina and Australia for the lion's share of the
spring world trade in wheat.
In addition to the problem of falling wheat exports, the United States is
confronted with a reduction in home flour use. Such consumption for the
4326
Financial Chronicle
season to Dec. 10 was 218.250,000 bushels, compared with 234.900,000
In the like period a year ago and 252.000,000 two seasons ago. While passage
of the domestic allotment farm relief plan would be likely to stimulate
mill buying in advance of the imposition of the tax next July. the five
months just past normally constitute the largest part of the year's flour
sales by mills. Thus,should average borne consumption remain only steady
the total season's figure would be only 503,000,000 oushels.
Problem of Farmers' Debts Discussed in Mississippi by
Representatives of Insurance Companies, Federal
Land Banks and State Banks—To Observe Attitude
of "Sympathy and Tolerance" in Regard to Agricultural Loans.
An attitude of "sympathy and tolerance" will be taken
by insurance companies, the Federal Land banks and State
banks in working out Mississippi's present farm loan problem,
a group of insurance executives, representatives of the Farm
Board and the State Superintendent of Banks agreed at recent conference at Jackson. We quote from Jackson (Miss.)
advices Dec. 17 to the "United States Daily," which fur
ther said:
The conference was called by the Superintendent of Banks, J. S. Love,
to discuss the situation arising from the fact many farm owners face foreclosures due to inability to meet loan payments, taxes or interest.
Owners Placed in Classes.
The farm owners were placed into three classes by Superintendent Love,
with the group unable to pay either taxes, principal on the loans, or even
Interest, the most discussed.
It was brought out that a few owners would be able to meet all dents.
with a larger percentage able to meet all except the loan.
The conference adopted the following resolution, which was drawn up oy
0. G. Snyder, Memphis branch manager of the Prudential Insurance Co.
of America'
"The attitude of the representatives of the insurance companies, Federal
Land banks and State oanks. assembled here, is one of sympathy and tolerance to the borrower and it is mutually agreed that a policy of procedure in
handling delinquent loans shall be one that preserves the status of the
borrower as the owner, even so far as to carry over delinquent items and on
s basis without jeopardy to the lender's security."
Democratic Congressional Leaders Outline Farm Relief
Program—Henry Morgenthau Jr. Represents President-Elect Roosevelt at Conference.
The broad outlines of a far-reaching program to relieve the
agricultural credit situation at this session of Congress were
mapped at a conference in Washington on Dec. 22 of Democratic Congressional leaders, spokesmen for farm groups
and representatives of President-elect Roosevelt. Associated
Press accounts said:
Nearly a dozen proposals for lifting the strain of mortgages and debts on
farmers were discussed at the conference attended by Henry Morgenthau Jr.,
as representative of Governor Roosevelt, including the creation of a "debt
conciliation commission."
Senator Joseph T. Robinson, of Arkansas, Democratic leader of the
Senate, who presided, announced that legislation would be introduced and
referred to committees to carry out the idea with a view to enactment at this
session if possible.
Senator Robinson outlined the proposals as follows:
Creation of a debt conciliation commission.
Creation of an emergency fund for the benefit of delinquent borrowers.
Additional capital for new loans, and the consolidation of the Federal
and Joint Stock Lank Banks.
Deferment of payments for a limited period as to principal and interest
where it appears possible to refinance loans of borrowers, but all payments
to continue without deferment for the present where borrowers are able to
find the means of meeting their obligations.
Consolidation of all agencies into one that now makes loans to agricultural
borrowers.
Mr. Robinson said that several other proposals were made, "including
that of Speaker Garner that the Reconstruction Finance Corporation be
employed to make advances and to provide funds for refinancing operations."
The House Agricultural Committee late in the day directed its legislative-drafting service to prepare an emergency farm relief bill based on
domestic allotment principles, but reserved any final action approving or
disapproving the plan
The bill will include wheat, cotton, tobacco, bogs and dairy products.
but Chairman Jones explained that not until after Christmas will the committee decide what commodities are to remain in the bill.
The allotment principle would pay the producer a bounty on his share
of domestic consumption and would require production curtailment. The
producer's bounty would come out of a processing charge levied on the
commodity.
At earlier sessions, considerable sentiment had developed in favor of
limiting the bill's application to wheat and cotton, but at to-day's meeting
It was thought best to have the tentative bill language cover all, with the
committee reserving the right to eliminate any before a final vote is taken.
It is stated that heads of all the major farm organizations
participated, including Edward A. O'Neal, President of the
Farm Bureau Federation; L. J. Taber, Master of the National
Grange, and John A. Simpson, President of the Farmers'
Union.
Jesse Jones, Director of Reconstruction Finance
Corporation, Favors Reduction in Interest Rates
of Corporation Except Those for Relief Projects.
Jesse Jones, a director of the Reconstruction Finance
Corporation, has proposed to that body a reduction of the
interest rates on all loans except those for emergency relief
purposes to States and political subdivisions, which carry
Dec. 24 1932
3%. In indicating this, a Washington account Dec. 15 to
the New York "Times" went on to Say:
Mr. Jones, according to his friends, has discussed the proposal with
President Hoover and President-elect Roosevelt and is understood to have
the latter's tacit approval. It appeared to-day, moreover, that two
other members of the Board viewed the suggestion in a favorable light,
although they declined to commit themselves on the expedience of the
plan pending further study.
While there is no indication of a cleavage of opinion among the Board
according to political affiliation, three directors who indicated they were
favorably disposed to the suggestion are Democrats.
Gardner Cowles, a Republican member,said the matter had been brought
up by Mr. Jones at a Board meeting in an informal manner and that he had
accepted the proposal as something that merited considertion. He added,
however, that it stood a 50-50 chance of being rejected. Mr. Cowles
declined to commit himself on the interest reduction, but he was represented by an official as being unalterably opposed to it.
Motivating the proposal is the desire of some directors to make the Corporation's funds available to eligible borrowers whose applications have
been favorably considered, but who have refused to pay an interest rate
sometimes reaching 7%. Among such intending borrowers those seeking
loans for the construction of self-liquidating projects are said to predominate.
Port Loan Application Cited.
A case in point is the pending application of the Port of New York Authority, which has told the Corporation it would borrow $75.000,000 if it could
obtain the money at not more than 4
There were conflicting opinions to-day as to whether the proposed reduction in rates would apply to loans already made by the Corporation and
now outstanding. If it would, more than $800.000.000 of 5%% loans
to banks and trust companies and over $250.000.000 of railroad loans
would be involved, with the result that less than $100,000.000 of the Corporation's outstanding loans of $1,250.000.000 would be excluded from
the cut.
One reduction in prospect is on advanced feeder cattle and for crop
production purposes, on which a uniform rate of 7% now applies. The
suggestion is that on these loans a maximum rate of 53 % be levied Plus
the cost of investigating the applications.
An argument advanced in support of the reduction is that the debentures
lamed by the Corporation for supplying itself with capital carry a rate of
only 35 % and that interest charged by the Corporation on its loans is
,
6
yielding a profit In excess of the cost of its administration.
The more conservative view expressed by officials of the Corporation
In opposition to this Is that it is possible some of Its loans will not be repaid and that the higher interest rates may be needed to offset such losses.
With regard to the above the "Times" in its financial
columns commented as follows on Dec. 18:
Interest Rates of the Reconstruction Finance Corporation.
The proposal put forward by certain directors of the Reconstruction
Finance Corporation in the last few days that the Corporation charge
less interest on all loans which It makes, except relief loans, which already
are but 3%, would, if adopted, go a long way toward equalizing the rates
at which the Corporation obtains its money and those at which it lends it.
The Corporation has the benefit of the Treasury's credit rating In obtaining
its money, and, it is understood, gets anywhere from 3 to 6% Interest on
loans made. In some instances the Reconstruction Finance Corporation
has answered applications for cheaper rates made by communities with selfliquidating projects by stating that if the communities thought they could
do better in the open market in the next year or two the securities taken
by the Corporation would be optioned back to them.
Greater New York Suffolk Title & Guarantee Co.
Refuses Loan from Reconstruction Finance
Corporation—Need No Longer Exists.
The following is from the New York "Herald Tribune"
of Dec. 23:
The loan of $840,000 from the Reconstruction Finance Corporation to
the Greater New York Suffolk Title and Guarantee Co. has been declined
by the latter because the need for such aid has passed, due to "Improved
condition of the company and improvement in the mortgage market, It
was announced yesterday by Edmund J. McGrath, Executive Vice-President and General Manager of the title company.
Notice that the loan had been approved was received by the Company
on Dec. 1 and on that date the executive committee of the Title Company
passed a resolution authorizing Mr. McGrath to inform the finance corporation that the need no longer existed for such loan, the announcement stated.
Illinois Building Agencies May Borrow From Federal
Home Loan Bank.
The Governor of Illinois has signed the bill (H. 41) introduced by State Representative Branson, authorizing building and loan associations to borrow money on a long-term
amortized basis from the Federal Home Loan Bank up to
25% of the total assets of the borrowing association. This
was indicated in Springfield, Ill., advices Dec. 17 to the
"United States Daily."
Murfreesboro-Nashville Ry. to Receive Loan of $25,000
from Reconstruction Finance Corporation—Missouri Pacific Seeks Additional Loan of $4,300,000.
The Inter-State Commerce Commission on Dec. 16
approved a loan of $25,000 to the Murfreesboro-Nashville
Ry. from the Reconstruction Finance Corporation. This
brings the total loans approved to date by the I.-S. C.
Commission to approximately $355,014,678 to 74 roads.
Two additional roads have applied to the Commission
for approval of loans, viz.: Missouri Pacific for a loan
of $4,300,000 and the Alabama Central for a loan of $7,500.
,
The Missouri Pacific hat already secured four loans from
the Reconstruction Finance Corporation aggregating $17,100,000, and a previous application of the Alabama Central
Volume 135
Financial Chronicle
for a loan of $25,000 was denied by the Commission. The
Missouri Pacific in its application requested that $1,900,000
be advanced on or before Dec. 30 1932 to assist in paying
taxes amounting to $1,908,000 due Dec. 311932; $600,000
on or before Jan. 13 1933 to assist in meeting equipment
trust maturities of $693,400 due Jan. 15 1933; $1,800,000
on or before Jan. 31 1933 to assist in meeting interest of
$2,139,868 on its 1st & ref. mtge. maturities, due Jan. 31
1933.
The report of the Commission approving the loan of
$25,000 to Murfreesboro-Nashville Ry. follows in part:
The Murfreesboro-Nashville Ry. Co. filed with us on Oct. 10 1932 an
application to the Reconstruction Finance Corporation for a loan under
the provisions of Section 5 of the Reconstruction Finance Corporation
Act, approved Jan. 22 1932, as amended.
The Application.
The applicant requests a loan of 125,000, for a term of three years,
with the privilege of repayment during the term in multiples of $1.000.
for the purpose of meeting the following obligations and requirements:
Taxes accrued ____ $2,309
4,000
Note to receiver,intertpajdtoJune2jg32
Remaining amount due the Missouri Pacific RR.on the locomotive
contract. interest paid to March 16 1932
4,922
Mortgage note, interest paid to Sept. 10 1931
1,696
Pike County Bank Judgment, interest paid to Sept. 10 1931
1,500
Receiver's expenses, estimated
4,000
For renewal of ties and bridge material
1,073
Working capital
Total ______________________________ _____________________$25.000
The applicant states further that it can not secure the necessary funds
to meet these obligations from any other source, for the reason that the
general conditions do not permit local support and it has no other financial
connections.
Transportation Properties and Operations.
The applicant is successor to the Murfreesboro-Nashville Southwestern
By. That company was incorporated in the State of Arkansas July 7
1925 and acquired and put in operation a portion of the line of the Memphis
Dallas & Gulf RR. extending from Nashville to Murfreesboro, Ark. No
securities were issued. On March 23 1931 the property passed to a receiver. On June 9 1932 the property was conveyed to a trustee, who
reconveyed to the applicant on June 20 1932. By this conveyance the
applicant succeeded to all the property, rights, franchises. &c., of the
Murfreesboro-Nashville Southwestern By. The property comprises
14.74 miles of main track and 1.14 miles of yard tracks and sidings. It is
a standard-gage steam railroad. The equipment consists of three steam
locomotives, two freight
-train cars and two passenger-train cars. The
latter cars are not used at this time. The applicant has applied to us in
Finance Docket No. 9603 for authority to acquire this property and issue
180 shares of common stock. $100 par value, and $30,000 of 20-year bends.
Necessities of the Applicant.
The applicant in its acquisition of the property assumed liability for
payment of certain liens, judgments and other claims against the receiver.
These items amount to about $20.000 and are listed above as the items for
the payment of which that amount of the loan Is to be applied. The
applicant represents that $4,000 is required for further renewals of ties
and bridge material and the remainder of the loan is needed for working
capital. The applicant represents that the communities served by it
want the railroad and that there is a real necessity for its operation.
Security.
The applicant offers as security for the loan a note secured by the first
and only mortgage on all Its property. or it will pledge $30.000 of its 1st
mortgage bonds, if and when Issued under our authority. As further
security, the personal endorsement of the note by M.W.Greeson, President
of the applicant company, is tendered.
Conclusions.
We
W conclude:
1. That we should approve a loan of not exceeding 125.000. for a term
not to exceed three years. to the Murfreesboro-Nashville By. by the
Reconstruction Finance Corporation for the purposes hereinbefore specified;
2. That the Murfreesboro-Nashville By. should pledge with the Reconstruction Finance Corporation $30.000. principal amount, of bonds
secured by a first closed mortgage upon its property, in form satisfactory
to that Corporation;
3. That the loan should be further secured by the unrestricted endorsement and guaranty of the note or notes evidencing the loan by M. W.
Gresson of Prescott, Ark.
Railroad Wage Deduction Extended Nine Months—
Labor Executives and Railroad Committee Accept
Extension of Present Scale.
A nine-months' extension of the present wage deduction
of 10%, affecting 1,200,000 railroad employees, was agreed
to early Thursday morning by the railway managers and
all union labor representatives. The agreement, which
becomes effective on Feb. 1 1933, broke a nine-day impasse
between the negotiators. It represents a compromise
between labor and the carriers and provides for an appeal
clause which had been one of the obstacles to earlier settlement of the dispute. The clause permits either side to
appeal for revision of the basic pay scale on or after June 15.
Previously the railroads had offered to extend for at least
six months and an indefinite period thereafter the deduction
entered into a year ago, which provided that basic rate
remain the same but that labor take a voluntary 10% wage
reduction. It did not guarantee restoration of the basic
rate. Labor representatives rejected the roads' first proposal as being too indefinite and suggested that the deduction agreement be extended a year.
The roads' latest offer provides that should either side
wish to revise the basic rate after next June 15, the other
4327
side would co-operate with it in procuring prompt and nationwide settlement, subject to the Railway Labor Act. The
compromise adopted was proffered by the railroads late
Tuesday and discussed for several hours by both sides on
Wednesday night.
Alexander F. Whitney, chairman for labor, said:
Labor does not agree that continuation of the deduction will be helpfu
under the present conditions, but it certainly will not make them worse.
All in all, labor is pleased that the extension was arranged. Now we will
have opportunity to negotiate at a more favorable time.
The text of the agreement signed at 12.50 Thursday
morning by the 21 railway labor unions and the railroad
managers' committee of nine headed by W. F. Thiehoff,
General Manager of the Burlington, on behalf of carriers
of the country for a nine-months' extension of the 10%
deduction agreement which would have expired Jan. 31
1933 follows:
It is agreed between the parties hereto that the said original agreement
Is hereby extended so that up to and including Oct. 31 1933 10% shall
covered by
be deducted from each pay check of each of the said employees
this agreement; that basic rates of pay shall remain as under the original
agreement; that this agreement shall terminate automatically Oct. 31 1933.
and that neither party prior to June 15 1933 will serve notice of a desire
to change or extend this agreement, or of an intended change in basic rates
of pay, such change or extension to become effective on or after Nov. 1
should
1933; it being further agreed that in the event that such a notice
be served by any party hereto between June 15 1933 and Nov. 1 1933 the
proceedings thereunder shall be conducted pursuant to the provisions of
the Railway Labor Act and such proceedings shall be conducted nationally
in order that the matter may be handled to a conclusion as expeditiously
as reasonably possible.
Under Secretary of Treasury Ballantine Before Bond
Club of New York Views Manufacturers Excise
Tax on Canadian Model as Providing Additional
Federal Revenue Without Undue Burden on
Business.
Under-Secretary of the Treasury Arthur A. Ballantine, addressing the Bond Club of New York, on Dec. 19, declared
that "our Government has come through the depression, at
least up to date, with the best credit in the world." "It has
been inevitable," he said, "that the public debt has been increased, and now it stands at some $20,800,000,000 as compared with a low of $16,185,000,000 in June of 1930,
and with $25,500,000,000 as it stood on June 30 of 1919.
It is still about $5,000,000,000 less than that 1919 figure."
Ur. Ballantine, in his discussion of Federal finances, and the
deficit for the coming year ("It would take very little," he
said, "to run the deficit up from the $300,000,000 which is
the present prediction to a very much higher figure"), stated
that "something ought to be done about the revenues."
Pointing to the increased income taxes imposed by Congress
last year Mr. Ballantine noted that "they have put the taxpayer very much on a war footing," and in dismissing that
as a possible source for further Government revenue, he
said "the incomes are simply not there, and no increase by
assault upon income tax rates would do anything but work
further harm." "Of course," said Mr. Ballantine, "If a tax
upon beer is enacted, that will add substantially to revenues."
"Outside of that," he went on to say, "of course the obvious
means by which a large amount of additional revenue could
be raised without what seems to be undue burden on business, is through a general manufacturers' excise tax on the
Canadian modeL" "It is estimated," he added,"that the tax,
4%,would yield some $355,000,000."
Imposed at the rate of 21
Mr. Ballantine pointed out that such a tax is not to be
confused with a general sales tax. "It is," he said, "a tax
that would rest on the final sale of an article only when it
had passed the successive stages of manufacture and was
going into the channel of distribution." Mr. Ballantine's
speech, in part, follows:
You all know of the insistent demand for our securities. Our last
offering of some $600,000,000, the amount of our maturity on Dec. 15,
met at least the paper reception of some $10,500,000,000 of subscriptions.
So there is an insistent demand for our securities. And yet you all
know that in the long run the maintenance of the credit of the United
States, and the standing of those securtiies, depends, in the same way as the
credit of an individual depends, upon a right relation between receipts
and expenditures. It is time that such a relation should be restored in the
field of Federal finance. Both parties stand committed to balancing and
restoring the national budget, and that object should be attained in the
present session of Congress.
Now, that's going to take some doing. And all of you here are a part
of the force of opinion which has to be placed behind Congress to get that
objective attained.
The annual report of the Secretary of the Treasury, recently submitted
to Congress, showed that the amount of the deficit estimated for the fiscal
year of 1934—that is, the year which begins July 1 next, and it is the
year now being provided for by the appropriations in Congress—is estimated at $307,000,000.
Now, that compares with a deficit for this fiscal year, ending June 80
next, estimated at some ;1,146,000,000. These are net deficits that I am
talking about, without allowance for reducing expenditures, for reducing
the public debt. You treat that as a wash, of course, under those dram.
4328
Financial Chronicle
stances. And it compares with a deficit for the 1932 year, a net deficit
of some $2,473,000,000.
Viewed in the light of those prior deficits, holding the present one to
$300,000,000, will, of course, be an achievement. But that achievement
will not become real unless Congress takes a course of action which is far
from easy. When the heads of the Government departments and bureaus
came to make up their figures for expenditures for the next year, which
are submitted to the Director of the Budget, and by him to the President,
and form the basis for the recommendation to Congress for the next year's
appropriations, they acted under instructions to examine intensively every
item and carve those expenditures just as deeply as they could be carved.
They proceeded on that basis. Many of the items were small, but intensive
effort was made, and when they had finished that process, and had taken
out non-recurring, certain non-recurring emergency items, the kind of thing
that created that huge expenditure of $5,000,000,000 in the previous fiscal
year—when they got all through that, there were reductions of slightly
under $300,000,000.
Now, that wasn't enough, and further recommendations were made by
the President, and those included reducing the pay of all Federal employees
getting more than $1,000 a year by an 11% cut. That 11% cut occurs
In connection with the 8 1/3% cut that was effected by the application
of the furlough system last year. And of course it was recommended that
that furlough system be continued.
Now, that pay cut amounts to a saving of some $57,000,000. In addition,
the recommendations tackled that great drain on the Federal expenditures,
the payments for veterans. As you all know, that now amounts to $1,000,000,000 a year or upwards, and has come to constitute nearly 25% of the
total of Federal expenditures. It amounts to more than it cost to maintain
the whole Government in a pre-war period. And of course that item is
Increasing by the force of the terms of the legislation which provide for
payments, because as additional veterans are determining to be disabled
or to suffer any amount of disability in excess of 20%, they can get
disability allowances for disabilities that have no service connection whatsoever.
Well, these recommendations would change that, and would confine the
disability allowances which are utterly un-service connected, to cases where
at least there is total disability. The savings recommended on that and
certain other reductions of expenditures would amount to $127,000,000.
Now, that particular saving is very large, but it is also intensely significant
because, if that item cannot be turned back, and we cannot reduce those
payments, it will constantly increase and will tend to completely undermine
the Federal budget.
Well, now, when we get through those recommendations, you have something under $500,000,000 total savings recommended; total reduction in
expenditures for the next year, as compared with this year. But if you go
down around the halls of Congress to-day, do you find that those things
are going to be carried, that that is going to be done? I am sorry to say
that is not the impression you are likely to receive. Some of these things
will be done, of course, but you don't meet that determination to make
this cut so needed which you know ought to be found there.
Scene critic has said that to convince the Congressmen that they ought
to go on the basis of economy in the Federal expenditures is a good deal
like trying to convince a troupe of lions that it would be well if they
went on a vegetable diet. They are never going to take to this vegetable
diet of economy unless they receive insistent support in that attitude.
It is not easy, their job is not easy, because they are under pressure of
organized groups who are opposing these changes, all of them acting from
motives which they think are proper and right, and with a very human
appeal made to the Congressmen.
And so they must have a pressure of opinion behind their action. And
I think that it is up to every man to contribute to that force.
Well, now, it is suggested at times that the Federal budget could be
relieved and helped if we changed the system of accounting, and took
capital expenditures made by the Federal Government for buildings and
the like and set those up in a capital account, and budgeted, for revenue
purposes only, the other expenditures not represented by any capital
asset.
At the present time—and in general throughout the past—the Federal
Government does not capitalize construction. In the case of advances being
made to the Reconstruction Finance Corporation, since the Government
put up the $500,000,000 original capital stock, which was taken out of
current expenses in the '32 year—in the case of those advances, they are
required by law to treat them as public debt items, and they are carried
In the balance sheet. But of course the Reconstruction Finance Corporation
has got the capital etock of $500,000,000 behind those. The great bulk
of all its expenditure has gone into secured loans, and the advances which
the Government is making there are represented by notes of the Finance
Corporation, which bear interest, which earn interest, and which will be
repaid to the Government. But the suggestion made is that we should go
beyond that, and that the Government should create a balance sheet of
all construction expenditures and segregate that In some kind of extraordinary budget. I suppose that we can conceive, by carrying out this suggestion, a great balance sheet in which we set up all post offices and all
court houses, rivers and harbors, everything we have spent, and decide
on the basis of depreciation. And if we are going to make is perfect, the
Government would convey that to a real estate holding company and rent
the property back on a guaranteed basis, and hold the stock of that corporation, probably with some form of rights. There was a time when those
made an appeal. And then we would have a modernized piece of financial
procedure for the Government. . . .
Well, what Is the object of the accounting? Of course, it is to keep'
track of the dollars and show how they are expended, and see that none are
diverted. There is no question about that. There is no government in
the world that makes a more prompt and accurate accounting than the
Federal Government does. It all focuses up into this daily statement we
get up every day, showing just what is expended, and just exactly where
we stand, and what resources the Government has. It is a remarkable
statement in public finance. There is no trouble about that phase of the
matter. But I should think the other end of the accounting would be
to have the statement and the accounts in such a basis that there would
be a tendency against excessive borrowing on the part of the Government,
rather than in favor of it.
Setting up this kind of a balance sheet of course would not decrease a
single nickel the financial requirements of the Government. Everything
that is not brought in by revenues currently received has got to be
raised out of borrowings. That is not cut down by any such balance
sheet. We have the same amount of money to deal with. Setting up the
balance sheet does not increase in any way whatsoever the ability of the
Government to borrow money. The credit of the United States Government
Is not going to be increased by our going out and telling everybody how
many post offices we have got. In fact, I should think it might tend to
be hurt by just that operation. We get no practical benefit in solving the
financial problem by any such procedure. The one thing we do by that,
as I see it, is to increase the tendency and the urge to go out and borrow
Dec. 24 1932
money. And what we need for the Government to-day is not to increase
that, but to put a stop to that, so that the public debt is no longer added
to, but is turned back the other way.
Now, I certainly hope the Government of the United States, notwithstanding the theories which are advanced by accountants and others, will
stick to the sound basis of "pay-as-you-go."
No matter if we do effect all economies that we ought to effect, and
that are se urgent, the result will not be sufficient to put the revenues of
the Government in the condition in which they ought to be.
I said that the deficit for the coming year is estimated at $307,000,000.
But included in the expected revenues for next year is a total of $329,000,000 for payments for foreign governments under their debt funding
agreements. I think perhaps it would be a fairly conservative statement
to say that those payments may not be received in full. So far as they are
not received, the deficit will of course be added to by the lack of that
revenue. If any of the economies which I have spoken of, requiring such
vigorous action on the part of Congress, are not effected, that will add to
the deficit. And it would take very little to run the deficit up from the
$300,000,000, which is the present prediction, to a very much higher
figure.
And so something ought to be done about the revenues. Now, Congress
last year of course made a very vigorous effort along that line, which has
been of immense assistance. They turned first to income taxes—I am
not trying to make what they did popular here—but they ran the rates
up so that the combined maximum normal tax of 8%, and maximum surtax
of 55%—although that is a matter more of academic interest, the maximum
surtax—reached 63%.
They have put the taxpayer very much on a war footing. The trouble
with our revenues from income taxation is not with the rates. The rates
are certainly where they are too high, from the standpoint of any continuing
scientific system of taxation. The trouble is with the disappearance of
the income. If we take the receipts during the 1932 year on the 1931
income, we find that corporations will pay in this year about $372,000,000,
which is one-third of what was paid in by corporations on income for 1928.
Individuals will have paid in $250,000,000, which is one-fifth of the amount
which wane paid in on individual incomes of 1928. Individual income taxpayers in the class of $100,000 and over—it used to be a popular class—have
gone down from 16,000 in 1928 to 3,000 in 1931 income. And I am sorry
to say that It is our feeling, which I understand that you share, that that
class is becoming still smaller. The incomes are simply not there, and no
increase by asault upon income tax rates would do anything but work
further harm.
The estate taxes, of course, were similarly treated, and we had the
rates increased there by the new Federal estate tax, so they carry a maximum
rate up to 45%.
So that those two sources, to which every Congressman naturally and
Instinctively turns, have been pretty severely dealt with. Congress last
year also went largely into the field of supplemental and miscellaneous
taxation. And they had a very large list of additional taxes. And we have
among those the check tax, which is a very productive tax, although not so
productive as we had hoped ; and the gasoline tax, which is the largest
revenue producer of any of those added.
Now, those miscellaneous taxes have not come up to expectations, but
they have been of very great assistance. Our miscellaneous internal revenue
from those, instead of turning down as our other income, up to date is
some $112,000,000 up. They have been enormously helpful. But they
are not enough. Something more ought to be done. And when we come
to that, of course it is clear that the gasoline tax, that expires by limitation
on July 1—June 30 next—ought to be continued. That would add an
estimated revenue of $137,000,000 for the next fiscal year.
Beyond that, of course, if a tax upon beer is enacted, that will add
substantially to revenues. The Treasury has not been quite optimistic
about what ft would yield—whether the industry would pick up again—
but the Treasury estimate is from $125,000,000 to $150,000,000, depending
upon the number of States in which the beverage could be sold.
Outside of that, of course the obvious means from which a large amount
of additional revenue could be raised without what seems to be undue
burden on business, is through a general manufacturers' excise tax, on the
Canadian model. Now, such a tax was worked out by the Ways and Means
Committee, in co-operation with the Treasury last year, and was put in
definite shape. It is estimated that that tax, imposed at the rate of 21 0—
4%
which was the rate that was in the House bill last year, reported unanimously
by the Ways and Means Committee—would now yield some $335,000,000.
Now, that is a tax which is not to be confused at all with a general
sales tax. It is a tax that would rest on the final sale of an article only
when it had passed the successive stages of manufacture and was going into
the channel of distribution. It is a tax which would not supplant the
income or estate taxes in any way. It would be a supplement to those
taxes in a time when the revenues from those sources are insufficient. It
is the obvious means by which we could have large revenues. And putting
such a tax on the books would do more than add that particular revenue.
It would carry a guarantee that the fiscal problem of the United States
Government was to be met. And that would assist very much in the
refunding operation which we ought to do to cut down the amount of
short-term debt and get in shape to tackle the problem when the call date
comes around next October on that issue of over $6,000,000,000. And if
we are helped out in that operation and have a successful refunding operation at reasonable rates, of course that in turn helps the bond market and
the market availability of long-term capital for business and industry, and
hence helps the whole situation.
We must not forget that this problem of keeping the Federal budget in
shape is tied up with that of keeping currency on a sound basis. What has
led European countries and elsewhere off a sound currency basis generally,
although not invariably, has been the budgetary troubles. Sooner
or later,
If the Government finds that it does not get sufficient revenues, it is
very much tempted to go to the device of fiat money. Notwithstanding
the
fact that we hear that urged in many quarters as some help to
our situation,
I don't need to spend any time in arguing about that before such a group
as this. We have a picture, I think all of us, of how it would
add to the
confusion of our situation if in addition to our other troubles the basis of a
sound currency were interfered with or taken from us. As long as we have
that, we have a basis on which we can build the readjustments which we
have to make. There may have to be extensive readjustments.
I think a
very useful piece of legislation would be that amendment to the Bankruptcy
Act which has been discussed here and proposed, which would facilitate
corporate reorganizations, including railroads, and the handling of opposing
minorities, and enable those to be put through more expeditionsly.
But no matter what the readjustments are, they must he made from a
base of departure, and we must have some fixed points to build upon. And
those lived points certainly include soundness of the United States Government as a financial instrument, and the soundness of our currency.
And so, what I want to urge upon you all is that it is a real, actual,
present problem to get those things protected, and that any effect, any
Volume 135
Financial Chronicle
carrying
suggestion which is made to Congress and carried home there, is
forward the fight for fundamentals of recovery.
Inter-State Commerce Commission to Act on Extending
High Freight Rates—Will Consider Maintaining
Present Surcharges Beyond March 31—Hearings to
Begin Dec. 28.
The "15% case," under which the railroads7obtained
freight rate increases on a limited number of commodrgs
in January 1932, was ordered reopened by the Inter-State
tlie
Commerce Commission Dec. 17 to determine wheGeThigher rates may be collected after March 31, when they are
requirement tliU
due to expire, and
accruing from the increase be pooled with the Railroad Credit
_
Corporation.
e
The Commission has assign—nliatter for hearing in
—
Trashington,foec. 28, but said its further investigation would
be confined to a continuation of the higher rates and removal
—
of the pooling conditions._ It will GrRear arguments, it
said, that the present surcharges slimila be increased or
that they should be extended to include commodities other
than those now involved.
The notice issued by the Commission follows:
Manhattan, City of New York. The Supreme Court has
directed that notice of the hearing of the application be
advertised in 22 newspapers, on account of the obvious
difficulties in giving personal notice to over 400,000
claimants.
Superintendent Broderick's announcement of Dec. 20
also said:
Upon consideration of a petition under date of Dec. 10 1932,flled by the
Association of Railway Executives, the Commission has reopened the aboveentitled proceeding for further hearing upon the following points:
1. Shall the surcharges at present in effect under the previous findings
herein be permitted to be continued by filing upon short notice tariffs
similar in character to those by which they were originally made effective.
2. If such surcharges are continued, during what period shall they be
permitted to remain in effect
3. Shall permission to continue such surcharges, if granted, be without
condition as to disposition of the revenue accruing therefrom.
Replies to the petition are unnecessary.
The proceeding has been sent for hearing at the office of the Commission in Washington, D. C.. at 10.00 o'clock a. m.standard time. Dec. 28
1932. This hearing is for the purpose of receiving evidence of the carrier
and any other parties appearing in support of the petition, on direct and
cross-examination.
The carriers having consented thereto, in the interest of expedition other
interested parties may file on or before Jan. 15 1933 verified statements
of their views on the issues here presented, and evidence in support thereof,
which statements will be made a part of the record,subject to the condition
that, if requested, the authors of such statements shall appear at a time and
place designated by the Commission for oral cross-examination.
Parties who desire to be heard orally should immediately advise the
Commission as to the nature of the evidence which they wish to present.
the place at which they prefer to be heard, and the estimated time which
they will consume. In determining whether hearings other than the one
now scheduled for Washington on Dec. 28 will be held the Commission will
give consideration to the demand for such hearings, but in any event they
will be limited in number and length.
It should be clearly understood that this proceeding, as reopened, relates
to a continuation of the surcharges now in effect. Evidence bearing upon
the propriety of the continuation, reduction or elimination of such surcharges will be received, but evidence will not be received in support of
any contention that the present surcharges should be increased or that they
should be extended to include commodities other than those to which they
now apply. Among other things, it Is expected that carriers will show in
detail the extent to which the surcharges were originally applied, and the
extent to which the surcharges or the basic rates, or both, have since
been changed.
It is assumed that carriers will file petitions similar to that presented to
us with the various State Commissions. In the event they are so filed,
we expect to continue the co-operative handling of the proceeding with the
State Commissions as in the original proceeding.
Bank of United States Suit Settled—Superintendent
Broderick to Pay $40,000 on Deposit of Stockholders
of Kensington Bank of Brooklyn.
The following is from the New York "Times" of Dec. 18:
Litigation pending for three years between stockholders and directors
of the former Kensington Bank of Brooklyn and the Bank of United States
over 197,550 deposited in the latter institution when it was closed in 1930
has been settled by Joseph A. Broderick, State Banking Superintendent,
under an order signed by Supreme Court Justice Wasservogel. it was
revealed yesterday. The directors will receive 55% of a payment of
240.000. 45% will go to the stockholders, and Albert Conway, now a
Supreme Court justice in Brooklyn. will get $2,500 for his services as
attorney for the stockholders.
Application for Payment of 10% Dividend to Depositors
of Closed Bank of United States Filed With State
Supreme Court by New York Superintendent of
Banks Broderick,
On Dec. 20 Joseph A. Broderick, New York State Superintendent of Banks,filed with the County Clerk of New York
an application for permission to pay on Dec. 31 next a
dividend of 10% to depositors and other creditors of The
Bank of United States. Accompanying the petition was
an accounting for the 16-months' period beginning Aug. 1
1931 and ending Nov. 30 1932. The application for approval of the payment of the dividend and of the accounting
is returnable on Dec. 29 in Special Term, Part Two.of the
Supreme Court, at the County Court House, Borough of
4329
The dividend of 10% calls for the payment to depositors and creditors
of 813.362,494.99. A 30% dividend was paid in September 1931. followed by a 15% dividend in December 1931. With the present dividend,
the total amount distributed to depositors and other creditors will be
in excess of $74.500,000. This dividend will result in the repayment of
the final installment to the trustees of the Clearing House banks of the
so-called 50% loans made originally by those banks to about 120,000 depositors of The Bank of United States, leaving a balance which will be
distributed to those depositors.
Cash on hand at the beginning of the period, exclusive of trust funds,
was $64.146,076.67. and for the 16 months' period covered by the accounting cash receipts, not including receipts of trust funds, were $15.912,613.32, or 880,058,689.99 to be accounted for.
or
The first and second dividends and preferred claims of depositors
-month period amount to $61,187,396.30
creditors paid during this 16
to
Litigated claims settled by court order were $160,527.16. Advances
protect assets during the period amounted to $1,614,168.79. Substantially
approval
all such advances of funds to conserve assets were made with the
cash receipts
of the Supreme Court, New York County. Miscellaneous
liquidating
and disbursements were $418,612, and cash payments charged to
expense, $2,473,099.62. All these cash disbursements total $65,853,803.87.
There was an offset to cash for returned items and the like of $165.365.14,
of trust funds,
leaving the cash on hand at the end of the period, exclusive
this only
814,039,520.98. Although, after allowance for the dividend,
1932 of a little
leaves cash for working funds and reserves as of Dec. 1
over 8650,000. the liquidation is scheduled to receive substantial amounts
of cash during the month.
amount to
Gross expenses are set out in detail in the account, and
than the cash
$2,472,862.54. Due to offsets, this figure is slightly less
shown on this
expenses just referred to. Gross credits to earnings as
were in cash,
schedule amount to $2,227,810.05, of which $1.666,299.91
The net excess of operating
the balance being made up of various offsets.
Included
expense over credits to earnings was, accordingly, $245.052.49.
subsidiaries,
In expense are rentals of 8262,651.33 paid to wholly-owned
rentals. of $17,or a net excess of credits to earnings, exclusive of these
598.84.
-months' period salaries, exclusive of legal salaries, were
During the 16
August 1931„
$994,495.37. Salary payments, exclusive of legal salaries for
employees,
or the first month of the accounting, were $87,567.23 for 445
accounting, were $41.and for November 1932, or the last month of the
these 197 employees were engaged
947.52 for 197 employees. Fifty-five of
the liquidation;
in what are classified as the non-collection activities of
that is, in the Proof of Claim Department, the Dividend Department and
the Record Warehouse.
Legal expenses were $509,880.84, and expenses incident to litigation
were $167.181.62, or a total for this branch of the liquidation of $677.062.46.
Included in expenses incident to litigation were referees' fees and expenses
Law.
of 180,686.78, paid by order of the court in pursuance of the Banking
Rentals, taxes, maintenance and other expenditures incident to real
estate were 3604,942.37, and other expenses were 1196.362.34, bringing
-months' period to $2,472,862.54. while
the total gross expenses for the 16
the gross expenses for the first 7 2-3 months of the liquidation were $2.488,993.88.
The accounting filed in court summarizes all the foregoing under
propriate classifications.
ap-
As was indicated in our issue of Dec. 10 (page 3980) 45%
has already been paid to the depositors of the closed bank.
Albert H. Wiggin to Retire as Chairman of the Governing Board of the Chase National Bank of New
York at the Annual Meeting in January—To
Sail Next Month for Berlin Incident to Revision
of "Standstill" Agreement.
The intention of Albert H. Wiggin to ream as Chairman
of the Governing Board of the Chase National Bank of
New York at the annual meeting in January, was made
known in an announcement issued on Dec. 21. Mr. Wiggin
states that he will be 65 years old on Feb. 21, and he says,
think it is appropriate and I accordingly request . . .
that I be not re-elected as Chairman." Mr. Wiggin, whose
association with the Chase covers a period of 29 years,
was formerly the largest stockholder in the bank; in 1930,
he notes, "through the merger with the Equitable Trust
Co., John D. Rockefeller Jr., as the largest holder of
Equitable stock, became, through the ensuing exchange of
stock, the largest stockholder in the Chase." Mr. Wiggin
says that "to-day the major portion of the fortune of myself
and my family is invested and will continue to be invested,
in the stock of the bank." As we report in another item
in this issue Mr. Wiggin is to sail for Berlin next month to
participate in the meeting to act on the revision of the
German "standstill" agreement. Mr. Wiggin's letter to the
Executive Committee of the bank requesting that he be
not re-elected, follows:
To the Executive Committee, Chase National Bank.
Gentlemen:—I shall be 65 years old on February 21st next. The annual
meeting of the bank will take place January 10th. I think it is appropriate
and I accordingly request that at the annual meeting I be not re-elected
as Chairman of the Governing Board.
I have had this step in mind for several years. The bank itself has under
consideration a very wise plan in which officers and employees shall be
retired at the age of 65, and I shall be merely anticipating its practical
operation.
4330
Financial Chronicle
My pride In the Chase National Bank is the supreme satisfaction of
my business life. At a moment like this I may be permitted to refer to
one or two elements which contribute to that feeling. Not only in its
size, but in the strength of its official and working personnel, and in the
scope of the interests represented by its 83,000 stockholders and its 150,000
depositors, the position of the bank has become unique.
During my 29 years association with the Chase I have been privileged
to play an intimate part in its growth. I have always had absolute faith
in the Bank and in its future. I invested a large share of my earnings in it.
I became President following the wise administrations of Henry W.Cannon
and A. Barton Hepburn. I also became the largest stockholder, and to-day
the major portion of the fortune of myself and my family is invested and
will continue to be invested in the stock of the bank.
As the Chase grew, I became convinced of the importance of broadening
the stock ownership and of associating with us large interests who, by
reason of their stock holdings, would become sources of increased influence
and strength. It was, accordingly, an event of outstanding consequence
when in 1930, through the merger with the Equitable Trust Co., John D.
Rockefeller Jr. as the largest holder of Equitable stock, became, through
the ensuing exchange of stock, the largest stockholder in the Chase. The
identification of these interests with the bank, together with the increasing
scope of the other stockholding interests is representative of the larger
phases into which the life of the Chase has entered.
The various mergers with other institutions have added to the personnel
of the Chase National Bank experienced ability and wisdom of the highest
order. I would like to pay particular tribute to John McHugh, Chairman
of the Executive Committee, who came to us following the merger with the
Mechanics and Metals National Bank. and Charles 0. McCain, Chairman
of the Board, who came following the merger with the National Park Bank,
both of whom have added conspicuously to the strength of our organization.
Following the merger with the Equitable Trust Co., Winthrop W. Aldrich,
President of that institution, became President of the Chase National
Bank and later Vice-Chairman of its Governing Board. It is impossible
for me to speak with adequate appreciation of what the coming of Mr.
Aldrich has meant to the bank, and it is a source of infinite satisfaction
to me that in the years to come the bank may contemplate having the
benefit of his character, ability and sound judgment in guiding its affairs.
Convinced as I am of the wisdom of the step I am taking, and of reducing
the strain upon myself incident to increasing years. I do this with great
personal regret. My heart and my energies have been concentrated for
many years in promoting the growth, welfare and usefulness of the Chase
National Bank. I have seen it develop into an institution whose public
service is commensurate with its magnitude. I believe in the Bank and in
its increasing possibilities. For its officers and employees I have, and will
always have, sentiments of deep personal affection. I need scarcely add
that as long as I live the results of my experience and the support of every
effort which I can exert will be contributed toward the progress of the
Chase National Bank.
Very truly yours,
ALBERT H. WIGGIN.
The following minute was unanimously adopted by the
Executive Committee following receipt of Mr. Wiggin's
letter:
The executive committee of the Chase National Bank has received with
keen regret the intimation from Albert H. Wiggin of his desire to retire
as Chairman of its Governing Board. The services of Mr. Wiggin not
only to this institution, but to banking throughout the world, have been
of a pre-eminent character. The Chase National Bank is in no small
measure a monument to his energy, wisdom, vision and character. When
he became President of the bank in 1911 its capital, surplus and undivided
profits amounted to $12,953,397. To-day its capital funds amount to
$266,335,062.
The growth of the bank under his leadership has in all other respects
been upon a corresponding scale. With the growth of the bank he has
also been instrumental in effectively broadening the basis of the stock
ownership in the institution to include interests whose co-operation and
influence have added immeasurably to the strength of the bank. He has
also developed, with the steadily enlarging magnitude of the bank, a personnel in keeping with the high responsibilities involved in directing the
affairs of so large an institution.
We earnestly hope that Mr. Wiggin will continue indefinitely to remain
a member of the Board of Directors and of the Executive Committee of the
Bank. We are also deeply gratified that his assurances of continued cooperation will give the Bank the opportunity to avail itself of his great
experience and wise guidance in dealing with many of the large interests
and problems of the Bank, particularly in connection with our important
foreign relations toward which he has already made so able a contribution.
The dates of Mr. Wiggin's various connections with the
bank are indicated as follows: Director, Feb. 9 1904;
Vice-President, Feb. 9 1904 to Jan. 11 1911; President,
Jan. 11 1911 to Jan. 2 1918, and April 6 1921 to April 10
1926; Chairman of the Board of Directors, Jan. 2 1918 to
May 31 1930; Chairman of the Governing Board, May 31
1930 to Jan. 10 1933.
A sketch of Mr. Wiggin's career follows in part:
Albert H. Wiggin was born on Feb. 21 1968 in Medfield, Mass. When
be was about eight years old his family moved to Boston where he attended
the Dwight School and the English High School of Boston, being graduated
from the latter in 1885.
Mr. Wiggin began his career at the age of 17. He worked his way through
the departments of the Commonwealth Bank of Boston; at 23 he became
Assistant National Bank Examiner of the Boston District. Three years
later he was appointed Assistant Cashier of the Third National Bank of
Boston, and after two years in that position became Vice-President of the
Eliot National Bank.
In May 1899. Mr. Wiggin came to New York as Vice-President of the
National Park Bank. His association with the Chase National Bank
started in 1904, when he became Vice-President and Director. Early in
his association with the Chase Mr. Wiggin inaugurated a policy which,
probably more than any other one cause, contributed to the extraordinary
growth of the institution. Up to that time the clients of the bank had been
chiefly financial institutions and firms. Responsive, however, to the indications of the future development of corporate. Industrial and commercial
business, Mr. Wiggin specialized in building up accounts of that broader
character. In the first 10 years of his association with the bank, from
1904 to 1914, accounts of this nature increased 183% as against an increase
of 115% in purely financial accounts. In the total period from 1904 to
1919, the first 15 years of Mr. Wiggin's association with the bank, the
actual growth in commercial and industrial deposits amounted to $232,000,000, equal to more than 1,200%.
Dec. 24 1932
Mr. Wiggin became head of the Chase in 1911. Under his leadership
and before any merger occurred, the bank rose to a commanding position
among American financial Institutions. As a result of this and of the
various amalgamations carried out under his administration, the resources
of the institution in the period from 1911 to 1930 rose from $106.000.000
to $2,748,000.000, and the bank became not only the largest bank in the
United States but in the world. Its stockholders now number more than
83.000 names.
The process of amalgamation with other banks, which has been an
Important factor in the development of the Chase was marked by a number
of notable acquisitions. The first merger was with the Metropolitan Bank
In 1921. Merger with the Mechanics and Metals National Bank followed
in 1926. with the Mutual Bank in 1927 and with the National Park Bank
and the Garfield National Bank in 1929. In 1930 the merger with the
Equitable Trust Co. and the Interstate Trust placed the Chase in a position
of pre-eminence as to capital, surplus, deposits and resources.
Not only were resources Increased during the period of amalgamations
but from 1925 to 1930 Mr. Wiggin enlarged the scope of the bank itself.
.
With the purchase in 1925 of branches in Havana. Cristobal and Panama
City, the first expansion occurred outside New York City, and the Bank
began to add to its foreign business and to become an international bank
of importance. In 1927. 1928 and 1929 representative offices were opened
In London. Paris. Berlin and Rome. Entrance of the American Express Co.
Into the Chase "family" in 1929 and merger with the Equitable Trust Co.
in 1930 completed the direct world-wide connections now represented by
the Chase National Bank, American Express and The Chase Bank. The
Chase National Bank by this expansion became international in scope,
while still adding to its activities in the domestic field.
Following the merger with the Equitable Trust Co., Mr. Wiggin in
1930 became Chairman of the Governing Board, which now consists of
Winthrop W. Aldrich, Vice-Chairman of the Governing Board, Charles S.
McCain (formerly President of the National Park Bank), Chairman of
the Board of Directors, and John McHugh (formerly President of the
Mechanics & Metals National Bank)
.Chairman of the Executive Committee.
In the 28 years of his activity as a banker in New York, Mr. Wiggin
has been associated with almost every important financial development of
the period. He co-operated actively with the late Henry P. Davison in
the organization of the Bankers Trust Co., being a member of the original
Board of Directors and of the Executive Committee. In the panic of
1907
he was Secretary of the Clearing House Association and a member
of the
Associate Loan Committee of the Clearing House. In 1913 he was elected
Chairman of the Clearing House Committee, and in that capacity,
as
well as in addition to his activities as President of the Chase National Bank,
he played an active part in handling the extraordinarily complicated
problems which arose with the outbreak of the war In Europe.
The most urgent of these problems was that of providing foreign exchange
to meet short-term American obligations in Europe. Lbndon suddenly
ceased to lend and began to require payments of all outstanding loans as
they matured. The City of New York alone had $83,000,000 of shortterm revenue bonds or notes held in London and Paris maturing from
September 1914 to January 1915. There was, of course, the usual large
volume of current commitments connected with imports, tourists' expenditures, emigrants' remittances and so on. As Chairman of the Clearing
House, Mr. Wiggin assembled confidential data from all American institutions doing any foreign exchange business whatever, covering both their
current obligations to Europe and the current obligations of Europe to
them. On the basis of this information, the Gold Fund Committee, which
he organized, and of which he was Chairman, was able to act with promptness and decision. Something over a hundred million dollars of gold was
pledged by banks all over the country. and $10,000.000 of this was shipped
by arrangement with the Bank of England to Ottawa. The demoralization
in the foreign exchange market promptly ceased.
Mr. Wiggin was also one of the two New York members of the cotton
loan fund of $135.000,000 subscribed by banks shortly after the outbreak
of the war, to be available for loans to carry over the cotton crop until
conditions could become more normal. With the entrance of the United
States into the war, Mr. Wiggin was made a member of the Central Liberty
Loan Committee and a member of the Sub-Committee on Money Rates.
Mr. Wiggin has taken an important part in world financial affairs.
As early as 1926 he, with J. P. Morgan, Gates W. McGarrah, John J.
Mitchell. and other Americans joined with representatives of 16 nations
in an appeal for the lowering of tariff barriers throughout Europe as an
impetus to trade between nations, on the ground that such action constituted
a necessary concomitant to the payment of debts.
By January 1931 the seriousness of the world situation had advanced
to such a state that Mr. Wiggin took a stand in favor
of the readjustment
of war debts.
The London Conference of Seven Governments, Belgium, France, Germany, Great Britain, Italy. Japan and the United States,
in their communique of July 23 1931, recommended that the Bank
for International
Settlements set up a committee to consider Germany's credit position,
and that concerted measures be taken by the financial institutions
of the
different countries to prevent the withdrawal of
the credits they had
already extended to Germany.
Mr. Wiggin was made Chairman of the Committee
set up by the Basle
Committee in carrying out the recommendation of the
London Conference.
Functioning independently of any institution or government,
this committee
met at Basle "to inquire into the immediate further
credit needs of Germany and to study the possibilities of converting a
portion of the shortterm credits into long-term credits." Its report gave a searching analysis
of the Germany short-term debt, indicated the necessity for
the establishment of new relationships on the basis of mutual confidence,
and emphasized the contradiction in policy involved in requiring
vast international
payments while at the same time interrupting the flow of goods by
means
of which such payments could be made.
The work of the Basle Committee was followed by
that of the First
Standstill Committee which made temporary provision for Germany's
short-term credits from foreign financial institutions; in
the Winter of
1932 the Second Standstill Committee arranged for further extension
of these credits. These Standstill Committees carried out the recommendation of the London Conference of Seven Governments They
were appointed by the banking institutions in all countries which held
Germany credits. Of both these countries, as of the first Basle Committee, Mr. Wiggin was Chairman. The work of all of them
implicitly,
and the reports of the Basle Committee (August 18 1931) and the Second
Standstill Committee (Jan. 23 1932) explicitly, emphasized
the fact that;
"While the German economy possesses within itself Immense recuperative
powers, which will manifest themselves as more favorable world conditions
emerge, it is imperative that the hindrances to such a development should
be removed. It will not come without positive action by governments
and peoples in the sphere of international co-operation.
The present
extreme crisis must bring home to all peoples of the world. fact that all
the
countries grow poor together. The obverse is as true. All countries grow
rich together. A lightening of burdens and a greater freedom of trade,
enriching one country, will enrich all."
Volume 135
Financial Chronicle
al action
This reiterated emphasis upon the necessity for internation
contributed
for the re-establishment of confidence between the nations
months later.
to the successful conclusion of the Lausanne Conference a few
European
which marked a long step forward in the working out of the
crisis.
the whole
Mr. Wiggin has, of course, been extremely active during
1929. in
of the critical period which began with the last week of Oct.
Distrusting the
dealing with American financial and credit problems.
post
boom, and especially the large volume of funds loaned at the money
had kept
of the Stock Exchange "for account of others," Mr. Wiggin
the loans of the
the Chase National Bank highly liquid and had held down
week that
Bank at the money post to less than a million dollars. In the
followed, as frightened outside lenders were calling their Stock Exchange
was approxiloans. the Chase expanded its loans by 373 millions. This
City during
mately 29% of the total expansion of bank loans in New York
expansion for the whole
that panic week. and 26% of the reported loan
ion.
country, and was a factor of first mportance in arresting demoralizat
at
The re-discounts of the Chase with the Federal Reserve Bank stood
Both
zero on Oct. 23, but rose to 5100.000.000 by the end of the week.
off within the few
these re-discounts and increased bank loans were paid
s
weeks following. The Chase organization was one of the participant
In the banker's pool organized to steady the stock market in this panic
in New
week—a pool 'n which six of the leading financial institutions
the
York participated, and which completed liquidating its position In
early part of 1930.
Mr. Wiggin took an active part in the organization of the National
private
Credit Corporation in the Autumn of 1931. which was the interim
agency pending the organization of the Government's Reconstruction
of
Finance Corporation, which assisted weak banks through the Winter
1931-32. He became a member of the Executive Committee of the Amerimember
can Securities Investing Corp. fomed early in June 1932, a
of the Banking and Industrial Committee appointed in May. 1932 by
Bank, and has participated
Governor Harrison of the Federal Reserve
in the conferences of business men and bankers called by President Hoover
at various times.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
The transfer of a New York Stock Exchange membership
at $103,000 was made Dec. 22, which is a decrease of $8,000
from the last previous transaction.
The New York Cotton Exchange membership of George
Hogan was sold Dec.23, to Richard T.Harriss for another
for 812,000, an increase of $750 over the last previous sale.
Arrangements were made for the sale of a New York Curb
Exchange membership Dec. 19, at $30,000, an increase of
$1,000 over the last previous sale.
The sale of a Chicago Stock Exchange membership at
$4,250, was completed Dec. 15, a decrease of $250 from the
last previous sale.
lis as Assistant Cashier. In 1867 he came to New York
and became a clerk in the Importers & Traders National
Bank. Subsequently he was made loan clerk, and served in
this capacity for several years. When the Fifth Avenue
Bank was organized in October 1875, Mr. Frissell became
Cashier of the institution. He was elected President of the
Bank ten years later (1885), serving in that position until
January 1916 when he was elected Chairman of the board.
On Dec. 21 the directors of the bank adopted a minute
in tribute to Mr. Frissell's memory; in part it said:
of one of the
The passing of Algernon S. Frissell brings to a close the life
Dutchess County
most interesting and inspiring men of our city. Born in a
the small banking activities of a country
village, the son of a clergyman,
determined to make bankmerchant attracted his attention as a boy and he
man that he never deviated
ing his life work. It was characteristic of the
sought a position in a
from this purpose. As soon as he was old enough he
bank in Washington. D. C.,
Poughkeepsie bank, from there he went to a
National Bank of this city,
and from thence to the old Importers & Traders
Clerk. In that year the
where in 1875 he occupied the position of Loan
Mr. Frissell was made
Fifth Avenue Bank was organized uptown and
He recognized at once that his
Cashier. He was then 30 years of age.
behind him and from
opportunity had come. He put every other ambition
to the upbuilding of the
that time to the day of his death he devoted himself
history of the bank is the
Fifth Avenue Bank. In a very real sense the
President.
history of his life. In 1885 he became its
training in correct banking
Mr. Frissell brought to the bank a sound
a most unusual character.
principles, but above and beyond this he possessed
and the highest moral
Combined with the most uncompromising honesty
dealing with the bank's cuscharacter he had a genial, helpful manner of
relationship between bank
tomers. He build up a new kind of friendly
man of later years has spoken
and customer. Many a successful business
from Mr. Friesen in
of the friendly advice and encouragement received
those early days. . . .
occupation of his life, Mr.
While the Fifth Avenue Bank was the main
other things. He was a wide
Frissell found time to be interested in many
people and he was deeply
reader; he was fond of the society of cultured
had a strong sense of civic
interested in religion and philanthropy. He
large part of his income was
duty and responsibility. All of his life a
the Emergency Fund to give
devoted to charity. He was treasurer of
was especially interested in
relief by work in the dark days of 1893. He
public office, but after
welfare of the colored race. He never sought
the
the Commission to revise the banking
the pule of 1907 he came a member of
Board of Education of the City
laws and later he became a member of the
relations he was inflexibly straightof New York. . . . In his business
never tried to get an advantage
forward and entirely free from guile. He
conscientious to a fault. He always
by being smart or clever. He was
of personal debt. . .
kept his old-fashioned idea of thrift and abhorrence
served with him on this board of
His life was an inspiration to those who
men who were trained under him
directors, to the great number of young
the larger number of those who had
the Fifth Avenue Bank, as well as to
in
during the many years of his active
business and social relations with him
life.
his advanced age without a sense
A life such as his cannot end even at
associated with him, but in a very real sense
of loss to those who had been
it might truly be said of him that he
that
he had so far completed his work
his course.
had fought the good fight and finished
a
remain as a choice possession for his children and for
His memory will
and loved him.
multitude of friends who knew him
THEODORE HETZLER,President,
GEORGE ACHESON, Secretary of the Board.
The New York Stock Exchange announced on Dec. 21
that at a special meeting of the Governing Committee held
on that day, the petition of the members to close the Exchange to-day (Saturday, Dec.24)the day before Christmas,
was not granted. If the petition had been approved, the
Exchange would have had a three-day holiday incident to
the Christmas holiday observed on Monday, Dec. 26.
As customary, the New York Curb Exchange followed the
action of the Stock Exchange and will remain open Dec.
24. Announcement was made on Dec. 12 by the New York
Real Estate Securities Exchange that it will be closed
Dec. 24. The following New York exchanges have announced their intentions of remaining closed both the Saturday before Christmas and the Saturday before New Year's
(Dec. 31): Coffee and Sugar, National Raw Silk, Hide and
National Metal Exchanges. The Board of the Rubber
Exchange of New York, Inc. also has voted to close the
Exchange for trading on Dec. 24 and Dec. 31, although
members who have rubber to deliver or receive on Exchange
contracts on those days are directed to keep their places of
business open. The Governing Board of the San Francisco Stock Exchange has ruled that the Exchange be closed
on Dec. 24 but remain open on Dec. 31. According to
United Press advices from Chicago, Dec. 22, Chicago
grain, cotton and security markets will be closed Monday,
Dec. 26, but the livestock markets will remain open. All
the Chicago markets will be open on Saturday, Dec. 24.
The Baltimore Stock Exchange will also be open on Dec. 24.
The Seamen's Bank for Savings of this city announced
,% rate of interest on
the establishment of a uniform 33
deposits, effective on Jan. 1. Interest heretofore paid by
,
the Seamen's was at the rate of 33 % on deposits of more
than $1,000 but 4% on deposits of $1,000 or less.
Algernon Sydney Frissell, Chairman of the Board of the
Fifth Avenue Bank of New York, died on Dec. 19 of pneumonia after a week's illness. He was 87 years old. Mr.
Frisson began his banking career as a clerk with the City
Bank of Poughkeepsie in 1862. Three years later he went
of the Metropoto Washington and joined the NationaljBank
4331
Luncheon Club, the
At the annual meeting of the British
Campbell, C.M.G., British Consul-General in
Hon. Gerald
S. Sandford, ViceNew York, was elected President and G.
the above,
, for the ensuing year. In addition to
President
elected Governors: John H. Fea, H.
the following were
C. K. F. Hague,
Mills Garner, Edwin Gibbs, A. B. Grant,
E. Mathews, H. 0. Weitzroann and N.
M. 0. Knott, J.
Williams.
New York, issued
The Corn Exchange Bank Trust Co.,
that the annual meeting of the stocknotices on Dec. 15
with the notice
holders will be held on Jan. 10 1933. Along
meeting, the institution sent a five-year
calling the annual
make increases
proxy which authorizes the stockholders to
at one
In the capital of the company, from time to time or
to exceed $20,000,000, with the
time, to an amount not
s
approval of the Board of Directors. The several document
to the stockholders follow:
the stockholders of
Notice is hereby given that the annual meeting of
electing directors of
Corn Exchange Bank Trust Co., for the purpose of
of the seven
said Corn Exchange Bank Trust Co., in the place and stead
will expire on
members of the Board of Directors whose terms of office
vacancies
the third Wednesday of January 1933, and to fill any other
of
which may then exist in the Board of Directors, and for the purpose
approval
appointing inspectors of election for the ensuing year, and for the
action
and ratification of all acts of the directors for the past year, and for
will
upon such other matters as may be brought before such meeting,
No. 18
be held at the principal office of Corn Exchange Bank Trust Co.,
on
William Street, Borough of Manhattan, New York City, New York,
minutes
Tuesday, Jan. 10 1933, at 12 o'clock Noon. At said meeting the
stockholders
of the Board of Directors will be open for examination by the
of record.
closed at
For the purposes of the meeting the transfer books will be
reopened
the close of business on the 6th day of January 1933, and will be
at the opening of business on the llth day of January 1933.
please sign and
If you will be unable to attend the meeting in person
herewith,
return promptly by mail either of the forms of proxy enclosed
a period
one form covering only the forthcoming meeting and the other
if
of five years. The enclosed form of live-year proxy should be signed
each meeting
you desire to avoid the necessity of executing a proxy for
of the stockholders. The proxy can be revoked at any time.
and Secretary.
FREDERICK K. LISTER, Vice-President
Dec. 16 1932.
.
4332
Financial Chronicle
Proxy.
Know all men by these presents, that the undersigned, a stockholder in
Corn Exchange Bank Trust Co., a corporation organized under the laws
of the State of New York, hereby constitutes DeWitt 0. Falls, Spotswood
D. Bowers and Sidney A. Kirkman or any one or two of them, my true and
lawful attorney or attorneys, substitute or substitutes, proxy or proxies,
with power of substitution to each of them irrevocably, for me and in my
name to vote at any and every regular meeting and at any and every
meeting duly called for any or all the purposes herein specified, or adjourned
meeting or meetings of any such regular or duly called meeting, all the
stock held by me in Corn Exchange Bank Trust Co., for the election of
the Directors of the said company; to increase or decrease the number of
Directors of said company; to vote the same for the increase from time
to time or at one time of the capital stock of Corn Exchange Bank Trust Co.
to an amount not to exceed $20,000,000; such stock to be issued from time
to time or at any one time, upon such terms and for such price per share
as the Board of Directors may deem most advisable for the interests of
the company; and to vote for any and all matters which come before any
regular meeting as fully and with the same effect as I might or could do
were I personally present at such meeting or meetings, hereby ratifying
and confirming all that the said attorneys and proxies, or any of them,
or their substitutes, may lawfully do or cause to be done by virtue hereof;
and I hereby revoke any proxy or proxies heretofore given by me to any
person or persons to vote at any such meeting. This proxy shall continue
in force for five years from date unless sooner revoked in writing by the
undersigned.
In witness whereof, I have hereunto set my hand and seal this
day of
One Thousand Nine Hundred and Thirty
Sign here
(Seal)
No. of Shares
Note.
-1. Corporations and firms should sign in the corporate or firm
name by duly authorized officers or partners, attaching the seal of the
corporation.
2. If the stock is held in a representative capacity, such as executor,
administrator or trustee, please sign in the capacity in which such stock
stands of record.
Percy H. Johnston, President of the Chemical Bank &
Trust Co. of New York, on Dec. 16 sent proxies to shareholders in preparation for a vote to be taken at the annual
meeting, on Jan. 18, on a plan for the final absorption of
the Chemical Securities Corp. into the bank. It is stated
that the management has felt that no purpose could be
served by maintaining the Securities Corp. as a seperate
entity, inasmuch as it has been inactive for some time, and
that substantial economies could be effected by absorbing it.
The letter to the stockholders is as follows:
Dec. 18 1932.
To the Stockholders of Chemical Bank & Trust Co.:
There is enclosed herewith a formal notice of the annual meeting of the
• stockholders of this Trust Co., to be held Jan. 18 1933, at which, in
addition to electing Directors and transacting usual business, the stockholders will be asked to take the further action indicated in the notice
to complete the absorption by this Trust Co. of Chemical Securities Corp.,
which was approved at the annual meeting held in January 1922.
In a letter to the stockholders accompanying the notice of the last
mentioned meeting, it was stated that your Directors felt that the Securities
Corp. was no longer needed as a separate entity and that substantial econo
mies could be effected by absorbing it. At that meeting the preliminary
steps to this end were authorized by the stockholders.
Since then, assets of the Securities Corp. approximating $14,800,000 in
value, all of a highly liquid nature, have been transferred to the Trust Co.
In keeping with our conservative policies, these assets have not been set
up on our books as an addition to surplus and undivided profits, but have
been credited to a special reserve account. Your Directors believe that
the capital, surplus and undivided profits of the Trust Co., which will
aggregate about $67,000,000 after giving effect to the complete absorption
of the Securities Corp., will be ample for present-day requirements; and
that the special reserve which has been set up out of the assets of the
Securities Corp. should be more than ample to care for any losses or
shrinkage in the Trust Co.'s assets.
In 1930, when the Trust Co. and the Securities Corp. absorbed Chemical
National Associates, Inc., the Securities Corp. became the owner of a
substantial block of stock of the Trust Co. Since that time, with a view
to the action now proposed, the Securities Corp. has purchased in the open
market sufficient additional stock to bring its total holding up to 100,000
shares, aggregating $1,000,000 in par value. The average coat of this
stock to the Securities Corp. is about $40.30 per share.
It is now proposed, in order to complete the absorption of the Securities
Corp., that these 100,000 shares be surrendered and cancelled and that the
capital stock of the Trust Co. be correspondingly reduced from $21,000,000
to $20,000,000 par value.
Your Directors also recommend that action be taken at this meeting
to authorize a change in the number of Directors by providing that the
number shall be not less than seven nor more than 80, as may be prescribed
from time to time in the By-Laws.
Stockholders who cannot attend the annual meeting in person are
requested to sign the enclosed proxy and return it in the enclosed stamped
envelope.
Yours very truly,
PERCY H. JOHNSTON, President.
Benjamin Rosenthal, Executive Vice-President of the
United States Playing Cord Co., has been elected a member
of the Advisory Board of the Fifth Avenue and 29th Street
office of the Chemical Bank & Trust Co.
At a meeting of the Executive Committee of the National
City Bank of New York, held Dec. 20, Leo J. Schoenhoff,
an
Assistant Cashier, located at the 42nd Street branch,
was
appointed an Assistant Vice-President.
At a regular meeting of the Board of Directors of Bankers
Trust Co. of New York, on Dec. 20, William L. DeBost
was
elected a Director. Mr. DeBost is President and
Trustee
Dec. 24 1932
of the Union Dime Savings Bank in New York City. Prior
to accepting that position some seven years ago, he was
connected with the real estate firm of Cruikshank & Co. He
still retains his directorship in the latter company, and is
also a director of the Metropolitan Life Insurance Co.,
Bond & Mortgage Guarantee Co., City of New York Insurance Co., National Liberty Insurance Co., Baltimore American Insurance Co., Commercial Pacific ()able Co., People's
National Insurance Co., New York Telephone Co., Home Insurance Co., and Interzone Corp. Mr. DeBost has always
interested himself in civil and philanthropic activities. At
one time he served as President of Sailors' Snug Harbor and
as President of the Chamber of Commerce of the State of
New York.
The third anniversary of Clinton Trust Co., 857 Tenth
Avenue, New York City, was celebrated on Dec. 19 with the
unveiling of an oil portrait of De Witt Clinton by his greatgreat grandson, De Witt Clinton Jones, and an address by
the Chairman of the Board, former Senator Ellwood M.
Rabenold. Among the 300 guests were Alfred E. Smith,
Chairman of the Board of Directors of County Trust Co.,
and John F. Curry. Mr. Smith and Mr. Curry were the
first depositors of the bank.
Daniel W. Whitmore, Vice-President and trustee of the
East River Savings Bank and a director of the Irving
Trust Co., both of this city, died on Dec. 17 at Mount Vernon,
N. Y. Mr. Whitmore, who was 79 years old, was stricken
with an internal hemorrhage. Working his way through
college by teaching school, Mr. Whitmore came to New York
from Marathon, Cortland County, N. Y., in 1873 and obtained
a position with a produce firm. In 1896 he became head
of the firm of George B. Whitmore & Co., which later was
changed to D. W. Whitmore & Co. About this time Mr. Whitmore became interested in banking, and in 1897 was made a
trustee of the East River Savings Bank. He was Chairman
of the bank's Finance Committee for many years. In 1901
he was elected a Director of the New York National Exchange Bank, one of the parent institutions of the Irving
Trust Co. Mr. Whitmore was formerly Chairman of the
Board of the Mount Vernon Trust Co.
The Brooklyn Trust Co. announced on Dec. 21 that its
Prospect Park office, now located at 562 Flatbush Avenue,
Brooklyn, will be moved to larger quarters at 722 Flatbush
Avenue, on Dec. 30. Permission for the move was granted
several days ago by the State Banking Department. The
new location, which at one time was occupied by a branch
of the Bank of United States, is already equipped for banking purposes. In addition to providing more space, it is
equipped with safe deposit vaults, a facility lacking at the
present location.
The Brooklyn City Safe Deposit Co., 177 Montague Street,
Brooklyn, has filed an application under date of Dec. 14,
with the New York State Banking Department,
for permission to open a branch office at 722 Flatbush
Avenue,
Brooklyn.
The following is from the Dec. 16 Weekly Bulletin
of the
New York State Banking Department:
Certified copy of Order granted at a Special
Term,
preme Court, held in and for the County of Kings, Part I of the Su.
in the Court House
thereof in the Borough of Brooklyn, City of New
declaring the Security Safe Deposit Company of York, on Dec. 12 1932,
Brooklyn dissolved and
its corporate existence terminated, filed.
Harry P. Sheldon, President of the First National Bank
of Jamestown, N. Y., died in that city on Dec.
18. The deceased banker was 64 years of age.
Boston, Mass., is to have a new downtown bank
to be
known as the Pilgrim Trust Co., as a result of
the favorable
action of the State Board of Bank Incorporatio
n on the
petition to grant a charter for the institution. The Boston
"Herald" of Dec. 18, from which this is learnt, continuing,
said:
The Pilgrim Trust Co. will start operations
with paid-in capital of
$300,000 and surplus of $150,000.
The executive personnel of the new institution will
be drawn from men
experienced in the Boston banking field. Allan If.
President of
the new bank, has had extensive experience with the Sturges,
Liberty Trust, Atlantic
National Bank and Beacon Trust; George B. Wason,
who will be Chairman,
and J. Henry Miley, who will be Vice-President, were
also identified with
these same institutions.
The Pilgrim Trust Co. proposes to join the Federal
Reserve system. No
date has been set as yet for the opening of the new
bank, the officers being
engaged in deciding upon location at present.
Volume 135
Financial Chronicle
Reference was made to the proposed new bank in our issues
of Oct. 1 and 29 1932, pages 2280 and 2939, respectively.
Harry A. Allen, President of the Riverside Trust Co. of
Hartford, Conn., since its reorganization in September 1931,
died at the Hartford Hospital on Dec.18 after a long illness.
He was 54 years of age. Previous to his assuming the Presidency of the Riverside Trust Co., Mr. Allen was Vice-Chairman of the Board of Directors of the City Bank & Trust Co.
of Hartford (now closed) and Vice-President and General
Manager of the Fuller Brush Co. Born in Northampton,
Mass., Mr. Allen began his banking career in the Northampton National Bank, of which H. W. Stevens, later of Hartford, was President. Subsequently Mr. Stevens became
President of the Hartford National Bank, and recognizing
Mr. Allen's ability, invited him to enter the employ of the
institution. Mr. Allen remained with the Hartford National
Bank for five years,leaving at the end of that time to become
affiliated with Campbell, Heath & Co., bankers specializing
in commercial paper. After a successful experience in this
field, Mr. Allen joined the Holyoke National Bank of
Holyoke, Mass., as Cashier. In April 1916 he returned to
Hartford to become a Vice-President of the City Bank &
Trust Co. This office he resigned in 1921 to accept the
position of Treasurer of the Fuller Brush Co. (of which he
subsequently became Vice-President and General Manager),
but remained with the bank as a director, and in November
1930 was made Vice-Chairman of the Board. At the time
of his death Mr. Allen was president of the Insurance Title &
Guarantee Co., Vice-President of the Harrington-Hudson Co.,
Vice-President of the J. S. Harrington Co. of Springfield,
Mass.; Vice-President of the Taber Cadillac Co., and VicePresident of the Napier Co. of Meriden, Conn. He was also
a director of the City Bank & Trust Co., the Connecticut
Investment Management Corp., the First Reinsurance Co.,
the Fuller Brush Co., &c.
Ernest Howe, President of the First National Bank of
Litchfield, Conn., and a well known geologist, died suddenly
of a heart attack on Dec. 18 at his home in Litchfield. He
was 57 years of age. Associated Press advices from Litchfield, reporting Mr. Howe's death, said in part:
He was editor of the "American Journal of Science," with the rank of
professor at Yale University
He took a life interest in community work and was especially active in
Republican politics, having served in the General Assembly and the State
Senate. . . .
Mr. Howe was graduated from Yale University in 1898 and received a
Doctor of Philosophy degree in 1902 from Harvard University. He served
several years on the United States Geological Survey and later became a
consulting mining geologist.
His profession took him to Panama in connection with the building of
the canal; to Mexico, where he assisted in reorganizing the Mexican Geological Survey, also to Cuba and Brazil.
During the World War he served in Washington as chief of the laboratory
division of the inspection department of aircraft production. . . .
Advices from Red Bank, N. J., to the Newark "News" on
Dec. 21 stated that plans for the reorganization and reopening of the Merchants' Trust Co. of Red Bank, which
closed Dec. 23 1931 (as noted in the "Chronicle" of Jan. 3,
page 78), were presented at a meeting held the previous
night attended by more than 700 depositors of the institution. A total of 18,046 shares were subscribed at $15 a
share, it was stated, under the proposed plan. We quote
below from the dispatch, as follows:
The meeting was called by a committee comprising Kenneth McQueen,
former President of the bank; John J. Quinn, Frank E. Price and Mayor
Charles R. English. McQueen said the bank was in good financial condition and that reorganization would not be difficult if the depositors cooperated.
The plan agreed upon follows: Transfer of the assets of the institution to a new company; incorporation of the new company under the
trust company banking act of New Jersey with a capital of not less
than $100,000 and surplus and undivided profits as can be raised;
the stock to be sold at $15 per share; depositors permitted to purchase
new stock and use their deposit to pay for same; depositor agrees that
his deposit is to be reduced 25% and against reduction 25% of the
assets of stock, to be determined by the Banking Department of New
Jersey, is to be assigned to a trustee committee and when and if these
assets are paid the amounts of collection shall be paid to the depositor
pro-rata.
After the 25% reduction has been made the depositors agree not to
withdraw their funds except as set forth in the following schedule: 10%
on date of opening, 16% at end of six months, 10% at end of twelve
months, 15% at end of eighteen months, 10% at end of twenty-four
months, 15% at end of thirty months, 10% at end of thirty-six months
and 15% at end of forty-two months.
Such payments are to be made unless in the opinion of the directors
larger or more frequent payments are warranted. All accounts of $26
or under will be paid in cash at the reopening.
McQueen stressed that 25% of the amount on deposit would have to
be set aside to take care of slow assets the new bank would be compelled
to take over from the old institution.
4333
Concerning the affairs of the Seacoast Trust Co. of Asbury
Park, N. J., the closing of which on Dec.22 1931 was reported
in our issue of Dec. 26 last, page 4272, a Trenton, N. J., dispatch, on Dec. 20, to the New York "Times" contained the
following:
Vice-Chancellor Buchanan authorized to-day (Dec. 20) the payment of
a 10% dividend on bands of the closed Seacoast Trust Co. of Asbury Park.
Secretary of State Thomas A. Mathis, trustee of the bonds, totaling
$300,000, sought permission to declare the dividend on the ground he hm.:
on hand $46,000 cash and the dividend requirements would amount to only
$30,000. Mr. Mathis and the Newark law concern of Furst & Furst
received $2,500 each for work in handling the trust since the bank closed
last December.
The proposed consolidation of the National Bank of
Shamokin, Pa. (capital $200,000),and the Dime Trust & Safe
Deposit Co. of that city (capital $125,000), was consummated on Dec. 13. The new institution, which is known as
the National-Dime Bank of Shamokin, is capitalized at
$325,000, with surplus of $175,000.
Two Montoursville, Pa., banking institutions, the First
National Bank and the People's Bank & Trust Co., both
capitalized at $125,000, were consolidated on Dec. 17 under
the title of the First National Bank of Montoursville. The
new organization is capitalized at $125,000, with surplus of
$25,000.
the
Concerning the affairs of the defunct Cornwells State
Bank at Cornwells Heights, Pa., the Philadelphia "Finance
Journal" of Dec. 16 carried the following:
ecretary of
The first and partial account of Dr. William D.
Gordon,dornwella State
Banking, in possession of the business and property of the
the ProthonoBank, Cornwells Heights, Bucks County, Pa., was filed with
tary of Bucks County to-day (Dec. 16). Account covers the period from
the date of closing, Dec. 23 1931, to Nov. 30 1932.
The account lists cash receipts during the period of $157,385 and disbursements of $184,528.
Cash disbursements included advance payments of 50% to depoeitors,
amounting to $124,120. At the end of the period covered by the account
there was cash on hand of $1,090.
The account further shows that approximately 60.8% of the assets have
been liquidated to Nov. 30 1932. The appraised value of the remaining
assets on that date was $102,683, compared with an appraised value on
Dec. 23 1931 of $271,177.
The remaining balance due depositors on Oct. 31 1932, including balances
held for possible future offset, was $130,991.
Our last previous reference to the affairs of this bank
appeared in our issue of Oct. 29 lust, page 2940. The closing
of the institution was noted in our Jan. 2 1932 issue, page 79.
A merger of two closed Pittsburgh, Pa., banks—the
Diamond National Bank (which closed Nov. 14 last) and the
Monongahela National Bank (which closed Oct. 21 1931)—
is now being arranged, following approval by depositor cornmittees of the respective banks. Subsequently,it is expected,
the combined banks will be united with a large downtown
Pittsburgh bank now in good financial condition. A Pittsburgh dispatch to the New York "Times" on Dec. 21, authority for the foregoing, furthermore said:
The new institution, according to tentative plans, will be the Consolidated
National Bank of Pittsburgh and will operate either from the banking
rooms of the Diamond National or the Monongahela National Bank Building. Subscription of capital and approval of Federal authorities are awaited.
Opening of the new bank is expected to make available 60% of the cash
deposits of the Monongahela and 40% of the Diamond. The remainder
of the deposit liabilities will be assumed by the receivers and will be paid
as cash becomes available through liquidation of assets.
The new institution, before the proposed merger with the other down
town bank, will have a capital set-up in excess of $1,000.000. Capital
stock will be $700,000, surplus $175,000 and undivided profits, $175,000.
The capital stock will have a par value of $50 a share, but because of the
surplus and undivided profits it will be subscribed to at the rate of $75 a
share.
Plans so far made propose that those with accounts in excess of 15,000
subscribe to capital of the new institution in amounts equalling 10% of their
deposits. The largest depositors have signified their willingness to adopt
the plan.
The new bank, before the proposed second merger, will have deposits of
more than $10,000,000 on the opening day. The triple consolidation is expected to result in an institution with $30,000,000 of deposits.
In its issue of Dec. 20, the Pittsburgh "Gazette" carried
the following with reference to the proposed consolidation:
Proposed reopening of the Monongahela National Bank, scheduled for
Dec. 19 by a recent announcement, was said yesterday (Dec. 19) by sponsors of the movement to have been delayed temporarily by negotiations
for a possible merger with the closed Diamond National Bank. Aside from
statements that several conferences have been held and plans are under
consideration, nothing was revealed as to recent developments toward the
proposed consolidation.
F. G. Await, acting Comptrol er of the Currency, was quoted as having
said in Washington Saturday (Dec. 17) referring to the closed Pittsburgh
banks, that "there will be something doing next week."
Supplementing our item of Dec. 10 (page 3982), with reference to the consolidation on Nov. 28 last of the First
National Bank & Trust Co. of Bethlehem, Pa., and the
Bethlehem Trust Co., under the title of the First National
Bank & Trust Co. of Bethlehem, the statement of condition
of the enlarged bank as at the close of business Nov. 28
4334
Financial Chronicle
showed capital of $500,000; surplus, net profits and reserve
for depreciation of securities, contingencies, etc., of $781,180;
deposits of $8,763,956, and total resources of $12,060,452.
The personnel of the institution is as follows: R. S. Taylor,
President; R. P. Hutchinson, Vice-President; M. Ed. Fulmer,
Vice-President and Trust Officer; Jesse M. Bodder, Cashier,
and Chas. A. Serman, Assistant Cashier.
That four closed Pennsylvania banks would make distributions to their depositors before Christmas was announced
on Dec. 16 by Dr. William D. Gordon, State Secretary of
Banking, on Dec. 16, according to the Philadelphia "Ledger"
of Dec. 17. The institutions named are as follows:
Littlestown Saving Institution, Littlestown, 5%, amounting to $53,910,
to 2,500 depositors.
The Mahantongo Valley Bank, Pillow, 10%, amounting to $27,235, to
645 accounts.
Valley View Bank, Valley View, 5%, amounting to $63,975, to 1,428
depositors.
Miners' & Merchants' Bank, Nanty-Glo, 5%, amounting to $30,346, to
2,213 depositors.
The first and partial account of Dr. William D. Gordon,
Secretary of Banking for Pennsylvania, in possession of the
business and property of the Lansdowne Bank & Trust Co.,
Lansdowne, Pa., was filed with the Prothonotary of Delaware County, on Dec. 15, by Gerald H. Effing, special deputy
as agent. This accOunt covered the period from the date of
closing, Dec. 18 1931, to Oct. 31 1932. The Philadelphia
"Finance Journal," reporting the matter, furthermore said:
The account lists cash receipts during the period of $942,028 and disbursements of $949,274.
The account further shows that approximately 42% of the assets have
been liquidated to Oct. 31 1932. There remain assets with an appraised
value of $805,293 available to depositors, after payment of approximately
$15,000 worth of preferred claims.
It is learnt from the Philadelphia "Finance Journal" of
Dec. 9 that the first and partial account of Dr. William D.
Gordon, State Secretary of Banking for Pennsylvania, in
possession of the business and property of the United
Security Trust Co., Philadelphia, was filed with the Prothonotary of Philadelphia County on that day. This account
covered the period from the date of closing, Oct. 5 1931, to
Aug. 31 1932. The account lists cash receipts during the
period of $3,395,238, and disbursements of $3,243,211. Included in both receipts and disbursements, however, are
Items totaling $1,162,646, representing proceeds from the
sale of bonds and stocks, and collections on loans, pledged
to secure bills payable and special deposits, which liquidation
was effected by the creditors. There was also included in
both receipts and disbursements items of $580,280, representing offsets of depositors' balances against their loans.
The paper mentioned went on to say:
Cash disbursements included an advance payment to depositors of 10%
on Jan. 27 1932, amounting to $551,575, and a second advance payment of
15% on May 27 1932, amounting to $810,017. At the end of the period
covered by the account there was cash on hand of $556,412. On Oct. 27
• 1932 a third advance payment of 10% to depositors, amounting to
$546,477, was made, which payment has not been included in this
accounting.
The account further shows that approximately 58% of the assets have
been liquidated to Aug. 31 1932; the appraised value of the remaining
assets on Aug. 31 was $2,285,156 compared with an appraised value at
Oct. 5 1931 of $5,414,317.
In addition to a detailed record of cash receipts and disbursements, during
the period, there is included in the account a list of all claims which
have been admitted, as well as those claims objected to. The remaining
balances due depositors on Aug. 31 1932 was $4,164,857.
The closing of the institution was indicated in our issue
of Oct. 10 1931, page 2378.
Depositors and creditors of the Chesapeake Bank of Baltimore, Md., which closed on Dec. 9 1930, will receive another
payment of 10%, or more, after Jan. 1 1933, according to
advices from that city on Dec. 20 to the "Wall Street
Journal," which added:
This will make a total of approximately 32.5% distributed since the
institution closed, George W. Page, State Bank Commissioner and receiver for the bank, stated.
Our last reference to the affairs of this bank appeared in
the "Chronicle" of Nov. 5 1932, page 3106.
George W. Offutt, a director of the Potomac Savings Bank
of Georgetown, Washington, D. C., was appointed President
of the institution at the organization meeting of the directors
on Dec. 14. Mr. Offcutt, who is a well-known lawyer, succeeds Henry W. Offcutt, President of the bank for the past
10 years, who has been advanced to Chairman of the Board
of Directors, a position re-established after 10 years. The
Washington "Post" of Dec. 15, from which the foregoing
Is learnt, went on to say in part:
Dec. 24 1932
All other officers were re-elected as follows: Alphonse M. Baer and B.
Agee Bowles, Vice-Presidents; C. Wendel Shoemaker, Cashier; Emory H.
Bogley, Secretary; Elmore T. Burdette, Assistant Cashier. The new
President is a former President of the Washington Board of Trade and
national director of the American Automobile Association. He is a director
of the Realty Appraisal & Title Co. . . .
The Citizens' Savings Bank of Upper Sandusky, Ohio,
which has been closed since Oct. 8 1931, will probably reopen on Jan. 3 next, according to the following press dispatch from Upper Sandusky on Dec. 15, printed in the Toledo
"Blade":
An application has been filed in Common Pleas Court here for authority
permitting the Citizens' Savings Bank . . . to resume business. The
hearing has been set for Dec. 27. The petition was filed by A. R. Hall,
an attorney. The tentative date for the opening is Jan. 3.
United Press advices from Hammond, Ind., on Dec. 12,
reported that the Mercantile Bank, a newly organized institution, had opened in Hammond on that day, giving the
city its first bank since the closing of the last of its several
banks (the Hammond National Bank & Trust Co.) early in
January 1932. According to Gary, Ind., advices, on Dec. 11
to the Chicago "Tribune," the new bank has a paid-up capital
of $100,000, with surplus of $25,000, and is headed by Alex.
Berger (a St. Louis banker) as President. Other officers
are A. G. Elam, Cashier, and John Carroll, Assistant Cashier.
The new institution occupies the former quarters of the
People's Co-operative State Bank at 5243 Hohman Street.
The Gary dispatch also indicated that two more new banks
would be opened in Hammond in the near future. We quote
below from the advices:
Charters have been approved by the State for the Union Bank and the
Security Bank & Trust Co., and they are expected to open shortly. Stockholder groups in the two are headed respectively by Joseph E. Meyer, Hammond mail order merchant, and Bruce Vernon, Manager of the Lever Brothers
soap factory in Hammond.
The First National Bank of Kirkwood, Ill., was placed in
voluntary liquidation on Dec. 1 1932. The Institution, which
was capitalized at $50,000, was taken over by the National
Bank of Monmouth at Monmouth, Ill.
It is learnt from the Chicago "News" of Dec. 10 last that
Judge Joseph Burke in the Circuit Court on that day approved a 15% dividend, payable Dec. 15, to the depositors
of the North Avenue State Bank of Chicago, which closed
its doors last June. The paper mentioned went on to say:
A. A. Mueller, the receiver, told the Court that liquidation to date had
realized the $316,879 necessary for payment of the dividend.
The Court also authorized the receiver to pay in full 8,352 small claims
totaling $9,876 because in most instances the registered mail and check
costs for instalment payments amounted to more than the claims.
The closing of this bank on June 18 1932 was noted in our
issue of June 25, page 4606.
According to the Chicago "News" of Dec. 15, the respective
depositors of the closed Forest Park Trust & Savings Bank
of Forest Park (Cook County), Ill., and the Italian Trust
& Savings Bank of Chicago were within a week to receive
a 10% dividend as the result of orders given the receivers
on that day by Judge Joseph Burke in the Circuit Court.
The receivers of both institutions were authorized to pay
all general claims of $2 and less in full at the same time, it
was said.
The Comptroller of the Currency on Dec. 10 1932 granted
a charter to the Security National Bank of Witt at Witt, Ill.
The new institution, capitalized at $25,000, succeeds The
National Bank of Witt of that place. The officers are Henry
F. Fesser, President, and H. S. Armentrout, Cashier. According to a dispatch by the Associated Press from Hillsboro, Ill., on Dec. 12 the new bank 'opened for business on
that date. Deposits, it was stated, were $350,000.
The Coopersville State Bank at Coopersville, which had
been closed for about a year, reopened for business on Dec. 8
1932, according to the "Michigan Investor" of Dec. 17.
Officers of the reorganized bank are as follows: William
Mohrhardt, President; L. D. Mills, Vice-President, and C. L.
Van Frank. The proposed reopening of this bank was
indicated in our issue of Nov. 17 last, page 3734.
Reopening in the near future of the closed State Savings
Bank of Ionia, Mich., is indicated in the following taken
from the "Michigan Investor" of Dec. 17:
Plans are going forward for the reopening of the State Savings Bank of
Ionia. It had been hoped to set the reopening for Jan. 2, but the tentative
date has been extended a few weeks. Nearly 100% of the deposits will have
been signed when the hank reopens.
Volume 135
Financial Chronicle
Henry C. Anton, heretofore a Vice-President of the Anchor
State Bank of West Milwaukee (Milwaukee), Wis., and
G. A. Knauer,formerly Cashier, were advanced to President
and Vice-President, respectively, of the institution at a
recent meeting of the Board of Directors, according to the
Milwaukee "Sentinel" of Dec. 14. Mr. Anton, the new
President, succeeds the late Burne Pollack, it was stated.
Stockholders of the Wisconsin Bankshares Corp., Milwaukee, Wis., on Dec. 28 will vote on writing down the
capitalization of the corporation to 2,000,000 shares without
par from the authorized 10,000,000 shares of $10 par stock.
A Milwaukee dispatch to the "Wall Street Journal" on Dec.
19, reporting this, went on to say:
The new stock would be carried at $20.000,000. Dividend action was
postponed until Dec. 30.
The corporation paid 8 cents a share during the first half,4cents a quarter,
and in July changed to a semi-annual basis.
An earnings report for the first 11 months shows that the company had
9.836,367 shares outstanding, 37 member banks and 10 other subsidiary
units (trust companies and title concerns), and operating income of $2.788,000 before provision for losses. During the full year 1931 Bankshares had
net income of $2,030,983 after write-offs.
"During the present year we proposed to make reserve provisions of
$1.521.000 from the operating income and $7,986.000 from surplus and
undivided profits accounts of member institutions," read the recommendations of Walter Kasten. President. "We estimate there will be written
off $3708,000."
It is proposed to reduce the 9.836,367 shares to 1.967,273 shares, giving
each stockholder one new share without par value for each five shares of
the present stock.
Capital and surplus as of Nov. 30 1932, of $27.578.361, is equivalent to
$14.01 a share on the new stock.
Stockholders of the Northwest Bancorporation (headquarters Minneapolis) at a recent meeting approved a plan
by which good will was eliminated and the corporation's
investments in capital stock of banks and investment companies now are carried on a net tangible asset basis. The
number of shares of stock authorized was reduced from six
million to two million and $50 par value changed to stock
without par value. The net tangible asset value of the
1,614,531 shares of stock outstanding not including good
will and after setting apart a reserve for contingencies of
$14,000,000 as of October 31 1932, is represented by capital
and surplus of $29,265,055.40, equivalent to $18.12 a share.
With 1,614,531 shares outstanding there is a margin of 320,499
unissued shares for future requirements. Net operating
earnings for the year are estimated at $4,500,000 before
charge-offs, which compares with $5,700,000 for the year
1931. The Northwest Bancorporation declared the regular
quarterly dividend of fifteen cents a share, payable Jan.
1, to stockholders of record December 20.
Associated Press advices from Lincoln, Neb., on Dec. 9,
stated that the Nebraska Banking Department on that day
had announced payment of a 10% dividend to depositors of
the failed Bank of Lincoln County at Hershey, bringing the
amount received by them to 30%, or $41,248.
Dividends for depositors of three defunct Oklahoma State
banks were announced recently by W. J. Barnett, State
Bank Commissioner, according to the "Oklahoman" of Dec.
0, which furthermore said:
They include 10% or total of $17,646 /or depositors of Security State
Bank at Ada; 16% of $20,097 for depositors of Farmers' State Bank
at Temple; and 20% or $48,000 for depositors of Drumright State
Bank at Drumright.
A charter was issued on Dec. 17 by the Comptroller of
the Currency for the New Farmers' National Bank of
Glasgow, Glasgow, Ky., with capital of $100,000. The new
organization succeeds the Farmers' National Bank of Glasgow. W. P. Coombs and ,E. H. Guthrie are President and
Cashier, respectively, of the new bank.
That a dividend of 5% was to be paid shortly to depositors
of the defunct Bank of Pee Dee, at Pee Dee, N. C., by the
liquidating agent of the institution was reported in a dispatch from Rockingham, N. C., on Dec. 12, printed in the
Raleigh "News and Observer." The advices, continuing,
said:
There was $300,000 on deposit when the bank failed Dec. 8 1930. Since
that time all the preferred claims and bills payable have been paid by
Agent P. E. Dukes; and there is on hand now $23,000 which can be paid to
depositors. Fifteen thousand dollars represents a 5% payment, and this
will at once be paid. The agent hopes to make sufficient collections
shortly after Christmas as will enable him to make a second 5% payment
before midwinter.
The 5% now to be paid is the first the depositors have received since
the closing of the doors of the old bank—a bank that was organized back
in 1892 and one that for many years rendered invaluable service to the
small business man and farmer of Richmond County.
4335
The People's Bank of Carrollton, Ga., which had been
closed since last May, was reopened on Dec. 12, according to
advices from that place, appearing in the Atlanta "Constitution," which, continuing, said, in part:
The reorganized institution, made liquid by the authorization of a $225,000
loan by the Reconstruction Finance Corporation and a $30,000 fund contributed by stockholders, and by the waiving of 50% of depositors' claims,
releases a large amount of "frozen" credits et the height of the pre-holiday
business season, and affords further impetus to business by the restoration
of banking facilities here.
The bank is headed by Horace Stewart, local wholesale grocer, as President, with L. M. King as Cashier. . . .
The bank is capitalized at $60,000, and at the time it was turned over
to the State Superintendent of Banks several months ago had approximately
$500,000 of deposits, with resources listed as about $600,000.
Acting with the co-operation of the Lousiana Banking
Department and the Reconstruction Finance Corporation,
seven State banks (together with a branch of one of the institutions) in the strawberry belt of Tangipahoa and Livingston parishes, which on Monday of this week, Dec. 19,
had closed their doors, re-opened on Thursday morning as
one large institution with headquarters at Hammond, Ind.,
according to Associated Press advices from Hammond on
Dec.22. The banks were consolidated under the name of the
Tangipahoa Bank & Trust Co., with the former Hammond
State Bank & Trust Co., designated as the parent institution. The other participating banks were re-opened as
branches of the Tangipahoa Bank & Trust Co., it was stated.
The banks and the order of their closing, as given in Associated Press advices from Hammond on Dec. 19, were as
follows: The Amite Bank & Trust ee. of Amite; Livingston
Bank at Denham Springs; Kentwood Bank at Kentwood;
Independence Bank & Trust Co. at Independence; Hammond
State Bank at Hammond; a branch of the Livingston Bank
at Natalbany; Merchants' & Farmers' Bank & Trust Co. at
Pont,chatoula, and the Pontchatoula Bank & Trust Co. at
Pontchatoula.
Effective Dec. 10 1932, the Sabinal National Bank, capitalized at $100,000, was placed in voluntary liquidation. The
institution was absorbed by the Sabinal State Bank of
Sabinal, Texas.
The People's State Bank o- f Fort Morgan, Colo., one of
the three banks in that place, was not opened on Dec. 14 by
order of its directors, according to advices by the United
Press from Fort Morgan on that date, which, continuing,
said:
Heavy withdrawals during the last 30 days was given as the reason for
the closing. Affairs of the bank, which was headed by 0. M. Stitt as
President, were placed in charge of the State Banking Department, pending
the projected formation of a new company to liquidate the bank's affairs.
Organized in 1925, the People's State was capitalized at $25,000.
The Bank of America National Trust & Savings Association (head office San Francisco, Calif.) on Dec. 15 opened
a branch office in the retail department store of Sears, Roebuck & Co. at 2650 East 9th Street, Los Angeles, making
available banking facilities to an important section of Los
Angeles and to the customers of Sears, Roebuck & Co.
The First National Bank in Aurora, Ore., was placed in
voluntary liquidation on Oct. 15 1932. The institution, which
was capitalized at $25,000, was succeeded by the Canby
Union Bank at Canby, Ore.
The annual report of The Canadian Bank of Commerce
(head office Toronto) for the fiscal year ended Nov. 30 1932,
issues yesterday, Dec. 23, shows that the bank has continued
to maintain a position of great strength. An outstanding
feature is the large proportion of cash and cash items,
which, including gold and specie of $25,521,000, amount to
$104,531,000, or 19.4% of liabilities to the public. Total
liquid assets amount to $314,047,685 and are more than 58%
of the total liabilities to the public, an improvement on the
already strong position shown in last year's statement.
Security holdings have risen from $130,388,000 to $138,458,000; call and short loans in Canada have declined $9,486,203
to $31,195,965, and those elsewhere $5,772,744 to $38,612,440. Other assets include current loans in Canada
amounting to $231,077,598, a decline of $21,642,553, and
current loans elsewhere than in Canada, which declined
from $20,244,793 to $15,836,308; little change is evident in
non-current loans, bank premises and other real estate,
mortgages and shares in and loans to controlled companies.
Total assets are slightly in excess of $600,000,000 ($
600,315,126).
Total deposits show a decline of less than 7% in spite of
large bond issues by the provincial, federal and municipal
4336
Financial Chronicle
governments, and stand at $489,456,644; non-interestbearing or commercial deposits showing the greatest decrease;
Interest-bearing being slightly higher, and bank deposits
about 26% less than at Nov. 30 1931. The decline in
business activity is apparent in the drop in note circulation,
one of nearly 15%. Letters of credit outstanding are, on
the other hand, practically the same as last year. Total
liabilities to the public stand at $539,036,688, as against
$579,342,251 last year, a decline of 7%. The statement
shows net profits for the year, after making full provision
for all bad and doubtful debts, of $4,279,424 (as compared
with $4,774,923 in 1931), which when added to $535,683,
the balance to credit of profit and loss brought forward from
the preceding fiscal year, made $4,815,107 available for
distribution. This amount was allocated as follows:
$1,800,000 to pay dividends Nos. 180 and 181 at the rate
of 12% per annum; $1,500,000 to pay dividends Nos. 182
and 183 at the rate of 10% per annum; $550,000 to pay
Dominion and Provincial Government taxes and tax on
bank note circulation; $40,000 for donations and subscriptions; $255,607 transferred to pension fund, and $150,000
written off bank premises, leaving a balance of $519,500
to be carried forward to the ensuing year's profit and loss
account. The bank's p lid-up capital io $30,000,000 and
its reserve fund a like amount. The institution maintains
735 branches throughout Canada and other countries.
The annual meeting of the shareholders will be held on
Jan. 10 1933 when the President, Sir John Aird, and the
General Manager, S.'H. Logan, will give addresses on
national and international conditions.
The Board of Directors of Barclays Bank (Dominion,
Colonial and Overseas) recommend final dividends for the
year ended Sept. 30 1932 at the rate of 8% per annum on
the cumulative preference shares, and at the rate of 5%
per anunm on the "A" and "B" shares, making, with the
interim dividend paid in July last, 4%% for the year upon
the "A" and "B" shares. Income tax at the rate of 4s. 5d.
in the £ will be deducted in all cases.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The advent of the holiday week, together with a reactionary price tendency, caused a decided slowing up of speculative activity in the New York stock market during the
present week. Dealings have been in small volume and
the movements of the market have been dull and without
noteworthy feature. Liquidation has frequently been in
evidence and while there were several attempts to work up
a rally, the improvement was, as a rule, short lived and
prices moved slowly toward lower levels. United States
Steel shares have been weak and generally under pressure,
railroad stocks have been heavy and tobacco stocks have
been off most of the time. Call money renewed at 1%
on Monday and continued unchanged at that rate on each
and every day of the week.
Prices were moderately firm and trading was light during
the brief session on Saturday. The weak spot was Coca
Cola which dipped about 3 points to a new low for the year.
United States Steel was heavy, particularly toward the end
of the session, but there was sufficient covering in the
preferred stock to hold these issues steady. Public utilities
were in moderate demand and Amer. Tel. & Tel. was close
to its peak for the recovery and there was a fairly good
demand for such power stocks as Public Service of New
Jersey, United Corporation and Columbia Gas. Oil shares
were heavy but not weak, and Auburn Auto got up to 49
closing at 483/i with a fractional gain. There were comparatively few changes of note, most of them appearing
among the preferred stocks on the side of the advance.
They included among others, American Can pref., 23
points to 1173/2; Peoples Gas, 23/i points to 7434; Hershey
Chocolate pref., 1 point to 74; International Harvester
pref., 13-i points to 8634; Owens Ill. Glass, 134 points to
3834, and Jewel Tea, 134 points to 263/8.
Stocks were fairly steady on Monday and while a few industrial shares made gains of a point or more and Auburn
Auto rose sharply, most of the active stocks moved within a
narrow range. Aside from Auburn Auto, the widest advances occurred in American Can pref., Peoples Gas and
International Business Machines. United States Steel got
down to its lowest level since August, the preferred stock also
closing off on the day. Among the issues closing on the side
of the advance were such active stocks as Allied Chemical &
Dye pref., 134 points to 11834; American Can pref., 234
Dec. 24 1932
points to 11834; Detroit Edison, 1 point to 73; International
Business Machines, 2 points to 91; Standard Gas & Electric
pref., 3 points to 40; Public Service of N. J., 1 point to
9834; Great Western Sugar pref., 13/i points to 72; PhillipsJones pref., 14 points to 20; American Woolen prof., 134
points to 2334; Gulf States Steel 1st pref., 2 points to 17, and
North American pref., 1 point to 42.
On Tuesday, the market weakened and prices were off
from 1 to 3 or more points. Considerable liquidation was
apparent, particularly in United States Steel which moved
slowly but steadily downward. Tobacco stocks also were
hard hit, American Tobacco "B" dipping 234 points at its
low for the day. Amusement shares moved down with the
rest, Loews' Inc. slipping back about 2 points. The turnover
for the day was approximately 1,000,000 shares, with 693 separate issues being dealt in. Prominent among the changes on
the side of the decline were Air Reduction, 134 points to
5734, American Can pref. 1% points to 1183/2, Amer. Tel. &
Tel., 134 points to 104, American Tobacco, 2 points to 57,
American Tobacco "B", 23 points to 583/8, Atlantic Coast
4
Line, 23 points to 1934, Atlas Powder pref., 3 points to 60,
4
Consolidated Gas, 134 points to 5834, Curtis Publishing Co.
pref., 5 points to 3834, Delaware & Hudson, 3 points to 54,
Ingersoll Rand, 334 points to 25, New York Central, 134
points to 193/2, Peoples Gas, 2 points to 7434, United States
Steel pref., 234 points to 553 , Western Union Telegraph,
4
1 point to 29 and Westinghouse 1st pref., 6 points to 70
Trading was dull, though prices were fairly steady on
Wednesday. Some liquidation developed among the more
active of the speculative stocks, but it was quickly absorbed
and had little or no effect on the trend of the market. Railroad shares were easy and there was some buying among the
specialties. During the forenoon, there was a feeble attempt
to work up a rally, but this soon flattened out and the
market continued its downward drift. Among the changes
on the side of the decline were American Can pref. 134
points to 120, American Smelting pref. 434 points to 35,
Endicott-Johnson pref. 25 points to 106, Pure Oil pref. 3
%
points to 62 and New Haven I% points to 123 .
4
Liquidation following early steadiness forced prices downward on Thursday, the losses ranging up to 3 or more
points. The heaviest selling developed around the noon
hout, but this was followed by a brief rally that canceled
part of the early losses. Railway shares were weak, especially Delaware Lackawanna & Western, which fell off about
3 points at its low for the day and New York Central which
was down about 2 points. Speculative favorites like Auburn
Auto, Eastman Kodak, J. I. Case, Allied Chemical & Dye
and several others were hard hit and declined sharply. The
principal losses were Air Reduction, I% points to 564;
Amer. Tel. & Tel., 234 points to 10134; Auburn Auto, 3
8
points to 4732; J. I. Case, 3% points to 38%; Delaware &
Hudson, 334 points to 48; Detroit Edison, 23/2 points to 69;
Eastman Kodak, 2% points to 523/; International Business
3
Machines,4 points to 85; Johns-Manville, 23 points to 183/2;
%
Louisville & Nashville, 334 points to 17; Now York Central,
334 Points to 1434; Norfolk & Western, 334 points to 11234;
Union Pacific, 35% points to 653/2; Western Union Telegraph,
%
334 points to 2534; Westinghouse, 23 points to 24%, and
Worthington Pump, 234 points to 114.
The market displayed considerable irregularity during the
opening hour on Friday as it continued the selling movement
of the previous day. As the session progressed, the trend
of prices gradually turned upward and some of the early
losses were cancelled. Railroad stocks were fairly steady
following the elimination of the morning pressure, while utilities were quiet and industrial stocks were fractionally higher.
The final changes were generally on the aide of the decline
and included among others, Detroit Edison 2 points to 67;
Continental Can Company, 234 points to 3734; National
Lead, 1 point to 60; Atchison, 1 point to 363/2; Commonwealth & Southern, 234 points to 3934; Johns-Manville pref.,
2 points to 58, and Crown Cork & Seal, 14 points to 1634.
Liquidation was apparent until the end of the session, the
market closing around the lows for the day.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week Ended
Dec. 23 1932.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Stocks,
Railroad
State.
Number of and helical Municipat &
Shares.
Bonds.
For'n Bonds.
413,644
917,085
999,932
729,780
1,297,758
925,908
83,109,000
5,913,000
5,996.000
7,271,000
6,985,500
7,040,000
81,931,000
3,543,000
3,358,000
3,244,000
2,652,000
2,516,000
5 2R4 107 336.314 500 117 244 nnn
United
States
Bonds.
81,008,000
2,356,000
1,318,000
1,220,000
2,637,000
497,000
to
AAR
non
Taal
Bond
Sales
36,048,000
11,612,000
10,672.000
11,744,000
12,274,500
10,053,000
SOW
Ron
F11(1
Financial Chronicle
Volume 135
Sales at
New York Stock
Exchange.
Weil fended Dec. 23.
1932.
-No. of shares_
Stocks
Bonds.
Government bonds_
State & foreign bonds_
Railroad & misc. bonds
Total
Jan. 1 to Dec. 23.
1931.
5,254,107
7,614.910
419,225,261
561,082,342
$9,045,000
17,244,000
36.314,500
57,452,500
15,366,000
35,118,500
$562,187,050
739,411.100
1,602,576,000
$282,757,450
891,924,100
1,812,383.400
1932.
1931.
$62,603,500 $57,937,000 $2,904,174,150 $2,987,064,950
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boson.
Week Ended
Dec. 23 1932.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey. week revised
Philadelphia.
Baltimore.
Shares. Bond Sales Shares. Bond Sales. Share,. Bond Sates.
.
13,581
21,349
22,466
18,088
29,634
6,720
$5,000
2,000
22,100
8,000
2,000
111,838
$39,100
119,022
255.750
9,466
20,559
14,687
21,728
17,776
3,635
5,000
6,000
2,000
7,000
863
805
3,003
1,896
2,804
1,408
$9,000
5.000
20,000
42,000
35,500
9.000
87,851
$20,000
10,779
3120,500
96,243
$18,000
9,416
$69,000
THE CURB EXCHANGE.
Trading in the Curb Market during the present week
has been dull and prices have shown considerable irregularity
with the possible exception of the Saturday short session
and the latter part of the day on Monday, when there was a
very moderate upward trend. Changes have been small,
however, though the general tendency, particularly during
the latter part of the week, has been toward lower levels.
Public utilities attracted some buying up to Wednesday
and there was some interest manifested in the motors,
specialties and industrials during the first half of the week,
but this soon petered out and the market continued dull
except for small buying in a few special issues. On Saturday, the Curb Market closed steady and fractionally higher
on a small volume of business. Electric Bond & Share held
firm and American Gas & Electric moved up about a point.
Teck Hughes was unusually active following Canadian reports that the company is acquiring new properties. Utilities
were fractionally higher and industrials were quiet and the
changes were comparatively narrow. Oil shares were
generally neglected, Gulf Oil of Pennsylvania dipping under
the previous close, while Standard Oil of Indiana was
entirely neglected. On Monday the volume of trading
continued small, though most of the active stocks moved
slowly upward. Electric Bond & Share 6% pref. gained
nearly a point, Commonwealth Edison and Columbia Gas &
Electric both had advances of about 2 points and a number
of other utility issues showed gains for the day. Motor
shares were fairly strong, both Stutz and Cord showing modest
gains. Oil stocks made little progress, being handicapped
by the vigorous efforts to restrain Texas production.
Irregularity again marked the trading on Tuesday as
pressure against some of the more active stocks became apparent. Trading continued dull, so much so, that at times
the tickers were almost at a standstill. Public utilities were
under slight pressure and some of the leading issues registered
fractional declines. In the industrial group, Aluminum Co.
of America was off 134 points at 4534 and mining shares
were mixed. Oil stooks were very quiet, but a trifle easier,
Gulf Oil of Pennsylvania slipping off nearly a point. Cord
Corporation met considerable liquidation and yielded fractionally. Changes were small and the trading listless on
Wednesday. A few pivotal issues were fairly steady, butthe
market, as a whole, made little progress either way. Electric
Bond & Share, Cities Service and American Gas & Electric
were moderately active during the forenoon but slumped
back later in the day. Weakness was apparent in the Superpower pref. issues, Bell Telephone of Canada and Duke
Power dipping to lower levels, and Central Power & Light
of Mass. 7% pref. suffered a sharp decline. Oil stocks were
steady with Gulf Oil of Pennsylvania slightly higher. The
mining stocks were down, Bunker Hill & Sullivan falling
back about 4 points, while Lake Shore, Newmont and New
Jersey Zino were not very much changed. The trend of the
Curb Market was downward on Thursday as weakness developed in all sections of the list and such popular leaders
as Electric Bond & Share, and American Gas & Electric lost
a full point from the previous low. Industrial issues were
slightly higher, Celanese pref. gaining about a point, as did
American Airways at 25. Investment trust issues were
easier and oil stocks were down from the day's best prices
due to the uncertainties regarding crude production control.
The market was fairly steady on Friday, but price changes
were small and unimportant. There were occasional rallies,
4337
but these were generally very brief and made little change
in the list. One or two industrial and miscellaneous stocks
were somewhat higher, but the list, as a whole, moved within
a comparatively narrow range. Oil shares were quiet and
raining stocks attracted very little interest. The outstanding
changes for the week were largely on the down side and
included among others, American Beverage, 334 to 3;
Aluminum Co. of America, 50 to 4334; American Gas &
Electric, 3034 to 283 ; American Light & Traction, 173 to
4
%
1534; American Superpower, 5 to 4; Associated Gas &
Electric A,2 to 134; Atlas Corp.,7 to 634; Brazil Traction &
Light, 834 to 834; Central States Electric, 234 to 2344 Cities
Service, 234 to 254; Consolidated Gas of Baltimore, 6334
to 6334; Deere & Co., 1034 to 8; Duke Power, 54 to 52;
Electric Bond & Share, 20 to 1634; Ford of Canada A,6 to
534; Gulf Oil of Pennsylvania, 2734 to 2634; Hudson Bay
Mining, 234 to 23 ; Humble Oil, 45 to 44; New Jersey Zinc,
%
2834 to 2634; New York Telephone pref., 11534 to 1145 ;
%
Niagara Hudson Power, 16 to 143 ;Pennroad Corp., 134 to
%
134; Standard Oil of Indiana, 2234 to 2154; Swift & Co.,
734 to 7;United Gas Corp.,2to 134;United Light & Power A,
4 to 334; United Shoe Machinery, 35 to 3334, and Utility
Power, 134 to Ili.
A complete record of Curb Exchange transactions for the
week will be found on page 4368.
DAILY TRANSACTIONS AT THE N'EW YORK CURB =CHANGE,
Week Ended
Dec. 23 1932.
Stocks
(Number
Mares).
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Bonds (Par Value).
106,850 $1,814,000
185,799 3,310,000
199,726 3,592,000
160,779 3,669,000
162,773 3,156,000
199,520 3,257,000
1,015,447 818,798,000
Sates at
New York Curb
Exchange.
$128,000
178,000
103,000
156,000
83,000
108,000
1932.
Taal.
$57,000
191,000
156.000
279,000
260.000
146,000
81.999,000
3,679,000
3,851,000
4,104,000
3,499,000
3,511,000
8756,000 81,089,000 820.843,000
Week Ended Dec. 23.
Jan. 1 to Dec. 23.
1931.
Stocks-No,of shares_
1,015,447
1,581.233
Bonds.
Domestic
$18,798,000 814,513,000
Foreign Government
756,000
533,000
Foreign corporate
1,089,000
490,000
Total
Foreign
Corzsrase.
Foreign
Domestic. Government
220,643,000 215,536,000
1932.
1931.
55.541,322
108,046,051
$840,903,100
32,069,000
58,335,000
$892.847,000
31,851,000
39,861,000
3931,307,100
2964,359,000
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. 24), bank exchanges for all the cities of the United
States from which it is possible to obtain weekly returns will
be 15.5% below those for the corresponding week last year.
Our preliminary total stands at $4,515,837,521, against
$5,344,538,320 for the same week in 1931. At this center
there is a loss for the five days ended Friday of 17.0%. Our
comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ending Dec. 24,
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1932.
Per
Cent.
1931.
82,342,646,920 82,823,733,941
147.080,082
191,481,342
246,000,000
199,000.000
142,000.000
193,000,000
50,257,459
53,786,129
48,200,000
50,800.000
69,931,000
75,000,000
No longer will re port clearings
62,223,150
70,605,441
47,627,034
66,854,058
49,760,760
54,459,289
40,768,062
39.659,400
25,630,156
24,017,639
-17.0
-23.2
+23.6
-26.4
-6.6
-5.1
-8.8
-11.2
-28.8
-8.6
+2.8
+6.7
Twelve cities, five days
Other cities, five days
$3,272,124,623
491,080,395
23,842,397,239
517.141,875
-14.8
-5.0
Total all cities, five days
All cities, one day
23,763,205,018
752,632,503
24,359,539,114
984,979,206
-13.7
-23.6
24515,1'A7
25244 AqA
son
_IAA
Total all cities for week
A21
Complete and exact details for the week covered by the
foregoing will appear in our *ssue 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. 17. For
that week there is a decrease of 36.9%, the aggregate of
clearings for the whole country being $4,826,152,144, against
$7,642,673,152 in the same week in 1931. Outside of this
city there is a decrease of 30.8%, the bank clearings at this
center recording a loss of 39.4%. We group the cities according to the Federal Reserve districts in which they are located,
and from this it appears that in the New York Reserve
District, including this city, the totals show a loss of 39.4%,
in the Boston Reserve District of 37.4% and in the Philadelphia Reserve District of 9.5%. In the Cleveland Reserve
District the totals are smaller by 33.3%, in the Richmond
Reserve District by 22.6% and in the Atlanta Reserve
District by 29.9%. The Chicago Reserve District suffers a
contraction of 44.8%, in the St. Louis Reserve District of
30.2% and in the Minneapolis Reserve District 28.2%. In
the Kansas City Reserve District, the decrease is 35.6%;
in the Dallas Reserve District, 32.1%, and in the San Francisco Reserve District, 27.8%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
.
1Veek Ended Dec.17
Clearings at
1932.
1930.
1929.
s
S
%
537,181,542
508,077,787
-37.4
-39.4 7,268.555,439 7,753,035.192
729,160.979
514.683,615
-9.5
435,207.036
442,923,592
-33.3
197,978,994
176,631.946
-22.6
195,839,035
153.924,676
-29.9
970,610,536
753,695.457
-44.8
210,990,543
172,339,648
-30.2
135,823,860
115,058.718
-28.2
216,718.225
180,085,980
-35.6
95,091.794
61,285,798
-32.1
358,381,502
324.320.242
-27.8
Federal Reserve Dists.
12 cities
let Boston
2nd New York 12 ••
3rd Philadelphia 10 ••
4th Cleveland _.. 6 ••
5th Richmond_ 6 ''
5th Atlanta_ _ _ _11 "
7th Chicago_ __ _20 "
5 ••
8th 81. Louis_
9th Minneapolis 7 '•
10th KansasCity10 "
11th DaIlm _ _ _ _ 5 ••
12th San Fran_ _13 "
$
224,993,427
3,202,601,894
317.028,776
183,766,985
107,986,775
81,241,492
269,136,797
89.162.337
65,821,826
79,802.082
35,631,798
169,977,955
3
359,239,131
5,285.356,241
350,317,019
275,541,157
139,479,015
115,815.347
485,893,179
127,666,428
91,645,625
123,966,928
52,448,059
235,304,933
Total117 cities
Outside N. Y. City
4,826,152,144
1.733,143,681
7,642.673,152 -36.9 10,671,582,898 11,836,019,258
2,504,653,878 -30.8 3,593.280,486 4,275,314.885
32 Cit169
213,514,606
293,963,498 -27.4
373.057.272
Week Ended Dec. 17.
1932.
1931.
Inc. or
Dec.
1930.
s
1929.
s
%
8
First Federal Reserve Dist rict-Boston 573,503 -38.3
353,825
Maine-Bangor __
3,371,655 -43.5
1,004,590
Portland
194,505,779 315,000,000 -38.3
Mass.
-Boston
943,811 -30.0
655.783
Fall River...489.092 -47.5
256.936
Lowell
922,420 -33.7
611.747
New Bedford
4.368,475 -38.0
2,710.586
Sprinaleld....._
2,832,572 -25.9
2.099,772
Worcester
13.104,066 -24.1
9,941,785
Conn.
-Hartford_
8,245.926 -51.5
3,027,003
New Haven_
10,660,300 -20.4
8,489,400
R.1.
-Providence
727,311 --40.0
436,221
N.11.-Mancheer
589,973
3,545.196
454,743,350
1,202,010
554,637
1.139,892
5,102,677
3,759.324
15.728.614
6,381,439
14,642.200
688,475
605.600
3,413,681
480.000,000
1,431,225
1.267.626
1.102.492
5,362,059
3,328.386
16,027,594
7,571.052
16,168,800
903,027
359,239,131 -37.4
508,077,787
537,181,542
Total(12 cities)
224,993,427
Second Feder al Reserve D istriet-New
5,471.670
4,139,485
-Albany
N. Y.
859.645
742.807
Binghamton- _
34,055.799
22,029,501
Buffalo
849,524
471.710
Elmira
794.173
510,776
Jatnestown__ _ _
New York__ _ _ 3,093,008,463 5,138,019,274
9.547,963
6,195.504
Rochester
4,248.743
3,161,613
Syracuse
3.419,993
2.039,572
Conn.
-Stamford
614,626
450,500
-Montclair
N 2.
29.688.036
23,068,685
Newark
57.786.795
41.763,278
Northern N.I_
3
York6,994.053
6,557,539
-24.3
1.267,141
1,123.198
-13.6
58,880,756
50,882.348
-35.3
840,133
1,004.977
-44.5
1,360.587
1,065,014
-35.7
-39.8 7.078.302.412 7.560.704.373
13,732,540
11,615.787
-35.1
4,441,448
5,723,501
-25.1
4,815,282
3.938.241
-40.4
835.981
857,184
-26.7
40.835,302
42,495.966
-5.5
58.327,596
64.989,272
-27.7
Total (12 cities) 3.202,601,894 5.285,356,241 -39.4 7,268.555,439 7,753,035,192
delphi a
1,197,747
-58.9
964,379
-49.3
993,1181
-60.1
1.904.008
-53.1
-7.9 488.000.000
3,165,044
-44.3
4,813,051
-34.1
3,354,805
-5.1
2,295,904
-43.4
7.991,000
-27.8
1,579.277
1,309.604
1,179.029
1,922.268
702.000.000
4,052.864
5,263.247
3,664,005
2,046.873
6.143.752
-9.5
514,683,615
729,160,979
Fourth Feder al Reserve D Istrict-Clev eland399,000 -20.6
Ohio- Akron_
317.000
b
b
is
Canton
57.035,438 -26.4
Cincinnati_ __ _
41,992,052
91,679,085 -32.1
Cleveland
62.244,726
9,565.000 -23.0
Columbus
7.369.300
Mansfield
1.000,000 -20.6
794.040
b
Youngstown
b
b
Pa.
-Pittsburgh _
71.045,867 115,862,634 -38.7
4,316,000
b
65.672.427
137,276.138
16,054,000
1.296.870
b
218.308.157
4,834.000
b
71.693.239
153,911,532
10.104,300
2,137,582
b
186.522,383
275,541.157 -33.3
442,923,592
435.207,036
Fifth Federal Reserve Dist net-Mehra ondW.Va.-Hunt'g'n
364,856
690.988 -47.2
Va.-Norfolk._- _
3,787,843 -23.3
2,906.000
Richmond _ __ _
37.151.604 -14.5
31.766.606
772.310
1,500.000 -48.5
S.C.-1'harleston
hfd.-Baltiznore.
54.870.189
72,504.030 -24.3
17 306,814
D.C.-Washin6'n
23.844,460 -27.4
1.109,808
4,613,960
47.626.000
2,080.936
93.009.303
28,194,939
1.286.721
5.341.329
55.476.000
2.274.513
105.876,054
27.724.377
Third Federal Reserve Dia trict-Phila
639.419
262,927
Pa.
.
-Altoona_ - _
690.503
.350.000
Bethlehem.._ _
782,398
311.973
Chester
2,045,355
959,498
Lancaster
Philadelphia__ _ 304.000.000 330.000.000
3.118,919
1.737.985
Reading
3,614,227
2,383,561
Scranton
2.296.433
2.179.492
Wilkes-Barre_
1.957.855
1,104,340
York_ ___
5,172.000
3,735,000
-Trenton..
37.J.
Total (10 cities)
Total(6 cities).
317,028,776
183.786.985
107.986,775
350,317,109
139,479,015 -22.6
1713,631.946
197.978.994
Sixth Federal Reserve Dist Het-Atlant a2.024.364
3,205286 -38.6
Tenn.-)Cnoxville
9.022.161
11.161.853 -19.2
Nashville
36.700.000 -31.6
25.100.000
Ga. A tlanta_
1,237,873 -38.2
764.549
Augusta
698.2343 -33.5
464.652
Macon
12.534,310 -25.5
9.334.007
-Jacksonville
Fla.
12.096.153 -37.6
7,545.833
Ala.-Birmingh'm
1,275.034 -31.2
879,192
Mobile
1,573.000 -41 0
928.000
-Jackson
Wm.
106,991 -8.1
94,378
Vicksburg
35.131.564 -28.6
25.080.296
-New Orleans
La.
2,000.000
17.757.696
46,916,086
1.795.940
1.630.605
14,667,056
18,531,650
1,647,463
2,200.000
159.833
48.528.347
3.000.000
24,962.967
59,457,135
2,722.277
2.110.994
16.367.793
26.847.035
2.126,648
2,139.000
228.073
55.877.113
115.815,347 -29.9
153.924,676
195,839,035
Total(6 eitletu_
Total (11 cities)
81,211,492
Inc. or
Dec.
1930.
1929.
s
221,247
706.817
167,886,363
5,195,401
2,709,381
3,49:4,374
18.464.000
2,015,813
5,224,356
25,737,093
2,084,394
7.658,382
4,225,059
1,178,968
1,608,226
404.237,196
1,147,278
3,901,297
2,807,978
2,502,834
227.447
954,944
206.636.491
7,562.404
2,805,32
4,504,031
21,037,000
2,732,196
5.738.012
30,756,831
3,001.574
10,046,932
6,452.106
1,548,549
1,637.702
652,427,985
1,104.434
5,291.498
3,831,353
2,313,722
$
485,893,179 -44.8
753,695,457
970,610,536
Eighth Fedora I Reserve Dia tact -St. L ouisb
b
b
Ind.- Evansville
89,200,000 -33.4
59,400,000
Mo.-St. Louis_ _
23,214,772 -17.7
19,110,935
Hy.- Louisville_
b
b
b
Owensboro _ _ _ _
14,425,563 -29.3
10,204,480
Tenn.
-Memphis
126,949 -78.8
27,325
111.-Jacksonville
697.144 -39.8
419,597
Quincy
b
128,200,000
26,844,556
b
16,531,307
167,252
596,533
b
146,000.000
37,320.492
b
26,064,216
314,321
1,291.514
268,136,797
127,666,428 -30.2
172,339,648
210,990,543
Ninth Federal Reserve Dist rict-Minne spoils
2,689.672 -38.0
1,667,172
Minn.- Duluth_
63,420.010 -29.3
hIlnneapolls_ _ _ .44,852,362
20,036,686 -26.3
St. Paul
a 14.759.599
1,913,006 -9.5
1,731,025
No. DOS -Fargo
652.607 -25.0
489.828
S. Dak.-Aberci'
405,286 -25.2
302,927
Mont.
-Billings
2,528,268 -20.1
2.018,913
Helena
4,616,793
77.265.563
26,075,201
2,040,764
1,076,031
668,866
3,315,500
9,186,421
90,417.286
28,777,784
2,000,000
1,177.745
625,139
3,639.505
91,645,625 -28.2
115,058.718
135,823,880
Tenth Federal Reserve Dist rict-Kansa a City 221.840 -63.8
80.303
279,077
Neb.-Fremont
197.417 -45.5
107,580
462,640
Hastings
2,464,692 -42.6
1,414.684
3.149.141
Lincoln
28,915,445 -39.5
17,480.100
41.991,336
Omaha
2.020.052 -33.4
3.079,263
1,343.355
Kan.
-Topeka
4.350,005 -17.9
6,647,829
3,570.961
Wichita
80,188.425 -34.6 116,641,820
52,437,082
Mo.-Han, City.
3.599,184 -38.1
5,128,876
2,229,412
St. Joseph
951.094 -38.1
1,169,327
589,100
-Colo Sprgs
Colo.
a
a
a
a
Denver
1,058.774 -48.0
549,485
1,536,671
Pueblo
352,277
511,882
3,363.098
47,132,799
3,709.268
7,537,614
144,823.791
8,360,567
1.136,569
a
1,790.362
Total (5("IBM -
80,162,337
505,977,435
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Clearings at-
1931.
s
%
$
Seventh Feder al Reserve D istrict-Chi cago182,823 -51.9
87.908
Mich.-Adrian_
924,181 -46.1
497,995
Ann Arbor_ _
53,232.737 109.442,790 -51.4
Detroit
3,619.484 -43.8
2.034,953
Grand Rapids..
2,593,280 -80.9
494,400
Lansing
1,588.900 -42.2
917,902
Ind.-Ft. Wayne
14,440,000 -24.7
10,879.000
Indianapolis_ -1,511,968 -41.0
892.107
South Bend,_ _
4.620,001 -42.6
2,651,725
Terre Haute_ _ _
19,889,206 -38.6
12,202,979
Wls.--3.111wauk
845.394 -40.7
501.120
Iowa-Ced. Rap_
5.766.590 -0.7
4,730,957
Des Moines_
3,184,122 -44.0
1,784,636
Sioux City492,053
t
Waterloo
1.245,940 -26.7
913.055
.
111.-Illoomingt
171.841.339 308,354,226 -44.3
Chicago
647.943 -22.2
504,393
Decatur
3,076.913 -32.5
2.075,886
Peoria
1,199.069 -55.0
538.954
Rockford
2,268,296 -40.3
1.354,751
Springfield_ _
Total (20 cities)
Inc.or
Dec.
1931.
1932.
Week End. Dec. 17 1932.
Canada
Dec. 24 1932
Financial Chronicle
4338
Total (7 cities)
65.821,826
123.966.928 -35.6
180,085.980
216,718,225
Eleventh Fed rat Reserve District-D alias
1,198,864 -47.6
628,695
Texas-Austin _ _
36,548.547 -29.2
25,861.897
Dallas
8,344.324 -40.5
4,965.970
Fort Worth
_
3,488.000 -34.7
2,278,000
Galveston _ _ _ _
2,868,324 -34.6
1,877,227
La.
-Shreveport _
1,422.913
42,357,406
9,880,308
3.884,000
3,741,171
1,723,642
65.132,955
16,652,789
5,,48.000
5,834,408
52,448.059 -32.1
61,285,798
95.091.794
Total(10 cities)
Total(5 citles)_
79,802,082
35,631,798
Twelfth Feder al Reserve D istrict-San Fennel sco29.347.944 -30.0
36,823,586
20,534.875
Wa.sh.-Seattle_
8,211,000 -40.0
4,926,000
10.656,000
Spokane
636.036 -39.0
1,285,761
387,720
Yakima
24.059,726 -35.1
32,172,257
15,607,130
Ore.
-Portland_
13,995,029 +10.9
19,836,418
15,513,578
Utah-S. L. City
4.852,845 -36.3
7,736,533
3.092,808
Calif.
-L.Beach_
Los Angeles__. No longer wi Ii report clear Ines.
4,935.879 -35.2
6,005.770
3,197,722
Pasadena
7,622,942
7,581.980 -11.6
6,700,531
Sacramento_ _ _
e
e
ea
San Diego_ _ _ _
95.185.188 134.729,203 -29.4 191.743,618
San Francisco_
2.211,554 -26.1
3,087.877
1.633.750
San Jose
1,493,638 -24.6
2,146,131
1.126,6(14
Santa Barbara _
1,467.731 -43.8
2,222,240
825.495
Santa Monica,
1.782.308 -30.1
2,361.100
1,246.404
Stockton
Total (13 cities)
Grand total (117
169,977,955
235.304.933 -27.8
324,320,242
40,496,487
13.001.000
1,767.351
38.023,542
23,300,647
8,151.971
6,235 241
8,286,613
e
210.156,238
2,133,095
2,161,002
2,145.916
2.521.500
358,381,502
4.826.152.144 7,642.673.152 -36.9 10671 582898 11836 019258
Outside N. Y_ _ _ _ 1,733.143.681 2,504.653,878 -30.8 3.593.280.486 4,275,314,885
Week Ended Dec. 15.
Clearings al
1932.
CanadaMontreal
Toronto
Winnlpeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort Wliliam
New Westminster
Medicine lint_ _ _
Peterborough_ __ _
Sherbrooke
Kitchener
Windsor
Prince Albert._ _
Moncton
Kingston
Chatham
Sarnia
Sudbury
S
62.815.008
71.623.041
31,1155,977
. .
10 929 040
3.177.641
3,64(1.863
1 732.617
2.877.201
4.870.495
1,418.985
1,101.943
1,980.628
3,368.776
2,497,602
244,144
123,717
1,095.230
432,433
660,401
471.769
379.232
155,339
612.721
882.032
832,467
1,721.03))
221,189
657,255
463,945
389.072
292.906
413,801
Total(32 cities)
213 514,606
1931.
Die. or
Dec.
1930.
s
%
$
1929.
s
-34.7
-19.0
-25.9
-18.2
-48.6
-24.1
-35.2
-31.6
-14.0
-21.3
-28.4
-24.6
-44.7
-42.3
-43.2
-70.1
-36.5
-26.3
-27.6
-26.6
-23.6
-24.0
-24.0
-15.1
-27.6
-36.1
-34.6
-11.6
-32.4
-43.5
-40.0
-31.2
126.721.786
113,334,627
47,937.311
19,659.010
7,490.955
6,142.366
3,115.932
5,444,405
3
84 1,366
2,035.392
2,110.708
3,167,759
5,267,091
4,237.784
512.705
510,623
2.160.174
942.688
1,406,884
853,983
733,798
407,396
580.220
782.329
1,304.381
3,307.133
449,864
869,077
817.259
730.912
619.250
968,014
178.220,890
168.002.679
54,481,856
20.237,153
9,462.997
7.065,810
6.278,686
6,393.232
10.780.627
2.433,046
2,465.180
3,580,277
.
7.166 300
6.881.497
725,530
715.583
2,644.547
1,281,103
419
1,501.
1,144,248
819.542
477,246
892.411
1,067,789
1,439.962
5,183,280
575.358
1,360.828
794.997
954.098
730.059
293,963,495 -27.4
373.057.272
505.977.435
96.150,052
87,448.137
42,718,126
035
.
13 441.
6,178.916
4.802.912
2,672.985
4,207.710
5.664,130
1,803.457
1,540.073
2,628.087
6,087.175
4,327.870
429,860
413,301
1,725,258
586.770
912.780
643,004
490,302
204,329
805.796
685.671
1,149.917
2,692.525
338.456
743.173
686.778
688,267
488.496
601.244
present.
a No longer reports weekly clearings. is Clearing house not functioning at
e No longer reports clearings. t Only one bank open, no clearings figures available.
• Estimated.
Volume 135
Joseph McGarrity
from Regular Membership.
Announcement was made on Dec. 17 by the Governors of
the New York Curb Exchange of the expulsion from regular
membership of Joseph McGarrity, a partner in the firm
of McGarrity & Co. at 2 Broadway, New York City. The
New York "Herald Tribune" of Dec. 18, from which this
is learnt, went on to say:
.
"
New York Curb Exchange Expels
The official statement said he was found guilty of violation of Section 8
of Article XVII of the constitution of the Curb Exchange, pertaining to
just and equitable principles of trade.
It is alleged he had signed and filed with the committee on business
conduct of the Exchange.a statement of the financial condition of McGarrity
& Co., misrepresenting its status as of June 30 1932, and was also found
guilty of a violation of the rules of the Exchange in that securities carried
for customers of the firm were used for delivery on sales for an account in
welch a general partner in the firm was indirectly interested. McGarrity
joined the Curb Exchange on June 11 1930. It is understood the clientele
of McGarrity & Co. was rather small.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Dec.7 1932:
GOLD.
The Bank of England gold reserve against notes amounted to .£139.
422,094 on the 30th ulto. and showed no change as compared with the
previous Wednesday.
Fair amounts of gold have been on offer in the open market: some purchases were made for the Continent, but most of the available supplies
were again secured for a destination not disclosed.
Quotations during the week:
Equivalent Value
Per Fine
of Sterling.
Ounces.
Dec. 1
135. 3.65d.
127s. 83d.
Dec. 2
13s. 4.23d.
127s. 3d.
Dec. 3
129s. 4%d.
138. 1.59d.
Dec. 5
13s. 0.79d.
130s. Md.
Dec. 6
13s. 1.85d.
129s. 2d.
Dec. 7
128s. Id.
13s. 3.19d.
Average
13s. 2.55c1....
128s. 7.3d.
The following were the United Kingdom imports and exports of goia
registered from mid-day on the 28th ulto. to mid-day on the 5th inst.:
Imports.
Exports.
British South Africa
£2,264,733 United States of America£3,739.647
West Africa
British
53.518 Netherlands
414.132
British India
1,314.754 France
280.997
Iraq
50.404 Belgium
101.433
REMO
69.571 Switzerland
8.239
New Zealand
20.060 Other countries
a- 1.410
Straits Settlements and
Dependencies
42.000
Anglo-Egyptian Sudan
9,587
Other countries
8,068
E3,832
.695
D4,545,858
Exceptionally large shipments of gold, amounting to about £2,600.000
were made from India last week. The S.S. "President Harrison" has
£1,826,000 and E18,000 consigned to New York and Marseilles respectievly;
the S.S. "Corfu" carried £355,000 consigned to London and £14,000 to
New York; the S.S. "City of Simla" has £75,000 and the:A.8. "Clan
Murray" £300,000, both these shipments being for London.
SILVER.
Influenced by prevailing conditions, the market has continuecrqulet and
unsettled. Re-selling by the Indian Bazaars on a poorly supported market
caused falls of respectively 5-16d. and Mci. in the cash and two month?
prices on the 1st inst.. when quotations were fixed at 17 9-16d. and
17 11-16d. Subsequent movements were very small, further sales froiii
india being offset by China buying, which imparted a
llttle_steadinetis.
America has been more inclined to sell.
Definite indications as to tendency are still lacking as the present uncertainty tends to restrict business.
The following were the United Kingdom imports and exports of 51117
2
registered from mid-day on the 28th ulto. to mid-day on the
5t1Linst.:
Imports.
Exports.
Poland (incl. Danzig)
£20.979 Poland
£22.800
Germany
22.130 Czechoslovakia
51.800
France
6.736 China
144,470
British West Africa
5.700 French Possessions in India
8.000
Japan
37,761 Germany
2.440
Australia
14,173 Other
5,577
Other countries
1.332
s .
£108,811
£235,087
"
-Quotations during the week:
- - -----1
4
IN LONDON.
CI
IN NEW YORK.
-111
Bar Silver per Oz.. Standard.
(Cents per Ounce. .999 Fine.)
I
2 dos.
17 9-1(id. 17 11-180. Nov.30
Dec. 1
25%
Dec. 2
17%d.
17 9-16d. Dec. 1
25%
Dec. 3
17%d.
17 9-16d. Dec. 2
25
Dec. 5
17 9-16d. 17 11-16d, Dec. 3
25%
17 11-16d. 17%d.
Dec. 6
Dec. 5
25%
Dec. 7
17%d.
17 13-180. Dec. 6
25%
Average
17.594d.
I7.677d.
The highest rate of exchange on New York recorded during the
period
from the 1st inst. to the 7th inst. was 33.25% and the lowest $3.16
Si.j.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)Nov. 30.
Nov. 22. ..Nov. 15.
Notes in circulation
17563
17563 - 1756i
Silver coin and bullion in India
11297
11296
Gold coin and bullion in India
1175
1163
Securities (Indian Government)
5091
5104
1514
1138354
06
The stocks in Shanghai on the 3rd inst. consisted of about 136,200.000
ounces in sycee. 225.000.000 dollars and 4.560 silver bars, as compared
with about 132.900.000 ounces in sycee, 228,000,000 dollars and 4,040
silver bars on the 26th Inst.
4339
Financial Chronicle
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, &e., at London,
as reported by cable, have been as follows the past week:
rues.,
Mon.,
Wed.,
Sat.,
Thum.,
Fri.,
Dec. 17. Dec. 19. Dec. 20. Dec. 21. Dec. 22. Dec. 23.
176.
16 15-166. 16 11-16d. 16 9-166. 16 13-180.
17d.
Silver, p. oz.__
123s.50. 1233.4%d. 1236.11d.
Gold. p.tine oz.124s.7%d. 1248.132d. 12311.8d.
74
73
7434
7434
7434
Consols, 232% 7334
British 334%98%
9734
98%
9834
98%
98
W. L
Britiali4%196010834
108%
108%
10734
10834
108%
1990
French Rentes
77.60
77.20
78.10
77.80
76.80
(in Paris)3% tr. 76.80
French War Ln.
(in Paris)5%
118.00
118.20
119.40
120.20
118.10
1920 amort_ 118.50
The price of silver in New York on the same days has been:
Silver in N. Y.,
per oz. (eta.)
2534
2534
25%
25
2434
2434
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. 17 Dec. 19 Dec. 20 Dec. 21 Dec. 22 Dec. 23
1932. 1932. 1932, 1932.
1932. 1932.
Francs, Francs, Francs. Francs. Francs. Francs.
12,145 12,300 11.900 11,700 11,900 11.900
Bank of France
1,700 1,700 1,650 1,630 1,670 1,650
Banque de Paris ct Pals Rait
455
443
448
450
463
Banque d'Unlon Parisienne
364
357
370
361
370
-iii
Canadian Pacific
17.005 16.755 16,705 16,695 16,985
__-Canal de Suez
2,200 2,210
2,200 2,205 2,200
Cie Distr d'Electricite
2,285 2,290 2,260 2,240
2,270 2,280
Cie Generale d Eiectridte
66
65
63
64
...Cie Generale Tranaatlentigue
57
585
584
568
560
557
Citroen B
Comntoir Nationale d'Eecompte 1,200 1,230 1,180 1,170 1,190 1:180
170
170
170
170
180
170
Gay Inc
387
386
375
375
378
Courrieres
715
718
705
698
707
Credit Commercial de France...
4,820 4.830 4,770 4.750
4.800 4.790
Credit Fonder de France
2.125 2,150 2.100 2,090 2.120 2,100
Credit Lyonnais
2.200 2.200 2,210 2.200
Distribution d'Electricite la Par 2,210 2.220
2,390
2,400 2.370 2,330
2.350 2,370
Eaux Lyonnais
665
646
637
864
638
---Energie Eleetrique du Nord
977
999
975
998
987
---Energle Eleetrique du Littoral
64
65
63
65
66
65
French Line
97
96
96
97
96
96
Gaieties Lafayette
820
820
810
810
810
810
GM Ie Bon
540
520
520
531
530
530
Kuhlmann
863
870
840
830
850
840
L'Alr Liquids
1,002 1,021
1.015 1.015 1,015
Lyon (S. L. M.)
-580
370
380
390
380
390
Mines de Counters.
490
490
500
510
Mines des Lens
510
500
1,480 1,490 1,470
Nord Sty
1,485 1,510 1,490
976
964
Orleans RY
950
958Paris, France
1,180 1,170 1,150 1,i86 1.170 .
1.181)
126
Paths Capital
126
131
125
129
1,160 1.190 1:115
1,291
1,300 1,220
Pechlney
Rentee 3%
76.75 78.10 77.60 77.20
77.80 70.80
Rentee 5% 1920
118.40 120.20 119.40 118.00 118.20 118.10
Rentee 4% 1917
91.30 91.20 90.20 89.70 90.20 89.10
Rentes 414% 1932 A
93.25 95.00
94.40
93.90 93.90 93.30
Royal Dutch
1,530 1,540 1,530 1,520
1.530 1,490
Saint Gobaln C.& 0
1,330 1,335 1.330
1,335
Schneider & Cie
1,390 1,399 1,335 1,315 1,320
Societe Andre Citroen
570
560
580
590
580
iiii
Societe Francalse Ford
111
112
109
104
109
107
Societe Generale r'onelere
170
180
178
180
175
174
Societe Lyonnaise
2,370 2,385
__2,365 2,350 2,355
Societe Marseillalee
601
605
605
605
805
Suez
16,805 16,900 16,600 16,700 16,900 17.105
Tublze Artificial Silk prof
201
203
196
193
199
Union d'Electricite
820
820
810
810
820
-820
Union des Mines
-___
220
220
220
---230
Wagon-Lisa
82
83
82
80
81
-_--
THE BERLIN STOCK EXCHANGE.
In the following we give New York quotations for German
and other foreign unlisted dollar bonds as of Dec. 23
1932:
Anima 75 to 1948
Argentine 5%, 1945, 3100
pieces
Antioqute 8%. 18
46
Bank of Colombia. 7%,'47
Bank of Colombia, 7%,'48
Bavaria 6 Sis to 1945
Bavarian Palatinate Cons.
Cit. 7% to 1945
Bogota (Colombia)634.'47
Bolivia 6%, 1840
Brandenburg Elea.6e. 1953
Brasil Funding 5%.'31-51
British Hungarian Bank
732e. 1082
Brown Coal Ind. Corp.
sis. 1953
Call (Colombia) 7%. 1947_
Callao (Peru)
%. 1944Ceara (Brazil) 8%. 1947
CRY Savings Bank, Budapest, 7s, 1953
Deutsche Bk 6% '32 unerd
Dortmund Mun.Utll 6a.'48
Dulsberg 7%to 1945
Dusseldorf 75 to 1945
East Prussian Pr. 6s, 1953.
European Mortgage & Investment 7145, 1966- -.French Govt. 5144. 1937- French Nat. Mali SS.6e.'52
Frankfurt 75 to 1945
German All. Cable 711. 1945
German Building & Landbank esi%. 1948
Haiti 6% 1953
Hamb-Am Line 6342 to '40
Hanover Harz Water Wks.
6%. 1957
Rousting & Reel Imp 7s,.46
Hungarian Cent Mut 7s.'37
Hungarian Discount & Exchange Rank 7s. 1963_ _ _
Hungarian ltal Bk 7 tin.'32
17148 pnee.
Bid
40
44
22
19
19
5012
41
f1512
1414
57
2912
133
57
18
,
13
129
.184
421
38
40
48
135
104
10512
40
65
48
66
se
40
53
/31
118
/7412
4,3
44
Koholyt 6345. 1943
Land M Bk, Warsaw 8s,'41
Leipzig Oland PI 81.4s. '46
25 Leipzig Trade Fan. 7s, 1953
22 Luneberg Power. Light &
Water 7%, 1948
22
53 Mannheim & Palat 7s, 1941
Munich 7s to 1945
43 Muni° Bk, Hessen. 7s to'45
17 Municipal Gas & Elea Corp
RecklInghaueen, 7a, 1947
58 Nassau Landbaok 642e.'38
3112 Nat Central Savings Bk o
Hungary 714s, 1982_
35 National Hungarian & Ind.
Mtge. 7%. 1948
58 Nicaragua, 5%, 1953
Oberpfalz Elise 7%, 1946
7 Oldenburg-Free State 7%
to 1945
Pomerania Else 6%. 1953_
301z Porto Alegre 7%. 1988_ _ 87 Protestant Church (Ger4112
many) 75. 1948
40 Pro, Bk Westphalia 83.'33
44 Rhine Westph Rico 711, 1936
50 Rio de Janeiro 6% 1933 _
Rom Cath Church 632s.'46
36 R C Church Welfare 72.'46
106 Saarbruseken M Bk 65.'47
107 Salvador 7%, 1957
44 Banta Catharine (Brazil)
70
8%. 1947
Santander (Colom) 7s. 1948
51 Sao Paulo (Brazil) 6s. 1947
71 Saxon Public world 5% '32
65 Saxon State Mtge 65, 1947_
Stem & Halske deb 6s. 2930
44 South Amer Rrs6%• l933
55 StettinPub UM 7s. 1946
33 Tucuman 017 75, 1951--Vamma Water 542s, 1957_ _
20 Vesten Flee Sty 7s. 1947._
7612 Wurtenber4 7: to 1945._ __
Bid A at
4;l2 4912
54
56
57iz 5912
42
45
45
5612
51
40
48
5912
53
44
45
61
48
63
139
41
1254
25
48
2512
35
51
41
46
/4
44
43
64
4812
67
64
/4
58
46
70
11212
4712
72
67
6
60
4812
73
14
612
16
1712
9
712
161
78
f74
55
58
330 355
5514 5441
53
50
13
10
C81
7012
41
43
53
57
Financial Chronicle
4340
The Berlin Stock Exchange resumed trading on Friday,
April 29 1932, after having been closed by Government decree
since Sept. 18 1931. Closing prices of representative stocks
as received by cable each day of the past week have been
as follows:
Dec.
17.
Reichsbank (12%)
130
Berliner Handels-Gesellschaft (4%)
88
Commemund Privat-Bank A. G
53
Deutsche Bank und Disconto-Gesellschaft
75
Dresdner Bank
62
Deutsche Relehsbahn (Ger. Rya.) pf. (7%).. 93
Allgemeine Elektrizitaets-Gesell. (A.E.G.). 31
Berliner Kraft U. Licht (10%)
113
Dessauer Gas (7%)
101
Gesfuerel (4%)
73
Hamburg. Elektr.-Werke (851%)
105
Siemens dr Tfalske (9%)
125
I. G. Farbenindustrie (7%)
95
169
Salzdetfurth (9%)
Rheinische Braunkohle (10%)
199
86
Deutsche Erdoel (4%)
Mannesmann Roehren
61
17
Hapag
Norddeutscher Lloyd
18
Dec.
19.
133
88
53
75
62
93
30
109
102
73
103
122
94
170
202
85
62
17
18
Dec. Dec. Dec.
22.
21.
20.
Per Cent of Par
138
134
133
90
89
90
53
53
53
75
75
75
62
62
62
93
93
93
30
29
29
109
108
109
100
100
100
73
72
72
103
103
104
121
120
121
93
93
93
167
167
168
203
204
204
84
83
84
60
60
60
17
16
17
17
17
17
Dec.
23.
141
89
53
75
62
93
31
109
102
74
104
124
95
168
204
84
60
17
18
ertialand517jiscella=onsgoals
Comm.
National Banks.
-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
Capital.
325 000
-The Security National Bank of Witt, Witt, Ill
Dec. 10
President. Henry F. Fesser; Cashier, H. S. Armentrout.
Succeeds the National Bank of Witt, Witt, Ill.
-The New Farmers National Bank of Glasgow, Glasgow,
Dec. 17
100,000
Ky
President, W. P. Coombs: Cashier, E. H. Guthrie.
Succeeds the Farmers National Bank of Glasgow,
Glasgow, Ky.
VOLUNTARY LIQUIDATIONS.
-First National Bank in Aurora, Ore
Dec. 12
Effective Oct. 15 1932. Liquidating agent, H. B.
Evans, Canby Ore.
Succeeded by Canby Union Bank, Canby, Ore.
25,000
-The First National Bank of Kirkwood. Ill
Dec. 13
50,000
Effective Dec. 1 1932. Liquidating agent, A. R.
Tubbs, care of the liquidating bank.
Absorbed by the National Bank of Monmouth, Ill.,
Charter No. 4400.
-The Sabinal National Bank, Sabinal, Tex
Dec. 15
100,000
Effective Dec. 10 1932. Liquidating agent, H. G.
Peters, Sabinal, Tex.
Absorbed by the Sabinal State Bank, Sala'nal, Tex.
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange, Dec. 17 to Dec. 23, both inclusive, compiled from official sales lists:
Stocks-
200,000
125,000
125,000
125,000
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, Dec. 17 to Dec. 23, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
100
31
31
American Stores
•
9
100
9
Bankers Sec Corp
50
417
Bell Tel Coot ra pret_100 11134 111% 113%
200
Budd (E G) Mfg Co
•
1% 151 1%
300
134
Budd Wheel Co
•
134
134
180
33% 34
Cambria Iron
50
100
11
Camden Fire Insurance_.5
11
15
Electric Stor Battery_ _100
2334 233.4
175
Fire Association new.. _10
2054 21%
130
Horn & Hard (Phila) corn..•
9054
90
Horn & Hard(NY)corn.*
200
21% 22
20
Preferred
100
8934 8934
goo
Insurance Coot N A_ ___10 3334 323.4 34
Lehigh Coal & Navigation
1,300
7%
7% 8%
Lehigh Valley
50
50
931 10%
Mitten Bank Sec Corp...25
500
34
54
Preferred
1,200
51
1
5.1
25
Pennroad Corp v t c
1%
134 1% 3,138
•
Pennsylvania RR
50
1334 1554 8,300
Penne Salt Mfg
50
50
25% 28
Philo, Dairy Prod pref __25
600
30% 31
Phila Elec of Pa $5 pref..• 101
150
10034 101
Philp, Rapid Transit_
_50
100
234 2%
7% preferred
50
100
734
7
Phila & Rd Coal & Iron_ •
3% 3%
70
Philadelphia Traction_ _50
18% 19%
550
Certificates of deposit__ ______
18
100
19
Phila & Western RR
100
51
h
.
10
Reliance Insurance
43.4 5%
534
300
Shreve El Dorado Pipe L 25
1
1
100
Tacony-Palmyra Bridge_ •
2
35
93.4 30
Tono-Belmont Devel__1
In
hi
%
1,600
1
%
Tonopah Mining
%
%
500
10% 10%
50
Union Traction
200
19
20% 10,850
United Gria Imp com new.* 19%
454 5
5
Victory Insurance Co_ _ _10
200
•
134
134
134
Warner Co
300
*
5
5
Westmoreland Inc
100
BondsElec & Peoples tr ctfs 45'45
Certificates of deposit__ ______
Phila Elec (Pa) lot 5s-1966
Phila Elec Pow Co 550'72
St Louts & San Fran RyPrior lien 4s
•No par value.
Range Since Jan. 1.
Low.
High.
20 June
May
7
9634 May
h Apr
1
June
3134 Aug
934 June
1434 June
143( July
7354 June
15 June
82 June
18
May
5% June
534 June
% Nov
Oct
1
June
1
6% June
19% June
Dec
30
June
86
1% June
4% June
1% June
Oct
17
Dec
18
g Dec
Apr
2
% Apr
June
25
its Jan
ID May
8
May
9% June
13-4 July
134 June
3 May
36% Feb
1134 Sept
11354 Dee
334 Sept
4% Jan
38
Feb
1534 Sept
3334 Mar
2334 Nov
120
Jan
Aug
'20
Sept
107
40
Mar
143-4 Jan
28% Sept
234 Jan
Jan
3
434 Sept
23% Sept
Aug
40
Jan
74
100% Dec
6% Jan
Jan
18
734 Sept
29% Sept
28% Sept
% Dec
7
Sept
3
Jan
Mar
40
54 Feb
54 Jan
17% Jan
22
Sept
7
Sept
53.4 Mar
6
Apr
Friday
Sales
Last Week's Range for
IVeek.
Sale
of Prices.
Par. Price. Low. High. Shares.
Arundel Corp
•
Atl Coast Line (Conn) _50
Black & Decker com
*
Ches& Pot Tel of Balt pf 100
Commercial Credit
Preferred B
25
634% 1st preferred_ _100
17
17
1%
1%
116
434
434
19%
19%
7254
19
1734
2%
116%
434
193.4
72%
Range Since Jan. I.
Low.
High.
1,708 14
Sept
July 28
175 11
Sept
May 38
1
Apr
1,025
554 Aug
7 100% July 116% Feb
Feb
150
4% Dec 10
170 11
Jan
June 20
Dec
100 50
May 74
Consol Gas EL & Pow__ _• 63
64
289 39
62
108% 109
6% preferred ser D_ _100
10 103
5% preferred
31 9234
100 100
100 100
Consolidation Coal_
100
8c635
Sc
8c
100
life
Preferred
5
Sc
Eastern Rolling Mill
*
254
307
1
134 23.4
Emerson Bromo Sett A w I
100 22
2434 24%
Fidelity& Gpar Fire Corp10
5
6
634
654 634
43
109 2
42
Fidelity & Deposit
50
834
4
Finance Cool Am el A....
5
382
4
3
Finance Serv cl A corn____
9
5
5
3
5
June 70
Aug
June 11034 Jan
Dec
June 101
Dec 750 Feb
Feb
130 Dec
May
5
Sept
Aug 29% Feb
Jan
Dec 15
May 8534 Jan
Apr
734 May
754 May
Apr
Houston Oil preferred.Maryland Casualty Co--.
Monon W Penn P 8 p1.
.25
Mort Bond & Title
New Amsterdam Cas Ins_
Northern Central
Penne Water & Power_ _ ..*
Southern Bankers Security
Corp corn
Preferred
United Porto Rican Sugar
Common
United Rys & Electric_ _50
U S Fidel & Guar new_ _10
West Md Dairy Inc pref.
•
Bonds
Baltimore City
48 sewerage impt__ _1961
4s conduit
1958
Consolidation Coal 5%.
Maryland Elec Ry 69_1933
Roland Park Homeland
Co 554%
1935
Wash Balt & Annap 5s__'41
United Ry & El fund 58 '36
let 6s
1949
let 4s
1949
Income flat
3%
3%
1434
134
1734
70
5134
185
818
80
305
525
14
82
2
234
13
1
12
45
34
June
June
July
Dec
Apr
June
June
7
834
20
3
22
7034
57
Aug
Ipan
Mar
Sept
Sept
Feb
Sept
Sc
50
10
20
50
50
Dec
Dec
50
250
Deo
Dee
60
lio
100
11c
3% 4
77
77
1,100
1,010
1,944
8
So Dec
100 Nov
2 June
60 June
9834 98%
99
99
8
8
2534 2534
17
503-4
234
331
14
1
17
70
50
So
2%
3%
$200
800
1,000
5,000
90
95
8
2534
Feb 100
Apr 100
Dec
8
Dec 40
Oct
Oct
Dec
Oct
100 100
7,000 100
334
3.34
2.000
3
234 334 21,500
2
14
1454 4,000 12
13
143-4 26,000 1034
h
%
134 52,000
Dec 100
Dec
7
Nov
12
Nov 30
June 23
Dec
5
Dec
Apr
Jan
Jan
Sept
Sept
50
3%
234
13
1
Dee
134 Mar
8% Jan
7734 Dee
• No par value.
Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange, Dec. 17 to Dec. 23, both inclusive, compiled from official sales lists.
Friday
CONSOLIDATIONS.
-The National Bank of Shamokin, Pa
Dec. 13
Dime Trust & Safe Deposit Co., Shamokin, Pa
Consolidated under the Act of Nov. 7 1918 as amended
Feb. 251927, under the charter of the National Bank
of Shamokin, No. 6942, and under the corporate title
of "National-Dime Bank of Shamokin," with capital
stock of $325,000 and surplus of $175,000.
-The First National Bank of Montoursville, Pa
Dec. 17
The Peoples Bank & Trust Co. of Montoursville. Pa
Consolidated under the Act of Nov. 7 1918 as amended
Feb. 25 1927, under the charter and title of "The
First National Bank of Montoursville," No. 6997,
with capital stock of $125,000 and surplus of $25,000.
Dec. 24 1932
Stocks-
Sates
Last Week's Range for
of Prices.
Sale
Week.
Par. Price Low. High. Shares.
Air-Way Elec Appl pref 100
16
16
1
Allen Industries corn
1
•
Byers Machine A
•
54
%
54
Chase Brass & Copper
7334 7334
Preferred series A___100 7354
11
11
City Ice & Fuel
• 11
47
47
Preferred
100
%
54
Clark (Fred G) corn_ _10
1
1
Cleve Builders Realty_ •
3
3
Cleve Builders Supply_ •
Cleve Ere° III 6% pref_ _100 108
10634 109
42%
41
Cleve Railway corn. _.100 41
Certificates of depos_100 4034 4034 4234
Cleve Union Stkyds corn...
11
11
Cleve & Buff Transit corn •
54
%
Cliffs Corp v t c
•
53.4
6% 534
24
Columbus Auto Pts pref.
•
23-4
234
Dow Chemical corn
3134
30
* 30
Preferred
98
98
100
Eaton Axle dr Spring corn •
5
5
Elec Controller &Mfg com•
1134 12
Faultless Rubber
18
18
.
Federal Knit Mills com_ _• 30
30
30
Firestone T&R 6% pf_100
64
64
Foote-Burt common
•
9% 934
General Tire & Rubber
6% pref series A. __100
30
30
Goodrich (B F)
•
4
4
Goodyear Tire & R corn.°
13% 16
Greif Bros Cooperage el A •
10
10
Halle Bros Co
534 6
10
Preferred
40
40
100
Hanna (1‘1 A) $7 cum pf.• 44
44
44
India Tire & Rubb com_ •
3
3
Interlake Steamship corn.*
15
15
Kayneo common
454
10
434
434
Kelley Island L & Tr com •
8%
834 834
Lamson Sessions
•
2
3
•
8
Nfedusa Cement
6
6
Sforgan Lithograph com..•
%
.31
h
National Acme com_ AO
National Refining com 25
•
National Tile corn
Nestle.LeMur class A__ •
•
l900 Corp class A
•
3hio Brass B
Patterson Sargent
•
Richman Brothers corn..
•
Robbins & Myers v t c ser2*
Preferred v t c
25
3elberling Rubber com_ •
3herwin-Willlams corn..25
AA preferred
100
Trumbull-Cliffs Furn pf100
Neinberger Drug
•
West Res Inv 6% pr p1100
Bonds'21e&Sand Brew IstMtls '48
Firestone T&R of Cal5s '42
134
29
1434
9
48
2
354
134
1
23
534
9%
2834
51
1
2
1434
82
60
7
9
23.4
3%
154
1
24
634
10
30
St
1
234
1634
82
60
7
10
46
46
8534 87
20
100
40
Range Since Jan. 1.
Low.
16
Dec
1
Dec
% Feb
High.
Dec
16
234 Aug
54 Jan
300
225
600
1,055
865
349
206
30
166
5334
11
46
54
1
3
9134
38
35
June 80
Oct 28
Dec 68
Nov
2
Dec
134
5
Dec
Apr 109
Apr 4234
Apr 45
Jan
Feb
Jan
Jan
Deo
Nov
Dec
Deo
Aug
260
5.5
27
100
327
50
150
46
20
65
30
55
10
34
4
2
2134
88
434
1134
18
18%
45
534
14
June
54
Dec
15
July
5%
June
July 40
June 100
Apr
6
Dec 28
Dee 25
June 30
July 64
Jan
9%
Jan
Dec
Sept
Jan
Sept
Jan
Feb
Jan
Jan
Dec
Deo
Oct
10
200
530
50
85
10
100
80
150
200
40
252
50
40
30
351
5%
734
4
39
37
1%
934
434
8
2
5
%
July
May
Slay
July
May
Nov
June
July
May
Dec
May
Dee
June
Dec
Jan
Aug
Aug
Jan
Jan
Sept
Jan
Sept
Jan
Feb
Jan
Jan
Feb
May
550
320
610
1,036
35
85
175
384
109
50
3
65
969
43
125
120
100
134
334
1%
%
1834
534
934
14
34
1
1
1434
75
41
5
9
July
531 Sept
Dec
834 Feb
June
334 Feb
Aug
1
Jan
Aug 25
Oct
July
13
Jan
July
1734 Jan
July 31
Feb
Dec
% Dec
June
154 July
May
5
Aug
Dec 35
Jan
Jury 10034 Jan
May 6534 Oct
Jury
10
Jan
Nov
Dec 10
751,000
17.000
46
Dec
8634 Dec
60
5%
284
1334
7
52
65
8
26
15
15
7
1234
34
46
87
Dee
Dec
• No par value.
2134
18%
109
108
8
22
20
109
106
8
89,000 16
9,000 15
2,000 100
.5,000 98
5,000
8
Feb
June 29
June 28% Jan
Feb 108
Dec
June 106
Oct
Dec
8
Dec
Sales.
rnotAuction dealt in-.Among other securities, sold at auction
the following,
actually
at the Stock Exchange, were
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
Volume 135
Financial Chronicle
By Adrian H. Muller & Son, New York:
i Per Sh.
Shares. Stocks.
850
11,648 E. W. Bliss Co., common. no Par
100
Nioetown Manufacturing Co., Inc.. perferred. Par $50
2,000
$4 lot
52 General Silk Corp., participating preferred
$15 lot
100 Keystone Stores (Penn.), common, no par; 100 1st pref.. no Par
it75 lot
60 Hussmann-Ligonier Co., common. no Par
$6,000 Lexington Hotel Corp., 6% notes, due May 15 1932; 60 Lexington
$16 lot
Hotel Corp., common
100 Consolidated Retail Stores, pref., with warrants, par $100
$2 lot
45 Everett Heaney Co.. Inc., no Par
$10 lot
60 Viking Products Corp., preferred, no par
$10 lot
1.757 United West Indies Corp.,8% preferred. par $100
490 shares of the capital stock, 3100 par value of the McClure Newspaper
$25 lot
Syndicate
265 Direct Control Valve Co.,class B v. t. c.. no par; 300 class A, no par_ ___E100 lot
$60 lot
245 Santee Mills (So. C.), common, par $100
51 lot
600 Crown Lock Co.. class A, par $100
$100 lot
75 Simur Realty Corp., no par; $37,500 series X 65, due Jan. 1 1949
$2 .ot
Bonner Oil & Gas Co., par $10
55 The
$1 lot
800 Aiemania Mining Co., par $1
37 lot
25 Continental National Bank of Jackson County. Kansas City, Mo.
$580 lot
3.600 Arcturus Radio Tube Co.. common, par $1
$2 lot
2)4 Plant Properties. Inc., 6% preferred; 234 class A
*3 lot
1.000 Christmas Savings Stamp Co., class B, no par
650 Benedict Stone of Maryland, Inc., no par: 250 7% cum. Prof.. par $100_327 lot
33 lot
1.000 Christmas Savings Stamp Co., class B, no par
35 lot
5 Founders Syndicate of Armstrong Seadrome Airways, par $1,000
El 1 lot
572 Garrison Fire Detecting System, Inc., no par
$5 lot
50 Automatic Compass Corp., no par
$1,000 lot
400 Guardian Safe Deposit Co., par $100
$5 lot
100 Darlington. Inc., par $50
$6 lot
100 National Press Building Corp., par $100
$5 lot
50 The Press of Kens, Inc., par $106
22;4
100 Delaware Lackawanna & Western RR., par $50
$15 lot
22 Falcon 011 Corp., par $10
$5 lot
325 Missouri-Kansas Zinc Corp., no par
1,400 Columbia Chemical Corp., common, par 510
$55 lot
$80 lot
60 Columbia Chemical Corp.. preferred, par $25
$140 lot
9.000 Copper Canyon Mining Co., par $1
1,000 Central Reef Co., par 10 cents
$3 lot
1 Royal Cocoa Co.. par 8100
$4 lot
520 Standard Store Service Co., Inc.. common, no par
510 lot
350 North Shore Ice Co., class B, preferred, no par
$10 lot
$10 lot
600 North Shore Ice Co., capital. no par
435 North Shore Ice Co., preferred. par $100
$100 lot
-Kansas-Zinc Corp., no par
200 Missouri
$5 lot
-Kansas-Zinc Corp., no par
200 Missouri
$5 lot
-Kansas-Zinc Corp.. no par
100 Missouri
$3 lot
150 Maclevin Realty Corp., preferred, par $100
$65 lot
$10 lot
50 Dwyers-Billiards-Bowling, Inc., participating preferred, par $50
200 Whittelsey Manufacturing Co., Inc., class A, no par
513 lot
$10 lot
100 New Jersey Clock Co., no par
32 The Consolidation Coal Co. (Md.), preferred, par $100; 127 common,
par 5100
$20 lot
$65 lot
55 Hamilton Securities Corp. 1st pref., par $100; 17 2d pref., par $50
$25 lot
5 Hamilton Securities Corp., 1st pref., par $100; 2 2nd pref., Par $50
167 West 71st Street Apartment Corp., represented by certificate No. 38;
right, title and int. to proprietary lease for Apt. 92 in apartment building
known as 225 West 71st St., New York CRY
$50 lot
$10 lot
25 Tyron Realty Corp., no par
$25 lot
500 Empire Properties Corp., no par
3,200 Aeromarine-Klemm Corp., par $5; 700 Stiperior Film Products Co..
temporary certificate, no par
$20 lot
$100 lot
124 Chadelold Chemical Co., par 3100
125 Long Island Comm'l Discount Corp. Pref., Par $50; 150 common, no par-36 lot
$10 lot
120 United States Bond & Mtge. Corp., common, ctf. of deposit, no par
24 United States Bond & NItge. Corp. pref. ctf. of dep. with $42 scrip --._ $25 lot
1.000 Eighth & Ninth Ayes. Ky. Co., no par
$150 lot
1,000 Madison Finance Corp., par $5
$900 lot
50 Madison Mtge. Corp.,8% 1st Prof., par $100;50 common, no Par
$900 lot
114
75 Vanderbilt Hotel Corp., 7% cum. pref., Par $100
$50 lot
245 Saul-Mel Realty Corp., par $100
$45 lot
230 Clarksburg Gas Coal Co par $100
100 Long Island Comml Discount Corp.. pref., par $50; 128 common, no par_ 34 lot
3,650 Bodement Corp., no par
$35 lot
-Bergen Lumber Co., Prof. par $100
$55 lot
100 Passaic
$1,000 Members Holding Corp.6% series B. due Jan. 1 1938: 1 share, no par325 lot
500 Kent Garage Investing Corp. common, no par; 250 Kent Garage Investing
Corp. elf, of dep. Prof., par $100: 250 Kent Automatic Parking Garage,
Inc., common, no par: 250 Kent Automatic Parking Garage, Inc.. ctf. of
dep., pref.; 150 Kent Columbus Circle Garage. Inc.. no par; $15,000 Kent
$13 lot
Columbus Circle Garage. Inc., 68, due Dec. 1 1938
$4 lot
100 Quality Laundry Service, Inc., 2d pref
328 lot
700 Joseph Fahys dr Co.. common, par $1
All right, title and interest of seller in and to a claim against Coney Island
$25 lot
Hotel Corp. In the amount 01 551,000
All right, title and interest of seller in and to a claim against the Coney Island
35 lot
Hotel Corp. In the amount of $2,121.14
All tight, title and interest of seller in and to a claim against Coney Island
$15 lot
Hotel Corp. In the amount of $26,853.95
All right, title and interest of seller In and to 250 shares of common stook
(new issue), class B, Coney Island Hotel Corp., without par value
$5 lot
All right, title and interest of seller in and to 14 abs. of com. stock (new issue),
class B, Coney Island Hotel Corp.. without par value
$5 lot
All right, title and interest of seller in and to 14 sin. of com. stock (new Issue)
$5 lot
class B. Coney Island Hotel Corp., without par value
$15 lot
$16,000 demand notes of Sperry, McKee & Crane, Inc
10 Good Humor Ice Cream, pref., par $100; 20 common, par $100
$105 lot
$100 lot
$12,500 certificate of indebtedness 01 21 West Street Corp
106 McAllister Motors Corp., no par
$30 lot
$25 lot
90 Standard Store Service Co., Ino., common, no par
$25 lot
100 Pierce, Butler & Pierce Mfg. Co. common, att. of deposit. Par $1
100 100 C
-Y Chocolate Yeast Co Inc no Par
$2 lot
700 Sheldon Mining Co., par $1 ______________________________________ $15 lot
$3 lot
1,000 National Assets Corp.. common, no Par
$12 lot
140 Bankers Securities Corp. of America, common, no par
500 Peoples Trust & Savings Bank of Chicago, par $100
$50 lot
200 Locomotive Firebox Co., no par----------------------------------$300 lot
310,000 W. A. Harriman Securities Corp. 8% due Jan. 2 1950;
$4,600 lot
100 W. A. Harriman Securities Corp., no par
100 lot
949 Aeolian Weber Piano & Pianola Co.. prof., Par $100
$25 lot
961 Aeolian, Weber Piano & Planola Co. common, par $100
$300 lot
500 Keystone Investing Corp. A, no par
$100 lot
200 Keystone Investing Corp. B, no par
$75 lot
125 Empire Bond dr Mortgage Corp., common. no Par
10
2,050 Fonda Glove Lining Co., cum. pref.. par $100
4
2.050 Fonda Glove Lining Co., common, no Par
$5 lot
400 Panther Lumber Co. common, par $100
$6 lot
Abitibi Power & Paper Co., Ltd., common, no par
720
$14 lot
5,735 153-200 Instill Utility Investments, Inc., common, no Par
$1 lot
51 2-100 Instill Utility Investments, Inc., common, no par
$3 lot
300 Corporation Securities Co.of Chicago $3 opt. pref., no par
$1 lot
920 81-200 Corporation Securities Co. of Chicago. common, no par
$12 lot
273 Iceland, Inc. (New York), par $100
$5 lot
100 Poole Engineering & Machine Co. class B, no par
$100 lot
2,000 Home Foundation Holding Corp.. prof., Par $50
575 lot
$11.400 certificate of Indebtedness of Broadway-Glen Corp.. Int. 6%
011 & min, royalties of certain properties in States of Oklahoma and Texas-3300 lot
$125 lot
360 Bankers Commercial Security Corp.. common, par $25
$11 lot
100 Psychology Magazine Publishing Co.. pref.; 400 common
$12 lot
220 Progressive Merchants Co., Inc., common, par $25
NO lot
22,850 Copper Plate Sheet & Tube Co.. Par $1
$41 lot
499 Boonton Rubber Manufacturing Co., common, par $50
$10 lot
125 The Nitro Powder Co. par $100
100 Alierton Co. of Chicago. pref., par $100; 100 class "B" pref.. Par 3100____s6 lot
15
645 Interstate Co., Prof., par 5100
3
1,300 Interstate Co., corn., par 5100; 471 corn., no par
500 National Parking Garages, Inc., pref. series"A," par $100;625 claas "A,"
$16 lot
no Par
$35 lot
100 Brooklyn-Lafayette Corp. class "A," no par
$3 lot
30 National Hotel Co., corn., no par
55 lot
Hotel Co. pref., par $100; 2 common, no par
10 Beacon
$10 lot
110 SS. Minnesota, Inc., coin., par $100; 10 preferred, par $100
$11 06
Hydro Blix Corp., no par
10
4341
Shares. Stocks.
8 Per 814
225 Pittsburgh Hotels Corp. prior pref., par 1100; 225 corn., no par
$30 lot
63,232 City Utilities Co. common, no Dar
$100 lot
500 Temple Scott, Inc., pref., no Par
$100 lot
200 Gibson Mon-Auto Co., no par
$1 lot
500 Amalgamated Tire Stores Corp., no par
$1 108
500 National Tin Corp., par 50 cents
$4 lot
500 Anglo American Commercial Corp., no par
$6 lot
$24,000 participating abs., representing $500,000 int. In mtge, on premised
461 Eighth Ave., New York, N. Y., made by Printers Crafts Realty
Corp. to New York Investors, Inc
$70 lot
$35,000 participating abs.. representing $500,000 int. in mtge. on premises
461 Eighth Ave., New York, N. Y., made by Printers Crafts Realty
Corp. to New York Investors, Inc
$70 lot
312 Alexander Hamilton Institute, com., no par
$125 lot
2,639 Garner Print Works & Bleachery, coin., no par
$100 lot
400 Bowman Biltmore Hotels Corp., 1st pref., par 5100
5205 lot
250 Corporation Securities Co. of Chicago, cora., no par
54 lot
200 Smith Mills class "A" common, no par
$20 lot
3134 American Timber Holding Co. prof., par $100
$20 lot
1834 American Timber Holding Co. com., par $100
$7 lot
10 Academy Realty Co., par 15100
511 lot
5 American Social Registry, Inc., pref.. par 5100
$6 lot
5 Carlton Publishing Corp., pref., par 3100
34 lot
480 San Agustin Sugar Co., par 100 pesos
$20 lot
60 Eden Washer Corp. 8% cum. pref., par 5100
$3 lot
200 Empire Corp. $3 cum. pref., no par; 200 com., no par; option warrant
$85 lot
to purchase 200 abs. common, no par
800 American Machine & Metals v. t. c., no par
$605 lot
299 Helss Hotel 7% cum. pref., par 5100; 149 common, no Par
$30 lot
100 Marion Steam Shovel Co. pref., par 5100
6
$25101
2,130 R. Hoe Sr Co. class "A" ctf. of dep., no par
60 Samuel Jackson's Sons, Inc., class "B" corn. v. t. 0.; 60 57 div. cum. pref340 lot
$20 lot
200 Intercontinent Gas Corp. class "B" com
$4 lot
200 Stanley Automotive Products, Inc., corn., no Dar
Per Cent.
Bonds.
58.000 notes of Intermediary Finance Corp.; 539,529.10 notes of Wilbur Lee
Carter and mtge.; $8,916.65 notes of White Beach Fruit Co. and C. 0.
$100 lot
Teate and mtge
$82,170 draft made by Wasey, Miller Beach Co., London, England, dated
$75 lot
Nov. 15 1932
24 sundry demand notes of The Master Woodworker Mfg. Co., Detroit.
$10 lot
Mich., aggregating approximately $21,892
$2,000 Kansas City Clay County & St. Joseph Ky. Co. 5% gold bonds,
$21 lot
dated Sept. 1 1911
$25 lot
$11,000 demand notes made by National Sound Systems. Inc.
$85 lot
$6,115.82 note of Vendex, Inc., due March 15 1933; without interest
$25 lot
$10,000 certificate of interest in Boca Raton Syndicate
.
$4,000 U. S. of Brazil 634% ext. s.f gold bonds of 1927, due Oct. 15 1957.- 1534%
18%
-year 6% s. f. bonds, due May 1 1947
$3,000 Holland America Line 25
1314%
$5,000 Mortgage Bank of Chili 634% a. f. gold bonds, due June 30 1961
434%
$10,000 Republic of Chile By. ref. 6% bonds, due Jan. 1 1961
434%
55.000 Republic of Chile 6% ext. s. 1. gold bonds, due Sept. 1 1961
.
$5,000 State of Pernambuco 7% ext. secured s.f gold bonds, due March 1947 514%
714%
$5,000 Republic of Peru 7% 8. f. gold bonds. due Sept. 1 1959
$5,000 State of Rio Grande do Sul (Cl. S. of Brazil) 6% ext. a. 1. gold bonds,
714%
due June 1 1968
$25 lot
$5,000 Placid Hotel Corp. 8% gold debs., due Oct. 15 1930
$1,050 lot
$25,000 Greendale Products Co., 6s, due July 1 1957
$200 lot
$5.100 Greendale Products Co.,6s, due July 1 1957
$36 lot
$33,000 Fort Smith & Western RR. Co., 4s. ctf. of dep., registered
$105,000 6% promissory notes of Robert Burns Realty Corp. with accrued
$2,500 lot
interest
20
$60.000 Beard's Erie Basin, Inc., 6s, due March 15 1978
$10,000 Drainage District No. 17, 65 gold funding, County of Mississippi,
$625 lot
State of Arkansas, due Aug. 1 1933
8450 lot
$20.000 Anglo Chilean Cons. Nitrate Corp., 78, due Nov. 1 1945
$10,000 United States of Brazil, 20-yr. ext. gold loans 8s, due June 1 1941_ .51,700108
$1,200 United States of Brazil, 58 20-yr. funding bonds of 1931, due Oct. 1 1951 31
$103.803.99 interest in particIpation certificate in the Mid-City Bldg. Synd-38 lot
$25,000 Broadway Temple Building Corp.. 2d mtge. 58 gold, registered,
546 lot
due Jan. 1 1975
$335 lot
$21,720 City of Temple Terrace, Fla., 68, due May 31 1929
$4 lot
by D. E. McAvoY
$13,387.50 notes made
$10 lot
$15.000 note of P. J. White, dated Oct. 7 1927
-Kansas
-Zinc Corp., sinking fund debenture gold bonds---35 lot
$2,500 Missouri
$7 lot
$3,000 Participation J. 'T. Kent II Syndicate
$260 lot
$13,000 Crown Majestic Piece Dyeing Co., due 1937 to 1938
$250 lot
75, ctf. of dep., dated July 1 1925
$3.500 Merchants Impt. Assoc.
$3,000 Anglo-Chilean Consol. Nitrate Corp.7% deb. bonds, due Nov. 1 1945370 lot
$1,000 Southern Pac. Co., San Francisco Terminal, 1st mtge. reg. 4%, due
7234
April 1 1950
By R. L. Day & Co., Boston:
$ Per Sh.
Shares, Stocks.
3034
350 First National Bank, Boston, par $20
8534
22 Second National Bank. Boston, par $25
750
750 Atlantic National Bank, Boston, par $10
230
100 General Cotton Corp., common
25
20 Charlton Mills, par $100
4
88 Associated Textile Companies, preferred
2
198 Berkshire Fine Spinning Associates, common
6
71 Berkshire Fine Spinning Associates, preferred. par $100
934
60 East Braintree Bleachery & Dye Works, preferred, par $100
12
20 Farr:Alpaca Co., par $100
600
120 General Cotton Corp., common
50 Androscoggin & Kennebec Ry.Co.,ctf. of beneficial int. in 2d pref..par $10032 lot
$2 lot
160 Mexican Northern RR.. Par $100
35
100 Springfield Railways, 4% preferred, par $100
$30106
15 White River Road, Inc., par UN
18
8 Brockton Gas Light Co., v.t.c., par $25
48 National Leather Co., common, par $10; 10 Boston & Worcester Electric
$3 lot
Cos., preferred
$1 lot
30 The Kidder Peabody Acceptance Corp., 2d preferred, par $100
$10 lot
100 King Pneumatic Tool,8% preferred, par $100
500
4,220 Merritt Chapman & Scott Corp., common
2614
194 Montreal Light, Heat & Power Consolidated, common
1334
888 National Breweries, Ltd., common
$350 New England Southern Corp., 58, Dec. 1933, with coupon script; 5 prior
$30 lot
preferred
$3 lot
40 Detroit Harbor Terminals, Inc., preference; 14 common
3
2,000 Brown Co.,6% preferred, par $100
500
868 American Founders Corp., common
71(
50 Saco Lowell Shops, 1st preferred, par $100
75c to 800
30 Saco Lowell Shops, common, par $100
1
125 United Founders Corp.. common
2
400 Technicolor Incorporated
$5 lot
80 Mead-Morrison Manufacturing Co., par $100
81101
20 National Electric Power Co., class A
115108
50 Kidder Peabody Acceptance, 2d preferred, par $100
212 80-160 Wickwire Spencer Steel Co., common trust ctf, and ctf. dep..
$7 lot
-year 7s, class A ctf. deposit
par $100; 8500 5
100 Standard Crayon Mfg. Co., 26 preferred, par $100; 4 1st preferred, Dar
$5 lot
UM; 61 common
5 First National Bank, Revere, par $100; 25 Kreuger & Toll, American ctfs $4 lot
5 Hotel Kimball, preferred, par $100; 15 Bowman & Biltmore Hotels Co.,
1st preferred, par $100; 60 Bowman & Biltmore Hotels Co., 26 preferred;
$50 lot
100 common
5 Ridgeway Construction Co., preferred, par $100; 25 Converse Rubber Co.,
preferred, par 833; 25 Converse Rubber Co., common; $500 University
$5 lot
Club Badminton Associations, Inc., debenture, series B
5,000 Flintkote Co common class A
500
17,500 Atlantic Coast Fisheries Co., common
10 & Int.
SO A. S. Campbell Co., preferred, par $100; 160 common
750.
1,000 Greenland Fur Farms Co
$25 lot
400 Thermatonio Corp., pref., par $100; 600 common
460 Business Buildings Inc., pref. ownership shs., par $100; 153 common
$2 lot
Ownership shares
15 4
60 Suffolk Real Estate Trust. par $100
500.
150 Consolidated Chain Stores Corp., prof., Par 3100
5044
100 Consolidated Chain Stores Corp., pref.. Par $100
$5 lot
100 Hoyt Shoe Corp., 2d pref., par $100
10 Rockland & Rockport Lime Co., 1st pref., par $100; $1,000 Punta Alegre
$5 lot
Sugar Co. Is, 1937. ctf. of dep
4342
Financial Chronicle
Shares. Stocks.
$ per Sh.
1,000 Louisiana Electric Co., par $50
54.40 lot
13,000 Eastern Texas Electric Co.(Texas), par $100
31,000 lot
5,000 Rio Grande Valley Traction Co., Dar $100; 6160.371.47 6% demand
notes payable to the order of El Paso Electric Co. (Del.): $41.500 accounts
payable, open account, to El Paso Electric Co. (Del.)
$2,350 lot
45 R. B. C. Fund, Inc., par $100
45
$5,000 Chicago Aurora & Elgin Corp. deb. 68, 1972, coupon Jan. 1925 & sub.
on; 157 General Silk Corp. 1st pref., par $100
510 lot
100 Beacon Participations, Inc.. pref. A; 15 Androscoggin & Kennebec RY.
pref., par $100; 25 Androscoggin & Kennebec Ky. 24 prof., Par $100; 100
Corporation Securities Co. of Chicago
$125 lot
00 Great Northern Paper Co., par $25
13
75 North & South American Corp
50
135 Galveston-Houston Electric Co., pref.. Par $100: 100 Wm,Dar
$4 lot
$100
40 Northern Texas Electric Co., pref., par $100
$1101
Copley10
Square Trust v. t. c., par 3100
510 lot
200 Midland United cony. pref.; 200 Midland United Warrants; 300 National
Electric Power Co., pref., par $100; 300 American Community Power
Co. 6% pref
$25 lot
10 Central Public Service 4 cum. pref
134
40 Western Insurance Securities, class A
2
50 Lawyers Mortgage & Invest. Corp., common, Dar $20
634
25 National Public Service common A;5 Flash Radio Corp.common:50 Texas
Louisiana Power Co.7% cum. pref., par $100; 15 Nat. Elec. Power6% pref.,
Par 5100: 10 Nat. Elec. Power 7% pref., par 5100; 50 General Water Works
& Electric $7 pref.; 50 American Community Power $6 pref.: 50 Electric
Public Service Co.7% pref. par $100
$30 lot
100 Thomas G. Plant Corp. 1st pref., par 5100
25c.
304 World Radio Corp. common
1
500 Beecher Falls Co., Inc., A
$2 lot
300 units Atlantic Midland Corp. allot. ctfs.; 200 common
$1 lot
27 Boston Insurance Co., ex-div., par $100
310
25 Quincy Market Cold Storage & Warehouse Co., pref.. par $100
634
22 Dewey & Almy Chemical Co., pref., par $100; 20 corn.; 180 corn. A
$100 lot
766 Dewey & Almy Chem. Co. coin. class A; 50 corn.; 125 pref., par $100;
132 Preferred A, par $100
$300 lot
600 Buckeye Copper Co., par $10
$1 lot
210 5-40 Paramount Pune Corp., par $10
750.
500 International Match Corp, pref.. Par $35
100.
240 Alaska Pacific Salmon Corp., pref. A
520 lot
10 Detroit Harbor Terminals, Inc., common
$2 lot
360 American Capital Corp., corn. B: 600 Pacific Southern Investors, Inc.,
common B
$1 lot
300 J. R. Whipple Corp. common
$10 lot
$8,400 Fort Wayne-Lima RR. Co. 5a, Jan. 1957, coupon July 1931 & sub. on:
196 Fort Wayne-Lima RR. Co. common v. t.0
$50 lot
100 St. Croix Paper Co.. common, par 3100
35
100 Rockland Light & Power Co. common v. t. 0., par $10
1034
23 Chilton Pen Co
200.
50 Massachusetts Bonding & Insurance Co., par $25
15
50 United Royalties Co., Inc
$1 lot
25 Northwest Louisiana Gas Co. 7% pref., par 5100
250.
25 International Match Corp. participating preferred, par $35
$1 lot
1,000 E. H. Rollins dr Sons 634% prof., Par $100; 25057 pref., par $100
$10 lot
50 units Bush Service Co
500,
20 Duluth Superior Trac. Co., pref., par $10: $250 St. Louis-San Fran. 45,
1950. ctf. of deposit
32 lot
407 Massachusetts Power & Light Associates 32 preferred
20-2034
143 Massachusetts Power & Light Assoc. common, ex-warrants
134
1,662 'remount Dredging Co., class A
1
1,88134 'remount Dredging Co., class B
510 lot
580 'rrimount Dredging Co., class B trust otts
$10 lot
1,500 New England Creamery Products common trust abr.; 390 capital stock;
1,568 common
$30 lot
100 Fox Theatre Corp., class A
$3.50 lot
100 General Capital Corp. common
9
350 Industrial Development Corp. common, par $1
500.
25 Seaboard Etre & Marine Insurance Co., par 510
1
50 Hooker Electro-Chernical Co., pref., par 3100
15
50 Hooker Electro-Chemlcal Co. common, par $100
1134
35 J. R. Whipple Corp.. 1st preferred, par 5100: 54 common
$20 lot
216 Botolph Trust Co
500
24 Inter Urban Estate, par $10
al. lot
50 Copley Square Trust, common, par $100; 25 Emerson Brantingham, class A,
Dar $10
$6101
Bonds.
Per Cent.
$1.000 Hoosac Valley Limes,6s
$IO flat
$10,000 Southern Minnesota Joint Stock Land Bank 5s. Nov. 1952, coupon
May 1932 and sub. on
1234% flat
$9.000 Fort Wayne-Lima Rd. Co..88, Jan. 1951. coupon July 1931 & sub. on_SIO lot
55.000 Dallas Joint Stock Land Bank 5s. Oct. 1963
37 & Int.
$2.000 Park Ave. Building 6s, Oct. 11941. att. of deposit
4 flat
S3.000 Hotel Pierre 6.4s, April 1949, ctf. of deposit
2 flat
$2,000 The Gibson Apartment Bldg. 135, Sept. 23 1934, elf. of deposit
8 flat
32.000 Alton Court Apartment Building 6s, July 1932-33, ctf, of dep
5 flat
82.000 Harbor Trust Inc. 6s, July 1932, ctf. of dep
8 flat
52.000 Lexington Hotel Corp. 6s, May 1932 .ctf. of deposit
8 flat
52.000 Abitibi Power & Paper 1st 5s. 1953
12 flat
S2.000 Van Sweringen Co. 1st 68. 1938
7 flat
$1.000 Minnesota & Ontario Paper Co. lot 68. 1950
7 flat
S5.000 Norfolk & Southern RR. 1st 55, 1961
3 flat
35.000 Georgia & Alabama Terminal 1st 55, 1948
5 flat
53.000 City of Miami Improvement 5s, March 1933
2
834
82.500 Y. D. Service Garage Worcester, Inc., 75, July 1960, OM of dep
$5 lot
35.400 Hotel Charles 530. Sept. 1953
$325 lot
$10,000 Atlantic Fruit & Sugar 88. 1949
$150 lot
$15.000 Imperial Russian Govt. 3-yr. credit 634s. June 18 1919. ctf. dep. -3200 lot
2.000.000 Imperial Russian Government rents 49. dated 1894
1 per 1,000
$28.000 Hotel Charles 533s. Sept. 1953; demand note for $1,725.94 on which
$25 has been paid
$3 lot
Mortgage note for $20,000. dated May 3 1926 for 3 years at 6% per annum.
interest paid to May 3 1930
$2.000 lot
Promissory note for $33.475. due March 5 1933 bearing Int. at 6%- -$20.000 lot
Demand note for 325,000. dated Jan.7 1926 with Interest at 4%
$250 lot
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
33 Central-Penn National Bank, par $10
5 First National Bank of Philadelphia. par $100
12 Philadelphia National Bank, par $20
10 Chase National Bank, New York. par S20
30 Corn Exchange National Bank & Trust Co., par $20
20 Bank of Philadelphia dr Trust Co., par $10
30 Bank of Phliadeiphla & Trust Co.. par $10
20 Union Bank & Trust Co., par $100
200 Southwark Title & Trust Co., par 310
125 Plaza Trust Co., par SIO
10 Girard Trust Co., par 510
35 Real F.state-Land Title & Trust Co.. par $10
10 Counties Title & Trust Co., Ardmore. Pa
200 Weisbach Co., common, par $100
25 Samuel Jackson's Sons, Inc., pref., no par; 25"B"corn., v.1 o
1.000 Copperfleld Mining Co., par $1
10 Residuum Reclamation Corp. v. t. c., no par
30 John B. Stetson Co., common, no par
25 Reliance Insurance Co.. par $10
1 Second & Third Streets Passenger as'. Co., par $50
6 Little Schuylkill Navlzation, Railroad & Coal Co.. par $50
4 MInehill ds Schuylkill Haven RR Co., par $50
10 Philadelphia Rapid Transit Co., pref.. par $50
20 East Pennsylvania RR. Co.. par 550
101 Consolidated Battery Co.. common. par $100
60 Grubnau Chemical Co.. pref.. oar $100
50 Alfred .1. Major, Inc.. common. no par: 50 preferred, par $100
50 Tri-Utilltles Corp., common, no par
17934 Evergreen Farms Restaurant Co., par $100
310 Glen Logan Corp., no par
10 Wilrath, Inc.. preferred, par 3100
10 Wilrath, Inc., common, par $1
50 Washington Investment Co.. par 3100
5 Community Hotel Corp., Camden. N.J., common, par moo
10 Community Hotel Corp.. Camden. N.J., pref.. car $100
50 Beacon Hotel Co., pref., par $100
10 Beacon Hotel Co., common, no par
$ Per Sh,
2834
281
65
3551
4034
35 lot
$8 lot
$1 lot
$5 lot
31 lot
80
9
$1101
$7 lot
850 lot
$4 lot
2
934
534
80
3436
4234
6q
5534
$10 lot
Sa lot
115 lot
$5 lot
$6101
$30 lot
$5 lot
115 lot
$12 lot
35 lot
3100 lot
$5 lot
$5 lot
Dec. 24 1932
Shares. Stocks.
$ Per 85.
394 Orlando Land & Development Co., par $100
525 lot
49 Orlando Land & Development Co., Par $100
$5 lot
1,500 Bidgood Consolidated Mines, Ltd., par $1
c12 lot
10 Rockhill Coal & Iron Co.. pref., certificate of deposit
7 lot
150 International Match Co., pret., certificate of deposit
$20 lot
850 Everett Saxton Co., par $100
$12 lot
160 Delaware Co. National Bank, Chester, Pa
1234
28 Lansdowne & Darby Saving Fund & Trust Co
$1 lot
42 Louisville Properties Co
50o.
10 Hotel Barbizon, Inc., common v. 1. o
25
5 Ocean Front Hotel Corp
$10 lot
100 Tunnel Machine Mfg. & Engineering Co., pref.: 100 corn
$1 lot
70 Mitten Bank Securities Corp., pref
,d
20 Bank of the United States, New York
41 lot
Bonds.
Per Cent.
$5.000 Aldine Building Corp..6%, dated Jan. 15 1929; ctf. of deposit
$25 lot
$1.000 Rittenhouse Square Corp., 6%, due 1946
$3 lot
510,000 Rittenhouse Sq. Corp., Inc.. 6s: $2,000 Lu Lu Temple Country
Club 68, 1941: $5,000 Manufacturers Club of Phila. 6s, 1940: 8500 Wildwood Gold Club 6s, 1937; 57 shs. Island Development Co.; 25 alas. Mason
Publishing House prof
$110 lot
$1,000 Manufacturers' Country Club 6s, 1944
$10 lot
5250 Manufacturers' Country Club. proprietary certificate
$2 lot
$250 Manufacturers' Country Club, proprietary certificate
$2 lot
$250 Manufacturers' Country Club, proprietary certificate
$2 lot
By A. J. Wright & Co., Buffalo:
Shares.
Stocks.
50 Southern Stores Corp. class B. no par value
50 Southern Stores Corp. 7% cumulative preferred, par $100
10 Zenda Gold Mines, par 51
$ per Share.
50e. lot
85o.lot
150.
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam).
Elmira & Williamsport, pref. (s.
-a.)-___
Hudson & Manhattan, pref. (s.
-a.)
Kansas City Southern, pref. (guar.) ---Philadelphia dr Trenton (quer.)
Reading Co.. common (guar.)
Richmond Fred. & Potomac (s.-a.).......
Dividend obligation (8.-a.)
$1.61 Jan. 3
$234 Feb. 15
506. Jan. 16
$234 Jan. 10
250. Feb. 9
Dec. 31
$2
Dec. 31
82
Holders of rec. Dec. 20
Holders of rec. Feb. 1
Holders of rec. Dec. 31
Holders of rec. Jan. 1
Holders of rec. Jan. 12
Holders of roe. Dec. 19
Holders of rec. Dec. 19
Public Utilities.
WI Feb. 2 Holders of roe. Jan. 15
British Columbia Tel. Co.(guar.)
6% preferred (guar-)
134 Jan. 3 Holders of roe. Dee, 15
Brooklyn-Manhattan Transit Corp.
Preferred series A (quer.)
134 Jan. 16 Holders of rec. Dec. 31
Carolina Tel. & Tel. Co.(guar.)
$234 Dec. 31 Holders of roe. Dee. 24
Consolidated Gas Co. of New York
$134 Feb. 1 Holders of reo. Dee. 80
Preferred (guar.)
Congo!. Traction Co. of N. J. (s.
Jan. 16 Holders of rec. Dec. 31
-a.)..... 32
Elizabethtown Consolidated Gas Co.-. $1
Jan. 3 Holders of rec. Dee. 28
Hartford Gas (GIULIO
758. Dec. 31 Holders of rec. Dec. 16
500. Dec. 31 Holders of rec. Dec. 16
Preferred (quer./
Haverhill Gas Light (guar.)
570. Jan. 3 Holders of rec. Dec. 22
Illinois Traction Co.,6% pref. (guar.)._
134 Jan. 2 Holders of rec. Dec. 20
Iowa Public Service Co.
$134 Jan. 3 Holders of reo. Dec. 20
$7 1st & 2d pref.(guar.)
3634 1st preferred (guar.)
it% Jan. 3 Holders of rec. Dee. 20
3134 Jan. 3 Holders of rec. Dec. 20
$6 1st preferred (guar.)
Kentucky Utilities, 6% pref. (guar.)... $134 Jan. 14 Holders of rec. Dec. 27
Louisville Gas & Electric Co.(KY 3151 Jan. 14 Holders of rec. Dec. 31
7% cum. preferred (guar.)
134 Jan. 14 Holders of roe. Dee. 31
6% cum. preferred (quer.)
5% cum. preferred (guar.)
134 Jan. 14 Holders of rec. Dec. 31
Massachusetts Utility Assn., pref.(guar.) 62340. Jan. 16 Holders of rec. Dec. 31
Milwaukee Gag Light Co., 7% in.(
OIL)
750- Mar- 1 Holders of rec. Feb. 26
Montreal Light. Heat & Power Consol.
38e. Jan. 31 Holders of rec. Dec. 31
Common (guar.)
Montreal Telegraph Co. (guar.)
x800. Jan. 16 Holders of rec. Deo. 31
Municipal Gas (Tex.). Pref. (quar.)
131 Jan. 1 Holders of rec. Dec. 15
Natural Fuel Gas (guar.)
250. Jan. 16 Holders of rec. Dec. 31
New Brunswick Tel. (guar.)
130. Jan. 15 Holders of rec. Dec. 31
New Orleans Public Service, Inc.
5154 Jan. 3 Holders of roe. Dec. 19
Preferred (guar.)
New York Mutual Telegraph (3.-a.)---750
.3ae• 3 Holders of rec. Dec. 31
Northern N. Y. Utilities, Inc., pf. (qu.) 5154 Feb. 1 Holders of rec. Jan. 14
Pacific Lighting Corp. $6 pref. (guar.)._ $134 Jan. 16 Holders of tee. Deo. 31
Panama Power & Light 7% pref.(quar.) 134 Jan, 3 Holders of rec. Dec. 17
Peoples Natural Gas 5% pref.(guar.)... 6254c Jan. 2 Holders of roe. Dec. 15
Plainfield Union Water (guar.)
8134 Jan. 3 Holders of roe. Jan. 3
Power Corp. of Canada. Ltd.
134 Jan. 16 Holders of roe. Dec. 31
8% cum. pref. (guar.)
6% non-cum. participating pref. (Us.) 134 Jan. 16 Holders of reo. Dec. 31
Southern Canada Power Co., Ltd.
Common (guar.)
25c. Feb. 15 Holders of rec. Jan. 31
Southern Indiana Gas az Electric Co.
7% preferred (quer.)
134 Jan. 1 Hoidens of rec. Dec. 21
8% preferred (guar.)
134 Jan. 1 Holders of roe. Dee. 21
6.0% preferred (guar.)
1.65 Jan. 1 Holders of rec. Dec. 21
6% preferred (semi-annual)
3
Jan. 1 Holders of roe. Dec. 21
Telautograph Corp. cap. stook (guar.)._
250. Feb. 1 Holders of rec. Jan. 14
Twin States Gas & El. 7% pref.(guar.). 134 Jan. 2 Holders of reo. Dec. 15
United Gas & Electric Corp.(Conn.)._ $1
Dee. 30 'folders at rec. Dec. 22
United Gas & El. Corp.(N.J.)com.(qu.) $1
Deo. 30 Holders of roe. Dee. 22
5% preferred (semi-ann.)
234 Jan. 15 Holders of rec. Deo. 31
United Gas az El. Co.(N.J.),5%pt.(s.-a) 234 Jan. 15 Holders of rec. Dec. 31
United Gas P. S.. $6 pref. (guar.)._ 3134 Jan. 3 Holders of rec. Dec. 17
United P.& L. Corp.(Kan.),7%Pf.(gu.) 134 Jan, 2 Holders of rec. Dec. 15
Western United Gas & Electric
634% preferred (guar.)
134 Jan. 2 Holders of roe. Dee. 17
6% preferred (guar.)
134 Jan. 2 Holders of roe. Dec. 17
Fire Insurance.
BirmIngharn Flre Insurance of Pa
Dec. 24
$3
Buffalo Ins. Co. (N. Y.) (quer.)
Dec. 31
$3
Continental Ins. Co., cap. stock (s.
60c. Jan. 10
-a.).
Federal Insurance (seml-ann.)
Jan. 3
51
Fldelity-Phenix Fire Ins. (s.-a )
800. Jan. 10
National Fire Ins. Co. (Hartford) (au.).
50c. Jan. 3
Providence Washington Insurance Co___
200. Dec. 28
Title Ins. Co. of Minn. (11.-a.)
50e. Jan. 1
Holders of reo. Deo. 14
Holders of rec. Dec. 20
Holders of roe. Dec. 30
Holders of rec. Dec. 21
Holders of rec. Dec. 30
Holders of roe. Dee. 22
Holders of ice. Dec. 19
Holders of rec. Dec. 19
Banks and Trust Companies.
Empire Trust Co.. capital stock (guar.).
400. Jan.
Morris Plan Bank (New York)(guar.)._
30o. Jan.
New York Trust Co.,capital stook (qu.). 5
Jan.
South Shore Bank (Staten Island( (s.
Jan.
-a.) 32
Title Guarantee & Trust Co.(guar.).800. Jan.
Holders of rec. Dec. 23
Holders of roe. Dec. 20
Holders of rec. Deo. 244
Holders of roe. Dec. 23
Holders of rot Dee. 23
3
2
3
1
3
Miscellaneous.
Aetna Casualty & Surety Co.(guar.).400. Jan. 3
20o. Jan, 3
Extra
150. Feb. I
Alaska Juneau Gold Mining (quar.)
Jan. 3
American Hard Rubber pref.(quar.)
32
350. Feb. I
American Home Products (monthly)._
250. Jan. 16
American News Co., corn. (bi-monthly)
$134 Jan. 2
American ()salad Co. pref. (guar-)
American Thermos Bottle 7% pt. (au.). 87340 Jan. 1
Holders of roe. Dec. 17
Holders of rec. Dec. 17
Holders of rec. Jan. 10
Holders of roe. Dec. 19
Holders of roe. Jan. 14
Holders of roe. Jan. 6
Holders of roe. Dec. 20
Name of Company.
4343
Financial Chronicle
Volume 135
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cont. Payable.
Books Cased.
Days Inclusive.
Miscellaneous (Concluded).
Miscellaneous (Continued).
3134 Feb. 1 Holders of rec. Dec. 31
Philadelphia Bourse. prof.(annual)
250. Jan. 15 Holders of rec. Jan. 5
Anglo-National Corp.(guar.)
Philadelphia Dairy Prod. Corp. pf.(gu.) $14 Jan. 2 Holders of rec. Dec. 23
134 Dec. 31 Holders of rec. Dec. 24
Anglo-Norwegian Holding, Ltd.. pref..
50c. Jan. 10 Holders of rec. Dec. 31
Polygraphic Co.of Amer.. Inc.(guar.)._
50. Dec. 20 Holders of rec. Dec. 20
Apex Electrical Mfg. Co. corn. (guar.).lbc. Jan. 16 Holders of rec. Dec. 31
-a.)
Premier Shares Inc. (s.
$134 Jan. 2 Holders of rec. Dec. 20
le spreferred (guar.)
14 Jan. 3 Holders of rec. Dec. 15
Provincial Paper Ltd. pref.(guar.)
8 Holders of rec. Dec. 23
50o. Jan.
Arundel Corp. common (guar.)
Jan. 15 Holders of rec. Dec. 31
2
(guar.)
Dec. 24
Railways Corp.
Atlas Thrift Plan corp..7% lil. (guar.). 17340. Jan. 2 Holders of rec. Dec. 31
25c. Jan. 10 Holders of rec. Dec. 30
Republic Stpg. & Enameling, corn. (au.)
Jan. 14 Holders of rec.
$1
Automobile Banking (semi-ann.)
15
Rice-Stix Dry Goods Co.1st & 2d pf.(gu) 314 Jan. 1 Holders of rec. Dec. 22
Dee. 31
Jan. 14 Holders of rec.
$4
Preferred (semi-ann.)
75c. Jan. 3 Holders of rec. Dec.
Richman Bros. Co. common (quar.)
8134 Jan. 15 Holders of rec. Dec. 31
Bayuk Cigars. Inc., 1st pref.(quar.)
Jan. 3 Holders of rec. Dec. 15
$1
Rumford Printing (guar.)
134 Feb. 1 Holders of rec. Jan. 15
Beatty Bros., Ltd..6% 1st prof
Jan. 3 Holders of rec. Dec. 29
$2
St. Louis National Stockyards (guar.)
334 Jan. 1 Holders of rec. Dec. 31
7% 2.5 preferred (3.-a.)
$114 Jan. 2 Holders of rec. Dec. 20
Sayers & Scovill(guar.)
750 Jan. 1 Holders of rec. Dee. 20
Belt RR.& Stockyards Co.(guar.)
$14 Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
rec. Dec. 20
750 Jan. 1 Holders of
Preferred (guar.)
131 Dec. 23 Holders of rec. Dec. 21
Schoenman (J.). Inc.. 7% pref.(guar.)._
Birmingham Electric Co.$7 pref.(guar.) $134 Jan. 3 Holders of rec. Dec. 23
114 Jan. 1 Holders of rec. Dee. 23
Shaffer Stores Co. pref. (guar.)
$14 Jan. 3 Holders of rec. Dec. 23
$6 preferred (guar.)
30c. Dec. 31 Holders of rec. Dec. 20
Sielotf Packing Co. common (quar.)
Bloomingdale Bros., Inc., pref.(guar.).- 3134 Feb. 1 Holders of rec. Jan. 20
25c. Jan. 16 Holders of rec. Dec. 30
Simms Petroleum Co.(quar.)
Brandjen & Kluge, Inc.,7% pref.(gu.)- 87340 Jan. 1 Holders of rec. Dec. 23
Sloan & Zook Prod. Co..7% pref. (gu.).. 134 Dec. 23 Holders of rec. Dec. 21
14 Jan. 2 Holders of rec. Dec. 15
Bristol Brass Corp., 7% pref. (guar.)._
25e. Dec. 23 Holders of rec. Dec. 21
Common (guar.)
British-American Tobacco Co., Ltd.
250 Jan. 3 Holders of rec. Dec. 20
S. M.A. Corp.(guar.)
Amer. dep. rots. ord. bearer (final).- re 8 d Jan. 23 Holders of rec. Dec. 23
$334 Jan. 2 Holders of rec. Dec. 15
-a;
Southeastern Exp. Co.(s.
Dec. 23
w10 d Jan. 23 Holders of rec.
Interim
750 Dec. 15 Holders of rec. Dec. 10
Southern Acid & Sulphur Co. corn.(qui
w 84 Jan. 23 Holders of rec. Dec. 23
Amer. dep. rots. ord. reg.(final)
-a.)- 334 Dec. 31 Holders of rec. Dec. 28
Southern Weaving Co..7% prof. (s.
w10 d Jan. 23 Holders of rec. Dec. 23
Interim
35c Dec. 31 Holders of rec. Dec. 28
Common (guar.)
200 Jan. 3 Holders of rec. Dec. 23
Broad St.Invest. Co., Inc.,cap.stk.(qu.)
50 Jan. 15 Holders of rec. Jan. 3
Southland Royalty Co.(guar.)
75c Jan. 3 Holders of rec. Dec. 22
Burco, Inc., preferred
75c Jan. 15 Holders of rec. Dec. 31
Spicer Mfg. Corp. pref. (guar.)
15
Jan. 1 Holders of rec. Dec.
$1
Burger Bros., pref. (guar.)
134 Jan. 1 Holders of rec. Dec. 15
Ltd..64% Pf.(gu.)
Standard Fuel
60c Jan. 3 Holders of rec. Dec. 16
Burt (F. N.) Co., prof. (guar.)
Dec. 24
Co.,
Standard National Corp., pref.(guar.).- 134 Jan. 3 Holders of rec. Dec. 19
$134 Jan. 15 Holders of rec. Dec. 31
Calaveras Cement, pref. (guar.)
50c Jan. 2 Holders of rec.
Standard Screw Co.common(guar.).Dec. 31 Holders of rec. Dec. 31
Cameron Machine, 8% pref. (guar.).- 2
Jan. 2 Holders of rec. Dec. 19
$3
Preferred (semi-ann.)
Canada Bud Breweries, Ltd., com.(qu.) 1250. Jan. 16 Holders of rec. Dec. 31
50c Jan. 16 Holders of rec. Dec. 31
State Street Investment (Boston) (gu.)250. Jan. 16 Holders of rec. Jan. 3
Canada Dry Ginger Ale, Inc
Dec. 19 Holders of rec. Doe. 1
$4
Travelers Insurance Co.(guar.)
Canadian Fairbanks Morse Co., Pt.0110 $134 Jan. 14 Holders of rec. Dec. 31
20
Tubize Chatillon Corp.7% prof.(qua?.). 154 Jan. 2 Holders of rec. Dec. 31
100. Jan. 2 Holders of rec. Dec. 15
Canadian General Investments, Ltd.(gu)
5114 Jan. 14 Holders of rec. Dec.
Ltd., pref.(Qu.)
Tuckett Tobacco Co.,
Canadian Industries, Ltd., A&B (guar.) 874c. Jan. 16 Holders of rec. Dec. 31
Jan. 1 Holders of rec. Dec. 29
Twin City Bldg.&L'n Assn.,A.B&C(s.-a) $2
134 Jan. 16 Holders of rec. Dec. 31
7% preferred (quar.)
500 Jan. 16 Holders of rec. Dec. 31
United Securities, Ltd., common (gu.)
14 Jan. 3 Holders of rec. Dec. 21
Carnation Co.„ 7% pref. (guar.)
70 Jan. 3 Holders of rec. Dec. 17
United States Banking Corp.(mnotbly)Dec. 31 Holders of rec. Dec. 20
Cassidys, Ltd., 7% preferred
31
Dee. 30 Holders of rec. Dec. 23
$4
United States Guarantee (guar.)
Chase Brass dr Copper, Prof. A (guar.).- $134 Dec. 31 Holders of rec. Dec. 20
Smelting Refg.& Mtn.Co.
United States
Cincinnati Adv. Prod. Co. (guar.)
500. Jan. 2 Holders of rec. Dec. 20
25o. Jan. 14 Holders of rec. Dec. 30
Common (guar.)
Cincinnati Union Stook Yards Co.
1
1/ Jan. 14 Holders of rec. Dec. 30
Preferred (guar.)
Common (guar.)
400 Dec. 31 Holders of rec. Dec. 24
del erred.
Viau Biscuit corp. pref.-Div. action
Citizens Wholesale supply Co.
10c. Jan. 3 Holders of rec. Dec. 20
West Va. Pulp & Paper Co.corn.(qtr.).7% preferred (guar.)
87340 Jan. 2 Holders of rec. Dec. 30
Dec. 31
Westinghouse Air Brake Co.cap.stk.(au) 25e Jan. 31 Holders of rec. Dec. 31
6% preferred (guar.)
750. Jan. 1 Holders of rec. Dec. 30
500. Jan. 14 Holders of rec.
Worthington Ball Co. class A (guar.)...
Connecticut Gas dr Coke Securities Co.
Common (guar.)
3 Holders of rec. Dec. 15
200. Jan.
$3 preferred (guar.)
75o. Jan. 3 Holders of rec. Dec. 15
Below we give the dividends announced in previous weeks
Courtaulds. Ltd.
Am. dep. rec. 5% pt. reg. (s.
-a.)...... zw234 Ian. 9 Holders of rec. Dec. 14
and not yet paid. This list does not include dividends anCudahy Packing Co., corn. (quar.).... 6240. Jan, 15 Holders of rec. Jan. 5
8740 )ec.i Holders of rec. Dec. 20
Deco Restaurant. pref. (quar.)
nounced this week, these being given in the preceding table.
Denver Union Stockyards (guar.)
75c. Dec. 31 Holders of rec. Dec. 20
15c Jan. 20 Holders of rec. Dec. 31
Devonian Oil Co. (guar.)
Books Closed
When
Per
10c. Jan. 20 Holders of rec. Dec. 31
Extra
Days Inclusive.
Cent. Payable.
Name of Company.
25c. Jan. 20 Holders of rec. Dec. 31
Dome Mines, Ltd., extra
100. Jan. 20 Holders of rec. Dec. 31
Extra
Railroads (Steam).
50e. Feb. 15 Holders of rec. Jan. 31
Dominion Bridge Co.. Ltd. (guar.).6
$134 Feb. 15 Holders of roe. Jan. 15
-a.)
Alabama Great Southern. pre/ (e.
Quarterly
50o. May 15 Holders of rec. Apr. 29
5415 Jan. 2 Holders of rec. Dee.
Albany & Susquehanna
Dominion Rubber Co., prof.(quar.)._.. sin Dec. 31 Holders of rec. Dec. 21
Jan. 7 Holders of rec. Dee. 15
$2
Special
Eastern Magnesia Talcum Co.,Inc.(gu.) 50c. Dec. 24 Holders of rec. Dec. 16
Jan. 1 Holders of rec. Dec. 20
13
-a.)
Allegheny & Western (a.
Eastern Steel Products, Ltd.,corn.(s.
-a.) -Div. omitted
Atchison Topeka dr Santa Fe, pref.(8.-a.) $214 Feb. 1 Holders of rec. Dec. 30
Preferred (guar.)
$134 Jan. 3 Holders of rec. Dec. 19
214 Jan. 1 Holders of rec. Dec. lo
Atlanta Birm. dr Coast, 5% pf. (s-a).__
Economical-Cann Drug Stores
234 Jan. 5
Augusta & Savannah RR. we)
6% preferred A (s.-a.)
Jan. 1 Holders of rec. Dec. 28
$3
25c. Jan. 5
Extra
Edmonton City Dairy,634% pref.(q.) 134 Jan. 2 Holders of rec. Dec. 15
$1.58 Jan. 2 Holders of rec. Dec. 26
Avon Geneseo & Mt. Morris (5.-a.)
Fanny Farmer Candy Shops, Ina.
50e. Jan. 1 Holders of roe. Nov. 300
Bangor & Aroostook, corn. (Qum.)
(quar.)
4 Holdres of rec. De0. 27
250 Jan.
Common
154 Jan. 1 Holders of rec. Nov. 30a
Preferred (guar.)
$114 Feb. 1 Holdres of rec. Jan. 16
Fibreboard Products, prof. (guar.)
500. Jan. 3 Holders of rec. Dec. 15
Beech Creek (guar.)
Finance & Trading Corp., 7% pref.(qu.) 131 Jan. 2 Holders of rec. Dec. 23
,
$211 Dee. 31 Holders of rec. Nov. 30a
Boston & Albany
Franklin Process Co. (guar.)
2.50 Jan. 3 Hoiders of rec. Dec. 23
8234 Jan. 1 Holders of rec. Dec. 20
Boston & Providence (quar.)
Fundamental Trust Shares, A
92-50.Dec. 31
Jan. 1 Holders of roe. Dec. 16
Burlington Cedar Rapids & Nor.(8.-a.).. $3
Dec. 31
B (s.-a.)
Series
30c
5114 Feb. 1 Holders of rec. Dec. 27
Canada Southern (semi-annual)
Garlock Packing Co., corn.(guar.)
10c Jan. 3 Holders of rec. Dec. 24
Jan. 10 Holders of rec. Dec. 31
Carolina Clinchfield & Ohio. corn. (11u.)- 31
General Stockyards Corp., corn. (guar.) 75c Feb. 1 Holders of rec. Jan. 16
$114 Jan. 10 Holders of rec. Doe. 31
Guaranteed certificates (guar.)
se cony. preferred (guar.)
$114 Feb. 1 Holders of rec. Jan. 16
$1.20 Jan. 1 Holders of rec. Deo. 20
Cayuga dr Susquehanna (8.-a.)
Gilmore Gas Plant No. 1 (monthly).20c Dec. 20 Holders of rec. Dec. 22
50c. Jan. 1 Holders of rec. Dee. 8
Chesapeake Corp.. common (quar.)
150 Dec. 30 Holders of rec. Dec. 21
Globe Underwriters Exchange, Inc
of rec. Dec. 13a
Chesapeake & Ohio Ry.common (guar.) 6240 Jan. 1 Holders of rec Dee 80
Holders of rec. Deo. 15
250 Jan.
Goderich Elevator & Transit Co., Ltd
314 Jan, 1 Holdei.
Preferred 5.-a.
300 Feb. 1 Holders of rec. Jan. 10
Gold Dust Corp., corn. (quay)
Feb. 1 Holders of rec. Jan. 28
Cincinnati Inter-Terml gtd. 1st pf.(s.-a.) $2
Gotham Silk Hosiery Co.. Inc.
Dec. 21
Cincinnati Union Term.5% pf. (Qu.)-- 114 Deo, 31 Holders of rec. Jan. 21
114 Feb. 1 Holders of rec. Jan. 12
7% preferred (guar.)
Jan. 31 Holder of rec.
Govt. Gold milling Areas Cons., Ltd.
Cleveland Cincln Chic & St. Louis (8.-a.) $5
114 Jan. 31 Holders of rec. Jan. 21
5% preferred (guar.)
Holders of rec. Dec. 30
00,45
Amer. dep. rec. reg. shares
51 Jan. 3 Holders of rec. Dec. 15
Dayton & Michigan, pref. (guar.)
Grief (L.) & Bros., Inc., 7% pref. (qu.)- 114 Jan. 1 Holders of rec. Dec. 21
Jan. 1 Holders of rec. Dec. 15
$1
Delaware RR. Co. (8.-a.)
3134 Jan. 18 Holders of rec. Dee. 31
Guarantee Co. of N. A.(guar.)
Jan, 5 Holders of rec. Dec. 191
-a.) $2
Detroit Hillsdale & South Western (e.
Extra
3234 Jan. 18 Holders of rec. Dee. 31
Dec. 31
Georgia RR.& Banking Co.(guar.).- $234 Jan. 15 Holders of rec. Dec. 12
Hannibal Bridge (guar.)
$2
Jan. 1 Holders of rec.
-a.).- 12
Central leased line Ms.(s.
Illinois
Hibbard. Spencer, Bartlett & Co.
Jan, 3 Holders of rec. Dec. 20
114
Joliet & Chicago (guar.)
Monthly
100. Jan. 27 Holders of Teo. Jan. 20
Jan. 3 Holders of rec. Dec. 9
Lacks RR. of N. J., 4% gtd.(quar.)-- $1
10c. Feb. 24 Holders of rec. Feb. 17
Monthly
Little Schuylkill Navigation RR. AL
Monthly
10o Mar.31 Holders of roe. Mar.24
$1.10 Jan. 16 Holders of rec. Dec. 16
Coal Co.(s.-a.)
100 Jan. 16 Holders of rec. Dec. 31
Howe Sound Co.(guar.)
$64 Feb. 1 Holders of rec. Jan. 16
MahonIng Coal RR.,corn.(guar.)
Hunt's, Ltd., al. A & B coin. (guar.).
- 250. Jan. 8 Holders of rec. Dee. 19
134 Jan. 3 Holders of rec. Dec. 23
-a.)
Preferred (s.
Ideal Cement Co., corn.(quay.)
250. Jan. 2 Holders of rec. Dee. 15
4Jan.31 Holders of rec. Jan. 21
$25
-a.)
Michigan Central (s.
$1
Insuranshares Corp. (Del.)
$14 Jan, 12 Holders of rec. Jan. 1
Mill creek & Mine 1E11 Nay.& RR.(s.-a)
Interallied Inv.. A (11.-a.)
35e. Jan. 15 Holders of rec. Jan. 9
1 Holders of rec. Jan. 14
,
1
Jan. 3 Holders of rec. Dec. 21
Intercolonial Coal Co
Mine Hill & Schuylkill Haven (5.-a.)-_-_ $15 Feb. 3 Holders of rec. Dec. 1
$1
Jan.
$2
Mobile & Birmingham pref. (8.-a.)
Jan. 3 Holders of rec. Dec. 21
Preferred (s.-a.)
54
Jan. 3 Holders of rec. Dec. 7
32.124
Morris & Essex
Interlake Steamship Co.. corn.(guar.)._
250. Dec. 28 Holders of rec. Dec. 20
Holders of rec. Dec. 20
Nashville & Decatur 714% gtd. (8.-a.)-- 93140 Jan. 1 Holders of rec. Dec. 15
380. Jan. 16 Holders of roe. Dec. 31
Invest. Found., Ltd.. pref. (guar.).3214 Jan, 2
New London & Northern (guar.)
Convertible preferred
12c. Jan. 18 Holders of rec. Dec. 31
Jan. 2 Holders of roe. Dec. 15
31
100. Dec. 23 Holders of rec. Dec. 20
Extra
IC W Battery (guar.)
16
of rec.
goyim co.. pref. (qua?.)
N. Y., Lack. & West., 0% gtd. (qu.)._ 14 Jan. 3 Holders of rec. Dec. 31
134 Jan. 1 Holders of rec. Dec. 20
Dec.
Jan, 15 Holders
82
-a.)
Northern Central (s.
Kelley Island Lime & Transport Co.
Jan. 2 Holders of rec. Dec. 14
$2
Norwich & Worcester, pref.(quer.)
Common (guar.)
250. Jan. 2 Holders of rec. Dec. 23
$114 Jan. 3 Holders of rec. Dec. 17,
Kidder Participations. Intr.Old Colony (guar.)
16
-a.). $134 Doe. 31 Holders os roe. Dec.
Preferred (guar.)
Philadelphia Ball.& Washington (s.
750. Jan. 16 Holders of rec. Dec. 20
10
Pittsbg Ft. Wayne & Chic.. coin.(IN.).- 14 Jan. 3 Holders of roe. Dec..10
No. 2 preferred (guar.)
500. Jan. 16 Holders of rec. Dec. 20
134 Jan. 3 Holders of roe Dec
Preferred (guar.)
500. Jan. 16 Holders of rec. Dec. 20
No. 3 preferred (guar.)
$11.1 Feb. 1 Holders of rec. Dec. 27
Lawyers Mortgage Co. cap. stock (BL). 20e. Dec. 3 Holders of rec. Deo. 21
Pittsburgh & Lake Erie (8.-a.)
14 Feb.
Fitts. McKeesport & YoughloghenY(a-a) 5111 Jan. 3 Holders of rec. Dec. 15
Lazarus(F.& R.)& Co.634% pref
Holders of rec. Jan. 20
$234 Jan. 3 Holders of rec. Dec. 14
Jan.
Providence & Worcester (guar.)
$1
Leader Filling Station. Prof. (quar.)
Holders of rec. Dec. 20
50e Jan. 12 Holders of rec. Dee. 22
750. Jan.
Reading Co. second pref. (guar.)
Lite Insurance Co.of Virginia (guar.).of rec. Dec. 23
Holders
Jan. 3 Holders of rec. Dec. 15
$4
Jan.
Long Island Safe Deposit Co.(s.-a.)
4
-a.)
Rensselaer d;Saratoga (a.
Holders of rec. Dec. 20
Shamokin Valley & Pottsville (8.-a.)__-_ $114 Feb. 1 Holders of rec. Jan. 15
Merch.Refrigerating Co.(N.Y.).pf.(OU ) 114 Feb.
Holders of rec. Jan. 23
$214 Jan. 1 Holders of rec. Dec. 1
-a.)
Common (guar.)
Southern RR.of Georgia (s.
250. Dec. 3 Holders of rec. Dec. 24
500 Jan. 3 Holders of rec. Dec. 24
Sussex RR.(s.-ao
Midland & Pao. Grain Corp.,7% pf.(qu.) 134 Jan.
Holders of rec. Dec. 24
$134 Jan. 8 Holders of rya. Dec. 3a
Minnesota Mining & Mfg. Co.(guar.).- 12340 Jan. 3 Holders of recs. Dec. 21
Union Pacific, common
United New Jersey RR.& Canal Co.(qu) 3234 Jan. 10 Holders of ree. Doc. 20
Mohawk Investment (Boston> (quar.)
30 % Jae. 16 Holders of rec. Dec. 31
1
8214 Jan. 1 Holders of rec. Dee. 29
Valley RR.of N. Y.(s.-a.)
Mollohon Mtg.. preferred (s.
$334 Jan. 2 Holders of rec. Dec. 19
-a.)
Jan. 3 Holders of rec. Dec. 20
$1
West Jersey & Seashore.semi-annual__ $134 Jan. 3 Holders of rec. Dee. 16
Montreal Finance Co., pref. (8.-a.)
14 Dec. 31 Holders of rec. Dec. 20
Moot Electric, pref. (guar.)
Public Utilities.
Moore Corp.. Ltd.,7% A & B pref.(au.) 0114 Jan. 3 Holders of rec. Dee. 16
Alabama Power Co.$7 pref.(quar.)-- 134 Jan. 2 Holders of rec. Dee. 113
Dec. 31 Holders of rec. Dec. 24
2
Motor Finance8% pref.(guar.)
11
$6 preferred (guar.)
$114 Jan. 2 Holders of roe. Dee. 14
National Cash Register Co.,corn. A(gu.) /20 Dec. 30 Holders of rec. Dec. 27
$114 Feb. 1 Holders of rec. Jan.
$5 preferred (guar.)
National Grocers, 2nd pref. (guar.)
134 Jan. 1 Holders of rec. Dec. 23
Holders of rec. Dec. LI
Jan. 16
American District Telep.(guar.)
11
Naumkeag Steam Cotton Co.(guar.).750 Jan. 3 Holders of rec. Dec. 23
Jan. 15 Holders of roe. Dee. I!
Amer. Dist. Teleg.(N.J.), corn.(Qu.)-- $1
New York Title & Mtge. Co. cap. stock -Div. °mitt° d.
of rec. Dec.11
Preferred (guar.)
Niagara Share Corp. of Md. al. B (dn.)...
$14 Jan. 15 Holders of rea Decellf
10c Jan. 16 Holders of rec. Dec. 23
American Elec. BeeUrS. Corp., f. (on.). 810 Dec. 31 Holders
Norwich Pharmaceutical Co.
250 Jan. 3 Holders of rec. Dec. 12
American Gas & Elec., corn. equar.)___
Jan. 1 Holders of rec. Dec. 20
51
Capital stook (guar.)
Dec.
Common (a. a.)
fl-So Jan. 3 BOOM of rec. Jan. 13
Jan. 1 Holders of rec. Dec. 20
Extra
$1
I
$134 Feb. • 1 Holders of rec.
$6 preferred (guar.)
$234 Jan. 1 Holders of rec. Dec. 31
Norema Chemical (s.
-a.)
American Power & Lt. Co..$8 pref.(qu.) 760 Jan. 3 Holders of rec. Dec. 11
40o Jan. 1 Holders of rec. Dec. 24
Ohio Was Paper (guar.)
3 Holders of rec. Dec. If
02110 Jan,
$5 preferred (quar.)
25c Jan. 18 Holders of rec. Dec. 30
Otis Elevator Co.common (guar.)
If
American Superpower, bat Prof. (guar.). 314- Jan. 2 Holders of rec. Dec. 20
$114 Jan. 16 Holders of rec. Dec. 30
Preferred (guar.)
$gyi Jan. 16 Holders of rec. Dec.
American Tel. & Tel. Co. (guar.)
500 Dee. 3 Holders of rec. Dec. 27
Pacific Commercial Co..common (qu.)
American Water Works & Elec. Co.. Inc.
Pacific Mutual Life Ina. Co. of Cal.(qu.) 50c Jan. 1 Holders of rec. Dec. 20
$114 Jan. 2 Holders of roe. Dee. I
Of Del.. $6 let preferred (guar.)
Peasiee-Gaulbert Prof. (quar.)
$114 Jan. 1 Holders of rec. Dec. 23
3 Holders of
.
Appalachllan Elec. Pow.57 pf.(quar.)___ 11H Jan. 'A 17nItImm ...f rec. Dec. I
750 Jan.
Pennsylvania Co. for Ins. (guar.)
Holders of rec. Dec. 15
1
rate Ilan
NI 1, Te••••
'
------- '-$2
Dec. 20 Holders of rec. Dec. 20 '
•
Pittsfield Coal Gas
4344
Financial Chronicle
Dec. 24 1932
Per
When
Books Closed.
Per
When
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Name of Company.
Cent. Payable.
Days inclusive.
Public Utilities (Continued).
Public Utilities (Continued).
Amer. Water Work & Elec.. corn. (qu )_
250. Feb. 1 Holders of roe.
Jersey Cent.Pow.&Lt.Corp.7% PL(qui
14 Jan. 1 Holders of roe. Dee. 10
Arkansas P.& Lt. Co.,$7 pref. ((Atari-- $14 Jan. 2 Holders of reo. Jan. 6
Dec. 15
6% preferred (quar.)
14 Jan. 1 Holders of rec. Dee. 10
$6 preferred (quar.)
$134 Jan. 2 Holders of tee. Dec. 16
534% preferred (aim.)
14 Jan. 1 Holders of roe. Dee. 10
Bangor Hydro-Electric, 7% pref. (qu.)
14 Jan. 1 Holders of rec. Dee. 10
Joplin Water Works,6% pref. (qual.)... 11.6 Jan. 16 Holders of rec. Jan. 2
8% preferred (quar.)
14 Jan. 1 Holders of rec. Dec. 10
Kansas City Power & Lt. Co.
Bell Telephone Co. of Can.(quar.)
14 Jan. 16 Holders of rec.
First pref. class B (guar.)
514 Jan. 1 Holders of rec. Doe. 14
Bell Tel. of Pa., 634% cum. pref. (quar.) 14 Jan. 14 Holders of roe. Dec. 23
Dec. 20
Kansas Elec. Pow.7% pref. (quar.)- -14 Jan. 2 Holders of rec. Dee. 15
Boston Elevated By. Co.(quar.)
$14 Jan. 2 Holders of rec. Dee. 10a
6% Preferred (quar.)
14 Jan. 2 Holders
Brazilian Trao., LIght & Power, Ltd.
Kansas Gas & Elec. Co.7% pf.(quar.).. 134 Jan. 3 Holders of rec. Dec. 15
Preferred (quar.)
of rec. Dec. 16
$14 Jan. 3 Holders of rec. Dee. 15
$6 preferred (quar.)
$13$ Jan. 3 Holders
Deo. 16
Bridgeport Gas Light Co. (guar.)
600. Dec. 31 Holders of reo. Dec. 16
Kansas Pow.& Lt. Co.7% pref.(quar.). 14 Jan. 2 Holders of rec. Dec. 14
Bridgeport Hydraulic Co.. corn. (quar.)
of rec.
40e. Jan. 15 Holders of roe. Dec. 31
6% preferred (qual.)
13$ Jan. I Holders of rec. Dec. 14
British Col. Pow. Corp., Ltd. ci A (qu.) _
t50c. Jan. 16 Holders of rec. Dec. 31
Keystone Public Service Co.
Brooklyn & Queens Transit Corp.
52.80 preferred (guar.)
70c. Jan. 3 Holders of rec. Dee. 15
Preferred (quar.)
$14 Jan. 3 Holders of rec. Dec. 15
Kings Cty. Lighting Co. B 7% pf.(qui14 Jan. 2 Holders of roe. Dec. 19
Brooklyn Union Gas Co.(quar.)
$14 Jan. 3 Holders of rec. Dee. la
t), 5% preferred (quar.)
14 Jan. 2 Holders of rec. Dec. 19
Buff. Niagara & East Pr. Corp., pf.(qu.)
40e. Jan. 2 Holders of roe. Dee. 15
Lone Star Gas Corp., corn.(quar.)
.116c. Dee, 31 Holders of ma. Dee. 15
d35 Ise preferred (quar.)
13$ Feb. 1 Holders of roe. Jan. 14
6% preferred (quar.)
13$ Dec. 31 Holders of rec. Deo. 15
Calgary Power Co., Ltd., corn. (quar.)
11$ Jan. 2 Holders of rec. Dec. 15
Long ford Leg. Co. ser. A 7% pf.(qu.)
14 Jan. 1 Holders of roe. Dee. 16
6% preferred (quar.)
14 Feb. 1 Holders of rec. Jan. 14
Series 13 6% preferred (quar.)
14 Jan. 1 Holders of rec. Bee. 16
Calif. Elec. & Generating,6% pf.(au)14 Jan. 1 Holders of rec. Dec. 5
Louisville Gas & El.. own. A & B (guar.) 4334e. Dec. 24 Holders
California Oregon Pow. Co..7% pt.(qu.) 14 Jan. 16 Holders of rec. Dec. 31
of roe. Nov.30
Manchester Gas Co.(quar.)
$2
Jan. 3 Holders of rec. Doe. 20
6% preferred (guar.)
13$ Jan. 16 Holders of rec. Dec. 31
Preferred (quar.)
$134 Jan. 3 Holders of rec. Dee. 20
Can. Nor. Pow. Corp., Ltd. Coln.(qu.)20e. Jan. 25 Holders of rec. Dec. 31
Marion Water Co.. pref. (quar.)
14 Jan. 2 Holders of rec. Doe. 20
7% Cum. preferred (quar.)
14 Jan. 16 Holders of rec. Dee. 31
Maritime Tel. & Tel. Co., Ltd.
Carolina Pow.& Lt. Co.*7 pf.((Nan)- - $1, Jan. 3 Holders of rec. Dec. 17
4
Common (qual.)
120c Jan. 1 Holders of rec. Doe. 15
$6 preferred (guar.)
5114 Jan. 3 Holders of rec. Dec. 17
7% preferred B (guar.)
174c Jan. 1 Holders
Central Illinois Light Co.,6% pref.(qu.) 14 Jan. 2 Holders ot rec. Dec. 15
Memphis Power & Light Co.,$7 pf.(qu.) 1514 Jan. 3 Holders of rec. Dee. 15
of roe. Dec. 10
7% preferred (guar.)
14 Jan. 2 Holders of tee. Dec. 15
$6 preferred (quar.)
514 Jan. 3 Holders
Central Illinois Pub. Serv.,6% Pt.(au) 14 Jan. 16 Holders of rec. Dec. 20
Metropolitan Edison. $7 pref. (quar.)-- $14 Jan. 1 'folders of reo. Dec. 10
Central Main Power. 7% Pref. (quar.)-of rec. Nov. 30
134 Jan. 1 Holders of rec. Dec. 10
$6 preferred (quar.)
$14 Jan. 1 Holders of rec. Nov. 30
8% preferred (qual.)
14 Jan. 1 Holders of rec. Dec. 10
35 preferred (quar.)
$14 Jan. 1 Holders of rec. Nov. 30
$6 preferred (quar.)
3134 Jan. 1 Holders of rec. Dec. 10
Michigan Eke Pow.,7% pf. (quar.), _
14 Jan. 3 Holders of rec. Dee. 15
Cincinnati Gas & El. Corp.. pt.(guar.)-- •14 Jan. 3 Holders of rec. Dec. 15
6% preferred (quar.)
14 Jan. 3 Holders
Cincinnati & Suburban Bell Tel. (quar.) $1.12 Jan. 3 Holders of rec. Dec. 20
Michigan Public Service. 7% pref.(qu.). 14 Jan. 2 Holders of rec. Dee. 16
of rec. Doe. 15
Citizens Water Co.(Pa.)(quar.)
14 Jan. 2 Holders of roe. Dec. 20
6% preferred (guar.)
14 Jan. 2 Holders of roe. Dec. 15
Cleveland Elec. Ilium. Co., corn.(qui- 400. Jan. 1 Holders of rec. Dec. 20
6% preferred (quar.)
$14 Jan. 2 Holders of roe. Doe. 16
Preferred (quar.)
$13$ Mar. 1 Holders of rec. Feb. 15
Middlesex Water Co., pref. (s-a)
534 Jan. 3
Cleveland By.
$14 Jan. 1 Holders of roe. Dec. 26
Milwaukee ELIty.&I.t. Co.6% pf. (qu.) 13$ Jan. 31 Holders of rec. Dec. 27
Clinton Water Works,7% pref. (quar.)14 Jan. 16 Holders of rec. Jna. 2
Minn. Gas Light,5% part units (qu.)- - - 5134 Jan. 1 Holders of rec. Jan. 20
Commonw.& South. Corp.$6 pref.(qu.) 514 Jan. 3 Holders of rec. Dec. 9
Minnesota Power & Light. 7% pt.(au) 14 Jan. 2 Holders of rec. Dec. 20
Holders of rec. Doe. 15
Commonwealth Utilities, pref. A (qu.)-134 Jan. 3 Holders of rec. Dec. 15
$6 preferred (quar.)
$1.4 Jan. 2 Holders of roe. Dee. 15
Preferred B (quar.)
13$ Jan. 3 Holders of rec. Dee. 15
Miss. Power Co.,$7 Prof.(guar.)
514 Jan. 2 Holders of rec. Dec. 20
Preferred C (quar.)
14 Mar. 1 Holders of rec. Feb. 15
$6 preferred (quar.)
$14 Jan. 2 Holders of rec. Dec. 20
Commonw. Water & Light, 7% pf. (qu.) 14 Jan. 2 Holders of rec. Dec. 20
Mississippi River Pow.. pref.(guar.).--- $14 Jan. 3
$6 preferred (quar.)
314 Jan. 2 Holders of roe. Dec. 20
Miss. Van. P. S. Co..6% Prof. B.(au). 14 Jan. 3 Holders of roe. Dec. 15
Holders of roe. Dee. 22
Conn. Elec. Serv. Co., corn. (quar.)7.50. Jan. 2 Holders of rec. Deo. 15
Mohawk Hudson Pow. Co., let
81
Feb. 1 Holders of rec. Jan. 16
Connecticut Passenger fly. (s.-a.)
$24 Dec. 31 Holders of rec. Nov. 30
2d preferred (quar.)
$1
an. 3 holders of roe. Doe. 15
Consol. Gas Co.(N. Y.) $5 pref.(qui - - 514 Feb. 1 Holders of roe. Dec. 30
Monongahela Valley Water, pref. (qu.)
514 Jan. 16 holders of rec. Jan. 2
Consolidated Gas Elec. Lt. & Pow. Co.
Monongahela Wen Penn Public Service
of Bait. common (quar.)
90o. Jan. 3 Holders of roe. Dec. 15
7% preferred (qua?.)
4374e. Jan. 2 Holders of roe. Dec. 15
"A"5% preferred (quar.)
134 Jan. 3 Holders of roe. Dec. 15
Mountain States Power Co., pref.(qu.). 1
lan. 20 Holders of rec. Dec. 31
"D"6% preferred (guar.)
13$ Jan. 3 Holders of roe. Doe. 15
Mountain States Tel. & Tel. Co.(quar.)_
32 Jan, 16
"E" 54% preferred (guar.)
134 Jan. 3 Holders of roe. Dec. 15
NasSau &SuffolkUght..Co.,7%pref.(au.) 14 Jan. 1 Holders of rec. Dec. 31
Consumers Gas (Tor.), (qear.)
Holders of roe. Dec. 16
$234 Jan. 2 Holders of rec. Dec. 15
National Power & light Co.56 pf. (qu.)- $1
Feb. 1 Holden of rec. Jan. 14
Consumers Power Co.,$5 pref.(quar.)
314 Jan. 3 Holders of rec. Dec.15
New England Gas de Electric Assoc.
35 preferred (qua?.)
1)4 Apr. 1 Holders of rec. Mar. 15
$54 preferred (qual.)
314 Jan. 1 Holders of rec. Nov.300
8% preferred (quar.)
14 Jan. 3 Holders of rec. Deo. 15
New England Power Assoc., corn.(quar.)
50e. Jan. 10 Holders of roe. Doe. 31
6.6% preferred (quar.)
1.65 Jan. 3 Holders of rec. Dec. 15
$6 preferred (quar.)
314 Jan. 3 Holders of rec. Dee. lla
7% preferred (quar.)
14 Jan. 3 Holders of rec. Deo. 15
$2 preferred (guar.)
50c. Jan. 3 Holders of rec. Doe. fla
8% preferred (quar.)
14 Apr. 1 Holders of rec. Mar. 15
New England Tel. & Tel. Co.(qual.)..,. $2
Dee. 31 Holders of reo. Dec. 100
6.6 preferred (quar.)
1.65 Apr. 1 Holders of rec. Mar. 15
New Haven Water Co.(s-a)
$2 Jan. 2 Holders of rec. Dee.
7% preferred Wear.)
14 Apr. I Holders of rec. Mar. 15
15
New Jersey Power & Light, $6 pref.(qui
4 Jan. 1 Holders of roe. Nov. 30
6% preferred (monthly)
50o. Jan
3 Holders of rec. Dec. 16
$5 preferred (quar.)
$134 Jan. 1
6.6% preferred (monthly)
550. Jan. 3 Holders of tee. Deo. 15
New Jersey Water Co.. 7% prof. (guar.) 14 Jan. 2 fielders of roe. Nov. 30
6% preferred (monthly)
500. Feb. 1 Holders of rec. Jan. 14
New York & Harlem (semi-annual). _ _ _ $24 Jan. 3 Holders of roe. Dee. 20
6% preferred (monthly)
Holders of roe. Dec. 15
50e. Mar. 1 Holders of rec. Feb. 15
Preferred (semi-annual)
$24 Jan. 3
6% preferred (monthly)
50c. Apr. I Holders of rec. Mar. 15
New York Pow.& Lt. Corp.,7% pt.(qu.) 14 Jan. 2 Holders of rec. Dec. 16
6.6% preferred (monthly)
Holders of roe. Doe. 15
550. Feb. 1 Holders of rec. Jan. 14
$14 Jan. 2
56 preferred (qual.)
6.6% preferred (monthly)
550. Mar. 1 Holders of rec. Feb. 15
N. Y.& Richmond Gas 6% pref.(quar.) 13$ Jan. 1 Holders of roe. Doe. 15
6.6% preferred (monthly)
55e. Apr. 1 Holders of rec. Mar. 15
New York Steam Corp., $8 pref. A (qu.) $13$ Jan. 2 Holders of me. Dee. 15
Continental Gas & Electric Corp.
Holders of rec. Deo. 15
37 cum. preferred
513-1 Jan, 2 Holders of rec. Dee. 15
7% preferred (quar.)
14 Jan. 2 Holders of roe. Dee. 12a New York Tel. Co., A (qual.)
14 Jan. 16 Holders
634% pref. (quar.)
Common
$2.90 Jan. 2 Holders of rec. Dec. 12a New York
of rec. Dee. 20
Transportation Co. (guar.). _
.50o Dee. 28 Holders of rec. Dee. 15
Continental Passenger fly. (0.-a.)
$24 Dec. 30 Holders of rec. Nov. 30
Newport Elec. Corp. 6% Prof. (quar.)_ _
13.4 Ian. I Holders of rec. Doe. 15
Cuban Telep., pref.(quar.)
14 Dec. 31 Holders of rec. Dee. 15a Niagara Hudson
Power Corp., com.(qu.)
30c Dec. 31 Holders of rec. Nov. 23
Dayton Power & Light, 6% pt. (mthly.)
50c. Jan. 1 Holders of rec. Dec. 20
Niagara Pow. Corp.. corn.(quar.)
30o. Dee. 31 Holders of roe. Nov.23
Detroit Edison Co.. capital stock (quar.) 14 Jan. 16 Holders of rec. Dee. 2t)
North American Co., common (quari
,r23$ Jan. 3 Holders of roe. Dee. 5
Diamond State Tel. Co.,64% pf. (qu.) 14 Jan. 14 Holders of reo. Dee.
20
Preferred (quar.)
14 Jan. 3
Duke Power Co.,corn.(quar.)
14 Jan. 3 Holders of roe. Doe. 15
North Shore Gas Co., 7% pref. (quar.)- 14 Jan. 2 Holders of rec. Deo. 5
Preferred ((Mari
Holders of rec. Deo. 10a
17,4 Jan. 3 Holders of rec. Dec. 15
Northeastern Tel. & Tel.(quar.)
$2 Doe. 31 Holders of rec. Doe. 10
Duquesne L. Co.,5% cum. 1st pf.(qui
14 Jan. 16 Holders of rec. Dec. 31
Northern
Eastern Gas & Fuel Assoc..6% pt.(qui- 14 Jan. 1 Holders of rec. Dec. 15a Northern N. Y. Utilities. Inc. (mthly.)_ 1234e. Dec. 31
Ontario Power Co., Ltd.
Prior preferred (guar.)
1.124 Jan. 1 Holders of rec. Dee. 15a
Common (quar.)
500. Jan. 25 Holders of rec. Dee. 31
Eastern N. J. Power,6% pref
14 Jan. 1 Holders of rec. Dec. 15
6% cum. preferred (quar.)
13$ Jan, 25 Holders of roe. Dec. 31
El Paso Elec. Co.. 7% pref. A (quar.)--14 Jan. 16 Holders of roe. Deo. 30
Northern States Power Co.(Deli
6% preferred (quar.)
14 Jan. 16 Holders of rec. Dec. 30
Class A common (guar.)
14 Feb. 1 Holders of roe. Dee. 31
Electric Bond & Share Co., corn.(quer.). fl 7,4 Jan. 16 Holders of roe. Dec. 5
7% preferred (guar.)
14 Jan. 20 Holders of rec. Dec. 31
$6 preferred (guar.)
$13$ Feb. 1 Holders of roe. Jan. 6
6% preferred (quar.)
14 Jan. 20 Holders of rec. Dec. 31
$5 preferred (quar.)
2134 Feb. 1 Holders of roe. Jan. 6
Northwestern Teleg. Co. (8.-a.)
$14 Jan. 3 Holders of rec. Deo. 10
Elec. Power & Lt. Corp.,$7 pref.(WE),- 58 1-3c Jan. 3 Holders of rec. Dee. 17
Nova Scotia Light & Power (quar.).$1
Jan. 2
50c. Jan. 3 Holders of tee. Dec. 17
$6 preferred (quar.)
Ohlo Edison Co.. $5 preferred (qual.).-- $135 Jan. 2 Holders of roe. Dee. 17
Holders of roe. Dec.
Empire Pow.C ern., $6 run. pref. (qu.)_ $13$ Jan. 1 Holders of roe. Dec. 16
$6 preferred ((Mar.)
$134 Jan. 2 Holders of roe. Deo. 15
EngineersPublic Service Co.. Inc.
15
36.60 preferred (guar.)
$1.65 Jan. 2 Holders of roe. Dec. 15
$5 preferred (quar.)
$131 Jan. 3 Holders of reo. Dee. 16a
$7 preferred (quar.)
$14 Jan. 2 Ithlders of rec. Doe. 16
$54 preferred (quar.)
51% Jan. 3 Holders of roe. Dee. 160
37.20 preferred (quar.)
$1.80 Jan. 2 Holders of roe. Dee. 15
$6 preferred (qual.)
$14 Jan. 3 Holders of roe. Dee. 160 Ohio Public Service, 7%
pref. (monthly) 58 1-3c Jan. 3 Holders of roe. Deo. 15
Fall River Elec. Light Co. (guar.)
.500 Jan. 3 Holders of roe. Dec. 15
5% preferred (monthly)
41 2-3c Jan. 3 Holders of roe. Dec. 15
Federal Lt. & Tract. Co., corn.(quar.)- 25c Jan. 3 Holders of roe. Dee. lea
6% preferred (monthly)
50c. Jan. 3 Holders of roe. Deo. 15
Common (quar.)
11
Jan. 3 Holders of rec. Dec. 160 Ohio Telep. Service, pref.
$154 Jan. 1 Holders of rec. Dec. 24
(quar.)
Florida Pow. & Lt. Co.. pref. (quar.)- -. 3134 Jan. 3 Holders of rec. Dec. 17
Orange & Rockland Electric Co.
Foreign Lt. & Pow. Co., lot pref. (qu.)-- 513.4 Jan. 1 Holders of rec. Dec. 20
7% preferred (quar.)
14 Jan. 2 Holders of roe. Dec.
FrankFd&Southw. Phila. City Pass. Sty.
24
6% preferred (quar.)
14 Jan. 2
(Quarterly)
$44 Jan. 2 Holders of roe. Dec. 1
Ottawa Light. Heat dc Power corn.(qu.). 5134 Dec. 3 Holders of rec. Deo. 24
Holders of rec. Dee. 15
Gas & Elect. Co. of Bergen Co.(3.-a.)24 Jan. 3 Holders of rec. Dee. 19
Preferred(guar.)
314 Jan.
Holders of reo. Dec. 15
General Gas & Elec. Corp., $6 pt. A&B_ (7513$ Jan. 1 Holders of roe. Dee. 19
Otter Tail l'ower Co.(Del.). $6 pf.(qu.) $14 Jan.
Holders of rec. Dee. 15
$7 preferred A (quar.)
0214 Jan. 1 Holders of rec. Dec. 19
$53$ preferred (quar.)
$134 Jan.
Holders of roe. Deo. 15
$8 preferred A (guar.)
Jan. 1 Holders of roe. Dec. 19
032
Pacific & Atlantic Teleg. (8.-a.)
50o. Jan.
Holders of rec. Deo. 15
Georgia Power Co.,$6 pref.(qual.)
$13$ Jan. 2 Holders of roe. Dee. 15
Pacific Gas & Elec., corn.(quar.)
50c. Jan. 1 Holders of rec. Dec.
$5 preferred (quar.)
31
5134 Jan. 2 Holders of roe. Dec. 15
Pao. Northw. Pub. Serv.. 7% pref.(qu.) 14 Jan.
Gray Telep. Pay Station (quar.)
6% preferred (guar.)
50c. rtJan. 2 Holders of rec. Dec. 19
14 Jan.
German Rys. Co.7% pref. (Interim)
- 34 Jan. 2
Pacific Tel. & Tel., corn. (quar.)
$114 Dec. 3 Holders of rec. Doe. 20
Gold de Stock Teleg. Co.
$14 Jan. 3 Holders of rec. Dec. 31
(guar.)
Preferred (guar.)
$14 Jan. 1
Holders of rec. Deo. 31
Great West. Power (Calif.). 7% pf.(qu.) 14 Jan. 1 Holders of rec. Dec. 5
Peoria Water Works,7% pref. (quar.) 14 Jan.
8% preferred (quar.)
Holders of ree. Dec. 20
14 Jan. 1 Holders of roe. Dec. 5
Peninsular Telephone corn. (quit.)
Me, Jan.
Greenwich Vat. & Gas Syst.6% pf.(qui 14 Jan. 2 Holders of rec. Dec. 20
Holders
7% preferred (quar.)
14 Feb. 1 Holders of tee. Dec. 15
Guardian Public Utilities Invest. Trust
of tee. Feb. 5
Penn Central Light & Power Corp.
Preferred I (qual.)
I5o. Jan. 1 Holders of roe. Doe. 15
$2.S0 preferred (quar.)
70c. Jan.
Holders of rec. Dec. 10
Gulf Power Co., $6 pref. (quar.)
$14 Jan
2 Holders of roe. Dee. 20
$5 cum. pref. (quay.)
$14 Jan. 2 Holders of roe. Dee. 10
Hackensack Water Co., pref. A (quar.) -- 4314 Dec. 31 Holders of roe. Dee. 16
Pennsylvania Power Co.
Havana Elec. & UM Co. 6% prof
175c. Feb. 15 Holders of rec. Jan. 14
6.6% preferred (monthly)
Mc. Jan. 2 Holders of roe. Doe.
Home Telep.& Teleg. Co.(quar.)
20
624c. Dec. 25 Holders of rec. Dec. 8
6.60% preferred (monthly)
55e. Feb. 1 Holders of roe. Jan. 20
7% preferred (0.-a.)
14 Jan. 1 Holders of rec. Dee. 21
6,6% preferred (monthly)
55c. Mar. 1 Holders of roe. Feb. 20
Houston Natural Gas Corp.. pf. (quer.), 874e. Dec. 31 Holders of roe. Dee. 21
$6 preferred (quar.)
$13$ Mar. I Holders of
Illinois Bell Telep.(qual.)
rec. Feb. 20
$2
Dec. 31 Holders of roe. Dec. 30
Pennsylvania Power & Light Co.
Illinois Power Co.6% pref.(quar.)
14 Jan. 2 Holders of roe. Dee. 15
$7 preferred (guar.)
514 Jan. 3 Holders of ree.
Dee. 15
7% preferred (quar.)
14 Jan. 2 Holders of rec. Deo. 15
$0 preferred (quar.)
414 Jan. 3 Holders of rec. Deo. 15
Indiana Gen. Service.6% pref. (quar.)_ _
14 Jan. 3 Holders of rec. Doe. 5
$5 preferred (quar.)
$14 Jan. 3 Holders of rec. Deo. 15
Indiana & Mich. Elec. 7% pref. (qu.)- -- 14 Jan. 3 Holders of rec. Dec. 5
Pennsylvania Water & Pow. Co. (quar.)
750, Jan. 3 Holders
6% preferred (quar.)
14 Jan. 3 Holders of rec. Dee. 5
Peoples Gas Light de Coke Co. (quar.)-- $14 Jan. 17 Holders of rec. Dec. 15
Indianapolis Power & Light Corp.
of rec. Jan. 3
Philadelphia Co. common (guar.)
35c. Jan, 25 I folders of rec. Dec. 31
64% preferred (qual.)
144 Jan. 1 Holders of rec. Dec. 5
$6 Cum. preferred (quar.)
$134 Jan. 3 Holders of roe. Deo. 1
6% preferred (guar.)
13$ Jan. 1 Holders of rec. Dec. 5
$5 cum. preferred (quar,)
514 Jan. 3 fielders of roe. Deo. 1
Indianapolis Water Co.,5% pf. A (IVO 14 Jan. 2 Holders of roe. Doe. 12a Philadelphia Electric
Power Co.
Internat. Hydro-Elec. System
8% preferred (guar.)
50o. Dee. 31 Holders of rec. Dee. 10
8740. Jan. 16 Holders of roe. Doe. 28
$334 cont. preferred (qual.)
& Grays Ferries Pass. Sty. (s.
Jan. 7 Holders of roe. Dee. 31
-a.)- $2
International Ocean Teleg. (quar.)
$14 Jan. 2 Holders of too. Dee. 31
Public Service Corp. of N. J., corn.(qu.)
80e. Deo. 31 Holders of roe. Dee. 1
Internat. Util. Corp.,$7 pref.(guar.)._ _ 3134 Feb. 1 Holders of rec. Jan. 16a
g% preferred (guar.)
Deo. 31 Holders of rec. Deo. 1
2
$33$ preferred (quar.)
873.4e. Feb. 1 Holders of roe. Jan. I6a
7% preferred (qua?.)
14 Dec. 31 Holders of rec. Deo. 1
434c. Jan. 16 Holders of rec. Deo. 31a
$14 preferred (quar.)
$5 preferred (quar.)
14 Dec. 31 Holders of rec. Deo. 1
Jamaica Pub. Serv. Co.. Ltd.. pf. (en.)- 5134 Jan. 3 Holders of roe. Dec. 16
6% preferred (monthly)
500. Dee. 31 Holders of roe. Dee. 1
Name of Corn pane.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities (Concluded).
30o. Jan. 2 Holders of rec. Dec. 15
Providence Gas Co., common (guar.) _
1 Holders of tee. Dec. 15
Pub.Sere. Co.of Colo.,7% Pt.(mthly.) 581-30 Jan. 1 Holders of roe. Dee. 16
500. Jan.
6% preferred (monthly)
41 2-3c Jan. 1 Holders of rec. Dee. 15
5% preferred (monthly)
Dec. 20
of
Pub. Serv.Co. of Okla..7% Pr. lien (clu.) 114 Jan. 2 Holders of rec. Dee. 20
rec.
114 Jan. 2 Holders
5% prior lien (guar.)
Serviee El.& Gas 7% Pref.((lua- 134 Dec. 81 Holders of rec. Dee. 1
Public
5134 Dec. 81 Holders of roe. Dec. 1
u preferred (guar.)
Queensboro Gas & Elec.. 6% Pref. (gu.) 114 Jan. 3 Holders of roe. Dee. 16
Elec.PowAmer shares_ 05
wine-Westphalia
Richmond Water Works,6% pref. (au.) 114 Jan. 2 Holders of rec. Dec. 20
$134 Jan. 2 Holders of rec. Dec. 20
Rochester Telep Corp. (guar.)
114 Jan. 2 Holders of rec. Dec. 20
5,4% preferred (guar.)
St. Joseph Ity., Lt.. Ht.& Pow. pf. (au.) $134 Jan. 2 Holders of rec. Dec. 15
Jan. 2
Savannah Elec. & Pow.. Ciaaa A (guar.)- 82
2114 Jan. 2
Class B (guar.)
2134 Jan. 2
Class C (guar.)
$114 Jan. 2
Class D (attar.)
$114 Jan. 8 Holders of rec. Dec. 5
Scranton Elect., $6 pref. (guar.)
Second & Third Sta. Pass. RI.(guar.).- $8 Jan. 1 Holders of roe. Deo. I
$114 Jan, 15 Holders of rec. Jan. 1
Sedalia Water Co. pref. (guar.)
Shawinigan Water & Power Co.conl.(qu) 1130 Feb. 16 Holders of roe. Jan. 21
Carolina Power Co..$8 pref.(au.) $114 Jan. 1 Holders of roe. Dee. 15
South
South Pitts. Water Co.7% pf.(quiz.).. 114 Jan. 16 Holders of rec. Jan. 2
114 Jan, 16 Holders of rec. Jan. 2
6% preferred (guar.)
5% preferred (a..a.)
134 Feb. 20 Holders of roe. Feb. 10
Southern California Edison. Co.. Ltd.
Jan. 15 Holders of rec. Dec. 20
Original preferred (guar.)
2
514% series C pref.(guar.)
134 Jan. 15 Holders of roe. Dec. 20
Southern Canada Power Co., Ltd.
114 Jan. 16 Holders of tee. Dec. 20
6% cum. preferred (guar.)
Southwestern Bell Telephone Co.
134 Jan. 1 Holders of rec. Dec. 20
7% preferred (guar.)
Southwest'n Gas& Elec. Co..7% pf.(gu.) 13.4 Jan. 2 Holders of reo. Dec. 15
Jan, 2 Holders of rec. Dee. 15
2
8% preferred (guar.)
Southw. Light.4 Pow., pref.(guar.). _ $114 Jan. 3 Holders of rec. Dec. 15
SprIngi'd Gas& Eleo.Co.,pref.ser.A (go.) $154 Jan. 3 Holders of reo. Dec. 15
30c. Jan. 25 Holders of rec. Dec. 31
Standard Gas & Elec. Co.com.(gnat.)
3114 Jan. 25 Holders of rec. Dec. 31
$6 cum. preference (guar.)
$114 Jan. 25 Holders of rec. Dec. 31
$7 cum. preference (guar.)
30e. Mar. 1 Holders of rec. Feb. 11
Standard Power & Light com.(guar.).
$114 Feb. 1 Holders of rec. Jan. 14
Preferred (guar.)
Holders of rec. Dec. 15
Superior Wat. Lt.& Pow.7% pref.(gu.) 134 Jan.
Tennessee Electric Power Co.
Holders of rect. Dec. 15
114 Jan.
5% preferred (guar.)
Holders of rec. Dec. 15
114 Jan.
6% Preferred (guar.)
Holders of roe. Dee. 15
114 Jan.
7% preferred (guar.)
Holders of rec. Dec. 15
81.80 Jan.
7.2% preferred (guar.)
Holders of rec. Dec. 15
500. Jan.
6% Preferred (monthly)
Holders of rec. Dec. 15
600. Jan.
7.2% preferred (monthly)
Holders of rec. Dec. 15
Texas Electric Service Co. 86 pref. (alt) 2114 Jan.
Holders of rec. Dee. 15
531-3o Jan.
Toledo Edison Co..7% pre/.(mthly.)_
Holders of rec. Dec. 15
50c. Jan.
6% preferred (monthly)
Holders of rec. Dec. 15
41 2-3o Jan.
5% preferred (monthly)
Holders of rec. Dec. 16
'Fri-Continental Corp..$6 pref.(guar.)-- 5114 Jan.
Holders of rec. Dee. 15
$114 Jan.
'Fri-State Teen. & Teleg. Co
Holders of tee. Dec. 15
El. Lt.& Pow.(III.),6% pf.(gti.) 114 Jan.
Union
Holders of roe. Dec. 15
Union El. Lt. & Pow.
(Mo.).7% Pf.(gu.) 134 Jan.
Holders of rec. Dee. 15
114 Jan.
6% preferred (guar.)
Holders of roe. Dec. 15
Jan.
84
Union Passenger RI. Co.
Union Public Service (Minn.) (gnat.).... 2114 Jan.
$114 Jan.
preferred C & D (guar.)
6%
1,4 Jan.
7% preferred A & Ii (guar.)
Holders of rec. Dec. 9
8114 Jan.
Union Traction of Phil& (a. a.)
Holders of roe. Nov. 25
100 Jan.
United Corp. common (guar.)
Holders of rec. Nov. 25
750 Jan.
$3 cum. preferred (guar.)
United Gas & Electric Corp.(Conn.)
Holders of roe. Dec 16
114 Jan.
7% preferred (guar.)
United Gas Improvement Co.. com.(gu.) 80c. Deo, 3 Holders of rec. Nov.30
8114 Doe. 3 Holders of rec. Nov.30
Preferred (guar.)
United Light & Rya. (Del.)
Holders of roe. Dee. 15
58 1-3c Jan.
73.' preferred (monthly)
Holders of rec. Dec. 15
580. Jan.
6.36% preferred (monthly)
Holders of roe. Dec. 15
500 Jan.
Preferred (monthly)
Holders of tee. Jan. 12
Utilities Co.6% pref (m ) 114 Feb.
United Ohio
United States Electric Light & Power
Holders of rec. Dec. 15
17e Jan.
Shares. Inc., voting shares (guar.).--Holders of rec. Dec. 5
$114 Jan.
Utah Power & Light Co..87 pref.(gu.)
Holders of tee. Dec. 5
$114 Jan.
$6 preferred (guar.)
Holders of roe. Dec. 16
$114 Jan.
Power de Light, pref,(deer.).
Utilities
Holders of rec. Dec. 27
$114 Jan.
Vermont Lighting. pref.(quer.)
Holders of tee. Dee. 10
Virginia P. S. Co.. 7% prof.(gust.).... 134 Jan.
Holders of rev. Dec. 10
134 Jan.
6% preferred (guar.)
Holders of rec. Dec. 20
Washington Gas & Elec. 7% pref. (on.). 134 Jan.
5114 Dec. 80 Holders of tee. Dec. 17
Penn Elect., pref. A (guar.)
West
Holders of rec. Jan. 5
134 Feb.
West Penn Power,7% pref.(men)
114 Feb.
Holders of rec. Jan. 5
6% preferred (guar.)
Holders of reo. Dee. 15
West Phila. Passenger Ry. Co. (s.
-a.). $434 Jan.
Holders of rec. Dec. 15
5114 Jan.
West Texas Util., $6 Prof.(guar.)
Western Massachusetts Co. cap. stk.(gu) 60o Dec. 3 Holders of rec. Dec. 16
Holders of rec. Dec. 27
Western Power Corp.7% sum. pref.(au) 13.4 Jan.
10e Jan. 1 Holders of rec. Dec. 22
Western P.Sere. Corp.,Initial
Holders of roe. Dec. 20
Westmoreland Water Co..56% Pref.(gu) $114 Jan.
134 Jan. 1 Holders of roe. Jan. 2
Wichita Water.7% pref.(guar.)
Holders of rec. Dee. 15
Wisconsin Electric Power 63.4% pf.(go) 13-4 Jan.
114 Jan.
Holders of tee. Dec. 15
a% preferred (guar.)
Holders of rec. Dec. 31
WbconsinValleyElec.Co.7% pref. 01.40 334 Jan.
Banks and Trust Co..
Bank of the Manhattan Co..eaD.stk.(gu) 2500
Bank of New York & Trust Co.
(guar.). $354
714
Bankers Trust(guar.)
Bronx County Trust Co.,cap.stk.(gu.). 250
Brooklyn Trust Co.,cap.stock (guar.)_. 214
$114
Central Hanover Bk.& Tr,(guar.)
81
Extra
500
Chase National Bank,(gust.)
45e
Chemical Bank & Trust Co. (gnat.)
Commercial Nat. Bank & Trust (on.).. 82
Coot. Bk.& Tr. Co.,cap.stk.(gust.)... 300
County Trust Co., new cap. stock.... 600
46
Fifth Ave. Bank (guar.)
First National Bank. cap. stock (quar.)_ $25
Fulton Trust Co.of N.Y.,cap.stk.(au.) 3
5
Guaranty Trust(guar.)
400
Irving Trust Co.. capital stook (quit.)
500
Manufacturers Trust (guar.)
50o
National City Bank of N.Y.(guar.).21
New Rochelle Trust Co.(guar.)
public National Bank & Trust Co.,(qu ) 500
$15
United States Trust (guar.)
$3
-a.)
West New Brighton Bank (s.
Fire Insurance Companies,
Aetna Fire Insist.(guar.)
American Insur.(N. J.) (gueLl
Boston Ins. Co. (s.-11.)
(Semi-annual)
Central Fire Ins. Co. (Bait.)
Glens Falls Ins. Co.,capital stock
Halifax Fire Ins. Co.,cap.stook (gu.)
Hanover Fire Incur. Co.(gust,)
-a.)
Insurance Co. of N. A.(s.
Pacific Indemnity (guar.)
Phoenix Fire Ins. (guar.)
Springfield Fire & Marine Ins. Co.(ou.)_
Miscellaneous.
Abbott Laboratories, corn.(guar.)
Abraham & Straus, Inc., corn.(quar.)_
Acme Steel Co.. COM.(QUM%)
4345
Financial Chronicle
Volume 135
Jan. 8
Jan. 3
Jan. 3
Jan. 3
Jan, 2
Jan. 2
Jan. 2
Jan. 1
Jan. 3
Jan. 8
Jan. 1
Jan, 8
dJan. 3
Jan. 3
Jan. 3
Dec. 31
Jan. 3
Jan. 1
Jan. 3
Jan. 2
Jan. 3
Jan. 3
Jan. 10
Holders of roe. Dec. 80
Holders of rec. Dec. 23
Holders of rec. Dee. 12
Holders of tee. Dec. 20
Holders of tee. Dec. 20
Holders of rec. Dec. 17
Holders of rec. Dec. 17
Holders of rec. Dec. 150
Holders of roe. Dec. 19
Holders of tee. Dec. 15
Holders of tea. Dee. 20
Holders of too. Dec. 23
Holders of tee. Dec. 31
Holders of rec. Dec. 24
Holders of rec. Dee. 21
Holders of roe. Dec. 9
Holders of roe. Dec. 6
Holders of tee. Dec. 16
Holders of rec. Dec. 10
Holders of rec. Dec. 15
Holders of roe. Dec. 23
Holders of rec. Dec. 21
Holders of rec. Dec. 31
2
1
3
1
1
1
8
3
16
I
2
8
Holders of tee. Doe. 12
Holders of tee. Dec. 12
Holders of tee. Dec. 20
Holders of rec. Mar.20
Holders of tee. Dec. 19
Holders of rec. Dec. 15
Holders of too. Dec. 100
Holders of rec. Dee. 19
Holders of rec. Dec. 31
50o Jan.
12140 Jan.
Jan.
$4
Apr.
$4
100 Jan.
Jan,
8
450 Jan.
400 Jan.
Jan.
81
250 Jan.
50o. Jan.
51.12 Jan.
Holders of rec. Dee. 15
Holders of roe. Dec. 15
50c Jan. 1 Holders of tee. Dec. 19
300 Dec. 31 Holders of rec. Dee. 21
25c Jan, 3 Holders of rec Dec. 20
Nome of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclustee.
Miscellaneous (Continued).
$114 Dee. 31 Holders of reo. Dee. 15
Adams Express Co.. prof. (guar.)
Affiliated Products, Inc., oom. (mthly.) 13 1-3c Jan. 1 Holders of rec. Dee. 19
114 Jan. 3 Holders of roe. Dec. 15
Agnew-Surpass Shoe Stores. pref. (gu.)750. Jan. 16 Holders of rec. Dec. 31
Air Reduction Co.,cap. stock (guar.).
10e, Jan. 3 Holders of roe. Dee. 20
Alles & Fisher, Inc., com.(guar.)
134 Jan. 8 Holders of rec. Dee. 9
Allied Chemical& Dye Corp.. Pt.
5114 Jan. 2 Holders of rec. Dec. 28
Aloe(A.S.) Co., pref.(guar.)
Aluminum Co.of America, pref.(quiz.). 76e. Jan. 1 Holders of rec. Doe. 15
Aluminum Goods Mfg. Co.. com. (au.) 40e, Jan. 1 Holders of rec. flee. 21
10o. Jan. 1 Holders of rec. Dec. 21
Capital stock (guar.)
50e. Dec. 31 Holders oi tee. Deo. 15
Aluminum manufacture!. eeM• (gti.)
114 Dec. 31 Holders of roe. Doe. 15
Preferred (guar.)
50o. Dec. 80 Holders of roe. Dec. 15
Aluminum Mtg. Co.. com. (guar.)
American Bakeries Co.,7% pref.(0.-a.) $314 Jan. 8 Holders of rec. Dec. 21
15
American Bakeries Corp.. 7% pref.(1111) 114 Jan. 3 Holders of rec. Dec. 12s
750. Jan. 8 Holders of no. Dec.
American Bank Note. pref.(guar.)
15c. Dec. 31 Holders of rec. Dec. 23
Fdy. Co.com.(gni
Amer.Brake Shoe &
114 Dec. 31 Holders of rec. Dec. 23
Preferred (guar.)
114 Jan. 8 Holders of rec. Dec. 16a
American Can Co.. pref. (guar.)
50c. Jan. 1 Holders of rec. Dec. 12
American Chicle Co..(guar.)
25c. Jan, 1 Holders of rec. Dec. 12
Extra
2114 Jan. 3 Holders of rec. Dec. 22
Co.. pref. (guar)
American Cigar
Jan. 8 Holders of rec. Dec. 14
51
Amer. Coal Co.of Allegany County
114 Jan. 2 Holders of rec. Dec. 15
American Dairies, 7% pref.(guar.,
734e. Jan. 1 Holders of rec. Dec. 20
American Discount Co. (Ga.) (guar.).13.4 Jan. 1 Holders of rec. Dee. 20
614% preferred (s-a)
$114 Jan. 3 Holders of ree. Doe. 20
American Express Co.(guar.)
10c. Jan. 10 Holders of rec. Dec. 31
American Factors. Ltd.(monthly)
American Hardware Co.. common (an.). 60o. Jan. 1 Holders of rec. Doe. 16
Steamship Co.(go.) 250. Dee. 81 Holders of rec. Dec. 15
American Hawaiian
American Home Products(monthly).... 85e. Jan. 3 Holders of rec. Dec. 144
5114 Jan. 25 Holders of rec. Jan. 6
American Ice Co.. pref. (quit.)
American Maize Prod. Co., com.(guar.) 25e Dee. 31 Holders of rec. Dec. 23
500 Doe. 31 Holders of rec. Dec. 23
Extra
$114 Dee. 81 Holders of rec. Dec. 15
American Mtg. Co.. prof. (guar.)
13.1 Jan. 1 Holders of roe. Dec. 20
Amer. Natl.Co.(Toledo). reef. A(MO 134 Jan, 1 Holders of rec. Dee. 20
Preferred B (guarter1/)
$114 Jan. 1 Holders of rec. Dec. 24
American Office Bldg.: prof. (qua/a...American Rolling Mill,6% pf. (gust.).. 114 Jan. 15 Holders of rec. Dec. 31
134 Jan. 1 Holders of rec. Dec. 15
6% preferred B (guar.)
760 Dee. 81 Holders of rec. Dee. 10
American Safety Razor (guar.)
500 Feb. 1 Holders of rec. Jan. 14
American Ship Building (guar.)
75c Jan. 2 Holders of rec. Dec. 14
American Snuff,corn.(guar.)
25e Jan, 2 Holders of rec. Dec. 14
Extra
5114 Jan, 2 Holders of tee. Dee. 14
Preferred (guar.)
Amer. Steel Foundries. prof.(gust,).... 513.4 Dec. 31 Holders of tee. Dec. 15
500 Jan, 2 Holders of rec. Dee, 13
American Stores Co.(guar.)
American Sugar Refg. Co.common (gn.) 50c Jan. 3 Holders of reo. Dec. 50
154 Jan, 3 Holders of rec. Doe, Sc
Preferred (guar.)
1234oJan. 1 Holders of rect. Nov.80a
American Thread. pref. (0.-8.)
American Tobacco Co., Inc.. pref.(go,). 114 Jan. 8 Holders of rec. Dec. 10
American Wringer Co., corn.(quiz.).... 37140 Jan. 8 Holders of rec. Dec. 15
$I Jan. 4 Holders of rec. Dec. 24
Amoskeag Co., common (s-a)
$1 July 3 Holders of rec. June 24
Common (s-a)
$214 Jan. 4 Holders of rec. Dec. 24
Preferred (s-a)
$214 July 3 Holders of rec. June 24
Preferred (s-a)
15c Jan. 3 Holders of rea. Doe. 20
Anchor Cap Corp., corn.(guar.)
513.4 Jan, 2 Holders of rec. Dee. 20
8614 Preferred (guar.)
Anglo-Persian Oil Co., Ltd.
Amer. dep. rec. let pf.stk.reg.(s.-&.). =re Feb. 7 Holders of rec. Dee, 16
Amer.dep.rec.2d pref.stk.reg.(8.-a.) zw414 Feb. 7 Holders of rec. Dec. 16
50o. Jan. 2 Holders of roe. Dee. 15
Apponaug Co.,corn.(guar.) p
111 Jan. 1 Holders of roe. Dec. 10
Armour & Co.of Del.. pref.(guar.)
150. Dee. 31 Holders of rec. Dee. 15
Assoc. Brew. of Can.. Ltd. corn.(g11.)$114 Jan. 1 Holders of rec. Dec. 15
Preferred (guar.)
Dec. 81 Holders of rec. Dee. 21
$1
Associated Investments Co.corn.(go.)..
$134 Dec. 31 Holders of roe. Dec. 21
Preferred (Misr.)
250. Dec. 31 Holders of rec. Dee. 16
Associated 011, coca.(guar.)
Jan. 2 Holders of rec. Dec. 23
$1
Auburn Automobile Co.(quiz.)
Jan. 2 Holders of rec. Dec. 23
e2
Extra
Axton-Fisher'Fob. Co. Cl, A corn.(go.).. 80c. Jan. 3 Holders of rec. Dec. 15
500. Jan. 2 Holders of rec. Dec. 20
Babcock & Wilcox, (guar.)
Balaban & Rata,7% pref.(guar.)
144 Dec. 81 Holders of tee. Dec. 15
28e Jan. 1 Holders of rec. Dec. 21
BaneOhlo Corp. (guar.)
Bankers Invest. Trust of Amer.(guar.). 15o Dee. 81 Holders of rec. Dec. 15
Beatrice Creamery Co.. prof.(guar.).-- $IM Jan. 2 Holders of roe. Dec. 14
75c. Jan. 2 Holders of rec. Dec. 12
Beech-Nut Packing Co.. corn. (guar.)._
1214c. Dec. 81 Holders of rec. Dec. 30
Beaton & Cadwell Mfg.(monthly)
75e Jan. 1 Holders of roe. Dee. 21
Bibb Mfg. Co. (guar.)
154 Dec. 31 Holders of rec. Dec. 24
Block Bros. Tobacco, Pref.((Mara
$154 Jan. 2 Holders of rec. Dee. 15
Blumenthal(Sidney)& Co..Ino..Pf.(gu)
81 Dec. 31 Holders of roe. Dee. 14
Bon Ami Co.. cl. A extra
500. Deo, 31 Holders of rec. Dec. 14
Class B extra_
zw6 Jan. 7 Holders at rec. Dec. 15
Boots Pure Drug, Ltd
$134 Jan. 2 Holders of tee. Dec. 15
Borg-Warner Corp., Prof. (guar.)
Boston & Ely Consol. Min.(liquidation) 15o
Boston Storage Warehouse Co.(gust.).. $134 Deo, 31 Holders of rec. Dec. 23
Dec. 31 Holders of rue. Dee. 1
$2
Boston Wharf Co.
Brantford Cordage Co., Ltd. let pf.(go.) 50c Jan. 15 Holders of rec. Dec. 20
Bridgeport Mach. Co.. pref.(gust.).... $134 Jan. 1 Holders of rec. Dec. 20
250. Jan. 3 Holders of roe. Dec. 21
(gu.)...
Briggs & Stratton Corp.,cap.stk.
Brillo Mtg.Co., Inc.,ohms A (gust.).... 500. Jan. 2 Holders of rec. Dee, 15a
15e Jan. 2 Holders of rec. Dee. 15a
Common (guar.)
Brit. Amer. Oil, Ltd.. Coup.No.11 (go.) (200. Jan. 8 Holders of rec. Dec. 17
120o. Jan, 8 Holders of rec. Dec. 15
Registered
Jan. 3 Holders of rec. Dec. 19
$1
Bucyrus-Erie Co., pref.(guar.)
450. Jan. 2 Holders of rec. Dee. 20
Bucyrus Monighan Co.,01. A (goat.)
2ao Dec. 31 Holders of rec. Dec. 20
Buffalo General Laundries, prof
75o Dee. 31 Holders of roe. Dee. 21
Buffalo Nat. Corp.. pref. (guar.)
Jan. 7 Holders of rec. Dec. 24
3
Builders Exch.Bldg. Co.of Balt.(9
Jan. 7 Holders of rec. Dec. 24
3
Extra
250 Jan. 8 Holders of roe. Dee. 15
Building Prods., Ltd.. A & B (guar.)
$1 Jan. 1 Holders of rec. Dec. 15
Burger Bros., prof. (guar.)
513.4 Jan. 8 Holders of roe. Dec. 20
Bush Terminal Bldg., pref.(guar.)
813.4 Feb. 1 Holders of tee. Jan. 14
Byers(A. M.) Co., prof.(guar.)
()Mamba Sugar Estates. corn. (quiz.).. 40o Jan. 2 Holders of rec. Dec. 15
350 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
50c. Jan, 2 Holders of roe. Dec. 21
California Ink. A at B (guar.)
35e. Jan. 2 Holders of tee. Dec. 15
California Sugar Estate 7% pref.(Mil
Canada Bread, 7% lit pref. A (guar.).. t 134 Jan, 2 Holders of rec. Doe. 15
(154 Dec. 31 Holders of rec. Dec. 15
Canada Packers, 7% prof. (guar.)
$3 Jan. 8 Holders of tee. Dec. 15
Canada Permanent Mtge.(guar.)
Canadian Canners Ltd.,6% 1st pf.(gU) t114 Jan. 2 Holders of rec. Dec. 15
(10c. Jan. 2 Holders of rec. Dec. 15
Cony. preference (guar.)
Canadian Car de Foundry, pref.(guar.). 44c. Jan. 10 Holders of rec. Dee. 27
144 Dee. 31 Holders of rec. Dec. 17
Can. Celanese. Ltd., 7% Pt.(guar.)
581 Dec. 31 Holders of me. Dee. 17
7% preferred (guar.)
81134 Jan. 4 Holders of rec. Dec. 17
Canadian Cottons. Ltd.. pref.(guar.)
Canadian Dredge & Dock Co., Ltd.,
($1 Feb. I Holders of rec. Jan. 16
common (guar.)
($134 Feb. 1 Holders of rec. Jan. 16
Preferred (guar.)
Can. Gen. El. Co.. Ltd.7% pf.(Qui
- t8734o Jan. 2 Holders of tee. Dee. 15
51
Jan, 2 Holders of rec. Dee. 15
Common (guar.)
52 Jan, 2 Holders of rec. Dec. 20
Canadian 011 Co. Ltd.. pref.(guar.)
50o Jan. 1 Holders of rec. Dee. 20
Canadian Westinghouse Ltd.(goat.)
144 Dee. 31 Holders of rec. Dec. 20
Canfield Oil Co., 7% pref. (guar.)
250 Jan, 1 Holders of rec. Dec. 17
Cannon Mills Co..corn.(guar.)
Carey Philip Mfg. Co.. prof. (guar.)- $134 Dec. 31 Holders of rec. Dec. 20
zte20 Dec. 24 Holders of rec. Doe. 7
Carreras. Ltd.. ord. B (final)
Ordinary A (final)
zw20 Dec. 24 Holders bf rec. Dec. 7
Cate (J. 1.) Co., Prof.(guar.)
5134 Jan. 1 Holders of rec. Dee. 12
Celanese Corn. of Am.7% cum. pt.
(gu) 154 Jan. I Holders of rec. Dec. 17
h500 Jan. 1 Holders of rec. Der. 17
7% cum. Prof. (guar.)
3714o Jan. 8 Holders of rec. Dec. 20
Central Aguirre Assoc.. corn.(guar.)
Chain Store Prod. Corp., pref. (gust.).. 3734c. Dee. 31 Holders of rec. Dec. 20
Champion Fibre Co.7% pref.(goat.)... 13.4 Jan. 2 Holders of rec. Dec. 20
134 Jan. 1
Chatham Mfg. Co.(N.C.)7% of.
6% preferred (guar.>
1% Jan. I
$134 Feb. 1 Holders of rec. Jan. 15
Cherry-Burrell. pref.(guar.)
31 Dec. 30 Holders of rec. Dee. 9
Cherebrough Mfg. Co. (guar.)
$1 Dec. 30 Holders of tee. Dee. 9
Extra
4346
Financial Chronicle
Dec. 24 1932
Per
When
Books Closed.
Per
When
Books Closed.
Name of ComPantl•
Cent. Payable
Days Inclustre.
Name of Company.
Cent. Payable,
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Chicago Daily News $7 pref.(guar.). - - - 81% Jan. 1 Holders of
rec. Dec.
Gen. R.V. Signal. cum.(guar.)
250. Jan. 8 Holders of rec. Doe. 10
Chicago Jet. Ky.& Union Stkyd.(qu.)-- g23( Jan. 1 Holders of roe. Dec. 20
15
Preferred (guar.)
$134 Jan. 8 Holders of roe. Doe. 10
Preferred (guar.)
$114 Jan. 1 Holders of rec. Dec. 15
German Amer. Bldg. Loan Corp.(5.-a.). $3
Jan. 1 Holders of roe. Dec. 29
Chicago Towel Co.,$7 Pref.
41% Jan. 2 Holders of roe. Dec. 20
(quer-)
Gibson Art Co. (guar.) _
25e. Jan. 1 Holders of rec. Dec. 20
Chicago'Transfer & Clearing, of.(rm.)
6114 Jan. 2 Holders of rec. Dec. 15
Gilbert (A. C.) Co. (guar.)
87%e. Jan. 2 Holders of rec. Dee. 17
Christiana Secur. Co.7% pt.(qua:.)
1M Jan. 3 Holders of rec. Dee. 17
Gillette Safety Razor Co., corn.
250. Doe, 30 Holders of rec. Dec. 34
Chrysler Corp.. corn. (guar.)
25c Doe. 31 Holders of rec. Dec. 1
$5 preferred (qua:.)
$144 Feb. 1 Holders of rec. Jan. 3
Churchill House Corp.(annual)
500. Jan. 2 Holders of reo. Dee. 15
Glidden Co., preferred (guar.)
31% Jan. 3 Holders of rec. Deo.'16
City Investing Co., pref. (Qum.)
1% Jan. 3 Holders of rec. Dec. 28
Goldblatt Bros.. Inc., corn.(guar.)
3734o. Jan. 2 Holders of roe. Doe. 10
Clark (D. L., Co.,corn.(guar.)
12(.o Jan. 1 Holders ef rec. Dec. 18
Gold Dust Corp., $8 pref. (guar.)
$134 Dee. 31 Holders of roe, Doe, 17
Claude Neon Elec.Prod.Corp.,corn.(go.) 25c. Jan. 1 Holders of rec. Dec. 20
Goodman Mfg. Co.. coin.(guar.)
50a. floe. 30
Preferred (qua:.)
35o. Jan. 1 Holders of rec. Dec. 21)
Goodyear Textile Mills Co. pref. (get)._ 51% Jan. 3 Holders of roe. Doe. 30
Clorox Chemical, class A (guar.)
50e Jan. 1 Holders of rec. Dec. 20
Goodyear T.& R. Co.,87 lit pt.(gu.)- $144 Jan. 1 Holders of rec. Dec. 20
Cluett, Peabody de Co..Pref• (
Holders of rec. Doe, 1
31% Jan. 3 Holders of roe. Dee. 21
(luar.)Goodyear Tire & Rubber Co. of
Coats (J. & P.). Ltd
Canada, Ltd.. pref. (quar.,
5134 Jan. 3 Holders of rec. Dee. 16
Amer. deo rec. ord. reg
stead. Jan. 9 Holders of roe. Nov. 18
Gorton-Pew Fish, Ltd. (guar)
50a. Dee. 31 Holders of roe. Doe. 21
Coca-Cola Co.. common (guar.)
31% Jan. 2 Holders of roe. flee. 14
Gottfried Baking Co., Inc.. cl. A (guar.)
750. Jan l'33 Holders of rec. Dec. 20
Class A (semi-ann.)
$134 Jan. 2 Holders of roe. Dee. 14
Class A (guar.)
764. Atm. 1 Holders of rec. Mar. 20
Coca-Cola Internat. Corp.. corn. (guar.) 833,4 Jan. 2 Holders of roe. Dec. 14
Class A (guar.)
75e. July 1 Holders of rec. June 20
Class A (s-a)
83 Jan. 2 Holders of rec. Dec. 14
Class A (guar.)
75e. Oct. 1 Holders of rec. Sept. 20
Colgate-Palmolive-Peet Co.
Preferred OW.)
144 Jan. 2 Holders of roe. Dee. 20
6% preferred (guar.)
1% Jan. 1 Holders of roe. Dec. 10
Grace(W.R.)& Co..8% prof.(s -3 Dec. 29 Holders of rec. Dec. 28
-a)
Collateral Loan Co. (guar.)
Dee. 31 Holders of rec. Dee. 13
$2
Preferred A and B(qW.)
2 Dec. 29
Colt's Pat. Fire Arms Mfg. Co.00m.(qu.)
250. Dee. 31 Holders of rec. Dee. 10
Grand Rapids Varnish Corp. (guar.)... 7440 Dec. 31 Holders of tee. Dee. 28
Holders of rec. Dec. 20
Columbia Vise de Mfg. (qua:.)
37M0 Jan. 3 Holders of rec. Dee. 20
Granite City Steel (guar.)
25e, Deo, 29 Holders of roe. Doe. 15
Commercial Credit Co..6(4% pref.(qn.) 1% Dec. 31 Holders of ree. Dec. 10
Grant (W. F.) Co., common (guar.)._
25e. Jan, 1 Holders of rec. Dec. 12
7% preferred ((mar.)
43%0. Dee. 31 Holders of roe. Dee. 10
Gray Processes (s-a)
50c. Jan. 3 Holders of rec. Dec. 23
8% cl B. preferred (guar.)
50e. Dee. 31 Holders of roe. Dee. 10
Graymur Corp. common (guar.)
25e. Jan. 2
$3 el. A. cony., pref.(guar.)
75e. Dee. 31 Holders of roe. Deo. 10
Gt. West. El. Chem. Co.,6% pref.(rm.) 1% Jan. 2 Holders of rec. Dec. 16
Commerel Disct. Co. of CaLpf. A (qU.)Holders of rec. floe. 21
20c. Jan. 10 Holders of rec. Jan. 1
Great Western Life Assurance (guar.)--- $5
Jan. 2 Holders of rec. Dee. 20
Comm.Invest Trust Corp.. oom.(quar.)50e. Jan. 1 Holders of roe.'Doe. tor Great Western Sugar Co. 7% of.(go.)..
194 Jan. 2 Holders of roe. Doe. 15
7% 1st preferred (guar.)
1% Jan. 1 Holders of rec. Dee. to Green (Dan.) Co. Prof.(guar.)
% Jan. 2 Holders of rec. Dec. 21
61.1% let preferred (guar.)
1% Jan. 1 Holders of roe. Dec. 5. Group No. I 011 Co.
(guar-)
$100 Doe. 31 Holders of reo. Dec. 15
Cony. preferred (guar.)
Jan. 1 Holders of roe. Dec. 54
ii
Extra
$200 Doe. 31 Holders of rec. Doe. 15
Commercial Solvents Corp.. corn (s.
30c. Doe. 31 Holders of roe. Nov. 21
-a.)
Guardian Rail Shares Investment Trust
Community State Corp., el- A et B (1111-) 1214c. Dec. 31 Holders of roe. Dee. 27
Preferred (guar.)
18%0. Jan. 1 Holders of roe. Dee. 15
Congress Cigar,corn.(guar.)
25e. Dee. 30 Holders of roe. Doe. 14
Preferred (guar.)
200. Jan. 1 Holders of roe. Doe. 15
Coolness Mines, Ltd
2(4 Jan. 10 Holders of rec. Dec. 30
Curd (Chas.)& Co.,corn.(guar.)
15c, Jan. 2 Holders of rec. Dec. 15
Connecticut Gen. Life Ins. Co. (quar.)- 200. Jan. 3 Holders of rec. Deo. 17
Preferrea (guar.)
51% Jan. 2 Holders of rec. Dec. 15
Conn. River Banking (s.
$134 Dee. 31 Holders of ree. Dec. 6
-a.)
Hall Baking 7% pref. (guar.)
taXic Jan. 1 Holders of rec. Doe. 19
Extra
$144 Dee. 31 Holders of rec. Dec. 6
Halold Co.. corn. (guar.)
25e, Jan. 2 Holders of rec. Dec. 15
Consolidated Laundries Corp.,com.(qu.) 12)40 Jan. 3 Holders of rec. Dec. 15
Extra
2.50. Jan. 2 Holders of roe. Doe. 15
Preferred (guar.)
81% Feb. 1 Holders of tee. Jan. 16
7% preferred (guar.)
1% Jan. 2 Holders of rec. Doe. 15
Continental Baking Corp., pref. (guar.) $1
Jan. 1 Holders of rec. Dec. 19a FIammermill Paper Co.. pref.(guar.)
$144 Jan. 2 Holders of roe. Doe. 15
Continental Gin Co., pref.(guar)
6134 Jan. 2 Holders of roe. Deo. 15
Hamilton United Theatres, Ltd.
Counsellor Securities Trust (quer.)
35c. Jan. 3 Holders of rec. Dec. 20
7% preferred (guar.)
1% Dec. 31
Courier-Post pref. (guar.)
31(4 Jan. 1 Holders of rec. Dec. 15
Hams(P. H.) Knitting Co., pref. (MI.). 1% Jan. 2 Holders of roe. Doe. 15
Cream of Wheat Corp.(guar.)
Holders of toe. Doe. 20
500. Jan. 3 Holders of rec. Deo. 24
Harbauer Co., 7% pref. (gow.)
1% Jan, 1 Holders of rec. Doe. 21
Extra
25c. Jan. 3 Holders of rec. Dec. 24
Hazel-Atlas Glass Co.(gust.)
75o. Jan. 3 Holders of roe. Doe. 15
Creameries of America, Inc.. (gnat.)...
150. Dee. 31 Holders of rec. Dec. 10
Extra
Crowell Publishing Co.(guar.)
25e. Dee. 24 Holders of rec. Doe. 14
Healey Petroleum Corp.. pref. (qua:.).. 2194 Dec. 31 Holders of roe. Dec. 15
Crown Willamette Paper. 1st pref.(gr.) $1 Jan. 1 Holders of Fee. Doe. 13
Holders of rec. Dec. 21
Heath (D. C.)& Co. pref. (quiz.)
1% Doe. 31
Crow's Nest Pass Coal
$144 Jan. 1 Holders of roe. Dee. 12
Helme (Ger). W.) Co., coin. (gust.).... 81% Jan. 2 Holders of rec. Dec. 29
Crum & Forster, corn.(guar.)
Holders of tee. Doe. 10
15c. Jan. 14 Holders of rec. Jan. 4
Extra
$2
Jan. 2 Holders of rec. Doe. 10
Preferred (guar-)
Mar. 31 Holders of rec. Mar. 21
$2
Preferred (guar.)
$144 Jan. 2 Holders of rec. Dec. 10
Crum & Forster,Inc., 8% prof. (guar.). $2 Dec. 31 Holders of rec. Dec. 20
Hercules Powder Co.. corn. (guar.)
3710. Doe. 24 Holders of roe. Doe. 13
Curtis Publishing Co.. prof.(guar-)
$154 Jan. 2 Holders of rec. Doe. 20
Hershey Creamery 7% pref. (8.-a.)
$334 Jan. 3 Holders of roe. Doe. 15
Danahy-Faxon Stores (guar.)
250. Dec. 31 Holders of rec. Dec. 16
Hewitt Bros.Soap. preferred (guar.).
2 Jan. 1 Holders of roe Dee. 20
Davenport Hosiery Mills, corn. (guar.)25c. Jan. 2 Holders of rec. flee. 19
Hayden Chemical. pref. (guar.)
81
2
Preferred (guar.)
mu Jan. 2 Holders of r c. Deo. 19 Hibbard,Spencer. Bartlett de Co.(mthlY) 10o, Jan, 30 Holders of res. Dec. 2
Dec.
Delsel-Wem'r-Gilbert Corp.7% pf.(s.a.) 3314 Jan. 1 Holders of tee. Deo. 15
Holders of rec. Oct. 28
Hobart Mfg. Co.,corn.(guar.)
250. Mar. 1 Holders of roe. Feb. 18
De Long Hook & Eye Co.(guar.)
500. Jan. 2 Holders of rec. Dec. 20
Holland Furnace, preferred (3.-a.)
$3% Jan. 1 Holders of roe. Dec. 15
Detroit Bankers Co. common (quar.)--25c. Dec. 31 Holders of rec. Dec. 20
Holland Land (liquidating)
500.
Devoe de Reynolds Co., 1st de 28 pf.(qu.) 1% Jan. 1 Holders of roe. Dec. 20
Holders of rec. Deo. 14
Hollinger Consol. Gold Mines. Ltd.
Diamond Shoe Corp.. common (qua:.)..
15o. Jan. 2 Holders of rec. Dec. 20
(Monthly)
51). Deo, 31 Holders of rec. Doe. 15
614% preferred (guar.)
1% Jan. 2 Holders o/ rec. Dec. 20
Holly Development Co. (guar.)
2%c Jan. 15 Holders of rec. Dec. 21
6% second preferred (s. )
30e. Jan. 2 Holders of rec. Dec.
-a
Holmes (D. II.) Co., Ltd. (guar.)
$1% .fan. 2 Holders of rec. Dee. 24
District of Columbia(Wash.,D.C.)(au.) 32 Jan, 15 Holders of rec. Dec. 20
31
Homestake Mining (monthly)
The. Dec. 24
Dominion Glass Co., Ltd., earn. (guar.) 881% Jan. 2 Holders of
rec. Doe. 15
Horn & Hardart Baking Co., pref.(gu.). $1% Jan, I Holders of roe. Dee. 20
Proferred (guar.)
Holders of rec. Doe. 21
*81% Jan. 2 Holders of roe. Dee. 16
Hoskins Mfg. Co., common (gust.)....
250 Doe. 26 Holders of roe. Doe. 10
Dominion Stores, Ltd., corn. (guar.).
- u30o. Jan. 1 Holders of roe. Dee. 15
Household Finance Corp.
Dominion Textile Co.,Ltd., corn.(qr.).. 181(4 Jan. 3 Holders of roe. Doe,
15
A & B common (guar.)
90c Jan. 15 Holders of rec. Dec. 31
Preferred (guar.)
181% Jan. 16 Holders of roe. Doe. 31
Participating preferred (guar.)
$1.05 Jun. 15 Holders of rec. Dee. 31
Draper Corp., corn. (qua:.)
500. Jan. 2 Holders of reo. Dee. 3
Humble Oil & Refining Co.(guar.)
500. Jan, 1 Holders of roe. Doe. 2
Driver-Harris Co. 7% pref. (guar.)
11% dJan. 1 Holders of rec. Dec. 21
Huron & Erie Mtge. Corp.(guar.)
$2
Jan. 2 Holders of roe. Doe. 15
Duplan Silk, preferred (guar.)
$2
Jan
1 Holders of r e. Deo. 20
EYE/rade Sylvania,corn.(quar.)
50e Jan. 3 Holders of too. Doe. 100
duliont de Nom.
(E.1.) de Co.
Preferred (guar.)
$1% Jan. 3 Holders of rec. Dee. 100
Debenture (guar.)
$114 Jan. 25 Holders of rec. Jan. 10
Ideal Finance Assoc. A (quiz.)
123-4 c. Jan. 3 Holders of rec. Dee. 15
F.arly & Daniel Co. common (quar.)
250. Dec. 31 Holders of rec. Dec. 20
$8 preferred (guar.)
$2
Jan. 3 Holders of roe. DM 15
Preferred (guar.)
$134 Dee. 31 Holders of tee. Dec. 20
$2 oonv. preferred ((Man)
50e, Jan. 3
Eastern Steamship Lines, Inc.
Imperial Tob. Co. of Can., ord. (ctn.).- $144 Doe. 31 Holders of roe. Dee. 15
Holders of roe. Nov.30
$345 preferred (guar.)
Jan. 2 Holders of rec. Dec. 16
873.4e
Industrial Cotton Mills, Prof. (guar.)
1% Feb. 1 Holders of rec. Jan. 20
Eastman Kodak Co., corn.(guar.)
750. Jan. 2 Holders of rec. Dec. 5
Ind. Cot. Mills. Itio.
(8.C.)7% of.(011.)- 1(4 Feb. 1 Holders of rec. Jan. 20
$134 Jan. 2 Holders of rec. flee. 5
Preferred (qua:.)
Industrial Rayon Corp.(guar.)
50e. Jan. 1 Holders of rec. Dec. 15
Ecuadorian Corp.. Ltd.. prof. 0 0
3,1 - 336 Jan. 1 Holders of roe. Doe. 10
Ingersoll-Rand Co.. prof. (13--11-)
$3
Jan. 3
Electric Auto Lite Co.common (guar.)-30c. Jan, 2 Holders of rec. Dec. 21
Inland Investors, Inc. (Ohio). (quer.)- - 12%c. Jan. 1 Holders of rec. Doe. 7
Holders of rec. Dec. 20
Preferred (guar.)
$134 Jan. 2 Holders of rec. Dec. 21
Inter-Island Stearn Navigation (mthly.).
100. Dec. 31 Holders of roe. Dee. 24
Electric Controller & Mfg.. corn. 1111141%)
25e. Jan. 2 Holders of rec. Doe. 20
(
International Business Mach, (gust.).. $1% Jan. 10
Holders of rec. Dee. 220
Electric Storage Batt'y Co. cum• (guar-)
500. Jan. 8 Holders of rec. Doe. 12
Intl Button Hole Sewing Machine Co.
Emerson Bromo Seltzer, A.& B.(guar-) 500. Jan. 3 Holders of roe. Doe. 15
(Quarterly)
2 Jan. 3 Holders of rec. Dec. 16
Preferred (guar.)
500. Jan. 3 Holders of roe. Dee. 15
International Carriers, Ltd.
Empire Safe Deposit capital stock (au). 2% Dee. 30 Holders of rec. Dec. 23
Capital stock (guar.)
50. Jan. 3 Holders of rec. Doe. 20
Endicott Johnson Corp.,com.(qua:.)...
750. Jan. 1 Holders of roe. Dec. 19
International Harvester, 00[11. (gust.)..
800. Jan. 16 Holders of roe. Dec. 20
Preferred (qua:.)
$134 Jan. 1 Holders of roe. Doe. 19
International Nickel Co. of Canada
Equitable Office Bldg.Corp.. corn.(gr.). 37%0. Jan. 2 Holders of roe. Doe. 15
7% preferred (guar.)
18)(0. Feb. 1 Holders of roe. Jan. 3
Preferred (guar.)
1% Jan. 2 Holders of rec. Doe. 15
International Salt Co.. Cap stk (gust.)
37)40 Jan. 2 Holder of roe. Dee. 150
Equity Trust Shares In America
Sc. Dec. 31 Holders of rec. Doe. 24
International Shoe, common (gust.)
500, Jan. 1 Holders of roe. Dee. 15
Eureka Standard Consol. Mining (qu.).30o. Doe. 24 Holders of rec. Doe. 15
Preferred (monthly)
500. Jan. 1 Holders of rec. Dec. 15
Faber, Coe & Gregg. peel.(guar.).81% Feb. 1 Holders of roe. Jan. 20
Preferred (monthly)
500. Feb. 1 Holders of tee. Jan. 15
Fanny Farmer Candy Shops. pref.
60c. Jan. 4 Holders of rec. Dec. 15
Preferred (monthly)
50e. Mar. 1 Holders of rec. Feb. 15
de Traders Life Ins.(Syracuse)
(qu.)Farmes Preferred (monthly)
500. Apr. 1 Holders of rec. Mar. 15
(Quarterly)
82% Jan. 1 Holders of roe. Dec. 10
Preferred (monthly)
500. May 1 Holders of roe. Apr. 15
(Quarterly)
3234 Apr. 1 Holders of rec. Mar. 11
Preferred (monthly)
50e. June 1 Holders of rec. May 15
Faultless Rubber Co.. cam. (goat.).... 50e. Jan. 1 Holders of roe. Dee. 15
International sliver Co.. prof. (0111111 )- 1
Jan,
%
Federated Dept. Stores, Inc. (guar.).
15c Jan, 3 Holders of rec. Dec. 21
Internat. Tea Co. Stores Ltd., ord. reg-- zw12 Jan. 2 Holders of tee. Dee. 140
Holders of roe. Doe. 12
Fifth Ave. Bus Securities (guar.)
16a Dee. 29 Holders of rec. Doe. 15
American dep. rota. ord. reg
zw12 Jan. 10 Holders of roe. Doe. 12
Filene's(Wm.)Sons,from.(guar.)
20o Dee. 31 Holders of rec. Dec. 214 Intertype Corp. 1st pref. ((war.)
$2
Jan. 3 Holders of rec. Dec. 15
Preferred (guar.)
61% Jan. 8 Holders of rec. Dec. 2I0
2nd preferred (8.-a.,
Jan. 3 Holders of rec. Dee. 15
$3
Finance Co.of Amer., CIA & B oorn.(qu.)
100. Jan. 16 Holders of rec. Jan. 6
2nd preferred
133
Jan. 3 Holders of rec. Dec. 15
7% preferred (guar.)
43440. Jan. 16 Holders of rec. Jan. 5
Inv. Corp. OR.1.86 1st pf.(guar.)$1)4 Jan. 1 Holders of roe. Doe. 20
Cl A preferred (guar.)
8(40. Jan. 16 Holders of rec. Jan. 5
Irving Air Chute Co. (guar.)
100. Jan. a Holders of rec. Dec. 22
Finance Co. of Pennsylvania
$3 Jan. 3 Holders of tee. Dee. 17
(guar.).-Island Creek Coal Co., common (guar.)
500. Jan. 2 Holders of rec. Dec. 22
FIrwtone Tire & Rubber. corn. (gust',)..
25c. Jan. 20 Holders of rec. Jan. 5
Preferred (guar.)
51(4 Jan. 2 Holders of rec. Dee. 22
8% preferred (guar.)
134 Mar. 1 Holders of rec. Feb. 15
Jewel Tea Co.. Inc., common (guar.).
- 75e. Jan. 16 Holders of roe. Dec. 30
First Bank Stock Corp. cap.stock
((Pl.)- 123,4c Jan. 1 Holders of rec. Doe. 21
Johns-Manville Corp., pref. (gust.).... 1% Jan. 3
First Common Stooks, corn., initial (on.)
Holders of reo. floe. 15
40
Holders of roe. Nov. 14
Jones de Laughlin Steel pref. (quar.)......75e. Jan. 2 Holders of rec. Dee. 13
First National Stores. Inc., corn. WILL.. 62 Me Jan.
3 Holders of roe. Dee. 15
Kahn's (E.) Sons. 1st pref.(guar.)
$1% Jan. I Holders of rec. Dec. 20
8% preferred (guar.)
20e. Jan. 1 Holders of roe. Doe. 15
Kalamazoo Vegetable Parchment (guar.)
15e. Doe. 31 Holders of rec. Dec. 21
1st preferred (guar.)
3
1% Jan, 3 Holders of roe. Doe. 16
Katz Drug Co.. preferred (guar.)
$154 Jan. 1 Holders
First State Pawners Society (Chi.. BM
Kaufmann Dept. Stores. Inc.. pref.(gu) $1% Jan. g Holders of roe. Dec. 15
7% preferred (guar.)
of tee. Deo. 10
1% Doe. 81 Holders of roe. Doe. 21
Remper-Thonias Co.. corn.(guar.)
12)40. Jan. 1 Holders of roe. Doe. 20
Fishman (N. H.) Co., Inc.
Kimberly-Clark Corp. prof. (guaz.).--- $134 Jan. 2 Holders of
Class A and B preferred (guar.)
rec. Doe. 12
8134 Jan. 15 Holders of rec. Dec. 31
King Royalty Co.. pref. (guar.)
$2
Jan. 1 Holders of rec. Dec. 15
Florshelin Shoe Co..6% pref.(guar.).
- 114 Dec. 81 Holders of roe. Doe.
Klein (Emil D.) Co. common (guar.)...
250. Jan. 2 Holders of rec. Dec. 21
Flour Mills of America. Inc., pt. A (qu.). 51 Jan. 1 Holders of rec. Dec. 15
Knapp-Monarch 4334 pref. (guar.)
15
81)4c Jan. 1 Holders of rec. Dec. 20
Foster Wheeler Corp., prof. (Quar.)
6134 Jan. 2 Holders of roe. Doe. 12
Koppers Gas de Coke Co.,6%
Fourth Nat. Investors Corp. corn.
55e. Jan. 1 Holders ot rec. Dec. 16a Kresge (S. 8.) oom.(guar.) pref.(qu) 1% Jan. 2 Holders of rec. Dee. 12
230. Jan. 3 Holders of roe. Dee. 12
Frick Co., Inc.,6% preferred (guar.)
750. Jan. 2 Holders of rec. Dec. 19
Preferred (guar.)
$15( Jan. 3 Holders of roe. Doe. 12
Frieman (A. J.)..Ltd.. 6% pref. (glum)
134 Jan. 2 Holders of roe. Dec. 15
Kroger Grocery & Baking 6% pref.(qU.)
1% Jan. 2 Holders of rec. Doe. 20
Furness. Withy & Co.. corn. Interim
Ise2 Jan. 7 Holders of rec. Dee. 13
7% preferred (guar.)
1% Feb. I Holders of rec. Jan. 20
Gannett Co.. Inc., 66 prof. (guar.)
$131 Jan. 2 Holders of roe. Dee.
Lake View de Star Co.(London).interim_z te12%
General American Invest.. 66 prof. (qu.) 31% Jan. 1 Holders of rec. Dec. 15
Lambert Co. (guar.)
20
$1
Jan. 3 Holders of rex% Dee. 17
Gen'l Amer. Tank Car Corp.,corn.(s-a).
500 an. 1 Holders of rec. Doe. 15
Land Title Bldg. Corp.. pref.(guar.).
- 50e Deo, 31 Holders of rec. Dee, 15
General Baking Co.,corn.(guar.)
50o Jan. 2 Holders of rec. Dec. 19
Landers. Frary & Clark (guar.)
62140. Dee. 81 Holders at roe. Dee. 21
Preferred (guar-)
$2
Jan. 2 Holders of roe. Dee. 19
Leggett(F. H.) de Co.. pref.(guar)
134 Jan. 1
-General Elea. Co., Cum.(guar.)
100 Jan. 25 Holders of roe. Doe.
Lehigh Portland Cement CO.
Common
m1-68h Feb. 20 Holders of roe. Dec. 16
7% preferred (guar.)
10
8734e. Jan. 3 Holders of tee. Dec. 14
Special stock (guar.)
150 Jan. 25 Holders of too. Dee. 16
Lehman Corp.. capital stook (gust.)...
60o. Jan. 5 Holders of reo. Dee. 22
General Mills, Inc..6% prof.(guar-)--13,4 Jan. 2 Holders of rec. Dec. 14a Loosing. me.
25e. Doe. 31 Holders of roe. Dec. 10
(guar.)
General Motors Corp..66 prof.
8114 Feb. 1 Holders of rec. Jan. 9
Liggett & Myers Tob.. prof. (gust.).
$194 Jan, 2 Holders of rec. floe. 12
Printing Ink. Prof. (guar.).--- $114 Jan. 8 Holders of roe. Dec. 17
(guar.)Genl
Lincoln Life Ins.(Neb.) (11quidating)
62.45
Name of Company.
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (CotUinued)•
$134 Jan. 2 Holders of rec. Dec. 20
Linde Air Prod., pref. (guar.)
154 Jan.
Holders of rec. Dec. 15
Link Belt Co.,6).% Pref. (quar.)
h1X Jan. 2 Holders of rec. Dec. 15
Bros., Inc.,6% pref.(guar.)
Lit
.
66e. Dee. 31 Holders of rec. Dee. 31
Lock Joint Pipe Co., corn.(monthly).
Jan. 1 Holders of ree. Jan. 1
82
Preferred (clear.)
750. Dec. 31 Holders of rec. Dee. 14
Loew's Inc.. corn.(guar.)
h5211c Dec. 31 Holders of rec. Nov. 19
Loew's London Th., Ltd.7% pf.(qu.)Loose-Wiles Biscuit Co., it pref. (qu.) $IX Jan. 1 Holders of rec. Dec. 19
$214 Jan. 3 Holders of rec. Dec. 17
Lord & Taylor, corn.(guar.)
300. Jan. 3 Holders of rec. Dec. 15
Lorillard (P.) Co., corn. (quar.)
$154 Jan. 3 Holders of rec. Dec. 15
(qua.)
Preferred
250. Jan. 2 Holders of rec. Dec. 15
Loudon Packing
134 Jan. 2 Holders of rec. Dee. 22
Lunkenheimer Co.. pref. (quar.)
Jan. 2 Holders of rec. Dec. 20
$2
LycomIng Mfg.8% pref. (guar.)
25c. Jan. 16 Holders of rec. Dec. 31a
MacAndrews & Forbes Co., corn. (qu.)_
134 Jan. 16 Holders of rec. Dec. (la
Preferred (guar.)
25e. Dec. 31 Holders of rec. Dec. 16
Mack Trucks, common (guar.)
500. Feb. 15 Holders of rec. Jan. 20
Macy (R. H.)& Co.. corn.(guar.)
1234c. Jan. 16 Holders of rec. Dec. 30
(guar.)
Magma Copper Co.
11.960 Dee, 31 Holders of rec. Dee. 15
Ma,or Corp. Shares
251 Jan. 1
Mani Agriculture Co. Ltd
Manisehewitz(B.) & Co.. pref.(guar.)- - $154 Jan. 1 Holders of rec. Dee. 20
Manufacturers Fin. Corp.7% p1.(guar.) 43540. Dec. 31 Holders of rec. Dec. 17
750. Jan. 1 Holders of rec. Dec. 15
Mapes Consolidated !Mg. Co. (quar.)-25c. Jan. 10 Holders of rec. Dec. 20
Margay 011 Corp., com.(quar.)
200. Dec. 31 Holders of reo. Dec. la
Marine Midland Corp., corn.(quar.)- 25c. Jan. 2 Holders of rec. Dec. 22
Marlin-Rockwell Corp
20e. Dec. 31 Holders of rec. Dec. 15
Mass. Investors Trust (quar.)
Mathieson Alkali Works, corn. (quar.)-- 37X c. Jan. 2 Holders of roe. Dec. 120
$1% Jan. 2 Holders of rec. Dec. 120
Preferred (guar.)
50c Feb. 1 Holders of rec. Jan. 16
McCall Corp.(guar.)
McColl Frontenac Oil Co.. Ltd. pt.(qu.) MX Jan. 14 Holders of red Dec. 31
McKee (A. G.), class 13 (quar.)
50e Jan. 1 Holders of rec. Dec. 20
McKeesport Tin Plate Co., corn. (guar.) $1 Jan. 2 Holders of rec. Dee. 15
75c Jan. 2 Holders of rec. Dec. 23
McQuay-Norris Mfg. Co., corn.(guar.)75e. Jan. 1 Holders of rec Dec. 15
Mead Johnson & Co., corn.(guar.)
Preferred (semi-annual)
350. Jan. 1 Holders of rec. Dec. 15
Merch.& Miners Transp.Co., corn. (qu. 373Ic. Dec. 31 Holders of rec. Dec. 15
,
Jan. 2 Holders of roe. Dee. 17
Merck Corp. prof (guar.)
$2
Mergenthaler Linotype Co. corn. (quar.)
40c. Dec. 31 Holders of rec. Dec. 7a
250. Jan. 1 Holders of rec. Dee. 16
Mesta Machine Co., corn. (guar.)
$1
Jan. 3 Holders ot rec. Dec. 10
Metal Package Corp.. corn. (guar.)
154 Jan. 2 Holders of rec. Dec. 20
Metal & Thermit, pref. (guar.)
1)4 Jan. 1 Holders of rec. Dec. 15
Met. Paving Brick. pref. (guar.)
Midland Grocery Co.6% pf. (8.
Jan. 1 Holders of rec. Dec. 20
$3
-10
Midland Loan de Saving Co. (s.
50c. Jan. 3 Holders of rec. Dec. 15
-a.)
Jan. 1 Holders of rec. Dec. 20
2
Midland Steel Prods. Co., 1st pf. (qu.) _
Jan. 1 Holders of roe. Dec .20
2
8% Preferred (quar.)
Midvale Co. (Del.), capital stook
500. Jan. 1 Holders of rec. Dec. 17
Midwest Refining Co.(liquidating)
21 25.725
Minn.
-Honeywell Reg., Pref. (guar.)- - Si Jan. 2 Holders of rec. Den. 20
Mitchell (J. S.) & Co., peel. (quar.)_...._ $154 Jan. 2 Holders of rec. Dee. 16
87340. Jan. 2 Folders of rec. Dec. 15
Monroe Chemical Co.. Pref.(quar.)
Monsanto Chemical Works, corn. (guar.) 31140. Jan. 2 Holders of rec. Dec. 10
Moore(Wm)Dry Goods Co.(guar.).
1 Holders of rec. Jan. 1
Jan
- $2
134 Dee. 31 Holders of reo. Dec. 21
Morris Finance. pref.(guar.)
Close A (guar.)
$134 Dee. 31 Holders of roe. Dec. 21
275Ic. Dec. 31 Holders of rec. Dec. 21
Class B (guar.)
Morristown Sees. Corp.$5 Cu. pf.(s.
-a.)- $234 Jan. 2 Holders of rec. Dec. 15
Mountain Producers, corn. (guar.)
200. Jan. 3 Holders of rec. Dec. 15a
Jan, 3 Holders of rec. Dec. 23
Murphy (G. C.) Co.,8% pref. (quar.)2
Mutual Chemical of Amer.. pref (qu.)- 8114 Dec. 28 Holders of rec. Dec lb
Myers (F. E.) & Bros., COM. (quar.)
25e. Dec. 31 Holders of rec. Dec. 15
Preferred (guar.)
$1 34 Dec. 30 Holders of rec. Dec. 15
Nashua Gummed Coated Paper, p1.(qu.) $154 Jan. 2 Holders of rec. Dec. 24
Nation Wide Securities (guar.)
15c. Jan. 3 Holders of rec. Dec. 15
National Battery Co., pref. (quar.)___
55c. Jan. 2 Holders of rec. Dec. 15
National leacuit Co. common (guar.).
70c Jan. 14 Holders of rec. Dec. 16o
National Breweries. Ltd. (guar.)
f 40c. Jan. 2 Holders of rec. Dee, 15
Preferred (guar.)
1430. Jan. 2 Holders of rec. Dec. 15
National Candy, corn. (guar.)
25c. Jan. 1 Holders of rec. Dec. 12
1st & 2d preferred (guar.)
$1% Jan. 1 Holders of rec. Dec. 12
National Casket Co., pref.(guar.)
$154 Dec. 31 Holders of rec. Dec. 15
National Dairy Prod. Corp., corn.(qu.)50c. Jan. 3 Holders of rec. Dee. 5
Preferred A and B (guar.)
$154 Jan. 3 Holders of rec. Dec. 5
National Distillers. pref. (quar.)
62X 0. Jan. 3 Holders of roe. Dec. 24a
25c. Jan. 16 Holders of rec. Dec. 31
National Fuel Gas Co., cap. stk. WM
National Gypsum Co.. pref. (quar.)- - 8154 Jan. 2 Holders of roe. Dee. 17
$154 Dee. 31 Holders of ree. Dec. 16
National Lead. oom. (guar.)
Preferred B (guar.)
$134 Feb. 1 Holders of rec. Jan. 20
National Licorice Co., pref. (guar.)
3154 Dec. 31 Holders of rec. Dec. 15
Jan. 1 Holders of rec. Dec. 20
National Oil Products (s.
$1
-a.)
Jan. I Holders of roe. Dee. 20
$1
Extra
$1% Jan. 1 Holders of rec. Dec. 20
$7 preferred (guar.)
Jan. 1 Holders of rec. Dec. 15
National Refining Co., prof.(guar.)
$2
National Screen Service Corp.,corn.(qu) 25e Jan. 3 Holders of rec. Dec. 20
300. Jan. 3 Holders of rec. Dec. 20
National Standards Co., corn. (quar.)__
Nat. Steel Car Corp., Ltd.(guar.)
t 20c. Jan. 2 Holders of rec. Dec. 22
National Steel Corp. (guar.)
12340. Dec. 30 Holders of rec. Dee. 20
Nat. Sugar Refit. of N. J., cap.stock__
50c. Jan. 3 Holders of rec. Dec. 1
National Tea Co., corn. (guar.)
150 Jan. 1 Holders of rec. Dec. 14
National Weaving Co..7% 2d p1.(qu.)_
1% Dec. 30
New England Equity, pref.(guar.)
$2 Jan. 3 Holders of rec. Dec. 15
New England Grain Prod.. $7 Prof.(qu.) $1% Jan. 2 Holders of rec Dee. 20
$6 Preferred A (guar.)
$134 Jan. lb Holders Of rec. Jan 1'33
N. Y. & Honduras Rosario Min, Co.
Capital stock (special)
214 Dec. 30 Holders of rec. Dec. 20
New York Ship Building, pref. (quar.)_
IX Jan. 3 Holders of rec. Deo. 20
New York Trap Rock,$7 pref. (quar.)__ $154 Jan. 3 Holders of rec. Dec. 21
Newberry (J. J.) Co.,common (gu.)---250. Jan. 1 Holders of rec. Dec. 16
Newberry (J. J.), Realty, pref. A fqu.)
- $1.62 Feb. I Holders of rec. Jan. 16
6% preferred (guar.)
8134 Feb. 1 Holders of rec. Jan. 16
Niagara Shares Corp.(Md.)Class A preferred (guar.)
$134 Jan, 3 Holders of roe. Dec. 16
WSW. Dee. 21 Holders of rec. Dec. 3
Noranda Mines, Ltd
Jan. 3 Holders of rec. Dec. 21
Norfolk & Wash. Steamboat Co.(qui -- $2
350. Jan. 1 Holders of rec. Dec. 15
North American Creameries, A (guar.) .
North Central Texas 011 Co.,Ine.pref.(qu .)$13 Jan. 2 Holders of rec. Dec. 10
1510. Jan. 3 Holders of rec. Dec. 15
North Star 011, Ltd., pref.(guar.)
250. Jan. 1 Holders of roe. Dee. 16
Northern Pipe Line Co.,cap.stk.
Northern Securities Co. (s-a)
$255 Jan. 9 Holders of rec. Dee. 15
Northwest Bancorporation (guar.)
15c. Jan. 1 Holders of rec. Dec. 20
Norwalk Tire & Rubber. Prof.(quar.)--- 8734c Jan. 1 Holders of rec. Dec. 22
Novadel-Agene Corp., corn, (onal%)_ _ _ $134 Jan. 3 Holders of rec. Dec. 21
Holders of rec. Dec. 21
Preferred (guar.)
5154 Jan.
Occidental Petroleum, corn
7c. Dec. 31 Holders of rec. Dec. '20
Jan. 3 Holders of rec. Dec. 22
Ogilvie Flour Mills Co., Ltd. corn.(qu.) $2
500. Jan. 1 Holders of rec. Dec. 10
Ohio Finance Co., corn. (guar.)
Jan. 1 Holders of rec. Dee. 10
8% preferred (qual.)
2
011 Stocks. ltd., Initial
200 Dec. 28 Holders of rec. Dec. 21
15c. Jan. 3 Holders of rec. Dee. 15
Old Colony Tru.st Assoc. (guar.)
250. Jan. 1 Holders of rec. Dec. 15
Old Line Life Ins. of Amer.(guar.)
Omnibus Corp., pref.(guar.)
Jan. 3 Holders of roe. Dee. 15
$2
Owens Illinois Glass Co., pref. (guar.)._ $134 Jan, 1 Holders of rec Dec. 18
Pacific Finance Corp., corn. (quar.)___.
56 Jan. 1 Holders of rec. Dec. 15
200 Feb. 1 Holders of rec. Jan. 1
Series A (quar.)
16540 Feb. 1 Holders of rec. Jan. 1
Series C (guar.)
17340 Feb. 1 Holders of rec. Jan. I
Series D (guar.)
Pacific Finance Corp. of Calif.(Del.)
Preferred A (guar.)
200. Feb. 1 Holders of rec. Jan. 14
Preferred C (guar.)
16340. Feb. 1 Holders of rec. Jan. 14
(guar.)
Preferred D
1710. Feb. 1 Holders of rec. Jan. 14
Page-Hersey Tubes, Ltd., corn,(guar.). 1750 Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
$154 Jan. 2 Holders of rec. Dec. 20
100
Paris Medicine(guar.)
25e. Jan. 3 Holders of rec. Dec. 22
Parka Davis & Co., common (guar.)---resale& Gaulbert Corp., Pref•((Mr.) - $1% Jan. 1 Holders of rec. Dec. 23
45e. Dee. 81 Holders of reo. Dec. 20
Penney (J. C.) Co.. common (guar.)--$114 Dee. 31 Holders of roe. Dec. 20
Preferred (guar.)
250. Jan. 2 Holders of roe. Doe. 8
peoples Drug Stores. Inc., 00111. (quar.)
50e Jan. 1 Holders of rec. Dec. 17
Perfect Circle Co., coin. (qum.)
4347
Financial Chronicle
Volume 135
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
30c. Doe. 31 Holders of rec. Dec. 20
Perfection Stove Co., corn.(guar.)
Pet Milk Co., preferred (guar.)
$1% Jan. 1 Holders of rec. Dec. 10
50o. Feb. 1 Holders of rec. Jan. 16
Philadelphia Insulated Wire (s-a)
250. Jan. 16 Holders of rec. Jan. 4
Philip Morris&Co.Ltd.,Inc.cap.stk (qu.)
1% Jan. 3 Holders of rec. Dec. 20
Phillip Morris Consol., Inc. cl. A (qu.).. _
el% Jan. 3 Holders of rec. Dec. 20
Class A (guar.)
120
Piccadilly Hotel
Jan. 1
$3
Piedmont Mfg. Co. (s.
-a.)
60. Jan.
Holders of rec. Dee. 1
Pioneer Gold Mines (guar.)
250. Jan. 2 Holders of rec. Dec. I
Pittsburgh Plate Glass Co.. corn.(guar.)
$134 Dee. 31 Holders of rec. Nov.2
Plimpton Mfg. Co.(extra)
$134 Jan. 20 Holders of rec. Dee. 3
Plymouth Cordage (guar.)
25c. Dec. 30 Holders of rec. Dec. 1
Plymouth 011 Co.,corn.(guar.)
Holders of rec. Dec. 2'
1714c. Jan.
Pneumatic Scale. pref. (guar.)
1% Jan. 3 Holders of rec. Dee. 1
Ponce Electric prof. (quar.)
_1234c. Jan. 3 Holders of rec. Dec. I
Pratt dz Lambert, Inc., corn.(guar.)_
030. Jan. 4 Holders of rec. Dec. 1
Premier Gold Min. Co.. Ltd.(guar.)- _ -Jan. 14 Holders of rec Dec. 2
Procter & Gamble.8% pref.
-- 2
Prudential Investors, Inc., 86 p1.(qu.).- $134 Jan. 14 Holders of rec. Dec. 3
Publication Corp., original pref. (guar.) 154 Jan. 1 Holders of rec. Dee. 2
2
Jan. 3 Holders of rec. Dec.
Pure Oil Co., 8% pref.(quar.)
114 Jan. 3 Holders of rec. Dec.
6% preferred (guar.)
134 Jan. 3 Holders of rec. Dec.
53i% preferred (guar.)
Jan. 16 Holders of rec. Dec. 3
$1
Quaker Oats Co.. Coro. (guar.)
$154 Feb. 28 Holders of rec. Feb.
Preferred (guar.)
Rand Mines, Ltd., corn.(s.
-a.)
50c. Jan. 1 Holders of rec. Dec. 20
Rath Packing Co.,corn. (guar.)
25c. Dec. 31 Holders of rec. Dec. 30
RI.Est toe.,5:G uar.
(Wash.D.C. -a.)
(s.
Reece Folding Machine Co. (quar.)- --- 35 of 1 Jan. 3 Holders of rec. Dec. 16
81% Jan. 1 Holders of rec. Dec. 20
Reliance Mfg.(IIL). pref. (quar.)
750. Jan. 2 Holders of rec. Dec. 17
Reynolds(A. J.) Tobacco Co.(guar.)._
1% Dec. 31 Holders of rec. Dee. 15
Rich's. Hui.6 % preferred (qual.)
30e. Dec. 31 Holders of rec. Dec. 30
Ross Gear & Tool (guar.)
Royal Baking Powder Co.
-6% pf.(qu.) 13.4 Jan. 3 Holders of rec. Dec. 5
250. Jan. 3 Holders of rec. Dec. 5
Common (guar.)
$1 Jan. 3 Holders of rec. Dec. 15
Rumford Printing (qual.)
750. Jan. 1 Holders of rec. Dec. 19
Safeway Stores. Inc., corn. (guar.)
6% preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 19
1 X Jan. 1 Holders of ree Dec. 19
7% preferred (guar.)
$3
Jan. 1 Folders of rec. Dee. 19
St. Louis Bridge Co., 1st prof.(s.
-a.)2d preferred (s.-a.)
3134 Jan. 1 Holders of rec. Dec. 19
$154
St. Louis Car Co. pref.(guar.)
35e. Dee. 31 Holders of rec. Doe. 17
Scott Paper Co., common (guar.)
250. Jan. 1 Holders of rec. Dec. 15
Scovill Mfg. Co., capital stock (quar.)
Second National Investors Corp.
h$1.15 Jan. 1 Holders of rec. Dec. 16a
$5 preferred (quar.)
Seeman Bros., Inc., common (guar.)
- 62 Xc Feb. 1 Holders of rec. Jan. 16
Selected Industries, Inc.. $534 pf. (qu.) $154 Jan. 1 Holders of rec. Deo 16
12340. Jan. 10 Holders of rec. Dec. 20
Shattuck (F. G.)(qual.)
15c. Jan. 3 Holders of rec. Dec. 16
Shawmut Associates (quar.)
Sherwin-Williams of Can., pref. (qual.). 134 Dec. 31 Holders of rec. Dec. 150
hi% Jan. 1 Holders of rec. Dec. 20
Silverwood's Dairies, Ltd., 7% pref
$2 Dec. 31 Holders of rec. Dec. 10
Singer Mfg. Co.(guar.)
134 Jan. 1 Holders of rec. Dec. 17
Slattery (E. J.) Co., pref. (guar.)
134 Apr. 1 Holders of rec. Mar. 18
Preferred (guar.)
25e. Dec. 30 Holders of rec. Dee. 15
South Penn Oil Co., corn. (guar.)
40c. Jan. 2 Holders of rec. Dec. 10
South Porto Rico Sugar Co., corn.(qu.).
2
Jan. 2 Holders of rec. Dec. 10
Preferred (guar.)
$1
Dee. 31 Holders of roe. Dec. 15
South West Pa. Pipe Lines (quar.)Jan. 2 Holders of rec. Dec. 20
$4
-a.)
Spartan Mills (s.
150. Dec. 31 Holders of rec. Dec. 15
Spencer Kellogg & Sons, Inc. (quar.)..25e. Dec. 30 Holders of rec. Dec. 15
Spencer Trask Fund, Inc. (quar.)
$18
Stafford, pref. (Initial liquidating)
25c. Jan. 3 Holders of roe. Dec. 5
Standard Brands, Ino.. corn. (quar.)$154 Jan. 3 Holders of rec. Dec. 5
Preferred (quar.)
Stand. Coosa Thatcher Co.7% of. Wu.). 134 Jan, 15 Holders of roe. Jan. 15
30e. Dec. 31 Holders of rec. Dec. 15
Standard Oil Co. of Ky.. Com.(quar.)..
375Se Jan. 3 Holders of rec. Dee. 15
Standard 011 Co. of Ohio coin. (quar.)
$154 Jan. 16 Holders of roe. Dec. 31
Preferred (quar.)
Standard 011 Export Corp.,5% pf.(S.-a.) $234 Dec. 31 Holders of rec. Dec. 12
75e. Jan. 1 Holders of rec. Dec. 15
Standard Steel Construe., pref. A (guar.)
$134 Dec. 30 Holders of rec. Dec. 19
Starrett (L. S.). prof. (guar.)
$13.4 Jan. 2 Holders of rec. Dec. 20
State & City Bldg., pref.(quar,)
Jan. 2 Holders of rec. Dec. 24
$2
State Theatre (Boston) pref. (guar.)._ _
$1% Jan. 3 Holders of rec. Dec. 15
Stein (A.) & Co., preferred (guar.)
4354c Dee. 31 Holders of roe Dee 15
Stix Baer & Fuller. 7% pref (guar.)
$t
Jan. 1 Holders of rec. Dec. 19a
Sunshine Biscuits, 1st pf.(quar.)
1.2me Tan. le Holders of rec. Jan. 5
Superheater Co. (quar.)
Superior Portland Cement Co.
2734e. Jan. 1 Holders of rec. Dec. 23
Class A (monthly)
Supertest Petroleum Corp., Ltd.
25c Jan. 3 Holders of rec. Dec. 15
Common (guar.)
1% Jan. 3 Holders of rec. Dec. 15
Preferred A (guar.)
Preferred B (guar.)
13.4 Jan. 3 Holders of rec. Dec. 15
50. Deo. 31 Holders of rec. Nov.30
Sylvanite Gold Mines. Ltd. (5.-a.)
Extra
540 Dec. 31 Holders of rte. Nov.30
Tacony-Palmyra Bridge Co.. Class A &
750. Dee, 31 Holders of rec. Dee. 10
COMMOD (guar.)
$154 Jan. 3 Holders of roe. Dec. 24
Tamblyn (G), Ltd., pref. (guar.)
1% Jan. 3 Holders of rec. Dec. 24
Tamblyn (L.), Ltd.. pref. (guar.)
Took-Hughes Gold Mines, Ltd. (guar.). _ 1150. Feb. 1 Holders of rec. Jan. 14
20e Jan. 1 Holders of rec. Doe. 20
Telephone Invest. Corp.(monthly)
25e. Jan. 1 Holders of roe. Dee. 2a
Texas Corp. (guar.)
25c. Dee. 31 Holders of rec. Dec. 15
Texon 0114: Land,corn.(guar.)
25c. Dec. 31 Holders of rec. Dee, 15
Extra
50e. Jan. 3 Holders of rec. Dee. 23
Textile Banking Co.(guar.)
45o. Jan. 1 Holders of rec. Dec. 160
Third Nat. Investors Corp. corn. (qu.)..
25e. Jan. 3 Holders of rec. Dec. 23
Thompson (John R.), corn. (guar.)
$1 34 Jan. 3 Holders of rec. Dec. 10
Thompson's Spa., Inc., pref. (quar.)Tide Water ASSOC. Oil Co. prof. (quer.). $155 Jan. 3 Holders of rec. Dec. 17
25c Dec. 31 Holders of rec. Dec. 17
Tide Water Oil Co., corn. (guar.)
37 Xe Dec. 31 Holders of roe. Dec. 20
Time, Inc. (qual.)
12X c Dee. 31 Holders of rec. Dec. 20
Extra
5e. Dec. 24 Holders of rec. Dec. 15
Tintic Standard Mining (guar.)
Title .22 Mortgage Guaranty Co.,
Jan. 1 Holders of rec. Dec. 31
$2
Ltd. (New Orleans) (s. )
-a
Tobacco Security Trust Co., Ltd.
zw 6.857d Dee 26 Holders of MO. Nov. 21
Deterred reg
3 Jan. 2 Holders of rec. Dec. 15
Toronto Mtge. Co., cap. stk. ((man) .
75e Jan. 3 Holders of rec. Dec. 15
Torrington Co. (qual.)
Holders of rec. Dec. 24
Towle Mfg. Co. (guar.)
$1)5 Jan.
Trlco Products Corp.(guar.)
62540 Jan.
Holders of rec. Dec. 6
Trumbull Cliffs Furnace, pref. (quar.)-- $155 Jan.
Holders of rec. Dec. 15
UFA Film Co.. common (annual)
4
Underwood Elliott Fisher Co.,corn.(qu.) 1230. Dec. 31 Holders of rec. Dec. 124
Preferred (guar.)
$154 Dec. 31 Holders of me. Dec. 12a
Union Carbide & Carbon, cap. stk. (qu.)
30o. Jan. 2 Holders of rec. Dee. 2
Union Twist Drill common (quar.)
25c. Dec. 30 Holders of rec. Dec. 20
Preferred (guar.)
$1% Dee. 30 Holders of res. Dec. 20
United Aircraft & Transport Corp.
Preferred, A (guar.)
750. Jan. 1 Holders of rec. Dec. 10
United Dyewood Corp., pref. (quar.)-- 154 Jan. 3 Holders of rec. Dee. 154
United Elastic Corp. (guar.)
10o. Dec. 24 Holders of rec. Dee. 9
United Fruit Co., capital stock (quar.)-50c. Jan. 3 Holders of rec. Dec. ba
United Loan Corp. (guar.)
$134 Jan. 3 Holders of rec. Dec. 20
United N. Y. Bank Trust Shares
Series C-3, cog
9.148e Jan. 1 Holders of rec. Dec. 1
Series C-3, coupon
9.48c. Jan. 1
United Piece Dye Works. pref.(quar.). 134 Jan. 2 Holders of rec. Doe. 22
United Shoe Machinery Corp. Corn.(au.) 6254c Jan. 5 Holders of rec. Dec. 20
Preferred (guar.)
373.40 Jan. 5 Holders of rec. Dec. 20
United States Foil Co.
Class A and B common (guar.)
7540. Jan. 3 Holders of rec. Dee. lba
Preferred (guar.)
154 Jan. 3 Holders of rec. Dec. lbo
United states Gauge Co.(s.-a.)
El% Jan. 3 Holders of rec. Dec. 20
$154 Jan. 3 Holders of rec. Dec. 20
Preferred (s.
-a.)
U.S. Gypsum Co.. common (quar.)
40e. Jan. 2 Holders of roe. Dee. 15
154 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
United States Leather Co., v.t.o. rif.(qu.) $154 Jan. 3 Holders of roe. Dec. 10
U. B. Pipe & Fdy., corn.(guar.)
500. Jan. 20 Holders of roe. Dee. 310
30o. Jan. 20 Holders of roe. Dee. 3I0
First preferred (guar.)
4348
Financial Chronicle
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
United States Playing Card (quar.) -- 25e. Jan. 1 Holders of rec. Dec. 21
United States Shares Corp., ser. U reg.- $2.98
United States Tobacco, Corn. (quar.)--- $1.10 Jan. 2 Holders of rec. Dec. 19
Preferred (quar.)
El% Jan. 2 Holders of rec. Dec. 19
Universal Leaf Tobacco Co.,corn (quar.) 50o Feb. 1 Holders of rec. Jan. 20
Preferred (quar.)
2 Jan. 1 Holders of rec. Dec. 19
Upressit Metal Cap Corp.,8% IC(o.). 2
Dec. 30 Holders of rec. Dec. 20
Venezuelan 011 Conces., Ltd., Interim_ no 6
Victor-Monoghan Co., pref. (guar.).
- $1% Jan. 1 Holders of rec. Dec. 20
Vortex Cup Co.. corn. (quar.)
25o. Jan. 3 Holders of rec. Dec. 15
Vulcan DetInning pref.(quar.)
Jan. 20 Holders of rec. Jan. (ia
Wagner Electric Corp., pref. (quar.)--- 1% Jan. 1 Holders of rec. Dec. 20
Waldorf System.Inc.,common(Qum.)-25c. Jan. a Holders of rec. Dec. 20a
Walgreen Co., coin., Initial
250. Feb. 1 Holders of rec. Jan. 10
-- -Preferred (quar.)
51% Jan. 1 Holders of rec. Dec. 20
Ward Baking,Pref.(quar.)
50c. Jan. 2 Holders of rec. Dee. 17
Waukesha Motor Co.. corn. (quar.)_._. 30c Jan. 1 Holders of rec. Dec. 15
Wayne Knit Mill. pref.(s-a)
13 Jan. 1 Holders of rec. Dec. 15
Wesson Oil dr Snowdrift Co., Inc.
Common (quar.)
25c. Jan.
Holders of roe. Dec. 15
West Coast Oil, preferred (quar.)
51% Jan.
Holders of rec. Dec. 24
West Maryland Dairy. pref. (quar.)-.. 61% Jan. 2 Holders of rec. Dec. 20
Western Grocers, Ltd., pref. ((Mari
31% Jan. 15 Holders of rec. Dee. 20
Western Tablet & Stationery Corp.
Preferred (quar.)
lSi Jan. 1 Holders of roe. Dec. 20
Westmoreland. Inc.(quar.)
20e. Jan. 3 Holders of rec. Dec. 16
Weston Elec. Instrument A (guar.)
50c. Jan. 2 Holders of rec. Dec. 19
Westons (George), Ltd.. corn.(quar.)-- 250. Jan. 3 Holders of rec. Dec. 20
Westvaco Chlorine Prod. Corp.. pf.(11U.) $138 Jan. 2 Holders of rec. Doe. 15
Whitaker Paper Co., pref. ((Mar.)
$13i Jan. 1 Holders of rec. Dec. 20
White Motor Security Corp..7% pf.(ou.) 18 Dec. 31
White Rock Min. Elpr. Co.. cote.((Mar.) 50e. Jan. 3 Holders of roe. Dec. 16
1st preferred (guar.)
15 Jan. 3 Holders of ree. Dec. 16
2d preferred (quar.)
n.,32)1 Jan. 3 Holders of rec. Dee. 16
Wilcox Rich Corp.. dam A
6234o. Dec. 31 Holders of rec. Dec. 20
Will & Baumer Candle Co..Inc., pf.(qu.) 32
Jan. 3 Holders of rec. Dec. 15
Winn & Lovett Grocery Co., Cl. A 0014_
50c. Jan.
Holders of rec. Dec. 20
Preferred (guar.)
11.8 Jan.
Holders of rec. Dec. 20
Wiser 011 Co.(quar.)
25e. Jan 1 Holders of rec. Dee. 12
Extra
250. Jan. 1 Holders of roe. Dec. 12
Wright Hargreaves Mines. Ltd
u2%c Jan. 2 Holders of rec. Dee. 15
Extra
u5e. Jan. 2 Holders of rec. Dec. 15
Wrigley (Wm.)Jr. Co.(monthly)
25e. Jan. 2 Holders of rec. Dec. 20
Monthly
25e. Feb.
Holders of rec. Jan. 20
Yale & Towne Mtg. Co
250. Jan.
Holders of rec. Doe. 10
Young (L. A.) Spring & Wire Corp.
Common (quar.)
25e. Jan. 3 Holders of rec. Deo. 19
1' The New York Stook Exchange has ruled that stook will not be quoted esdividend on this date and not until further notice.
j The New York Curb Exchange Association has ruled that stock will not be
quoted ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
Correction. s Payable in stock.
fPayable in common stock. 0 Payable in scrip. S On account of accumulated
dividends. I Payable in preferred stock.
k Rank of The Manhattan Co. has authorized and declared the distribution of shares
of New York Title & Mortgage Corp. on the heals of one share of stock of said
New York Title dr Mortgage Corp. for each share of stock of the company, such
distribution to be made on Dec. 15 1932 to stockholders of record at 3 o'clock p. m.
on Dec.8 1932.
m A dividend, payable In common stock (now owned by General Electric Company) of Radio Corporation of America, at the rate of one sixth (1-6) of one share
of common stock of Radio Corporation of America for each share held of common
stock of General Electric Company was declared.
White Rock 2nd pref. stock, 52.50 per sh., equivalent to 500. per share of corn.
stock for which the 2nd pref. may be exchanged, and payable on the equivalent
number of corn. If so exchanged before the record date.
is A regular quarterly dividend on the convertible preference stock has been declared payable by the Commercial Investment Trust Corp. In common stock at the
rate of 1-62 of 1 share of common stock per share of convertible preference stook,
optional series of 1929. so held, or at the option of the holder in cash at the rate of
$1.50 for each share of convertible preference stock.
p Govt. Gold Mining Areas Cons. Ltd. div. Is based on Union of So. Africa cur
rency.
t Payable In Canadian funds.
s Payable in United States funds.
•
1Ass deduction for expenses of depositary.
Leas tax.
Weekly Return of New York City Clearing House.
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now make only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, pages 3812-13. We give the
statement below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. DEC. 17 1932.
Clearing House
Members.
Bank of N.Y.& Tr. Co_
Bank of Manhat.Co__
National City Bank.-Chemical Bk.& Tt.Co.Guaranty Trust Co
Manufacturers Tr. Co.Central Hanover Bk&Tr.
Corn Exch.Bk.Tr. Co.First National Bank _-- Irving Trust Co
Continental Bk.& Te.Co
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar.& Trust CoMarine Midland Tr. Co_
Lawyers Trust Co
New York Trust Co.Com'l Nat. Bk & Tr.Co
Harriman N.0 & Tr.Co
Public N. B. & Tr. Co..
Totals
• Capital.
• plus and Net Demand
Sur
Undivided
Deposits,
Profits.
Average.
Time
Deposits,
Average.
$
6,000,000
e20,000,000
124,000,000
21,000,000
90,000,000
32,935.000
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
12,500,000
7,000,000
2,000,000
8,250,000
$
$
9,134,200
81,455,000
e36,818,500
234,265,000
82,028,100 a1,001,385,000
45,840,900
237,587.000
180,830,200 b889,174,000
245,653,000
22,125,700
70,119,500
465,325,000
170,825,000
22,740,800
341,618,000
85,527,300
75,148,000
298,980,000
6,754,900
21,910,000
118,336,500 c1,211,905,000
3,608,900
40,061,000
77,007,600 d528,862,000
21,218,400
25,717,000
7,075,800
42,062,000
2,597,700
9,680,000
22,093,500
201,231,000
8,583,900
43,614,000
848,400
22,459,000
4,385,300
35,023,000
5
13,644,000
38,349,000
190,230,000
35,683,000
71,280,000
90,873,000
63,156,000
21,584,000
31,188,000
45,176,000
3,130,000
150,362,000
2,904,000
52,265,000
1,438,000
5,434,000
1,089,000
24,658,000
4,359,000
5,783,000
27,958,000
620.185.000
902,622,100 6,146,791,000
880.423.000
* As per official reports: National, Sept. 30 1932; State, Sept. 30 1932; trust
companies, Sept. 30 1932; e as of Nov. 26 1932.
Includes deposits in foreign branches: a $197,813,000; b $51,394,000; c $59,669,060; d $24,413,000.
Dec. 24 1932
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. • The following are
the figures for the week ending Dec. 16:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, DEC. 16 1932.
NATIONAL BANKS
-AVERAGE FIGURES.
Loans,
Other Cash, Rey. Dep., Dep. Other
Disc. and Gold. Including N. P. and Banks and
Gross
Investments.
Bank Notes Elsewhere. Trust Cos. Deposits.
Manhattan$
Grace National. 19,066,900
Brooklyn
Peoples Nat'l_ _
6
6
$
s
73,400 1,549,700 1,088,100 17,438,500
$
3,000
5,630,000 10,000
68,000
344,000
23,000
5,090,000
TRUST COMPANIES
-AVERAGE FIGURES.
Loans,
Dtscoune 4*
Investments.
Cash.
Reserve Dep. Dep, Other
N. Y. and Banks and
Elsewhere. Trust Cos.
Manhattan-Empire
Federation
Fulton
United States
$
$
$
47,371,100 *1,998,300 13,962,800
5,550,436
31,670
403,492
17,179,400 *2,275,500
902,400
66,877,141 5,380,926 23,386,280
Brooklyn
Brooklyn
Kings County
94,320,000
23,265,652
2,720,000 23,855,000
1,546,069 6,460,438
Gross
Deposits.
S
$
2,245,100 54,486,900
1,005,157 5,471,693
514,900 116,160,900
67,742.445
314,000 104,471,000
24,556,390
•Includes amount with Federal Reserve as follows: Empire, $692,400; Fulton,
$2,131,700.
Boston Clearing House Weekly Returns.
-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Week Ended
Dec. 21.
1932.
Capital
Surplus and profits
Loans. disels & I nvest'ts.
Individual deposits
Due to banks
Time deposits
United States depositsExchanges for Cig. House
Due from other banks
Ree've in legal deposit'les
Cash in bank
Res.In excess in F.R.Bk.
Changesfrom
Previous
Week.
Week Ended
Dec. 14,
1933.
$
8
3
79.900,000 Unchanged
79,900,000
67,518,000 Unchanged
67,518,000
825,768,000 +8,434.000 817.324,000
552.391,000 -1,734,000 554,125,000
157.767,000 -2,617,000 160,384,000
192,833,000 -1,141.000 193.774,000
18,605.000 +6,040.000
12,565,000
10,034,000
+802,000
9,232,000
145,465,000 -5,664.000 151,129,000
72,283,000 -2,852,000
75,135,000
9,478,000
+662,000
8,816,000
2.701,000 -1,383,000
4.084.000
Week Ended
Dec. 7
1932.
$
79,900,000
67,518,000
818,607,000
556.554,000
166.471,000
193,560,000
13,735,000
11,947,000
158,036,000
77.988.000
8,194,000
6.090.000
Philadelphia Banks.
-Beginning with the return for the
week ended Oct. 11 1930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserve required and whether reserves held are above or
below requirements. This practice is continued.
'yea Ends/ changesPon
1),c. 17
Previous
1932.
Week.
Week Ended
Dec. 10
1932.
Week Ended
Dec. 3.
1932.
S
$
$
$
Capital
77,011,000 Unchanged
77,011,000
77,011,000
Surplue and profits
200,378,000 Unchanged
200,378,000 200,378,000
Loans, disets. and invest. 1,156,904,000 +11,852,000
1,145,052.000 1,139,864.000
Exch.for Clearing House.
14,876,000 +1,636,000
13,240,000
16,138.000
Due from banks
152.303.000 +2,855,000 149,448.000 150,617.000
Bank deposits
209,168,000
-861,000 210.029,000 201,186,000
Individual deposits
631,986,000 -9,154,000 622,832,000 632,414,000
Time deposits
270,632,000
-140,000 270,772,000
Total deposits
1,111.786,000 +8,546,000 1,103,633,000 272,327,000
Ree've with P. R Rank__
--A.44:1 Onn inn een AAA 1,105,927,000
Iloonmnnn
Financial Chronicle
Volume 135
4349
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Dec. 22,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 4297, 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 DEC. 21 1932.
Dec. 21 1932. Dec. 14 1932. Dec. 7 1932. Nov. 30 1932. Nov. 23 1932. Nov. 16 1932. Nov. 9 1932. Nov. 2 1932. Dec. 231931.
RESOURCES.
$
$
$
$
2.297,515,000 2,288,899,000 2,281,059,000 2.242.398,000 2,230.3.51.000 2,241,169,000 2.228,469.000 2,207.934,000 2.047,722,000
Gold with Federal Reserve agents
40,350,000
Gold redemption fund with U.S. Trees
38,931,000
39.087.000
42.106.000
40.018,000
40.048,000
43.102.000
42.040.000
58,577,000
Gold held exclusively eget. F. R. notes 2,337,865,000 2,327,830,000 2,320.146,000 2,282,446.000 2,270,369,000 2,283.275.000 2.270.609.000 2,251.036,000 2,106,299,000
321,942.000 370,791,000 367,276,000 339,926,000 339,487,000 321,867,000 319,906.000 335.268.000 360,667,000
Gold settlement fund with F. R. Board
Goldand gold certificates held by banks_ 451,814,000 394,716,000 390,641.000 426,952,000 443.296.000 421.927.000 419,230,000 417.343,000 313,895,000
Total gold reserves
Reserves other than gold
3,111,621,000 3,093.337.000 3,078,063,000 3,049,324.000 3.053,152,000 3.027.069.000 3,009.645.000 3.003,647.000 2,980,861,000
169,370,000 185.770.000 185,054,000 192,635,000 188,871,000 192.382.000 186.967.000 196,382,000 147,571,000
Total reserves
3,280,991.000 3,279,107,000 3.263,117,000 3,241,959,000 3,242.023.000 3,219,451,000 3.195.612.000 3,200.229.000 3,128,432.000
Non-reserve cash
70,234,000
73,324,000
74,449,000
76,817.000
77,071.000
74.001,000
63,085,000
74.459.000
73.220.000
Bills discounted:
Secured by U. S. Govt. obligations
- 77,378.000
95,513,000 103,253,000 105.304,000 101,293,000 100.992,000 107,622,000 561,374,000
87,953.000
Other bills discounted
192.937,000 196,520.000 203,105,000 205.720,000 202,216.000 205,879.000 209,961.000 218.422.000 349,820.000
Total bills discounted
BR's bought In open market
U. S. Government securities:
Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
270,315,000
33.221,000
284,473,000
33,769,000
298,618.000 308,973.000
34,880,000
33,717,000
307.520,000
34.646.000
307,172.000
34,524,000
310,953,000 326,044,000
34.053.000
34,002.000
911,194,000
257,351,000
420,703,000
286.908,000
420.669,000
367,448,000
420,637,000
379,175,000
420,713,000
368.677.000
420.693,000
368.384.000
420,665.000
362.872,000
420,651.000
362,874.000
318,655,000
28,058,000
1,143,088,000 1.072,609,000 1,050,866.000 1,0.52,365,000 1.061.359.000 1,061,667.000 1,067,160,000 1,067.258,000
411,509,000
Total U. S. Government securities 1,860.699,000 1,850,726,000 1,850.677.000 1,860,766,000 1,850.749.000 1,850.734,000 1,850.097,000 1.860.783,000
Other securities
5,571,000
5,378,000
5,411,000
5,337.000
6,569,000
6,360,000
6.426.000
6,427.000
Foreign loans on gold
758,222,000
30,454,000
420.714.000
377.687,000
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
Bank premises
All other resources
2.159,806,000 2.174,346,000 2.188,349.000 2,200,030,000 2,198,265.000 2.197.999,000 2.201.079.000 2,216.305.000 1,957,221,000
95,550,000
2,868,000
2,781,000
2,854,000
2,861.000
8,815,000
2,749,000
2.781,000
2.873,000
2.774.000
13,658,000
13,455,000
14,436,000 12,256,000
17,871,000
14,310,000
14,110,000
13.140.000
12.219,000
358,810,000 407.925,000 323,983,000 353.468,000 333,500.000 439,203,000 317,900,000 361,411,000 455,594,000
58,212,000
58.211.000
48,211,000
59,572,000
58,169,000
68,169.000
58,169.000
58.137.000
68.169,000
35,802,000
40,351.000
42.889,000
39,880,000
38.167.000
39,259,000
36.824.000 38,265,000
36.994,000
Total resources
LIABILITIES.
F. R. notes In actual circulation
Deposits:
Member banks-reeerve account
Government
Foreign banks
Other depoeits
6,075,829,000 6,063,163,000 3,964,625.000 5.985,694,000 5,962.108.000 6.045,855.000 5,897.967.000 5,963,378.000 5,728,855,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities!
2,521,398.000 2,484.874.000 2,466,816,000 2,484,226,000 2,478.901,000 2,459,125,000 2.404,458.000 2.453,679.000 2,195,958,000
341,884,000 396.415.000 318,614.000 354,109,000 333,630,000 431,775,000 322.983.000 355,005.000 415,866,000
151,334,000 161,416,000 151.522.000 141,691,000 151.969,000 151,993,000 152.068,000 182.105.000 160,750.000
259.421.000 259,421.000 269,421,000 259,421,000 254,421.000 259,421.000 259,421.000 259,421.000 274,636,000
45,429,000
44.586.000
47,103,000
44,061,000
20,439,000
43,759.000 43.794,000
42,360.000
43,738.000
2,756,363,000 2,713,935,000 2.723.666,000 2,692,286,000 2,694,428,000 2.899,747.000 2.715.299.000 2.700.818.000 2,661,206,004
2,446,056,000 2,424.532,000 2,395,484,000 2.410.594,000 2.400.351,000 2,399.722.000 2.342.333,000 2.384.097,000 2,001,086,000
36.249.000
30.837,000
23,700.000
23,536,000
56,460,000
26,036.000
25.942.000
31.305,000
28.322,000
19,221,000
14,010,000
10,293,000
10.922.000
25,947.000
29.869.000
9.888.000 107,823,000
10.717.00L.
19,872.000
26,485,000
26,349,000
24,150,000
30,589,000
22.445.000
22,739,000
28,389.000
23.086.000
Total liabilities
6,075,829,000 6.053,163,000 5.964,625.000 5,985,694,000 5.962.108.000 6,045,855.000 5.897.967.000 5.963.378.000 5,728.855,000
Ratio of gold reserve to deposits and
F. R. note liabilities combined
58.9%
69.3%
69.6%
69.0%
58.9%
61.3%
58.6%
58.2%
68.7%
Ratio of total reserves to deposits and
F. It. note liabilities combined
62.2%
62.9%
63.1%
62.4%
62.7%
62.6%
64.4%
62.1%
62.4%
Contingent liability on bills purchased
for foreign correspondents
86,171,000
32.329,000
36,117,000
35,911.000
34.954.000
33,458.000
38,847.000 238,648,000
37.916.000
Maturity Distribution of Bills and
Short-Term Secur0ties1-15 days bills discounted
189.212.000 198,229,000 214.371.000 224,602,000 223.026.000 222.695.000 221.936.000 237,414.000 750,539,000
16-30 days bills discounted
20.297.000
22,969.000
22.697,000
41,291.000
22,430.000
22,795,000 23,870,000
25.973.000
26.786.000
31-60 days bills discounted
30.095.000
32,119,000
30.209,000
54,161,000
30.572,000 30.746.000
32.571,000
33.709.000
34,283,000
61-90 days bills discounted
19,446,000
19,724,000
46,046,000
20,088,000
20,403,000
19,238,000
19 429.000
19,704.000
18.325,000
Over 90 days bills discounted
11,265,000
19,157,000
11,432,000
11,016.000
10,938,000
10.238.000
10.449.000
9,244,000
9.624,000
Total bills discounted
270.315,000 284,473,000 298,618,000 308,973,000 307.520,000 307,172.000 311,963.000 826,044.000 911,194,000
1-16 days bills bought In open market
8,061,000
4,074.000
11,276,000
2,738,000
6.142,000 146,004.000
6.186.000
9.047.000
5,957,000
16-30 days bills bought In open market
4,855,000
2,766,000
56,051,000
4,659,000
7.850,000
6.516.000
11.388.000
1..283.000
8,517,000
31-60 days bills bought In open market
11,003.000
1,923,000
30,306,000
2.268,000
7,319,000
11.893.000
9.179.000
8.300,000
8.698.000
61-90 days bills bought In open market
9,302,000
26,006.000
24,268,000
24,162,000
8.435,000
11.602.000
7.771.000
8,016.000
10,830.000
Over 90 days bills bought in open market
722,000
Total bills bought in open market
83.221,000
-33,769,000
83,717,000
34.063.000 257,351,000
34.880.000
34.524.000
34,646,000
34,002.000
1-15 days U. S. certificates and bills-66,250,000
83,000.000
13,152.000
69,000,000 120.249.000 120.750.000 109.100.000
16-30 days U. S. certificates and bills
- 108.564,000
58,356.000
2,000,000
68.000,000
70,600.000
69.000.000 120.250.000
31-60 days U. S. certificates and bills-- 171,125,000 177,733.000 162,839.000 149,064,000
68.287,000
68.600.000
68.600.000
177.51 4.000 124.600,000
,
61-90 days U. S. certificates and bills.... 274,731,000 143,550.000 160,550.000 164.325.000 127,375
000 150.739.000 139.839.000 126.064.000 117,662.000
Over 90 days certiticatei and Dille
632,418,000 629,970.000 669.476.000 668.476,000 647.420.000 866,069.000 668,971,000 643,244.000 210,408,000
Total U.S. certificates and bins
1,143,088,000 1,072,609,000 1.050,865.000 1.052,365,000 1,061.369 000 1,061.657.000 1.067.160.000 1,067.258.000 411.509,000
1-14 days municipal warrants
4,735,000
3,951.000
4,166,000
3,811,000
4,669.000
3.921.000
4.293.000
5,088.000
6.058,000
16-30 days municipal warrants
823,000
1,139,000
622,000
244,000
607.000
1.000.000
10.000
1.267.000
10,000
31-60 days municipal warrants
288.000
659,000
133.000
109,000
50.000
313,000
60.000
282.000
61-90 days municipal warrants
13,000
69,000
199.000
143.000
199.000
Over 90 days municipal warrants
26,000
Total municipal warrants
5,571,000
5,378,000
5,337,000
4,259,000
5.411.000
5,425
5.569.000
5.350.000
5.427.000
Federal Reserve Notes
Issued to F. It. Bank by F. R. Agent... 3,005,204,000 2,960,303,000 2,946,756,000
2,913,683,000 2.919.788.000 2,925.250.000 2.439.116.000 2.918.711.000 2,953,776.000
Heldby Federal Reserve Bank
248,841.000 246,368,000 223,090.000 221,397.000 22.5.340.000 225,503.000 216,817,000 217.893.000 292,570,000
actual circulation
In
2,766,383,000 2,713,935.000 2,723,666.000 2,692,286,000 2.694.428.000 2.699.747.000 2.715.299.000 2.700.818.0002.66l.206,000
Collaseral Held by Agent as Security
for Notes Issued to Bank
By gold and gold certificates
1,076,255.000 1,125,479,000 1,138,889,000 1.085,353,000 1.075.804.000 1.073.224.000 1.069.224.000 1.071.819.000 844,192,000
Gold fund-Federal Reserve Board
1,221,269,000 1,163.420,000 1.142,170,000 1,157,045,000 1,164.645.000 1,167.945.000 1.159.245,000 1.136.115.000 1,203.530,000
By eligible paper
254,806,000 268.735,000 282,476,000 293,944,000 291,742 000 290.799.000
309,485.000
U.S. Government securities
471,600,000 426.300,000 408.600.000 414.400.000 429.900.000 423,300.000 294.388.000 439.100.000 1,097.158,000
424.900.000
Total
3,023,721.000 2.983.934.000 2.972.635.000 2.950.742.000 2.951.993,000 2.955,268,000 2,947.757,000 2.956.619.000
3.144,880,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC. 21 1932
Two Ciphers (00) omitted.
Federal Rues. Bank ofBoston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St.
Total.
Louis Minnoap. Han.City. Dallas. San Pralt.
RESOURCES.
$
$
$
$
$
$
II
$
$
8
$
$
$
/old with Federal Reserve Agents 2,297,615,0 184,227,0 576,460,0 157,800,0 189,970,0 75,700.0 56,000,0
3old redemp.fund with U.S.Treas.
1,488,0 5,327,0 5,902,0 1,911,0 3.222.0 678,870,0 69,465,0 40,540,0 61,480,0 23,740.0 183,263.0
40,350,0 1,669,0
3.586,0 1,531,0 2,342,0 2,188.0 1,305,0 6,879,0
Gold held excl. welt. F.It. notes 2,337.865,0 185.896,0 581,948,0 163,127,0 105,872,0 77,611,0 59.222,0882.458.0
70,996,0 42,882,0 63,668,0 25.045,0 189,142.0
3oldsettlem'tfund wIthF.R.Board 321,942,0 15.064
.0
60 3 .0 21.105.0 33344.0 13.924,0 9,738,0
. 66
8,658,0 25,693.0
)old and gold Ws. held by banks_ 451,814.0 14.007 0 326 201.0 7.304.0 18,610.0 2,889,0 9,378,0 104,714,0 8,684,0 9,177,0 11,685,0 4,245.0 23,691,0
,
.
27,299,0 5,802,0 2,658,0 9,730.0
Total gold reserves
3,111,621.0 214,967,0 968,505,0 191.538.0247,626,0 94,424,0 78,338,0 814,469,0 85.482,0
64,717,0 85,083,0 37,948,0238,526,0
Reserves other than gold
51,260,0 18,651,0 8,901,0 7,00.0 4,477,0 25,708.0
169,370,0 15,375,0
9,642,0 4,863,0 6,677,0 8.233,0 8,643,0
Total reserves
3,280,991,0 230.342,0 1,019,765,0 210,187,0 258,527,0 101,464,0 82,815,0 840.177,0 95,124,0 59.580,0 91,660,0 48,181,0 247,169,0
qon-reserve cash
70,234,0 4,188,0
19,307,0 3,789,0 3,626,0 2,956,0 4,020,0 14,288,0 3,653,0 2,156,0 2,767,0 2,765,0 6,719,0
Mils discounted:
Sec. by U.S. Govt. obligations_
77,378,0 5, 51.0
2
32 771.0 12.620.0 9,040,0 1,717,0 2,546,0 4,891,0 4,674,0
.
986,0
541,0
547,0 1.914,0
30,806,0 37,335,0 18,945,0 14,607,0 17,383,0 12.034,0 3,421,0 10,901,0 11,487,0 4,876,0 21.660,0
Other bills discounted
192,937,0 9,482,0
discounted
Total bills
270,315,0 14,733,0
63,577,0 49,855,0 27,985,0 16,324,0 19,929,0 16,925,0 8,096,0 11,442,0 12,453,0 5,423,0 23,574,0
1111/ ee..eht In open market
RR 021_n
2_261.0
9.758.0 3.0700 2008.0 1080 n 0 A91 n 2 Ow, n
07A n
RI9 n
050 n
050 (1 9 /01 n
Financial Chronicle
4350
Top. Ciphers (00) omitted.
Total.
Boston. New York.
Phila.
Dec. 24 1932
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
8
5
$
8
8
5
$
s
RESllIRCES (Concluded)U. S. G Arirnment securities:
BondsI
Trete try notes
Certiftestes and bills
420,703,0 20,333,0
286,908,0 15,971,0
1,143,088,0 60,364,0
187,205,0 31,170,0 36,492,0 9,648,0 9,567,0 40,774.0 13,941,0 17,216,0 11.774,0 17,313,0 25.270,0
115,155,0 22,618,0 29.667,0 7,843,0 7,747,0 33.147,0 10,926,0 7,835,0 9,515,0 5,943,0 20,541,0
430,932,0 85,481,0 112,123,0 29,642,0 29.286,0 188,289,0 41,289,0 29,621,0 35,963,0 22,485,0 77,633,0
To al U.S. Govt./securities
Other somurales
1,850,699,0 96,668.0
5,571,0
733,292,0 139,269,0 178,282,0 47,133,0 46,600,0 262,210,0 66,156,0 54,672,0 57,252,0 45,721,0 123,444.0
420,0
4,104,0 1,047,0
Total bills and securities
Gold heId abroad__
Due fro m foreign banks
F. R. n nes of other banks
Uncolle :ted items
Bank p •emises
All othe r resources
2,159,808,0 113,662,0
95,550,0
228,0
2,868,0
324,0
13,556,0
358,810,0 38,011,0
58,212,0 3,336,0
965,0
35,802,0
810,731,0 193,241,0 209,262,0 65,426,0 69,953,0 283,122.0 75,225,0 67,146,0 70.565,0 51,974,0 149,499,0
95,550,0
197,0
11,0
17,0
80,0
309,0
289.0
114,0
106,0
401,0
83,0
1,033,0
309,0
818,0
573,0 1,270,0
348,0 1,692,0
3,289,0
717,0
775,0 2,130,0 1,311,0
96,004,0 33,745,0 35,438,0 27,622,0 9,944,0 41,551,0 14,823,0 10,355.0 19,465,0 11,614,0 20,238,0
14,817,0 2,989,0 7,968,0 3,619,0 2,489.0 7,828,0 3,461,0 1.835,0 3,650,0 1,787,0 4,433,0
887.0 1,266,0 1,569.0
17,531.0 1,180,0 1,324,0 2,836,0 4,026,0 1,385,0 1,086.0 1,747,0
$
8
$
8
$
Total resources
6,075.829,0 391,056,0 2.078,027,0445,749,0 515,252,0 204,754,0 174,128,0 U90882,0 194,700,0 143,403,0 190,347,0 116,015,0 431,516,0
LIABILITIES.
F. R. n lies In actual circulation 2,756,363,0 199,806,0 592,201.0 242,785,0 289,540,0 103,974,0 98,416,0 683,528,0 104,058,0 81,701,0 92,362,0 39,662,0 228,330,0
Deposl 5:
Mem >er bank reserve account- 2,446,056,0 117,711,0 1,226,801,0 119,947,0 139,177.0 49,320,0 43.707,0 398,978,0 55,115,0 38,537,0 65.215,0 46,484.0 145,064,0
5,706,0 3,606,0 2,404,0 4,289,0 3,267,0 6,188,0 1,956,0 1,683,0 1,056,0 1,959,0 1,327,0
Cove nment
36,249,0 2,808,0
681,0
428,0
565,0
6,098,0 2,005,0 1,967,0
545,0 1,344,0
779,0
720,0 2,609,0
Forel ;n bank
19,221.0 1,480.0
414,0
120,0 2,817,0 2,062,0
408,0 1,299,0
577,0
641,0 4,999,0
6,050.0
417,0
68,0
Other deposits
19,872,0
Total deposits
DeferrecI availability items
Capital paid in
Surplus .
All othet llabillUes
•
2,521,398,0 122,067,0 1,244,655,0 125,878,0 146,365,0 56,450,0 48.111,0 408.183,0 59,051,0 41.062,0 67,413,0 49,629,0 152,734,0
90,584,0 31,662,0 33,851,0 25,645,0 9,496,0 39,306,0 15,653.0 9,502.0 17,320,0 12,848,0 18,822,0
341,884,0 37,195,0
58,619,0 16,069,0 14,101,0 5,142,0 4,680,0 16.156,0 4,360,0 2,892,0 4,054,0 3,922,0 10,483,0
151,334,0 10,856,0
75.077,0 26,486,0 27,640,0 11,483,0 10,449,0 38,411,0 10,025,0 6,356,0 8,124,0 7,624,0 17,707,0
259,421,0 20,039,0
1,890,0 1,074,0 2,330,0 3,440,0
16,891,0 3,069,0
3,755,0 2,060,0
2,976,0 5,298,0 1,553,0
45,429,0 1,093,0
Total liabilities
6,075,829,0 391,056.0 2,078,027,0 445,749,0 515,252,0 204,754,0 174.128,0 1190882,0 194,700,0 143,403,0 190,347,0 116,015.0 431,516,0
Memoranda.
58.3
48.5
57.0
57.4
64.9
55.5
58.8
63.2
56.5
77.0
51.7
71.6
Reserve ratio (per cent)
62.2
Conting ent liability on bills pur797,0 1,050.0 1,014,0 2,498.0
11,767,0 3,729,0 3,657,0 1,448,0
1,340.0 4,852,0 1,267.0
chase 1 for foreign correspond ta
36.171,0 2,752,0
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at-
Total.
Boston. New York.
S
Two Ciphers (00) omitted.
$
Federal Reserve notes:
Issued to F.R.Bk. by F.R.Agt- 3,005,204,0 218,393,0
Held by Federal Reserve Bank_ 248,841,0 18,587,0
8
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.Cits. Dallas. SanFran.
5
5
s
5
$
5
$
5
$
5
676,274,0 256,305,0 302,367,0 110,444,0 116,266,0 723,653,0 111,585,0 84,459,0 100,517,0 43,812,0 261,129,0
84,073,0 13,520,0 12,827,0 6,470,0 17,850.0 40,125,0 7,527,0 2,578,0 8,155,0 4,150,0 32,799,0
592,201,0 242,785,0 289,540,0 103,974,0 98,416,0 683,528,0 104,058,0 81,701,0 92,362,0 39,662,0 228,330,0
2,756,363,0 199,806,0
In actual circulation
Collateral held by Agent as security
for notes Issued to bank:
1,076,255,0 47,010,0
Gold and gold certificates
1,221,260,0 137,217,0
Gold fund-F. R. Board
254,606,0 14,708,0
Eligible paper
471,600,0 20,400,0
U. S. Government securities
.2 no*'91 A 910 ./1t1
.
o.......> ....4...1
442,460,0
134,000,0
60,909,0
44,000,0
78,290,0 71,470,0
79,510,0 118,500,0
49,705,0 27,940,0
50,000,0 85,000,0
18,430,0
57,270,0
17,038,0
18,000,0
13,500,0 262,870,0 20,765,0 13,540,0 9,680.0 12,240,0
42,500,0 416,000,0 48,700,0 27,000,0 51,800,0 11,500,0
20,774,0 16,688,0 7,915,0 9,251,0 11,751,0 5,240,0
41,000,0 32,000,0 34,300,0 34,900,0 29,000,0 15.000,0
86,000,0
97,263,0
12,687,0
68,000,0
11311 ARO n 27 nnx n m1201011 iin 7A8 0 117 774'1727 ARA A 111 MOO 84 ROI A In2 9.11 n sa clan n On2 nAn n
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 4297, immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929. the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsement" and Include
all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with endorsement were Included with loans, and some
Of the banks Included mortgages In investments. Loans secured by U. S. Government obligations arc no longer shown separately, only the total of loans on securitia
being given. Furthermore, borrowing at the Federal Reserve is not any more subdivided to show the amount secured by U. S obligations and those secured by commercial
Paper, only a Wrap 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 6135,000,000
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 WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS DEC. 14 1932 (In millions of dollars).
on
Federal Reserve District--
Total.
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. M.Louis. Minneap. Ean.eity. Dallas. San Fran
Loans and Investments-total
$
18,839
$
1,192
$
8,037
$
1,117
$
1,893
Loans-total
10,331
704
4,026
612
4,322
6,009
278
426
1,870
2,156
313
299
8,508
483
4,011
5,209
3,299
314
174
2,675
1,336
1,992
229
11,714
5,653
348
1,714
3,330
79
83
17
729
399
15
172
164
1
1,101
56
6,122
1,324
165
140
1,526
11
On securities
All other
Invostments--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
BorrOWIngs from P.R.Bank
507
292
507
383
$
1,731
1,369
276
175
246
239
970
597
772
110
166
52
123
78
168
72
167
240
730
179
735
231
117
261
144
761
94
85
424
311
113
118
58
59
146
115
89
55
427
334
27
8
220
191
19
69
81
14
347
39
1,270
886
29
352
397
2
37
7
296
200
5
118
103
1
20
161
140
1
79
56
43
14
341
180
5
169
164
2
27
8
224
128
14
104
92
88
17
568
911
28
185
196
22
573
503
$
2,104
1,084
306
324
490
594
115
191
107
217
505
809
267
232
273
484
325
153
114
79
16
660
274
30
136
223
7
106
29
841
794
25
91
228
15
34
13
282
226
12
99
100
4
$
$
$
$
$
$
5
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. 21 1932, in
comparison with the previous week and the corresponding date last year:
ResourcesGold with Federal Reserve Agent
Gold redemp.fund with U. S. Treasury-
Dec. 21 1932. Dec. 14 1932. Dec. 231931.
$
$
$
576,460.000 607,444,000 485,337,000
3,634,000
11,656,000
5,488,000
Gold held exclusively amt. F. R. notes
Gold settlement fund with F. R. Board_
Gold and gold certificates held by bank..
581,948.000
60,356,000
326,201,000
611,078,000
130,764,000
270,111,000
496,993,000
166,906,000
297,770,000
Total gold reserves
Reserves other than gold
968.505,000 1,011,953,000
51,260,000
59,728,000
961,669,000
32,998,000
Total reserves
1,019,765.000 1,071,681,000
Non-reserve cash
19,307,000
19,404.000
Bills discounted:
Secured by U. S. Govt. obligations.33.127,000
32,771,000
Other bills discounted
30,806,000
29,820,000
Resources (Concluded)Gold held abroad
Due from foreign banks Doe note)
Federal Reserve notes of other banks-Uncollected items
Bank premises
MI other resources
Total resources
Dec. 21 1932. Dec. 14 1932. Dec. 231931.
$
$
$
95,550,000
3,252,000
946,000
1,033,000
4,851,000
3,289,000
3,738,000
: 8 41
1 (11:1
4 :)( 0
17,531,000
0
7.
1r1.1?7, 13S
22,270,000
I N:;1:::::
12,556,000
2,078,027.000 2.063,305,000 1,766,629,000
LialtilUtes994,667,000 j
16,542,000 Fed. Reserve notes in actual circulation_ 592,201,000 577,724,000 566,782,000
Deposits
-Member bank reserve acct.._ 1,226,801,000 1,206.979,000 873,294.000
13,041,000
2,117,000
5,706.000
Government
200,813,000
33,850.000
3,351.000
6.098,000
35,583,000
Foreign bank (see note)
12,052,000
11,333,000
8.050,000
Other deposits
Total bills discounted
62,947,000 236,396,000
63,577,000
1,244,655,000 1,224,499,000 931.518,5011
Total deposits
74,975,000
Bills bought in open market
9,971,000
9,758,000
90,584,000 110,465,000 119,461,000
Deferred availability Items
S. Government securities:
U.
61,612,000
68,619,000
58,619,000
In
Bonds
187,204,000 187,204,000 107,591,000 Capital paid
80,575,000
75,077.000
75.077.000
15,664,000 Surplus
Treasury notes
115,155,000 144,137,000
6,681,000
16,891,000
16,921,000
All other liabilities
certificates
Special Treasury
430,933,000 401,951,000 144,067,000
E. Certificates and bills
2,078,027,0002,063,305,000 1,766,629,000
Total liabilities
Total U.S. Government securities_ 733,292,000 733,292,000 267,322,000
14,063,000 Ratio of total reserves to deposit and
4,104,000
3,942,000
Other securities (see note)
66.4%
59.5%
55.5%
Fed. Reserve note Ilablllties combined
Foreign loans on gold
Contingent liability on bills purchased
81,899,000
11,506,000
11,767,000
for foreign correspondents
bills and securities (see note)_ .-- 810,731.000 $310,152.000 592,756,000
Total
due to
NOTE.-Botinning with the statement of Oct. 17 1925, two new items were added In order to show separately the amount of balances held abroad and amounts
foreign correspondents. In additi n. the caption "All other earnings assets. previously made up ot Federal Interned'tte Credit [lank debentures, was changed to "other
securities." and the caption. "Total earnings assets" to "Total bills and securities." The latter term was adopted as a more accurate desortnIon of the total of the discount
therein
acceptances and mourn' s acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act. which It was stated are tile only items included
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, Dec. 23.
sinanriat
(g
Ore ,
Taimittata
Maturity.
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
6 Mos.
12 Mos.
Including Postage—
$10.00
$6.00
United States except Alaska
Within Continental
6.75
11.50
In Dominion of Canada
South and Central America, Spain, Mexico. U. S.
7.75
13.50
Possessions and Territories
Great Britain, Continental Europe (except Spain), Asia,
15.00
8.50
Australia and Africa
The following publications are also issued:
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RAILWAY & INDUSTRIAL
AND MUNICIPAL-- 1301111-111111.)
STATE
The subscription price of the Bank and Quotation Record and the
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NOT10E.—On account of the fluctuations in the rates of exchange,
remittances for foreign subscriptions and advertisements must be made
In New York funds.
Terms of Advertising
Transient display matter per agate line
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On request
Contract and Card rates
CHICAGO Omcs—In charge of Fred. H. Gray, Western Representative,
208 South La Salle Street, Telephone State 0613.
LONDON OFFICE—Edwards & Smith, 1 Drapers' Gardens, London, E. 0.
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor, Jacob Seibert: Business Manager. William D. Riggs;
Treas., William Dana Seibert: Sec.. Herbert D.Seibert. Addresses of all, Office of Co.
Wall Street, Friday Night, Dec. 23 1932.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 4336.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ending Dec. 23.
I.
4351
Financial Chronicle
Volume 135
Sales
for
Week.
Range for
Lowest.
Week.
Highest.
Range Since Jan. 1.
Lowest.
I Highest.
Railroads—
Par Shares.$ per share); per share. $ per share.I8 per share.
10 154 Dec 22'154 Dec 22 150
Albany & Susqueh_ _100
Deo
Jan 154
240 12 Dec 23 13 Dec 22 8
Colo & South 1st pf_100
Mar 30
Sept
100
Cuba RR pref
120 4 Dec 22 534 Dec 21 4
July 20
Aug
Havana Elea Ry pt.100120 134 Dec 21 134 Dec 21 1
Nov
July 4
700 18 Dec 22 1934 Dec 20 934 July 38
Ill Cent preferred. 100
Sept
1001
30 3634 Dec 17 3634 Dec 17 1514 June 45
b Leased Lines
Aug
Int Rys of Cent Am..*
20 2 Dec 20 234 Dec 17
Jan
34 June 3
100
10•Preferred
120, 634 Dec 23 7 Dec 17 334 June 1114 Sept
100
Iowa Central
100 1 Dee 23 1 Dec 23
34 Aug 134 Dec
Ry 2d pf 100
Market St
100
34 Dec 21
34 Dec 21
34 Sept 534 Mar
400 1 Dec 22 I% Dec 21
M St P&SSM pref 100
Sept
g May 6
Leased Line
100
90 5 Dec 21 53. Dec 22 5
Deo 2034 Sept
Morris & Essex
50
30 5334 Dec 21 5334 Dec 21 40
July 60 Sept
Nash Chatt & St L-100
30 13 Dec 23 1434 Dec 20 734 May 3034 Sept
New On Tex & Mex 100
301 16 Dec 22 16 Dec 22 934 Aug 20
Aug
Pacific Coast 1st p1_100
101 114 Dec 20 134 Dec 20 134 Den 1334 Sept
Rensselaer St Sarat'a100
10 100 Dec 22 100 Dec 22 75 May 10234 Nov
548 1034 Dec 21 1014 Dec 21 331 Jun 25
South Ry M &0etts100
Feb
Indus.& Misc.—
Am Agricultural Chem
Mai (Conn) pref____*
Amer Radiator & Stand
Sanitary pref _ _ _ _100
Artloom Corp pref. _10
Art Metal Construct_10
Asso DryGdsist pfd 10
20 preferred
100
Barker Bros prof....100
Barnet Leather pref lii
Bigelow-Sanfd Carpet.*
Burns Bros el A Mts..*
Preferred
1
•
Class A
Class B
City Investing
10
City Stores class
Colo Fuel & Iron pf.10
Comm inv Tr war stn. _
Consol Clg prof (7)_100
Cush Sons pfd(7%)_100
10
150
1,4001
1,60
2001
1751
101
300
1
00
30
7001
200i
701
$
0
iol
2
60
10
Dresser Mfg class A._ _•
•
Class 13
Elk Horn Coal pref._51
Eng Pub Berv pt (6) *
Fash Park Assoc pfd hi
Fed Min & Smelt pf-100
*
Food Machinery
Franklin Simon pref 100
Guantanamo Bug pi 100
•
Hamilton Watch
1
Hat Mfg class A
100
P. Preferred
Houdaille-Hershey A..•
lot Comb Eng pref ctfs•
Kresge Dept Stores...'
100
lit Preferred
bfailinson & Co pref 100
Martin-Parry Corp...'
Mengel Co pref._ _100
Newport Industries_ __1
900
400
200
3001
5051
2001
200J
300
147
30
20
40
200
100
140
100
190
200
10
100
100 834 Dec 21
834 Dec 21
4
Dec 21
Dec 22
Dec 22
Dec 22
Dec 22
Dec 21
1234 Deo 23
7 Dec 19
34 Dec 2
ee
134
1.34 Deo 21
34 Dee 22
45 Dee 22
% Dec 23
1634 Dec 20
!Di Dec 21
46 Dec 20
7734 Dec 21
9034 Dec 21
5034 Dec 22
3% Dec 20
20 Dec 19
15% Dec 19
8% Dec 17
1234 Dec 23
8 Dee 17
H Dec 20
134 Dec 21
1% Dec 21
34 Dec 22
55 Dec 20
A Dec 23
16% Dec 20
lie Dec 21
47 Dec 19
77% Dec 21
70
43
334
1834
1434
731
3
H
3534
234
23
534
18
5
334
34
634
634
334
134
15
434
34
23
2
8
334
34
37
3%
23
5%
1834
5
334
34
6%
634
3%
2
15
5
A
23
2
9014
5014
334
1814
1414
•
40 33
Outlet Co
Panhandle Pr&R pf 100
30 534
Phoenix Hosiery pf.100
10 35
Pierce-Arrow Co pf_100,
700 19
300
h
Pitts Terminal Coal 100
100
120 5
P. Preferred
Revere Copper&B pf100
30 8
Sloss-Sheff St & Ir__100 1,000 7
Preferred
me 1,630 8
10 20
United Dyewood P1-100
300 334
U.S Distributing PL 100
1010114
thS,GYPsUm Pref. _ _100
60 12514
us Tobacco pref_..100
10 10
Union Pipe & Had p1100
10
20 51
Utah Copper
10 4
Vs Iron,Coal&Coke 100
100 8314
Walgreen Co pref._ _100
WebsterEisenlohrpf IOU
200 40
200 2214
Wheeling Steel pref_100
• No par value.
Dec 22
Dec 23
Dec 19
Dec 23
Dec 23
Dec 19
Dec 21
Dec 20
Dec 23
Dec 20
Dec 2
Dec 21
Dec 19
Dec 17
Dec 23
Dec 21
Dec 23
Dec 20
Dec 20
Dec 21
Dec 22 33
Dec 22 534
Dec 22 35
Dec 20 19
34
Dec 22
Dec 22 634
Dec 23
Dec 20 8
Dec 21 834
Dec 23 20
Dec 21 4
Dec 17 10131
Dec 22 12534
Dec 23 10
Dec 22 52
Dec 22 4
Dec 21 8334
Dec 20
Dec 21 2334
Dee 19
Dec 20
Dec 19
Dec 17
Dec 17
Dec 19
Dec 22
Dec 19
Dec 23
Dec 20
Dec 20
Dec 21
Dec 19
Dec 17
Dec 19
Dec 21
Dec 17
Dec 20
Dec 20
Dee 21
July
12
Aug
July 120
July sosi
D
734
D
42
D
35
D
30
434 Jun 1234
7
Dec 1534
34 Dec 134
1
Nov 30
1
Ap
234
34 De
134
45
Dec 85
% Dec 434
1634 Dec 37
42 Nov 134
19
July 72
6034 Jun 90
Jan
Dec
Feb
Sept
Mar
Jan
Dec
Aug
Jan
Jan
Feb
Sept
Jan
Jan
Sept
Sept
Feb
Mar
5
231
A
25
134
15
234
15
3
314
34
5
634
234
1
10
4
23
1234
1
6134
734
28
1034
7234
8
1034
3
20
734
15.34
5
3334
1034
34
38
334
Feb
Feb
Sept
Mar
Jan
Nov
Feb
Jan
Aug
Feb
Aug
Sept
Nov
Feb
Mar
Feb
Sent
Mar
Jail
Aug
July
Jun
Jan
Jun
July
Jun
May
Oct
Jun
Dec
Dec
Aug
Dec
No
Apr
Aug
Aug
Ap
20
may
134 Jun
Dec 22 25
Dec 22 334
Dec 22 25
Dec 20 14
Dec 22
34
Dec 17 5
Ap
Ap
May
May
July
Dec
46
14
41
41
234
1231
Apr
Nov
Jan
Jan
Aug
Mar
Dec 20 334
Dec 20 6
Dec 23 20
Dec 17 334
Dec 17 8434
Dec 22 115
Dec 23 9
Dec 22 35
Dec 22 2
Dec 21 60
Dec
D 20 2034
Dec 171 21
June 1931
July 2934
Des 40
Dec 634
June 105
Juns130
Juns 20
June; 71
Deo 7
Juni 8334
Jan 40
Aug 3134
Sept
Sept
Sept
Dec
Oct
Mar
Aug
Sept
Apr
Dec
Oct
Jan
Int.
Rate.
Bid.
Dec. 15 1933...
Sept. 15 1933..
June 151933....
Mar. 15 1933...May 2 1933.-Aug. 1 1934._
Dec. 15 1936___
34%
134%
134%
2%
2%
214%
2!°7.
1001,82 1601,22
lows.. 100,122
1002,22 10014,2
100,281 100".,
100.422 1003,22
102
102122
1017,, 1019,,
Asked.
Maturity.
Int.
Rate.
Bid.
MAY 2 1934.-June 15 1935._
April 151937...
Aug. 1 1036-Sept. 15 1937._
Feb. 1 1933.-Mar. 15 1933 __
3%
3%
3%
31'1%
334%
334%
331%
103u,,
103
101.4,
103
1021,t2
100E22
101
Asked.
103,1-2
102 32
,
102 13
,
103 ,,
,
102"22
min.
1015..
U. S. Treasury Bills.—Friday, Dec. 23.
Rates quoted are for discount at purchase..
Bid.
Dec. 28 1932
0.20%
Jan. 11 1933
0.20%
Jan. 18 1933
0.20%
Jan an 1I123--------nailer
Bid.
Asked.
0.05%
0.05%
0.05%
n 05M
Feb. 8 1933
Feb. 15 1933
Feb. 23 1933
Mar. 1 1033
Asked.
0.20%
0.20%
0.20%
fl
.2O.
0.05%
0.05%
005%
O.05
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—
Below we furnish a daily record of the transactions in
Liberty Loan and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Dec. 17 Dec. 19 Dec. 20 Dec. 21 Dec. 22 Dec. 23
- First Liberty Loan
High 101,02: 102 22 102422 102"t2 1021In 10212n
,
,
334% bonds of 1932-47_ Low_ 1011.1, 101:1,, 1021,, 102 22 102",, 102",,
12
Close 1011, 10242 1024a2 102nu 102tor, 10210r,
(First3As)
1009
3
1
19
115
104
Total sales in $1,000 units-{
-----Converted 4% bonds of High
------------Close
,
,
,
,
Converted 434% bonder's!' 102 22 102 22 102 22 102 32 102•82 102*25
102
102In 102h, 1024n
of 1932 47 (First 434e) Low_ 1013,22 102
102
1023
,2 102422 102421 102412
Close 102
. 16
12
16
73
Total sales in 51.000 wilts_ _ _
48
7
Second converted 434 Tigh
------------------bonds of 1932-47(First Low_
-------- ------Second 434a)
Fourth Liberty Loan
{High
Low.
4.4% bonds of 1933-38
(Fourth 4%s)
Close
Total sales in $1.000 units__
{High
Treasury
434,, 1947-52
Low_
Close
Total sales in $1.000 units__
{
High
45, 1944-1954
Low_
Close
Total sales in $1,000 insits___
High
{
334e, 1946-1956
Low_
Close
Total sales in $1.000 units__
{
High
3345, 1943-1947
Low_
Close
Total sales in $1,000 wan...
rIgb
30, 1951-1955
Low_
Close
Total sales in $1.000 units__
{High
Low_
834e, 1940-1943
Close
Total sales M $1,000 units...
{
High
3345, 1941-43
Low_
Cloae
Total sales in 81,000 Snits...
High
334a. 1946-1949
Low..
Close
Total sales in 81.000 lin fa--
1032122 1032412
103.42 1032122
103,,22 103Dtt
27
53
100 22 1091032
,
108303, 1004:3
,
,
109 82 109 s3
151
116
1051, 1051,
22
22
105 22 1051422
,
1051, 10520,2
22
405
405
1031, 10311,2
22
1031 t2 103 122
,
,
,
1031, 103532
22
166
67
101 22 101.122
,
101',,101 22
,
101,
22 101722
29
27
9V.32 96 .32
,
961
'n 9617.2
96,732 91325s2
52
781
100 22 1011122
,
101142 1012122
10121t, 101",,
50
9
101142, win.
1011!: 1011410
,
1011,22 1011 2,
38
38
98 31
,
98,5::
98 33
,
98'32
98",,
98 3:
,
793
73
10314.2 1031122 10311n 10310n
1031,22 1031222 10314,3 103nu
1032122 1032, 1032,22 103,1n
22
61
298
46
147
109",, 1091,3, 109"31 10911,
1094n 109422 1091122 109n.
100 at 109,,nt 1091/n 109"st
,
123
44
149
23
et
,
22
1052, 105i. 10612 w"
22
1051,22 1052 22 105n22 1053'
,
,,
10520,2 1051,22 106
10642
94
395
323
47
1032, 103",,104822 104522
22
1031”o. 103
, in
,,22 104 s2
,
1031, 103,822 104322 104522
22
184
147
145
26
1011,22 10121n 1031,1n 102022
,
,
1011022 1011 22 101:0” 1022E
1013,22 101"22 101,022 102 22
,
11
163
6
60
97'n
97
97es: 97 4n
,
975:2
9621n 97
97,1u
977,
96"st 97332
97$ts
149
225
128
63
1011422 1012122 101",,102
101",, 101"12 101",,101 433
'
Hun.
101",, 101,71, 101D22
26
10
6
7
,
,
10124,2 1012 32 101 022 Mtg.
1012.22 1011122 1011.22 101"22
,
1012422 101 23, 101",, 1012%
10
104
71
24
992,
,
9S,1:: 98 .31 90',,
93151, 98"32 982.32 99
9822 98vs: 99232
99 ss
,
563
244
29
173
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
larn to 102 12
1 1st 334e
,
1031432 to 103"ss
101.14n to 1011,
22
17 4th 434s
15 Tress 334s June
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 3.3214@3.33%
for checks and 3.323403.3334 for cables. Commercial on banks. sight.
3.3234 ©3.33%;60 days. 3.3134 @3.32 X;90 days,3.31% ©3.32; and documents for payment,60 days. 3.32%143.32%. Cotton for payment, 3.3214.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.90:1s
@3.9034 for short. Amsterdam bankers' guilders were 40.16@40.1634.
Exchange for Paris on London. 85.37, week's range, 85.55 francs high
and 84.85 francs low.
The week's range for exchange rates follows:
Sterling, Actual—
Cables.
Checks.
High for the week
3.3434
3,3434
Low for the week
3.31
3.3156
Paris Bankers' Francs—
High for the week
3.9056
3.9034
Low for the week
3.90
3.9034
Germany Bankers' darks—
High for the week
23.82
23.8056
Low for the week
23.78
23.79
Amsterdam Bankers' Guilders—
High for the week
40.18
40.1735
Low for the week
40.1456
40.1034
The Curb Exchange.—The review of the Curb Exchange is
given this week on page 4337.
A complete record of Curb Exchange transactions for the
week will be found on page 4368.
CURRENT
NOTICES.
—Gaines,Droge & Co.,Inc.,specialists in real estate mortgage securities,
have moved their offices to 80 Broad St., New York.
—Milton W.Wetzler will represent Frank B. Cahn & Co. in Connecticut
with headquarters at their New Haven office.
—Bartley & Co., Inc., announce the removal of their offices to Sixty
Wall Tower, 70 Pine Street.
Dec. 24 1932
4352
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
K-.- FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE PAGE PRECEDING.
.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Dec. 17.
Monday
Dec. 19,
$ per share
4012 4114
*58
61
22
2214
914 93
8
•11
115
8
•20
22
75
*70
7
712
'37
8 47
8
4818
*39
264 2658
•6918 71
3
4
'
12
14
1414
5712
•51
4
2614 263
•12
112
114
•1
23
8 23
8
.8
814
112 134
214 23
8
4
44
8
.7
33
4 4
7
*6
5
514
•1018 15
•13
4 212
•55
57
244 25
3
3
'514 6
*5
57
8
3
318
812 87
8
*3
33
4
"4
6
•14% 15
133 133
8
8
*6
8
5
5
7
7
13
13
1212 1212
213 2214
4
187
8
•I5
63
2 612
218 2 8
5
.18
3
8
$ per share $ per share
393 413
4
4 3858 40
58
,
5818 57 4 58
22
22
1914 203
4
82
4 014
914 912
113
8
1118 1138 11.
*20
22
21
21
•70
75
*70
75
*712 812
712 712
8 '314 44
'37
8 47
4818
41
41
•42
2518 265
8 2414 2512
6712 6712
69
69
3
4
*12
3 '
12
133 1414 134 133
4
4
5712 *51
'51
5712
263 263
8
4 2552 2638
*12 1
•12
1
114 *1
I
114
8
8
214 23
214 23
8
8,
4
712 8
112
112
112 112
214 212
212 212
314 37
8
4
4 14
7
712
7
7
312 418
44 44
6
5
*1018
13
4
57
24
*13
4
512
54
"252
812
*3
'3
144
1318
43
4
67
8
124
"11
2112
18
6
*218
*18
•1
112 *1
*57
8 612
6
12
1214 113
4
*3
314
212
*514 534
518
12
•_
4
8
274 2152 207
*212 3
"252
3
"3
33
2
•103 106 '103
144
143 15
4
2714
*274 29
73
4
8
8
*14
3
4
Wednesday
Dec. 21.
Tuesday
Dec. 20.
*14
Thursday
Dec. 22.
Friday
Dec. 23.
5 per share
385 395
8
8
57
57
1712 1938
814 83
4
103 n18
4
20
20
75
*70
4
64 63
*33
4 44
42
42
2434 2512
*6812 7012
*12
3
4
1314 135
8
'51
5712
4
253 2614
*12 1
114
"1
*2
214
712 712
112 112
214 23
8
27
8 314
*534 612
312 35
8
$ per share
37
394
8
567 57
1612 17
712 812
9
105
8
20
20
*70
75
614 614
8
354 37
40 40
2358 2512
*68
69
*5
8
3
4
1318 133
4
"51
5712
2438 2618
•12 1
*1
114
2
214
714 714
138
112
214
2
252 3
4
53
4
314 334
$ per share
3618 3714
573 573
4
4
16
17
714
4
73
8
812 87
*1912 20
*70
75
'614 9
*312 418
*3612 40
2312 2418
6812 69
4
*4
1314
13
*51
5712
2418 25
*12 1
1
1
"2
214
63
4 7
14 132
2
214
212 27
8
*518 614
3
318
6
54 6
514
558 6
5
5
5
43
4
58
3
5
15
*1018 15
*1212 15
*1212
13
4
13
4
17
8
15
8
13
4
14
57
54
56
5112 5312 48
25
2212 2418 2218 2312 19
2
34 *213 3
212 212
5
5
44
512
5
514
47
8
5
518
54
54 518
4
25
8 24 *23
4 312 *27
8
9
814 83
4
8
8 12
74
*112
33
4 *3
33
3
3
4
4
318
6
6
3
"3
1418 13 8
7
15
143 1412 14
2
914
115 1212
8
133
4 123 13
8
.5
*5
8
'5
8
414
458
478
412 412
5
634
*6
7
64 7
7
13
*12
1312 *1112 1312 1112
1012
95
8
1212 103 103
4
4 10
17
2214 21
22
193 21
4
20
*1512 20 •17
18
*15
512
64
*53
4 612
57
8 8
4
*218 4
*218 4
25
8
3
8
*18
3
8
*18
112
114
114
12
618
53
4 57
8
514
123
4 1114 12
98
7
4
258
314
23
4 23
4
414 5
53
2
12 r_
14 ._
2112 if1T2 207
8 lira
23
8 25
8 *214
3
258
212 318
33
8
106
103 103 *103
4
144 1352 1414 123
2714 264 2614 2512
4
712
73
.4 73
73
4
3
4
*14
3
4
*14
84
"a
14
53
*38
1772
5
58
718
20
64
2
13
7214
597
8
13
4
158
53
8
9
112
212
1712
514
612
15
5
58
*112
*7
7118
59
112
158
*553
*4
•114
22
3
"153
4
"84
538
*50
*1514
*94
*212
97
8
5912
•114
1318
•14
118
214
'214
*218
214
10012
553
6412
1614
10
24
10
6014
112
133
8
214
Us
214
3
212
*14
3
8
14
53
38
84
3
8
14
*14
*18
900
300
400
21,800
1,500
42,292
46,400
900
2,600
2,700
3,600
6,600
27,800
1,700
2,600
1,200
5
452 2,200
15
17
8 1,900
48
1,700
20
41,900
24
900
482 3,100
452 2,500
23
4 1,400
714 14,775
212
100
212
600
133
4 2,200
9 3 12,700
4
8
47
8 2,800
7
1,600
104
600
912 2,900
20
8,200
17
210
512 3,100
212
900
14
1953
iiEg
214
23
4
252
252
106 '103
137
2 1218
26
234
74
7
3
4
1
34
*14
200
3
4
*12
43
4 518 4,500
4,000
812 97
8
218 214 3,000
314 312 11,500
4 1,100
4
1812 1414 1518 105,833
214 •2
212
400
23
4
212 212 3,800
20
106
103 10312
13
113 125 10,600
4
8
234 2414 2,935
24
2,200
7
7
753
3
4
*14
3
4
5
8 3,700
*3
8
3
8
3
8
11214 11414 112 11212 2,600
.
10
__ '80
*80
4 134 15,460
12 -14
123 - 1
1
180
*3
4
1
135 42,075
8
1312 1412 13
*1
5
•11.
5
4
600
414 414
4
545
4
712 74
752 73
*614 67
8
6
6 14
490
300
6
6 14
15
"6
26
27
1,585
27
28
4
100
*243 261 *243 2612
4
8
*2012 243 *2012 23
3,200
3
4
0
3,
1
3
4
7
188
14 5,250
1
1
5
*4
414 484 2,500
15
15
*6
*6
14
14
14 5,000
14
4 1,000
*14
1
14
133 143 59,900
4
4
1418 163
4
43 14,800
4
412 51
558 638
55
8 55
8 5,400
400
15
1514 1514 15
400
5 2 512 *512 6
,
112 112
300
.112 2
160
7
127
8
7
*7
694 6514 6612 54,700
65
900
*5914 63
60
60
114
1 14 2,100
114
112
112
43
4
*418
1
2
4
13
4
43
9
13
8
218
112
418
"4
1
2
15
8
45
8
9
I
2 18
2,500
2,100
100
1,400
2,300
STOCKS
NEW YORK STOCK
EXCHANGE.
x E x-dtviden 0. v Ex-rights.
PER SHARE
Range for Year 1932
On basis of 100-share lots.
Lowest
Highest
PER SHARE
Range for Previous
Year 1931.
Highest
Lowest
Railroads
Par $ per share $ per share 3 per share 5 per share
8June 28 94 Jan 14
7914 Dec 2033 Feb
2
Atch Topeka & Santa Fe..100 177
Preferred
100 35 July 9 86 Jan 18 x75 Dec 10814 Apr
Jan
4May 26 44 Sept 2
93
25 Dec 120
Atlantic Coast Line RR 100
100
33
4June 1 2138 Jan 21
14 Dec 874 Feb
Baltimore & Ohio
6 June 3 4112 Jan 14
25 Dec 8012 Feb
Preferred
100
912June 2 35 4 Aug 211
3
4
18 Dec 663 Feb
Bangor & Aroostook
50
80 Dec 11312 Mar
Preferred
100 50 June 1 91 Sept 13
3
4 July 13 19 4Sept 2
10 Dec 66 Feb
100
Boston & Maine
612 Oct 133 June
8
Brooklyn & Queens Tr_No par
27 July 6 1014 Mar 8
8
46 Dec 841 June
4
Preferred ... ___ ___No par 2314J1ine 28 58 Mar 5
.
3112 Oct 893 Mar
2
Bklyn Manh Transit-No par 1112Ju11e 8 5014 Mar 8
63 Dec 9414 Feb
8Mar 5
58 preferred series A_No par 3112June 8 783
12 Apr 13
218 Aug 11
13 Dec
8
94 Feb
Brunswick Ter & Ry SeoNo par
8Mar 5
2
103 Dec 453 Feb
4
714May 31 205
Canadian Pacific
25
72 Dec 102 Apr
Caro Clinch & Ohio stpd 100 39 July 26 70 Feb 6
4Jul7 8 3112 Jan 14
234 Dec 4812 Feb
93
25
Chesapeake & Ohio
33 Aug 29
4
12 Dec
12 Dec
12July 15
Chic & East III Ry Co ____100
5 Aug 25
12 Dec
112 Dec
12May 12
6% preferred
100
212 Dec
54 Aug 29
772 Feb
114June 2
Chicago Great Western......100
74 Dec 2712 July
212May 25 1512 Jan 22
Preferred
100
412 Aug 25
112 Dec
87 Jan
8
+aline 1
Chic Milw St P & Pact__No par
212 Dec 153 Feb
2
112May 26
8 Aug 25
Preferred
100
1412 Aug 25
5 Dec 4512 Feb
2 May 31
Chicago & North Western 100
1312 Dec 116 Mar
4 Dec 22 31 Jan 22
Preferred
100
772 Deo 8512 Jen
14May 25 163 Jan 22
8
Chicago Rook 1311& Paciflo_100
414May 26 2712 Jan 14
14 Dec 101 Mar
7% preferred
100
1012 Dec 90 Jan
1 May 25 244 Jan 14
100
6% preferred
412June 29 29128ept 23
74 Dec 48 Jan
Colorado & Southern
100
10 Dec 4212 Feb
15 Dec 21 1112 Jan '2
8
Como! RR of Cuba pref_100
84 Dec 15714 Feb
Delaware & Hudson
100 32 July 8 9212Sept 3
Jan
457
2Sept 23
173 Dec 102
4
812June 1
Delaware Lack & Western_50
112May 28
4
9 Jan 13
34 Dec 453 Feb
Deny & Rio Or West pref 100
113
4
4Sept 8
5 Dec 393 Feb
2 May 31
100
Erie
2
8May 19 157 Aug 25
81 Dec 4512 Feb
2
25
100
First preferred
2 May 25 1012 Aug 25
5 Dee 4012 Jan
100
Second preferred
4
1558 Dec 893 Feb
512May 28 25 Jan 14
100
Great Northern pref__
34 Dec 2714 Feb
2 May 3 10 Sept 8
100
Gulf Mobile & Northern
Jan
13 Dec 75
212 Deo 23 1512Sept 8
100
Preferred
14
2614 Dec 4412 Feb
8 May 31 30 Jan 18
100
Hudson & Manhattan
414June 1 24725ept 6
912 Dec 89 Feb
100
Illinois Central
Jan
4 May 5 1412 Jan 24
7 Dec 61
RR Sec ctfs series A_ _1000
214June 10 1412 Mar 7
452 Dec 34 Mar
Interboro Rapid Tran v t 8_100
15148ep1 8
214June 1
672 Dec 45 Feb
Kansas City Southern--100
5 June 9 2614Sept 2
15 Dec 64 Feb
100
Preferred
5 June 8 2914Sept 8
8 Dec 61
Jan
50
Lehigh Valley
IMaY 26 3814 Sept 2
2014 Dec 111
Feb
____100
Louisville & Nashville
71
9 Sept 17 463 Mar 11
8
23 Dec 61
Feb
Manhattan Ry 7% guar__ _100
4 June 8 20 Mar 8
14
Vs Dec 39 Feb
Manh Ry Co mod 5% guar.100
9 Jan 26
512 Dec 22 Feb
218 De0 17
Market St fly prior pref-_ 100
Jan 12
18
4 Aug 11
N Jan
4 1)ec
Minneapolis & St Louis. _ _100
43213ept 7
12 Deo 21
I Dec 1112 Feb
Minn St Paul & SS Marle_100
114MaY 28 13 Sept 23
37 Dec Ws Jan
2
par
Mo-Kan-Texas IIR____No
Jan
314June 1 24 Sept 23
104 Dec 85
100
Preferred series A
,D2May 25 11 Jan 22
652 Dec 4214 Feb
Missouri Pacific
100
21)
212May 26 26 Jan 26
12 Dec 107
100
Cony preferred
4 Jan
le Feb 9
7
28ept 3
12 Oct
Nat Rye of Mexico 2d pref_100
834June 2 8652 Jan 15
2472 Dec 1324 Feb
New York Central
100
112May 18
94Sept 8
3
212 Dec 88 Feb
100
NY Chic & St Louis Co
2 June 2 1552 Jan 22
5 Dec 94 Mar
100
Preferred series A
N Y & Harlem
50 8214May 18 1274 Aug 16 x101 Dec 227 Feb
8 May 26 315 Jan 21
2
17 Dec 944 Feb
N Y N H & Hartford
100
8
8July 6 784 Jan 14
52 Dec 1195 Feb
100 117
Cony preferred
352July 12 153
4Sept 8
514 Oct 134 June
N Y Ontario & Western__ _100
2 Feb
18 Deo 12
1 Feb 26
4 Dec
N Y Railways pref____No par
814 Jan
II4 Dec
14 Dec 20
33
4Sept 6
Norfolk Southern
100
Norfolk dr Western
100 57 June 27 135 Feb 17 10552 Dec 217 Feb
100 65 July 5 8112 Dec 20
6512 Dec 93 Mar
Preferred
512May 26 253
2Sept 8
1412 13ec 8072 Jan
Northern Pacific
100
7 Mar
1 Mar 17
3128ept 9
114 June
Pacific Coast
100
812June 1 233 Jan 21
50
2
1614 Dec 84 Feb
Pennsylvania
2May 27
7
6148ept 8
Peoria & Eastern
100
14 Dec
911 Jan
Pere Marquette
100
114Juna 3U 18 Aug 26
4 1)ec 85 Feb
312June 2 26 Aug 25
100
Prior preferred
812 Dec 9214 Feb
212June I 24 Aug 25
100
Preferred
54 Dec 80 Jan
6 Dec 23 2112 Aug 25
Pittsburgh & West Virginia 100
11 I)ec 86 Jan
912June 10 5214Sept 2
Reading
_50
30 Dec 11712 Feb
Jan
60 15 July 11 33 Jan 29
1st preferred
28 Dec 48
Jan
2d preferred
50 15 May 2 34 Sept 2
2752 Dec 47
8May 28
5
652 Jan 14
St Louis-San Francisco____ 100
3 Dec 824 Jan
I May 2
Jan
100
UN Jan 22
let preferred
414 Dec 76
3 May 21
137
St Louis Southwestern......_ 100
2Sept 8
414 Dec 3312 Jan
9 Apr 15 2012 Jan 26
100
Preferred
614 Dec 60 Feb
12 Jan 2
No par
Seaboard Air Line
1 Sept 2
11 Jan
/
4
12 Dec
me
14 Jan 4
4 Dec
212 Jan
152 Sept "
Preferred
812June 1 375 Jan 21
100
Southern Pacific Co
2
2612 Dec 10912 Feb
21251ey 16 1812Sept 8
100
Southern Railway
63 Dec 6572 Feb
2
Preferred
3 3111Y 1
10 1)e( 83 Feb
100
2334Sept 8
100 13 Nov 30 35 Sept 7
22 Dec 100 Jan
Texas A Pacific,
34May 28 14 Mar 8
1514 July
100
Third Avenue
54 Apr
14 Apr 20
412.1une 10
Twin City Rapid Transit 100
2 Dec 1772 Feb
7 June 16 2412 Jan 26
100
11 12 Dec 62 Feb
Preferred
8Jul7 11 9412 Feb 13
2054 Feb
100 275
Union Pacific
7018 I)
100 40 May 31
Dec 87 May
7152 Aug 2r
51
Preferred
72June 2
414 Aug 29
26 Jan
100
7 1)ec
2
Wabash
Jan
1 June 1
100
6 Jan 28
112 Dec 51
Preferred A
112May 28 1112Sept 2
2
100
5 Dee 195 Feb
Western Maryland
2 May 26 1114 Sept 2
100
5 Dec 20 Feb
30 preferred
',June 9
A.
100
13 Dec 1472 Feb
4
Western Pacific
--4 Aug 25
34May 31
87 Aug 25
2
100
3 Dec 3153 Feb
Preferred
Industrial & Miscellaneous
No par
*1512 20
Abraham & Straus
*153 20
4
*1512 20
*1912 20
100
Preferred
*84 10012 *86 1001 *84 10012 *84 10012
47
513 512
No par
7,300 Adams Express
434
518
44 5
5
100
*50
641 "50
Preferred
*50
65
65 "50
65
No par
200 Adams Mills
"15
164 15
*1412 15
15
15
15
'97 1014 1012 1012
8
914
94
912 93
4 2,300 Address Multigr Corp._No par
No pa
212 212
214
212
700 Advance RumelY
214
214
214 *214
914 953
9
9
9
9
83
4 84 2,100 Affiliated Products Ino_No pa
No par
575 5934 573 58'1 563 6912 564 57
8
8
14,500 Air Reduction Ins
4
114
11
"112
114
118
11
200 Air Way Elea Appliance No par
•118
114
1332 123 1358 10,100 Alaska Juneau Gold Min___1
1314 1334 1314 1312 13
4
A P W Paper Co
"114 2
No par
*114 2
*114 2
*114
2
118
1
11
No pa
1
1
1101
27,700 Allegheny Corp
2
1
213
Pref A with $30 warr...„100
218
23
8
2
2
2 I
13
4 134 4,410
21
14
212
2
178,
158
13
4
700
*2
Pref A with $40 warr____100
2
2 1
2
253
214
214 8,600
212
Pref A without warr__ -100
•2
• fibl and Forked orleps• run sales no this day
*18
Shares.
53,004
1,317
7,400
24,535
9,500
300
*12
3
4
4
518 53
9
9
214 212
312 4
14
8 157 163
8
183
8 164 175
314
5
578
518 5 2
1
614 612
714
614 612
20
15
*15
20 "15
4 612
55
8 *53
4 64 *53
112 *14 2
112
2
7
7
712
7
7
8
724 683 7112 687 7012
4
59
60
5914 60
*59
4
13
8 *112 13
13
4
13
8
13
4
112
112
158
15
8
518
5
5
54
5
9
"4
9
4
4
112
138
13
2
114
13
8
23
8
2 8 238
3
2
2
*153 20
4
*84 10012
5 2 54
,
641
*50
'1514 16
101
10
*212 24
x912 912
8
5912 607
112
*114
1314 134
*114 2
118
1
8
24 23
214 21 4
24 218
14
14
12
58
7
1134
252
414
14 .3_
12
12
*38
12
4
4
4
3
2
115 11512
11412 11412 114 115
"114 115
8112
8112 8112 '80
•80*80
....
4
1512 15 -- _- 1352 1412 133 14
153
4
1512 -114
1
1
114
*5
8
'12
114
114
143
4
1514 143 153
4
8
15
8 143 1518 14
5
*1
*114 5
*118 5
•1
5
3
6
5
5
*5
83
4 *53
4 7
,
4 74 8
8 734
612 712
73
612 712
614 614
618
618 64
6
"618 67
8
*6
15
15
*6
15
*5
15
"5
8
323
8 3012 3012 2812 3014 2814 293
*31
25
*25
26
25
*25
26
*2512 26
241
2412 *21
2412 "21
2412 *21
•21
7
3
4
7
2
4
4 1
7
8
1
118
I
1
118
I
118
1
14
514 51
518 512
'518 6
*54 6
15
"8
"9
15
24
*912 15
"10
1718
612
83
4
•14
63
8
*112
*7
7112
59
13
4
158
54
*4
*113
*214
512
5
4
43
4
*1212
15
17
8
13
4
49
48
2234 1852
2
24
414
5
5
412
312
212
838
818
212 *1
312
212
1418 133
4
117
8
9
8
*5
45
8
412
63
4 *6
1214 1014
1012
812
2014 1778
17
20
58
7
54
8
25
8 *23
Sales
for
the
Week.
10 June 1
68 July I
152MaY 31
22 June 24
12 June 1
914 Dec 22
114June 8
414May 26
307 July I
s
12June 6
734June 9
1 July 27
%May 31
NMaY 31
%June 3
34June 11
245 Aug 29
8
98 Mar I
9128e91 7
73 Sept 8
303 Mar 8
2
14 Sept 8
47 Airs II
2
1612 Mar 17
63128ee1 8
312Seet 9
1852 Jan 21
4 Mar 15
352Sept 8
/ 4 Seta 9
0
8 Sept 8
8 Sept 9
18 Dec 30 Aug
08 Dec 10612 May
312 Dec 2312 Feb
5012 Dec 92 Apr
2212 Jan 3312 A118
Oct 2312 Feb
10
'2 Sept 1132 Mar
124 Dec 20 Nov
4752 Dee 1094 Feb
2
I14 Dec 103 Feb
Jan 2012 June
7
9 Aug
24 Dec
4
1 12 Dec 123 Feb
2 Dec 5012 Feb
14 Dec 59 Feb
4
13 Dec 554 Feb
New York Stock Record-Continued-Page 2
4353
tgr FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Dec. 17.
Monday
Dec. 19.
Tuesday
Dec. 20.
Wednesday
Dec. 21.
Thursday
Dec. 22.
Friday
Dec. 23.
Soles
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
On basis of 100-share tots.
Lowest
Highest
PER SHARE
Range for Precious
Year 1931.
Lowest
Highest
$ per share $ per share $ Per share $ per share $ per share $ per share Shares. Indus. & Miscell. (Con.).Par $ Per share $ Per share $ per share $ per share
5 May 27 15 Sept 8
10 Dec 46% Feb
230 Allegheny Steel Co____No par
*6
8
.6
8
912
8
8
93
4 *8
8
*93 10
4
4
64 Dec 1823 Feb
7512 764 67,910 Allied Chemical & Dye_No par 4212June 27 8814 Sent 8
8014 7618 80
8 79
,
8114 803 82 4 788 813
8
go
100 9812 Apr 14 11914 Nov 12 100 Dec 126
Apr
Preferred
300
118 11818 •117 120 *11714 120 311712 120 .117 11812
•11714 118
73
1538Sept 8
4 June 1
1012 Dec 423 Feb
4
718 4.924 Allts-Chalmers Mfg_ No par
.7% 712
7
7
7 18
712 753
7%
7% 712
412July 7 10 Jan 11
758 Dec 187 Feb
8
7% 733
714 714
714 714 2,150 Alpha Portland Cement No par
78 712
4 .714 8
73
4 73
218 Sept 8
14 April
12 Dec
212 Mar
1,700 Amalgam Leather CoNo par
•5
8
741
h
5
8
5
8
5
8
5
8
53
5
8
%
•%
7
8
10 Mar 4
5 Oct 21
6 Oct 20 Jan
100
814 *514 814 *514 81
800
7% preferred
*514 814
618 618 *514 814 *6
4Sept 8
12 Jan 25 223
1114 Dec 23 Mar
No par
2078 *2012 207
700 Amerada Corp
203
4 193 20
8 2014 205 *20
4
8
2012 2012 *20
312June 2 1512Sept 3
518 Oct 293 Feb
4
.4818 6
812 87
8
75
8 812
814 83
8
8 18 3,700 Amer Agile Chem (Del) No par
8
853 83
1214 Dec 824 Feb
5 May 31 2212Sept 8
10
1,700 American Bank Note
1118 11
11
11
113 1134 11
11
4
1114 11
123
12
35 Dec 6814 Feb
Preferred
3
8 3812 3612 *3618 417
70
50 28 June 21 47 Feb 15
38
3612 3612 *3612 417
38
•38
40
27 Aug 25
14 Apr 29
4
.1
114 *1
48 Jan
2,900 American Beet Sugar_ _No par
34
114
1
14 Dec
1
1
118
114 •1
3
4
112 Dec 177 Jan
934 Aug 25
212 3
.312 5
1 Apr 29
272 27g
590
212 3
100
7% preferred
*212 3
3
3 12
j
612June 2 177 Sept 8
1312 Dec 35
Feb
*1014 103
1,100 Am Brake Shoe & Fdy _No par
4 1014 1014 1014 1014
297 10
8
97
8 97
•1018 11
71 Dec 12453 Mar
140
100 40 July 11 90 Feb 18
6914 z653 66
Preferred
4
36914 0912 *6914 6912 *6914 6912 *6914 6912 68
4
5818 Dec 1293 Mar
8June 27 737 Mar 8
5112 5414 5112 5212 57,700 American Can
25 295
4
4 543 5618 5353 55
5312 543
8
543 543
121 121 *12212 125
8
800
100 9312June 2 129 Star 14 115 Dec 15212 Apr
Preferred
8
11712 11712 11712 1197 11812 1185 120 120
412 Dec 38% Feb
318June 2 17 Sept 6
6
5
6
612
514 55
8
5
6
512 3,400 American Car & Fdy.....No par
68
614 612
203 Dec 86 Mar
8
2,800
100
Preferred
151 Dec 21 50 Aug 29
16
8
8 1518 1712 .16j 1612 16
1714 1714 1753 1712 173 173
33
5 Dec 433 Feb
714Sept 6
17 Apr 22
4
No par
4
4
700 American Chain
33
4 33
312
33
8 3
3
23
%
314 314 • 4 47
28 Dec 88
Jan
22 26 Jan 28
100
7 June
912
11
912
700
7% preferred
914 912 •9
.814 1012 1012 1012 '914 13
30% Dec 4813 Mar
No par 18 June 1 38 Nov 23
*363 3713 3612 3612 37
4
600 American Chicle
37
37
38
36
37
37
37
5 Oct 2114 Feb
814Sept 24
2 July 13
500 Amer Colortype Co
No par
8
.2,2 3
212 212 *2
212 25
212 212 *25
3
8 4
3
4 1912 1933 1914 1912 1814 19
2018 *19 4 203
1,700 Am Comm I Alcohol Corp__20 11 May 28 27 Sept 29
18
18
20
•3
3 1
253 Dec 16 Mar
34 Dec 18
5 Jan 9
300 Amer Encaustic TIling_No par
7
8
7
8
*3
4
03
4 1
1
*h
1
3
4
3
75 Dec 3318 Feb
4
8
4
23 Apr 11 153 Sept 8
8 918 *812 912
100 Amer European See's_ _No par
.83
97
4 97
8 *73
4 812
*85
8 853 •8
85
2 May 31 15 Sept 6
618 Dec 51% Feb
618 63 12,700 Amer & Forn Power_ No par
8
618 678
4
6% 7
612 63
87
8 73
8
612 63
4
*1h2 12
20 Dec 100 Mar
3812 Jan 21
11
113
8 1012 11
5 May 31
No par
Preferred
1018 10 4 10
3
11
914 1018 3,200
10 Dec 7912 Feb
45tay 28 2114 Aug 29
23
713 8
818 8's
No par
2,500
2d preferred
714
63
4 7
718 714
7
714 712
18 Dec 90 Feb
11
*10
107 *10
3
84June I 33 Jan 18
1078
No par
11
•818 10
$6 preferred
*818 10
300
953 10
47
612 Aug 30
4 Dec 103* Jan
3 May 27
.414 5
*414 5
10
Hawaiian fi 5 Co
44
414 414
412 412 .414 453 1,400 Am
137
,1Sept 8
8 Star
1 Slay 31
1 Sept
4 5
*23
•24 333 *23
4 3
•23
100 Amer Hide & Leather__ No par
33
4
23
4 24 *212 5
8May 3 27 Sept 7
712 Dec 30 Apr
*1318 15
47
134 134 *1212 14
•1318 15
100
1212 1212 1214 1214
Preferred
300
Oct 64 Mar
37
3653 3718 364 37
363 364 3612 37
4
3614 367
8 3514 3614 4,000 Amer Home Producta..No par 25 June 1 5113 Mar 9
8
1012 Oct 315 Feb
8
47
2 5
418 Dee 22 215 Mar 8
5
533
No par
418 47
5
5
44 47
g
8
44 453 3,800 American Ice
43 Dec 772 Jan
4
4018 *3614 401 *3618 38
100 36 Dec 21 68 Star 8
*36
36
200
6% non-cum pref
3818 *3518 3618 *3518 3618
5 Dec 28 Feb
212June 2 12 Sept 8
712 77
714 73
713 73
8
4
7
73
8
65
8 7
653 6% 7,900 Amer Internet Corp __No pa
•I4
3
8
.14
38
14
14
14 Jan 6
112 Jan
34 Aug 30
14 Dec
14
38
•14
3
8 1,200 Am L France & FoamiteNo par
3
8
•14
•1
2
118 Dec 15 July
*1
3
414 Aug 30
*1
1 July 20
100
3
el
2
*1
Preferred
2
.1
2
4
35 July 1
51g 512
151 Aug 29
5 Dec 303 Feb 1
4
531 53
4
512 53
518 518
5 1 512 2,725 American LocomotilveNo pa
5
5
1812 Dec 23 49 Sept 8
2912 Dec 843 Mar
4
1914 1914 1914 104 1914 19% 187 1914 1853 183
100
Preferred
1812'183
4 4,000
4
43
13
12 123 4 1218 12i2 12 41.123
13
13
Oct 433 Ma,
4
13
16
712June 27 2214 Jan 14
8 11141,113
4 2,900 Amer Mach & Fdry Co_No pa
334 Star 9
7 Mar
•112 152; '
1 June 9
14 Oct
Amer Mach & Metals_ _No par
114
15
8 •14 152 •114
1
.
18
8
188 •1141 15s . 114
358 373
4
112June 1
47 Dec 233 Feb
s
914 Aug 30
334 37
312 312
3
312
313 312
33* 3:4 3,900 Amer Metal Co Ltd___No par
106
21
812June 2 32 Aug 30
*17
21
14 Dec 8911 Feb
*17
•17
21
110
6% cony preferred
•17
21
1612 17 .1612 21
8
•21
2112 197 2112 21
25 Dec 5714 Feb
120 Amer News Co Inc____No par 14 July 21 33 Jan 30
2112 21
21
*2012 21
*2012 21
4
115 Dec 64% Feb
8
758 77
714 77
753 73
7% 15,300 Am Power & LIght__--No Par
3 June 2 171413ept 8
7
7
712
7
7 14
4412 Dec 102 Met
2012 2118 2018 2012 197 2012 191 2014 3.800
213 224 2134 22
4
No par lSI4JUne3O 58 Jan 14
Preferred
17% 1753 173 1812 17
4
4
85 _ _
$5 Preferred
No pa* 10 July 8 493 Jan 14
1612 9,550
173
4 173 173
4
4 1612 1712 16
1214Sept 9
753
318June 1
5 Dec 2112 Mar
7
7
7
8
7
612 65 16,400 Am Rad & Stand Ban'y_No par
678 7
612 7
73 Dec 3753 Feb
3 May 25 1812Sept 8
25
712 73
8
4
83
73
*83
4 8
8 83
4
4
7
710 7,500 American Rolling Mill
78 73
1914 Dee 66
Feb
2112 2112 *2112 221 *2112 22
8June 2 z2914 Mar 7
400 American Safety Rasor.No par 133
2214
2112 .21
*21
2218 21
312
4Sept 12
*2
312 *2
3
153 Dec
4June 20
9 Feb
33
No par
2
212 1,100 Amer Seating v t o
218 *2
212 .21 L 212 .2
•18
h
•18
3
8
18
%
18 1,800 Amer Ship & Comm
18
18
18
18
18
1114 Feb
78f3ept 2
% Apr 22
Is Dec
No par
•123 16
8
•123 16
8
20
Oct 42 Jan
Amer Shipbuilding Co_No par 10 June 22 25% Jan 14
•123 16
8
8
*1238 16 .123 18
•1233 18
2714Sept 8
8 12 4 13
,
20,400 Amer Smelting & Refg_No par
12
125 127
8
518May 3
1712 Dec 5812 Feb
1212 1153 12
4 1018 11
1018 1113
397 4014 3914 3914 35
43
*41
75 Dec 1381/ Mar
32
3212 2,100
100 22 June 21 85 Jan 29
33
Preferred
3814 33
28
28
*21
*2812 29
4
52312 25
45 Dec 1023 Mar
800
23 jt 23
100 15 July 5 56 Feb 19
2d preferred 8% cum
2712 .21
26
3212 *3112 3212 .31
4June I
3112 3112 *31
28
Oct 4214 Mar
314
3612 Aug 29
100 American Snuff
25 213
313 *30
4
313 *31
4
7
*9912 103 .10012 103 .101 105
100
•9912 103
97 Dec 110% July
100 90 Jan 11 108 Sept 13
Preferred
*9912 105
103 103
618
5i2 558
1518Sept 6
*6
3 May 31
5 Dec 3114 Feb
6
6%
5181 512
5
53
4 6
5121 3,600 Amer Steel Foundries__ No par
•____ 59 .---- 55 •-_-- 55 •____ 55 •____ i 55 *____ 55
68 Dec 113 Feb
100 34 July 6 80 Feb 18
Preferred
33012 3112 3112 3112 304 3114 .31
33 Dec 4814 Star
400 American Stores
4
.3012 30
3
No par 20 May 31 364 Mar 3
3133 *303 31
23
2212 224 22
23
213
4 1,600 Amer Sugar Refining
4
100 13 June 2 3914 Jan 13
2218 2212 2212 213 2214 21
3412 Oct 60 Star
*81
87
87
*81
87
*81
Preferred
8412 Dec 10812 Mar
*81j i 87. *82
100 45 May 31 90 Aug 27
87
87
*81
3
.614 714 *13
812 Dec 11% Feb
Apr 29 1014 Aug 25
Tobaceo....No par
7
100 Am Sumatra
.8
23
4
7
.53
553 558 1 071 *5
7
8
10712 1085 108 10918 z10314 106
94,750 Amer Telep & Teleg
4July 11 1373 Feb 19 1124 Dec 20134 Feb
4
8
100 693
10312 1043 10118 10412 1003 102
4
8
583
4 587 594 5612 5812 557 57
4
4
58
25 4012June 1 883 Mar 9
6012 Dec 1283 Apr
5514 557
8 7.200 American Tobacco
55 d 56
8
617
8 5814 61
6053 6112 61
39,700
4
4
25 44 June 1 893 Mar 8
Common class 13
64 Dec 1323 Apr
567 58
5612 58
563 59
4
111 111 *1115311312 113 11314 *11314 1144 1131(114
4
Preferred
1143 1143
96 Dec 132 May
4
800
100 9514June 2 11812 Oct 14
•5
5
514
653
5
5
600 American Type Founders 100
Jan
4 June 3 25 Jan 25
19 Dec 105
6
.458 514
5
4
12
12
1253 123
12
12
4
125
Preferred
4 115 115
72 Dec 11012 Feb
8 1112 117 *118 123
100 1012July 6 70 Jan 8
8
17
1712 1712 17
*1612 17
8 2,800 Am Water Wks & Eleo_No par 11 May 26 3412 Mar 8
8 1533 153
2318 Dec 80% Feb
16% 1612 153 163
1 174 1512 153
154 *15
•15
400
Com Vol tr Ws
*1314 1512 *1314 17
Vo par
11 May 27 31 Mar 8
214 Dec 80% Feb
15
4 15
477 .453 65
8
49% 4918 47
4
5312 .46
5312
*46
400
*4512 65
1st preferred
6412 Dec 107 Mar
No par 26 June 2 75 Jan 15
8 412
.433 453 •43
41g
43
8
414 414
800 American Woolen
8May 25 10 Sept 6
8
412 43
15
25 Dec 117 Jan
8
No par
8 .44 458
2312 2312 2418 24
2218 2218 23
24
52212 24
23
24
2,900
4Bept 8
Preferred
100 1512 Jan 4 397
1514 Dec 40 July
.38
1
.38 1
.3
8
1
•8
3
1
*3
8 1
100 Am Writing Paper ctfs_No par
3
8
214 Aug 29
Jan
4May 10
3
8
4
12 Dec
,
*212 4
*212 4
•212 4
4
2
2
*2
*212 4
50
Preferred certifs
214 Dec 18 Feb
8 Aug 29
No par
2 July 9
.214 3
214 21
•24 3
3
114May 25
3
6,800 Amer Zino Lead & Smelt__1
214 21
83 Feb
4
23
8 23
212 Dec
672Sept 8
24
*20
•1012 24 .20
24
*18
24
24
20 .18
19
300
Preferred
1912 Dec 451g Aug
25 10 June 1 35 Aug 30
2
612 vs
614 67
678 61
612 61
653 62
914 Dec 4314 Feb
615 53 55,459 Anaconda Copper M1n1ng-50
4
3 June 30 1938Sept 8
*418 5
*4%
.414 5
512
5418 'y 51
*418 5
•4% 51
Anaconda Wire & Cable No par
6 Dec 2814 Mar
15 Sept 8
3 Apr 11
2
1112 31114 113 /103 1110 •1018 1112 104 10
•11
4
3 •10
11
500 Anchor Can
514May 2 1712 Star 2
No par
13 Sept 36 Feb
63 ;_63
*613 68
•612 68
8
8
•615 68
8
68
68
*63
•63
10
$8.50 cony pref
69% Dec 9933 Mar
No par 40 May 12 75 Sept 8
*212 3
'3
51
412 41
•23
8 483 *258 47
8 *25
8 44
100 Andes Copper Mining...No par
4 Dec 1912 Feb
8May 31
9 Sept 9
13
1012 101z 10
•10
101
101 *10
1012 1014 1012 *1012 11
700 Archer Daniels Sildrd_No par
8 May 18 Feb
7 Apr 18 1512Sept 3
*94 99
*93 99
*94 A99 I *94 _,1 99
*94
99
99
*94
7% preferred
Jan
90 Dec 102
100 85 Apr 19 10014 Oct 26
39
39
*3918 40
3714 383
4 38
*3614 39
3912 37 1E37
1,200 Armour & Co (Del) pref 100 24 May 31 61 Aug 29
20
Oct 72 Jan
118
114
118
11
118
1 I
1
11
118
118
1% 3,600 Armour of Illinois class A-25
8June 2
1%
418 Jan
234Sept 9
5
3 Dec
4
7
8
7
7
8
1
8
4
3
34I
4 4,600
3
4
3
4
Class B
3
4
24
3
4
2 Sept 12
%June 7
2% Jan
25
12 Oct
63
4 62
612 61
612 65
8
612 612 *6
612
6'
2
700
Preferred
312May 31
157 Aug 29
Jan
100
518 Dec 47
112 112 *112 13
4
112
13
8 *114
134 1,400 Arnold Constable Corp_No par
114
112
8
I% 13
9 July
1 May 3
15 Dec
8
358 Aug '29
*15
8 2
*112 3
0153 3
sii2 3
*2
3
*2 4 3
Artloom Corp
48ept 24
4
Oct 1012 Feb
53
No par
15 Dec 14
8
114
*1
15
8 •1
1
1
1% • 400 Associated Apparel Ind_No par
1,
4
118
*1
1
1
%June 30
3 Aug 29
114 Dec 28% Feb
412 41
4
*1
412
333 33
43
8
4
4
33
4 33
4
4 2,100 Assoc Dry Goods
3 May 16 11 Sept 8
54 Dec 2953 Mar
No par
4
• 4 153 *143 154 . 3 153 *1434 153 *143 1534 *143 153
(13
14
4
4
Associated 011
4
4
4
Feb
612July 9 1612 Aug 11
25
83 Dec 31
4
412 45
5
8
55
*4
8 *43
*43* 7
8 7
*43
*438 7
8
7
200 Atl 0 & W 288 Lines__No par
Jan
412 Dec 19 1214 Aug 16
10 Dec 39
*533 9
*334 9
.6
11
*53
4 8
.534 8
*53
4 7
Preferred
15 Dec 5312 Jan
8 Nov 29 148 Jan 22
100
16
1614 153 16
18
157
8 153 157 12,100 Atlantic Refining
153
4
154
4
81
8
15 4 16
3
8
8Sept 8
85 Dec 235 Feb
8
25
852 Feb 9 217
87
9
833 87
8 87
9
8
812 1,200 Atlas Powder
8
812 8%
834 83
4
712July 8 2512 Feb 2
18 Dec 54 Feb
No par
63
6412 60
•6412 66
6112 6112 .61 1 62
640
6212 6112 62
Preferred
100 4512June 29 7912 Jan 13
7714 Dec 997 Jan
.13
4 234 .13
4
8
252
23
4
100 Atlas Tack Corp
17
17
8
17
2 .172 212 . 8 212 .17
112 Dec
312 Jan
372 Aug 10
No par
1 July 25
4
4914 493 531.1 4914 5214 5014 5212 47% 513 2443 !_467 75,700 Auburn Automobile
4
8
48
4
1513 Jan 14
4
No par 233
8412 Oct29512 Apr
4May 1
2
•8
7
.7
8
138 .
7
2 13
.%
*7
8
1%
*7
8 IN
153
13*
Austin Nichols
178Sept 9
No par
12 Sept21 Star
12 Feb 19
77
7
672
75
7
818 8 2
,
8'3 8 s
8%
712 814
78 126,300 Aviation Corp of Del (The)_..5
112June 1
2 Dec618 Star
87 Dee 19
8
53
43
4 5
53
8 57
8
414 43
5
553 512
4
6,500 Baldwin Loco Works__ _No par
33 ' 4
4
12 Aug 29
2 Stay 31
45 Dee 277 Mar
8
8
123 15
4
15
•13
8 1,790
1012 1118 1012 112
1012 1214 1014 11
Preferred
100
8 May 27 3718 Aug 29
15 Dec 10412 Mar
•72
76
*72
76
75
75
72
72
7214 7214 72
7212
120 Samberger (L)& Co pref 100 82 July 8 99 Feb 25
85 Dec 107 Feb
*12 2
•12 2
*12 2
*12 2
*12 2
*12 2
Barker Brothers
312 Aug 24
No par
li Apr 9
13 Oct10 Jan
4
378 4
33
4 4
4
4
4
4
353'_ 34 8,300 Barnsdal Corp class A
33
4 37
8
33
8June 1
7 Sept 8
5
4 Dec1412 Feb
8
*45 11
*458 11
*45 11
414 414
414 5
11
.5
100 Bayuk Cigars Ine
No par
4 June 2 13 Feb 1
14 Dec 33 Jan
•3112 32
*31
32
*31
43 .32
3012 32 '3012 35
50
.
43
let preferred
100 30 Dec 8 59 Jan 7
60 Dee 90 Mar
4 113* 1112 113 1153 1114 113
8
1118 107 1114 1,700 Beatrice Creamery
*1114 113
8 11
50 1012Nov 3 4312 Jan 14
37 Dec 81 Mar
64
62
64 .63
6214 6214
63
63
•63
*62
500
62
62
Preferred
100 62 Dec 20 95 Jan 18
90 Dec 111 Mar
44
542
4314 4314 .42
4414 4414 4334 4514 '
44
44
900 Beech-Nut Packing Co
44
20 2914May 31 45% Dec 19
37% Oct 62 Apr
5
412
412
412 45
8 2,600 Belding Heminway Co_No par
43
4 43
4
41. 458
413 4
412 412
13 June
2% Jan 4
8% Aug
83
4SePt 8
s
8
400 Belgian Nat Rye Dart Prof-- 573
__ 0615 _
6212 0212 623 62% 6214 6214 623; 623 .613
8
4
8Jujie 1 6212July 8
547 Dec 803 Jan
8
9% - _- 10.300 13encliz Aviation
93
4
10
958 -97 1014 10
1014 1012 1014 1058
10
No par
412May 27 183 Jan 14
4
125 Oct 251s Feb
8
8
8
4 105 107 *1012 1112 1012 1058 1018 104 10
1018 2,600 Best & Co
104 103
No par
63
4June 2 2478 Feb 19
193 Dec 4614 Mar
4
143* 1514 13
1514 1514
148
8 13
1312 1214 133
4 12 4 13
,
15.679 Bethlehem Steel Corp No pa
714June 28 29/
883ept 8
1714 Dec 703* Feb
8
2512 273
4 2714 29
274 263 27
4,800
4 26
2812 283
7% preferred
2614 27
100 1614 July1 74 Jan 9
80 Dec 123% Mar
47
43
4 47
8 •5
*5
514
5
514 *5
514
400 Blaw-Knox Co
*413 48
4
No par
35
8June 1
6 Dec 29 Feb
10 Aug 11
1112
8
9
2,000 Bloomingdale Brothers_No par
•818 20
818 1112 *9
.8 8 1112 *8111 1 112 .
'
814June 13 14 Feb 15
Oct 21 Nov
15
60 .52
*52
60
*50] 60
*50
50
60
60
49
Preferred
49
.52
Jan
100 49 Dec 21 81 Jan 6
75 Dec 95
•13% 14
137 14
1312 133
4 134 1328 1214 13
12 ,I 1253 2,200 Bohn Aluminum &111*_-No par
47 une 2 2214 Jan 14 z1512 Dec 63 Aug
8J
*52
64
54
54
*52 . 54 .52
*52
,
Bon Ami class A
54
54
*52
*52
Oct 36614 Apr
31 June 1 55 Nov II
49
Booth Flsherlee
3 Feb
No par
18May 13
14 Dec
I Aug 23
let preferred
100
112 Dec 17% Feb
14 Nov 7
114 Jan 6
2 2311 243 16,800 Borden Co (The)
2534 ii -4
HT8 /512 2533 25% 254 -2
(1-12 244 253
25 20 July 1 4318 Mar 9
3518 Dec 7853 Star
814 812
818 814 5,100 Borg Warner Corp
83
8 84
0
9
87
8 614
8% 918
9 Dec 30
14 Feb
10
33
2May 28 1414Sept 8
32 July
Botany Cons Mills class A 50
5
8
•14
%
*14
3
8
*14
5
8
53
•14
314
511
.
44
1 14Sept 7
12 Dec
14 Apr 26
414 4,400 Briggs Manufacturing_No par
412 43
41g
4 5
4
43
414 414
412 412
*47
8 5
7% Dec 223 Mar
4
27
sJune 1 113 Mar 5
4
r 612
Bid and asked Prices: no sales on this day. s Ex-dividend. y Ex-rights.
New York Stock Record-Continued-Page 3
4354
Dec. 24 1932
Lig- FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING.
- HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Dec. 17.
Monday
Dec. 19.
Tuesday
Dec. 20.
Wednesday
Dec. 21.
Thursday
Dec. 22.
Friday
Dec. 23.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ Per share 8 per share $ per share $ per share $ per share 5 per share Shares. Indus. & MIscell. (Con.) Pa
81t '748
No par
300 Briggs ds Stratton
*814 912
814 814 *814 912 *8
2
814
*78
No par
79
78
76
79
900 Brooklyn Union Gas
78
783 783
4
78
4 7814 7814 77
Brown Shoe Co
•32
3412 •32
3412 *32
3312 *32
No par
3412 *32
3312 *32
3312
312
.218 4
Bruns-Balke-CoUender_No par
.218 27
8 *218 278 *218 27
8 *218 312 .218
25
8 258 *212 2 4
10
212 25
8 1,900 Bucyrus-Erie Co
3
212 28
23
8 258 *212 23
4
314
314
Preferred
318
27
8 318 2,800
5
33
8 33
318 314
3
8
314 312
7% preferred
100
*3814 45
*3714 42
*3714 42
*3714 42
*38
40
*38
40
13
8
13
8
600 Budd (E 0) Mfg
No par
13
8
138 *13
8
112
15
8
15
8
112 112
*112
15
8
10
7% preferred
100
*5
6
*5
*4
5
6
*5
8
*5
512
5
5
No par
*158
2
112
112 1 12 2,200 Budd Wheel
15
8
15
8
112
112
152
15
8
152
'o par
*112 134 *112
600 Bulova 'Watch
13
4
112
112
13
8
11
*13
8
8
13
4
13
2 13
400 Bullard Co
No par
33
*3
33
4 .3
318 314
4 *3
33
4 *3
303
33
4
8
814
8
8 14
4 1,800 Burroughs Add Mach._,Vo par
712 77
8 *73
73
4 73
4 8
8
8
312 *318
312 *314
312
No par
318
318
500 Bush Term
312 312 .314
*314 312
Debenture
100
860
*75
8 818
718 75
71 1
73
4
8
8
714
78 73
712
718 7 4
3
Bush Term Bidgs gu pre1-100
.25
30
•25
30
*2314 28
*234 28
*2314 24
*2312 24
118
118
118 1,700 Butte & Superior Mining ___10
118
118
118
1 18
•118
114
1 18
118
118
5
*3
4
7
8 1,500 Butte Copper & Zin7
8
3
4
3
4
7
8
3
4
3
4
03
4
7
2
7
2
*3
4
4
500 Butterlok Co
No par
134
13
4
15
8
15
8 •13
4 172
13
4 13
•13
4 212 *13
4 2
No par
8
8 123 123
4
4 1178 1212 1139 1158 2,750 Byers Co (A M)
1312 1312 1314 1414 125 125
140
Preferred
100
44
4512 4512 4512 4512 *4314 4512 *4314 4312 44
44
44
9
9
9
814 9
814 812 2,400 California Packing____No par
10
10
934 03
4
9
10
000 Callahan Zino-Lead
39
*14
12
*14
12
*14 .
3
8
*14
%
14
14
*14
212 212
218
218
2
252
214
23
2
218 4,000 Calumet & Hecht Cons Cop_ 25
212 212
214
200 Campbell W & C Fdy_ _No par
*23
4 35
8 *3
35
8 *23
8 *23
4 318
4 35
8
3
3
*23
4 35
3,600 Canada Dry Ginger Al. No par
873 878
888 10
85
8 9
9
93
8
912 914
83
4 918
200 Cannon Mills
No par
*1514 163 *1514 16
16
4
*1514 16
*1514 16
1514 1514 *15
5
8 •5
612 65
812 612 *612 712
325 Capital Adminls Cl A-- _No par
4 8
4 77
8 *53
'53
Preferred A
*25
28
50
.25
28 .25
28
*25
28
*25
28
*25
28
4 36% 39 81,400 Case (J I) Co
100
4212 4314 4178 4414 4012 4212 41
423
4 383 423
8
Preferred certificates__ _100
70
.5014 52
*50
51
50
50
*4814 50
4814 4814 4814 4814
3
612 4,200 Caterpillar Tractor____No par
6
*7
712
7
8
74
67
613 63
618 63
o 7
1,800 Celanese Corp of Am-No par
.85
83
4
812 83
8 8
4 '83
8 84
83
8 8%
8
8 18 *77
400 Celotex Corp
No par
•1
112
1
1
*1
114 *1
1
1
112 *1
112
Certificates
No par
7 *--,8
7 --28
3 *--74
3
4
7 *--:8
7 *.---8
---•1
3
*1.18 3
114
114 *I
3
*1
3
112 112
246
Preferred
100
z151,8 16
.1512 153
1518 15
15
1,700 Central Aguirre Asso_No par
4 153 16
*1513 1512 15
*333
33g
400 Century Ribbon Mills_No par
4 *314 33
4
312 312 *314 33
3 8 33
4 *34 33
4
72
*64
72
*64
72 .64
72
*64
72
*84
72
Preferred
100
.54
6
6 14
618 65
8
6
63
8
512 618
5
5 58
518 53
4 6.400 Cerro de Pasco Copper_No par
.3
4
414
7
8
7
8
*34
114
•1
114 *1
114
3
4
1
600 Certain-Teed Producta_No par
*458 7
*45
8 53
4
5
5
453 458
47
8 47
8 "45
8 7A
100
500
7% preferred
11
11
1114 *11
*11
1112 11
1114 11
11
"11
1118
No par
700 City Ice dr Fuel
*48
55
*47
58
50 50
10
Preferred
100
*5012 58 "47
54
*47
58
*1812 19
5
*1812 19% •1812 19
*1812 19
18
1812 *177 183
200 Checker Cab Mfg Corp
3
4
1514 1412 15
1518 154 15
143 151 1 133 15
4
1312 14
3,500 Chesapeake Corp --No Par
4
3
34
33
8 38
3
3
34 *3
312
318 318
318 318 1.000 Chicago Pneumat Tool_No par
*612 712
64 718
612 63
Conv preferred
No par
4
53
4 7
*6
67
8 *6
83
4 1,200
*63
4 7
612 634
63
4 7
73
8
130 Chicago Yellow Cab
No par
78 712
7
*73
7'2
*612 8
*612 8
612 612
6
8
6
6
10
*612 8
500 Chickasha Cotton Oil
*359 33
418 418
33
439
4 33
*418
4 *353 33
400 Childs Co
No par
4
33
4 34
3
8
, 1514 165
163 1718 165 1718 1618 167
4
8 1618 161
8 1512 155 86,60( Cbrysler Corp
8
No par
600 City Stores
No par
*12
3
*12
3
12
*12
58
12
12
*1259
12
12
*7
12
*7
"7
12
*7
12
*7
12
*7
12
Clark Equipment
No par
*11
12
11
11
•11
12
*10
11
'1018 11
11
11
300 Cluett Peabody dr Co_No par
*90 100
*90 100
*90 100
*90 100
*90 100
*90 100
Preferred
100
6812 704 69
7012 685 698 70
8
7012 6912 70
7014 7014 11.900 Coca-Cola Co (The)
-No par
45
454 •443 4514 443 45
.45
46
45
45
4
4
44
44
Class A
1,800
No par
8 105 107
8
103 103
4
4 105 1034 1012 105
107 11
103 107
4
8
8 5,000 Colgate-Palmolive-Peet No par
*793 81
4
793 80
4
*76
82
*76
78
793
400 6% preferred
"76
7958 *76
100
*43
4 5
*47
8 5
412 43
4
418
418
418 418
48 47
600 Collins atc Allman
No par
*5612 704 *5012 7018 *5013 7018 *5012 7018 *5813 7012 *5012 7013
.100
Non-voting preferred.
•1012 15
*1012 15
*1012 15
*1012 15
Colonial Beacon 011 Co_No par
*1012 13
*1012 13
.512 612 *53
8 612 *512 63
2
518 512
514
412 412 2,400 Colorado Fuel & Iron_No par
414
30
2712 2832 2712 2814 253 2814 264 2612 9,100 Columbian Carbon v t 0 No par
2812 29
29
4
3
98 9% *97 10 4 1012 1012
97
97
8 *914 10
93
4 93
900 Columb Pict Corp v t o_No par
4
163
4 153 1614 1512 1618 143 1614 1458 153 50,700 Columbia Gas & Eleo__No par
1618 1812 16
8
4
65
67
66
66
o
•65% 67
657 657
Preferred series A
100
67
87
67
1.300
67
45
5
5
5
*458 5
5
5
5
43
4
412 452 3,100 Commercial Credit_-__No par
*22
24
*2312 2412 2312 24
*2312 2414 2312 2312 2312 2312 1,000
Class A
50
*1914 20
*1914 20
*1914 20
Preferred B
25
•1914 2012 *1914 20
10
1914
150
*723 7312 *723 7312 723 723
8
*723 74
8
*723 74
8
100
2
8 723 72%
8
8.4% first preferred____100
191* 1918 19
•19
193
8
19
1714 18
18
1812 3,800 Comm Invest Trust__ _No par
1959 18
83
*82
83
*82
*82
83
82
83
82
*82
85
200
Cony preferred
•82
No Par
50
100
63i% 1st preferred
100 100 *100 102 *100 102 *100 102 *100 102 *100 102
8 1018 10-39 10
1014
8 1018 107
8
95
8 93 23,300 Commercial Solvents__No par
4
1018 • 103
959 103
214 23
214 2%
2
24 212
23
2 8 212
3
2
2 14 58,900 Commonwlth & Sou__ _No par
447 45
8
4312 4312 44
44
4312 44
42
43
3912 4012 2,200
56 preferred series_ __No par
Conde Nast Publioa'ns_No par
*312 1312 *312 1312 .312 1312 *312 1312 *312 1312 *312 1312
814
818 818
818 818
84 818
8
8
77
8 8
6,000 Congoleum-Nalra Ino__No par
8
7
7
1,400 Congress Cigar
No par
*614
78
3
63
4 7
'614 74 *64 718
614 014
412 *4
412
41,2
412
412 *4
300 Consolidated C1gar
No Par
.412 514
412 412 *4
47
4712 47
4812
200
Prior preferred
100
48
8 4712 4712 4712 4712 48
4753 475
15
18 2
17
8 2.300 Consol Film Indus
1
I%
13 *17
8 24
1%
15
8
15
8 2
55
512 53
5
514
5
512 512
512 618
5
1,900
Preferred
No par
553
5752 59
57
57% 38,545 Consolidated Gas Co
No par
5912 604 578 5912 5814 587
594 60
96
9612 965 9712 9714 0712 3,200
8
Preferred
No par
953k 963
953 953j 96
4
96
43
43
418 44 2.300 Consol Laundries Coeo_No par
412 412
412 412
412 412
412 412
512 5 8
512 558
53
8 512
512 553
512 55
8
514 558 43,780 Consol 011 Corp
No par
9914 *92
9912 *92
8% preferred
100
9938 *92
9912
*97
9912 *97
9912 *92
12 3,900 Consolidated Textile_ _No par
12
12
12
12
12
12
12
. 12
5
8
12
12
112
200 Container Corp class A____20
1
112 *1
1 12 '1
1
118
118 •1
112 •1.
139
Class B
550
*3
8
No par
12
12
59
*33
*3
8
53
4
12
12
*12
3
.33
4 44
33
339
358 312
312 312 1,800 Continental Bak Class A No par
4 33
4
312 334
35
Class B
5
8
52 19,100
%
No par
12
13
58
12
12
12
12
5s
12
3712 363 3714 367 37
4
8
2.300
Preferred
383 383 *3714 38
8
8
3718 3718 37
100
39
39.8 384 3918 363 384 36% 3814 358 38
3
30
373 20,600 Continental Can Ino___No par
4
4
37
8 37
8 2,700 Cont'l Diamond Fibre_No par
378 4
'37
*4
412
413 418
4
4
143 12,400 Continental Insuranee _ _ _2.50
4
16
4 1412 1514 14
1612 16
1518 153
1614 153 18
4
178 4,100 Continental Motors___No par
17
8
I%
I%
2
2
I% 2
2
218
2
2
512 559
553 584
812 559
512 534
512 5%
514 53 10,500 Continental 011 of Del.No par
523 5339 523 5338 515 53
50
51 18 22,000 Corn Products RefInIng____25
4
8
5112 523
8 503 527
8
•135 140
136 1397 *1354 140
8
90
Preferred
8
13514 13614 *1353 139 *13539 139
100
33
33
8 5,100 COtY Inc
*34 359
332 312
312 33
312 3o
No par
4
312 4
*253 257
4
8 2512 26
2512 2612 26
2514 4.600 Cream of Wheat ctfs... No par
8 2512 2814 125
263
*212 3
*212 27
0212 3
8 *212 3
212 3
212 212 1.700 Croslay Radio Corp
No par
217 217
8 21
14
215
1814 207
177
8 6,300 Crown Cork ar Seal- No Par
8 20
204 1914 20
*26
28
*2614 27
*26
25
2412 2412
27
21
2614 24
800
52.70 preferred
No par
*1
17
8 *I
13
8 •1
17
*1
114 *1
14 '1
Crown Zellerbach v t o_No par
14
*912 10
912 912 *812 911I
812 812
812 812 •812 10
400 Crucible Steel of America__100
"20
2212 20
2112 18
4 14
193
4 163 18
4
1612 163
1714 1.540
Preferred
100
3
4
h
*3
4
114
7
4
7
2
*3
4
112
*3
1
112
*34
72
600 Cuba Co (The)
No par
15
15
8 .15
8 13
15
18
15
8
158
214
158 1,200 Cuban-Amerloan Sugar.- _10
153 •158
.812 10
812 812 '8% 10
8
812 *812 10
85
8 85
8
680
Preferred
100
*21
23 .21
2212 2012 23
23
23
*22
23
21
21
60
800 Cudahy Packing
•8
9
812 912
9
9
9
9
87
8 9
"8% 9
1,000 Curtis Pub Co (The)._ _No par
4512 13814 3814 373 383
454 *40
45
4
8 38
38 '39
45
1.100
Preferred
No Par
13
4
134
17
15
1
159
8
15
13
13
4
158
I%
112 I% 12,600 Curtiss-Wright
4 23
4
253 25
8
23
25
25
212 23
4
24 212
1
214
212 1,800
Cla.ss A
47
8 478 *33
5
5
*4
's 5
4 418
37
418 418
37
Inc._.No par
400 Cutler-Hammer
214
214 *214 25
8 *214 258
*214
259
5
214
23
8
212 212
800 Davega Stores Corp
*33
8 38
5
34 3 8
3
3
3 12
3
318
27
314
25
8 278 3,200 Davison Chemical
No par
*2
3
•24 3
*218 3
213 218
218 24 *24 3
120 Debenham Securities
5
*712 8
712 712
D2 74
75
7
7% '712 77
20
75
8
900 Deere & Co pref
74 .6812 7212 .69
7312 73
*73
74
69
69
67
100
68
700 Detroit Edison
4912 15
*612 15
*7
15
'7
15
*7
15
*7
15
Devoe & Reynolds A -_No par
8 1814 185
8
8 1812 187 •1814 1812 1.900 Diamond Match
1818 1812 183 1854 1812 187
8
No par
2512 2512 2512 2512 *2512 28
*2514 26
*2559 26
26
28
Participating preferred-25
400
8 1218 1218 1214 1214 12
*1218 12% '1218 123
1214 1218 1218 2.200 'ome Mines Ltd
No par
9
1412 143
14
4 1412 1413 *143 148 1412 1412
8 14
•1414 147
800 Dominion Stores Ltd No par
934 93
95 104
8
1012 1034
4
107 11
3
912 93
9
9
2.100 Douglas Aircraft Co Inc No par
335 3418 3312 3412 334 3414 16,200 Drug Inc
8
4 335 343
3314 333
4 333 343
4
No par
*114 23
8 '14 25
•I14 2%
*114 3
•114 3
112 112 5,800 Dunhill International .No par
• 1810 and asked prices, no sales on this day. 1 Ex-dividend.
PER SHARE
Rang,for Year 1932
On basis of 100
-share tots.
Lowest
Highest
$ per share
4 May 26
46 June 2
23 July 9
118 July 8
112June 2
212May 31
35 June 16
12 Apr 9
312July 27
5
8May 26
118 Apr 11
218May 28
614June I
318 Dec 23
718 Dec 19
1214July 12
12July 5
12 Apr 5
8June 10
13
7 May 16
3514May 23
114June 1
18June 17
112May 27
212June 1
6 June 2
1018June 2
21s Apr 8
19 June 16
4June 9
163
30 May 17
43
8June 2
114June 21
7 Aug 10
8
34 Aug II
1 18 Dec 16
732June 2
238June 2
60 July II
312June 2
34 D30 20
45 Dec 21
8
11 Oct 13
433 Nov 23
2
1612 Aug 19
8June 28
47
I May 25
212June 17
812July 15
5 June 10
112June 23
5 June 2
14 July 5
34July 12
10 Apr 14
90 June 1
6812 Dec 17
8July 9
415
1012 Dec 2:3
65 June I
23
4May 31
55 June 9
9 Jan 11
2% July 1
1312May 31.
414May 11
414June 2
40 Apr 8
37
8June 2
4July 19
113
1012June 14
40 June 7
107
8June 2
5512June 2
88 June 3
312May 28
8June 2
15
273
8June 2
5 May 25
612June 2
4 May 28
412 Deo 16
17 June 2
1 June 1
4June 14
23
3112June 2
72f2June 2
.1 18 Dec 23
$ per share
1012 Jan 14
8912 Mar 8
36 Feb 15
412Sept 6
74 Sept 8
1018 Sept 9
80 Sept 7
318Sept 22
14 Jan 28
412 Jan 14
312 Jan 25
8 Sept 7
1314 Aug 2C
2134 Mar 9
65 Mar 9
85 Jan 7
17 Sept 8
3
2 Sept 1
57 Sept 8
8
245 Sept 8
8
69 Sept 6
19 Sept 8
118Sept 10
77 Sept 8
8
914 Aug 29
15 Sept 9
23348ept 6
912Sept 8
32 Aug 25
653
4Sept 3
75 Jan 12
15 Jan 18
125 Sept 6
339 Jan 18
214 Feb 29
712 Mar 15
2012Sept 8
614 Jan 9
85 Jan 23
1512Sept 8
339 Feb 17
11158 Aug 23
2812 Feb 19
68 Jan 5
3018Sept 9
22034Sept 8
83 Jan 22
4
1214 Sept 9
14 Mar 12
1212Sep1 7
8 Sept 10
2104Sept 8
218 Jan 14
8 Jan 7
8
22 Mar 5
96 Feb 15
120 Mar 8
50 Mar 22
3112 Mar 9
95 Mar 11
107 Mar 7
8
80 Mar 17
1212 Oct 14
147 Sept 3
8
418 Mar 9
147 Aug 27
21 Sept 8
797 Aug 30
3
11 Mar 5
29 Sept 2
21 Sept 3
75 Nov 4
277 Mar 3
8
82 Nov 16
101 Oct 17
133 Sept 8
4
5% Aug 29
6812 Mar 11
12 Sept 8
1214 Hoot 7
11 Sept 8
2.512 Jan 8
80 Mar 7
53 Jan 11
2
113 Mar 7
4
68% Mar 8
93'i Sept29
10% Jan 13
9 Aug 11
101 Sept 8
139 Aug 30
211 Feb 19
118 Jan 18
8 Sept 7
17 Sept 9
8
473 Mar 5
4
41 Mar 8
812Sept 7
2514 Aug 23
33 Sept 24
93
8Sept 8
553
8Sept 28
140 Oct 25
73
8Sept 9
2613 Oct 4
71 1 Sept 9
237 Dec 1
3012 Nov 10
3 Aug 29
2314 Jan 14
497 Jan 14
8
312Sept 6
37 Aug 31
20 Aug 31
3512 Mar 0
31 Jan 15
86 Jan 14
314 Sept 22
43 Sept O
4
12 Sept 6
73
4Sept 9
914 Sept 6
218 Dec 21
1514 Jan 15
122 Jan 14
163 Oct 20
1918Sept 6
26 Sept 23
1258 Doe 6
1812Sept 2
185 Sept 21
8
57 Feb 13
312Sept 6
4 June I
79 Feb 6
'*Mar 22
3
8June 18
1424a7 4
27
8May 31
12 Apr 7
247
8June 2
175 .1une 27
8
3 Apr 6
83
4May 25
5
8May 27
352June 2
4July 6
243
0012June 2
112May 31
1312June 27
214May 3
/May 31
x77
8June 2
173
%June 9
8 May 31
14 Dec 23
%June 6
%May 25
312May 26
20 May 26
7 June 29
3751 Dee 21
7
261ey 6
112 Mar 28
312May 28
214 Oct 28
1 May 26
I June 30
814June 29
54 July 8
7 May 28
12 Apr 9
2012may 13
712 Jan 4
1114June 2
5 June 2
23 May 31
34July 25
PER SIIARE
Range for Previous
Year 1931.
Lowest
Highest
$ per share $ per share
8 Sept 2412 Mar
8
7238 Dec 1293 Mar
4
323 Jan 4512 July
318 Dec 15 Feb
8
314 Dec 207 Feb
8
438 Dec 347 Feb
Apr
75 Dec 114
112 Dec
559 Feb
10 Dec 50 June
25 1)ec 13 Feb
3
314 Dec 158 Jan
35 Dec 23 Feb
8
10
Oct 3214 Feb
Feb
153 Dec 31
8
Jan
49 Dec 104
85 Dec 113 Mar
13 Feb
4
h May
1
Dec
2% July
3 Dec 2059 Feb
107 Dec 6934 Feb
8
8
88
Oct 1067 Feb
8 Dec 53 Feb
13 Mar
8
14 Oct
3 Dec 1138 Feb
534 Dec
8
165 Mar
103 Dec 45 June
8
17
Jan 25 Mar
Feb
412 Dec 16
24 Dec 363 Feb
8
3314 Oct 13112 Feb
53 Sept II() Mar
1014 Dec 5212 Feb
259 Dec 16 Feb
218 Dec 14% Mar
15 Doc 13% Mar
8
4
73 Dec 373 Mar
8
11
Dec 253 July
4
814 Sept
212 Jan
50 May 90 Sept
97 Sept 3018 Feb
8
214 Jan
714 Mar
11
Jan 35 Aug
8
2512 1)ec 373 Feb
6312 Dec 90 Apr
137 Dec
8
318 Oct
63 Dec
8
8 Sept
8 Dec
518 Dec
1134 Oct
h Dec
812 1)ec
15 Dec
92 Dec
9712 Oct
453 Dec
24 Dec
797 Dec
612 Dec
88 Dec
712 June
812 Dec
32 Dec
5418 Feb
1518 Feb
Feb
35
Jan
23
4
123 Mar
338 Feb
25% Mar
459 Feb
227 Mar
3418 Feb
105 July
170 Feb
5312 June
5012 Mar
10418 Sept
1712 June
95 Aug
1012 Nov
1912 June
11159 Feb
115 Dec 4559 Mar
8
7218 Dec 10912 Mar
8 Sept 2314 Feb
1918 Dec 357 Feb
15
Oct 2412 July
52 Dec 92 Sept
1512 Sept 34 Mar
60 Dec 90 Jan
94 Dec 106 Aug
65 Dec 2112 Feb
8
3 Dec 12 Feb
46 Dec 10059 Mar
10 Dec 344 Feb
67 Jan
8
1484 Aug
63 Dec 303 Mar
20 Sept 372 June
42 Dec 73 Mar
33
4.1une 15 Feb
7% Oct 187 Feb
8
5714 Dec 10959 Mar
88 Dec 21(17 July
8
812 Dec 157 Mar
418 Dec 157 Feb
64 Dec 103 Mar
14 Jan
18 Mar
78 Dec
812 Jan
14 Dec
3 Jan
412 Dec 30 Feb
Is Dec
338 Feb
40 Sept 77% Feb
3014 Dec 823 Mar
4
8
312 Dec 167 Feb
1818 Dec 5178 Feb
412 Feb
I 1)ec
5 June 12 Feb
3614 Oct 8659 Feb
118 Dec 15212 Apr
27 Dec 18 Feb
20 Sept 3412 Mar
834 Fe
,
218 Dec
1384 Dec 3814 Feb
2218 Dec 3434 Feb
67 Jan
118 Dec
20 Dec 63 Feb
Jan
36% Dec 106
5% Jan
7 Dec
2
58 Mar
I
Dec
Jan
6 Dec 35
8
229
Oct 487 Mar
20 Dec 100 Feb
70 Dec 11859 Nfar
57 Feb
1
Dee
81s Mar
13 Dec
8
Jan
7 Dec 41
34 Dec 23 Feb
I% Sept 1212 Jan
Jan
1359 Dec 22
11014 Dec 195 Feb
Dec 1918 Feb
812
1059 Dec 23 Mar
1912 Dee 2812 Aug
659 Oct 11312 Mar
Oct 24 Apr
11
7% Dec 2114 June
42% Oct 78% Mar
814 Mar
112 Dec
,
!
New York Stock Record-Continued-Page 4
4355
ICU' FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH PAGE PRECEDING.
-PER SHARE, NOT PFR CENT.
111011 AND LOW SALE PRICES
Saturday
Dec. 17.
Monday
Dec, 19.
Tuesday
Dec. 20.
Wednesday
Dec. 21.
Thursday
Dec. 22.
Friday
Dec. 23.
Sales
for
the
Week..
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
On basis of 100
-share tots.
Lowest
Highest
PER SHARE
Range for Previous
Year 1931.
Lowest
Highest
per share
5 Per share $ per share $ per share $ per share 5 per share $ Per share Shares. Indus. & Miscell. (Con.) Par S per share 515 Sept 23 $ Per share S per share
10 Sept 143 Feb
512.1une 1
4
No par
1)uplan Silk
.124 1412 *1212 1412 *1213 1412 *1212 1412 *1212 1412 *1212 1412
923 Dec 10712 Aug
4
8
280 Duquesne Light lot pref_100 87 May 31 1015 Nov 30
100,8 10014 101 10112 010018 10012
•100 10012 100 10012 101 101
212 Dec 1314 Mar
612Sept 9
1 June 1
Eastern Rolling MIlls_No par
4 238
4 24 *13
4 312 *13
*13
*13
4 4
*13
4 2
*134 2
77 Dec 18584 Feb
4
5212 9,200 Eastman Kodak (N .I)_No par 3514 July 8 873 Jan 14
52
8
3
8 543 55 4 5212 56
5618 563
4 554 5612 5412 555
100 99 Jan 22 125 Oct 18 103 Dec 135 Sept
8% cum preferred
50
118 119
_
118 118 .118_ _ *118
•117 118 *11712 118
53 Dec 21 Mar
3
97
8Sept 7
3 J uue 27
No par
514 514 *514 6
412 45
8 1,900 Eaton Mfg Co
8
345 14
5
-5
514 53
8
50 Dec 107 Mar
4
8 365 374 3614 3718 3512 37
4
8
3514 353 59.300 El du Pont de Nemours____20 22 July 19 5113 Feb 19
4
373 3812 3712 385
94 Dec 1243 Aug
4June 2 10518 Aug 23
4
100 803
10212 10212 103 103 *1027 104
8% non-voting deb
700
8
102 102
10112 102
•102 104
12 Dec 11 18 Feb
218Sept 12
I8June 17
No par
3
8 4,400 Eitingon SchIld
*12
8
8
*12
12
5
8
"8
3
4
*5
8
3
4
.5
3
7
8
712 Dec 69 Feb
214May 9 1212 Jan 6
•53.
4 8
100
814% cony lot pref
*6
8
*6
8
*6
8
*6
8
*512 9
20
4
8
Oct 743 Mar
323 Mar 7
812June I
4
11813 184 1712 1834 1714 173 11,700 Elec Auto-Lite (The)__No par
1934 1814 19
8
185 1914 19
94 Dec 110
Jan
100 61 June 1 10014 Feb 16
Preferred
10
8
8
*82
877 *8114 877 *8114 877
8
877
8 82 82
*8114 874 *82
3
24 Dec
412 July
4June 22
212 Jan 6
1
1
1
1
1
1
*1
118 1,200 Electric Boat
1
1
118
*1
24 Sept
8
4 Jan 8
97 July
%June 30
158
15
8
15
3
158
15
8
13
4
153 138 8,500 Elec 4 Mus Ind Am shares__
13
4
15
8
158
15
8
9 Dec 604 Feb
16 Sept 8
23 July 1
512 618
512 53 17,200 Electric Power 4 Light No par
4
64 814
614 658
6
6 18
612 658
41
Dec 1084 Mar
4July 9 64 Jan 14
4 1412 15
Preferred
No par 103
1414 143
144 147
8 3,900
8 153 1.53
8
4
184 1818 1614 163
32 Dec 9814 Mar
87 Ju'y 8 5512 Jan 14
8
No par
1438 143
8 133 133
15
4
4 2,000
1514 .115 1512 1412 15
36 preferred
8
•1514 16
23 Dec 66 Mar
8June 2 3314 Mar 7
8
8 1,100 Elm Storage Battery _No par 125
223 223
23
4
4 217 217
233 234 23
4
4
233 233 *2312 24
4
14*____
114 Feb
3 Aug 31
4
4 Dec
18 Jan 13
400 Elk Horn Coal Corp _No par
,
a
18
18 ---"8
14
*
03
14
3 *---2312 De
4Sept 3
453 Sept
8
2914 283 283
x2912 2912 2912 2912 29
700 Endicott-Johnson Corp____50 16 July 7 37,
28
8
4 28
•3014 33
8
May 31 115 Nov 17 2983 Dec 115 Aug
100 98
Preferred
200
105 105
106 106 *105 106
•107 115 *106 115 *106 115
15 Dec 49 Mar
•8
4 June 2 25 Feb 16
8
8
9 ' 85
600 Engineers Public Serv_No par
*712 812
8 833
712 74
713 713
Jan
42 Dec 87
$5 cony preferred__No par 18 July 6 51 Feb 23
300
*17
25
*1613 25
297 30
8
*2412 29
*25
30
•3012 32
42 Dec91 Mar
18 July 7 57 Mar 16
30
*3213 34
*25
26
*2312 26
3312 28
5534 preferred ____No par
1,000
254 26
30
1818 Oct353 Jan
8
1012 Dec 20 19 Jan 4
11
*1078 11
800 Equitable Office Bidg_No par
1012 11
11
1114 1013 11
•11
1113 *11
314 Dec1234 Mar
714 Mar 29
2 June 9
*412 512 *412 518 *412 518
.412 512 *413 53
Eureka Vacuum Clean_No par
4 *412 ,51
1 I)ec
219Sept 3
8511 Feb
4slay 26
600 Evans Products Co
1
1
*3
4
1
1
*3
4 1
*5
8
*3
4
1
3
4
3
4
Jan
10 Dec25
4
934 Jan 30 113 Jan 11
20 Exchange Buffet Corp_No par
10
103 *10
4
•10
103 *10
4
1012
*10
1012 *10
103
4 10
12 Sept3 Star
134Sept 13
*14
114
1 Sept 9
25
*14
114
Fairbanks Co
*14
114
*14
*14
114
114
*14
114
2 Dec 13 June
4 Aug 11
1 June 30
100
Preferred
*112 5
.112 5
•113 5
*112 5
.112 5
*112 5
8
312 Dec 293 Mar
618 Aug 29
4July 22
23
278
3
3
*37
8 31 1
3
3
-Wanks Morse 4 Co_No pa
318 *23
33
3 12
500 Fat
4 27
8
40 Dec 1097 Feb
8
4
100 10 Dec 3 473 Mar 8
Preferred
30
*1112 154 1112 1112
4
•1112 2012 *1113 183 *1112 1712 *1113 22
612 Feb
1 Dec
12June 13
*12
1
178Sept 10
3
4
2
*5
8
1
12
12
*5
8
1
300 Fashion Park Assoc ___ _No par
*58
1
9 Nov 22 22 Jan 25 21512 Dec 494 Feb
16
*83 1114 *83 1114 *83 114 *83 113
4
Federal Light & Tree
4
4
4
4 *83 1114 *83 1114
4
4
48 Dec 92 Mar
Preferred
No par 30 June 16 64 Mar 11
10
*41
50
41
*41
50
*41
50
41
*41
50
*41
50
21$ Dec
73 Feb
1
34 Feb 6
112May 28
113
112 *112 134
112
113
800 Federa: Motor Truck_No par
112 113
15
8
15
8
112 113
113 Dec 1512 Feb
8
34
23 Aug 12
12May 25
700 Federal Screw Works_No par
"2
*5
8
7
8
4
5
8
*34
5
8
3
8
3
4
"9
3
4
Jan
3 Dec 30
8
3 May 31 103 Mar 16
31s 3,100 Federal NI. ater Serv ANo par
3 8 314 .318 314
,
34 3
'8
3
313 318
318 34
1012 Dec 2718 Aug
4Sept 3
612June 17 153
10
1012 .1012 11
500 Federated Dept Stores_No par
*9
10
9
9
*1012 113 11012 1012
4
20 Dec 5614 Feb
4
8 May 28 273 Jan 15
8
17
1713 167 1712 17
1518 161 10,600 Fidel Phen Fire Ins N Y_2.50
1712 1618 1714 1518 16
54 Oct9 Feb
812 Mar 8
4June 2
4
53
.63
4 7 4 *67
3
Fifth Ave Bus Sec Corp.No par
4 73
4 *63
4 73
4 *63
8 73
4 *7
73
734 *7
154 Oct24 Au,
1612Sept 6
7 Mar 31
No par
Filene's Sons
1612 *9
*9
1612 *9
4
4
1812 *83 1612 *83 1612 .83 1612
4
8514 Feb 104 May
100 75 June 24 94 Jan 18
Preferred
*84__, .84 _ __ *84
_
_ . ___
•84 . _ *84
_ __ .84
127 Dec20 June
8
187$ Aug 30
1114 6,100 Firestone Tire 4 Rubber_ _ _ 10 1012June 14
14
1414 14
1414 *1318 4
154 143 15
145 143 *13
8
4 495 Dec 6618 June
8
Preferred series A
100 45 July 7 68 Aug 30
6312 63
4 63
624 623
60
6014 1,500
61
62
63
631 *62
Jan 83 Aug
41
3.400 First National Stores__No par 35 July 8 54145ept 3
5218 5212 5212 5234 5234 53
5213 534 5314 5312 524 53
12
7 Feb
8
18
114 Aug 30
18 Feb 1
18
12
13
14 Sept
No par
F sk Rubber
53
18 20,300
4
18
13
4
18
23$ Aug 30
14
12 Sept3 Feb
14 Feb 2
100
14
14
14
14
14
14
14 4,300
181 preferred
14
*14
4
14
12 Sept312 Mar
*14
3
2
14
1
2 Mat 30
13 Oct 10
100
*14
lot pref convertible
4
14
14
14 1,100
*14
3
14
8
•714 812 *714 81
77 Dee 3512 Jan
.2
414 Apr 29 10 Feb 20
500 Florsheim Shoe class A_No par
8
*714 812
73
8 733 *714 74 *714 73
80 Dec 10212 Mar
100 63 July 19 99 Nov 21
•90
9312 90
8% preferred
25
97
90
97 .90
*90
•90
97
*90
97
4
4 Dec 193 Feb
314Sept 6
2 June 2
*212 314 *212 313
600 Follansbee Bros__ _ No par
212 212
212 212 *212 312
23
4 24
8 Dec 8412 Feb
3 May 25 1578 Sept 8
No par
*9
94
812 813
714 73
3 1,100 Foster-Wheeler
8
712 8
*73
4 83
4
8
212 Dec 1613 Mar
714 Aug 27
1 July 5
No par
9258 314 .24 3
400 Foundation Co
214
25
8 258 *214 258
214
214 .2
8
2238Sept 6 z155 Dec 3212 Fen
1014June 1
1
1911 1914
19
1.700 Fourth Nat Invest w w
19
18
184 18
8 18
1834 1914 1814 183
1 July 8
572 Aug 27
8
24 Dec 383 Feb
17
8 2
17
8
17
8
5
6,000 Fox Film class A
17
8 2
17
8 14
14 14
17
8
14
134 Oct 4314 Mar
10 May 31 12858 Nov 15
No par
4
244 244 243 2514 2438 244 2414 244 23
10,200 Freeport Texas Co
4
2412 2212 223
*812 12
30 Dec 85 Apr
24May 18 28 Oct 24
918 918 *83 12
150 Fuller (0 A) prior pref_No pa
918
918 *838 12
*838 12
8
20 Dec 65 Feb
•338 5
3 June 7 32 Feb 9
No par
•314 5
$6 2d pref
21
314 412
33
8 33
8
33
4 33
4 *312 7
838 Feb
1 Dec
312Sept 28
14June 11
*1
-No pa
1 14
114 *111 2
238
400 Gabriel Co (The) cl A.
*1
2
2
114
114 *118
15 Dec 60 Feb
17 Jan 11
5 4May 31
3
3718 7,
No pa
4 *718 714
220 Gamewell Co(The)
612 634
7
*63
4 7
713
7
7
8
77 Mar
24 Dec
512Sept 9
12June 9
•34 4
34 4
1,600 Gen Amer Investors__ _No par
4
4
35
8 33
4 *33
33
4 33
4
33
4 33
4
45 Dec 88 Mar
*48
56
*47
No par 28 June 9 71 Sept 24
60
Preferred
x47
400
47
*42
7018 47
*35
70
47
4
28 Dec 734 Feb
912June 27 353 Mar 8
16
16
1614 163
4 157 157
4.500 Gen Amer Tank Car__ _No par
3
,
153
4 15 8 151
8 153 16
154
4
95 Sept 47 Mar
8
4June 8 1512 Jan 15
43
*73
8 77
No par
3
714 714
74 7 8
1,000 General Asphalt
7
718 .63
3
4 7 ..
7
715
911 Dec 2558 Apr
8Mar 4
x1418 15
143 15
4
6 1012June 2 195
14
14
1358 14
8
1353 1414 1314 135 29,744 General Baking
95 Dec 114 Mar
No par 90 June 2 106 Sept 15
•102 114 *100 114 .100 114 *100 110 *100 110 *100 110
58 preferred
94 Feb
13 Dec
4
5 Aug 24
ItJune 2
5
•214
258 *24
212
214
214
2
2
214
*2
214 1,100 General Bronze
214
113 Dec 13 Feb
5 Sept 6
14May 31
•112
13
4 *112 13
o par
*119
13
4 *112 13
112 15
8 *1 12 13
4
4 1,000 General Cable
*3
212 Dec 254 Feb
112May 14 1112Sept 8
No par
4
4
3
3
3,2 3,
2
Class A
314 314
800
3
3
3 8 318
,
Jan
1112 Dec 85
25 48e0t 2
3
334June 1
100
.74 912
8
773 74 *3
10
8
714 712 *7
7% cum preferred
130
313
*2812 2913 2912 291
25
Oct 4812 Feb
8
No par 20 June 1 383 Mar 10
294 293 •29
8
2913 293 2918 *2918 294 2,700 General Cigar Inc
3
93 Dec 117 Sept
•106 110 *106 112 *108 112 *106 112 *106 112
100 75 June 9 106 Dec 13
preferred
7%
106 106
30
1512 153
8
4 155s 1573 143 154 147 1514
812May 31 2618 Jan 14 z227 Dec 544 Feb
1414 153
No pa
4 1373 1412 73,800 General Electric
8
4
107 Dec 1218 Jan
8
1178Sept 8
8July 1
4
1112 114 `1138 113 *115 1134 115 1134 113 113
10 105
8
4
4 115 117
8
8
8 8.500
Special
Apr
2814 Dec 56
8May 31 4012 Mar 9
,
4 2414 25
2418 2412 21 8 243
24
No par 193
244 233 24
8
2412 25
20.100 General Foods
812 Feb
114 Dec
23 Feb 17
4
38July 14
No par
1
4,700 Gent Gas 4 Elec A
7
8
3
4
3
4
3
4
3
4
4
3
4
3
78
78
7
8
78
4
143 Dec 763 Ma,
4
9
9712 1018 *8
4
8
3 June 28 243 Jan 14
713 713 *7
8
*612 73
4
No par
8
Cony pref series A
320
394 Dec 90 Feb
97
8 94 10
514July 14 30 Aug 24
*1012 18
x93
4 93
4 11
•1113 15
No par
11
270
10
57 prof class A
Oct 92 Mar
*13
16
30
51* July14 40 Feb 15
•15
19
16
13
1314 16
*13
16
16
13
No par
$8 pref class A
130
204 Dec 354 Mar
.2313 2312 .2314 2312 *234 2312 2312 2312 *2314 2378 *2312 237
Apr 29 25 Mar 11
1818
100 Gen Ital Ed son Elec Corp____
3
4012 4013 383 4012 3.314 387
294 Dec 50 Mar
4
38
38
39
373 371
8 38
3
No par 28 May 28 4812Sept 8
2,800 General Mills
*9413 9612 *9413 95'2 953 9612 *947 95, *95
4
85 Dec 10014 Sept
8
3
100 76 July 15 9613 Dec 13
Preferred
500
9512 95
95
8
134 144 135 1418
2138 Dec 48 Mar
8
1314 133
8June 30 245 Jan 14
8 124 13'o 70,600 General Motors Corp
8 1314 1312 124 135
75
10
*7313 74 .734 74
794 Dec 10353 July
73
4 73
73
73
723 723
4
73
$5 preferred
No par 56l4 July 9 8714 Mar 12
7353 1,300
Jan
514
518 518
514 Oct28
5,
9 Feb 13
June 28
8 54
4
54
3 514
1,100 Gen Outdoor Ad, A
5
5 13 *518 514 *5,
No par
*234 3
*234 3
314 Oct1014 Feb
234 3
4 Jan 5
23
4 24
23
4
27
8
23
4 24
25 Nov 15
8
No par
1,800
Common__
Common ___
*412 514 *413 514 *412 514 *413 514
412 413
1014 Oct 31 Mar
14 Jan 28
3
212July 1
50 General Print
4 312
Ink ___ No par
•4812 57
*4812 52
4312 Sept 76 Jan
57
4312 4812 *46
84812 50
46
60
46
2712JUne 27 80 Feb 18
._No pa
$6 preferred •,.'
3
3
3
258 Dec 23 Feb
3
718 Aug 29
218 212 2,90 Gen Public Servree
23
4
3
3
*27
8 3
3
1 May 4
No par
14
14
.14
4
1414 123 13
1418
125 1234 1,400 Gen Railway Signal____No pa
3
13
21 Dec 8418 Mar
1314 14
618July 11 2853 Jan 14
•60
70
*60
81 Dec 114 Star
*65
70 .85
70
70
*65
*85
70
70
100 65 July 30 90 Jan 13
8% preferred
13
912 Mar
5 Dec
8
14may 19
214 Sept 2
'2
r's
12
12
52
38
12
12
12 2.800 Gen Realty 4 UtIlitlee_No par
12
'''
7
71_ .612 7
710
1338 Dec 7418 Mar
7
.713 9
*73
4 9
5 June 10 1631Sept 14
64 67
$6 preferred
No par
8 1,200
54 53
8 *518 5S8
5'
2 51;
8
5
12 Dec 573 Feb
8 6
5
43
4 438 .43
8
4June 29 153 Sept 7
13
500 General Refractories__ _No par
311
Apr
1312 •11
*9
12
1312 10
14 Dec 65
11
.9
12
11
11
250 Gen Steel Castings pref No par
8 Mar 28 27 Aug 29
19
1931 1814 191
20
1012 2014 19
19
1938
4
914 Oct 383 May
174 183 41,800 Gillette Safety Razor No par 103 Jan 6 2414 Mar 3
8
8
71
71
71
71
45 Dec 784 May
70.4 7012 70's 70
3
70
7018 1,500
7012 71
Cony preferred __No par 45 June 28 7213 Aug 22
112 138
*13
2
1l2
112
11
113
112
114
13
8
778 Feb
134 Dec
114
34 Aug 29
114 2.900 Gimbel Brothers
78June 24
No par
7
7
Ms Dec 52 July
*7
*67
8 8
4 8
3 *63
714 *7
GOO
7,
4 *64 77
7 Dec 3 31 Jan 13
Preferred
100
518 53
8 *514
51
512 514
518 53
413 Oct 1818 Feb
3
5
5
473 514
8Sept 7
318June 3 103
3,000 Glidden Co (The)
No par
5914 61
*5914 61
*5914 63
40 Dec 82 Aug
5712 5814
6212 6212 .5914 61
130
Prior preferred
100 35 Apr 28 76 Sept 14
434
43
8 41
334 4
4
4
94 Mar
33
4 418
4
44
8
34 Oct
(4 Aug 3()
8May 14
25
8,100 Gobel (Adolf)
No pa
4
8 1418 1414 137 1118 8,700 Gold Dust Corp vi O
147 1518 143 15i
8
8
1111 Dee 4218 Mar
143 144 144 145
8
,
814May 31 2053Sept I
No pa
*99 lO2's 10113 10112 *10112 105 *10112
•10112 _ _
.99 102
85 Dec 11712 May
100
70 July 1 10112 Dec 20
$6 cony preferred__- _No pa
47
2 47
431 43
418 - -18 8,700 Goodrich Co (B F)
45
8
4
4 .--4
33 Dec 2078 Feb
8
412 43
412 43
4
214May 28 1238Sept 3
No pa
1412 1214 123
•12
124 1218 1218 5,700
1214 13
10 Dec 88 Feb
1214 1214 12
3314Sept 6
7 May 31
Preferred_
100
1513 1613 1518 1514
1512 16
1414 9,800 Goodyear Tire 4 Rubb_No par
8 14
134 Dec 5212 Feb
15
1514 134 147
2934 Aug 30
512May 31
*40
38
40
41
•3918 41
37
393 40 .3914 41
4
Feb
3714
35 Dec 91
4June 1 6012 Aug 30
800
1st preferred
No par r193
1618 16, *147 153
1218 124 14
8
115 1418 12
3
143 15
4
6,000 Gotham Silk Hose
33 Sept13 Apr
4
14
3
714 Jan 5 30 48ept 2
No par
61 •____ 61 *___- 6012 *---- 6012
60 60 .____ 61 •
7012 Oa 31
10
50
Jan 72 Apr
Preferred
100 5014 Jan 11
2
21
218 2'8
13
4 14
178 2
2
218
13
4 14 6,100 Graham-Paige Motors_No par
45 Jan 12
8
178 Sept612 May
1 May 27
*112 5
44 412
*413 5
43
8 412 1,600 Granby Cons SI Sm 4 Pr_ _100
*412 5
412 412
8
54 Dec 225 Feb
8June 14 1138Sept 7
23
518 51
*5
5i
8
*434 518
7 Oct187 Mar
93 Mar 4
4
312June 1
SOO Grand Union Co Cr etfs_No par
4
44 47
44 43
8 *431 5
*3112 321 *3113 3213 32
32
3018 3012
3014 3112 *30
600
32
21 Dec46 May
Cony pref series
No par 22 June 1 3514 Mar 7
12
12
12
12
3
*12
1312
12
800 Granite City Steel
.12
1312 12
*12
15
113 Dec29 4 Feb
4
17 Sept 3
4June 1
No par
63
20 4 203
3
4 2058 204 203 2018 *1912 203
8 1913 20
900 Grant (W T)
4 194 197
8
2412 Dec42 Aug
No par 1412May 28 3014 Mar 8
*64 7
*53
4 7
65
8 652
614 619 1,500 Gt Nor Iron Ore Prop_ _No par
658
658
64 64
10 Dec2312 Apr
5 June 23 1314 Jan 14
7
7
71
7
678 67
2
67
8 67
137
8
3 64
8
137
8 64 1,500 Great Western Sugar_No par
534 Oct117 Jan
314 Apr 5 12 Aug '27
72
72
74
72
*71
72
130
72
72
72 .72
73 Dec9612 Jan
7713 .72
Preferred
100 48 June 1 83 Aug 24
4 3,2132 Grigsby-Grunow
3
4
3
7
8
7
8
1 Dec64 Mar
7
8
7
8
23413ept 3
12 Apr 13
No par
7
8
7
8
78
7
8
78
73
914
78
14
14
14
700 Guantanamo Sugar_
14
4
*14
la Dec112 Jan
*14
3
7
8
*14
3
4
18 Mar 7
1 Sept 7
No par
*9
1012 *912 1012 .912 1012 *10 1118 10
10
10
10
500 Gulf States Steel
4 Dec3712 Feb
212June 8 2118Sept 22
No par
15
17
*15
20
*17
20
*17
20
20
15 Dec80 Mar
30
*17
.17
20
Preferred
ioo 12 July 23 40 Oct 14
4
*1818 204 .173 204 *1818 2018 *1818 2018 .1818 2018 *1818 2018
22 Dec3012 Mar
Hackensack Water
25 15 May 27 23 Jan 12
2612
2612 *26
2612 .26
2612 *26
2612 .28
•26
264 Sept30 Apr
2612 .26
7% Preferred class A
25 19 Slay 27 28 Apr 26
114
114
13
8
13
8
94 Mar
114 2,400 Hahn Dept Stores
114
114
138
14
114
1 14 Dcc
114
1,
8
414 Aug 30
3 July 11
2
No par
13
13
1318 131s
14 Dec837 Mar
8
12
137 1373 1212 1234 12
8
13
13
713 July5 23 Aug 29
1.400
Preferred
100
*312 412
11 Sept193 Mar
8
312 31
312 4
*4
412 *312 410
4
4
900 Hall Printing
312July 19 1112 Jan 7
10
94 June 103
1978
Jan
*1018 197 •1013 194 *1018 1818 .15
*1018 25 .104 25
Hamilton Watch pre?
8
100 20 Oct 27 30 Mar 7
*46
67 Dec94 Feb
*44
46
48
48
44
44
46
46
*48
GO Hanna (NI A) Co $7 pf _No par 33 May 28 70 Jan 14
46 .44
*83 1134
4
1112 Dec44 Feb
9
.
*714 9
8
8
9
200 Harblson-Walk Refrao_No par
*8
9
•8
9
7 May 26 18 Sept 7
14
14
3
8
14
914
14
3
8
14
4
38
4
12 Dec7 8 Feb
5
3
8 1,000 Hartman Corp class B_No par
2 Sept 6
14June 22
•3
8
1
1
*3
8
3
8
*72
3
8
5
8
5
8
1
*4
1
14 Dec 105 Feb
8
4 Mar 8
200
8June 27
Class A
3
No par
• Bid aud asked prices: no sales on this day. l Ex-dividend. y Ex-rig):ts.
New York Stock Record-Continued-Page
4356
Dec. 24 1932
5
ALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
. 1:4
PER SHARE
PER SHARE
HIGH AND LOW SALE 1„z."'S-PER SHARE, NOT PER CENT.
STOCKS
Sales
Range for Year 1932
Range fo Precious
NEW YORK STOCiC
for
On basis of 100
-share tots.
Year 1 f)31.
Saturday
Monday
Tues y
EXCHANGE.
Wednesday Thursday
the
Friday
Dec. 17.
Dec. 19.
Dec. 20.
Dec. 21.
Dec. 23.
Dec. 22.
Week.
Highest
Lowest
Highest
Lowest
rar FOI
1
$ per share
*2
212
2
2
7178
065
4518 818
•17
28
.80
88
*5514 553
4
74
74
'
/
1
4
3
4
518 518
33
4 412
'
•159 16014
*2
214
*50
5118
3115
1558
278 27
8
6
618
47
8 47
8
253 25
8
$ per share $ per share $ per share S Per share $ per share Shares. Indus. & Miscell. (Con.) Par 8 per share 9 per share $ Per share $ per share
*2
238 *2
214 *2
214 *2
100 Hawaiian Pineapple Co Ltd_20
2
2
214
112Nov 30 10 Jan 12
814 Nov 4212 Jan
*13
8 2
*138
15
8 *138
15
8
800 Haye-. Body Corp
114
138
14June 7
114
No par
138
312Sept 2
1 Dec
8 Mar
6912 6912 *6812 7118 *6814 707 *68
100 Helme(OW)
'5 50 June 2 8158Sept s
7018
'
8
60
Oct 100 Feb
708 •68
*518 818
4June 8
100 Hercules Motors
518 518 *54 7
43
812 Jan 13
*518 7
*518 7
No par
5 Doe 18 Mar
*17
23
*17
23
1373 Aug 4 29128ept 9
200 Hercules Powder
*17
No par
2312 17
1316
17
17
26 Dec s38 Mar
*80
88
3180
$7 cum preferred
F.Q
80 80
*80
20
100 7012June 1 95 Jan 12
88
78
78
95 Dec 11913 Mar
56
56
1,000 Hershey Chocolate____No par 43'5 July 13 83 Mar 9
553 51.
4
56
555
5614 55
8 5512 56
68 Dec 1033 Mar
4
*75
*75
Cony preferred
la
79
200
*75
79
No par 57 June 14 83 Mar 8
75
*74
75
75
7012 Dec 104 Mar
100 Hoe (R) & Co Class A_No par
*
/
1
4
3
13 Jan 12
4
14 Apr 1
4
*3
8
3
4
3
2
13 Dec
8
*3
8
54
812 Mar
/
1
4
*3
8
3
4
700 Holland Furnace
4
No par
414 414
5 4 514 *43
4
,
4
1212 Aug 11
41 Dec 21
414 43
4 5
104 Dec 37 Feb
312 312 "3
3 July 8 10 3 Mar 10
1,100 Hollander & Sone (A) No par
3
314
314 *3
314
3
312 *3
514 Dec 1918 Apr
159 16018 x159 160 13158 160
900 Homestake Mining
159 159 *154 158
100 110 Feb 15 163 Dec 2
81
Jan 138 Dec
218
218
2
2 1,3
1 May 25
1,300 Houdaille-Hershey cl B No par
2
2
2
2
*17
3 2
412Sept 8
212 Dec
914 Mar
3150
5118 50 50 18 50
Household Finance part of_50 4214Ju1,e 3 5718 Jan 5
513
*50
400
5112
5112 *50
5213 Sept 65 Mar
*15
16
14
8
1,400 Houston 011 of Tex tern oafs 100
/
1
4May 31 281 i Sept 6
8
143 *137 14
4
13
4
1314 123 13
1514 Dec 6813 Feb
278 27
8
27
8 3
27
8 3
Voting trust ctf3 new.. __25
8
118.May 4
53
8Sept 0
25
25
8 2318 2,100
8 27
3 Dec 1418 Feb
53
4 53
5 June 2 1612 Jan 12
4
No par
514 53
3
4
111z Dec 2913 Feb
514 514 3,600 Howe Sound•t c
512 512
514 53
5
5
8May 31
412 45
5
8 2,500 Hudson Motor Car- No par
8
5
113 Jan 8
27
4
43
43
4 47
4 43
4
74 Oct 25
Jan
234
234
112May 26
238 23
212 212
8 1,500 Hupp Motor Car Corp____10
5 Jan 11
/
1
4
212 23
8 212
4 •23
33 Oct 1318 Feb
4
%June 1
/
1
4
2,500 Indian Motooyele
218Sept 6
5
8
13
13
No par
12
3
4
12
*12
3
8
12
12
12
7 Dec
11
43 Feb
4
•178 218
2
2
2
•178 218
2
2114 Nov 9
17
8
8
2
17
8 *17
1 Apr 1
700 Indian Refining
10
118 1313c
45 Feb
8
29
2938 28
2918 27
2712 265 2658 2514 2712 2514 253
8
8 3,500 Industrial Rayon
718June 27 40 Sept 3
No par
21
Oct 86 Feb
2714 2713 28
283
4 25
*2514 27
21312 2,800 Ingersoll Rand
27
143 Apr 29 447
4
8Sept 8
247 2614 *24
No par
8
2514 Dec 182
Jan
•13
1414 1414 144 14
14
13 .13
____No par
10 June 25 277 Sept 2
900 Inland Steel
3
3113
1314
1313 13
197 Dec 71
3
Feb .
17
8 2
178 253
2
2
'May 25
178
2
73
31153
13
4
17
13
8 3,100 Inspiration Cons Copper___20
4
4Sept 8
3 Dec 113 Feb
8
134
178
112
178
153
112 2,671 Insuranshares Ctrs Ino_No par
15
8 .15
3 8 Jan 7
7
112
8 2
13
4
1 June 1
13
4
214 Dec
93 Feb
8
5
5
5
5
5
818Sept 3
5
314July 15
5
414 Dee 1214 July
4 3,500 Insuranshares Corp of Del___1
5
3 2 33
33
,
4 33
4
•114 2
*118
158
1
14 Apr 6
*34
114
1
118
84 IN 4,300 Interoont'l Rubber_ - -_No par
3
4
318 Aug 30
14 Sept
412 Feb
253 3
214 214
212 212
214
238 *23
153July 13
714Sept 6
8 3
23
No par
4 23
4 2,600 Interlake Iroo
278 Dec 15
Jan
114
114
114
*7
•8
14
7
114
114 .
IN
7
2
Internet Agricul
*7
8
313 Aug 26
*7
8
14 Apr 7
1 Dec
No par
*78
514 Feb
*4
912 *4
5
*4
*4
5
5
4
100
414 414
*4
Prior preferred
5
33 Apr 16 15 Aug 31
412 Dec 314 Feb
100
*89
9013 9012 917
3,300 Int Business Machines _No par 3212July 8 117 Mar 9
8
8812 847 85
8 88, 894 89
4
9012 85
92
Oct 17984 Feb
3
3 18
318 3N
I
114May 31
27
8 314 2.800 Internet Carriers Ltd
3
x318 318
3
3 18
54 Jan 13
3 Dec 123 Feb
3
3
4
712 8
*714 73
4
74 712
3,575 International Cement__No par
7
7
7
7
7
7 14
3
/
1
4June 3 183 Jan 14
16 Dec 6213 Feb
5
8
*12
12
58
5
8
12
12
12
12 1,400 Inter Comb Eng Corp__No par
58
12
12
17 Jan 15
12May 23
2
4 Feb
4 Oct
*5
6
*5
6
•412 5
5
5
*412 612 *412 5
100
Cony preferred
412 Nov 30 21 Jan 15
312 Dec 393 Feb I
No par
4
8 2218 2318 s21
2238 221
22
2118 2218 197 2214 193 2014 29,900 Internet Harvester
8
3July 8 3415 Aug 11
8
103
228 Dec 604 Mar
No par
8
8618 8618 *8612 89
*8514 89
4June 15 108 Jan 8 105 Dec 14312 Mar
400
85
*8512 89
85
85 14 85
Preferred
100 683
5 8 512
3
512 512
5
5
514 514
53
5 18 2,300 Int Hydro-El Sys ol ANo par
3 512
5 14
258June 10 1153 Mar 9
918 Dec 31
Feb
•112 218
113 112
112 153
112
112 *114
414 Aug 27
NJune 30
1 14 112 7,020 Int Mercantile Marine_No par
112
212 Dec 161g Jan
73, 7 2 26,800 lot Nickel of Canada__No par
1212Sept 8
312May 31
7 4 77
3
s
73
4 818
7 Deo 204 Feb
74 8
3
,
712 734
75s 77
3
*69
.69
80
80
69 69
69
68
69
69
*66
685
Preferred
8
80 Dec 123 Mar
400
100 50 June 28 86 Mar 7
•212 312 *2
4
212 212
53 63
3
*112 3
3
2
7 Dec 42 Mar
2
80 Internet Paper 7% pref
100
138June 2 12 Sept 8
*7
8
1
438 Aug 29
9
'gime
7
8
7
2 1,000 Inter Pap & Pow al A_ _No par
7
8
.4
17 Oct 1014 Feb
1
3
3
81
7
11
3
4
3
4
1
2 Aug 29
•3
3
53
100
13 Dec
3
*3
8
3
Class 11
1
4
4 ' /
14May 25
3
3
3
8
*3
No tzar
*3
8
8
3
8
/
1
4
6
Jan
112Sept 6
12 Oct
14
*14
14
3
8
14
Class C
14
14 Apr 14
14
No par
14 2.200
14
413 Feb
14
14
14
214 214
214 214
214 23
3Sept 8
8
614 Dec 4312 Mar
214
23
8
4,600
13
2
4
2
Preferred
214
100
IN Dec 23 123
4
*338 4
4
*4
412
*333 334
414 Dec 1614 Feb
4
314 33
8
83 Mar 10
33
8 33
8
3 Dec 15
500 Int Printing Ink Corp_No par
46
_ *42
44
44
43
43
*42
- __ *42
25 Dec 6913 May
Preferred
_
70
4
100 x 243 Jan 15 45 Nov 28
•42--- •1614 1678
•1614 17
183 163
s
4 161
1114
•1514 810 International Salt
, 1618 1512 16
18 Dec 42 Feb
4June 2 2313 Feb 17
93
No par
8
*233 243 *2418 243 *237 243 *2378 243
4
8 233 24
8
8
8
3
4,23
37 Dec 34 June
2314
400 International Shoe
3
No par 2014July 7 443 Jan 13
•1214 1413 1214 1214 1114 1114 *10 4 11
,
9
10
157 Dec 51 Mar
83
4
4 9
2,800 International Silver
712July 9 24 Sept 8
100
40 40
39
38
39
38 .38
37
36
36
30 Dee 904 Mar
3412 34,
50
7% preferred
100 28 May 7 85 Feb 13
2
67
8 73
8
7
7 12
63
4 7
612 7
53
4Sept 0
6
4 818 50,200 Inter Telep & Teleg_ ..No par
63
4
713 Dec 33 Feb
8May 31 153
25
/
1
4
213 212 *23
8 3
23
8 23
0213 412 *213 27
8
8
234 234
11 Jan 9
8 Dec 213 Feb
500 Interstate Dept Stores_No par
112May 31
8
•25
35
•25
35
*25
35
*28
30
27
27
•23
28
5213 Dee 6712 Mar
50
Preferred ex-warrants
108. 18 June 24 5212 Jan 8
1
234 278
*27
2 37
8
23
4 23
4 *27
8 3 8 *23
5 Dec 23
4 27
8
7 Apr 1
453 Dec 184 Feb
253 23
4
700 Intertype Corp
28
No par
1334 1418 1312 1312 13
1414 143
14
8 14
1312 1,700 Island Creek Coal
1313 *13
1484 Dec 31
1
1014 Apr 18 2012 Aug 30
Jan
267 267 *2714 2812 *2712 2813 *2712 2812 2678 2714 267 267
3
8
8
8
400 Jewel Tea Ino
24
Oct 5711 Feb
No par 1518May 31 35 Feb 13
2138 217
8 2114 22
2012 2114 207 21
8
183 2014 1714 183 13,700 Johns-Manville
8
8Sept 23
4
155 Dec 80 4 Mar
8
3
No par 10 May 31 333
83
1359
63
63
*6218 63
*6218 63
60
6218 5712 58
110
4
8314 Dec 126 Apr
Preferred
100 45 July 21 993 Jan 22
42
*3914 42
4314 40
4018 .40
42
40
401 *40
42
110 Jones & Laugh Steel prof.. 100 30 July 6 84 Jan 5
68 Dec 12312 Mar
•10313 11212 *10418 11212 104 10414 *10418 11212 10418-11212 •104114 11233
60 K C P & Lt let pf ser 131_No par 9012 Apr 8 11314 Jan 23 11114 Oct 11512 Apr
358 3
/ *312 334
1
4
312 312
94 Mar 7
7001 Kaufmann Dept Stores $12.50
312 312 *315 .3
/
1
4
8 May 21
512 Dee 18 Feb
312 312
*8
9
8
8 8
814 *75
73
4 74
3
712 ,
712
712 712 1,400. Kayser( .7) he Co
74 Dec 243 Mar
NO par 484July 23 1438Sept 2
8
Si
1
1
114
1
1
1
1
27 Mar 7
12June 1
3
1
1
1
1
900 Kelly-Springfield Tire.No par
1 Oct
4
all May
•4
3
7
8
3
3
3
4
12may 26
*3
4
7
8
214 Sept 8
5
4
114
300
3
*114
4
Certificates of deposit
114
7
8
•1212 2438 •1212 2438 •1212 243 •1212 243 •1212 243 •1112 2433
8
8
8
8% preferred
653June 27 2112Sept 8
100
54 Oct 26 Mar
•1114 15
8
*1114 1712 *117 1713 3,117 17i2 117 117 *1014 1713
8
8
100
8% pref centre of deposit__
7 June 28 24 Sept 29
*46
523 •46
4
523 .46
523 *46
4
4
523 •46
4
523 *46
4
6% preferred
10 Sept 45 Mar
100 20 Jan 2 5312 Oct 13
523
4
3
3
3
33
3
8
3
8
3
8
414 Jan 14
12
38
3
8 5,900 Kelsey Hayes WheelNo par
14 Dec21
14
3
8
14
3 Dec 293 Feb
4
41.2 434
*438 412
438 412
44 43
2
8
4May 18 103 Feb 19
4
No par
418 414
418 4,100 Kelvinator Corp
23
6 Sept 1511 Mar
*27
274 273 273 *27
4
3212 *27
4
30 •27
30
•27
10 Kendall Co pt pf ser A_No par 17 July 21 38 Feb 23
30
20 Jan 60 Apr
838 833
83
8
8
83
8
7 8 84
3
Vann° 30 191 t Sept 8
7 8 73
,
714 58,500 Kennecott Copper
4
7
No par
953 Dec 3113 Feb
10
*8
10
*8
03
10
4 *8
03
4 *8
93
4
400 Kimberley-Clark
8
8
8 Dec 23 1912 Jan 9
137 Dec 41
No par
3
Jan
*112 212 *112 212
*112 4
•112 2
112 112 *114 2
5 Sept 2
12 Apr 4
100 Kinney Co
112 Dec 2013 Jan
No par
*7
812 *7
812 *618 812 *
618 812 .6
812 *6
3 June 25 10 Aug 31
Preferred
812
5 Dec 70
No par
Jan
3
10 4 103
3
4 1038 1034 1038 1053 103 1013 1018 1012 10
5 19 Jan 14
1018 5,950 Kresge (S S) Co
653July
15 Dec 295 Aug
10
8
99
99 .98
*98
*98
*98 100
99
98
98
*97
10
99
7% preferred
100 88 May 18 110 Mar 7 10014 Dec 115 Aug
*2212 297 .2212 297 *2218 297
*2214 30
8
8 23
23
*23
200 Kress (511) he Co
25
2614 Dec 55 Feb
No par 18 June 30 37 Jan 21
Is
18
/
1
4
18
18
18
18
IR
18
14
18
14 49,700 Kreuger he Toll(Am etfs)
i„may 25
918 Jan 26
414 Dec 274 Mar
1578 1614 1578 163
17
1718 167 1718 153 17
8
8
8 157 16
8
187 Mar 8
,
7,300 Kroger Oro° he Bak___No par 10 May 31
1211 Dec 3512 May
3212 33
8 3012 3114 2813 2914 2938 293
32
8 2913 297
323
8 5,000 Lambert Co (The).
--No par 25 May 31 5614 Jan 14
4018 Oct s8773 Mar
6
*2
*2
3
3
6
.212 6
*212 6
.212 6
200 Lane Bryant
2 May 26
74 Aug 311
/
1
314 Dec 1718 Jan
No par
43
•43
4 478 *43
4 514 *43
5
4 47
4 514
11 Apr 12
/
4
45
8 41 1,000 Lee Rubber he Tire
/
4
(08Sept 9
452 43
4
11 Oct
/
4
41 Mar
/
4
*512 6
.512 6
*512 6
512 512
200 Leb.gh Portland Cement _60
3 Apr 6 11 Aug 1
/
1
4
512 512 *512 6
5 Dec 1814 Feb
*4014 42
*4118 43
4118 41N •414 42
40
4014 4014 4014
180
7% preferred
100 40 Dec 22 75 Jan 12
72 Dec 10111 Feb
•114
114 1.700 Lehigh Valley Coal-No par
11
/
4
13
8
118
114
Ds
118 14
14
114
414 Aug 26
1 14
1 May 14
83 Jar
14 Dec
3
8 •2 4 34 *212 3
4
2127 234 1,100
23
3
3
4 27
23
4 23
3
Preferred
11 12 Aug 30
114July 16
50
6 Dec 30 July
41
411 .4138 42
/
4
413
4 4118 42
x4018 407
41
403 4012 6,700 Lehman Corp (The)___No par 3012-Tune 16 517
3Sept h
3
35
Oct 691 Feb
/
4
•1678 1734 153 167 •16
16
17N *1612 1714 16
'16' 1612 3,300 Lehn & Fink Prod CoNo par
4
8
6 May 26 2414 Mar 7
1812 Oct 84114 Feb
/
4
6
65
8 61
6
*658 7
6 14
653
612 612
3,700 Libby Owens Olam___No par
4May 13
553' 6
33
(l3
8Sept 8
512 Dec 207 Apr
2
*55
5612 56
56
415) Liggett he Myers Tobacco. 25 3214June 2 6512 Oct 4
533 533
4
8 5212 - 5212 *5112 5312
4 5333 632
39
Oct 91
Feb
54
57 57
56
5714 5814 547 56
5412 53 j 54N 11,000
Series B
3
3418May 31 0714 Sept 21
5333
25
40 Oct 914 Feb
119 119 *115 120
*115 120 31115 118 • 118 118 *115 120
200
Preferred
100 100 May 31 132 Oct 15 110 Dec 146 May
•15
154 15
/
1
200 Lily Tullp Cup Corp No par
144 143 *143 1512 .1412 1512 *1412 16
15
4
4
14 June 21 21 Mar 8
16 Sept 2612 June
•1018 10 4 1014 1014 1018 1018 1012 1012 *10
12
3
10 : 10
700 Lima Locornot Worke_No par
814 Apr 4 193 Aug 27
8
123 Dec 343 Feb
4
4
•97 10
2
*93 10
4
934
4
97
8 97
934 *93 10
8
400 Link Belt Co
93
4 93
4
612June 2 14 Mar 9
No par
14 Dec 33 Feb
15
16
4
15
1514 16
151 133 1418 3,400 Liquid Carbonic
/
4
1538 1412 1412 14
9 May 3 22 Mar 8
No par
1312 Dec 5518 Feb
2118 2133 2018 213
4 177 20
8
8
13141May 31 3734Sept 9
1818 1914 175 1918 177 1812 33,500 Loew's Incorporated No par
2333 Deo 6312 Feb
*53
Preferred
60 •514 60
59
59, 59
59
62
400
*59
*55
62
No par 39 July 7 80 Sept 8
SA
Dec 99 Mar
318
11June 2
7,500 Loft Incorporated
3 Sept 10
/
4
3
No par
3
3
3
312 3314
3
3
3
/ 313
1
4
3 8 312
612 Apr
24 Oct
/
1
14May 26
2 Aug 12
/
1
4
990 Long Bell Lumber A No Par
•12
3
4
81
3
4
31
*12
12
5
8
5
8
12
12
Jan
12
4
3 July
4
*23
2313 2212 2234 2112 22
22
2114 213 *2112 2214 1,300 Loose-Wiles Biscuit
22
25 16',JulyI 363 Feb 17
4
3
2973 Dec 547 Mar
1
•112 115
112 115
115 115
112 115 *112 115
7% 1s1 preferred
112 115
50
100 96 July 14 118 Oct 20 11614 Dec 12612 Jan
13
/ 13
1
4
/ 135 1378 13
1
4
8
9 May 31 1813Sept 8
1338 123 1314 1214 127
8 1218 1212 14,500 Lorillard (P) Co
4
No par
10
Oct 2172 July
*9712 100
*9712 100
400
100 7313 Jan 5 10818Sep1 27
7% preferred
9712 9712 9712 9713
9712 9712 *9712 100
741 Dec 10213 Aug
4
58
5
*12
8
3
8
12
12
12
12
*12
5.8
12June 24
12 - 13 1,700 Louisiana 011
214July 27
No par
1 Dec
54 Feb
/ 3
1
4
/ .312 47
1
4
*3N
3
312 312
'318 41
314 314
4
/
Preferred
1
4
/
4
360
100
3 Dec 12 18 Jan 9
20 Dec 53 Jan
18
18
18
18
18
18
300 Louisville 0 he El A___No par
*17
3
173 *17
4
812June 2 233 Mar 8
173
18
4
*17
177 Dee 353 Feb
8
3
514
514
400 Ludlum Steel____ ---No par
57
512
58 *54 51
112 Jan 5 111SePt 6
/
4
514 _ 514 *518 514
*5
4 Dec 19 Mar
*1713 20
•1713 20
*1712 20
preferred
Cony
No ear
612 Jan 5 26 Sept 13
*1712 23
*1712 23
*1712 23
10 Dec 524 Feb
•97 10
8
9
/ 97
1
4
3
97
8 97
, *97 1012 •97 1012 *07 1012
93 Nov 7 1514 Feb 17
8
300 MacAndrews & Forbee_No par
g
3
13 Dec 23 Feb
21
*60
90 •60
90
•60
6% preferred
90
100 57125lay 3 80 Sept 13
*60
90
*60
90
90 .60
60 Sept 10013 Apr
21
211
21
21
2018 2014 195 20
No par
10 June 2 283
4Sept 28
8
/
4
19 1 2012 1918 191 4,600 Mack Trucks Inc
12 Dec 434 Feb
/
1
3433 333 3414 3318 337
34
34
34
4
4 6,020 Macy (It II) Co IncNo par 17 June 14 6013 Jan 14
8 3112 33
50 Dec 10614 Feb
304 313
*23
•238 3
8 3
.2N 5
3
.27
3
4135e01 3
400 Madison Elq Gard•t o_Nc par
218 Jan 8
214 212
3124 27
8
2 Sept
712 Mar
3 *612 67
*612 67
*612 7
8
612 612
411 Apr 14 133
500 Magma Copper
No par
48ept 7
612 612
614 614
8
753 Oct 271 Feb
133 5118 138 •118
/
4
•11
11 *118
4 Sept 3
13 Jan 6
13
8
800 Mallirvion (H R) he Co_No par
1
1
1
118
434 Mar
72 Dee
4.12
1
•12 1
*12 1
.
12 1
1
20 Manati Sugar
*5
8
100
2,
18 Mar 2
4Sept 2
3 Mar
5
8
5
8
1 Nov
3
3.12
114
•12 114
•12 114
12
Preferred
12 .
314SePt 2
14 Apr 13
20
12 114
100
*12 114
3
N Dec 127 Jan
•112 2
114
112
11 11 •13
/
4
/
4
8 3
•138 3
43
230 Mandel Bros
113 112
118.1une 3
4Se0t 6
No par
8 June
3 Sept
8
9 Aug 29
1.700 Manhattan Shirt
57
57
8 57
8 57
25
8 *513 6
7
312June 2
412 Dec 12 Feb
618 ' *6
6,
653
*6
.312
78
78
.12
•12
78
.12
7
8
.12
7
8
.522
7
8
Maracaibo 0(1 Explor_No par
12 Sept
%June 28
334 Feb
1 13 Aug 5
1138 1114 1112 1014 11
10
11
1013
612June 2 143 Aug 23
2
10
9 :1014 10
/
1
4
914 Dec 244 Feb
104 6,700 Marine Midland Corp
713
7
*7
7
4May 31 1334Sept 8
*61 7
/
4
"IiN 7
53
400 Marlin-Rockwell
*612 7
No par
8 05
8
/
1
94 Dec 324 Feb
03
/
1
1
•1
1
114
114 *1
3125ep1 8
12 Apr 21
300 Niermon Motor Car
*1 .; 14 •1
No par
1
118
I
114 Dec 10 Feb
412 47
*434 47
413 43
4
41 413
/
4
414 412
3 July 6 134 Jan 14
94 Dec 825 Feb
8
414 41 3.300 Marshall Field he Co No par
/
4
16
16
1514 1514 .15
153 1614
4
16
14 ' 14
144 15
1,700 Mathleson Alkali Workallo par
9 June 1 20N Mar 10
12 Dec 314 Jan
•100 110 *10018 110 *10018 110 •10018 110 •10018110 •10013-110
I'referred
8
4
Oct 1253 Mar
100 893 Apr 13 105 Jan 13 104
113 113
12
4
4 117 12
1118 113
111 1218 12
/
4
8
4 1013 11
912June 30 20 Jan 13
0,150 May Dept Stores
25
1553 Dec 39 Mar
*2
238 *2
23
4 *2
2
/ *2
1
4
212
2
2
2 i 2
It Aug 30
200 Maytag Co
8 Feb
1 July 13
/
1
4
112 Dec
No par
4
418 418
4 8 418
*418 5
,
4
*312 4
*312 4
8
Preferred
600
3 Apr 14 1012Sopt 19
5 Sept 243 Mar
No par
/
1
8
2218 2218 .1518 247 *1514 244 *1518 247 •154 2418 *1518 2418
8
Prior preferred
100
2218 Dec 17 3514 Jan 7
35 Dec 7112 Mar
No par
• Rid and asked prices: no sales on this day. z Ex-dividend. y Ex-rights,
New York Stock Record-Continued--Page 6
= 157
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE PREC,
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Dec. 17.
Monday
Dec. 19.
Tuesday
Dec. 20.
Wednesday
Dec. 21.
Thursday
Dec. 22.
Friday
Dec. 23.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARP
Range for Year 1 "g
On basis of 100-share
Lowest
Hughes.
SG.
pe_AARE
Range AV' Previous
Year 1931.
Highest
Lowest
per share $ Per share 5 per share $ per share
Indus. & Misusll. (Co;.) Par
$ Per share $ per share $ Per share $ per share $ per share S per share Shares. McCall Corp
1512 Dec 36 Jan
No par 10 May 31 21 Jan 14
1814 1814 1,000
8
1614 1634 164 1612 1814 183 •1614 17
1814 1612 *5
15 Dec 5134 Feb
812 Dec 20 16 Apr 18
6
/ 612 *614 7
1
4
7
200 McCrory Stores class A No par
*5
7
•
5
7
*5
7
1412 Dec 5158 Feb
*612 7
5 Deo 5 19 Jan 14
No oar
*612 7
Class B
50
*8
7
7
8
/ *8
1
4
*84 7
54 Dec 9312 Mar
100 21 June 2 62 Feo 18
Cony preferred
2912
2912 *25
100
2912 *25
8
315 314 *25
*2712 32 *2712 32
24may 13
71 Jan 7
/
4
8 Dec 29 Feb
800 McGraw- Hill Pub Co_No par
5
*312 5
*312 5
5
34 312
5
5
*312 614
16
/ 167
1
4
/
1
12 Oct 284 Mar
2 194 2038 1978 20
1934 197
8 194 193
4 4,400 McIntyre Porcupine Mines--5 13 May 25 214 Dec 8
•1634 20
3812 Oct 1031s Apr
441
42 8 4418 4314 4314 3,800 McKeesport Tin Plate_No par 28 June 2 6224 Feb 19
,
*4414 444 4478 453
8 4418 444 44
/
1
6128430t 9
118June 1
3 Dec 17 Jan
/
1
4
218 218 3,600 McKesson lc Robbina-No par
2
218
2
21
212 212
214 212
258 218
318May 31 23 leel) 13
15 Dec 37 Feb
/
1
4
50
5
1,200
Cony pref series A
5
478 5
434 43
5
5
4
534 534
*53
4 67
8
4 Mar 5
112 Dec 1012 Mar
38July 8
/
1
4
4 2.232 McLellan Stores
1
11 *1
/
4
114 •1
11
No par
I
1
114
•1
284 Dec 70 June
8 July 22 36 Mar 14
100
912 912 *834 9
8% cony pref ser A
9
3
*94 12
8
83
4 *7
*91y 12
1412 Dec 34 Mar
8 May 25 18 Jan 9
No par
8
/ 8
1
4
/
1
4
500 Melville Shoe
8
/ 838 *8
1
4
83
8
83
4 8$4
814 8
/
1
4
*818 812
2 Sept
5 Aug 29
8 Feb
/
1
4
1 July 20
2
214
1
2
2
2,600 Mengel Co (The)
258 258
258
258
214 21
•212 314
17 Dec 2238 Dec
514May 28 1912 Jan 9
*712 8
5
*712 1312 *712 8
Mesta Machine Co
*738 8
*714 8
*7
/ 8
1
4
15 Dec 27 Apr
1811 1812 *1712 1812 *1834 18 •1634 1812 *1714 18
100 Motto-Goldwyn Plot pref.-27 14 June 9 2214 Jan 14
*1812 1812
8148ept 8
2 4 Sept 101 Feb
3
112June 1
4
5
2
2
2
2
178 2
1.700 Miami Copper
•24 24 *2
23
4
2
2
87sSept7
5 Oct1634 Jan
334 Apr 9
No par
434 5
5
43
4 44 3,910 Mid-Cont Petrol
4
/ 478
1
4
5
5
47
8 5
5
7 Oct311 Feb
/
4
2 June 9 1238Sept 8
-No par
6
6
6
1,000 Midland Steel Prod.
*512 8
6
8
•8
612
6
*512 8
354 Oct 94 Feb
/
1
100 25 June 2 115 Sept 2
40 4014 *39
•42 4612 *42 45 *40 44 *40 43
40
200
8% cum lst pref
15 Dec 5812 Feb
/
1
4
11 Juno 3 23 Jan 18
17
500 Minn-Honeywell Regu_No pa
17
17 *1812 1712 *161y 1712 17
*167 18
8
18
•16
11 Dec
/
4
/
1June 8
4
338Aug 27
7 Feb
/
1
4
1
11 *I
/
4
11 11
/
4
/
4
118
1
1
*1
400 Minn Moline Pow Impi No pa
118
•1
118
64 Dec 48 Mar
8
418 Dec 15 145 Aug 11
No par
*318 1312 '35
Preferred
/ *4
1
4
' 8 81s
1
*438 612 *438 8
814 *438 6
/
1
4
/
4
512June 24 14 Sept 9
7 Dee 211 Mar
400 Mohawk Carpet Mills_No Far
*7
/ 81 *73
1
4
*734 812 *73
/
4
4 8
4 84
712 73
73
4 73
4
4
1614 Oct28 Aug
/
1
4
1338May 31 3034 Mar 8
2612 2812 264
900 Monsanto Chem Wks--No pa
/
1
4
/
1
8 2714 2714 2834 2718 264 263 *28
*2714 275
8 Dec 2914 Feb
/
1
4
312May 31 16128ept 29
137 144 1312 1414 1318 1334 1318 133
8
4 1212 134 1212 13 81,600 Mont Ward & Co Ino No pa
28 Dec 58 Feb
3514 Mar 12
2014
2412 23 23 *22 2412 *22
No pa
1001 Morrel (J)& Co
241 *23 244 *23
25
*23
218
14
20
34 Aug in
3 Feb
4
14
14
•
/
1
4
14
14 Sept18May
14
14
*14
38
400 Mother Lode Coalition_No pa
*18
14
412 Mar
Ar2
114Sept 8
5 Dec
8
*
/
1
4
12 2,400, Moto Meter Gauge&Eq No pa
MaY14
p 2
u
s
3
s
12
3
8
as
3
8
3
8
3
8
3
8
15 Oct47 $ Apr
3
7 June 27 29388ept 8
/
1
4
1418 12
1238 *1158 12
1,000. Motor Products Corp No pa
•127 131 *1234 1318 1234 1284 *1238
s
5 Dec 1978 Feb
64Sept 8
/
1
2 June 10
3 3
No pa
3
3
1,7001 Motor Wheel
3
/ 338 *3
1
4
3
/
1
4
3
3
*34 31e
814 Dec 367$ Mar
*512 61
2 June 1 133* Jan 13
*512 6
No pa
5
512
7001 Mullins Mfg Co
4
*538 67
*5 4 6
8
53
4 53
20 Dec7212 Mar
5 June 1 2712Sept 2
1812 *13
1812
30
No pa
14
1612 •13
Cony preferred
161 *14
161z 14
*13
*14
/
4
7 Aug 17 1518Bept 8
11 Dec311 Jan
91
8
8
*8
91
100, Munsingwear Inc
No pa
*8
94 *8
912 *812 9
•8
3
/ 1,800 Murray Corp of Amer--No pa
1
4
5 Oct1854 Mar
9 Mar 2
/
1
4
21s July 1
3
3 14 *3
318 3
/
1
4
•338 31
33
8 3
/
1
4
34 34
/
1
20 Oct4512 Mar
718June 30 19 Feb 13
1012 *10
101 *10
100 Myers F & E Bros
1012 10
10
No par
101 •10
1012 *10
*10
15 Dec 407 Mar
8
8 May 31 1934Sept 8
/ 13
1
4
133 13
8
/ 1318 1338 13
1
4
7,900 Nash Motors Co
1314 1234 131s 12
No Par
1312 137
21s Dec 103 Mar
514Sept 7
4
11
/
4May 25
24 21
*24 212
2
24
218 218 *2
212
600 National Acme
1
*212 2 3
3
6 Sept 8
3 Dec 32 Feb
/
1
4
liMay 25
*112 2
118 118 1,500 Nat Belles Hess prof
2
2
*112 21
2
114 118
100
2
3
383$ Dec 83 4 Feb
20 July 1 4678 Mar 7
/
1
4
374 384 38
384 12,200 National Biscuit
40 4038 38
29
1
4012 38
/
1
4018 403
/
4
13734 1373
00, 7% cum pref
100 101 May 31 1421 Oct 24 11912 Dec 15314 May
13414 13518 *13478 138 13734 138
*13314 1347 *1331s 134
718 Dec 393 Feb
4
612June 30 183
4Sept 7
812 834
78 7 4
3
8
714 74 7,000 Nat Cash Register A---No Par
84 812
84 8
/
1
4
74 81
20 Dec 503 Mar
/
4
4
1758 1814 174 1818 1714 173
5
1714 40.900 Nat Dairy Prod
4 1718 17 $ 17
No Par 1423June 29 311Mar 8
173 177
4
12 Dec
218 Aug 30
7 Feb
/
1
4
•14
1
/
1
4
3=03
400 Nat Department Mons No Par
3
8
3
s
*14
1
*1
/
4
1
*
/
1
4
12 . 14
14
4 Dec 80 Jan
/
1
4
10 Aug 27
114 Dec 2
238
238 *2
Preferred
100
*2
/ 21
1
4
2
2 14
150
238 *2
2
/
1
4
1 4 1,
,
4
16 Dec 3838 Feb
2714 Aug 12
1654 171
1838 161
No par 13 June
1738 1634 17
1,600 Nat Distil Prod
*1878 171
*1714 1814 17
321 Feb 26
/
4
40 2018May 3
2538 253 x2512 25 s
2
,
500
$2.50 preferred
8
.4,2514 2712 *2538 271 .2538 2712 *253 251
818Sept 12
514 Dec 2778 Feb
W8 518
*414 51
200 Nat Enam & Stamping-No Dar
4
/ 434 *414 51
1
4
34 July
*4
54 *414 5
92 Jan 8 17812 Dec 132 Jan
81
61
60
400 National Lead
100 45 July
80
61 81
•80 80 *61 65 *6118 65
10
100 87 July 12 125 Mar 11 Ill Dec 143 June
,
Preferred A
•106 109 8 *108 110 110 110 *10714 1121 *107 1093 *107 1093
4
105 Jan 13 100 Dec 1203 July
100 61 July
804 8012 81 81
8014 81
8112 811 *8014 82
180
Preferred B
*801 82
/
4
2038Sept 8
1014 Dec 4414 Feb
63am:1e
13
/ 137
1
4
133 141
4
9,600 National Pr & La
No par
15
15 s 14
3
4 154 1412 1478 144 147
33788ept 3
184 Oct 584 Feb
19
20
1812 187
19
5,500 Nat Steel Coro
No par 1312July
1914 1934 1938 20
1912 1912 19
13 Sept 13
5 Dec 7014 Feb
312June
6
/ 1,500 National Supply of Del
1
4
612 612
814 614 *614 6
618 61
50
814 814
/
1
4
20 Dec 111 Feb
24
22
24
2414 2414 2214 2414 22
*21
30
100 131sMay 26 3918 Aug 29
30
360
Preferred*24
/
1
4
412July 8 19 Aug 29 z10 Dec 7612 Mar
10
658 7
64 8
/
1
4
6
812 2,300 National Surety
7
6
/ 7
1
4
8 8 83
,
4
7
614 Dec 247 Mar
8
*61 63
/
4
4
313MaY 26 104 Aug 2r
61 614 *618 814
/
4
6
1318 2,100 National Tea Co
57
8 57
8
No per
5 4 618
3
512 Jan 14
3 Dec 2514 Feb
*2
3
200 Nebular Bros
112 AM 26
*2
2
2
4 2
•11 2
/
4
No par
3
*13
4 212 •13
*312 37
2 1.700 Nevada Consol Copper No par
434 Dec 1434 Feb
10'4Sept8
438 438
210411Y 31
*418 434
312 4
44 414
4
4 18
812Sept 6
214 Dec 24 Feb
June 29
14
/
1
'
1214 33
4 *214 33
No par
4
Newton Steel
*214 33
4 *212 334 *214 3
*214 3
712 7
412 Dec 25 Jan
/ 1,400 NY Air Brake
1
4
414June 13 1412Sept 7
*712 914
734 834 *7'2
712 712
No par
74 712
7 Dec 371 Jan
/
1
4
4
4 June 17 10 Sept 8
.538 9
•54 9
100
*51 9
/
4
*51 10
/
4
New York Dock
*54 9
*53
4 9
20 Sept80 Jan
*8
28
20
20 *10
20
100 20 Apr 9 30 Aug 17
*8
•10
20 *10 20 *10
Preferred
12
/ 18,150 NY Investors Inc
1
4
11 Dec 1214 Jan
/
4
7
2
3114 Aug 29
4
Islune 2
par
12
/
1
4
No
12
3
4
12
1823
3
4
47$ Aug 29
218 Oct
7 1 Aug
14 Dec 21
11 2
/
4
*178 2
6
214
2
11 2
/
4
*2
214 *2
2
2,900 NY Shipbldg Coro part stk_1
/
1
4
35
31
31
3612 z3314 3314 *30 4 34 .31
20
100 20 June 2 57 Mar 2 40 Oct 71 Aug
3612 *35
*35
7% preferred
3
804 Dec 1073* Mar
/
1
*6312 94
70 May 28 100 Oct 26
*9112 96
9314 95
9334 94
*9314 95 *9314 95
120 N Y Steam $6 pref
NO Per
94 Dec 118 Apr
20
No par 90 June 4 10918 Mar 14
107 107 *10414 1651 *10414 10514 *10414 105 *10414 10412 1044 1044
/
4
$7 1st preferred
10 Oct29Ia May
•161 164 1658 1653 164 1638
/
4
/
1
8
8 1818 1814 1,700 Noranda Mines Ltd__ _No par io34may 31 2188Sept 8
4 163 183
1858 163
26 Oct9014 Feb
2938 2914 2978 273 2912 2758 283
4 2614 2738 26,100 North American Co
No par 1334June 2 43145 pt 8
29
4
4 2878 283
4012 Dec 57 Mar
42 42 *40
42 *41
42
50 2512July 11 248 Sept 13
8
42 *4012 42 *41
*407 42
200
Preferred
2 Dec 11 Apr
/
1
4
/
4
3
/ 414
1
4
4
418
334 418
414
4
44 514 40.700 North Amer Aviation
5 114May 31 51Sept 3
312 34
79 Dec 10712 Aug
71
7212 71
*69
71
8914 8914 *69
73
71
*71
71
1,600 No Amer Edison pref Nopar 49 July 13 88 Sept 6
8 Jan 21
4 Dec 3538 Apr
2
/
1
4June 20
*614 71
*612 74 *Ws 718 •64 718 *812 74 *812 718
North German Lloyd
21 Dec 4712 May
42
*2512 42 *2512 42 *28
27 27
100 Northwestern Telegraph.--50 15 June 3 83 Aug 30
*2512 42 *2512 42
12 Jan
2 Nov
2 Aug 30
/
1
4
/ Feb 9
1
4
/ 1,138 153 •11 158
1
/
4
•112 118 *112 158
14 112 •138 14 :
100 Norwalk Tire & RubberNo par
514 Dec 1911 Jan
5 Jan 5 11 Aug 10
6
6
6
61
/
4
54 6
,
/
1
4
No par
638 87
64 6
/
1
4
15.200 Ohio Oil Co
612 83
4
18 Dec
538 Feb
1
ls Apr 28
4 Aug 6
.14
14 11
*14 114
118 114
1
1
1,800 Oliver Farm Equip_-No par
11 114
/
4
*312 41
212May 24 1014 Aug 25
218 Dec 26 Jan
412 438 *4
41
/
4
4
4
312 312 2,800
No par
•412 458
Preferred A
611 Mar
/
1
11 Oct
/
4
214 24
24 218
/
1
lls Jan 4
4 Mar 8
/
1
4
214 214 *218 21
218 218
*214 212
900 Omnibus Corp(Tbe) TUN° par
8 Dec 281$ Feb
/
1
4
978 Jan 21
3 June 7
*5
812
5
5
64 *5
/
1
7
*438 7
*5
612 *5
300 Oppenheim Coll & Co_-No par
438 Dec 72 Mar
*412 12
/
1
3
14June 16 15 Sept 9
12
*412 712 *44 12
*44 12
*412 12
*5
Orpheum Circuit Ine pref 100
1212 1112 113
181$ Dec 584 Jan
11
/ 8,500 Otis Elevator
1
4
9 May 31 2211 Jan 8
1214 12
No par
12
4 1138 115s 1118 ills 11
1041s 10412 *10414 115 *10414 115 *1041 115 *10414 115 *10414 115
/
4
100 90 May 26 106 Nov 25 97 Dec 1291$ Mar
50
Preferred
3
312 Dec 1638 Feb
3
318 3,300 Otis Steel
114May 2
9' Sept7
3'8
No par
312 312
33
8 34
318 318
3 8 314
,
*512 612
534 614
8 Dec 6912 Feb
512 6
/
4Sept 6
6
814
81May 19 201
/
4
614 814
430
100
61 614
/
4
Prim preferred
/
1
4
32
20 Dec 39 Jan
/ 3418 11,500 Owens-Illinois Glass Co_ --25 12 June 2 4214 Nov 10
1
4
313, 3414 371
s
3714 381 384 373
/
4
4 364 3714 35
294 30
295$ Oct 5478 Mar
/
1
2918 297
8 9.500 Pacific Gas & Electric,- -25 1878June 1 37 Feb 13
2914 294 294 304 294 2978 2938 30
/ 377 38
1
4
8
35 Oct 6912 Mar
/
1
4
/
1
4
4
4 38
*S73 3812 3814 383
3834 37228 383
4,100 Pacific Ltg Corti
4 3754 38
No par 20 June 2 47 Aug 29
/
4
4
,712 78 *71 8
*74 812
*74 8
/
1
7 4 Dec 2614 Mar
3
314May 26 14 Aug 29
7
/ 712 *714 8
1
4
20 Pacific Mills
100
/
1
4
/
4
794 80 •7712 7912 7734 7734 774 78
7718 78
*80 81
520 Pacific Telep & Teleg
100 58 June 1 10434 Mar 5 293 Dec 1311 Mar
8
214 238
2i
23
8
/
1
238 25
238
2
112July 8
514 Jan 11
212 24
212 228
214 27,700 Packard Motor Car_ No par
3 4 Dec 114 Feb
7
*1112 ____ *1112
*1112
_
*1112 ____ ...... Pan-Amer Petr & Trans _ _ 5
0 July 11
14 Sept 19
•1112
1
4
1/1- *1112 *1112 121- *1112 1212 *1112 - 2 *111s--/ 12
-2
(238 *1112 12
12
738July 15 1412Sept 14
5
100 '
-71ass u
*612 718 ,*()
718 *6
3 Sept 11 Mar
*6
71
*6
74
2 Apr 28 10 Sept 6
718
7
7
200 Park- Tilford :no
No par
4 Jan
/
1
4
1
Dec
100 Parmelee Transporta'n No par
2 Jan 8
*311
3
4
5
8
3
12
*14
12
*14
12
14June 1
8
*la
12
*14
414 Feb
38 Dec
14 Dec 20
114 Jan 15
700 Panhandle Prod & Ref _No par
12
12
•
/
1
4
12
"8
12
14
3
8
2
8
3
3
*12
7
8
2
24
14 2
17
8 2
17
8 2 34,387 Paramount Publlx
512 Dec 5014 Feb
11 2
/
4
14May 28 111 Jan 14
/
4
17
8 2
10
*4 1
M ar
*84
7
11 1.200 Park Utah C M
/ Sept
1
4
/
1
4
's
8
4
84
35 Apr 14
2 Sept 9
/
1
4
7
8
3
4
7
8
1
•
/
1
4
14 Dec
27 Feb
'
2
:
12
*3
2
12
3
2
400 Pathe Exchange
/May 12
1
4
114 Aug 29
/
1
4
/
1
4
*3
2
12
*38
3
2
No par
*124 178
17g 2
•17
2 2
12
s
13
8 July
/
1
4
4 17
4 11
/
4
4 *13
900
114June 1
11 Dec
/
4
13
4 18
5 Feb 17
/
1
4
Preferred class A___ _No pat
3
4 534
3
53
534 53
4
*534 818
800 Patin° Mines & EnterprNo par
/
1
4July14
/
1
4
*6 • 612
6
61
/
4
54 6
912Sept 6
4 Sept 1512 Feb
114
1
1
118 118
114 114
114 *1
1
700 Peerless Motor Car
1
1
434 Apr 12
2 Oct
Pa Feb
3
4June 8
3
28
284 27
/
1
/
1
28
/ 27 4 273 2778 2714 2711 274 2714 4,800 Penick & Ford
1
4
4
/
1
4
22 Oct 484 Feb
28
3
No par 16 June 8 32/ Mar 8
2534 x24
2412 233g 2414 2314 2414 2312 24
20,200 Penney (J Cl
25 2512 25
2611 Dec 4434 Aug
4
No par 13 May 31 3411 Mar 8
8712 *85
8712 *85
8712
Preferred.... . _.. - .
.
7934 Dec 10014 Sept
*8512 8712 •88 4 8712 *8312 874 *85
100 60 June 1 91 Mar 5
*3
1
*3
4
7
8
200 Pepn err CemenA 1(10
1
3
4
anT
3
4
1
it st ries t-NO par
12 Apr 14
24 Aug 29
5 Feb
/
1
4
/ Dec
1
4
*8
4
7
8
*34
4112 8
7
412 412
*4
7
*4
7
778 *4
*4
3 Nov 2
8 Sept 14
100
212 Dec 29 Jan
1312 1312 1314 1314
15
*1012 15 .1012 15 *104 16
500 Peoples Drug Store.--No par 12 Oct 3 164May 17
•1012
15 Dec 3512 Mar
75 *70
75 *70
75
75 •70 75 *70
63$% cony preferred-_100 504July 8 95 Feb 25
*70 75 *70
78 Dec 10414 Aug
74 •73
76
1,900 People's G L & C (C111°).-100 39 July 9 121 Jan 15 107 Dec 250 Feb
741y 7412 734 7812 7412 7512 7534 7534 73
*54 7
*5
63
4
83
4
514 514 *5
4 *5
100 Pet Milk
63
83
4 *5
No par
5 Dec 7 1212 Jan 7
9 Dec 174 Jan
1
453 43 11.800, Petroleum Corp of Am_No par
434 434
4
4
45
8 44
4
/ 43
1
4
4
/ 458
1
4
434 43
4
234May 5
7 Sept 6
/
1
4
278 Dec 1078 Feb
412 44
414 412 29,5002 Phelps-Dodge Corp
43
4 434
4 4 47
3
8
43
4 5
438 478
25
378June 1
111Sept 8
/
4
/
1
4
5 Dec 2553 Feb
30
31
314 .32
700, Philadelphia Co 8% met-51) 18 June 3 41 Mar 10
33 *3012 33
2912 2912 2912 2912 31
30 Dec 5612 Mar
61 •____ 81 *____ 61
65
I 36 preferred
85
61
No par 48 June 27 78 Sept 7
60 Dec 1023 May
4
/ 5,200, Phil& & Read C & 1
1
4
314 3
2 June 27
/
1
/
1
4
No par
4
4 ,.
3
/ 38
1
4
/
1
4
34 3
8
7
33
4 3
778Sept 9
2 Dec 1214 Mar
/
1
4
34 37
8
8
514 814
814 8 4 *814 8
/ *81 9
1
4
/
4
300' Phillip Morris & Co Ltd___10
4
7 June 1 13 Aug 22
•814 83
8 Dec 1238 Aug
4
*312 612 .312 612 .312 5
*312 3
312 312 *3
100 Phillips Jones Corp__ No par
Nov
34 Apr 25 123
9 Dec
/
1
4
48ept 22
*1814 3912
424 Ph Ulu Jones pref
v
*1814 3912 20 20
*1814 394 *1814 3912 20 20
100 10 Apr 26 32 Feb 10
148
7
313 Dec 52 Jan
41
41y 434
412 4 20,100 Phillips Petroleum
/
1
4
2 June 1
$
434 44
No par
/
4
5
5
5
5 18
4 51
4 Dec 1115 Jan
84Sept 6
20 Phoenix Hosier}
4 34
23
4 23
2 4 312 *23
4 314 *23
4
2 Nov 25
4 312 *23
5
*244 312 * 3
,
94 Aug 27
3 Dec 1014 Apr
/
1
4
*4 ' 5
*4
5
100 Pierce-Arrow class A--No par
*4
5
i
8
5
*5
114June 1
512 Oct 2714 Feb
•25
6
9 Jan 13
14
14
14
14 2,700 Pierce 011 Corp_
14
14 Dec
14
•
/
1
4
/
1
4
14
14 Jan 2
lls Feb
14
/
1
4
14
25
%Sept 1
*484 5
414 414 *414 412
434 434 *4
5
500
*434 5
Preferred
3 Jan 5
/
1
4
100
34 Dec 23114 Feb
9 Aug 9
7
8 3,200 Pierce Petroleum
338 Feb
*8
8
8
8
84
4 Dec
7
8
No par
3
4
*8
8
11
/
4Sept 30
4
513
•4
3
/
1
4
*3
4
':May 17
10
10
101 1018 10
/
4
97
8 97
8 2,800 Pillsbury Flour Mills._
1934 Dec 47 Mar
par
104 1012 1012 1012 10
914May 31 2212 Jan 9
30
4
*364 40 *303 40 *31
2
4
40 *31
40
30
30
30
300 Pirelli Cool Italy Amer shares_ 21 June 2 314Mar 18
2812 Sept 393 Mar
/
1
/ *4
1
4
4
/ *4
1
4
4
/
1
4
300 Pittsburgh Coal of Pa
3 Dec 284 Jan
4
*34 6
314 34 • / 43
3
1
4
s *312 4
100
3 May
18 •18
183 *18
4
18
19 •18
19
19
*18
100
f
Preerred
19
Ion !3 June 28 40 Jan 28 2784 Dec 1121,
•18
214 214 *2
Feb
3
200 Pittab Screw & Bolt___No par
Dec
*24 3
•214 3
2 Apr 12 14 86et4 16
: Aug 6
1
3
*21 3
/
4
154 154 151k
*1612 20 *1612 20
/
1
194 e10
110 Pitts Steel 7% cum pref
4.1612 20
16
14 D
/ ee 18
2434Sept 12
211 Dec 87
100
94June 2
Feb
/
4
n
/
4
11
/
4
300 Pittsburgh United.14 118 •1
/
4
25
3413ePt 7
11
3
4July 8
*114 17
8 *11 11 *114 14 *lls 11
/
1
/
1
2314 194 20
40 Dec 994 Feb
1712 1712 *1812 19 •154 19
40
4
,1912 24 •20
Preferred_
100 14 May 17 a Sept 6
•Bid and asked Prices: no sales on this day. a Ex-dividend and ex-rights.
2
New York Stock Record-Continued-Page 7
4358
Dec. 24 1932
PirFOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SEVENTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Dec. 17,
Monday
Dec. 19.
Tuesday
Dec. 20.
Wednesday
Dec. 21.
Thursday
Dec. 22.
Friday
Dec. 23.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
On basis of 100
-share lots.
Lowest
Highest
PER SHARE
Range for Previous
Year 1931.
Lowest
II West
$ per share $ per share 3 per share $ per share $ per share S Per share Shares. Indus. & Miceli. (Con.) Par $ Per share $ per share $ per share $ per share
1,
5
8
12
2
12
8
3
4
340 Pittston Co (The)
No par
*5
3
8
4
*5
12
1e
58
12 Dec 17
3 Sept 12
53 Dec 1814 Jan
8
9
*87
8 87
600 Plymouth 011 Co
9
,
8 918 *87
9
8 94
8
9
87
8
83 Nov 25 1212Sept 29
*83
5
4 9
*2
212
2
2
*2
212 *2
212
2
2
500 Poor & Co class B
2
2
No par
112May 25
658 Sept 8
3
Oct 138 Jan
*178 2
•178 2
*178
8 2
2
Porto 111c-Am Tob el A _No par
*17
*178 2
*17
8 2
114May 27
65
8Sept 8
2 Sept 27 Feb
*33
78
*3
4
7,
1
1
1
*5
8
3
4
*3
4
3
4
1
Class B
300
No par
%May 8
234 Aug 16
8 Feb
5 Sept
8
*6
7
*6
7
*6
7
8
412 55
412 412 •35
8 412 1,100 Postal Tel & Cable 7% pref 100
13
4July 6 1712Sept 8
4 Dec 3912 Jan
*512 712 *512 6
*512 6
*55
8 6
200 Prairie Oil & Gas
512 512
312June 2
25
9125e96 7
514 514
418 Dec 2053 Feb
*73 10
4
Prairie Pipe Line
*73
4 83
8 *73
4 83
8 *73
4 8323 *73
57 Dec 2612 Feb
, *73
25
4 8N
4 83
512June 2 121 181ept 6
•13
8
112 *13
8
112 *13
8
8
200 Pressed Steel Car
112 *13
112
8 *114
13
8 13
No par
3
4June 1
18
4 Aug 3(
114 Dec
718 Feb
4
4
*33
Preferred
418 418
8 4 2 *33
4
,
4
800
.3 4,
258June 13 17 Sept 7
2
*33
100
4 5
8
512 Dec 475 Feb
2914 297
8 293 297
8
8 29
295
8 287 2933 273 29
8
4
278 2814 12,000 Procter & Gamble
No par
1978June 30 42% Jan 14
363 Dec 71,1 Mar
8
*985 99
8
99
99
8
985 99
99
9914 *99
9912 9912 9912
5% pref (set of Feb 129) 100 81 July 6 103 Jan 15
260
97 Dec 11212 Sept
*14
14
3
8
3,000 Producers & Refiners Corp__ 50
14
14
14
18May 25
3
8
*14
*14
14
14
3
8
15 Mar 9
8
1 Dec
6 Feb
*4
53
4
4
4
318 318 *314
512
Preferred
4
91 Mar 30
4
*318 4
80
1 May 10
60
3 Dec 16 Feb
5212 527
8 52
53
8
8 507 5114 5014 513
4 5014 51
11,400 Pub Ber Corp of N J___No par 28 July 11 60 Mar 7
5038 515
49% Dec 96% Mat
817 82
8
*8212 87
8
8
823 823 *82
85
83
835 833
83
8
$5 preferred
500
8
No par 62 June 30 907 Sept 6
8
78 Dec 10212 May
974 9714 9814 9814 97
9712 9612 9612 *96
9814
9853 *95
6% preferred
700
100 7112June 2 1105 Mar 11
8
92 Dec 12014 Aug
*106 1077 •106 10718 1053 106 *100 10612 10514 10514 105 105
8
4
7% preferred
100 9212May 27 114 Mar 10 11212 Oct 1393 Au
400
4
*119 125 *119 125 *119 124
12178 12178 *119 124 *119 124
8% preferred
200
100 100 July 8 13014 Mar 5 118 Dee 16012 Au;
•101 10412 *101 10412 *101 10412 *101 10412 102 1023 102 102
4
300 Pub Bar El & Gas pf $5_No par 83 June 3 10234 Dec 22
87% Dec 10714 Aug
1912
20 20
1812 19
183 1912 19
4
177 18311 13,400 Pullman Inc
8
1938 20
1012June 2 28 Sept 3
No par
1514 Dec 5812 Feb
, 312
31
8
312 33
314 312
25
313 312
318 312
278June 2
318 314 9,800 Pure 011 (The)
612 Aug 25
314 Dec 117 Jan
s
67
*62
*62
67
62 62
*63
67
60 60 18 •60
67
8% cony preferred
100
100 50 Jan 5 80 Aug 22
5312 Dec 1017 Jan
g
712 712
8
71.4 73
713 714
718
7
8 4,58 Purity Bakeries
753
63
4 67
7
8May 25 157 Mar 7
43
8
No par
1084 Dec 5514 Mar
514
5
518 512
518
5
8
514 53
45
8 518
4
43
8 43 43,400 Radio Corp of Amer
212May 26 131 2Sept 8
No par
5% Dec 2712 Feb
*1712 2114 2012 201 *1712 2113 1714 1712 1614 1014 1614 17
Preferred
900
50 10 June 2 327 Jan 12
20 Dec 5518 Mar
97 1014
8
10
95
8 97
8
Preferred B
7,100
914 10
1033 1012 1114
338May 31 235
83
4 9
No par
8Sept 9
912 Deo 60 Mar
27
8 312
27
8 27
314 338
314
3
33
8 3,800 Radlo-Kelth-Orph
8
3
314 33
112June 1
731Sept 9
No par
2% Dec
4 Dec
43 July 11 8123 Aug 31
614 614 .618 614 *618 614
7
*65
8 78
8
614 65
618 1,000 Raybestos Manhattan_No par
6
812 Dec 2912 Mar
6
6
6
5
53 6
*512 6
618 618
6
618 614 4,100 Real Silk Hosiery
.._ _10
218July 18
81 2Se96 2
17 Dec 307 Feb
24
28
*24
2414 2518 2518 *2513 28
28
*24
*2414 26
Preferred
80
7 June 23 30 Sept 1
100
5 Dee 90 Feb
*3
8
1
•38
*38
1
*38
1
1
5
8
*3
Reis (Rohl) & Co
8
*3
8
1
112Sept I
18 Apr 12
No par
17
, Jan
18 Dec
2
•118 3 4 *118 33
4 *1 18 33
*118 33
4 *112 33
4 *112 33
1s1 preferred
13 Apr 15
4
4
758Sept 3
100
6 Sept 13 Apr
3
318 33
314
23
3
4 3
3
8
8 6,500 Remington-Rand
27
33* 312
8 27
1
1 May 28
712 Aug 27
1% Dec 101 Feb
8
818 83
814
812 812
8
•83 10
8
814 814
814 814 1,300
1st prt(erred
100
4 June 3 29 Aug 30
614 Dec 88
Jan
15
*13
13
15
13
*13
*1118 14
15
*10
•13
14
20
2d preferred
100
5 June 14 3112 Aug 31)
10 Dec 98
Jan
13
4
13
8 2
4
13
4
17
17
13
8
158
4
17
8
8
15
15
8 15
8 1,800 Reo Motor Car
37
8Sept 8
112 Apr 4
*
27 Dec 10% Feb
10
4
53* 53
53
8 553
512 512
8,500 Republic Steel Corp ..No par
5
43
4 5
51s 538
553
8June 2 137813ept 8
17
Cs Dec 2553 Feb
1012 10
*1012 1112 1012 1012 *10
95g 10
10
83
6% cony preferred
4 912 1,000
100
8Sept 6
5 June 28 287
8% Dee 54
Feb
212 *114 212 *114 212 *114 212
13
8 *11 1
13
8
13
8
IN
300 Revere Copper & Braes_No par
61 1 Sept 8
1 July 6
218 Dec
13
Jan
418 *11 : 418 *112 418 *112 418 *1N
*2
418 *15
8 41s
Class A
212May 3 I212 Aug 2C
6 Dec30 Jan
No par
818 818
814 814
*818 9
8
77
8
8 8
8 77
700 Reynolds Metal Co _ No par
8
77
20 117
8Sept 22
7 Sept 22% Mar
55 1111Y
3.
712 *7
*7
8
712 *7
8
*7
7
*63
7
4 73
1100 Reynolds Spring
4
813ept 9
212 Oct 1814 Mar
3 Feb 23 127
No par
30 8 2918 297
3
8 283 297
293 3018 30
297
4
4
8 29
293 27,900 Reynolds(R J) Tob elms 13_10 2812June 30 4014 Jan 14
8
8 29
32% Dec 5412 June
653 *65
4
653 *65
4
65
653
653 *65
6534 65
*65
4
*65
4
20
Class A
69 June 7512 Feb
10 64 May 2 71 18June 13
3
8
3
8
3
8
3
3
8
8
3
8
3
8
laune 23
3
8
63 Jan
3
13
8
,
a
3
8 1,300 Richfield Oil of Calif....No par
3
8
8July 26
3 1)eo
8
*7
8
*7
10
*7
10
712 *7
*7
75
8 *7
75
8
55 Dec 413 Mar
Ritter Dental Mfg_ _ _ _No ear
4 July 12 12 Oct 3
4
3 8 353
5
*33
312 312
4 4
8
5
338 33
It2May 28
312 312
318 2,100 Resale Insurance Co
3
912 Aug 23
314 Dec 20
Feb
4 1914 1914 1918 1914 1918 1914 *1812 1912 1,100 Royal Dutch Co (N Y shares) 1218 Apr 21 233
8
4
193 193 *195 193
4
45ept 7
13 Dec 425 Feb
8
4
65
8 63
7
614 65
7
6
8
8
65
614
8 65
6
6I8 5,700 St Joseph Lead
4Sept 8
458 July 13 173
7 Dec 3033 Feb
10
387 393
40
3
403 x3912 41)
4 30
3912 385 40
8
8
3918 5,213 Safeway Stores
385s
No par 301s July 8 59% Mar 5
3858 Jan 6912 Aug
x8418 8418 8312 84
8312 8312 *833 85
*8412 87
*833 85
8
8
80
6% preferred
100 60 May 26 90 Oct 3
6314 Dec 9818 Sept
9314 943
9612 9612 x9614 9614 9314 95
4 9314 9314 *9314 9612
7% preferred
250
71
100 69 June 2 09 Oct 1
Dec 10812 Aug
2
23
4
2
2 4 *2
3
*2
*2
23
4 *2
23
78 Feb 1
4
218 218 5,700 Savage Arms Corp_ _No par
35 Dee 2014 Feb
114July 14
118
113 •118
114
118
118
118
118 *1 18
114
1
3,600 Schulte Retail Stores__No par
78May 31
38
4 Jan 13
3 Dec
11 18 Mar
*53
8 87
8 87
8
8 *53
8 87
53
8 *55
4 53
4 *53
4 87
8 *53
4 87
500
s
Preferred
5 Oct 21 30 Jan 5
30 Dee 65 Mar
100
•29N 30
*29
30
*29
30
30
•29
*29
30
29
29
100 Scott Paper Co
19 May 31 42 Feb 13
No par
3612 Dec 51 Aug
1812 185
8 18
1812 *18
8 1814 185
1812 1712 1814 173 1712 9,200 Seaboard 011 Co of Del_No par
8
65 Apr 12 201! Dee 9
8
512 Oct 2033 Apr
*114 212 *114 213
8
13
8 *11A
13
212 *118 212 *118 212
200 3eagrave Corp
234 Jan 21
1 Apr 12
No par
214 Dec 11
Feb
8 2014 21
2018 207
4
8 183 1953 177 193
1918 197
8
8 175 183 23,700 Sears. Roebuck At Co No par
8
8
9 2June 28 373 Jan 18
7
8
3014 Dec 6314 Feb
112 *112 27
112
•112 27
112
8
112
8 *112 27
1
8 *112 25
8
12july 5
200 Second Nat Investors
3 Aug 3()
612 Feb
3 1)e0
4
303 303 *293 3312 *293 3312 *293 3312
*30 4 35
4
3
*303 35
4
4
8
8
8
500
1
2114June 22 3618 Aug 2:
Preferred
27 Dec 58% Feb
N
N
"14 38 *14 58 *14 58 *14 58
No oar
1.200 Seneca Copper
14
14
'*May 4
1 Aug 30
14 Sept
13 Feb
4
•138
13
4
112 IN 6.200 3ervel Inc
8
113 15
112 112
15
1,2
8
1,2
15
8
112June 25
I
53 Jan 13
8
312 Deo 113 Apr
4
x918 912
938 93
87
8 93
4
953 912
8
912 10
No pa
9
, 5 May 28 128 Mar 8
9 18 16,200 Shattuck (F (3)
8% Dec 2912 Feb
I *23
*234 312 *23
4 4
4 4
•23
4 4
*234 4
*23
4 4
112July 1
Sharon Steel Hoop
731Sept 8
No par
8
212 Dec 137 Feb
*314 312
312 312
33
8 33
314 314
3
8
3
3 18
3
1200,
8June 13
Sharpe & Dohme
17
7 Sept 8
No par
318 Oct 21 Mar
22
*21
22
*21
22
*21
*21
22
21
21
*2012 22
100
Cony preferred ser A_No par
1112July 21 3014 Jan 18
28 Dec 6112 Mar
514 514
53
8 53
8
518 514
518 518
5
514
414 514 20,500 Shell Union 011
213 Apr 23
83i5ept 7
No par
212 Dee 1014 Jan
3718 3718 3712 37
4112 37
*37
383
.4 37
3712 37
38
1,900
Cony preferred
100 18 May 31 651 1 Sept 7
Feb
15 Deo 78
%June 2
Shubert Theatre Comaro par
118 Aug 10
9% Mar
Is Deo
712 712
7
718
7
7
712 712
638 63
4
612 63
4 4,000 Simmons Co
133
25 June 1
8seot 27
No par
67 Dec 2334 Feb
8
8
638 63
6
6
*53
4 63
8 *53
4 614
55
8 6
55
900 3Imms Petroleum
4
10
8 53
3% Apr 8
712 Aug 25
312 Dec 1! Feb
384 33
4
313 33
8
312 312
312 312
338 312
338 312 1,500 Skelly 011 Co
212 Feb 8
5118e156 6
25
8
2 Dec 127 Jan
285 *27
8
285
8 27
27
*25
25
2853 *25
25
25
25
500
12 Jan 4 3312Sept 7
Preferred
100
Jan
10 May 62
.3
33
4
3
314 *3
23
4 3
314
212 25
8 *23
8 238 1,100 Snider Packing Corp .No par
238 Nov 10
7128ept 6
738 73*
71, 7 4
3
712 738
73
8 738
753 71
7
63
38,200 3ocony Vacuum Corp
4
121 113ept 6
51451ay 31
25
853 Dec 21 Aug
61
6112 6112 *60
6412 *60
6312 *60
6112
6112 6112 *61
800 3olvay Am Invt Tr pref- __100 35 June 28 67 Beat 6
90 Dec 95 Mar
1614 1614 1614 1614 1614 1614 *1612 163
4 1612 17
1618 1614 3,100 30 Porto Rico Sugar__..No par
68, Dec Ivy Jan
48eps 8
412 Apr 12 183
109 109
110 110
'10812 110 *109 10912 109 109
1
112 112
76
100 8612May 27 112 Dec 23
Preferred
Oct 11212 July
87
2512 2618 2514 2614 25
3
8 257 2614 253* 26
2512 255
2514 3,800 Southern Calif Edison
25 15%June 2 32% Feb 19
283* Oct 5412 Feb
2
*1
5
*1
2
*1
*1
5
.1
2
*1
2
Southern Dallies el B_ _No par
114May 28
3 Feb 26
212 Sept
5 Mar
*514 10
*514 8
*514 6
*518 6
*518 6
*518 6
412Ju1y 7 12 Jan 12
Spalding (A 0)& Broe_No par
Jan
8 Dec 36
*32
54
*32
54
54
*32
*32
54
*32
*32
54
54
1st preferred
100 32 June 3 95 Jan 9
94 Dco 11512 May
*412 93
4 *412 93
93
4 *412 93
4 *412 93
2
4 *4,
4 *412 93
4
3pang Chaltant&Co InoNo par
83 Mar 7
4
98 Mar 3
,
93 Dec 2712 Feb
4
*1712 33
*1712 33
*1712 33
*1712 23
*1712 33
*1712 33
Preferred
100 15 Nov 30 4812 Jan 2
4812 Oct 9212 Jan
17
8
112 *112
112 112
112
114
112
112
112 2,200 Sparks WithIngton_ _ _ _No par
8
•11
. 15
1 May 28
5 Sept 8
1358 Mar
2 Dec
*12
1
*12 1
12
*12 1
12
*12
1
*12 1
50 Spear & Co
15 Apr 26
12July 8
No par
Fe
4
8
5 Dec
*9
10
10
*9
10
*9
10
*9
*9
*9
10
10
3pencer Kellogg & Bons No par
8 May 4 11 Sept 8
1612 NIfir
9 Sept
*Pa 3
3
5
5'8 *5
*5
518 *5
518 •
Soo Spicer Mfg Co
51s
5
No par
3 Dee 19
87 Sept 7
s
6 Boot 17% Feu
1412 14
14
8
135 1353 1358 1353
•14
1512 *14
1512 *14
000
012.1une 1
Cony preferred A _ _ _ _No par
18 Sept 7
1114 Dec 3312 Feb
3
8 3
•23
*238 3
*23
*23
8 3
*212 3
•212 3
3plegel-May-Stern Co_No par
%May 31
5 Aug 29
3 Dec
1712 Mar
8
4
1512 1514 1538
147 1553 143 1518 133 15
8
15
1312 1414 38,700 Standard Brands
8June 2 177 Aug 27
83
8
No par
1012 Dee 2012 Feb
1203 121 *12058 122 *121 122
4
122 122
12012 12012 *12012 121
400
Preferred
No par 110 June 2 122 Dec 23 114% Dee 124 July
112
*1
112 *1
112 *1
112 *1
112 *1
112 *1
3* July 20
3tand Comm Tobacco_No par
3 Jan 4
Feb
4
13 Del
4
1414 134 13 8 13
5
1312 127 1312 123 1314 9,725 3tandard Qas & El Co_No Dar
134 1414 14
8
4
75
8June 2 3414 Mar 8
2518 Dec 883 Mar
8
8
4 2112 2112 21
213 223
2214 2214 217 22
4
2112 2014 2014 2,400
Preferred
914June 2 4114 Jan 14
No par
8
2978 Deo 647 Mar
40
*39
40
40
*3812 40
40
40
37
*3712 40
37
July 19 6212 Aug 21
400
$6 cum prior pref
No par 21
40 Dee 101 Mar
453 4614 *4514 493
*455 50
46
4
4 45
453 .43
8
46
4
46
800
27 sum prior pret_ __ _No Par 28 June 3 75 Jan 15
55 Dee 109% Mar
33
600 Rand Investing Corp_ _No par
85
3
.3
4
3
'June 24
8
5
*5
8
7
8
8 •53
5
8
N
34
*5
8
214 Aug 25
414 Feb
3 Dec
}I
9812 9812 9812 9813 9812 9812 9812 9812 985 *9912 105
•98
8
1,100 ltandard Oil Export pref__ 100 x 81 June 0 9953 Dec 10
8718 Dec 106 Sept
23 4 24 i 24
2434 2338 2412 2318 24
3
233 24
8
233 24
4
14,610 Bandard Oil of Calif_ _ _No par
1553June 2 317 Sept 7
8
2318 Deo 513* Feb
15
1512 1512 16
1512 1512 1512 1512 1538 1512 15
15
Apr 7 1612 Aug 21)
4,600 ltandard 01101 Kansan
7
25
Jan
19
75 Dee
4
29
2918 29
297
8 2914 293
4
8 2918 295 28,200 ltandard 011 of New Jersey_25 197a Apr 23 373 Sept 6
4 293 3014 2918 297
8
8
26 Dee 5212 Feb
*3
4
8
4
8
*3
8
*3
*3
*3
8
8
100 Barrett Co (The) L 13...No par
3 July 12
834Sept 7
6 Dee 3414 Feb
7
7
8
8
7
7
8
s
N
7
8
7
N
8
7
8
7
7
8
8
7
8 1,700 Belling Securities el A _No oat
18MaY 21
5% Feb
12 Dec
2
'18NA 7
2
218 *13* 212
4
112
112
138
13
112 112
114
112 2,200
Preferred
4 Sept 8
No par
5s July 11
Vs Feb
13, Dee
*2112 24
*2112 2314 *2112 2314 2112 2112 2112 2112 *2112 2218
800
Convertible preferred_ _ .50 1312June 2 26 Aug 27
.
ICOR Dee 40 Mar
3
3
3
3
3
3
27
8 3
8
23
4 27
25
8 25
8 4,400 Itewart-Warner Corp
8May 26
17
48 Sept 217 Mar
812Sep8 3
10
8
83
8 812
8
812
8
8 14
73
4 81s
7
714 77s
753 7,820 Bone & Webster
8July , 173
45
1
2Bept 8
No par
978 Dec 54% Mar
43
4 47
8
412 478
41* 424
438 45
418 414 11,000 ltudebaker Corp (The) No par
8
414 412
212May 28 133 Sept 8
4
Oct 26 Mar
9
*32
34
*32
34
*32
34
*3014 32
*32
32
32
34
100 30 Nov 25 10478 Mar 31
20
Preferrec.
75 Dec 11814 Apr
3612 3612 3612 3612 *3612 37
3612 3612 .36
*3612 37
363
4
600 on 011
8
No par 245 Apr 13 397 Oct 11
263 Oct 4514 Feb
4
.90 __-- *90 ____ 90
90
*90 ____ ' 9012 ___- •9012 ---'
1
10
Preferred
100 613 July 13 111 Aug 31
75 Dec 10412 Feb
12 *73
*73
4 8
4 812
7 4 73
3
4 *77
8 812. 77
8
812 *8
400 uperfleater Co (The).. No par
84
,
5
7 June 11 14% Sept 3
11 Dee 40 Feb
5
s
N
12
58
1
12
12
12
•12
12
12 2,600 uperlor OR
1
Jan 5
2 Sept 6
14
No par
4
13 Feb
14 Dec
314 314
314 31 1
*324 4
*3
458 *3
45
8
314 314
400 uperlor Steel
91 1 Sept 28
214May 26
100
27 Dec 18% mar
8
*23
4 3
•23
4 3
.2 4 3
3
*231 3
*234 27
s •23
4 27
8
158July 19 11 Jan 4
weds Cool Amer (The)- - _50
1012 Dec 15% Aug
*14
12
*14
12
*14
12
14
14
14
3
8
12
*14
500 ymington Co
14 Mar 31
1 Sept 6
No par
218 Feb
Is Dec
3
4
*3
4 5
3
4
*84 1
*3, 1
12May 26
3
4
3
4
5
8
5
8
2% Aug 30
500
Class A
No par
1
Oct
612 Jan
87
8 87
8 • 8 9
8 9
85
8 55
85
8
*85
*93 10
4
85s 85s
400 ' 'elautograph Corp......No par
6 July 20 135 Mar 23
1118 Dec 21 12 Mar
8 2
138 2
*17
112 158
4117
8 23
112 134
112 112 12,000 ' 'ennessee Corp
43
1 May 25
8Sept 8
2 Dec
No par
912 Jan
8
4 13
1312 123 1314 123 127
8 133 133
4
1314 135
25
8
8 123 13 22,350 ' 'eau Corp (The)
(patine 29 18'!Sept 6
4
97 Dec 357 Jan
8
4
8 213 2212 2138 22
2214 2234 2212 233
213 215
8
8 211s 211 13,600 ' 'exas Oulf Sulphur_ _ __No par
!
12 July 6 26% Feb 17
1912 Dee 55% Feb
134
112
112
158
158
112 153
112
112
15s
112
15
Ili Apr 12
8 8.900 ''exas Pacific Coal & Oil__ _10
4 Aug 5
612 Jan
17 Dee
8
5
5
5
5
5 14
5
518
5 18
434 5
434 47 11.500 ''eras Pacific Lan.) Trttrit-_1
8
212June 2
812Bept 6
175* Feb
414 Dee
714 812
73
8 73
8
818 814
63
4 8
73
8 814
6
63
4 3.200 ''hatcher Mfg_
2 Apr 5 10 Nov 14
37 Dec. 22 Feb
No Dar
*3014 3218 *3014 35
*3014 35
*3014 35
•3014 35
*3014 35
$3.60 cony pre)
No par 22% Apr 19 32 Deo 8
8
245 Dec 41 Mar
6
*4
4
4
4
4
3
6
*4
3
212 3
700 ' 'he Fair
Jan
55 Dec 23
212 Dec23
814Sept 8
No par
60 •3612 60 *____ 60
*40
60
*40
60
•40
____ 60
7% preferred
100 38 July 28 85 Jan 28
Oct 10612 Feb
87
114
114
114
114
114
114
114
114
114
114
1ls
11s
700 ''hermoid Co
%June 2
4 Sept 10
9 Feb
III Dee
No par
15
16
.15
15
*15
16
1512 15
*15
16
•15
15
400 ''bird Nat Investors
17 Nov 11
10 May 31
. _.1
1114 Dec 27 Feb
• Bid and asked prices: no sales on this day. z Ex-dividend. y Ex-rights.
New York Stock Record-Concluded-Page 8
tar FOR SALES
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Dec. 17.
Tuesday
Dec. 20.
Monday
Dec. 19.
$ per share $ per share
11
*9
11
.9
s 512
53
2 538 *53
*3
4 1
3
4
3
4
135
8
*12
*12
15
8
312 35
312 313
4012 4012
42
*41
4
.83 15
*83 15
4
45
*4512 464 45
7
2 s 27
*27
8 3
1412 1513
4
143 147
__-- ---- ---- ---
303
81
593
4
593
8
33
4
12
30
1218
4
32
1
5
63
78
1814
93
4
112
338
1
17
15
8
84
1 18
312
784
8
1
1112
51
31
1218
285
8
75
5
1712
4012
474
4312
108
98
412
112
912
9
22
288
577
8
*5712
33
4
14
*10
12
*212
*3112
*78
5
*62
*765
8
18
*84
114
*3
7
8
•153
IN
*4
*1
35
8
*712
8
*3
4
*1112
*5012
30
12
275
*7014
*5
*14
40
45
40
10614
9712
*4
114
*614
*814
*2014
•13
15
*1314
*12
*118
*34
*1614
*212
*14
*2
4
418
•10
4
353
*14
4
•183
*1818
.5
36
*9
312
.2612
*ay
*1012
*3
4
44
5
8
112
34
2312
214
1812
7
8
418
20
3618
8
147
25
22
51
36
10's
383
29
7
103
4
1
44
*12
*14
318
*1614
24
14
*3
4
418
19
3578
1412
.1854
*18
*53
4
36
9
354
*2813
25
1012
*54
4
Wednesday
Dec. 21.
Thursday
Dec. 22.
Friday
Dec. 23.
Safes
for
the
!Week.
STOCKS
NEW 'YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
On basis of 100
-share lots.
Lowest
Highest
$ per share $ per share $ per share Shares Indus. & MaceII.(Cond.)Par $ Per share $ Per share $
4
712 Nov 12 163 Mar
_25
Thompson (J It) Co __
*814 10
*9
10
"9
10
23
4June 3 10 Feb 2
514 514
800 Thompson Products IneNo par
314
332
*312 312
214 Aug 2
%June 11
*5
8
3
4 4,000 Thompson-Starrett Co_No par
8
3
4
*5
3
4
3
4
No par 12 June 2 17125ept 2
$3.50 cum pref
1.300
12
*12
1212 12
12
12
2 Apr 8
55
8Sept
No par
3
34 20,765 Tidewater Assoc, 011
3
314
314 33s
100 20 Feb 3 60 Sept
Preferred
4012 3812 3914 1,100
*40
423
4 40
10 Aug '._
5 June 6
No par
Tide Water 011
.83 15
4
*84 15
*83 15
4
100 30 Feb 9 62 Sept
Preferred
4612 4612 *46
200
*46
50
50
63
4Sept
2 July 8
10
8 1,200 Timken Detroit Axle
212 25
8 2N
25
8 25s *25
73
4July 8 23 Jan
3,200 Timken Roller Bearing_No par
1412 147
8 1414 1414 1334 14
63 Mar
8
27 Jan 5
8
Tobacco Products Corp No par
---- ---9 Mar
63 Jan 4
8
No par
Class A
718Sept
218 Jan 2
45
43 19,750 Transamenca CorpNo par
4
412 5
8
43
4 47
5
214July 13
8125ept
Transue & Williams EWING. par
*312 34 *312 37
*312 4
4
8
512Sept
112May 26
8,800 Tri-Continental Corp No par
8
33
4 37
33
4 4
38 4
4
8
No par 427 Jan 2 72 Sept
6% preferred
400
55
*5612 5812 5612 5612 55
57
No par 193
8May 31 3112Mar
s
3
2114 20 4 20 4 *203 2114 *20N 214 2,400 Trice Products Corp
,
34 Jan 1
14May 27
No pa
Truax Traer Coal
1
1
•12 1
*12
1
*12
714 Aug 2
2 Apr 19
10
700 Trnscon Steel
3
3
3
3
3
3
3
1
318 Aug 29
12May 4
No par
500 men & Co
3
4
3
4
7
8
7
8
7
8
7
8
8July 7 2438Sept 6
73
1212 12
12
2,100 Under Elliott Fisher Co No par
125
8 1212 1212 12
512June 2 1158 Aug 27
400 Union Bag&Paper CorpNo par
6
6
612
612 *6
55
8 55
8
8
8
2512 243 253
8
8 235 254 235 2418 31,900 Union Carbide & Carb_No par 1512May 31 363 Mar 7
8
813ept 6
8 July 8 153
25
*934 10
10
93
4 93
4 2.000 Union Oil California
93
4 93
4
4June 30 194 Jan 2
No par 113
*1158 13
12
4,300 Union Tank Car
1312 12
*12
13
8Sept 23
612May 28 343
8
4
253 2618 233 2618 233 2414 143,200 United Aircraft & Tran No pa
8
26
50 3014May 13 5712Sept 26
Preferred
5612 5612 *56
400
60
60
*56
57
No par 11 July 6 2812Mar 4
600 United Biscuit
8 1512 1512 1512 152
164 1552 155
100 75 July 8 103 Mar 23
Preferred
50
*90
9812 .87
98'2
90 90
90
IS Sept 26
8June 1
65
No par
12
1318
8
134 115 1214 9,500 United Carbon
123 13
4
134 Jan 11
*18
14
18
14
14
18
18 Nov 7
1
10 13,353 United Cigar Stores
218May 21 20 Jan 11
100
Preferred
33
4
*33
4 414 *318 3'4 1,000
4 33
312June 2 14 Sept 8
No par
812 012
814 85 53,450 United Corp
832 914
932
8
2Sept 8
No par 20 June 2 393
32
34
Preferred
8
3314 318 333 10,400
3414 33
318Sept 2
7 Apr 22
2
*1
112
1
1
138
112 *1
300 United Dyewood Corp_-_100
67 Aug 31
2
23
8July 2
No par
314 .234 312 2,900 United Electric) Coal
3
3
3
3
8
1014June 2 323 Aug 22
No par
233
8 2212 2314 21
2252 2012 2112 8,600 United Fruit
914June 2 22 Sept 8
19
Nopar
20
1912 24,400 United Gas Improve
193 1978 19
8
20
4
9712
No par 70 June 2 903 Dec 22
600
Preferred
4
*957 978 963 968 597
8
96
34 Aug 8
*12 112
3 Aug 8
4
100
112
*12 112
United Paperboard
*12 112
117
8Sept 6
338June 2
4
43
412 412 *412 5
5
8 1,100 United Piece Dye Wks_No par
9312 Jan 21
100 6412June 2
.72
81
*72
81
*72
81
81
634% preferred
3 Jan 28
4May 23
1
118
118
14 5,000 United Stores class A__No par
4 114
1
27 Jan 4 4814 Mat 9
Preferred class A____No par
8
4 475 473
700
4
4
475 *473 4818 473 473
8
4
000 Universal Leaf TobaocoNo par 11 May 31 31 Sept 9
*2412 25
2418 2412 2412 2412 25
8
1512 125 14
290 Universal Pictures let pfd_ 100 12 Dec 23 50 Jan 27
*123 14
12
125
8
4
12 Apr 7
218 Aug 29
7
Universal Pipe & Bad_ _No par
7
8
53
8
*3
4
7
8
*3
4
7
8
714June 2 1818 Sept 6
93 104 2,100 US Pipe & Foundry
20
*1018 104
10
9 8 10
7
8
par 1112June 22 163 Aug 29
No
15
*14
*14
15
1st preferred
*14
15
15
Ws Dec 15
2 June 9
No par
*1
412 *1
10
US Distrib Corp
.1
5
5
14Sept 7
14 Jan 15
100
U S Express
3
2
53
2
3
4
*3
2
52
*3
8
3
4
4Sept 8
31251ay 27 153
No par
834 83
12
9
9
*9
123
8
200 U 8 Freight
43
81:Sept 3
138June 16
412 48
412 434
412
412
No par
4,100 U S dr Foreign Secur
No par 26 June 2 64 Sept 8
*4912 51
50
50
51
50
Preferred
600
50
20 1012June 2 27 Sept 6
2112 203 203
2112 21
20
8
20'2 1,800 U 8 Gypsum
6 Sept 6
112
112 138 1,700 U S Hoff Mach Corp__No par
IN
13
4
2
N Apr 29
1'2
8
4 233 243
253
8 248 243
4 2312 235
8 3,800 U S Industrial Alcohol_No par 1314June 2 361:Sept 3
318
318 *314
714 Sept 8
314 314
114May 31
312
No par
3'2 1,600 U El Leather v t c
53
314June 13 16 Sept 3
6
6
614
No pa518 512 2,100
6
Class A v t o
100 4414June 30 7018 Sept 8
4814 *4414 48'4 44 4 44 4 *4414
Prior preferred v t a
100
' '
413ept 7
4
4
43
8
2 June 2 113
4
4
33 --1 1,200 U S Realty & Impt____No par
4 34
37
8 4
4
4 18
418
114June 2 1014 Aug 30
4
4
No par
3,800 U S Rubber
73
4
75
8 78
7
318June 10 203 Aug 30
100
75
8 77
814
9
8 2,300
1st Preferred
4
1414 1314 1312 1312 1312 1312 1312 4,800 U S Smelting Ref & Min___50 10 June 2 223 Aug 11
8
3914 *3914 4218 4018 4018 *3914 41
50 31 July 6 457 Aug 11
300
Preferred
$ per share
"9
11
53
8 532
*3
4
7
8
1318
*12
312 35
42
42
4
*83 15
*4512 4818
4 3
*23
14
1438
---- ----
43
4
*312
33
4
57
197
8
*12
3
*7,
1212
*6
2434
93
4
13
2514
57
.155
*87
1238
18
33
4
872
333
4
*1
3
223
4
1912
9512
*12
*45
8
*72
1
475
8
2418
15
*3
4
10
*14
*1
*3
2
*88
412
.50
21
2
2412
*318
6
*4418
*4
4
*814
*1314
3914
31
2658
597
8 5518
59
*56
358
4
33
3
8
*14
30
*10
123
8 113
4
4
*212
3912 *3112
1
3
4
5
434
65
59
7712 *7612
1818 1714
93
4 *8
114
114
312 *3
7
8
7
8
17
*16
IN
Ds
*4
8
4
1,
8
33
8
358
73
4
712
*8
8
53
4
1
12
1112
51
*5014
315
8 285
8
1214 12
2718
29
75
7012
6
*5
1712 *12
40
*3612
47
45
42
*38
10614 10614
98
9712
43
4 *4
114
114
612 56
12
*814
22
*1514
____
134
15
8 518
47
--is - 5
*312 4
*312 4
37
8 4
378 37
8
5812
5812 .57
*57
4
214 213 *2114 2214
*12 1
*3
8 1
3
3
*3
312
7
8
7
8
*7
8 1
*125 14
*123 14
4
614 612
7
*612
2514 2638
25N 26
10
10
10
10
13
13
13
.12
4
8
265 2718 253 273
8
*57
60
57
57
8
*155 163 *157 17
8
4
90
*80
90
*80
8
1314 144 134 145
*18
14
14
14
*3
4
*3
5
914 03
2
938 912
343
8
344 34
34
112
*1
112 *1
318 34
3
318
4
237 2414 233 2418
8
8
197 2011
2014
20
8
8
9514 9512 957 957
*12 112
*12
112
5
5
512 53
8
*72
81
80
*72
78
1
•1
118
*4712 4818 4712 4712
.2418 2518 *2418 25
24
2812 *15
18
*54
7
8
*3
4
7
8
*1014 1012 1014 1012
*14
*14
15
15
*1
10
*1
10
*3
8
84
*5
8
52
4
8
*8N 1212 *83 123
*412 43
4
43
4 5
51
513
8
51
51
4
*21
215
8 213 22
112
13
4
13
4
112
*2514 263
4 2512 26
314 312
*312 331
64 612
,
63
4 631
*4414 4814 *4411 4814
414 414
*412 5
418 414
412 412
812 9
*812 9
52
8 134 1314
•1314 137
*3914 40
*394 40
3012
5812
593
s
3
52
*2
8
*10
1218
*212
32
*7
8
*458
63
*7652
•1714
*8
*114
*3
57
8
4
*153
15
8
*4
•1
3,
2
*714
8
*3
4
1112
*5014
304
12
28
*7014
5
*12
4012
*46
*42
•10614
98
412
*14
612
.814
*2014
4359
DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE EIGHTH PAGE PRECEDING.
5
8
112
314
2312
212
14
7
8
44
19
3612
1412
25
22
II
36
1012
33
4
29
5
1054
1
44
12
*14
3
*155
8
24
*1114
*2
4
*4
19
353
4
.13
*183
4
*18
*584
1355
8
912
312
2512
5
87
8
54
4
2878
5712
5912
37
8
12
30
12
4
3912
7
8
434
59
7712
1714
812
114
312
7
8
1612
134
8
I
312
265
8
553
8
*56
312
*14
*10
1138
*212
*3112
*3
4
*412
*53
*763
4
17
*734
•1 18
*3
*3
4
16
15
*4
*7
8
314
712
812
I
1112
51
30
1214
2814
7012
6
1712
39
4612
40
1061 1
9712
44
114
612
12
22
___
134
74
8
*34
1114
*5014
2834
8
117
2718
•7014
*5
*12
*3612
4412
38
106
974
4
*114
612
.814
*1514
__
1318
12
112
34
2312
218
19
7
8
414
10
363
s
133
4
25
22
11
36
912
312
2614
5
1()
3
4
4
5
8
114
3
8
*155
24
.12
7
8
418
19
3512
14
*15
17
*53
4
3412
914
314
*2512
*412
87
8
*38
4
8
8 253
4 255 273
4
273
5512 58's 553
4
58
5914 56
591 *56
312 32
23
4
3c
4
514
1
12
*10
30
*10
30
1118 115
111
8 105
8
*212 4
4
*212
3912 3112
391 *31
*3
4
3
4
3
4
7
412
5
5
5
*46
53
53
68
78
78
774
78
1618
163 17
17
8
8
.75
8
8'4
114
1
114 *118
312 *3
312 .3
1
3
4
54
3
4
4
16 .14N 153 "1414
15
8
IN
13
8
13
4
618
*6
8
8
1
4
7
8
118
3
3
34
31 2
4 73
4
712
73
712
8
8
8
*8
*3
4 1
*3
4
1
11
1014
1114 11
*50 4 51
,
5014
51
4 243
2958 2514 283
8
12
12
1134
12
2818 2412 2734 2412
7014 7014 70
75
*5
*5
6
6
1612 *12
1712 *12
3612 37
3912 *35
45
45
443
46
4
37
33
3612
38
10512 10512 10511
106
971s 9712 9712 *9714
4
4
"35
8 4
114
112
114 *1
4
612
64 *618 63
912 *814 912 *814
217
0-- 22 *---____ ---- ---- ---1318 13
*13
13
5
8
114
3
2312
218
19
7
8
44
19
364
14
25
18
11
35
9'
8
33
29
5
9
1
4
*12
*118
3
*155
8
2
*12
7
8
37
4
183
343
8
113
4
*15
*14
6
35
9
27
8
25
434
812
3
8
4
3
8
112
3
2312
2 14
19
7
8
4
187
8
363
4
1214
24
20
6
35
94
318
2614
43
4
9
5
8
4
100
265 183,700 U S Steel Corp
8
100
573 36,900
4
Preferred
59
No par
100 US Tobacco
No par
312 7,200 Utilities Pow & Lt A
12 1.600 Vadsco Sales
No par
30
100
Preferred
11
4,200 Vanadium Corp of Am_No pa
4
Van henna Co Ino_ _ No pa
5% non-cum pref
100
40
3112
7
8
400 Virginia-Carolina Cherallo par
700
412
6% preferred
100
53
300
7% preferred
10
60 VirgLnia El & Pow $8 pf No par
7714
100
1612 1,120 Vulcan Dahl/ling
8
100 Waldorf System
No par
14 1,200 Walworth Co
No par
Ward Baking class A _ _No pa
312
3
4 1,300
Class B
No par
153
4 1,100
100
Preferred
13 41,700 Warner Bros Pictures_No par
4
618
200
23.85 cony pref
No par
114 1,200 Warner Quinlan
No par
3
2,500 Warren Bros
No par
160
712
Convertible pref_ _ _No par
9
600 Warren Fdy & Pi pe_ - _ _No par
1
Webster Eisenlohr
No par
105
8 1,000 Weeson Oil& Snowdrift No par
5014
100
Cony preferred
No par
26
35,200 Western Union Telegraph.100
12
3,100 Westingh'se Air Brake_No par
255 33.700 Westinghouse El & Mfg....--50
8
1st preferred
100
7014
50
6
100 Weston Eleo Instruml_No par
1612
Class A
No par
37
70 West Penn Elea class A_No par
4434
170
Preferred
100
37
260
6% preferred
100
1053
4
110 West Penn Power pref
100
983
8
210
8% preferred
100
4
500 West Dairy Prod el A.
-No par
114
600
Class B vi o
No par
612
300 Westvaco Chlorine ProdNo par
912
Wheeling Steel Corp
No par
22
White Motor
60
---Certificates of deposit
1412
400 White Rock Min Spr elf No par
•
12
5
8
400 White Sewing Machine_No par
*118
112
100
Cony preferred
No par
3
3
2.100 Wilcox 011 & Gas
6
*1552 2312
Wilcox-Rich al A eonv_No par
2
24 5,000 Wlllys-Overland (Tile)
5
*12
19
200
Cony preferred
100
54
3
4
700 Wilson & Co Ine
No par
33
4 37
8 1,500
Class A
No par
*1858 19
700
Preferred
100
3455 3512 30,400 Woolworth (F W)Co
10
*117 13
8
700 Worthington P az M
100
*14
25
Fria/tied A
100
515
22
200
Preferred B
100
*614 11
10 Wright AeronautIcal___No par
35
35
2.300 Wrigley(Wm)Jr (Del)_No par
812 812 2,880 Yale dt Towne Mfg Co
25
23
4 3
7,000 Yellow Truck Sz Coach el 13_10
*21
25
300
Preferred
100
*43
4 5
300 Young Spring & Wire_No par
812 9
4,000 Youngstown Sheet & T_No par
•
12 1
200 Zenith Radio Corp -No par
4
4
2,910 Zonite Products Corp
1
• Bld and asked prices: no sales on this day. z Ex-dividend. ii Ex-rights. 2 Ex-warrants
2lloJune28 5258 Feb 19
511,June2S 113 Feb 19
55 June 2 66 Apr 27
8
112May 25 103 Jan 14
118Sept 8
14 Mar 3
12 June 1 20 Jan 9
514May 31 2314Sept 6
7 Feb 24
214 Apr 4
4Sept 7
15 July 13 423
238 Aug 25
12 Mar 14
312 Feb 28 1114 Aug 24
4
'20 Apr 12 693 Nov 18
80 June 9 90 Sept 9
3478 Aug 2/
714July 11
19 Jan 2
718May 31
43 Aug 30
8
34June 27
214MaY 14 1014 Jan 13
25 Jan 14
8
4MaY 7
12 May 31 4012 Mar 16
44Sept 9
12June 2
4 June 2 20 Feb 1
24 Aug 30
12May 26
8E3ept 8
14May 28
2 June 2 1712 Jan 14
712May 13 1414 Sept 9
2 Jan 18
38May 4
812July I 20 Sept 6
4234July29 5812Sep1 8
1238June29 50 Feb 19
914 Apr 8 1818Sept 2
155sJune20 4312Sept 7
5212June 2 82 Sept 9
914 Feb 19
212 Ard' 8
1314 Apr 8 19 Jan 19
25 May 27 SO Sept I
22 June I 76 Jan 11
20 June 2 70 Jan 12
80 June 10 111 001 10
6612June 10 10134 Mar 28
34 Nov 10 1612 Mar 3
85$ar 4
43
1 June 1
8
3 June 1 125 Mar 9
5 June 11 15 Sept 6
8June 2 2714Sept 14
67
1934 Nov
24 Oct 5
11 July 7 2812Mar 7
14 Apr 8
24 Aug 29
3 Apr 8
4
23
4Sept 6
814 Aug 12
4May 4
23
1312June 2 2012 Mar 17
3
8May 26
37
213(10 8
6 June 7 25 Jan 26
%June 2
13 Mar 14
4
15
8May 31
47
sSept 1
11 June 2 31 Mar 10
22 June 2 455 Mar 2
8
5 May 31 24 Sept 8
1412June 2 41 Jan 15
12 May 27 31 Sept 3
37 Apr 8
1812 Sept 8
2514June 1 57 Jan 18
612July 5 15 Sept 23
73
4Sep1 6
18sJune 1
12 May 17 401213ept 8
2
3 June 2 117 f3ept 9
4 May 25 271213ep1 6
2 Jan 22
12May 17
94 Mar 8
4 Dee 3
PER SHARE
Range for Precious
Year 1931.
Lowest
Highest
per share $ per share
12 Dec 35 Mar
63 Oct 18 Feb
8
83 Mar
8
7ii Dec
1412 Dec 3414 Mar
218 Dec
9 Jan
2012 Oct 6°
Jan
18 Mar
8
97 Nov
30 Dec 83 Feb
312 1)ec 12 Feb
1612 Dec 59 Feb
IN June
412 Nov
6 Dec 14 Apr
2 Dec 18 Feb
24 Dec 1712 Mar
2 Dec 113 Feb
4
364 Dec 9414 June
24 Dec 455 Feb
8
1
Dec 10
Jan
57 Dec 24 Feb
s
2 Dec215 Mar
133 Dec 753 Feb
8
4
5 Dec 14 Aug
274 Dec 72 Feb
11 Dec 265 Feb
8
18 Dec2518 Jan
9 8 Dec387 Mar
7
8
40 Ort 6114 Aug
18 Dec413 Mar
4
90 Deo 122 Mar
618 Oct283 Feb
4
14 Dec712 Apr
20 Dec278 Apr
712 Dec3114 Mar
2618 Dec 5218 Mar
312 Apr
3 Dec
4
12 Feb
3
Jan
4
1712 Dec 873 Feb
8
153 Dec 3712 Mar
4
83 Dec 1063 Aug
314 Jan
2 Sept
914 Dec 3134 Feb
93 2 Dec 10812 Mar
3
95 API.
138 Dec
8
Oct52 Apr
21
8
157 Oct4112 Apr
24 May 5712 Aug
4 Oct4 Feb
10 Dec 374 Mar
133 Dee 2014 Mar
4
4 Dec 10 Mar
IN Jan
as Dec
412 Dec 3012 Mar
17 Oct1212 Feb
8
40 Dec 90 Feb
1412 Dec 60 Mar
212 Dee 123 Apr
8
203 Oct773 Feb
8
8
8
13 Dec10N Mar
3 14 I)ec 157 Mar
8
5714 Dec8612 July
512 Dec 364 Feb
312 Dec 203 Mar
8
618 Dec 364 Mar
123 Sept 25N Nov
8
35 Sept 47
Apr
38 Dec 1523 Feb
8
94 Dec 150 Mar
8
MN Dec 717 Mar
Feb
77 Dec 31
8
2 Feb
38 Dec
14 May 28 Feb
11 Dec768 Mar
7 Oct 145 Oct
8
22
Oct 60 June
12 Oct
314 Feb
234 Dec 17 Feb
34 Dec 71N Jan
81 Dec 109 May
8
204 Dec 713 Feb
173 Oct277 Feb
8
8
112 Dec 15 Feb
64 Apr 2712 Mar
112 Dec85 Jan
8
24 Apr 574 Jan
218 Dec203 Feb
8
812 Dec4012 Jan
7 Dec
8
73 Feb
8
4
8
33 Dee 463 Feb
124 Dec 497 Feb
8
1314 Dec 32 Feb
4 Dec
6 Feb
12 Dec 2614 Mar
4414 Oct 574 Feb
4
3812 Dec 1503 Feb
11 Dec 3618 Feb
2212 Dec 1074 Feb
6014 Dec 11912 Feb
6 Dec 28 Feb
219 Dec 3614 Jan
5018 Dec 10514 Apr
55 Dec 112 Mar
494 Dec 103 Mar
9314 Dec 120 Feb
98 Dec 11312 July
814 Dec 4412 Feb
218 Dec 127 Mar
8
738 Dec 40 Mar
9 Dec 2014 July
7 2 Oct2814 Jan
3
20
78
1
28
1714
134
1412
4
IN
15
35
1514
3814
23
74
46
84
3
1512
6
12
4
63
4
Dec 472 Mar
Dee
5 Apr
4
Dec 103 Apr
93 Mar
8
Dec
Dec 30 Mar
8 Mar
Oct
Oct 56 4 May
,
4 Feb
Oct
4
Oct 103 Feb
4
Oct 513 Jan
4
Dec 723 Aug
Dec 1067 Feb
Dec 95 Mar
2
Dec 833 Mar
Dec 27 Feb
8
Dec 803 Mar
Jan
Dec 30
Dec 154 Mar
Dec 76 Mar
Dec 29 Feb
Dec 78 Feb
514 Feb
Dec
Dec 14 June
New York Stock Exchange -Bond Record Friday, Weekly and Yearly
4360
On Jan 1 1009 the Ezchange method of quoting bonds was changed and prices are' "ant interest'-ezcept for Income and defaulted bond..
now
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 23.
a
Price
'Haag
Dec. 23.
Week'.
Range or
Last Sate.
U. S. G
mutt.
Bid
Ask Low
High No.
First Liberty Loan34 of 1932-47
/
1
%
.1
1021044 Sale 101",:1022% 1290
Cony 4% of 1932-47
.1 D 101
101144 Dec'32 Cony 434% of 1032-47
.1 D 102%2 Sale 1013144 1031n 175
2d cony 41% of 1932-47
/
4
.1 D 101141 __-- 100142Oug'32 ---Fourth Liberty Loan43:% of 1933-38
A 0 103's, Sale 10301421039 836
n
'Treasury 43:9
1947-1962 A 0 109°,2 Sale 108334:1092042 635
Treasury 4:
1944-1954.1 0 10642 Sale 105342 106442 2098
Treasury 3
/
1
4s
1946-1956 M 8 10434: Sale 10313 10434: 721
:4
Treasury 3 9
/
1
4
1943-1947.1 D 102342 Sale 101342 1013042 286
Treasury 3a___Sept 15 1951-1955 M S 9744: Sale 96134: 97.444 1432
Treasury 3548 June 15 1940-1943.1 D 10125 Sale 1013142 102
,1
110
Treasury 31
/
4s.Mar 16 1941-1943 10 S 0121n Sale 101174210130n 281
Treasury 33is_June 15 1940-1949.1 D 9942 Sale 984
42 99344 2062
Range
51109
AM. 1,
N
Price
Friday
Dec. 23.
BONDS
Y. STOCK EXCHANGE
Week Ended Dec. 23.
Week's
Range or
Last Sate.
Range
Since
Jan 1.
Bid
Ask Low
High
High No. Low
High
5214 a48
Dominican Rep cust Ad 54s'42 M S 46
50
5
36% r62
943421023
%
2d settee s t 51
1942 M S --------50 Feb'32 ---/
4e
50
60
9844410211..2
lit ser 61 of 1926
0 364 39
/
4e
97334110234a
2d series sink fund 5Hs_ -1940 A
3g=i4 Eac
e°
1::::
940 A
Z. PI
100%21012n Dresden (City) external 7s...1945 M N 5312 60
53
5514 13
7254
44
1
Dutch East Indies extl 68...1947 .1 J 100 Sale 993
4 100
36
79 101
/
1
4
98%410323n
40-year external 65
76
S 99% 101
9912 10014 27
101
98w:410930o
30
-year ext 51
741k 100%
/
4
8_Mar MIN
987 Sale 987
8
9918
3
94 1061i:
30
9912 9918
-year eat] 5lis____Ney 1953 10 N 98
8
99%
2
75 100
891301043n El Salvador (Republic) 8e A.1948 J .1 55 Sale 55
55
1
20
65
871444101 1022
Certificates of deposit
J 1 ---- 5
912 6
0 Deo'32 ---40 030
8234: 981/42 Estonia (Republic of) 7e__1967 J .1 45 Sale 4 /
3
1
4
45
18
3212 541
4
873%4103
Finland (Republic) extl 68_1945 M 6 5012 60
55
62
2
41
734
88142101314:
External sinking fund 78_1950 M 0 66 2 Sale 653
,
4
6978 11
42
743
83 99131.
External sink fund 6148_1956 M 5 6 s Sale 5
05
66
0
6212 22
88
4018 73
External sink fund 51
56
563
8 25
35% 68
/
4
5-1958 F A 5419 58
State & City-See note beloto.
Finnish Mun Loan 61 A__1954 A 0
5
/
4
8
4018 67
40
667
:
53
13
External 8346 series B__ _1954 A 0 511 Sale 5112
/
4
Foreign Govt. & Municipals.
Frankfort(City of) s f 8345.1953M N 4114 Sale 40
35
418
1418 413
4
A gr1e Mtge Banks? 68
1947 F A
28
30
28
French Republic sexo l1 eis A 941 ., D 14756553_11:2 sa6:17545034
291
12
2014 41
vyreroment 7; _ 1 655 J
tf
r 2_
6 6a11_2 3
_s :1.
4. e
4
14557 115463 112038 14557
2
7 2107
144
2
7%
Sinking fund 88 A-Apr 15 1948 A 0 29 Sale 28
22
/ 41
1
4
16
29
4
External 7e of 1924
1949 J D 1183 Sale 1174
11912 80 al08 8 120
7
497 74
Akershus (Dept) ext 58
1963 M N 67% Sale 67%
55
70
Outlands (Dept) coil 7s A 1945
945
j
..1
6% 85 e
7 Sal
le
618
8
7
22
13
3
3 15
6%5
External s f 7:ser B
Ge
tronal 3 11
l 1:1.
5External s f 7seer C
1
1945
714 Sale
612
714
5
3 4 15
3
German Republic wit] 75..._ _1949 A 0
79
283 40113 79
4
External s f 78 sect)
1945 J .1
7 Sale
5 15
614
2
7
19
German Pros & Communal Bk,
External s ? 7a ist ser
6% 10
1957 A 0
612 63
4
1312
6
(Cons Agile Loan)6348 A_1958 J D 40 Sale
External sec if t 78 2d ser 1957 A 0
612 Sale
6%
612 17
4
/ 143 Graz (Municipality) 88
1
4
4
1964 M N
External sees 27,3d ser__1957 A 0
4
15 (It Brit & Ire(U K of)61 _1937
0_5
105% r10634 418 a88 12 4
64 634 6%
614
6
/
1
9
/
4
2 11
9
8_
3
Antwerp (City)external 56_ _1958 J D 78 Sale 7338
a761 1?e0
4/
4
78
43 a84 0901a
14
Registered
;
1 --------1028 3,ec 8
4
:32 --- 100 10414
Argentine Govt Pub Wks 68_1980 A 0 391 40
041s 61
/
4
39
14% Iliad loan I opt 1980_199C M N
41
30
- tag tizz
i
Argentine Nation (Govt of)Greater Prague (City) 7349_1952 M N
Sink funds 6,02 June 1925-1959 .1 D 393 Sale 39
1 25
_
4
44
69
36
6719 Greek Governments f sec 78.1964 M N _!2 9912 871 Dec712 _-301
83
'22
3
17
6311
Esti s f 8ii of Oct 1925____1959 A 0 395 Sale 387
8
34% 67
1968 F A
1614 18
8
115
44
Sinking fund sec 68
16
163
4
7
12
48
External a f &series A...._ _1957 M 5 3934 Sale 3912
345 68
179
45
Haiti (Republic)8 f5a
78 a74
1952 6 0 73
62
84
76
9
External 13s series B_ _Dec 1958 J D 3912 4612 39
3414 67
43% 74
Hamburg (State) 68
1946 A 0
63
IR
--kg 47, 2
--,
3
114
En's f 68 of May 1926...1969 M N 40 Sale 39
348 67
3
4234 24
5
3
Heidelberg'(German)extI71 '50 1 J 1f Ste 48 %
458511 16
/
4
8
20
50
External s f 613 (State Ry).1960 M 5 41 Sale 39
3418 68
43
73
Hebilngfors(City) ext 61
/
4
9._1960 A 0 -- -- 47
0 1
5
6
'2 47
10 a2 4
4
'2
48
341 07
44
41 sale 39
83
Eat' thi Sanitary Works- -1961 F A
11 Hungarian Munle Loan 7 lis 1945 J .1
10 Sale 10
13% 19
7
a
Extl tle pub wks May 1927 1961 M N 40 Sale 39
344 67
/
1
92
/
1
4
43
External of 78_-_Sept 11946 1 1 1534 Sale 153
8
1614 13
Q's 26
Public Works extl 51
/
4
e1962 F A
3514 Sale 3514
3034 5934 Hungarian Land ?A In@ 71 '61 M N
23
263 2334
40% 75
4
/
4
6
17 r40
23%
5
Argentine Treasury be £...1946 M 5
2414 Sale 2414
1961 M N
50
50
2
41
67
Sinking fund 734.set B
2
21
112 12
Australia 39-yr 511_ __July15 1955 J -I 734 Sale 73
35 Sale 33
7612 398
461t 8 4 Hungary (hIngd of) 9f 71
83
/
4
8.1944 F A
External 58 of 1927__Sept 1957 M 5 74 Sale 74
77
259
46% 89'4 Irish Free State eat' s f 58_1980 M N
7312 80
7312
75
2 egg
81
External g 4 lie of 1928-J956 M N 69 Sale 69
41
82.4 Italy (Kingdom of) extl 78_ _1951 J D 9812 Sale 98
7114 158
99
134 a82
99 4
,
1943.1 D 90 Sale 8914
Austrian (Cost) 8 I 78
82 s 98
8
Itallan Cred Consortium 76 A '37 M 8 a96 Sale 96
57
91
98
7
8014 100
1957 J .1 51 Sale 5014
Internal s f 76
55
20
External see,f 78 ser 13__1947 M 8 94 Sale 931
52
53
%
70
/ 948
1
4
5
948
Italian Public Utility exU 78.1952 1 1 89 Sale 873
4
90
41
65
90
1945 F A 56 Sale 5234
Bavaria (Free State)61
/
4
s
22
5612
5612 20
/
4
5
1949 M 5 983 Sale 98
Belgium 25-yr ex tl 61
4
61 Sale 594
83 102
Japanese Govt 30-yr a f6/
995 Ill
8_1954 F A
1
4
6134 193
52
/ 84
1
4
1955 J J 93% Sale 9019
10018
External 8 f 69
80
Extl sinking fund 5lie_ _1965 M N 5014 Sale 49
93% 112
50% 43
43% 7314
External 30
-years f 7s.....19551 D 1021 Sale 101
,
9134 107
94
Jugoslavia (State Mtge Bank)104
Stabilization loan 713
1956 M N 102 Sale 10014
913 106
4
4
168
Secured a f g 7s
103
1957 A 0 173 18
18
7
174 43%
8
1914
Bergen (Norway)Leipzig (Germany)s f 78.-1947 F A 52
543 5134
4
527
4
1613 55
3
55
80
Extl sink funds 5e_Oct 15 1949 A 0 774 Sale 75 8
7714
Lower Austria (Pros) 7lie_ _1950 1 0 46
4
50
3
498 493
2
32 ,10 142
60 2
155:
,2
go
74 Dec 3 __ _ _
46
76
External sinking fund 58.-1960 M S 70
Lyons (City of) 15
-year 61_ _1934
Sale
9830106
17
Berlin (Germany):f 81
8-195C A 0 47 Sale 46
15% 4814 Marseilles(City of) 16 yr 68_1934 11 i 110113344
4 4
/
4
48% 83
2 18,43% Arpar23304
2
Externals f 69_ -June 16 1958 J D 434 Sale 43
45
Medellin (Colombia)6lis_ _1954
67
15
45
8
8 9882
2
7
-a
8
63 :23
4
25
Bogota (City) extl f 88._ _ _1945 A 0 107 16
1434
Mexican UN' Asians' 4 lis_ _1943 M N
12
17
51
5 Noy: 2 __.____
3 oeo 32
2
/ 314
1
4
Bolivia (Republic of) extl 88.1947 M N
334 Sale
3
/ 10
1
4
Mexico (US) ext1 fis of 1899 2'45 Q i ---- ---- 26
34
3
4% 78
----------External secured 7s Ulat).1958 J J
312 Sale
312
912
21
/
4
Assenting 58 of 1899
.s 51- 3
2
1945 ---33
4 32
314 49 --2 --184
1969 M S
3 Sale
31
External if 79(fiW)
/
1
4
84
/
1
2
Assenting 511 large
4
87
112 5
Bordeaux (City of) 15-yr 69-1934 M N 1043 105 1043
98 4 106.,
4
4
6
-_-_-- -.
4
Assenting 45 of 1004
jilt -11043
Brazil (U Sot) external 8s-1941 .1 0 17 Sale 1612
16
3118
Assenting 4s of 1910
18% 55
2 4 47
1118 5 8
3117 : Dee'13722
.
131: '2512
External a f 61 of 1926_1967 A 0 15% Sale 1514
/
4
9
Assenting 4s of 1910 large-- 2:: - 8 -2
17- 28
161 103
/
4
2% --6
52
6
External e f 61 of 1927-.1967 A 0 15 Sale 143
/
411
14
25 8
3
Assenting 4502 1910 small__ .. --- _
-----1612 90
21% 6
4
28
78 (Central Ry)
1952 J D 1414 Sale 14
12% 25
Treaa lle of 13 aasent (large)'331
143
4 29
3
5
21/4 47
Bremen (State of) eat! 78
1935 M 9 6112 Sale 61
26
64
64
65
Small
1957 M 13 8314 8538 64
0 -}iii- fide- 8 1'4
Brisbane (City) s f 58
33
/ ih
1
4
4
Milan (City. Italy) eat'61481952 188
83
2
7
57:a 87
25 6
8g72 123
7
8
Sinking fund gold 55
1955 F A
32
83 Sale 63
787 Minas Deraes (State) Brasil8
665
63
1950
20
-year s f 6e.
D 70 Sale 70
37
857,4
1954 M 8 1012 Sete
External a 61
914
7112 13
/
4
e
11
26
8
161
:
95 Sale
Budapest (City) exile!68-1962
D 24 Sale 2234
24
123
1112 3
013
EMI see 61 series A___1959 M 5
/
4
s
9
1012
9
81 17
:
Buenos Aires (City)634s 2 B 19551 .1 374 Sale 3612
1t 2
33
68% Montevideo (City of) 76_1962 1 D 17 81714 717 D 0778 4
/
1
38
109
: 121
6
117 2:
; 84
144
,32 1 :91 88974
External s f 6e ser C-2._ _ _1960 A 0 3212 37 35 3
31
53
External a f 68 series A_ l959 r, g12
3512
5
,
A
4
External s f 68 ser C-3-.1961 A 0 3212 37
28
56
327
33%
6
New So Wales(State)extl 58 1957
A 0
Buenos Aires (Prov) extl 68_1961 M 6 18 Sale 0163
4
External a f 55
4
154 0162 3714
Apr
19
1961 F A
18 sale 17
19
External 9 f 634876
17
37
Norway 20
-year ext lis
1953 l' A 85 Sale
9 8
4
86
37
37000:1 982985
Bulgaria (Kingdom) 82 79..1987 J J
16
34
8 Sale 8
3
4
10
20
187 15
-year external 138
1614 12
19 2 5 0 8 34 sale 8434
54 F A
4
3
11122 11
67304 89407s
Stabil'n s f 7lle_Nov 16 1968 MN 2212 Bale 2219
4 al412 4114
2212
30
-year external 68
40-year, f 5to
1965 1 D 78
8134 8018
641a 854
81% 10
8
22
11 Sale 103
Calder;Deptof(Colombia)714948 1 J
4
External e f 58.....Mar 15 1963 M 8 78 Sale 78
12
20
797
: 30
9214
71
4
5978 80
Canada(Dom'n of) 30-yr 46_1960 A 0 853 Sale 843
4
Municipal Bank eft' ii f 54_1967 1 0 7014 78
86
157
4
74%
744
1952 M N 9914 Sale 987
56
4
Municipal Bank ext.) 5258.1970 1 0 704 -___ 74
048 8038
8
125
100
7
7434
1936 F A
87 ' ' Nuremburfr (City) mit'68-1952 F A
6 10 2
12
01
75
43:s
983 Sale 9
4112 Sale 414
4
99
15
45
834
45
24
61
1954 1 J SO
90
Carlsbad (City) s f lis
/
1
86
Oriental Devel guar 68
86
6
5
88
5
1953 M 8 434 Sale 437
8
3
38 3 % 72
3
8
44
5
/ 1919
1
4
Cauca Val (Dept) Colom 73is '46 A 0 1014 Sale
Extli deb 5148
681
,
9
1958 M N 42 Sale 39%
1014 10
42
Central Agrle Bank (Germany)
Oslo(City)3m ye:r 6348-.........19 5 4
1, 23588
60
90
a(ite 0 e is f 66. 186 1$; 89512 Sale 82,
3
5 1
2
.
8212
2
Farm Loan s f 75...Sept 15 1950 M 13 60 8 Sale 5812
3
62
121 ar 3 ,
lis4 134
9
Farm Loan,I 68_ _July 15 1960
.1 5112 Sale 5012
154
Z1
53
85 100
6
51
Farm Loan 8 t 69__Oct 15 1960 A 0 5112 Sale 5013
Extl 9 f Eis set A__ May 15 1963
rat ,9 4
272
101
53
,
9
4P 19
23
6212 Pernambuco (State of) ext1 7,47 M 8
Farm Loan 68 ser A Apr 161934 A 0 81 Sale 59
6 Sale
6212 247
6
4
/ 19
1
4
Peru (Rep of) external 78_1950 M 5
Chile (Rep)-Ext1 s f 78-1943 M N
519 Sale
5%
(63 7% 7%
8%
1
14 37
2
8
4118614 7141492714s
3
/ 15
1
4
Nat Loan extl s 1 6s 1st ser 1980
5% 143
External einklug fund 69_ _1960 A 0
3
10
22
Sale
5 Sale
44
/
1
128
3
143
4
A
Ext sinking fund (18__Feb 1961 F A
512 136
Nat loan extl s f 88 2d ser_1961 j S
Q
43 Sale
4
2% 91
:
Tl:
414
.13
4 59
3
/ 15
1
4
Jan 1961 1 J
Poland (Rep of) gold Os_ _1940 A 0 53 Sale 511
fly ref ext 9 f 613
43 Sale
4
4
43
5% 106
44
6014
7
:
5314
4
47
1514
5% sale
Ext sink fund es
Sept 1961 M 5
Stabilization loans f 78_1947 A 0 528 Sale 50
5% 71
/
4
391 5812
118
55
3% 1412
External sink fund g 86.- _19(6 1 . 58 Sale 57
External sinking fund 68_1981- M 6
43 Sale
1
4
9
43
4
58
,
59
104
43
:15
5
61,,
864 141 Porto Alegre(City of)88... _1961 1 0
:
External sinking fund 68...198310 N
43
8
43 Sale
4
16
512 66
7% 93, 8
10
9
4
20
EMI guar sink fund 71
Chile Mtge Bk 6)4'June 30 1957 1 1)
/
4
9% Sale
30
s...1966 1 1
91s
10
7
7
7
8% r32
1511 5132
Prussia (Free State) esti 6S41 '51 M S 5014 Sale 4914
7
53,4
B t 6548 of 1926June 30 1961 J D
1234 Sale 12%
1312 43
52
9
% 127
11
4
151
: External 8 t 65
Apr 30 1961 A 0
Guar 8 t Os
1951 A 0 5014 Sale 4812
8 Sale
7%
8% 150
5112
3
192
9
16 4 Queensland (State)esti BIM 1941 A 0
60i li3
4:y u 1
1
3
Guar s f 6s
1962 M N
8 Sale
8
4
914 62
3
218 13
1960 51 5
25
-year external fle
1947 F A
Chilean Cons Munk 79
3 Sale
/
1
4
30
: Ft
47
2
g112 Deo9:132
31/4
6
3
/ 17
1
4
Rhine-Main-Danube 7s A_ __1950 M 5 6114 63
Chinese (Hukuang fly) 58_ _196i . D 174 297
1
3%
8 313
6012
4
63
8815 Rio Grande do Sul Mist85_1948 O 0 1012 11
63
2
Chrlatlaula (Oslo) 29-yr s t 134 '54 M 8 76
84
82 84
101e
1114
8
External sinking fund 68_1968 i D
77
4
478
16
Cologne(City)Germany6 ge 1950 M S 4734 Sale 4612
Exteraal ii i is 51 19 1,5 1987 Aj D0
ii , , - 966 M 91
, 26 .
47% 26
1e
5
137 40
:
External,
Colombia (Rep) 68
Jan 1961 1 J 30 Sale 29
39
24
1 .1 66818 te 66818
83 80aalee
7 Saile
e
7112
677 -14
2914
8 2 19
6
83:
2
5834.
147 4
'
11 a
13% 40
Ext a f 85 ot 1928
Oet 1961 A 0 394 Sale 29
Rio de Jam*"25
-)ears f 88_1946
18
2 387
913
17
31)
Colombia Mtge Bank 6lis of 1947 A 0 24 Sale 2012
External e f 6lis
1963 F A
5% Sale
5
14
25
7
13111534 2fil
82
7 44
5%
17
30
Sinking fund 7,0! 1926...1946 M N
Rome (City) extl 6lis
24 Sale 223
4
244
15
Sinking fund 7502 1927...A947 F A
mrdam (C11y,, e.0 6_ .1115 ,
288441144r1055112
173 30% Rotte anla (510, iti 675-- 191,4 l'°11 '..? 3
)ef
24 Sale 2
2514 16
.
9
9n ?11e14 311514
13
4
3338 g3 4
0
Copenhagen (City) be
551a 84
Roil
F A
1956 1 D 71 Sale 69%
7112 50
34
6
46
25
-year g 434s
n Saarbrueeken (City) ds
1653
1953 M N 667 Sale 66
8
68
31
Cordoba (City) esti s f 75._ _1957 F A
818 34
Sao Paulo(CRY)If 88._Mar 1962 M A
7
10 Sale 10
23
10% 16
11 Sale 1018
12
12
23
External e t 78..... _Nov 15 1937 M N
16
46
External a f 6 34s of 1927._1957 M N
0 .17
Y
i
25
28
243
4
29
• Sale
6%
8% 30
12
20
Cordoba(Prov) Argentina 791942 1 J
42
San Paulo (State) extl 8 f 89_1936
J
lifl Sale u;
2338 27
!
! 184 60
1
.
2318
22 3
,
External sec s t 88
Costa Rica (Republic)
8
25
21 r45
External 8 f 7s Water L'n_ilt ., t ri14
75 Nov 1 1932 coupon 00_1951 M N
22 Sale 21
22
8
8
18
•
614
.2
17
'
k
271:
17
External,? 66
78 May 1 1936 coupon 00_1951
18 Sale 17
19
18
1968
1
818 Sale
818
9
75
7
17
7838 r96
Secured s 1 78
Cuba(Republic) 5/3 of 1904_1944 &Via 90 Sale 90
1
1940 4 0 5218 Sale 52
99
4512 85
110
54
External 55 of 1914 ser A__1949 F A 90
83
93
Santa Fe (Prov Aril Rep) 79_1942 M S 147 Sale 123
1218 464
/
1
..
9112
91%
a
8
15
21
1949 F A
52
Saxon Pub Wks(Germany) 7e'45 F A 81 Sale a59
External loan 4349
82
71
1612 63
75
761e Dee'32
119
63
/
4
8
Gen ref guar 64:
J
66
82%
13Inkla fund 51 Jan 15 1953
787 --1-6
___ 741 763
/
4
13
571
/
4
4
94
wke 515 June 30 19461 D -4012 Sale 39
/
4
33
43
Saxon State Mtge Mat 7s.. _ at
Publit
4214 85
214 gat an12
14
gl': 12
Cundinamarca (Dept) Colombia
Sinking fund g 8/ _Dee 1946.1 D 56 Sale 55%
1
48.
111 2
11, 4222
131 61 4
5
: '
55% 10
1959 M N
/
4
9
External a f 81
3% 17
Serbs Croats A Slovenes 88. _1962 M N
10 Sale
16
M10
9
%
1114 64
18
181: 18
1834 12
1951 A 0 93
External sec 78 ser B _ __ _1962 M II
Csecboslovakla(Rep of)8a
4
/ 95
1
4
2 673 1011i
18 Sale 1712
19
48
70 10019 Silesia (Prov of) Intl 78
Sinking fund 8s ser B____1952 A 0 93% 951: 93 2
33'4
6
98333142
1958 Jr 0 397 Sale 397
8
42
66
2154. 4477
'
-year (lett(is____1942 J J 88 Sale 88
1
.. z o n
,
4
n w o /tzn 6.8 16
Denmark 20
9018 54 a6534 96 ;11li Ian8lindy ogen;t ... 9 ,r A it
.- /f s
:„
igi, sax 141%4
27
42
1955 F A 83% sale 834
59
91
/
411
External gold 51
8438 27
6
10611
3
97 1 7
"
1
49.
External g 4/ -Apr 15 1962 A 0 72 Saba a711
72% 77 a4718 8112 Styria(Pros)external 75.-1946 F A 45 Sale 44
/
4
45
10
57
9212 Sweden external loan 51
Deutsche Bk Am part elf 88_1932 M 5
85 Ney'32 - _ _
/
4
8_1954 51 N 9618 Sale 9534
07
52
2752
Pas
SwItzerland (lost extt 8148_1946 A 0 10418 Sale al(14
Stamped
75% 86
-- -Si- 13;11 82
83
65
101 r105e4
1043
4 48
Low
.
mks n
----
-
r (8)11,22
riN,
.
r Cash sale. a Deferred lellyery. .1 At the exohange rate of 54.866' so the i sterling.
-State and City Seauiritles.-da lea of State and City securities occur very rarely on the New York Stock Exchange and usually only at long intervals, dealings in
NOTE.
such securities being almost entirely at private sale over the counter. The Stock Exchange record hence Is imperfect and misleading, and accordingly we omit It here;
BM and Asked Quotations, however, by active dealers In these securities will be found on a ilubsennent Page under the genera) head of "Quotations for Unlisted Securities.'
New York Bond Record-Continued-Page 2
Dec. 24 1932
BONDS
N. Y. STOCK EXCHANGE
Week Ended Deo. 23.
H
Pries
Fiday
Dec. 23.
Week's
Range or
Last Sale.
g
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 23.
3
t
a.
4361
Price
Friday
Dec. 23.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
Bid
High
Ask Low
High No. Low
High
Ask Low
High No. Low
fttd
Foreign Govt. 14 Municipals.
24
66 4
8
1
3812 70
79
34
Chicago Great West let 4e-1959 MS 313 Sale 31%
13812 92
1955 FA 6614 Sale 6614
Sydney (City) e f 514e
60
32
2
42
J 3618 4212 42
42
j j 40 Sale 40
381s 87 4 Chic Ind & Louisv ref 6s____1947
86
1
Taiwan Elm Pow s f 534e-1971
55
36
8
1947 ii __-- 397 40 Dec'32
48%
29
Refunding gold 55
3612 32
r34 15
Tokyo City Ss loan of 1912_1952 MS 36
51% Sept'31
1947 J J
4412 26
70
Refunding 48 series C
36
1981 AO 4412 Sale 41
External s I 644e guar
1712 10
1966 MN 13 Sale 13
2
:
714
61 18
let & gen 58 ser.e4 A
8 8
61
1
74
Tolima (Dept of) exti 78-1947 MN
13
46
7
1
/
164
1
4
411 73
let & gen 6s series B_May 1986 J J 13 Sale 13
63 82%
8
1327
Trondhjem (City) let 5441-1957 MN 60
8112 80
2
131%
J 50 ---- 8111
16
2
-year 0_1956
4812
6112 Chic Ind & Sou 50
(Prov) 75
1945 J D 4812 Sale 48
Upper Austria
98
5
95 4
9812
3
95 4 95
1
3D 95
4
1 43
16
9
Chic L S az East 1st 4401969
: 41
-June 16 1957 J O 4012 5314 401
External s f 630
4212 71
421:
4312 24
50
50
29
1
35
Chl M & St P gen 0eer A 1989 J J 43
3212
32%
Uruguay (Republic) eat! 88 1946 FA 32
62
40
2
42
40
40
35
2013 397
45
Gen g 3446 ser B___May 1989 J
4
25
1960 MN 25 Sale 2214
External 168
44
4
1
/ 72
28
46
89
22
May 1989 J J 4412 Sale 4412
:
Gen 440 ser C
2412 24
54
May 1 1964 MN 241 Sale 22%
External s f Be
48
72
48
5
4
1
/ 9912
80
46
6
May 1989 J J 4414
4
1
Gen 434e ear E
96
Prov Mtge Bank 78 '52 AO 9518 963 95 4
Venetian
76
64
May 1989 J J 4618 65 57 Dec'32
31
67
4
7
84 4
4e
/
Gen 41 ear F
58
4
Vienna (city of) extl a t 613..1952 MN 553 Sale 557
5155 137s 42
1412 Sale 13%
18
24% 4514 Ch1c 1V(11w Sip & Pan 5s A .1975 FA
25
38
Warsaw (City) external 73_1958 FA 37 Sale 3634
7
2 3 167
3
414 Sale 037
4
414 428
Jan 1 2000 *0
40
76
Cony azu be
4612 34
eat' 68_ __1961 Jo 4612 Sale 45
Yokohama (City)
85
61
3914 28
Chic & No West gen g 3345_1987 MN 36 Sale 35
41% 41%
41% Aug'32
Registered............... Q F 3214 34
Railroad
70
86
23
43
1987 MN 40 Sale 40
105 Sept'31
General 45
Ala Gt Sou let cons A 5s____1943 J o 60
4814 70
60 Sept'32 _
831g
78
Stpd 48 non-p Fed Inc tax '87 MN
8012 Feb'32
1943 J o 55
let CODS 48ser B
73
541
5212 Nov'32 _
51
87% e3
4
Gen 4He stpd Fed Inc tax.1987 MN 40
83
83 83
Susq 1st guar 330_1946 AO 82
Alb &
49% 83
8
497
9
51
51
71
65
(her Se etpd Fed Inc tax__1987 MN 46
6612 Sept'32
Alps & West let g gu
_1998 AO 81
86
49
1
52
52
75
1933 MN 52
95
78
Sinking fund deb 55
7
91 Sale 91
91
1942 M
Alleg Val gen guar g 45
76
80
_
4
1
/ 40
13
Oct'32
MN
60 60
301 29
24
29
Registered
3
Ann Arbor list a 411_ _ _July 1995 J J
52
87
11
52
55
9412
MS 50
:
5412
-year secured a 644s._ _1836
15
9312 211 a741
-Gen g 46_1995 AO 92% Sale 9214
A tch Top az S Fe
18
67
1914 57
881
77
May 2037 3D 16 Sale 16
: let ret g 5e
88% Nov'32
AO
Registered
14
46
4
1
/
37
17
89
70
1
let & ref 430stmp_May 2037 3D 14 Sale 14
: 83%
831
Adjustment gold 4e__July 1995 Nov 8312 90
14
Ws
57
17
8513
83
dc ref 4Hs ser C_May 2037 JD 14 Sale 14
8414 50
Stamped
July 1995 MN 8312 Bale 8312
81s 39
1214 791
3
94
10 Sale
85
72
1949 MN
Cony 43:6nel-tee A
80 Aug'32
MN
Registered
84
60
2
76%
7612
Cony gold 411 of 1909-1955• D 7812 77
SO
52
20
54
52
51
60
1988 J J 50
14 Ohio R & P Ry gen4e
83
7812 77 Dec'32
Cony 48 of 1905
1955 J D 77
63 88
J J
73 6412 Sept'32
80
74
Registered
78% 80 Sept'32
Cony It 48 issue of 1910..._19130 J D
73
19
2414 igo
*0 191z Sale 19
1934
68 a94
a9012 33
9014 90
Refunding gold 4s
D 90
Cony deb 430
1948
9614 Apr'31
AO
83
75
Registered
Rocky Mtn Div let 48_1965 J J 8211 83 4 83 Dec'32
7
18
63'g
4
233 lee
1952 MS 20 Sale 1912
4
771 94
434s series A
92
Secured
92
6
87
93
-Con Short L let 43_1958 J
Trans
60
9
914 Bale
9
1212 177
80
1980 MN
9812
Cony g 440
95
96% 10
Cal-Ariz let & ref 414e A.1962 MS 9612 97
78
46
2
75
D 681
--- 75
8t L & N 0 5s_June 15 1951
- 10312 Feb'3I
All Knox))& Nor let g 20_1948 JD 881s
8413 6413
3D 6312 75 6412 May'32
4614 86
Oct'32
Registered
80
71
Atl & Chart A L let 434e A_ _1944 J J 64
65 8512 May'31
60
90
Gold 330
June 15 1931 3D 57
85 67
71
5
-year be series B
let 30
1944 J J 66
45% 66
64
Oct'32
61
78
78
Memphis Div list g 4e__ _ _1951 Jo 40
78 Sept'32
Atlantic City let cone 4s
1951 J J
69
30
4
40
4
1
/ 85% Chic T H & So East let 5s__1960 3D 35 Sale 35
80
28
65 Sale 65
73
All Coast Line let cons 43July'62 M
1213 49
11
29
4412 82
3
26 4 27
Der 1 1960 MS 19
Inc an 5$
15
50
45
in 4514 55
General unified 434e A
1964
83
9814
98% 134
A_1963 J J 97 Sale 9612
25
66
Chic Un klta'n let gu 4345
4812 35
L & N coil gold 43.--Oct 1952 MN 44% Bale 44
90 104
4
/
80
14% 40
1983 3, 10112 Sale 1011 103
l.tSeeerleeB
12
17
8
1411 147
All dr Dan let it 4e
1948 J J 14
1)3 10114
18
9
1944 ID 101 Sale 10012 101
30
Guaranteed g 13e
Oct'32
16
16
2d 4e
1948 3,
11212 29 100 113%
7
40
let guar 8341 series C-___19633, 11214 Sale 112
24 Dec'32
40
Atl dr Tad 1st guar 4s
1949 AO 11
79
65
15
68
63 63
60
Chic & West Ind con 4s_ _1952 J
9212 104 Mar'31
Austin & N W let gu a 65_1941
.1
65
87%
7612 11
1982 MS 65 Sale 65
1st rei 5Hs aeries A
60
70
70 Sept'32
68
70
861s Choe Okla dr Gulf cons 5e__ _1952 MN 40
7712 96
Ball & Ohio let a 4e-July 1948 A 0 75 Sale 75
90
82
56
_ _ 88 Dec'32
81
Cm H & D 2d gold 444/1___ _1937 J
:
_
721 763 Aug'32
4
Registered
July 1948 Q J
96%
70
2
_
941z
Q F 84- - 9412
31
9412
87
C I St L & C let g 4s_Aug 2 1936
4
6514 677
-year cony 414s
20
1933 M S 641 Sale 5914
97
86
97
Oct'32
52
601
Aug 2 1936 Q F
:
Registered
6012 325
4
stpd (10% part reduct)---- M S 591 Sale 5612
77
72
Oct'32
24% 71% Cin Lob & Nor let con gu 40_1942 MN 73 14'- 72
8
3812 110
Refund & gen 58 series A 1995 J 0 32 Sale 297
8314 97%
1
4
.11 97 4 Bale 973
6311 98% Cln Union Term let 410.„2020
3
3
97 4
81% 32
let gold 58
July 1948 A 0 80 Sale 80
93 103%
4
1
/
27% 79 4
4 92
1033
2020 J.11 10212 Bale 10214
let mtge Ea series B
1
40% 113
Ref & gen Be series C___ _1995 J D 33 Bale 33
4
/
761
76
7512 Oct'32
J
SO
__
Clearfield & Mah let gu 55_1943
3 a46
67
67
PLE&W Va Sys ref 411_1941 M N 8812 68
63
7713
1
/
4
1
/ 824 Cleve Cin Chi & St L gen 48_1993 JO 7040
75
3
75
72
75
6714 11
Southw Div let 58
19503 J 61 Sale 61
89
89
89
Oct'32
31% 63%
1993 3D 88
95
Sale 50%
General Se series B
17
51
5314
Tol & Cln Div 1st ref 4e A_1959 .1
48
99
26
71
1941 33 _75 70 Nov'32
Ref & impt 6s ear C
31 Sale 31
Ref & gen Ss series D
3612 90
2000 M
84
40
48
8
54
69
16
50
1983 J J :14
Ref & Imp% baser D
23 Sale 22
355
28
Cony 440
1960 F A
2814 71%
'3 --- 4012 4012
4312 ao
90
70
197/
4 Hs ser E
Ref & hunt
90
9212 92
92 12
5
Bangor & Arooetook let 50_1943
86
76
a
se
79
48
1939 ii 8614 9212 86
Catro Div let gold 43
5614 70
70 Dec'32
Con ref 4e
1951 J
5913 70
3
Cm W & NI Div let g 4s_ _1991 J
--__ 69 4 6612 Nov'32
61 Feb'31
Battle Crk & Stur 151 gu 3e_1989 J D 3614 56
76%
66
"ii
1990 MN 7514 Sale 7514
7514
81 L DIY let coil Ira 4s
9211
60
Oct'32
82
88
Beech Creek let gu g 46-1936 J
64% 80
76 Dec'32
1940 M
73
8pr dr Col Div let g 4s
2d guar g tis
Jan'30
100
193(13
6613 68
5618 Aug'32
_
1940 4 J
let g 4s
W W Val Div
83
Beech Crk ext let g 3)0_1951 A 0 45
88 Mar'31
Belvidere Del cone gu 31411_1943 i J
94 103
J
1934
744
CCC&I gen cone g tis
Big Sandy let 4. guar
4
- - 100 Dec'32
1944 J D 8114 -- 853 Jan 32
90
97
95
43
80
- 9612
elm) Lor & W cop 1st g 5s_ _1933 A 0 10014- - 95
6314 22
Boston & Maine 1.1 61 A C 1957 M
6112 62% 6112
J
80
45
72
90 101 Sept'31
Cleveland de Mahon Val g 53 1938
let M 6s series II
64
27
1955 M N 62 Sale 62
96
96's
964 Dec'32
48
7513 Clev & Mar let an g 4 Hs_ _1935 M N 9614
g 41 serJJ
1st
4e
/
60
60
20
1981 A 0
91
91
91 June'32
5114 76
Clev & P gen gu 434e set B 1942 A 0
Boston & N Air Line 1st 4.1955 F A 51
6112 5114
1
5114
97 Mar'29
1942 A 0
8313 90
Sense B 330
92
Bruns & West let gu g 46_1938 3 J 83
90 Sept'32
98 Dee'30
19423 J
70 Ma
Series; A 4345
Buff Roth & Pitts gen g 5i..l937 M
90
83
85 Dec'32
76'g 764.
_
7654 June'32
2813 8214
1948 M N
Series C 834e
Coneol 444s
8
3718 42
1957 MN 32 Bale 303
83 83
A F
83
Oct'32 _
Burl C R & Nor lst & coll 8s-1934 A 0 42
1
83 4
11346
40
50
Series D
45
45
5
1
711 4 89%
A A
F 0 81
_
Oct'32
_ 81
Oar 4 Hs WS A
78
871s
2
78
72
76
9014 Cleve 8bo Line let an 43411.116
9757
1 981
_
Canada Sou cons gu 5s A._1982 A 0 68
8412 84 Dec'32
63 Roos
7282 91% Cleve Union Term let 530_1972 A 0 6754 Sale 87%
19
71
Canadian Nat 444s Sept 15 1954 M S 84% 8514 84
85
23
ea% 93
1973 A 0 67 Sale 67
4
/
7314 911
36
70
-year gold 414e
30
1
/
8514 22
lit•t Lis series B
19573 J 854 Sale 84
66
8412
3
72 4 91%
63% 40
1st s t guar 4 He series C__I977 A 0 58 Sale 58
Gold 414s
8518 26
19683 D 85 Sale 84
8813
82
85 Dec'32
80
97% Coal River Ely 1st gu 4e___ _1945 J D
.
Guaranteed g &L -July 1989 3 J 9012 Bale 90
9114 24
93
130
4
/
15
751
801s 971 Colo & South ref & ext 4141.1935 M N 72
8
74% 75
Guaranteed g Ss__ Oct 1989 A 0 90% Sale 893
8 27
905
36
70%
10
49
4
/
7
4812
079 4 9.1
91
4
/
General mtge 414e eer A.._1980 M N 4612 Sale
Guaranteed g 51
1970 F A 89% 911 91
1
76
76
8
937 Col & it V let ext g 4s
_ _ 75 Sept'32
1948 A 0 7712
75
4
Guar gold 4 He-June 15 1955 J D 871 Sale 8612
4 17
873
8413
77
92
73
1955 F A 8312 86% 841: Dec'32
Ouar ig 410
Col & Tol let ext 4s
84% Bale 84
85
25
1956 F A
92
75
Guar g 444e
Conn & Passum Ely let 48_1943 A 0
8512 74
Sept 1951 M 5 8512 Sale 8418
51 "id"
.1 35
42 Dec'32
90% 105. Conan! By non-cony deb 4e 1964
:
Canadian North deb s t 78_1940 3 0 101 Sale 10012 10118 74
40
40
4
1
/
57
40 Dec'32
91% 10713
t deb 6 He
1955 J J 3514 40
Non-cony deb 4.
26-years
49
19163 1 102 Sale 10012 102
4613 4612
4812 Sept'32 _
83 100
10-yr gold 444...Feb 15 1988 J J 961 97
8
963
1955 *0
NOD-e009 deb 4s
4
4 14
963
6712 Sale 0658s
Canadian Pac Ry 4% deb stook
6814 45 Dec'31
Non-cony deb 4s
4 75 414714 74
673
1958 3' 35
19 1E4
18
64
86% Cuba Nor Ry let 534s
1942 3D 16 Sale 1514
Coll tr 4 He
77
76
74
8
1948 M $ 70
18
46
8
26
88
93
Si equip tr ctts
2312 243 23
4
Cuba RR 1st 50 year 5s 6_1952 J
86
1944 J J 84% Sale 8478
15
26
45
3
27
27
61% 8714
32
Coll tr g 5s
27
19313 J
8
A
flee! 1964 2 D 807 Sale 5018
82
1st ref 7343 eerles
31
42
34
28 Dec'32
66
84
Collateral trust 4 He
30
lit lien & ref 134 ear B_ __ _1930 Jo 27
1
76 4 34
19803 j 74 Sale 74
16
t1ar Cent let cons g 45____1949 J J
21
16 Dec'32
63
8714
76
93
7913 45
Caro Clinch &0 let 30-yr 56_1938 J D 87 Sale 87
Del & Hudson let & ref 4s 1943 MN 7812 Sale 7812
87
1
8313 96
94
63
95 Dec'32
let & cone g 11s ser A _Dee 15 52 J D 6614 7112 6718
1936 AO 9412 98
Se
7
68
7413 97
76
82
8
86
83
Cart & Ad ist gu g 4s
1937 MN 84
88
6212 6212 Nov'32
Gold 634s
45
19813 0
93
9214
4
1
/
3014 56
LI RR & Bridge let gu g 4s..1936 FA 9214
38
Cent Branch U P let g 4e_ _1948 J D 30
40 Dec'32
_ _ 92 Dec'32
29
61)
55 r81
Den & EQ list eons a 44._
Central of Oa let a 5e_ _Nov 1945 F A
33% 26
65
1936 J
1
3114 Sale 3114
3214 60 65
3113 70
.1 33
66
14
35
fie
35
1
Consol gold
27
1936
35
Consol gold 44*
11
237 14
44
15
1945 M N
38
514 41
1312 110
9%
Ref & gen 514s series S._ _1959 A 0
Den & R 0 West ger 158 Aug 19 PA
10 Sale
17
17
4 77
43
s 514
55
8% 4911
4
518 Sale
5
38
Rat & gen 5e series C.-._1959 A 0
3
Ref & impt 6e ear B-APr 1978 50 18% Sale 171
1714 57
5
19% 21
Des M & Ft D let gu 4s___ _1935
Chatt Div pur money g 44_1951 2 D
75 Sept'31
2 a
212
2%
3
81
Mac & Nor Div let a 58.19453 J 21
2% Sale
9314 June'31
Certificates of deposit
46
61
Des Plaines Val 1s1 gen 4145.1947 M
45 Aug'32
Mid Oa & All Div pur m 56'47 J J
10212 Nov'30
84
34
26 "c;o1: Det & Mar - rt lien g ts
34
Oct'32
Mobile Div let a 6e
a
35
33
11
1955 J0 58
1946 1 J 25 Sale 25
34
20
Oct'32
25
1995 JD __ 30
Second gold 4.
89
71
MN io
4912 75
8512 Dec'32
Detroit River Tunnel 410_1961
__ 68% 6712 Dec'32
Cent New Eng 1st au 46.-1961 J J
85
98 100
)1312 66
Dui Miasabe & Nor gen 6a_1941 33 101 103 100 July'32
4
__ 341 40
Cent RR & Bice of Oa roll 55_1937 M N
4614 19
94 101
98
76
Dui & Iron Range 1st 5s
Central of N J gen a ... as
9
101
1937 A0 100% 101 100%
23
95
1987 J .1 92 Sale 92
82%
16
71 r94
Registered
Dui Boo Shore & AU g 5s
16
1937
18
91
16
23
10
1987 Q J 873 95 89
.
8
86
82
General 4s
7612 Oct'32
1987 J 1
86
70
04713 88
*0 84
let ref an g 4s
Cent Par
East By Minn Nor Div let 4e'48
7
84
80
5
107
84
1949 F A -i1-314 Sale 77 8
85
87
Registered
Kest T Va & Ga Div let 6s.A958 MN 82
83
F A 70
4
86
783 9914 July'31
83
-iia" 80 Elgin Joliet & East 1st g 56_1941 MN 81 89 89 Dec'32 21 80 96
Through Short Listen 40_1954 A 0 7512 8112 78
Oct'32
80
79
El Paso & S W 1st 5s
Guaranteed g Se
1965 *0 50
58
4
96
98 Sept'31
98
1980 F A 5312 Sale 523
4
1
/
.
-81) /1
Ede let cony g 44 orlor
Charleston & Say'b let 741936 1 J 99
1996 .1
_ _ 111 June'31
_6312 Sale 6312
87
15713 661s
96 iria
J
Ches & Ohio let vor g 5s
Registsred
4 31
1043
5713 June'32 .._ _ _
1998
1939 M N 10414 Sale 10414
97% 10 /
J 39i2 gife- 30
2
let consol gen lien g 41_1998
4
1
Registered
10214 Dec'32
3911
1989 M N
_
412 _88 a2813 8314
39
68
701s 100
J
General gold 4141
Registered
74
100
1996
1992 M 8 993 Sale 99
4
Aug'32
4
/
83
Kt
Penn coil trust gold 45_1981'A 99 101
Registered
93 Sept'32
M 8
-- 991 Dec'32 ___- 99 991
20
ant
801s 87
50
-year none 4e merles A 1953*0 284 3112 3114
Ref & Inlet 414s
8314 26
.11
10
.1993 A 0 -01is /3 82
32
1
/
494
99
89
60
A 0 2.818 Bale 2818
& impt 4 Hs ear B____1995 J J 8214 8314 8214
Renee B.
Ref
83
1963
30
4
2814
Gen eons is series I)
cralg Valley let 5e_May 1940 .1 J 90
1
99 4 99%
4
993 Feb'32
1953 *0
94
32
572 Aug'31
ii% -4911
Ref & Impt Soot 1927
2
Potts Creek Branch let 46_1946 J .1 70
1987 MN 21 Sale 20
8812 943 Aug'31
1314 119
72
-;-. 90
Ref & impt Soot l930
90
1975 *0 21 Sale 20
10
R & A Div ist con g 4s. _1989 J J 89 Bale 89
8
9
4
.
6
2
2614 14
93
67
84
64
Erie & Jersey let s t 64_1955 J
34 ronsol gold 4s
. 54
1989 1 J _7714 271. 81 Dec'32
84% Dec'32 ---____ 84
sf
75
92
92
tie...vs River .st s f 13e. _1957 J
Oct'32
92
Warm Spring V ist g 6s 1941 M 8
-_ 87 90 Dec'32 _88
83
3348 50
Krie & Pitts CU 334e ger B 1940
4014
3
41
4014
i 'hie & Alton RR ref a 3e_ l949 A 0 55
- 86%
__
8614 908612 Aug'32 86%
73
Series e 3Hs --1940j
90
89% 31
Chic Burl 0 Q-ili Div 3401_1949 .1 1 88 Sale ss
8612 Aug'32 ---8614
4313
18
8 / Fla Cent & Pen let eons g 54 1943 J
78
:8
44
2
Registered
4 15
841
4
841
J J
18
30
.
.
_ii. 00
43
96% Florida East Coast let 4144.1969 3D
78
1949 j j -00- dill 94
13
Illinois Division 4e.
95
-- -- 4312 Nov'32
2
8
93
let & ref Is series A
74
1974 MS
General 45.
9034 129
11158 M S a89 Sale 88%
312 87
212
212
113 7
8614
74
61
CertItir.atee of deposit. _ _
80% 30
1977 F A
let & ref 4 He ser B
4
7812 797 79%
17
4
138
9913 Fonda Johns*
(Boy let 4 He 1952 Si
1.
2
3
4
43
813
134
:
2e
32 4
1971 F A
85% 851
144 8:
4
82
1st & ref &liar A
3
4
1s
9
4113 7011
(Amended) list cone 414e .1932 MN
57 Dec'32
80
Chicago & East III let 6s_ _1934 A 0 40
9:
87
61
Fort St U D
25
let g 444s. 1941 '.3 60
4 78
131
____ 87 Nov'32 _
C & E Ill By Iwo vo) Ern 50.1951 M N 11 Sale 11
1144
81
Ft W & Den e let ot 514e ..J9411 3 ID 90
3
797 92
9012
95 92 Nov'32
2
cago & Erie Ilvt gold 66 1982 M N 89
901 9012
Ch,
:
ends on page 4365.
terred delivery
• loot under list of M
h sale, s
New York Bond Record-Continued-Page 3
4362
:.•
t1:.
.
BONDS
'
N. Y. STOCK EXCHANGE 4I
n
Week Ended Dec. 23.
"
fr.
Price
Pridar
Dec. 23.
Bid
60
-------
Week's
Range Or
Last Sale.
4
g1
'1_
forZ
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 23.
il
../ A
.
Dec. 24 1932
Price
Mato
Dec. 23,
Week's
Range or
Last Sale.
4
gl
ea
Ask Low
High No Low
68
8512
6512
3
6512
55
56
56
1
3212
101 10 Dec'32 ---8
814
Range
Since
Jan. 1.
High
Bid
Ask Low
High No, Low
High
98
Minn & St Louis let cons 58_1939
75
Ctrs of deposit
212 4
21
234
1934 MN
3
212 6
18
1st & refunding gold 42._1949 M 13
1
11
1
is 314
1
1
Ref & ext 50-yr be ser A 1982 Q F
7
2 8
Ps 8
38 Sept'32 ---.
---- 19 4 20 Aug'32 ---3
15
2018
Q F ____
112 5 Aug'32 ---,
Certificates of deposit
5
5
-- 34
343 Dec'32 ---4
29 4 83
3
M St P & SS M con g 42 lot gu'38 J J 35 Sale 35
391
8 17
35
607
8
Jan'3I ____ ____
54--- 100
__
let cons 58
1938.1 al ,,,, 35
5
13
5014
8312
--__ 85
85
2
7414 090
_1st cons Is gu as to Int-1938 J J 37% Sale 3712
35
60
4218 19
8
1007 Sale 1001
101
48
925 104%
1st dr ret fie series A
---- 127 1212
8
1212
1948 J J
2
1212 37
9812 Sale 9814
99
68
87 10214
12
25
-year 510
" 13a2 a1312 Dec'32 ---,
1999 M 8 -7
12
31
--------96 Nov'30 ____
__
1st ref 510 ser B
812 54
72
1978.1 J 9
493
40
4
503
4 12
5612 gale 584
8312 222 ____- 1
4512 98 4
let Chicago Terms f 42_1941 MN
. 955 Dee'30 ---- __ _ . -.
--------9758 Oct'31 ____
___ MississIPPI Central let 58
70
78
85 Aug'32
72 85
-1949 3 J 60-76
72 Dec'32 ___ ____1989 j .7 281 Sale 26
81
87
Mo-III RR 1st be ser A
4
27
24
14% 42
45 Sale 45
4914
8
3812 85
Mo Kan & Tex let gold 0_1990 J D 72
7518 18
55% 80
75
73
43 Sale 43
43
1
43 78% Mo-K-T RR pr lien baser A-1982 .1 .1 8212 Sale 82%
65
63
38
79
35
421
7
408 39%
24
3914 73
40
-year 42 series B
5312
1982 J J 53 4 Sale 5314
b
31% 88
36
42
40
43
24
38
7412
69
Prior ilen 419e ser D
5212 Dec'32 --1978 J 3 52
36
7014
21% - -- 5712 Apr'31 ____ ____
__
Cum adjust be ser A_Jan 1987 A 0 311S Sale 30
3312 28 a12
60
35
8
44
1
43
4
5
2 _- 12 Mo Pac let & ref 56 ser A-- _1965 F A 1914 Sale 171
7
22
4
59
174 63
:
1
8018 ---- 90 Aug'32 -90 90
812 Sale
General 45
7
10% 335
1975 si 8
7
4112
3014 Sale 30
3112 27
1977 pii 5 187 Sale 1712
20
60
8
lot & ref bs series F
213 347
1712 80
28 Sale 28
307
s 22
20
52
19 Sale 1712
1st & ref Is ser 0
1978 M N
2114 144
1712 60
--------22 May'32 _-__
22
7
40
Cony gold 510
7 Sale
101 246
8
1949 MN
all
46is
89 Sale 89
91
8
88
94
let ref g be series H
s
21
76
.1980 A 0 193 Sale 1712
1712 60
- 10012 Apr'31 __ _ _ _
---____
19 Sale 17%
let & ref Is eer I
21%216
1981 F A
1712 60
70 -87
88
Oct'32 ---76
88
Mo Pac 3d 7s ext at 4% July 1938 MN 60
Dec'32 ---69
69
53
59
90 Sept'32 _-__ a8012 90
8512 100
Mob & Blr prior lien g 5s_.1945 J J ---- 95
95 Aue31 ---- ____ ____
---- 82 82 Dec'32 -- _
j j ---- 90 97 Sept'31 ---82
89
Small
_
---------95 Sept'32 ---, 8. j------53ug
e 7
,
90
95
let M gold 42
25- 17
. 2j .7 _ __ 404 81 A'32 ---- 9912 9812 Nov'32 ___
93
9658
Small
July'31
83 Bale 8212
84% 26
130
89
Mobile & Ohio gen gold 4s__1938 M S il% Sale 811u
6212 20
20
85%
51 Sale 50 4
5212 55
1
9% Sale
27
84
914
Montgomery Div 101 g es_1997 F A
914
1
9
914
1977 MS
3 Sale
3
Ref & lmpt 410
1% 23%
4
23
Illinois Central let gold 43_1951 .1 J 78 ---- 78 Nov'32 ___
35
33 Sale
72 a88
8
Sec 5% notes
4% 24
2
1938 M S
28
let gold 319e
80 Nov'32 ____
1951 .1 J 7514 91
13512 80 Mob & Mal let gu
42..1991 M S ---- 65 65 Dec'32 --61
7/
59
J J --------86L,June'31 ------------Mont C let gu (Se gold
Registered
1937 j j ____ 933 95 Dec'32 ---,
4
88
95
,
Extended let gold 3142._ _1951 A 0 10 4 ---- 78 Dec'32 ---_
13112 78
let guar
873
4 a873
4
1937 J J ---- 90
1
82
90
1961 ed 8 --------73 Mar'30 ---- ---- ,_ Morrie & gold be
let gold 38 sterling
72
69
Essex 1st gu 310_2000 J D 88
73
2
82
78
1955 MN ___ 81
Collateral trust old 4s___1952 A 0 055 Sale
%
7
29 70
81
Constr M baser A
Oct'32 --, 81
86
Refunding 48
1955 MN .51 Sale 51
53
% 83
35
68
Consu M 434s ser B
70
1955 MN ---- 70
70
I
86
80
Purchased lines 330
1962.1 J 5412 Sale 5412
542
1
4912 88
4812 18
Collateral trust gold 48_1953 M N 42 Bale 42
25
5578 Nash Chan & St L 4s ser A..1978 F A 854 68 88
88
1
40
7118
N 5212 Sale 522
5358 27
Refunding As
1955 M
37
89
88
N Fla & El 1st gu g be
70
1937 F A 65
Oct'32 ---88
83
15
-year secured 810
6814 31
_1936 J J 85 Sale 63
35
82 4 Nat Ry of Mex pr lien 434. 1967 J .1
1
3
1% 18 July'28 --- __-_ ---3614 166
40
-year 419e
Aug1 1966 F A 31 Sale 31
g-19
5312
July 1914 coupon OD
.
__
J .1 -----1814 July'28 --__
67
83 Dec'32 ____
770
a
Cairo Bridge gold 48
1960.1 D 83
1 Sale
1
Assent cash war ret No 400 1
9
i- --12
2
Litchfield Div 1st gold 32-1951.1 .7 50 ---- 70 Sept'31 ___ _ _
Guar 45 Apr'14 Coupon-_1977 .1C4
14 ---- 123 July'31
el
50-#17
Loubiv Div & Term g 314131953 J .1 83 ____ 60% Dec'32 ____
Assent cash war rct No.5 on ---- -------- 1 Dec'32 --_1- /
18
Omaha Div 1st gold 32
1951 F A 4918 ---- 55 Sept'32 ____
42
55
Nat RR Mex pr lien 4190 Oct'28
__ 58 Dec'32 ____
St Louis Div & Term g 3/3-1951 1 .1 47
114 Sale
45
56
114
Assent cash war rct No. 4 on 114
3
1
231
65
60 -58 D'32 ---ec
Gold 310
1951 J .1
60
58
let consol 4s
----- 22 Apr'28
Springfield Div 1st g 3398. 1951 .1 J 5012 75
682 78%
581s Nov'32 --__
8
118 S
1%
i
w
Assent cash war 1%1 No.4 o1 f--45,
195n
l's joo
67 65 Dec'32 -Western Lines let g 48
1951 F A 62
4818 88
85
71% Nov'32 ---Naugatuck RR lot g 40...._1959 MN 58
521 711
: :
F A --------90 July'31 ____ ____ ____ New England RR
Registered
- - 75 Nov'32
76
75
cons Si.. _1945 J 1
111 Cent and Chic St L & N 0194s j j 68
72- - 79 Nov'32 ....
89%
Consol guar 48
79
79
44
Joint let ref be series A__1963 .1 D 38% Sale 3812
115
2314 59
90
N J Junction RR guar let 93-1986 F A 50
92 Nov'30 -- . - --40% 154
1st dr ref 410 series C_ _19d3 J D 33 Sale 30
2212 58
NO &NE let ref & Impt 410 A'52 .3 J ---- 35
Dec'32 _ _
29
5812
93 80 Dec'31 ____ _ _
Ind Bloom & West 1st ext 45 1940 A 0 83
New Orleans Term let 0_1953 J J 5
0% 57
8012 Dec'32 ---50
7012
Ind III dr Iowa 1st g 40
75 Nov'32 ...._
19503 .1 ---- 70
81 - - N 0 Tex & Mex n-o Inc 58 1935 A 0 20
81
23
20
20
2
20
45
Ind & Louisville let gu 95._1956 J1 J ---- 40
39
Oct'32
39
68
s
20
1st fi sem.R
1912
2158 21
1954 A 0 15
16% 45
Ind puma Ry gel' ge see A _1966 J J 80
931 90 Dec'32 __
4
79
92
1st bs sericr C
1912 1812
21
1956 F A 15
3
1812 45
___ 90 Dec'32
Gen & ref 50 series B
19663 J 80
90
91
1214 19
19 Dec'32 _--let 419s series D
1958 F A
16
Ws
lot & Grt Nor 151 fle aer A 1952 ..1 J
17 Bale 1515
20
89
1514 60
21
lot 5348 series A
19
1969 A 0 17
2112 44
19
504
2%
3% Sale
312 21
Adjustment 1313 ser e_July 1952 A 0
2
90
30
N & C Ildge gen guar 4 Ha_ _1945 J .1 81
8912 Aug'32 ---80
8912
12
18
12
1814 22
1st 58 series 11
1950 J J
12
50
N Y B & M B 1st con g 59 1935 A 0 997 ---- 997
2
8
997
8
1
92 100
lot g be series C
1512 1512
1812
1956.1 .1 12
7
1358 4812
lot Rye Cent Amer let fai B 1972 M N 4012 Sale 40
40'z 14
2458 134
N Y Cent RR corn. deb 88_1935 M N 4812 Sale 48
38% 92
63
55
1st coil trust 8% g notes_ 1941 MN 4418 Sale 44
45
11
23
50%
Consol 48 series A
1998 F A 58 4 Sale 584
'
61
22
56
807
8
1997 F A 2958 3118 283
lot lien & ref 810
8
29 4
1
8
18
35
Ref & Impt 430 series A__ 2013 A 0 3512 Sale 31
42% 99
31
72
Iowa Central let gold 52____1938
Ref & Impt M series C----2013 A 0 40ts Sale 35
4414 151
3312 7814
43 Dec'32
.1 D
4
234 37
Certificates of deposit
7312 Sale 72
211s 514 NY Cent & Bud Ely M 3149 1997.1 J
78
85 a13712 79
1961 M 8
112 112 114 Dec'32 ____
let & ref g 48
Is 1%
72
Registered
72
4
19973 j ____ 77
6712 73
Debenture gold 0
1934 M N 64% Sale 64
8718 141
51
9212
James Frank & Clear 10 40 1959 / D -,.__ 8858 72 Sept'32 __
72
85
7614 88
30
-year debenture 0
88
1
1942 J 3 66
83
8212
mu A & G R let 77t g 8
, 8__ _1938 J .1 34 ---- 103 Mar'31 ____ _ _
3612 Sale 3112
__
Ref & Mot 434o Der A
31
72
2013 412 141
Kan & M let gu g 4s
1990 A 0 8518 75
70 Sept'32 __
ii -68 Sale 66
76
Lake Shore coil gold 3340.1998
6712 14
60
79
K C Ft S dr M By ref g 48._ 1938 e 0 46 Sale 48
47
58
39
70
Registered
59
1998 F A ---- 6812 85% Nov'32 --8814
A 0 ---- ---- 48 Dec'32 .._-.
'
Certificates of deposit
40
4012
Mich Cent coil gold 210 1998 F A a88 Sale 66
68
13
81
73
Kau city Sou 1st gold 3s. 1950A 0 54 Sale 54
58
13
35% 70
9314 Oct'31--- ---1998 F A ---- 88
Registered
--46
Ref & Impt be
Apr 1950J J 42 Sale 42
48
2878 7112 NY Chic & St List g 4s_._ 1937 A 0 70 Sale 8812
82
83% 70
6
Kansas City Term let 0._1980 J J 8914 Sale 89%
9012 167
--------0314 Mar'30 --- _--- -78
9012
Registered
1937 A 0
48_1987 J .1 79 Sale 79
79
Kentucky Central gold
2
54
85
87., gold notes
1932
Kentucky &Ind Term 4140_1961 .1 J --- 80 84 Aug'31 ____ ____ ____
37
4012 40
4412
r43
Guaranty Trust dep rcts- -- ,
71
30
80 8914 July'31 ____ ____ ____
1
Stamped
1961 J . 40
RefundIng 514s series A_1974 A s5 14 Sale 14
1814 94
14
WS
Plain
1981 J J --------89 A '30 ____ _ _
Ref 410 series C
1978 M S 1112 Sale 1112
111, 40
15
120
Lake Erie & West let g 58_1937 J 3 60
06
87 Nov'32 ____
145
-5
8312 N Y Connect let gu 4348 A.1953 F A 89% ---- 8812 Dec'32 -76
89
- - 80 47
2d gold 55
Oct'32 _..-1941 J J
32
89
2% ---- 9114 Nov'32 ____
18t gears. aeries B
1953 F A
8734 93
Lake Sh & Midi So g 330_1997 J D 7ilg 7712 75%
7712 24
9„.5
____ 8812 Dec'32 _ ___
68
7912 N Y & Erie lot ext gold 48_1947 M N o
8812 884
1997 J D 89
7312 72
72
Registered
1
87
75
1933 M 5 97 100 100 Sept'31 ---- _.3d ext gold 410
-Leh Val liar Jor Term CI 55 1954 F A 60
84
83 Nov'32 -- _
74
90% NY & Greenw L gu g 54.- _1948 M N -:‘,,-- 75% 40
40
8
40 -40
Leh Val N
70 Dec'32 ____
-i [en g 410-.1940 J J 804 79
66
89
N Y & Harlem gold 314S--2000 M N au% ---- 81% Sept'32 ---8814 8119
MN 31 Sale 31
381s 24
Lehigh Val '"•0 cons g 48_2003
27 80
12
NY Lack & W ref 4140 B___1973 M N --------90 Nov'32 ____
75
90
,
NI N ____ 56
33 Aug'32 ____
Registered
33
33
NY & hong Branch gen 48 1941 M S --------8414 Dec'31 ____ ___ ____
2003 MN ____ 347 43% Dec'32 __
General cons 410
25
NY & N E Bost Term 48._ _1939 A 0 ---- ---- 9512 July'29 ---- -- 83
General cons 55
4012 34
2003 M N 35 Sale 35
35
67 4 NY N 11 & H n-c deb 0____1947 M 8 55
8
6212 55
55
9
55 Ili
Leh V Term Ry let gu g 52 1941 A 0 87 Sale 87
88
2
___ - 50
SO
90
Non-cony debenture 310_1947 M 8 50,.
Oct'32 __
60 (67
L
ehigh & N y let
65 081.'32 ____
gu g 48_ ...1996 M S ____ 66
65
65
51 Dec'32 __
. 55
Non-cony debenture 3398-1954 A 0 2
34
61
Len & East let 50-Yr 58 gu-1965 A 0 83
88
8312 Dec'32 __
57
51
40
84
Non-cony debenture 48 1955 .7 J 51
40
2
40
66%
Little Miami gen 45 seres A-1982 M N 70 ____ 9112 May'31 --__ .... .
50
.
53
Non-cony debenture 418._1958 M N 50
595 20
40
68
Long Dock °mewl g Os
3 Dec'32 -----93 101
4
1935 A 0 9934
- Cony debenture 3198__1956 J J ---- 52 05212 05212
4
3718 587
2
Long IslandCony debenture5e
78% 29
1948 11 J a77 Bale 77
491 95
1938 J D 93 4 ___ 95
General gold 0
3
95
3
82% 95
.1 J ----- 7b Aug'32 .--Registered
61114 92
1999 M 8
Unified gold 48
_ _ 8312 Dec'32 ___
70% 8718
774 80
Collateral trust 138
1940 A 0 75
80
4
56
94
)3343 D 82- - 9812 Dec'32
Debenture gold 58
1937 MN 37 Sale 383
98 101
80 100
4
Debenture 48
37
7
30
69
20
-year p m deb bs
1937 M N 89
90 89
89
4
60% 9314
1st & ref 414e sec of 1927..1967 J D 5912 Sale 58%
833 137
4
42
77
fluar ret gold 48
1999 M S 8212 844 8218
84
20
70
871
88
Harlem R & Pt Chas 1.1 4.1954 M N 86 Sale 85
11
68
88
Lonlelana & Ark 1st Ss ser A _1969 J J 28 Sale 28
3018 14
1512 50
Louie & Jeff Mice Co gd g 48 1945 m 8 60
75
68 Dec'32 - 55
491 4912
4
76
N Y 0& W ref g 48 June....1992 M S 49
3
38 4 60
51
29
Loulevifie & Nashville &L.-1937 M N 9834 9712 97%
97%
4
8512 98
1956 1 D 40 Sale 40
General 48
42
21
24
4912
Unified gold 48
1940 J 1 811 Sale 8114
8212 82
4
92
88
89
N Y Providence & Boeton 40 1942 A 0 82
85 Nov'32 --86
85
J .1
Registered
84% 80 May'32 _-8
78% 821 NY & Putnam 13t con gu 0_1993 A 0 ---- 097 7214 Nov'32 ---70
77%
lot refund 530 series A...2003 A 0 -85
69
6412
88
8
13
50
311
84
NY Bumf & West let ref 51.1937.1 J 277 31
8
31%
2
18
54
let & ref M series B
2003 A 0 6014 657 60
8
804 52
45
21
78
2d gold 4192
21
1937 F A ---- 65
21
Oct'32 ____
1st & ref 410 series C__2003 A 0 537 Sale 53 8
7
58% 20
20 Sale 20
40
7518
General gold fis
23
1940 F A
10
15
3/
94
Gold be
1941 A 0 88 100
91 Sept'32 _
91
95
Terminal lot gold be
89
9212 June'32 ---1943 M N 50
92
9312
Paducah & Item Div 48_190 F A 55
70 823 Dec'32 ---8
8
8258 8019 NY W Choi & B let eer 14146'46 J J 397 Sale 397
28
52
45
28
St Louis Div 2d gold 36. _1980 M 8 41
483 46 Dec'3 ---4
2
1044 39
s
447 58
963 1068
8
4
Nord 113'4113.13,1113 fund 634.1960 A 0 10312 Sale 10254
Mob & Morley Iota 4390_1945 M S 82
a8212 a8212
214 Sale
1
8812 Norfolk South let dr ref A 50.1961 F A
81
2%
238 51
212 20%
South Ry Min MonMono,,48.1952 3 3 38 Sale 38%
40
13
20
5912 Norfolk & South lot gold M.1941 M N ---- 14% 1412
1512
8
1214 50
All Knoxv dr tin Div 0_1965 M N
72
74
75 Dec'32 ---70
Nor? & West RR impt&ext 88'34 F A 104 Sale 104
81
104
1 100 104 18
N A W Ry let eons g 45-1996 A 0 9714 sole 9
703 98
014
4
98
58
Mahon Coal RR 151 tal
1934 J J 100 101
98 Nov'32 ..
% 88 May'32 ____
95
8018 en
98
Registered
1996 A 0 -- -. 93
Manila RR (South LInes)0 1939 M N 5314 5812 a56
rag%
9
80
64
ow(I lot lien & gen g 48-1944 J J 1,5, Sale 98
2
994 22
8858 9914
list ext 4s
1959 M N 50
52
52% Oct'32 ____
51
66
Pocab C & C joint 4e
1941 J D 9512 ---- 9458
96
95
10 ay
Manitoba SW Colonizer 681934 J D --__ 85 80 Mar'32
87 Aug'32 ____
- 80
North cent gen & ref M A-1974 M 13 85 102
85
87
99 9
3
Man 0 B & N W let 330_1941 J J ____ __ __ 87(2 Aura _
.
Geo & ref 430 ser A
1974 NI 5 8058 - _-- 85 Aug'32 __
86
85
Mex Internet lot 48 asetd
1977 M s ---2 Sept'32 ___: --/- -1 North Ohlo 10 guar g 5s._1945 A 0 33
4
0 39 Dec'32 __
36
511
Michigan Central Detroit & Bay
8
North Pacific prior ben 48..1997 Q 3 082 4 Sale a82
88
66
84% 140
1940J J 80 -.-. 98 Aug'31 _
City Mr Line 45
Q j 76
80
62
Registered
- Oct'32 ____
631 7812
4
1951 MS ---- _--- 79 May'28 __
Jack Lane dr Sag 3142
._ _
Gen lien ry & Id II 38.Jan 2047 Q F 54 Sale 53%
48
65
585
29
let gold 310
1952 M N 8014 84 8018 Dec'32. - -70% 4814
135
Regletercd
50
2
98% 56
Jan 2047 Q F 4414 50
Ref dc impt 414e ser C
I979 J J 60
73 69
69
1
46
Ref & impt 4.4s series A__2047 J J 59
80
70
77
60%
8012
38
3
1940 A 0 48 Sale 48
Mid of NJ let ext be
48
1
40
66
Ref & Impt 62 series B____2097 J J 85 Sale 84
46
901S
89
94
kill & Nor lot ext 4 145(1820)1934 J D ---- 80 87 June'32 ____
75
87
Ref & Impt M seri.- C____2(047 J J 85
6714 82
48
82
63
3
Cons ext 41,4s (1884)
1934 J D --__ 139
70 Nov'32___
8
Ref A 01237 6 Seri. D_..2047 j 3 571s 80 60
60
74%
_1 4812 2
9
60
Mil Spar & N W let gu 42_1947 M 8 ____ 43
4514
4514
1
40
8918 Nor Pac Term co beg 84_1933 3 1 9712 --- 100
1001s
Mllw & state Line 151 334..1941J J ___ 827 90 Apr'28 .___ .___ _... Nor Ry of Calif guar g be ___1938 A 0 51 --- 9514 Nov'32 ____ 100
8
Oct'31 ____ ---- ---From Elk & Mo Val let 8e__1933 A 0
Galv Hone & Head let 58_1933 A 0
Ga & Ala Ry 1st cons be Oct 1945 J J
Oa Caro & Nor 1st gu g6a 1929Extended at 6% to July 1 1934 J ./
Georgia Midland let 36-.1948 A 0
°any & Oswegatchie let be__1942 J D
Or R & text let gu g 454o__1941 J J
Grand Trunk of Can deb 78_1940 A 0
15
-year a f Os
1938 M 5
Grays Point Term 1st . 1947 J D
Great Northern gen 7s58serA.1938 J J
j j
Registered
1st &ref 4198 series A__-_1961 .1 J
General 55s series B____1962.1 .1
1973 / 3
General be series C
General 410 series D._ 1976 J J
General 910 series E
1977 J .1
Green Bay & West deb ctts A--- Feb
Debentures nth. B
Feb
Greenbrier Ry 1st gu 0__1940 MN
Gulf Mob & Nor 1st 634.1 1950 A 0
let mtge bs series C
1950 A 0
Gulf & 51 let ref dr ter 5eFeb1952 J J
Hocking Yal 1st cons g 434o_1999 J 1
Registered
1999.1 .1
Hountonic Ry cone g 5s
1937 M N
H & T C let g be lot guar- _1037.1 .1
Houston Belt dr Term 1st 58_1937 J .1
Houston E & W Tex 1st g 58_1933 MN
lot guar 58
1933 M N
Bud & Manhat 1820see A_1987 F A
Adjustment income 66 Feb 1957 A 0
-_
--
F--i.
____99
_.
r Cash sale. I Ireferred delivery
,....
•Look under list of Matured Bonds on OW 4305
--
4
New York Bond Record-Continued-Page 4
12
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 23.
g
V:
,.., at
Og & L Cham lot gu g 45___1948 J .1
Ohio Connecting Sty let 4s_..1943 M 5
1936 J D
Owe myer Jut leg g 55
1937 A 0
General gold 55
Oregon RR dr Nay corn g 48_1946 J D
Ore Short Line let cons g 68.19462 J
1946 J J
Guar stpd cons 55
1961 J J
Oregon-Wash 1st & ref 4s
Pacific Coast Co let g 58_1296 J D
RR of Mo let ext g 4s1938 F A
Pac
1938.0 J
2d extended gold Is
Paducah & Ills islet g 430_1955 J 2
Parle-Orleans RR ext 634s_1968 M 8
paullsta Its' lot dr ref at 75...1942 M 8
Pa Ohio & Del let dr ref 430 A'77 A 0
Pennsylvania RR cons g 0_1943 M N
1948 M N
Consol gold 45
45 *Berl eptd dollar May 1 1948 M N
Consol sinking fund 430-1960 F A
General 430 series A
1985 .1 D
1968.0 D
General 5s series B
15-year secured 830
1936 F A
F A
Registered
40
-year secured gold 58..- _1984 M N
Deb g 4348
1970 A 0
General 430 ser D
1981 A 0
Peoria & Eastern let cons 48_1940 A 0
Income 45
April 1990 Apr
Peoria & Pekin Un 1st 5348__1974 F A
Pere Marquette let ser A 58_1956 J 1
1956 J J
18148 series B
let g 430 series C
1980 M S
Phila Ball & Wash 1st g 4s 1943 M N
General be series B
1979 F A
Gen'l g 430 ser C
1977 J J
Philippine lty lot 30-yr s f 48 37 J J
Price
Friday
Dec. 23.
Week's
Range or
Last Sale.
Z
g:1'
.
1
o
ez.4
Range
Since
Jan. 1.
Ask Low
High No. Low
Bid
High
28
1
40
40
40
43
54
___
8714 --- 97 Mar'31 ______
70 ____ 82 Nov'32 ___
82 90
--------81 Nov'32 ___70
82
9114 73
8912 Sale 8912
77
917
8
4 10134 14
88 102
1012 Sale 1012
4
43
103
4
1022 Sale 10214
8812 103
83
84
6012 84
8
813 Sale 8138
--------31
3114
1724 3114
5
5
80
83
72
90
8018 82
85 Dec'32 _-85
80
74
93
87 Sept'32 ____
93
87
78
9518
102
101 Sale 101
27
8812a10412
32 Dec'32 ____
35
31
30
65
77 Dec'32 ____
60
7518 78
8114
88
9614 14
9614
935 ____ 96
8
96
18
98
8514 98
9612
96 ____ 95
954
85
5
06
101
12
867 101
8
101 Sale 10014
8052 56
5014 8712
80 Sale 7812
8 r5412 94
8612
854 Sale 8514
8 93
754 10218
9912 Sale 994 1003
832 Mar'31 _ 4
53
38
80
90
79 Sale 78
63
210
3211 704
5713 Sale 5612
71 Sale 71
47
81
7314 64
28
55
3
37
8
354 Sale 353
2
2
2
10
114 214 9
65 Dec'32 ____
____ 66
85
79
293 71
4
37
4
36
3014 Sale 292
29
53
28 Sale 28
28
57
384 Dec'32 __-28
36
28
60
96
96
86
9612
2
965 98
8
80 84
80 Aug'32
78
81 Nov'32
8312
75
77
2213 40
21 Sale 21
187 26
8
BONDS
N. V. STOCK EXCHANGE
Week Ended Dec. 23.
5;
Zag
Price
.....Week's
Friday
Range ro
,
It ,..
, 7,: Dec. 23.
-.3
Last Sate
a Due May. k Due Aug. a Deterred delivery.
el
z,34'
38
Range
Since
Jan. 1.
Bid
Ask Low
High No Low
High
50 Sale 49
55
73
Southern Ry 1st cons g 5s_ _1994 J J
49
8812
J J --------.58 Nov'32 ___58
Registered
75
19
140
12
Devel & gen 45 series A1956 A 0 1512 Sale 14
54
26
72
1956 A 0 18 Sale 1712
1512 67
Devel & gen 65
4
263
4 75
1958 A 0 20 Sale 193
18
Devel dr gen 630
72
55 Nov'32 ___
70
19982 1 35
48
Mem Div let g 5s
55
48 Nov'32 ____
1951 .1 J 3612 45
44
St Louie Div let g 48
874
80 101 Sept'31
East Tenn reorg lien g 58_1938 M 5 75
22
iii ii
,
i
15
Mobile dr Ohio coll tr 4s 1938 M 5 20 Sale 18
1513
1518 22
22
2
1512 40
Spokane Internet let g 58_1955 J J
Staten Island Ry lot 430_1943 J D --------60 May'32 __-_
60
60
--------9714 Noy'31
Sunbury dr Lewiston let 48.1938.0 J
1947 A 0
Tenn Cent 1st 88 A or B
Term Assn of St L 181g 4548 1939 A 0
1944 F A
1st cons gold 58
Gen refund a f g 4s
1953 J J
Texarkana & Ft S let 530 A 1950 F A
1943 J J
l'ex & NO con gold 55
Texas & Pac 1st gold 58- _2000 J D
2d Inc 5e(Mar'28 cp on)lec 2000 Mar
Gen & ref 58 series B
1977 A 0
Gen & ref 56 series C
1979 A 0
1980 i 0
Gen dr ref 58 series 13
Tex Pac-Mo Poe Ter 530 A 1964 M 5
Tol dr Ohio Cent 1st gu 5s 1935 J J
5__1935 A 0
Western Div 1st g 5
1935 1 D
General gold 58
Tol St L dr W 50
-year g 0_1950 A 0
Tol WV &0gu 430 ser B 1933 J J
1942 M S
1st guar 48 series C
Toronto Ham & Buff lst g01946 .1 D
Union Poe 1st RR & Id gr 461947 J J
J .1
Registered
let lien & ref 43
June 2008 M 5
Gold 430
1987 J 1
1st lien & ref 55
June 2008 M S
1968 1 D
40-year gold 48
U NJ RR & Can gen 48..__ _1944 M S
1933 J J
Utah dr Nor let eat 48
Vandalla cons g 45 series A 1955 F A
1957 MN
Cons 8148 series B
Vera Cruz & P rust 4348
1933 J .1
Virginia Midland gen 5e....1936 MN
Va 04 Southwest let gu 511_2003 1 J
1958 A 0
let cons 58
Virginian Ry let fte series A_1962 M N
let mtge 434s series B_1962 M N
997 Oct'32
997 100
8
8
Pine Creek reg 1st 68
1932.0 D
4
i949 A 42 983 ____ 9812 Dec'32 __ -7 a9212 9813
P C Cdr St L gu 4345 A
9912
911k 9912
9912
2
Series B 4345 guar
1942 A 0 9912
9913 15
90
9912
4 ___ 9913
Series C 4345 guar
1942 NI N 982
95 Dec'32
Series 1)48 guar
9318 97
1945 M N
86
9514
8512 854
8512 Oct'32 ____
Series E 430 guar gold
1949 F A 8414
8512 9178
917 Dec'32 ____
8
Series F 48 guar gold
1553 J D 8814
92
Series 0 4s guar
8114 92
2
92
1957 M N 8714 92
8614 ____ 80 Apr'32 ____
Series II cons guar 48
1960 F A
80
80
96 Dec'32 __-Series I cons guar 4 tie_1963 F a 94
8414 96
92 Nov'32 ____
Series .1 cons guar 4 lis_ 1964 M N 94l -87
93
General M 514 series A
7914 7914 6 52/2 9212
id
1970 J D ____ Gen mtge guar 55 ser B 1975 A 0 ____ 90
65
86 Dec'32 _
9412 Wabash RR let gold 5s...._1939 M N
1939 F A
Gen 430 series C
2d gold 522
76
1977.0 J 71
58
8518
74 Dec'32
Pitts Mei & Y 2d gu 6s.......1934 J J 1007 ____ 100 Dec'32 _--8
9
9 10
Deb 6s series B regletered 1939 J i
0
Pitts Sh & L E let g 5s
954 9718
1st lien 50
___ 9718 Oct'32 __ -1940 A 0 101
-year g term 0_1954 1 J
1st consol gold 5s
1941 J i
_ .._
98 ____ 10014 Aug'28 ____ ____
19432 J
Det &Chic ext 1st 5s
go
Dee meineg Div let g 44 1939 J J
..
Pitts VA & Char 181 48
1943 M N 80 ____ 90 Nov'32 __73 1941 A 0
Pitts & W V a let 445 ser A1958.0 0 26
30 Dec'32 _.-30
58
Omaha Div 1st g 3345
let Al 430 series 13
1958 A 0 30 Sale 30
30
55
3
30
Toledo & Chic Div g 0_1941 M S
let NI 4 34s aeries C
1960 A 0 26
30
32
30
5684 Wabash Ry ref & gen 530 A 1975 M S
5
3058
P
Pitts Y & Ash let 45 ser A_948 .1 D 83 ____ 8512 Oct'32 ____
_1
8512 8512
Ref &gen 5a(Feb'32 coup)B '76 F A
let gen 55 series 11
1962 F A 90 ____ 90 July'32 ____
1978 A 0
8812 90
Ref & gen 430 series C
Providence Seem' deb 48_1957 M N ____ ____ 713 July'31 __-_
1980 A 0
___
8
Ref &gen 58 series D
Providence Term lat 4s_
. 1956 M 8 76
2000 F A
7412 75
____ ____Warren let ref gu g 330
75 JUne'32
Heading Co Jersey Cen coil 48 '51 A 0 70 5
5712 79
2
7338 707
Washington Cent 1st gold 45 1948 Q M
71
Gen & ref 430 series A
1997 J J 8212 Sale 82
8312 19
57
8614 Wash Term 1st go 330-1945 F A
Gen & ref 43is series B. 1997 J .1 8312 Sale 82
1945 F A
8312
4
1st 40-year guar 48
5514 8513
Rensselaer & Saratoga 68
1952 A 0
1941 M N ___ __._ ____ Wtern Maryland 1st 4s
113
Oct'30 --es
Rich & Merch let g 45
1948 M N
19772 1
40
40
40 Sept'32 ___
let & ref 5348 series A
32
!Minn Term Sty let gu 55_1952 J J 95
1937 1
__ 9613 Dec'32 __-9612 West N Y & Pa 181K 5s
93
Rio Grande June 151 gu 55 1939 J D 50 1943 A 0
General gold 48
34
85 Sept'31 _- --- _ ___
Rio Grande Soil let gold 48 1949 J J214June'31 _-- ...-- ---- Western Pac let 58 ser A
1946 M S
_ __ _
Guar 45 (Jan 1922 coupon) '40.0 J _ --2361 1
1
72 A1w'28 __ -- -----__ West Shore 1st 45 guar
Rio Grande West 1st gold 48_1939 J 1 57
2361 1
Registered
45
75
11
60
60
582
8
let con & coil trust 48 A 1949 A 0 313 33
Wheel & L E ref 4348 ser A_1966 M 5
34 Dec'32 __-4
304 58
Ill Ark & Louis let 4345_1934 M 8 1814 Sale 1814
1966 M S
Refunding 58 series B
1814 70
75
23
-Canada let gu g 45
Rut
1949 J J 4113 Sale 4112
1999 M S
1
4113
30
60
RR 1st consol 48
Rutland let con 430
1941 1 J
1942 1 D
35
Wilk & East let gu g 58
55
35
50
50 Aug'32 ---1938 J D
Will & SF let gold Ss
St Jos & Grand 181 let 0-1947 J .1 8513 87
897 Dec'32 _..-8
61
897 Winston-Salem 8 B let 0_1960 2
8
St Lawr & Adr let 858
1996 J .1
95 Apr'31 _- _
81
____ ____ Wis Cent 50-yr let gen 0 1949 J
_
221 gold 65
1996 A 0 ____ 70
5212 894
663 Oct'32 ____
4
Sup & Dul div & term 1st 45'36 M N
St Louis Iron Mt & SouthernWor & Conn East lst 430.._1943 1 1
niv & 0 Div 1st g 45
1933 M N
3524 8313
36 Sale 36
425
8 99
St I.
-San Fran pr lien 45 A 1950 J 1
73 34
8 Sale
INDUSTRIALS.
8
73
8
912 154
Certificates of deposit ____ ____
..
712 s
ale
75
8
912 65
75 1612 Abitibi Power & Paper let 581953 1 D
8
Prior lien 5e aeries B
1960 J J
84 922 814
814 42
137
10
Abraham & Straus deb 530_1943
A 0
Certificates of deposit
712 16
772
1014 34
77 Sale
8
With warrants
__Con 131 434s series A
1975 M 8
___6 sale
6
6
734 193
2614 Adams Exeretan coil 11 g 45-1948 M 5
Certificates of deposit
612 15
612
75
8 48
6 Sale
Adriatic Elec Co esti 78.___1952 A 0
Cerrito of deposit stamped -_-.
6
1212 Albany Fedor Wrap FRC 83.1948 A 0
618 Sale
714 41
6
St I. Peor & N W lat 1111 68.19482 .1 _
6
8
35
_ 337
Allegany Corp eon tr 52____1944 F A
337 84
8
St 1.8 W 151K 45 bond ctis_1989 M N li- -ici 88
Coll & cony 58
1949 J D
5913 11
4714 71
2s g0Inc bond ctfe Nov--1989 J J
1950 A 0
37
3
65
40
40 Sale 40
Coll & cony 58
1st terminal & unifying 58_1952 J J 2412 Sale 2412
3112 10
15
55
Allis-Chalmers Mfg deb 59-1937 M N
Gen & Ref g 55 ser A
1990 J J
15
438 Alpine-Morten Steel let 78_1955 M 8
1
4
19
19 Sale 19
St Paul & K C 2111 L 1st 430_1941 F A 30 Sale 30
2454 80
.5
33
81 1' d/ Duluth let con g 45..1968 1 D 7814
77 Nov'32 ____
73
77
Amer Beet Elug cony deb 68.1935 F A
St Paul E Or 'I'rk let 430_1947 J .1_
-_ 62 Sept'32____
62
62
American Chain deb 5 f 813_1933 A 0
St Paul Minn &Man eon 45_1933 J J
90
98
1942 A 0
ii- Amer Cyanamld deb 55_
91 95 Nov'32 ____
lat consol g Oa
1933.0 J 92
90 10014 Am & Foreign Pow deb 58_2030 M S
3
4
93
9313 923
6e reduced to gold 4 345
1933 J J 87 Sale 87
3
85
984 American Ices 1 deb 512
90
1953 J D
Registered
.1 D
934 9313 Amer 10 Chem COLly 530- _1949 M N
_
_ 9312 Nov'32 ____
Mont ext let gold 48
1937 .1 0 -75 7912 92
Am Internal Corp cony 530 1949 1 J
ii 8013 Dec'32 ____
Pacific ext gu0
(sterling).1940 J J 70
Amer Mach & Fdy at 8s
68
81
75 Dec'32 ____
1939 A 0
78
_
St Paul Un Deli 1st & ref 58_1972 J J 100 sale 99
100
87 1001s Amer Metal 534% notes_ _ _1934 A 0
36
Am Sm & It Dual-yr Se serA1947 A 0
8 A dr Ar Pass let gu g 4s
1943 J J 57 sale 57
804 Amer Sugar Ref 5-year 85_1937 J 1
44
6
59
Santa Fe Pres & Phen let 58_1942 M 5 88
Am Telep & Teleg cony 4s.._1936 M 8
80
97
25
90
90
97
Say Fla & West 1st g 68
1934 A 0 94 100
94 100
30
95 Aug'32 ____
-year coil tr 5e
1996 1 0
let gold 55
1934 A 0 91
____ 101
35
-year s f deb 55
-Oct'31 -- -- -7-1960 1 1
Scioto V & N E 1st gu 0_1989 M N 9114 _ _
20
704 -9013
-year s f 530
90 Dec'32 _ ___
1943 M N
Seaboard Air Line 1st g 0_1950 A 0
Cony deb 430
*
1939 1 1
Gold 4e stamped
•
1965 F A
1959 A 0
*
*
Debenture 5s
Certifs of deposit stamPed__ A 0
411 144 Am Tyne Found deb 13s_ _1940 A 0
9 Nov'32 ___
514
__
Certlfs of deposit unstatuped A 0
514 _912 _---------- ---- --- Am Wat Wks & El coll tr - 8-1934 A 0
5
Adjustment 58
Oct 1949 F A
12
112
10
34
Deb g 8s series A
34 Sale
1975 M N
ki
Refunding 45
•
1959 A 0
•
Certificates of deposit
Am Writing Paper 1st g 85_1947 1 1
114 7
212 30
15
8
15 Sale
8
1st & cone fie series A____1945 M 5
2
77 Anglo-Chilean Nitrate 75
8
2
2 sale
4
1945 MN
723 210
Certificates of deposit _ _ -...
...
Ark & Mem Bridge & Ter 58_1964 M 8
158 Sale
14 7
14
24 69
A tl & Illrm 30 yr 1St g 0_111933 MS
Armour & Co (111) 1st 430_1939 1 D
20
7 Sale
7
7
74 11
Seaboard All Fie let gu 68 A 1935
Armour & Co of Del 530.__1943 1 1
Certificates of deposit
Armstrong Cork cony deb 58_1940 1 D
5
8 6
10
118
14
4 Sale
A 0
Series LI
1936
Associated Oil 6% g notes
8
-1935 M _
Certificates of deposit
118 212 Atlanta Gas L 1st 55
10
118
0
F A
1947 J 1-,
8 412 112
75
8914 Atl Gulf & W I SS L coil tr 55 1959 1 J
so & No Ala cone gu g 55...1936 F A 86-.
.... 894 Oct'32 ____
Atlantic Refining deb 5s
85
Gen UM guar 50
85
1937 J J
-year 55-1963 A 0 80
851 85 Aug'32 ____
(Cent Pac crank '49j D 49 Sale 49
Baldwin Loco Works 151 58.1940 M N
29
74
35
So Pac coil0
53
1st 4548 (Oregon Lines) A 1977 M 8 57 Sale 5512
4812 8454 Ratavian Petr guar deb 4 HIL 1942 1 J
6312 96
3
7512
20
-year cone 55
58
97
1934 J D __ 75
Belding-Heminway (is
1936 1 J
73
7312 Bell Telep of Pa fai series B 1948 1
Gold 4 345
31
1968 M 8 .
4612 69
4412 Sale 42
1st & ref 55 series C
74
Gold 430 with warrants 1969 M N 43 Sale 414
29
1980 A 0
4512 468
2812 7212 Beneficial Indus Loan deb 851946 M S
Gold 43.4s
1981 M N 43 Sale 41
4513 158
75
3
5978 85
Berlin City Elec Co deb 630 1951 J D
1950 A 0 75
San Fran Term 1st 45
75
80
Deb sinking fund 8 345
8
98 1005
1
1959 F A
8
1005
8
So Pac of Cal let con gu 5 58 1937 M N 10012 102 1005
Debenture (le
Jan'30, __ --1937 J J 83 _
96
1955 A 0
So Pac Coast let fru 8 45.
7518150 -- 8 4 Berlin Elec El dr Underg 63451966 A 0
6
48
1955 J .1 7114 Sale a70
So Pac RR lst ref 48
.1 .1 ---- ----9512 Nov'31 --- ---- ---- Iieth Steel 1st & ref 519 guar A '42 m N
- Registered
I
30
-year pm & Impt a f 58_1938 1 i
Stamped (Federal tax)-1955 .1 J --------9212 May'30 ---- .--- ---• Caen sale.
4363
20 Sale 20
254
3
11
51
9812 9912 9812 Dec'32 __-8824 9912
9912_ 99
85
99
2
99
773
if; 7612
4 16
7612 70
8012
512 78
4
7
60
5512 Sale 5512
70
--__ 8212 70
2
70
70
87
85 Sale 85
2
75
92,
2
--------95 Mar'29
414 42
39
4334
7
28
70
4
44
53
413 Sale 413
4
25
704
4213
4312 16
38
47
28
7012
60 Dec'32 __---_- 60
40
90
90 Nov'32 __-95
81
70
928
4
75
96
75 Aug'32 ___
80
82 Dec'32 __82
70 75
82
40
90
42 Dec'32 ____
42
60
10014 101 10014 Dec'32 _--- 10014 100 4
,
88 ____ 9618 Apr'31 ____ ____ ____
65
___ 88 Dec'31 _
_
_
982 Sale 98
8
99
lii aiirg -9i
95 Dec'32 __7_
9412 97
86
9514
8712 Sale 8714
8814 72
70
885
8
8818 43 a5713 8812
a8614 Sale 08614
--------10012 10012
6
843 103
4
,
8412 32
565 843
803 Sale 801
4
8
4
4
98 ____ 962 Dec'32 __-89
985
4
__
__ __
983 ____ 100 July'31 ____
4
80 -80
8612 ____ 80 June'32 ____
835 ____ 9313 Sept'31
8
2
2
2 Sale
L
114 i
85 Sale 85
85
5
75
95
4
64---- 633 Dec'32 ____
55
80
35
4112 37
4014
23
60
7
91 Sale 91
92
46
7014 957
4
80 Sale 80
83
70
6
88
6012 46
55 Sale 55
40
40
3712 42
12
25_ 9818 May'29
35 Dec'32 __-35 42
70 Nov'32
60
75
__
32
40
32 Nov'32
__
33 Nov'32
32
40
__
5713 Aug'32
40
55
__
33 Sale
8
33
8
513 52
3
312 sale
44
5
4 Sale
5
32
4lz
512 13
4 Sale
4
56
50
65
Oct'32 ____
60 Nov'32 ____
64
51
7914 8712 84 Sept'32
__
90 Aug'32 ____
8
863 92
563
4 33
5414 Sale 5414
8
5718
575 5812 564
8
10.13 101
_
22
101
8313 Dec'32 ____
823 4 85
2714 83
24 Sale 24
6
86
66 Sale 66
__
7112 Dec'32
-___ 69
72 Dec'32
72
__
65
__
60 Dec'32
60
72 Dec'32 ____
75
72 2314
22
25
2
2334
912 Oct'31 __-8
3
8
8474
ii 8913 847
4
112 Sale 112
4
104 15
1
8
10
7
8
40 ____ 8814 Sept'31 ____
35 -47
52
73
28
48
33
344
50
60
28 19
4
34 19
24 1612
24 161z
5538 56
56
80
7714 8812
8312 90
3712 804
3
285 69 4
8
a8918 101
724 91 2
,
217 491z
8
65
7814
62
74
50
70
60
62
5212 80
11
351s
---85 -- ;
847
113 473
4
4
8
38
____ _
•
•
88 Sale
58
6614
92 Sale
26
30
a25 Sale
1912 Sale
7 8 Sale
7
7618 Sale
4912 Sale
5214 79
21
59
86
8834 35
56 Dec'32 ____
92
9212 11
6
2612
2613
2414
29
135
1918
213 188
4
103
712
12
17
Ms
7714
3
4912
4912
5
30
25 Sale 25
5212 Sale 493
4
5212 15
3
7314
7314 Sale 73
333 283
4
283 Sale 28
4
5
55
57
59
59
71 Sale 7018
723 108
4
41
76 Sale 76
77
10312 14
1033 ____ 10314
8
6478 Sale a64
6512 21
8614 62
82 Sale 8012
10514 Sale 10413
10514
18
10213 10214 103 Dec'32 ____
10618 Sale 106
56
107
10512 Sale 1004
1053 176
4
1082 Sale 108
85
8
109
104 Sale 104
10612 37
10514 Sale 10452 10512 186
29 Sale 29
7
35
4
28
92
914 Sale 903
6318 Sale 61
8
65
8812
4714
6812
24
r8
912
a312
68
830
904
70
93
484
41 1
,
40
33
91
5112
47
16
4
0
87
4
62
80
1514 Si
75
59
5414 80
6314 81 12
10214 104 8
,
37
8014
96
72
98 196
9412 103
9758 107
9134 1052
4
99 109
9518 10712
014 10512
9784
29
95
66
48
8418
31
48
34
3212
12
30
35
1
18
2 8 Sale
5
70
214
3
7812
80
78 Aug'32 ____
75
80 Sale 774
5712 SI
224
804
7688
75 Sale 712
45
8
7518 185
75
7612 76
78
50
16
7614
1025 10314 103
8
3
9412 103
103
95
9512
9812 z--- 9512 Oct'32 __ =7
44
3713 sale 36
29
28
39
8518 102
10114 Sale 1005
8
10112 53
9418 95
89 10112
95 Dec'32 ____
4
9312 Sale 93
87 a7012 938
94
90
76
14
a88 Sale 8712
88
982 10918
4
1073 10878 10713 10828 35
4
984 109
29
109 Sale 107 8
,
109
86
64
56
a83 Sale 83
84
4
2012 593
61 Sale 60
6412 130
5E02 s
ale 5614
204 594
593
4 82
1912 56
89
55 Sale 537
8
97
8912 53 2
23
6
,
8314 6
55 2 13
3
8334 Sale 883418
5
0
43
9414 Sale
933
4
95
71
7214 98
• Look under list of Matured Bonds on page 4365
A
ft
New York Bond Record-Continued-Page 5
4364
BONDS
N. T. STOCK EXCHANGE
Week Ended Dec. 23.
I
g
-.a.
Price
Friday
Dec. 23.
Week's
Range or
Last Sale.
8141
Ask Low
15 Sale 15
5% Sale
5%
4 Sale
4
11
co
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 23.
High No. Low
16
58
12
512
5
7
4
2
4
I
il
.., 4.
Dec. 24 1932
Price
Friday
Dec. 23.
Week's
Ranee or
Last Sale.
4
g:2
co01
Range
Rims
Jan. 1.
High
Bid
Ask Low
High No. Low
High
30
Gulf States Steel deb 5 Ks__ _1942 J D 4512 Sale 4512
4512
21
3
6712
19
Hackensack Water 1st 4s__ _1952 J .1 9212 _ __ 93 Dec'32 -784 93
54 Hansa SS Lines 65 with warr.1939 A 0 4812 Sale 46
4812 88
11
484
Harpen Mining (is with stk purch
4
13
11
4 22
/
4
14 3
/
1
war for corn stock of Am shs'49 .1 J 65 Sale 64
75
66
181a 66
212 47
8 29 Dec'32 ___,
4
1
/ 4
1
4
/ Havana Elec corsol g bs
1
4
1952 F A 1714 2612 1818
/
4
141 26
1912 10
15 Sale
8
15
8
is,
8
1
13
4
Deb 5743 series of 1926_1951 M 5
33
314 4
312
6
a
65 sale 65
0
65
1
50
71
Hoe(R)& Co 1st 6748 set A.1934 A 0
9
/ 133 1014
1
4
4
818 80
1
1014
10712 Sale 1063
4
10712
8
974 10712 Holland-Amer Line 8/3(fiat).1947 M N
173 1812 18
4
8 8 21
2
1812 12
107 Sale 10614
10712 57
99 10712 Houston 011 sink fund 5146_1940 M N 4512 Sale 45
13
44
54% 86
704
8934 Sale 8912
91
302
68
9114 Hudson Coal lat 3f 53ser A_1962 J D 31 Sale 30
3512 42
264 504
60
bl Sept'32 ---51
68
Hudson Co Gas lert g Si
1949 M N 1054 10512 102
/ 10512 14
1
4
98 1067
8
-- 50 Nov'32 ---60
55% Humble Oil & Refining 58-1937 A 0 103 Sale 102
/ 103
1
4
94 10312
7
82% Sale 8112
84
12
60
84
10938 Sale 1093
8
1093
4 19 100 100% Illinois Bell Telephone 51E...1956 J D 10614 Sale 10618 107
964 107
47
11612 Sale 11612 11612
9 103 11612 Illinois Steel deb 434
4
1940 A 0 1013 Sale 10112 10214 25
,
4
902 105
158
168 Sept'32 __- 147 160
Rieder Steel Corp mtge 83..1948 F A 4614 Sale 4512
48
89
15
/ 48
1
4
10214 10212 1013
10214 44
8912 10214 Ind Nat Gas & 011 ref 53_ 1936 M N 92
4
_ _ _ 92
92
96
90
1
1063 Sale 1063
.
10714 40 10014 10714 Inland Steel 1st 4 34s
4
4
1978 A 0 752 Sale 75 4
88
3
78
61
19
1043
4
4 26
8
1032 104% 1033
91 1043
4
1st M s f 474s ser B
70 Sale 7512
1981 F A
83%
59
7612 10
65
,
7012 707
713
4 13
54
80
3218 Sale 3218
3714
9
26
71
Interboro Rap 'Fran 1st 53_1966 J J 45 Sale 40
46 4 1059
3
314 59
65
68
7212 45
6912
354 90
10
-Year tis
*
*
1932 A 0
•
43
46
46 Dec'32 ---344 60
Certificates Of deposit
13
1814 16
16
Oct'32 ____
23
•
10
-year cony 7% notes_1932 M S
*
Cal0& E Corp nut & ref 58_1937 MN
_ _ 106%
3
10612
99 10612
/
1
4
Certificates of deposit
57 Sale 523
..
_
4
59
531 65
13
Cal Pack cony deb 58
1940 J J 10618- a63
622 8 64
13 a491 76
64
Interlake Iron 1st 58B
____1951 M N 424 Sale 413
4
60
4214 20
30
Cal Petroleum cony deb a f tys '39 F A 935 95
9312 Dec'32 ---8
6112 96
lot Agric Corp 1st & coil tr So
Cony deb s f g 570
1938 MN 942 96
9512
8
6
9512
64
97
Stamped extended to 1942 ___ _ M N 4012 42
45 Dec'32 ____
544
/
1
32
Canada SS List & gen 6s__ _1941 A 0 15
1714 1714
5
173
4
1212 4218 lot Cement cony deb 5a
1948 M N a54 Sale 5314
74
55 4 72
3
42
Cent Dist Tel 1st 30-yr 58_i943 .7 D 10614 1061 106
1
106
1
99 10612 Internal Hydro El deb 6s_1944 A 0 3758 Sale 37
/
1
4
60
40
19
116
Cent Hudson G & E bs-Jan 1957 M 8 10512 10612 10512 10512
2
9624 108
Inter Mere Marine of 6.1
1941 A 0 40 Sale 40
4012 14
541
4
30
Cent Ill Elec & Gas 151 50.
.,.1951 F A 7212 Sale 72
73
16
54
77
Intemat Paper 55 ser A &B-1947 J .1 3712 Sale 37
59
39
28
57
Central Steel lot g of 8E...1941 MN 86
88
85
8512
6
60
97
Ref s f Os series A
1955 M 8 14 Sale 14
1412 56
3812
11
Certain-teed Prod 5343 A...1948 M 8 34% Sale 33
35
43
23% 49
Int Telep & Teleg deb g 434o 1952 J J 20 Sale 20
14
/ 61
1
4
263 219
4
Chesap Corp cony 58 May 15 '47 M N
67
63 Sale 63
126
3413 76
Cony deb 474s
4
1939 J J 263 Bale 25
35
294
1714 69
Ch G L & Coke 1st gu g 5/3_1937 J J 105 Sale 1045
8 105
4
97 105%
Deb 58
24 Sale 23
1955 F A
31
222
6412
16
Chicago Railways 1s1 58 stpd
Investors Equity deb 55 A-1947 1 D 814 Sale 81
/
1
87
811 13
/
4
66
•
Sept. 1 1932 20% part. pd.__ F A
•
•
•
Deb 56 ser B with warr
3
1948 A 0 80 4 83
8112
8112
2
56
85 5
3
Cbilde Co deb 55
1943 A 0 3414 35
3612 18
34
/
1
4
14
48
Without warrants
1948 A 0 81
8212 8112
14
83
66
84
3
1947.' J 311. Sale 3112
Chile Copper Co deb 50
38 4 126
3
20
62
('in 0& E lot 31 45 A
1968 A 0 975 Sale 9752
g
8
8234 983 K C Pow & Lt lot 434e ser 13.1957 1 J 103 10312 104
9814 65
90 104
104
1
Clearfield BR Coal lot 4s
1940 J J
_ 77 Dee'30 --- --- --1st M 434e
1961 F A 10314 Sale 1023
4 1032
4 90
/
1
4
3
90 103 4
1938.' J 25Colon Oil cony deb 68
30
40
40
3 62618 45
60 Kansas Gas & Electric 434E1980 1 D 9112 Sale 9012
90
4 53
72% 92
egig Fuel & Ir Co.gen s f 5E1943 F A
30
42
38
38
1
38
67 Karstadt (Rudolph) 1st 65.1943 MN
2614 Sale 261
32
29
12
283
Col Indus 1st & coll be gu--1934 F A
2618 Sale 26
2612
7
13
66
Keith(B F)Corp lot Os
1946 M 5 33 8 36% 334
5
3314
1
24
63
Columbia CV .1; E deb be May 1952 M N 8313 Sale 8112
84
52
50 4 88
7
Kendall Co 674s with warr_1948 M 5 6212 65 63
65
41 o68
22
Debenture 55
API'15 1952 A 0 83% Sale 8314
83% 12
8812 Keystone Telep Co 1st 50-1935 J 1 69
60
7012 70
70
6812 75
2
Debenture 53
Jan 15 1961. J 83 Sale 8112
2
83'2 121
58
874 Kings County El L & P 512_1937 A 0 1054 109 10528
10538
I
9812 105%
Columbus Ry P & 1.1s1 41451957 J 2 9412 Sale 94
95
78
79
93
Purchase money 68
1997 A 0 131 134 13112 13112
1 11613 132
Secured cony g 534s
1942 A 0a10418 Sale 103
51
105
9814 105
Kings County Elev 1st g 43_1949 F A
7318 Sale 73%
76
57
3
731
Kings Co Lighting 1st 53
10312 105 106
1954 .7 J
92 105
10528
/
1
4
6
Commercial Credit of 65 A-1924 MN 100 Sale 993
4
15
100
88 100
First and ref 674s
1954.3 J 11218 118 1124 Dec'32 ____ 106 11212
Coll tr s f 574% notes
1985.7 J 9612 Sale 9612
9624 33
831, 9634 Kinney (GR)& Co 774%notes'36 I D 5014 65
n5014 Nov'32 ____ 425
99
Comml Irvest Tr deb 5748-1949 9 A 100 Sale 9912 100
79 100
149
Kresge Found'n coil tres
1936 J D 54
6112
40
73
62
9112
Computing-Tab-Bee of 66_1941 J J 106 Sale 1062
4
2 104 10678 Kreuger & Toll sec of 55...„1959 M S 11 Sale 60
1g
4 1062
11
6912
6
13% 98
Conn Ry & L 1st & ref g 4Ks 1951 i J 9514 ..,... 974
2
9714
8812 971 1
Certificates of deposit
M 13 1014 Sale 10
1;
33
6
19
Stamped guar 470
1951 J . 99 1001 9912
2
3
89
99'2
9812
Consolidated Hydro-Elec Works
Lackawanna Steel 1st 55 A...1950 M 13 83% Sale 83
83114
2
63
of Upper Wuertemberg 78_1956 1 J 58 Sale 58
93
58
2
22
58
Laclede 0-1. ref & ext 53___1934 A 0 88 Sale 8712
3
98
71
8878 25
Cons Coal of Md 1st & ret 58_1950J D
658 Sale
6%
6
2214
Coll & ref 534s series C___1953 F A 61 Sale
8'i 15
78
46
47
628
Congo! Gas(NY)deb 5345-1945 F A 10614 Sale 106
Coll & ref 5745 series 13_1960 F A 61 Sale 61
10612 57 a99 107
61
/
1
441 764
4
15
62
Debenture 434,
1951 1 D 100 Sale 993
100% 117
87 10014 Lautaro Nitrate Co Ltd 68_1954 .7 .1
4
3 Sale
14 1614
212
312 146
Debenture 55
1957.' J 103% Sale 103
98 10312 Lehigh C & Nay of 434s A._1954 J J 85
1031
- 89
92
87
81
87
1
Consumers Gas of Chic gu 531936 J 0 10312 104 10312
10378
2
/
1
9012 1034
Cone sink fund 4 Ks ser C_1954 J J --,- 100 88
80% 90
Consumers power 151 68 C 1952 M N 10518 Sale 105
10513 14
9612r10714 Lehigh Valley Coal let g 54_1953 J J 68 Sale 68 Sept'32 ___
93
48
50
73
Container Corp 1st 60
1946 1 D 33 Sale 312
5
33
60
20
1st 40-yr gu lot red to 4%_1933 J J --- 68
94 Dec'31 --15
-year deb 55 with warr_1943 1 D
-15
173 15
152
18
5 r35
lot & ref 3 1 bs
F A 10014
-- 10018 10018
i
9i7;
openhagen Telep 5s_ Feb 15 1954 9 A 67
1
50% 7712
73
70
70
lot & ref s f 55
1944 F A 35 -43
3518 Dec'32 _-__
Corn Prod Refit let 25-yr s f fe'34 M N 103 1032 10312 10312
36 10'.C 44
3 10052 1017
8
1st & ref s 1 be
F A 20
1954
3412 20 Dec'32 ____
43
18
Crown Cork & Seal e f 6s_ _ _ _1947 J D 89
93 90
9014 11
91
62
1st & ref s f bs
1964 F A --- - 40
48
30 Nov'32 ____
24
Crown Willamette Paper 6E1951 J i 64 Sale 631s
21
65
56
81
lot & ref 5 t bs
1974 F A --- 40
41
3212
30
Crown Zellerbach deb 55w w 1940 M 8 04414 sale 444
4612 25
4414 69
Liggett & Myers Tobaceo 7E1944 A 0 1202 Sale 1203 Oct'32 ____
4
•
121% 12 116 121%
•
•
Cuban Cane Prod deb 6s_ __ _1950 1 J
•
55
1951 F A 107 Bale 107
10812 33
964 10 /
81
Cuban Dom Sugar ist 7 Ks.1944
4
Loew's Inc deb of Os
1941 A 0 80% Sale 803
9014
81
64
41
s
Cite of dep stpd and unstpd___ ---2 Sale
124
3
/ 10
1
4
14 518 Lombard Elea 78 oar A
3952.7 D 7914 Sale 79
6112 83
4
8
7912
4
_ ___ 1052
Cumb T & T 1st & gen be
1937 1 J 106
5
07% 10614 Lorillard (P) Co
10814
deb 78
4
1944 A 0 1132 114 11312 115
116
63 101%
58
1951 F A 96% Sale 96%
8114 101%
963
Del Power & Light lot 4343_1971 J J 10014 Sale 100
4 18
10014 13
86 10014 Louisville Gas & El(KY)53_1952 MN 10412 Sale 1041
105
150
91 108 4
3
1969.' J 93
let & ref 41.(s
0512
3
78
9612 95
9512 Lower Austria Hydro El Pow
1st mortgage 4145
1969 J J 100
9858 100
4
85 8 100
7
lat a f 674e
1944 F A 4314 Sale 42
46
20
/
1
4
434 13
Den Gas de El List b. ref s t fe '51 MN 914 93
90%
91
6
76
9712
Stamped as to Penne tax A951 M N 92 Sale 8912
92
3
7978 gm McCrory Stores Corp deb 5348'41 J 0 62 Sale
91
61
62
4
62
Detroit Edison 1st coll tr 58.1933 1 J 100 Sale 100
100
1 100 102
McKesson & Robbins deb 5748'50 M N 33 Sale 33
2614 60
111
38
1949 A 0 101 Sale 101
Gen & ref be series A
1017
8 69
95 10312 Manat1 Sugar let of 7348_1942 A 0
12
5% Sale
514
514
1
3
10
Gen & ref bs serlee B
1955.' D 101 1011 10112 10112
7
94 r104
Stamped Oct 1931 coupon 1942 A 0
5
10
10
2
23
Gen & ref bs series C
312 12
1962 F A 10112 Sale 101
102
37
96 1022,
Certificates of deposit
5 Sale
3
/
1
4
5
29
2 4 7%
3
Gen & ref 4 Ks series D-1961 9 A 97 Sale 967
8
0712 70
87
983 Manhat KY ('fY) cons g 45_1990 --8
A0 2712 Sale 253
17
273 103
4
4312
Gen & ref 55 series E
1952 A 0 1003 Sale 100%
4
10112 108 100 101 12
Certificates of deposit
- - - 23_
23
23
Oct'32 _ Dodge Bros cony deb 6E
1940 M 19 8812 Sale 8812
89
130
66
8912
2d 48
2013 J D 16
34
17
124 3611
ii
.
18
Dold (Jacob) Pack 1s1 65_1942 MN 65
65
687s 65
1
50 8 75
3
Certificates of deposit
Donner Steel 1st ref 78
1942.' 1 594 65
90 Dec'32 ---50
8812 Manila Elm RR & 12 s I 64_1953 M 8 6313 893
4 85 0ct'32 ____
Iii70 Duke-Price Pow let Os oar A_1968 MN 44 Sale 422
4
44% 127
3712 8112 Mfrs Tr Co ctfa of panic in
Duquesne Light 1st 4 Ks A-1967 A 0 10412 Sale 104
104% 55
9314 10478
A I Namm & $on 151 6.___1943 1 1
7 55
60
83
64
00
6614 17
1st M g 474s series B
10558 ____ 105
105%
2
gg 10518 Marion Steam Shovel
1957 M 23
if 68-1947 A 0 36 Sale 36
2
3812
21
55
Market St RY 78 ter A_April 1940 Q J 70 Sale 70
7214 10
•
6514 92
East Cuba Sug lb-yr 8 I g 7%8' M. S
•
r
•
37
Mead Corp 1st 811 with warr.1945 M N 4812 Sale 47
60
25
4812 27
Ed El 111 tiklyn lot cons 48._1939 J J 103%
4
-- 1012
2
94 1013 Merldionale Elec let 75 A...1957 A 0 862, 87
4 1013
4
9554
8612 Dec'32 ____
58
Ed Elec(N Y) lot cons g 5E1996 J 1 u5'8 fisi 11858 Dec'32 ____ 1041g 11828 Melt Ed
1st & ref tui set C._1953 1 J 92 Sale 912,
75 100
4
92
El Pow Corp (Germany) 614s '50 M 8 56 Sale 5312
57
20
20
let g 434,series 13
67
196801 9 8412 847 844
8
170
/
1
4
67
84% 16
101 sinking fund 6145
1953 A 0 54
58
57
5318
21
1834 57
Metrop Wat Sew & Dr 6348 1950 A 0 6812 Sale 08%
33% 79
697
Ernesto Breda Co let M 73. _ 1954
8 26
Met West Side El(Chic)48-1938 F A
9% 15
1312 Nov'32 ____
4
1312 382
With stock purchase warrants_ F A 682 ---_ a672
4
69
4
23
36 69
Miag Mill Mach lot of 78. _ _1956 1 D 52 Sale
56
49 4
2
14
13
56
Midvale St &0 coll trot lis 19:601 8 94 Sale 9314
94
Federal Light & Tr 1st 53._1942 M S 56
100
734 97
69 624 Dec'32 -- -1
53
76
IVIllw El Ry & Lt let (113 B__ _1961 1 D 774 Sale 763
4
77% 26
734 9411
1st lien of 55 stamped- _1942 M S 56
69% 67 Dec'32 _-_
63
12 78
lot mtge bs
1971 1 J 7612 Sale 76
96
72
lot Ilen (Is stsm pea
774 68
1942 M 8 60
70 Dec'32 ____
70
46
82
Montana Power let 53 A.
I943 J 1 824 Sale 81
954
60
110-year deb 65series B....1954 1 0 51
23
83
41
Os
55 Dec'32 ___
54
Deb be series A _ .....1962 .1 D 5712 58
82%
5812
64
2
60
Federated Metals of 7,
1939 J D 83
85 a84 Dec'32 ___
66 WI
Montecatinl Min & AgrleFlat deb of g 75
3
1946 J 1 924 93% 93% 93
80
30
Deb g 78
933
4
1937 J J 9412 964 95
/
1
Fisl Rubber 1st s f 83
67 r9732
8
9524
•
•
1941 M 5
•
Montreal Tram 1st & ref 65- _1941 .1 .1 8314 Sale 8212
Framerican Ind Day 20-yr7348'42 2 J 100 10014 100
8314
764 9035
/
1
2
81% 10274
7
10014
Gen & ref s 1 bs series A__1955 A 0 6412 68
754 Oct'32 ___.
Franmsco sue 1st st 7;48
67% 7612
1942 M N
13ta 16 4 13 Dec'32 ---1013 20
3
Gen & ref, f 55 set B._1955 A 0 6412 --63
/ 634
1
4
Get & ref 3 f 4 Ks ser C-1955 A 0 52 -- -- 634 Aug'32 ____
7014
Gannett Co deb 'loser A_1943 9 A 77
704 Oct'32 ____
60
77
79
77
79
89
2
Gen & ref 8 t 58 ear D.--1955 A 0 64%
_
77 Sept'32 _ _ _
77
77
Gas & El of Berg co eonsi531949 J D 1033 _-- _ 9818 June'32 ____
4
9818 9818 Morris &Co lets f 434s
1939.' 1 75% - - 2 80 Dec'32 ____
797
804
Gelsenkirchen Mining 6s
61
1934 M 8 65 Male 65
254 69
95
69
Mortgage
-Bond('0 40 set 2_ _1900 A 0 Cot ---- 403
Get Amer Investors deb be4014 6014
s
2
4
02,
A191.2 F A 79
82
79 Dec'32 ......
67
81
Murray Body 1st6 he
1
1934 . D 73 Sale 73
Oen Baking deb of 5 Ks_ _1940 A 0 984 99
964
08
5
74
087
4 28
8912 100
Mutual Fuel Gas 144 au g58_1947 31 N 1024 105
98
Gen Cable ist 5 f 5).4s A
0012 102
1947 J 1 48
544 19
/
1
Mut Un Tel 31465 ext at 5% 1941 68 N -... 95 102 Dec'32 __.
97
26
542 5
4
84 Dec'32 __
Oen Electric deb g 33412
84
88
1942 F A 100',-- _ 100 Dec'32 ____
93 100
Gen Elec (Germany) 70 Jan 15'45J J 511264
- 54
57
33
267 57
Namm (A I) & Son _ _See Mfrs Tr
2
S f deb 614s
1940.' D 44 Sale 44
50% so
28
504 Nassau Elec gu g 43 stpd_1951 J 1 5012 Sale
5012
-year e f deb 68
20
50% 24
30% 14
1948 al N 42 Sale 42
47
/ 66
1
4
22% 4778 Nat Acme lots f Os
1942.7 D 53
75 57
60
Gen Mot Accept deb 88
54
1937 F A 1022, Sale 102%
1022, 97
9735 103 8 Nat Dairy Prod deb 543_1948 9 A 842, Sale 8312 Dec'32 ____
5
8512 169
7112 964
Genl Petrol 1st s f fis
/
1
1940 F A 10312 Sale 10312 1032
Nat Steel lot coll 53
4 12
954 105
me A 0 78 Sale 77
36
Gen Pub Serv deb 6341
60
8
795 272
84
1939.7 j 80
80
80
5
724 8612 Newark Conaol Gas eons 68-1948 J D 104 --. 103
95 103
Nov'32 ____
Gen Steel Cast 6340 with warr '49.7 J 5514 Sale 5514
NJ Pow & Light let 4 Ks_ _1960 A 0 8412 Sale 82
74
59
38
17
95%
77
(
1
4_
Gen Theatres Equip deb / _1940 A 0
844 151
•
•
4.
•
Newberry CI J) Co 5K% notes'40 A 0 76 - 8014
1004
534 83%
Certificates of deposit
2
8014
1 Sale
3
2
124 25
New Eng Tel & Tel 58 A
4
1952 i 13 1082 Sale 10812 109% 27
Good Hope Steel & It sec 78.1945 A 0 574 Sale 58
974 1091
/
4
58
1218 68
24
1st g 474s series B
1961 M N 104% Sale 10412
91 1041
/
1
Goodrich(B F)Co let 634o_ 1947.3_
/
4
2 78% 79
78
79
8912 New On Pub dery let be A -1932 A 0 584 Bale 5812 1044 34
00
22
/
1
4612 8
60
2
15
Cony deb 65 --------1945 J D 442 Sale 442
4
FIrst le ref Si series B
47% 106
3414 62
1955 1 13 574 Sale 57
80%
594 52
4514
Goodyear Tire tk Ru lot 5E1957 MN
80
79 Sale 78
86
61% 9 4
,
N Y Dock 1st gold 4s
A 54% Sale 5435
1951 9
70
45
4
57
Gotham Silk Hosiery deb 65.1939 J D 8714 88
87 Dec'32 __
Serial 5% notes
90
72
4
1938 A 0 312 Sale 313
3812 30
Gould Coupler lst 5 f 336
3
0
54
1940 F A
7
9
i
9
0
25% N y Edison 1st Ai ref
9'sI
7
6)4 A _1941 A 0 113 8 Sale 11235 113
,
/
1
4
/ 90 1064 113
1
4
Gt Cons El Pow (Japan)7E _1944 F A 42 Sale 42
43 I 19
151 Hen & ref 53 series B__ _1944 A 0 10718 Sale 106
3314 69
97 107%
12
lot & gen a t illio
1950.' 1 3314 Sale 33
35
18
1st lien & ref ba serial C-1951 A 0 107 Side 10611 107% 22 100
29% 00
46
107
10712
Bing & Bing deb 674s
1950 M S
Botany Cons Mills 6 Ks__1934 A 0
Certificates of deposit
A 0
Bowman-Bill Hotels 1st 7s_ _1934
8tnip as to pay of $435 pt. red
M S
Wway & 7th Ave liit COnS 55-1943 J D
Certificates of deposit
J D
Brooklyn City Ryt ist 5o_...1941 J .1
Bklyn Edison Inc gen 53 A__1949 J J
Gen mtge be series E
1952 J J
Bklyn-Manh R T see 68---1968 J .1
Bkiyn Qu Co & Sub con gtd 53'41 MN
1st 53 stamped
1941.7 1
Ilklyn Union El 1st g bs
igso F A
Bklyn Un Gas 1st cons g 5E_1945 M N
lot Hen & ref 613 series A 1947 MN
Cony deb g 574s
1936.7 J
Debenture gold 5s
1950.7 D
let lien & ref bs series B-1957 M N
Buff Gen El 474s series B
1981 9 A
Bush Terminal 1st 4s
1952 A 0
Consol 5s
1955.' J
Bush Term Bldgs 58 gu tax ex '30 A 0
By-Prod Coke let 5343 A
1945 MN
r Cann sale. a . n.rerred'delivery
• Look under 1st of Matured Bonds on nage 4366
New York Bond Record-Concluded-Page 6
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dee. 23.
4,
-1
...
..,
1t
Price
Friday
Dec. 23.
Week's
Range Or
Last Sale.
„I_
g.:-.1
cZol
Range
Since
Jan. I.
z
t!'g
BONDS
N. Y. STOCK EXCHANGE.4 7..'
...:-.• sr_
Week Ended Dee. 23.
4365
Price
Friday
Dec. 23.
Week's
Range or
Last Sale.
4
o",
Z
,,
Range
Price
Jan. I.
IRO
High No. Low
Ask Low
Bid
484 Low
aid
High No. Low, High,
10612 40
4
973 10612
11 114
1'1614
5 10014 11114 South Bell Tel & Tel lots! be '41 1 J 10014 Sale 10518
NY Gas El Lt It & Pow g Os 1948 J D 11014 111 10114
4
9812 10634
59_1954 F A 10612 1063 10612 10634 19
10112 22
874 10112 Sweat Bell Tel 1st & ref
Purchase money gold 48_1949 F A 10114 Sale
75
7812 10
75
84
73
9313
80
80
Southern Cob Power 6s A ._1047 J J
80 June'32 _--N Y L E & W Coal & RR 5345'42 M N ____ 90 100 June'31 __- ____ _. __ Stand 01101 NJ deb 58 Dec 15'46 F A 10418 Sale 10418
10434 152
4
983 105
988
82
4
N Y L E & W Dock Ss Imp be '43 J J ---- 100
9718 112
12 212 Stand 0110! N Y deb 444a_ _1951 J D 97 Sale 9612
8
7 114
513
1
N3
Itys Corp Inc 6e.Jan 1965 Apr
N Y
16
28
14 Sale 14
10
8
50
28
Stevens Hotel let Sit series A _1945 J .1
I
34
3212
3212
1965 J J 32
Prior Ilen (is series A
4434 114
8
41
507
4
5
1023
g notes 1942 J D 4212 Sale 4214
8514 1023 Studebaker Corp 6%
4 Sale 101
4
N Y & Mehra Gas let Os A..1951 M N 1023
Sugar Estates (Oriente) 75_1942
NY State Rye 1st cons 445 A '62
12 1
I
313
/
33
M S
14 10
I
se
1
512
Certificates of deposit
Sale
112
51 N
114
Certificates of depoeit
9814 107
6
4 10678
Syracuse Ltg Co let g 5(3_1951 J D 10718 ____ 1063
50-yr 1st cons 834e ser B__1962
112 Sale
1
514
112 15
1
Certificates of deposit
101
8
93 10215
4___ 1007
99,
5
Iron & RR gen 513_1951 J J
10814 21
Tenn Coal
9912 109
1947 M Is 10712 108 10712
N Y Steam 68 ser A
55
66
59
39
3
814
5
8
12
103
9014 1033 Tenn copp & Chem deb Os B 1044 M S 55 1951 M N 103 Sale 1021s
let mortgage be
06
72
5
855 102
4
1947 J D 943 Sale 9414
23
88 10 4 Tenn Elec Pow let (is
4 40
4
1023
1956 NI N 102 Sale 1013
1st M 5s
9212 166
7112 9312
1944 A 0 8912 Sale 8918
10478 101
10414
9518 105
Texas Corp cony deb ba
51
N Y Telep let & gen 81448_1939 M N 10412 Sale 52
42
80
33
1960 J J 40 Sale 40
60
38
70
Third Ave Ry let ref 48
5
1946 J D 52 Sale
N Y Trap Rock 1st 68
2214 53
1812 3914
10212 17
8615 11212
102 102
Ad)Inc 55 tax-ex N Y _Jan 198 A 0 2012 Sale 2012
9484
84
Nlag Lock & 0 Pow let be A _ 1955 A 0 10112
8
J 8918 893 89 Dec'32 ____
1937 J
.
39
7'2,, Third Ave RIt lot g Os
57
61
8
1950 M N 58s Sale 585
Niagara Share deb 54e
178
95
7534 9612
9433 Sale 9412
4978 134
8
5
163 497 Tobacco Prods (N J) 830_2022 M N
Norddeuteche Lloyd 20-yr5 038'47 M N 4912 Sale 48
394 68
12
55
50
55
11
21
1112 37
Toho Dec Power lot 78_1955 M S 47
4
193
Nor Amer Cem deb 64* A_ _1940 51 S 2012 30
85
62
53
89
Tokyo Elec Light Co Ltd
1981 F A 8412 Sale 8312
Amer Co deb be
North
62
28
3814 209
1953 J D 36 Sale 3512
7
65 r9112
1st 6s dollar series
75
8
735
8
99 1044
1
No Am Edison deb bs sec A_ _1957 M 8 734 76
10412
1
60
94
81
4
813 81
Trenton G & El let g 5s...,. 1949 M S 10413 Sale 10412 02612
79
Deb 54s ser B___Aug 15 1963 F A
32
4
8
25 Sale 25
57
89
4 52
763
Truax-Tmer Coal cony 6 48.1943 M N
51 N 75 Sale 74
661,
16
38
Deb be series C_ __Nov 15 1969
51
4714 sale 4714
37
Steel 1st a I 65... _1940 M N
Sale 10212 103
9034 163
4
Trumbull
Nor Ohio ('rat & Light 60.._ .1947 M S 1023
10
10
4
10212 62
89 10212 Twenty-third At Ry ref be_ _1962 .1 J --------10 Feb'32 ____
Nor States Pow 25-yr be A 1941 A 0 10212 Sale 1013
55
18
9
25
5112
53
10512 23 100 1054 Tyrol Ilydro-Elec Pow 7345_1955 M N 5212 Sal
5318
let & ref 5-yr 65 ser 13_ ._1941 A 0 10518 Sale 105
2
5318
22
1952 F A 5318 Sale 5318
5
,
Guar sec a 17e
80
97 2
99 06612 06612
North W T 1st Id g 4 45 gid_1934 1 J 92
6812 17
4115 744
Norweg Hydro-El Nit 54(3_ _1957 51 N 6614 6714 a66
4338 25
3912 71
Ujigawa Elec Power of 7s_ _ _1945 M 5 43 Sale 42
99 102,2
10112 15
4 10112
73 10614 Union Elm 1-t & Pr (51o) 58_1933 M N 10114 Sale 10114
4
6
Ohio Public Service 71.4* A_ _1946 A 0 1003 Sale 1003
10312 75 1004 10312
1957 A 0 10314 Sale 102
99
4
3
71 10414
Gen mtge gold 58
983
4
F A 983 100
13
1947
bit & ref 7s series
1
9814 105
105
8
4
2514 Uu E I. & .1' (111) let g 545A 1945 J J 10412 105 10414
25
1944 F A 24 Sale 24
Old Ber Coal let Os
4
143 48
,
15 4 Dec'32 --,4
83 101 12 union Kiev Ry (Chic) 5s _ _ _1954 A 0 1514 18
10112
1943 F A 10112 Sale 100
Ontario l'ower N F let 58
26
9212 104
4 104
74
21
6
68
Sale 6714
Union 011 30-yr 138 A_May 1942 F A 104 Sale 1013
Ontario Power Serv 1st 5%8_1950 J 2 68
10038 48 4913 10038
8
A 0 997 10018 100
80 100
5
1st lien 131 5s ger C_ _ _Feb 1935
100
Ontario Traimmlselon let 58.1945 M N 10014 - _ 100
8
891
87
87
66
7
504 7714
8
Deb Os with warr_ __Apr 1945J D 87 Sale 97
6718
4
1963 M S (374 -683- 0758
Oslo Gas de El Wittiest' 55
8
957 9912
2
0714
9714
17
15
50
19
United Biscuit of Am deb68_1942 51 N 97
1941 M 5 18 Sale 1714
Otis Steel lot 51 898er S
42
93
6412 292
59 Sale 53
90 1003 United Drug Co (Del) 50_1953 M 5
1
4
4
1003
4
4
1939 1 J 1003 Sale 1003
Owens-Ill Glass a 1 g 58
2
22
25
40
5
2
9414 10 ,12 united Rya St List g 4s._.1931 J J _-_ 27
10412 64
Pacific Gas & El gen & ref Os A '42 J J 10412 Sale 10314
6212
28
82
46
4414
4
1
8712
9
78 ' Its Rubber let & ref Os sec A 1947 J J 443 Sale 88
1936 51 S 8712 Sale 8712
Pac Pub Serv 5% notes
9112
88
72
1
_ _1937 M N ____ 90
-year
8
1067
8 48 097 1067 United AS Co 15
1937 1 J 10612 Sale 106
Pacific Tel & Fel 1st ba
8
5314 215
135 5314
5
8s_4
22
961 108
108
Un Steel Works Corp 634aA _1951 J D 53 Sale 477
4
1952 M N 107 108 1063
Ref mtge be series A
8
147 53
55
53
1951 .1 D 53 Sale 50
•
Sec *1 634s series C
•
Pau-Am PetCo(ofCal)conv 6s '40 J 13
104 5314
534 95
10
29
4
4
5
Sink fund deb 6 34s ser A 1947 J J 53 Sale 48
373
4
273 283 29
- __
Certificates of deposit
Burbach34
82
16
38
United Steel Wks of
Paramount-Irway let 5 45._1051 1 J 37 Sale 35
63
9712
1212 605
1612 195
Esch-Dudelange St 7s..._1951 A 0 9218 94 9218 Dec'32 __-8
1312 Sale 1212
Paramount-Farn'll-Lasky 60_1947 J D
1914 20 Dec'31
5
1012 55
1658 339
4
Universal Pipe & Rod deb6131936 J El
1312 Sale 123
,
Paramount Pubilx Corp 64e4950 1 A
g
543
HT: - 34
4 ii
Unterelbe Power & Light 83_1953 A 0 5112 5313 49
Park-Lee let leasehold 648_1953
5514 82
31
69
4
10
20
2
11
Utah Lt & Trac let & ref 55_1944 A 0 663 Sale 6514
11 Sale 11
Certificates of deposit_ 60
8 47
883
9113
s
677 67
14
Light lot 5a1944 F A 67
2312 Utah Power &
2
5
712 11
7
714
1944 A 0
Parmelee Trars deb Os
97 10113
Jan'32 -- - Utica Kiec L & P 1st 8 1 g 55_19511 J J 10412 ____ 07
9914 103
8
4-._ 1025 Oct'32 __ -Pat & Passaic0 As El cons be 1949 M S 1033
108
9812 108
7
__ 108
49
8012 Utica Gas As Elm ref & ext Es 1957 J J 108
6918 10
68
70
N 65
Pathe Each deb 75 with warr 1937 M
3112 72
Sale 2718
124 5114
Pa Cogs 34s coil tr A reg._1937 51 5 78 --__ 87 Nov'31 __-- _, - ,- Util Power & Light 5 4s._.1947 J D 2718 Sale 2314
48
2814 51
10
1959 F A 2314
76
- 7714 ____ 76 Dec'32 __ ....
81
Deb Sc with warranta
Guar 3348 coll trust sec 13_1941 F A
warrants
3
85 8 8514
___8
Without
Guar 340 trust cite C
1042 J 0 70 ____ 853 Jan'32
76
8075
Oct'32 ____
1
Guar 345 trust ctfs D
1944. 13 7812 791 79
75
24
30
47
,
8518 83 4 vanadium Corp of Am cony 58'41 A 0 4412 Sale 4412
83 Dec'32 ___,
83
Guar 4a ser E truet etre__ _1952 MN 75
,
5514 85 3 Vertlentes Sugar lot ref 78..1942
82
43
1963 51 N 79 sale 7812
Secured gold 4388
8
212 16
112 53
112
112 4
24
60
5
46
4414
Certificates of deposit
45
Penn-Dlxie Cement 1st 68 A _1941 51 S 43
5
9
14
10
10
14
10
1953 J J
8
937 262
4
8
937 Victor Fuel 1st a 1 55
73
Pennsylvania PAL lot 445_1981 A 0 93 Sale 923
89 1021s
8
10218
M S 102 10312 102
8 100 1094 Va Elm A Pow cony 545_1942
109
('cop Gas I. A C let coos 66_1943 A 0 10912 111 109
40
6914
_
Oct'32
50
57
104
Va Iron Coal & Coke 1st g 5s 1919 M 5 50
SO 104
7
Refunding gold 55
1947 M 5 10414 10412 104
12
96,8 10212
10214 --96 Apr.32 _ _ _
96
96
Si S
Va Ity A Pow 1st A ref 55.. _1034 J J 10214 Sale 10218
Registered
22
3
10
15
15
16
90
68
841 107
Walwarth deb 6 48 with warr '35 A 0 11
Phila Co sec be series A ____I967 J D ii gale 8314
104 30
18 Dec'32 __-A 0 _ _ _ _ 28
8
9212 1047
Without warrants
10434 16
PhIla Elec Co 1st & ref 445.1967 Si N 104 Sale 104
1014 37
2412 16
4
ser AI945 A 0 2412 Sale 213
83
9 4
1st (sinking fund 8s
83
1st & ref 45
4
98 Sale 98
933 113
1971 F A
19
268
914 40
4
70's Warner Bros Pict deb 6s __1939 M S 183 Sale 1814
52
Phila A Reading C & I ref 55_1973 2 . 58 Sale 55
5 16
597
1
2
30
66
3012
30
61
29
59
45
Warner Co let 613 with warr_1944 A 0 ____ 39
Cony deb Os
1949 M S 42 Sale 42
67
70
30 Dec'32 ____
A 0 ____ 36
Without warrants
311
17 014
a20
58
45
4
72
78
Warner-Quinlan (70 deb 65_1939 M S 020 Sale 17
7034 Sale 703
Phillips Petrol deb 5183
1
1939. D
1st 7s__1941 J D 10512 106 10514 Dec'32 -- -, 9712 10613
90 10112 warner sugar Refln
18
101
l'IllsburY FPI' Mille 20-yr 60_1943 A 0 101 sale 10124
21
5s
3912 17
1941 M S 3912 Sale 038
78 10
012 Warren Bros Co deb 69
7
97
Pirelli Co(Italy) cony 7s_19.52 M N
97 Sale 96
5
10518
9555 10512
__ 10518
62
89
Wash Water Powers 1 5s _ _ _1939 J J 105
63 68 Dec'32 ____
Focal, Con Collieries let a f be '57 J J 60
1 100 111
s
497 80
Westchester Ltg 56 &WI gtd_1950 J D 108 ifo
Port Arthur Can & Dk 6s A.1953 F A
5312 Oct'32 ____
35
65
4
9
963 106
106
5012 63
West Penn Power ser A 5E3_1946 M S 1054 106 10512
35
6413 63 Aug'32 _ __
1st 51 asserles B
1953 F A
3
944 1071 2
8
1963 M 13 1073 __ 10613 10712
38
6614
109
1st 5s series E
61
l'ort Gen Elec let 413s sec C1960 51 S 60 Sale 5814
25
96 106
106
8
5
1956 J D 1055 Sale 1055
5
837 9834
9852 27
1st sec 55 series0
8
l'ortland Gen Elec 1st be_ _ _1935 3 1 983 Sale 97
5
143 424
28
35
Porto Rican Am lob cony Ile 1942 1 3 35 Sale 3312
89 101
9912 44
8
1944 A 0 9912 Sale 987
42
14
134
Western Electric deb 58_
23
Postal Teleg & Cable coll 66_1953 3 1
4
16 Sale 153
50
8614
1
70
70
5
82
40
18
Western Union coil trust - 5_1938 J J 0612 69
Steel Car cony g 58.-1933 3 3 5812 Sale 55
61
Pressed
80
49
18
59
4
4%8_1950 M N 583 Sale 58
9114 104
22
Funding & real est g
8 104
: Pub Serv El A (list A ref 445'67 J El 1013 104 1035
8
97
50
8 25
737
7012 Sale 70
1936 F A
91 0104,8
15-year 6348
1970 F A 1C33 Bale 10312 10314 18
lot & ref 445
4
75
36
571 4 41
3 55 Sale 55
1951 J 1
gold 58
83
987
8
-year
25
let & ref 45
5
1971 A 0 983 Sale 983
8
987 124
8
7218
35
4 47
563
55
1960 M S 55 Sale
8012 87
-year be
7812 23
30
Pure 0110154% notes.....1037 F A
77 Sale 77
5
113 48
108
48
43 Sale a4214
Westphalia tin El Power 65_1053 J J
5912 '.5
63
77
8 1 54% rotes
1910 M 0 7512 Sale 7512
77
40
6212 11
59 Sale 59
let 534s 194S J J
51
79
4 21
593
Wheeling Swel Corp
Purity Bakeries of deb 55._ 1948 1 J
5814 Sale 5814
65
30
5318 17
1st & cell 445 serim B_ _ _1953 A 0 5318 Sale 53
534537
rpheum part paid
Eagle Oil & Ref debWhite
Radlo-Keith-O
9612 104
1 333 18
50 10458
ctfa for deb 613 Ss com etk1937 MN 63 105
With stock porch warrants__ M S 10314 Sale 10314
66 Dec'32 ____
812 35
35 Dec'32 ____
__
3
1941 J D
1412 19
Debenture gold Os
17 Dec'32 ___
White Sew Mach 68 with warr '36 J J
1612 19
7
714 36
35
3212
30 J J
35
40
854
Remington Arms 1st 8 f 68..1937 M N
1
6458 10
Without warrants
6214 Sale 6214
815 40
63
36
3212
1940 M N
30
35
2814 7112
Item Rand deb 5413 with war '47 M N
4958 29
Parties! deb 68
46 Sale 46
45
85
41
Spencer St'l let 70_1935
1 Ss S 10-30-yr 58 s 1 _1940 A 0 75, 79
.
Repub
70
77
Wickwire
2
318
118
212 Nov'32 .._ _ _
4 2
13
63
29
4
4412
Ref & gen 544s series A _1953 J J
4412 45
4412
CU del) Chase Nat Bank__ _ ---75
44
8
Revere Cop A Brass 65 ser A.1948 M 0 60 Sale 60
6238
7s(Nov 1927 coup on)Jar 1935
1312
4
3
318 Oct'32 ____
18 2
Nat Bank _. MN
144 58
117
ItheInelbe Union of is
58
Ctf dep Chase
1946 2 3 54 Sale 54
5518 92
50
12
61
Ithine-Ruhr Water(miles 6_ _1953 1 J
8
50
Willys-Overland a 1 6 4s_ _ 1933 M S 5512 6078 5518 Dec'32 ____
8
493 Sale 473
04,4 90
90
51
4
6812 Wilson A Co 1st 0!68 A_ _ _1941 A 0 8914 Sale 861
28
0512 11
8
a El Pr 78_1950 51 N 637 sale 6378
11 11111e-Westithall
.
75
44
82
57
6812 Youngstown Sheet A Tube 59 '79 J J 52 Sale 52
21
584 118
Direct mtge Os
. 55 Sale 5412
1952 M 5
7414
45
5712 58
1970 A 0 533 Sale 5314
4
4
183 58
131
58
Cons Si lis of 1928
4
1953 F A 54 Sale 533
1st mtge a f be set B
58
1930 with wa, 1955 A 0 53 Sale 53
3
185
Con 51 Os of
201
58
r
r
r
1914 M N
iticlifleld 011 of Calif 138
38
6
'21
24
Certificates of deposit
2312 Sale 2312
M N
40
26
Rim& Steel let 5 f 78
35 __ 36 Dec'32 ____
1955 F A
90 104
itoch G & El gen M 53413 ger C '48 51 5 1005 ____ 10314 Dec'32 ____
8
971„
75
__
4148 series D._ _1977 M. S
(len mtge
9612 Oct'32
7._9
a 1004 1031 i
Gen mtge ba series E
1962 M S 10314 Sal 10212 103
Pitts C & II) in 55_1946 M N
85 Dec'30 ____
- - -(Negotiability Impaired by Maturity)
SW:
85
8814 87
Royal Dutch 45 with warr 1945 A 0 8712 sale 87
58
5
17
5412
58
4
1948 A 0 559 58
Ituhr Chemical e 1 65
Range
.
Week's
Price
'
.. 3
MATURED BONDS.
93
06
37
93
92
92
. ...
ta
St Joseph Lead deb 5%s...1941 M N
90
Since
Range ori:..._
Fridatt
N. Y S POCK EXCHANGE.
91
70
St Jos Ity I.t lit dc Pr let 58_1937 51 N
3
91
90 Bale 90
Jan. 1.
Last Sale. co tr..
Week Ended Dec. 23.4."'ct Deo. 23,
3014 42
1 3318 35
____
Dec'32
31
131 1. Rocky Mt .4 P Ss stpd.1955 J
81
50
1
5012
5012 Sale 5012
St Paul CRY Cable cons 6a_ _1937 J J
Nigh
High No Low
Ask Low
Bid
63
40
Jan'32 ____
50
Guaranteed 55
1937 1 J
5612 55
Railroad.
93
1
70
85
85
San Antonio l'ub Serv lot 69.1952 1 1 8518 88
6
20
50,2
28
25
40
Schuler,Co guar 6 34s
1536 3 3 25
10 r25
1112 Dec'32 _
23
Seaboard Air Tine let g 4a._ 1950 A 0 11
82
25
6
28
Guar a f 84* series B._ 1946 A 0 25 Sale 25
5
43 1914
i
7
7
7 Sale
1950 A 0
Gold 4.5 stamped
45
16
3818
23
F A _
36
36
l
Sharon Steel Hoop 5!
12 6
214 57
8
15
8
13 Sale
1959 A 0
Refunding 4s
5675 8612
146
86
1
Shel Pipe Line of deb 58_ _1952 51 N48- Sale 84
§,5%s..19
86
47
111
86
83 Sale 83
Shell Union 01151 deb 5s....1917 M N
8
‘i,7
Industrials
47
8
857 102
Deb be with warrants__ _1949 A 0 8318 Sale 83
1012 41
4 42
123
1112 Sale 1012
693, Abitibi Pow A Paper 1st 5,.1953 J D
32
12
4
363
Selnyetau El Pow 1st 045._1952 J 0 3514 Sale 3514
4
543
31
3
50
4912 ____ 50
ri
Chic Rya 5s cited =0% part paid_. F A
1
1
1
54
21
212 1
84
Shubert Theatre 65..June 15 1942 1 0
14 92
1
8
7 Sale
91
8
Cuban Cane Prod .leb (is__ _1950 J J
7
42
2
91
Siemens & lialske a I 7s. _ _1935 J 3 91 Sale 01
16
2
212 19
2
2 Sale
8
753 East Cuba Sag IS-yr of g 74s'37 M S
27
8 58
753
Debenture 0 f 8 45
1951 51 5 71 Sale 71
9012
80
994 11
9812
9912 100
6212
Sierra & San Fran Power 58_1949 F A
16
5 4 25
Fink Rubber lat is f its
1941 NI S 50 Sale 6
51
10
25
51
Silesia Elm Corp 81644s_ ___1946 F A
50 Sale 4814
4
1
75
21$ 62
14
411,, Gen Theatres Equip deb 68_1940 A 0
112 Sale
20
29
36
Silesian-Am Corp coil tr 7s.1941 F A
35 Sale 3312
1014 44114
1514 68
1932 A 0 16 Sale 15
5
723 10012 Interboro Rap Tran 6s
9938 96
79
44
Sleelalr Cons 011 15-yr 74_1937 M 0 9812 Sale 9818
5912 249
8
1932 51 S 5714 Sale 533
-year 7% notes
10
97.
88
35
97
9512
96
1st lien 614118eries 11
1938 1 1) 95
'
7 • 31
14
3014
It
'
Pan-Am Pet Co (Cal) cony 65 , 3 0 2834 sale 2834
4
913 103
4 14
1013
534 3618
sieelalr Crude 01161488er A _1938 1 J 10158 Sale 10138
2612
2334 Sale 2314
1944 M N
4
8915 1033 Richfield 01101 Callf (Sa
10334 39
1942 A 0 1034 Sale 10318
Sinclair l'ipe Line a f 5a
7s4
43
8414 60
1
1039 M S 64 Sale 6218
Skelly 011 deb 641
954 11)184
4 16
1013
Smith (A 0) Corp let 8 4s 11133 M N 101 10114 1011s
.
90
(16
19
88
Solvay Am Invest Ss sec A ._1942 M 0 88 Sale 8518
Matured Bonds
R.eb&
•, I )er,,,,.0 anti,
,
,.( ,,,,h ,,.0.
-41.--------•=_.
45,0,5 c 1035 .em )0 Jan 5 91 000 at 73 'deferred delivery '•
'
4 rm., 00 5
• Look under 11•1 of Matur•d Bonds
4366
Financial Chronicle
Dec. 24 1932
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, Dec. 17 to Dec. 23, both inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Brown Fence & Wire el B•
1
750
74 134
34 Dec
231 Sept
Class A
6
300
Range Since Jan. 1.
515 June
8;5 Sept
Bruce Co (E L) corn
5
5
5
450
*
2 June 14
Jan
StocksBucyrus-MonIghan Cl A_ •
1134 1115
20
6
Low.
Oct 16
Jan
High.
Butler Brothers
20
1% 1%
1,700
134
1
May
4
Aug
Railroad
Campb, Wyant&CanFdy•
3
3
3
100
3
Dec
Dec
3
Boston & Albany
Canal Constr cony Did- _*
1
8334 83% 90
2
2,430
199 5034 July 130
Jan
315 Oct
34 Apr
Boston Elevated
100
•
3034 35
6415 67
391 15
259 59 June 7834 Jan Central III P B pref
May 6934 Jan
Boston & Maine-Cent Ill Secur Corp
Common
Common
•
531
531 614
34
3' 750
100
34 June
6
July 17% Sept
1% Jan
Preferred stpd
Convertible preferred_ _•
611 7
900
6%
5
7
50
5
Dec 15
5 June 15
Jan Cent
Jan
CIA 1st lard
Pub
100
831
1,100
34
8% 9
34
750
X Dec
3
July 26
315 Jan
Jan Cent Pub Serv Corp cl A..1
Class B 1st pfd stpd_ 100
Util v t com....1
114
11
34 35 1,050
442
5 June 24
Jan Cent
14 Oct
2
Sept
Class C 1st pfd stpd_100 10%
IS W Util corn new.. •
134 2
350
10
X May
13
341
3 June 32
Jan
614 Feb
Class D 1st pfd stpd.100 11%
Preferred
• 10
10
10
150
4
May 44
1134 14
263
535 June 50
Jan
Jan
Prior pre( stpd
Prior lien preferred-- •
16
17%
20
20
550
234
481 12 June 82
8 June 55
Jan
Jan
Boston & Providence
Chain Belt Co
934 934 935
135
150
135 135
30 100
July 135
7
Apr 14
Feb Cherry-Burrel corn
Apr
Chicago Jet Ry dr Union
l coin
•
5
535
130
5
July
10
Feb
Chicago
Stockyards
3% 34
100
125 125
2
11 125
Dec 155
Jan
Apr Chicago Elec Mfg Cl A_ •
4
Mar
Eastern Mass St Ry Co
Flex Shaft corn-5
4
4
10
3
Dec
615 Dee
Chicago Invest Corn
Common
100 50e
500 500
19 400 May
1
Jan
Common
Preferred B
•
1% 1% 10,750
1%
100
55c 75c
% June
575 550 Dec
3
Feb
211 Sept
Convertib
1st preferred
1831 1715 1,580
2
9% July 20
2
125
2
131 July
6
Jan Chi & N W le preferred...• 17
Sept
Adjustment
Re corn...111111
2315 4
3,215
2%
100 550
50c
234 Dec 14% Aug
190 50e Dec
750
134 Jan Chicago
Yellow Cab cap_ _•
Maine Central
6
500
7
5
5
5
10
Dec 14
6
5
Sept Cities
Dec 13
Mar
N Y Nil dc Hartford-100
Service Co corn_-•
231 234 9,950
2%
15.1 May
12% 1435
June 3114 Jan
487
6
6% Jan
Club Aluminum
Old Colony
A
34
440
100
83
75
89 45
35 Dec
June 100
Jan Commonwealth Uten CO.'
134 Sept
Pennsylvania RR
Edison 100 7
434 74
77
1,850 48% June 122
50 13%
13
1,627
15%
835 June 23% Jan
Jan
Vermont Sr Mass
2
24
165
100 88% 88
2
59 63
Aug
July 94
Nov Consumers6% pr pfd A 100
8811
1415 Jan
Common
5
300
31
14
15 Oct
X Jan
Continental Chicago CorpMiscellaneous
Common
American Continental corn
1% 1%
8,050
34 June
370
411
4
134 Apr
9% Sept
315 Sept
Preferred
Amer Pneumatic com_25
18
17
2,950
714 June 2514 Sept
34 Feb
50
1% Oct
35
35
Preferred
450
3434
2% 211
275 85e May
X Dec
3
Jan Coastruc'n Materials corn •
X Feb
$335 preferred
1st preferred
X
114
1%
•
500
7
7
May
815
190
X Dec
14% Aug
4
Cord
Amer Tel & Tel
6
100 101% 100% 1094 3,924 704 July 137
7% 52,900 2 June 615 Feb
634
Feb Crane Corti
134 Jan
Amoskeag Mfg Co
Co
2% 215
134 May
790
7
Aug
Common
Bigelow Sanford Carnet--•
4% 5
25
300
234 July 13
134 735
6 June 22
809
Feb
7
Jan
Preferred
Preferred
22
100
22
70 15 June 64
50
50
100 50
Dec 70
Jan Curtis
Jan
Boston Personal Prop Tat
Mfg Co corn
435 4%
4%
100
7% 73.1
2% May
12% Feb
535 July
160
6 June
Decker (Alf) & Cohen corn*
Brown Co, preferred
1
1
200
2
200
2%
1
Feb
2 June
9X Jan De Meta
115 May
Brown Durrel Co (cora)
Inc pref w w
415 6
435
•
965
______
100
3
1% 1%
1
May
Jan
534 July Eddy
July 10
East Boston Land
2
2
10 51e
50
51c
2
510
100 510 Dec
Dec
234 Jan Elec Paper (The)corn- •
54 Feb
East Gas Sr Fuel Assn
Household Util cap.5
4
6
1,750
215 May
Jan
8
FitzSimons&Con D&Dcm•
Common
•
5
5
50
234 May
705
4% 54
10
5
Feb
Dec 18
Feb
44% prior pref
100
1%
390
134
122 35 June 67
65
67
Sept Godchaux Sugars cl B__.•
31 Dec
235 Sept
8% cum pref
100 53
35 2,700
35
June 70
52% 534
347 28
Jan Great Lakes Aircraft A •
11 July
234 Jan
Eastern BS Lines Inc corn •
•
715 8
735
850
5X
5
5
434 Nov
382
534 June 1315 Jan
10
Feb Great Lakes D & D
Preferred
100
6,050
33
35
33
16 18 June 3615 Jan Grigsby Grunow Co cam.*
34
34 Apr
234 Sept
1st preferred
10
33' 4
1,100
80
10 79
80
July 8535 Jan Hall Printing corn
315 July
1134 Jan
Economy Grocery Stores_
331 33'
13
100
15%
180 13
Dec 2434 Sept Harnischfeger Corp corn..
Mar
334 July
5
Edison Elm Ilium
-Carter cony pfd_.....•
100 175
334 334
3%
150
170% 175%
381 119 June 205
Mar Hart
235 June
5% Jan
Hormel& Co corn. A
Employers Group
124 12%
•
5
5
50 11
54 1,375
3 June 11
Jan Houdaille
Jan
15
May
-Hershey Corn
General Capital Corp
Class
2
2
1435
•
13% 15
350
927 10 June 21
1
Sept Illinois B
May
434 Sept
Gilchrist Corp
Brick Co
315 335
3%
215 3
25
450
60
215 Oct5% Jan
315 Aug
8
Aug
Gillette Safety Razor__ •
62
62
1831 204 1.758 10% Jan 24% Mar Illinois Nor Util pfd_ _100 62
99 50
Apr 95
Jan
IIathways Bakeries el B.._
Iron Fireman Mfg corn.- _•
3
1
3
3
1
35
150
1
Dec
6
Jan Kalamazo
214 May
7
Aug
Internat. Hydro Elea Co--o Stove corn_ __•
5
63
6
2% June 1034 Mar
54 515
100
5
Dec 14
Nov
Libby McNiel & LibbY-19
19
134
115
100 10
48
35 July
334 Feb Katz Drug Co common._.1
July 2215 Mar
Loew's Theatres
Kellogg Switchb'd & SUP
25
7% 7%
310
7 June
835 Mar
Mass Utilities Assoc v t(L•
Common
14 1%
235
10
24 235
350
1,865
134
I% Dec
334 Aug
15 Apr
5
Aug
Mergenthaler Linotype 100 17
Preferred
25
25
100
17
20
20 25
190 17
Dec 53
Jan
Apr 40
Feb
National Leather
2014 21
10
150
15c
48
80 14 June 48
50
Jan 75e Sept Kentucky UM jr cum pf 50
Jan
New England Pub Serv_ _ _Keystone Steel&Wire corn •
214 215
5
5
5
10
Apr
50
1
9
Jan La
3
814 Aug
Apr
New Eng Tel & Tel-.__ 100 90
Salle Ext Univ corn. _10
90
9335
35
400 8534 July 118
200
15
Jan Lawbeck Corp
% Dec
Feb
1
Pacific Mills
100
6% cm pf 100 29
29
74
29
715 8
655
100 20 June 36
3
May 1434 Aug
Apr
Shawmut Assn tr ctfs-Leath & Co cumul pfd_ _ •
4% 411
•
834
6% 6%
1,690
50
331 June
4% Dec
8
74 Feb
Sept
Stone & Webster
•
7% 834
428
434 July
1734 Sept Libby McNeill & Libby
•
7
Swift & Co new
Common
114 1%
10
6% 715
650
615 Dec 20
503
Apr
435 Jan
35 May
Torrington Co
Lincoln
1
• 3034
1
3115
30
405 22 June 39
100
Deo Lynch Printing corn.. _ _ _•
1
Jan
Nov
14
United Founders corn__'
Corp common __•
1134 13
1
I
13.4
750 10
1,403
35 JulY
34 Aug
1835 Feb
Aug
U Shoe Mach Corp
25 32% 31
354 1,892 2234 June 404 Mar
McCord Bad & Mfg A...
preferred
134
134
3034 3134
154 2334 June 3734 Jan
10
Mar
131 July
5
McQuay
U S Elec Power Corp
234 23%
500 50e
•
20 20% Jun
100
4 Apr
234 Sept Mandel Norris Mfg
Feb
35
Venezuela Holding Corp
Bros Inc cap
______
500 600
•
3.4
35
525 100 Apr
200
135 Aug
215 Feb
% Dec
Manhattan Dearborn corn'
Venezuela Meg 011 Corp
215 2%
______
% 1
350
500 200 July
111 Dec Marshall
2
4% Jan
July
Warren Bros Co new-___•
434 5
435
2%
2% 334
921
1,900
134 May
554 Sept Meadows Field common...'
3
134 Sept
July
Mfg corn
Westfield Mfg Co
•
1
1
34
1,500
90
1
Dec 1834 Jan Mer
Jan
& Mfrs Sec cl A corn.'
131 14 1,100 1 15 Dec 635 Sept
Jan
Metrop Ind Co Altmint ctfs
MlnIn0.10% 10%
300 1011 July
Jan
16
Calumet & Heela
334 331
314
25
1%
134 2%
152
1% May
100
8
Sept Mickelberry's Fd Prod cm 1
Sept
3 July
7
Copper Range
25
131, 24
34
35
135 Apr
31 45,000
390
4% Sept Middle West Util new__ -•
54 Apr
Jan
7
$6 preferred class A. •
East Butte Copper Min_10
X 1%
10e
100
2,725 10c Feb14c Mar
31
850
A Dec 54
Jan
Hancock Consolidated_ _25
35
34
10e
100
50 100 Feb50e Aug Midland United common.'
850
815 Jan
35 Dec
Convertible pref A_ ......•
Island Creek Coal
115
134
13% 14%
1334
1
200 10% May
35
600
18
Aug
35 Dec 1535 Jan
La Salle Copper Co
25 51e
35 51e
851 30e
Apr 60e Aug Midland Utile% prior lien
Mohawk Mining
100
51‘ 6%
10% 1034
53.4
25
186
9
60
1831 Feb
May
Jan
2
May 45
7% prior lien
New River Co pfd
54 835
100
13
150 1234 Dec22
120
15
Sept
Jan
3
Apr 50
7% class A pref
North Butte
1
100
1
250 270
815 150 June 760 Sept
40
4831 Jan
1
De
Morgan
Old Dominion Co
34
34
25
300
3
50e 500
X Apr
14 Aug Muncie Lithograph corn."
115 Jan
15 De
Gear Co corn _ _.*
Pond Creek Pocohont,as Co
3434
340
9
9
10
4 June 10
100
Sept Muskego
35 Aug
15 Mar
n
Quincy Mining
4
4
2,186
140
3
Sept Nachman-S Mot Sp cony A•
34 May
A 60e
34
334 Oct 10
Feb
pringfIlled corn"
Utah Apex Mining Co___5 35e
4
4
35e
40e
50
970 350 Dec
IX Sept National
335 June
8
Aug
Utah Metal & Tunnel
1534 1535
•
300 310
30e
40 11
1,300 200 June 650 Aug National Battery pfd_
June 20
Aug
Elec Pwr A cora.•
34
51
800
35 July
Jan
12
National Leather corn_ _10
BondsY4 34
550
74 Sept
34 June
Amoskeag Mfg Co 611_1948
42
42
$2,000 3934 Dec 6834 Mar Nat'l Sec Inv 6% pith _100 2734 2735 30
350 23
Jan
July 45
Common
1
Brown & Co 535s___1946
35
,
34
34
1734 1714 3,000 17
May 43
Feb Nat
50
Jan
2
15 July
515s
3-1
5.1
250
1,000 17
1950
17
Dec
17
Dec NatlRepub Inv Tr cony pf•
17
Jan
4
5
3 Sept
Union Radio Corp_ _1
ChijctRy&UnStkYds5s '40 95% 95
31
X
10
6,000 81
96
June 9834 Oct NoblItt-Sparks
y Jan
i
3( Dec
• 1634 164 1731
East'nMassRy ser B 5s '48
250
1,000 20
June 31% Mar No American Ind own.22% 22%
934 Oct 2015 Sept
la Ser A 4%s
2% 24
2%
1948 2334
300
23
2334 4,000 1734 Jan 41% Mar No Amer It Car corn.."
6
Jan
135 Dec
& Pwr com.. •
3
315
250
Jan
3
Dec 24
•No par value. a Ex-dividend.
No'we.st Bancorp corn__ 50
74 811
75
731 Dec 2134 Jan
Northwest Eng corn
•
3
3
10
2% May
Feb
Chicago Stock Exchange. Record of transactions at Nowest Util8
Chicago Stock Exchange, Dec. 17 to Dec. 23, both inPrior lien preferred.._100
10% 10%
Feb
834 may 60
Parker Pen (The) com _10
315 315
clusive, compiled from official sales lists:
5
3 Jure
531 Jan
Penn G & E Corp A corn.*
631 834
10
415 June
734 Mar
Potter Co (The) common_•
134 114
40
1
115 Feb
June
Friday
Sales
Prima Co common
1011 1215 5,10
11
•
1014 Dec 15
Nov
Last Week's Range for
Range Since Jan. 1.
Public Service or Nor Ill
Sale
of Prices.
Week.
Common
44
• 44
4535 1,00
Stocks22
Jan
July 125
Par. Price. Low. High. Shares
Low.
High.
Common
45
100 45
45
1,100 27
Feb
Jul) 115
8% preferred
77
100 76
75
820 4934 June 10434 Jan
Acme Steel Co cap stk__-25 12%
1211 12%
65
9
7% preferred
may 18% Sept
84
87
100 87
180 55
Adams Mfg (J D) corn.
July 114
Jan
5%
5% 6
500
5% June 12
Jan Quaker Oats Co
Allied Motor Ind com____•
3.4
450
A Feb
Common
%
74 Jan
34
•
8334 854
360 5054 June 103
Mar
Preferred
•
34
560
34
35 Dec
1
Dec
Preferred
34
108 108
100
40 95
Amer & Dominion corn.. _ _3
Nov
June 108
e
100
34
235 Sept Railroad Shares Corn
X June
34
•
3-4
150
35
Amer Pub Service pfd_100
134 Aug
34 June
5
•5
10
24 Nov 50
Jan Rath Packing (The) corn 10
16
16
10 13
Amer-Yvette Inc com
June 17% Feb
•
34
100
4
% Nov
54
1
Mar Raytheon Mfg corn
1% 134
•
1%
100
15 Apr
Art Metal Works cora. •
615 Oct
A
1
650
34 Dec
311 Aug Reliance Int'l Corp Acorn •
214
2.35
100
Asbestos Mfg CO cOra
214 Oct
35 June
535 534
1
850
4% Nov
634 Oct Reliance Mfg Co corn_ _10
7
7
100
5 June 10
Assoc Apparel Ind Corn.....'
Aug
1
1
100
X' June
Preferred
2
Sept
85
85
100
10 70 June 8515 Mar
Assoc Tel Utll common-.
•
1
1
1% 1,450
1
June 1235 Jan Ryan Car (The)corn
•
X
500
11
X Dee
$7 cumul prior pref_
•
5
5
200
5
Dec 43
Jan Ryerson Sr Sons Inc cora _ _•
7
7%
7
700
511 M a r 11
M
ay
Sept
SG cony Pfd A
234 234
•
50
214 Dec 35
Feb Seaboard Util Shares._ _•
1,050
14
34
34
134 Jan
X May
Balaban Sr Katz pref_ __100
56
56
100 56
Dec 81% Jan Sears. Roebuck & Co cow •
20%
18
934
2235 Nov
Common
25
535 5%
20
3 June 26
Mar Signode Steel Strap cum p130
4% 4;5
25 16
415 Noc
Jan
Dev
8
Baxter Laundries class A-•
34
300
34
35
15 Dec
34 Jan Southwest G & El 7% pf100 50
50
53%
40 25 June 69
Jan
Bendix Aviation eran_..--•
9% 10% 1,800
9%
434 May
18% Jan Standard Dredg cony pfd.•
11
150
34
Mks Mfg al A cony pfd...•
4
Sept
15 Dec
1% 24
270
134 July
8% Jan StorklIne Furn cony PT- _25
3
3%
330
8
Nov
Borg-Warner Corp eora_10
135 Oct
84 914 5.150
831
3% May 1434 Sept Studebaker Mall Order A..'
220
34
34
34 Oct
X Dec
7% preferred
71
70
40 5014 May 85
100
Aug Super Maid Corp from_ _.*
34
350
Jan
35 Dec
3
Brach & Sons(E J) oom-300
4
434
•
4
Dec
731 Jan Elwin International
15
13% 14% 3,650
934 MILY 25% Mar
.13
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par, Price. Law. Mph. Shares.
Stocks (continual)
4367
Financial Chronicle
Volume 135
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
7%
7
7
25
Swift & Co
235 235
12th Street Store pfd A_ -•
935 934
Thompson Co (J R)corn 25
244 2535
Union Carbide & Car ca1)-•
20 2034 204 21
U 8 Gypsum
102 102
100
Preferred
835
8
U E3 Radio & Telev eom__•
95
34
Utah Radio Products corn •
13(
1
1
•
iJtll&IndCOrP
3% 4
Convertible Preferred •
Vortex CUP—
6%
6
•
6
Common
19
19
•
Class A
•
35
34
(The) corn
%
Wahl Co
134
13
Walgreen Co common '13
1
1
Purchase warrants
524 55%
Ward (Montg) & Cool A •
15
15
Waukesha Motor com_ •
Wayne Pump—
54
•
34
35
Common
1% 154
Convertible Preferred- •
2
2
Oil-O-Matio come
Williams
435 434
Wieboldf Stores Inc com_*
155 24
134
Wisconsin Bank Ohs corn 10
%
%
pfd-•
-Amer Mach pt
Yates
35
34
34
Zenith Radio common...*
Range Since Jan. 1.
Low.
Ellaa.
5.850
100
150
150
950
40
200
600
1,000
1,450
7
235
8
20%
10%
85
5
34
%
2
May 19
44
Nov
Nov 1634
Nov 32
June 26)1
June 114
Mar 16
154
June
3
May
July 11%
Mar
Mar
Aug
Jan
Setif
Feb
Sept
Jan
Jan
Feb
350
250
1,350
3,500
200
510
50
5
14
34
84
1
22
15
Oct
June
Nov
Apr
May
July
Dec
144
23%
115
19
3
73
34
Jan
Jan
Jan
Aug
Aug
Jan
Jan
34 Apr
Apr
1
Oct
2
34 Jan
1% Dec
34 May
35 MAY
335
435
3%
8
4
135
234
Nov
Jan
Feb
Feb
Jan
Jan
Sept
250
33
250
5
8,200
200
1,250
Sales
Friday
Last Week's Range for
Wee*.
ofPrices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Robert Simpson pref...100
Service Stations corn A._•
Shawinigan Water & Pwr *
a
Waterloo Mfg. A
3
135
Oil—
• 8
British American 011
24
Crown Dominion 011 Co..'
855
•
Imperial 011 Ltd
International Petroleum_ _* 1135
McColl Frontenac Oil pf100 60
Supertest Petroleum ord.' 1234
•No Dar value.
Range Since Jan. 1.
Low.
High.
80
80
3
3
10
10
135 134
5
56
10
65
62
3
755
1
May
Dec
May
July
82
7
33
34
Dec
Jan
Feb
Jan
74 835
234 24
855 834
1134 114
ZO
60
1214 1234
3,863
25
2,156
1,292
15
35
734
2
734
935
58
914
Dec
Sept
June
June
July
June
1134
335
1154
1335
68
1854
Sept
Oct
Sept
Sept
Oct
Jan
Pittsburgh Stock Exchange.—Record of transactions
at Pittsburgh Stock Exchange, Dec. 17 to Dec. 23, both
inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High Shares.
Range Since Jan. 1.
Low.
High.
.
8
W
. tOWWWwWW.W
1 ObDWWWw4.050NW-.1..1
.N
1...0..
WW-4OWIAW.g...W.0..1WoP
0
000,04. ,14...NO...WWW
°WC:U.70.04.
el./IV...G.04..0W
Dec
Dec 10
10 10
10
10
Amer Window Glass pi 100
Jan
3 June 10
945
44 5
44
•
Armstrong Cork Co
Aug
355 June 10
658
: 5
Co435 435
Blaw-Knox
834 Mar
5
Dec
45
5
5
Clark (D L) Co
Sept
435 June 21
Bonds—
819
147.4 164
655 Apr 15 Sept Columbia Gas & Elea__ • 1474
$1,000
8
Aug
8
9
Mar
8
4
85
Chic City&Con By 53_1927
74 74
10
Aug Devonian 011
Apr 54
1,000 35
50
234 Nov
14 Dec
50
7,627
1st M 5s_ _1927
2
Chicago By
134
14
Air 51% Sept Fort Pittsburgh Brewing_ 1
22,000 35
Jan
Dec 60
137 12
Certificates of deposit_ _ 49% 49% 51
12
12
935 Aug Hachmeister Lind Corp pf•
431 Mar
1,000
5
Feb
5
1927
96 75 Sept 85
75
Con Mtge Is B
75
35 May 38% Jan Harbison Walker Ref pf 100 75
135 110.000
1
535 Nov
-1940
Jan
1
2
360
24
maul) 1311 Inv
2
2
Dec Independent Brew com_50
98 Sept 103
1,000
734 Nov
103 103
Jan
2
335
335
Pub Ser Co NoIll 635sG'37
3
3
50
Dec
Preferred
2,000 4434 May 71
71
Aug
69
1.020 30 June 69
50
49
Pub Ser Sub Corp 535sA'49
Koppers Gas & Coke pf 100
Sept
334 June 11
64 74 3,143
634
•
•No Par value. z Ex-dividend. y Ex-righta
Lone Star Gas
Nov
34 Jan 12
630
64 7
Brew com_ 50
Feb 214 Nov
6
366
14
14
Toronto Stock Exchange.—Record of transactions at Pittsburgh
50 14
Preferred
334 Jan
14 Dec
60
135 135
*
the Toronto Stock Exchange, Dec. 17 to Dec. 23, both in- Pittsburgh Forging
164 124 June 2055 Sept
144 144
Pittsburgh Plate Glass 25
535 Aug
24 Dec
635
24 235
24
clusive, compiled from official sales lists:
Pitts Screw & Bolt Corn _ _•
30 12 May 2335 Sept
12
12
United Engine & Fdy com•
Jan 174 Sept
Sales
1,192
934
Friday
Westinghouse Air Brake_ _* 114 114 1235
Range Since Jan. 1.
Jan 434 Sept
777 16
Last Week's Range for
Westinghouse El & Mfg_50 2435 243-5 2874
Week.
of Prices.
Sale
High.
Low.
Shares.
Par. Price. Low. High.
Stocks—
Unlisted—
Feb
Mar 10
5
20
6
6
•
Feb Copperweld Steel Co
Aug
735 July 20
240 75 AIM 119
478
94
14
100 904 92
13
Bell Telephone
335 Oct General Motors Corp___10
Dec
2
50
200 2454 June 3935 Aug
2
24
*
28
27
25
Blue Ribbon Corp com
Gulf Oil Corp
Jan
84 July 25
Is
July 82 Sept
51 42
14
70
50
14
67
_ _100
634% preferred
735 May 144 Mar Lone Star Gas 6% pf
2,676
1,500 100 May 200 May
100 150
931
94 10
Brazilian T,L & Pr com- •
• 10c
834 Aug Mayflower Drug Co
July
4
50
635 June 2315 Sept
741
5
6
nio
134 1554
B C Packers prat
50
RR
Aug Pennsylvania
455 Sept
35 June
130 1535 June 28
189
135
1
1
*
• 174 1734 1734
B C Power. A
Mar Pennroad Corp v to
7
24 July
10
429 224 June 3755 Sept
231 235
30
•
29
234
25
Canada Cement corn
Jan Standard Oil (N J)
25 154 Dec 66
2555 3074 1.402 2154 July 524 Sept
1635 17
Preferred
.
_
. _100
915 Sept
14 June 1135 Aug United States Steel v t c_•
4
234 June
2.628
2
2
a
54 6
534
Can Steamship pref _ --100
Aug 15 Sept Western Public Sera
5
5
9
9
Can Wire & Cable, B...._*
54 May
14 June
30
334 34
*No par value.
Canners com_ *
Canadian
Apr
9
34 July
80
•
534 534
Cony pref
831 Sept
Cincinnati Stock Exchange.—Record of transactions
215 May
145
3
3
Canadian Car & Fdy pref 25
Mar
7 June 17
40
corn..' 1334 134 134
Can Dredg & Dock
at Cincinnati Stock Exchange, Dec. 17 to Dec. 23, both
Mar
Aug 59
7 50
55
55
Can General Elec pref- 50
335 Nov inclusive, compiled from official sales lists:
4 May
55
134 2
Can Industrial Alcohol, A •
235 Nov
4 may
5
a
oases
134 134
B
rrusay
7 June 13 Sept
10
*
Range Since Jan. 1.
94 94
Canadian 011 corn
Last Week's Range for
835 May 2234 Mar
1634 3,485
15
Week.
Canadian Pacific Ry ----25 15
Sale
of Prices
•
84 Sept
34 June
High.
170
Low.
354 34
Cockshutt Plow com
Par. Price. Low. High. Shares.
Stocks—
Jan
8
235 Dec
_•
75
2)5 24
Consolidated
Sept
455 25 June 101
Bakeries_62
335 July
60
103.4 Jan
Cons Mining & Smelting 25 go
435 435
e
Aluminum Industries
Dec
32 142 May 175
835 Dec 174 Sept
100 169
Consumers Gas
16834 17135
855 94
Laundry Mach_ 20
.
570 13 June 204 Sept Amer Rolling Mill cam_ _25
34 May 1734 Sept
164
Dominion Stores corn_ _ _* 1634 16
84
7
9 May Amer
Aug
5
4 Sept
90
50
1 June
74 74
Economic Inv
134 2
Bottle"A".
Apr Amer Thermos
Oct 11
Jan
7
2
50
34 Dec
Fanny Farmercom854 835
1
1
20
35 Dec
54 June 164 Mar Baldwin corn "B"
772
634 7
Ford Co of Canada, A_ _ __.*
634
34 Dec
35
•
35
Cincinnati Car
Oct
35 Dec
35 Dec
94 70 June 95
904 9135
Goodyear T & B pret __lee
35
4
20
Preferred
Feb
5
Dec
2
340
July 903-4 Jan
235
Gypsum,Lime & Alabast_•
2
62
8535 87
Dec Cinc Gas & Elec pref_ _100
3
25
1
May
July 174 Jan
4
245 234
234
Hinde & Dauche Paper- --•
634
6
Cincinnati Street Ry _ _50
Jan
49 June 67
60
5934
50
Dec Cin & Sub Bell Tel
57 884 Sept98
634 Aug
98
97
Infernat Milling 1st pfd 100
234 Apr
235 3
•
Radio "A"
4 June 1334 Sept Crosby
Aug
854
84 94 6,211
6
International Nickel com_*
3 June
34
3
20
Aug 10 Sept Eagle-Picher Lead
7
2
Dec
50
Dec 140
7
7
140
International Utilities, A.
140 140
100
Aug First National
Aug 40
25 36
24 Jan
3834
38
Laura Secord Candy corn.*
35 July
•
35
34
9 June 124 Nov Gerrard S A
840
Loblaw Groceteriss, A---• 114 114 1134
1135 Nov
8 Jun
Jan
416
Dec 30
104 11%
10
•
•
11
B--- - -- ----------- --10
24 Dec
966
11 Dec
534 Aug Gibson Art corn
% Dec
234 24
255
•
Massey-Harr1s corn
3,4
35
•
Sept Globe Wernicke
435 June 11
Dec
5
Dec
1
1
7
Corp corn
7
Moore
1
1
Preferred
Feb
35 Dec2
25
Dec
1
Dec
1
31
35
Muirheads Cafeterias com •
1
1
*
8 Sept1934 Mar Hatfield-Campbell
50
Dec
94 10
934
Dec 11
11
Photo Engravers & Elec-5
11
11
100
Preferred
5 July 1734 Nov
385
•
17
16
Metals cam
10 June 2455 Jan
Pressed
13
13
•
Hobart Mfg
July 5535 Jan
20 12
Apr
15
Dec
8
15
4
SInapson's Limited Prof-100 15
a
534 54
534 Sept Julian & Kokenge
14 May
25
24
24 24
Stand Steel Cons corn.. _ ...*
7 May 1735 Feb
12
12
40
Sept Kahn part "A"
135 104 June 24
35 Sept
1534 16
1-16 Mar
Steel Co of Canada corn_ _•
35
1-16
Oct Kodel "A"
200 20 June 30
274
27
10 May 184 Sept
Steel Co.of Canada pret_25
17
16
5
Aug Kroger common
8
235 Apr
1,560
5%
235 Feb
534 6
235 Feb
Walkers, Hiram, corn_ __•
235 24
•
Feb Nat Recording Pump_
9 June 12
94
*
934 934 1,069
20 June 424 Jam
Preferred
2835 30
•
Sept Procter & Gamble new...
10 65 June 70
67
67
7 Jwar
4 June
Weston, Ltd, Geo., pret100
44
434
•
7 Sept Richardson common
Mar
2
26
335 334
Jan 16
12
Winnipeg Electric corn....5
SeP1
12
12
7 Sept United Milk Crate "A" •
14 June
313
334 34
Jar
10 June 24
Union Natural Gas
1114 124
10
U S Playing Card
Fel
5
1 June
135 174
US Print & Llth corn...*
154 Der
54 Oct
Bank—
134 135
inn
IT R Rhna nra
Jan
July 191
42 121
100 135
135 137
Commerce
Jan
July 194
33 125
135 140
100 135
Dominion
a No par value.
Feb
July 193
21 130
150 152
100
Imperial
Jan
14 150 June 225
100
187 188
Montreal
St. Louis Stock Exchange.—Record of transactions at
23 238 June 275 Sept
100 25634 25635 2604
Dec. 23, both inNova Scotia
Sept St. Louis Stock Exchange, Dec. 17 to
May 171
92 120
100 13035 130 134
Royal
Feb clusive, compiled from official sales lists:
5 125 June 193
164 164
100
Toronto
Sales
Friday
Loan and Trust—
Range Since Jan. 1.
Last Week's Range for
Jan
July 186
44 135
155 163
.
Canada Permanent_ _ _100 157
Week.
of Prices.
Jan
Sale
July 255
20 175
210 210
100
National Trust
High.
Low.
Nov
Par. Price. Low. High. Shares.
7 944 June 107
Stocks—
10334 10334
_50
Ontario Loan & Deb_
Sept
10 85 June 105
9835 9834
50
Toronto Mortgage
Mar
50 1035 Dec 15
Amer Credit Indemnity AO 1034 104 1034
Jan
5 102
Aug 120
108 108
100
Brown Shoe pref
•No par value.
Feb
190 1935 Dec 30
1935 20
100
Bruce (E 14 pref
Feb
1
10 50c Dec
50o 500
Toronto Curb.—Record of transactions at the Toronto Burkart Mfg.corn
*
Feb
6
Aug
4
30
435 434
*
Preferred
Curb, Dec. 17 to Dec. 23, both inclusive, compiled from
Jan
110 10
July 20
104 1035
Coca-Cola Bottling corn_ _1
Feb
1
official sales lists:
920 250 Dec
250 250
Consul Lead & Zinc A_ 5
100 1035 Dec 164 Mar
1034 1035
*
Corno Mills com
Sales
Friday
Ely & Walker Dry Goods—
Range Since Jan. 1.
Last Week's Range for
Aug
Dec 10
6
100
6
6
25
Common
Week
of Prices.
Sale
Dec
Oct 74
100 56
74
74
100
1st preferred
High.
Low.
Par. Price. Low. High. Shares.
Stocks—
5c Dec
50 Dec
50
50
426
Fulton Iron Wks corn----•
Mar
1
400 100 Dec
10o 100
100 10e
Jan
Preferred
9
635 Dec
275
635 754
Can Bud Breweries corn_ _*
635
Z + Ana
2 Jima
250
235 24
9% July 154 Sept Hamilton-Bwn Shoe com25
20
• 134 13% 134
Canada Malting Co
I
' Dec
120
154 Dec
131
Sept liussmann-Lhonler com_•
134
9% May 17
134
1335 1335
•
Canada Vinegars corn_
315 Apr ' Jan
52
,
535 555
334 Sept Hydraulic Pr Brk pref _ _100
1
10
May
14 14
Canadian Wineries
2 2035 July 433,4 Jan
25
25
•
55 4 Dec 735 Jan International Shoe corn_ 100
5
5
.
5
Can Wire Bound Boxes, A *
Mar
22 9934 July 105
102 102
102
Preferred
Jan
ao 235 Aug 15
6
6
6
Consolidated Press. A__ __•
Oct
60 1234 July 20
15
15
735 Aug Johnson-S-S Shoe corn- • 15
3% Apr
70
434 5
Distillers Corp Seagrams_•
6 June 1534 Mar
205
935
20
9
9 June 224 Sept Laclede Steel com
730
154
14
• 15
Dominion Bridge
Jan
Dec 20
9
20
9
9
corn_
so 135 Nov 5 Feb Landis Machine corn _25
14 2
Dorn Motors of Canada_10
Feb
Aug 35
10 21
25
25
•
5 514 Dec 5234 Aug McQuay-Norris
514 514
Dominion Textile
Nov
July 14
8
225
1235
12
214" Jan Moloney Electric A
• 12
Sept
30 15
16
16
Humberstone Shoe com •
Feb
Nov 15
5
64 635 1,365
635
84 Jan Mo Porrld Cement com_25
6 June
5
835 835
Imperial Tobacco ord'y._5
9
Mar
322
334 May
•
534 64
534
June 394 Sept Natl Candy corn
385 21
304 3134
Nov
Montreal L, H & P Cons_•
Nov 75
310 70
74
7254
50 12% Aug 194 Sept Rice-Stix DryGds 1st pd100
16% 16%
National Breweries corn •
234 Jan
34 Dee
250
34
35
-V-B Dry G com.25
6
July 12% Sept Scruggs
55
sq
6
4 VG (Int
Ilne
6
1
2 WA/
National Steel Car Corp_ _•
'1
1
•
Sept SannIlln Qtaaal r.•••••
6 June 18
10
734 734
Power Corp of Can com •
4368
Financial Chronicle
' Week's Range for
Last°
Range Since Jan. 1.
Saks
ofPrices.
Stocks (Concluded) Per. Price. Low. High Week.
Shares.
High.
Low.
Skouras Bros A corn
• 50e
50c 50e
100 500 Dec 50e Dec
Southw'n Bell Tel pref..100
115 11534
50 100 June 116
Nov
BM Baer & Fuller corn._.•
634
634 634
200
454 July
93-4 Jan
St Louis Pub Serv pref A."
2
2
800
2
Dec
434 Feb
St LRock Mt&Pac corn 100
1
1
100
1
Dec
1
Dec
Wagner Electric com_ _15
554 534
384
454 July
974 Feb
Bonds
Scruggs-V-B 7s
serial
50
50
$1,000 50
Dec 70 'Mar
Scullin Steel 6s
1941 2134 21
2134 4,000 16
Nov 35
Feb
United Railways 4s_ - _ 1934
28
28
1,000 28
Dec 40
Jar
• No par value.
Los Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stock Exchange, Dec. 17 to Dec. 23,
both inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Stocks-
Boise Chica 011A
10
Broadway Dept Store p1100
Central Invest. Corp-- _100
Citizens Nati Bank
20
Claude Neon Elea Prods_ •
Consol 011 Corp
Farmers & Mer Nat Bk_100
Hancock Oil corn A
•
Intl Re-insurance Corp_.10
Los Angeles Gas dr El pf 100
Monolith Ptld Cement pH°
Mortgage Guarantee Co100
Pacific Finance Corp com10
Preferred C
10
Preferred D
10
Pacific Gas & Elec corn.
25
6% 1st preferred
25
Pacific Lighting com
•
6% preferred
*
Pacific Mutual Life Bus--10
Pacific Western 011 Corp_"
Republic Pet Co Ltd_ _ _10
.
Richfield Oil Co corn
•
Preferred
25
San Joan L & P7% to Pf
10
0
6% prior preferred-100
See First Nat Bk of L A_25
Shell Union Oil Corp com_•
So Cal Edison Ltd corn_ _25
7% preferred A
25
6% preferred B
25
554% preferred C___25
So Calif Gas6% pref.__ _25
Southern Pacific Co- __ _100
Standard 011 of Calif
•
Taylor Milling Corp
•
Title Ins & Trust Co-- -25
Transamerica Corp
*
Union Oil Associates25
Union 011 of Calif
25
•No par value.
154 174
35
35
3
3
3
39
39
ot 754
534 554
290 290
6
634
8
8
9234 9354
114
17-4 2
9
9
9
4
4
8
8
834 834
2954 2934
24
24
3734 3754
8954 8934
2634 2634 2754
4
4
134 134
34
44
54
34
100% 100%
8654 8654
4034 40
4314
534 574
25
25
2514
2554 2534
2234 2334
2034 2034
85
85
1434 1434 1634
2334 2334 2374
4
4
2054 21
4%
434 5
954 10
9% 1034
934
134
400
45
515
150
200
400
5
500
100
94
200
169
600
soo
300
300
100
100
100
300
1,100
200
goo
400
27
24
1,950
100
1,300
700
700
400
48
400
1,000
300
130
4,200
800
3,100
Range Since Jan. 1.
Low.
High.
iy,
a%
Apr
30
July
3
Nov
35 June
334 June
534 Dec
210 May
454 May
6
Dec
66
May
1% June
9
Dec
354 June
614 Jan
8
Apr
17 June
20 May
2134 May
8954 Dec
2
5 May
3 June
74 Jan
h June
h June
64 June
57 June
3634 June
274 Apr
1654 June
2154 May
1834 May
1734 June
20 June
63.4 June
15% June
354 Dec
2034 Dec
254 Jan
7
July
7% July
Sept
Jan
55
1334 Feb
55
Jan
1034 Mar
654 Oct
300
Oct
1034 Sept
25
Mar
100
Jan
334 Mar
115
Jan
Aug
8
834 Sept
8% Sept
37
Feb
26
Jan
4554 Sept
9154 Sept
39
Mar
8
Sept
17.4 Dec
151 July
74 Mar
108
Jan
94
Feb
65
Jan
854 Sent
3254 Feb
2734 Jan
25
Mar
23
Jan
2434 Jan
37
Jan
313/ Sept
8
Jan
55
Jan
7 Sept
1334 Sept
1554 Sept
San Francisco Stock Exchange.
-Record of transactions at San Francisco Stock Exchange, Dec. 17 to Dec. 23,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Alaska Juneau Gold mug_ Anglo Calif Nat Bk of 13 F_
Assoc Ins Fund
Atlas Imp Diesel Engine A_
Bond & Share Ltd
Byron Jackson
19%
2
134
1
1334 1474
19
1954
134 1%
2
2%
154 234
1
154
Calmba Sugar
73.4 754
7% preferred
12
12
California Copper
3.4
h
California Cotton Mills
......
ti
34
California Packing
854 954
Calif West Sts Life Ins......
3134 32%
Caterpillar Tractor
6
634
6%
CST Cos G & E 6% lst pfd
80
80
Cons Chem Indus A
12% 1234
Crown Zeiler v t 0
1
1
1,4
Preferred A
7
7
954
Preferred B
7
7
854
Emporium Cabmen
2% 2%
2%
Firemans Fund Ins
41
4014 41
Food Mach Corp
5% 5%
554
Foster & KleLser
1
1
Golden State Ltd
4
3% 4
Haiku Pine Ltd
34
74
54
Hale Bros
634 654
6%
Hawaiian C & S Ltd
2654 27%
Hawaiian Pineapple
2
2
2%
Home F & M Ins
23% 23%
500
145
924
950
510
1,315
Range Since Jan. 1.
Low.
8
1514
1
1%
1
54
June
Aug
Apr
June
June
June
High.
1654
24%
23,4
5%
4
3%
Jan
Sept
Mar
Aug
Aug
Aug
Dec. 24 1932
Friday
Sales
Last Week's Range for
Range Since s. 1.
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low, High. Shares.
Low.
High.
Honolulu Oil Ltd
9
934
954 1,700
4% may 14
Aug
Hunt Bros, A
2
---234
2 May
53.4 Sept
Investors Assoc
234
254 3
220
114 Jan
434 Sept
Leslie Calif Salt
12
12
137
6% Jan 12
Dec
La Gas Elec pref
92
92
9334
50 65 May 100
Jan
Magnavox Ltd
54
54
54 2,620
14 Jan
13-4 Feb
Magnin 6% preferred
60
6034
150 45 June 75 Sept
Merchant Cal Mch
1
1
135
54 Oct
234 Sent
No Amer Inv
3
3
356
2
July
5
Feb
No Amer 011 Cons
4% 4%
5
685
234 June
554 Dee
Occidental Ins
11
11
29
554 May 13% Aug
Oliver United Filters B.- ......
1% 134
100
14 June
3
Pacific Gas
2974 2934 2974 3,231 1674 June 36% Aug
Feb
6% 1st preferred
24
2374 24
2,035 1954 June 2634 Jan
554% preferred
22
2174 22
585 1754 June 2454 Jan
Pacific Light CorP
38
38
3854 1,407 2134 May 46% Aug
6% preferred
9034 90
9034
301 6354 May 95
Jan
Pacific Pub Serv non vot
54
54
ft
251
74 Dee
3% Mar
Non vot preferred
434 454
497
4
Nov 14% Mar
Pattie Tel
77
7654 80
359 5834 June 104
Mar
0% preferred
10534 10654
142 85 June 112
Jan
Paraffine Co
914
9% 1054 1,841
5 May 2574 Jan
Railway Eq & Rity ser 2._ ......
1% 154
b00
1
July
63.4 Jan
Rainier Pulp Paper
634 655
200
534 June
954 Jan
Richfield 011
44
44
74 1,169
54 May
1
July
7% Preferred
74
h
150
h Jan
1
July
Roos Bros
1
2
300
1
Dec
534 Jan
S J L dr Pwr 7% pr pfd
...... 100 10034
58 63 June 107
Jan
Schlesinger
H
h
h 1,160
h may
1
Jan
Shell Union
474
474 5% 2,616
254 Apr
834 Sept
Socony Vacuum
7
674 73.4
610
5% May 1134 Aug
Southern Pacific
143-4 143-4 18
3,470
674 June ant Jan
So Pac Golden Gt,A
43j
434 5
650
454 Dec 1134 Mar
B
334 334
106
3 May 1034 Mar
Standard Oil Calif
2354 2354 2414 4,371 1554 June 3134 Sept
Tide Water Assd Oil
33-4 334
400
2
Apr
5% Sept
6% preferred
40
4154
297 20
Feb 60 Sept
Transama
434
454 5
22,479
23.4 Jan
7 Sept
Tranacti Air Tramp
23-4 254
40
234 Dec
23-4 Dec
Union 011 Assoc
944 9%
153
7
July 14
Sept
Union Oil Calif
10
9% 10
2,565
7% July 153.4 Sept
Union Sugar Co 7% prof-. ...... 13
1334
100 12 May 14
Nov
United Aircraft
2334 2334 27
6,654 2134 Nov 28
Dec
Wells Fargo Bk dr U T
...... 189 189
11 139 May 210 Sept
Western Pipe Steel
7.
4
774 7% 1,240
7
July 20
Feb
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, Dec. 17 to Dec. 23,
both inclusive, compiled from sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week
Par. Price. Low. High. Shares.
Admiralty Alaska
1
Associated Dye v t c
•
Bagdad Copper
1 20c
B G Sandwich Shops
•
1
Como Mines
1 20e
Continental Shares
•
Detroit & Canada Tun-..* 10o
Fade Radio
1
214
Fuel 011 Motors
10 120
General Electronics
4,
2%
Golden Cycle
10
au
Hanlon & Hubbell
•
Howey Gold Mines
1 60e
Intl Rustle's Iron
1
Jenkins Television
•
Rildun Min
1
1.25
141nner Air
•
Macfadden prior
*
Nail Liberty Ins
2
Petroleum Conversion-5
54
Railways new
1
374
Retail Stores
a
Sanabria Television
•
Shortwave & Television--•
Slscoe Gold
1
Tom Reed Gold
1
U S Elee Light Power A._
.......
Van Sweringen
•
Western Television
1
1
Wisconsin Holding A- _ _10
6
Zenda Gold Mining
1 12e
80
25c
170
1
10e
200
100
234
100
23-4
93-4
534
600
160
54
1.25
31e
143-4
234
%
3
7
250
360
820
25c
14%
Sc
54
6
12c
80
250
200
1
200
230
150
2%
200
234
934
5%
60e
180
54
1.50
31e
1454
254
134
334
7
25e
40c
82c
250
1434
60
1
6
16e
1,000
100
2,600
1,000
2,500
1,200
1,100
3,300
24,400
11,700
400
400
100
3,200
700
1,600
100
10
100
900
3,400
250
100
400
600
500
100
1,760
36,800
200
4,000
Range Since Jan. 1.
Low.
High.
60 July
250 Dec
17e Dee
1
Dec
50 Oct
54 Oct
10o
Jan
2
Aug
10e Dec
114 Sept
8 June
554 Dec
30o Feb
150 June
45o 'May
1.10 Dec
310 Dec
12
Aug
2% May
h Dec
234 Oct
7
Dec
250 Dec
260 Nov
500 May
140 May
1454 Dec
50 Dec
54 Oct
6
Dec
50 Feb
23c, Feb
50e Mar
70o
Jan
1
Dec
23e Dec
74 Aug
290 Feb
434 Sept
4
Feb
274 Dee
1174 Jan
554 Dec
75c Sept
420 Feb
154 Jan
3.40 Aug
1
Feb
30
Feb
416 Mat
344 Feb
3% Dec
7
Dec
354 Jam
Jan
2
940 Dec
480 Jan
15% Sept
% Sept
234 Jan
1254 Nov
280 Not
80
6 June 15
Sept
15
834 May 16
Sept
213
% Jan
% Sept
100
54 Nov
4;4 Aug
1,230
4ki June 18% Sept
67 30
July 36% Oct
3,469
454 May 15
Jan
10 70 June 96
Jan
Bonds
210
854 May 17% Feb Cuban Dominio
n 754s 1944
5
654 $2,000
1,374
1 June
5
Dee
21‘ Aug Intl Match 5s
654 Dec
1941
93-4 974 3,000
514
7
Dec 19
7
Nov 1051 Dec
Aug Intl Match 5s
1947
9% 934 2,000
95
7
Dec 19
654 Nov 10% Nos
Aug
1.310
No par value.
2 June
45.1 Sept
133 18 June 50 Sept
670
4 May 11
Feb
Philadelphia Stock Exchange.
74 June
300
2 Sept
-See page 4340.
3,976
354 June
854 Feb
74 Dec
190
% Nov
Baltimore Stock Exchange.
155
634 Oct
6% Oct
-See page 4340.
120 1854 June 36
Jan
732 1 1% 'Nov
9% Jan
Cleveland Stock Exchange.
13 May 28
Sept
-See page 4340.
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. 17 1932) and ending
the present Friday (Dec. 23 1932). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intend
ed to include every security, whether stock or bonds, in
which any dealings occurred during the week covered.
Friday
Sales
Last Week's Range for
Range Since Jan. 1.
Sales
of Prices.
Week.
StocksPar. Price. Low. High. Shares.
Low,
High.
Stocks (Continued) Per.
Indus. & Miscellaneous.
•
Amer Austin Car
Acme wuu v t 0
25
4
644 2,000
2
Apr 1214 Sept Amer Beverage Corp. .
•
Air Investors v t 0
•
%
100
74
h Jan
1% Sept Amer Brit & Continental-5
•
Cony preferred
5
5
100
254 May
7
Nov Amer Capital Corn
Alabama Gt Sou
•
$8 preferred
Ordinary
50
r1334 r1354
10 10
July 25% Feb
Common class A
Albert Frank-Guenther Law
Common class B
CIssA
1
1
1
100
1
Dec
3% Sept American Corp corn
Alexander Industries
•
116
100
ass Jan
54 Oct
Warrants
Allied Mills
3% 4
300
2% Apr
6
Sept American Cyanamid Co-.
Alum num co comm..
4354 4354 50
2,550 $2
MAY 90
Sept
Class 11 non-vot corn_ __•
Preference
40
6%
100
41%
900 3354 July 66
Aug American Dept Stores_ _•
Aluminum Ltd
Amer Electric Securities
Common
19
19
100
8% June 44
Sept
New part pref
1
6% preferred
29
100
30
200 23 June 39
Sept Amer Equities corn
1
Warrants
314 4%
100
154 Apr 11
/nor F...1, gee. corn --•
Sept
Week Ended Dec. 23.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Price. Low. High. Shares.
54
354
100
2,700
300
6%
1%
a%
334
54
254
"is
644
1%
54
200
200
200
945
200
ii,
iii
Range Since Jan. 1.
Low,
54 Sept
8
Oct
54 Jan
274
14
s%
its
834
May
Jan
Jan
Dec
Jan
3%
334
54
4
14,975
400
5i
1SS June
h Jan
214
Si
g
851
2
300
700
4.956
23-4 Oct
2% Dec
1 June
4
SS
ills
High.
SS Feb
2
Nov
114 May
Mar
Sept
Anil
34 Jan
Jan
834 Sept
Nov
514
Oct
Nov
Aug
.0
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
8
American Hard Rubber 100
251
1
Amer Investors corn
Warrants
Amer Laundry Mach_ _ _20
American Mfg com_ _100
8.55
•
American Meter Co
31
Amer Pneumatic Service.*
Amer Salamandra Corp_50
5
Amer Thread pref
Amer Utilities & Gen v t 0•
$3 preferred
Anchor Post Fence
A nglo-Chillan Nitrate_ •
Arcturus Radio Tube. __I
44
•
Armstrong Cork Co
Assoc Elec Indus Ltd
Am dep rcts ord shs reg£1
Atlantic Coast Fisheries_ •
Atlas Plywood
655
Atlas Utilities Corp corn_ _•
• 3351
$3 preferred A
24
Warrants
Auto Voting Mach corn •
Aviation Securities
Axton-Fisher Tobacco A 10
Bellanca Aircraft v t c _ _ _ _•
34
• 1134
Beneficial Indus Loan..
131
•
Bliss(E W)Co corn
Blue Ridge Corp
24
•
Common
6% mit cony pref
• 28
2
Blumenthal (Sidney). _ _ _*
Bourlois
34
•
•
Brill Corp el A
34
•
Class 13
British Amer Tobacco
Amer dep rcts ord bearer
atk
1
16%
Am dep rcts ord reg shs.C1
Bulova Watch Co pref _ •
Burma Corp Am dep rcts_
20
Butler Bros
4369
Financial Chronicle
Volume 135
Range Since Jan. 1.
Low.
70
3,300
400
100
25
1,200
20
200
600
100
100
800
1,600
400
1,30
Dec
8
151 June
4 Feb
831 May
551 Jan
July
8
3.1 Dec
3 June
14 July
54 Mar
1
Aug
Feb
1
51 June
51 Nov
3 May
50
24 251
10
34
51
14 1,40
1
654 7% 15,31
90
33g 3451
2% 2% 10,400
500
24 24
300
851 8%
100
60
60
1,350
51
31
900
1151 12%
1%
900
2,54 Nov
34 May
1
July
451 Jan
32 June
June
1
14 May
64 May
30
July
ers Oct
8
July
131 Dec
8
2%
%
9
8
851
51
5
1
1
34
31
44
8
351
55
9
8
855
3i
24
1
1
154
31
34
High.
7
351
55
151
4%
.4
131
94
Dec
Aug
Aug
Jan
Aug
Jan
Oct
Mar
Sept
Aug
Sept
Sept
Aug
Sept
Sept
151
34
114
40
451
3%
10%
7551
155
124
455
Mar
Mar
Sept
Sept
Aug
Sept
Sept
Sept
Dee
Sept
Oct
Feb
8
4%
135
IR
13
30
3-4
Sales
Friday
Last Week's Range for
1Veek.
Sale
Of Prices.
Stocks (Continued) Par Price, Low. High. Shares.
24 3%
Flygrade Food Products_ •
Imperial Tob of Gt Br & Ire
Amer dep rag for ord_ £1 15% 15% 154
78
78
Indiana Bar Belt 454s '67
Industrial Finance CUP
1
1
1
I
Common new v t e
Insurance Co of No Am_10 3351 133% 3451
55
51
34
Inxurance Securities . 10
20
20
International Cigar Mach • 20
12
12
Internet Prod 6% pf _100
331
331
Internet Safety Razor B •
34
a3.(
Interstate Equities Corp_l
1351
13
50
$3 cony preferred
5
*
451 5
Irving Air Chute
51
51
Johnson Motor Co
54
34
55
Jonas & Naumburg
1%
•
14 154
$3 cony pref
151
154
Kelly-Springtleld Tire_ _5
14 14
•
Knott Corp
Kolster-Brandes Ltd
34
1
31
American shares
50
50
Kopper Gas & C 6% pf 100
Range Since Jan. 1.
Low.
High.
900
151 June
454 Sept
100
5,000
1251 Jan
Dec
78
16g Oct
Dec
78
630
2,300
2,000
25
100
100
3,500
700
300
100
800
100
200
200
1
184
51
12
12
24
.51
5
2
51
51
151
151
I
1
40
%
30
12
531
51
1651
8
154
151
3
451
551
100
50
Dec
May
Dec
June
Dec
Apr
Dec
June
June
Dec
Aug
May
Dec
Nov
31 Dec
40
Aug
Dec
Mar
Sept
Jan
Dec
Feb
Nov
Aug
Sept
Jan
Sept
Apr
Aug
Jan
51 Dec
60
Aug
51 May
2% Aug
100
1
..0
Lakey Fdy & Machine.
May
Feb
6
1
134 1,840
1
51
•
Letcourt Realty corn....
451 Nov
400
1854 Feb
4
4
•
Preferred
5% may 144 Sent
200
8
834
•
Lehich Oral A Nay
7% Nov
July
500
2
34 3%
"
Lerner Stores Corp
300 12
Aug 20% Feb
64% pre( with warr 100 1934 18% 19%
51 Dec
31 Dec
100
3-1
Si
•
4% Aug Liberty 13aking corn
3,700
54 May
2
4
1
Jan
May
200
1%
334 Sept Libby McNeill & Libby_10
2731 284 2,200 16% Jutt
1
Dec
1
Dec
100
1
13--4
•
Jan Lit Brothers
6
1% May
2
2,300
2
g Mar
rs„ 2,300
234 Sept
u
34
Lord la na i.and & Expl_ __•
I% May
4% Sept
400
351 331
Sept Mengel Stores
2
;6 Dec
250
54
0% Dec
14 Oct
150
931 931
,
955
63
-4% pref with warr_ 100
34 Dec
25
34 Aug
34
Feb
51
100 2431 Dec 43
• 244 244, 2451
Mapes Cons Mfg Co
6% Sept
3% Dec
125
351 3.4
2
Maryland Casualty
94 Aug
31 July
54 1,020
3-1
Mayla Bottling class A_ -1
1751 Oct
100 12% Jan
16% 16%
Aug
2934 1,900 20 June 30
28
Nov Mayflower Associates_ __ _• 28
100 12% June 17
16% 1655
4
Jan
Nov
1
100
151
151
Nov McCord Red & Mfg B_ •
5% Apr 25
200
144
14
Mar
300 29% July 61
49% 494
•
& Co
24 Sept Mead Johnson
500
14 Nov
1%
Jan
July
15
8
100
931
94
335 Aug Mercantile Stores Co.. •
1,20
14
34 Apr
251 Feb
51 Dec
903
51
34
Merritt Chapman dc Scott• 51 Sept
800 • 34 Mar
•
3-4
31
14 Mar Mesabi Iron Co
10
51 June
*
Cable Radio Tube v t o
% 30
34 Dec
4 Mar
51
100
4
31
Jan Metal & :kilning Shs corn_•
851 June 18
*
Carnation Co corn
8
351 May
Apr
2
100
3
3
24 June 1254 Aug Midland Royalty $2 pref_
60
Carrier Corp corn
33-1 44
331
Nov Moody's Investors ServJuly 65
17
45
Celanese Corp 7% pr pf 100
604
60
551 Jan 19% Dec
300
1651 19%
•
Participating pref
551 Sept
1%; Dec
•
10
Celluloid corn
14
Jan
1%
% Nov
3
100
251
451 Feb Mtge Ilk of Colom Am she131 July
1,10
2
Centrifugal Pipe
2
•
551 Dec
3% may
100
551
531
•
5.1 May
34 Dec Municipal Service
10
Chain & General Equities_•
51
51
Jan Muskegon Motor Special
July 30
5
6
1451 15
Childs pref
100
Dec
4
Dec
4
100
4
4
•
1
Cony class A
6% lob
May
Cities Service common __•
2% 24 38,300
251
51 Dec
34 July
•
% 1,300
3-1
535 Mar National Amer Co
May
• 15
10
3,900
18
Preferred
15
6% Sept
251 Jan
400
5%
5
555
_ -._•
4viation
Mar National
July 45
9
40
•
144
Preferred BB
13
335 Feb
% Dec
200
%
54
Nat Bancservice Corp_ _ _ _•
an
I "f
34
Claude Neon Lights.
1
% 1,400
Nov
251 Sept
34
1
1
13.4 10,300
14
854 Sept Nati Belles Hess corn_ _.1
33.4 Dec
150
6
4
Clinchfield Coal corn_ .._100
Sept
to
1,350 18 June
24
22
& Share Cori_ _• 22
4 Sept Nat Bond
it, Jan
lit
Colombia Syndicate
ift 2,600
1
111
June
451 Sept
1
3% 2,300
3
.1
334
Nat Investors emu
Commonwealth Securities
2% Sept
700
34 June
14
1m
Warrants
Dec
r54 Dec
r%
2,400
r%
r51
Common
31 Feb
700
3-4 June
•
51 Sept National Leather com_
4,000
iss Feb
11
irs
*
Consol Auto Merch v t c__•
Jan
500 x103-4 Dec 18
x103.4 t10%
Mar Natl Screen Service
2
51 No
•
Congo! Retail Stores
51 3,900
51
14 Sept
July
500
36
Ti,
1
Radio
Nat Union
Continental Shares Ina
Dec
4 Dec
100
34
34
3-1
51 Jul
451 Aug Nebel (Oscar) Inc
500
Cony preferred
34
100
251 Mar
3-4
51 Dec
54
50
y,
31
•
851 Sept Nehl Corporation
May
2
Cord Corp
551 751 38,100
Jan
Dec 11
200
4
63-4
4
4
4
Neptune Meter class A.__•
Corroon Reynolds Corn-1754 Feb
10
July
700
1251 1351
• 1251
254 Mar Newberry (JJ) Co
Jun
1
900
•
135
1
Common
July 794 Feb
100 55
754 7551
100
7% preferred
Mar
300
7 June 18
9% 10
$6 preferred A
• 10
2
1
Jan
July
50
151
1
94 Sept New Haven Clock
355 May
200
5
5
25
Crane Co corn
600
14 Sept
94 May
34
74
34
600
154 June 104 Aug New Mexico & Arts Land 1
351 34
Crocker Wheeler Elec.- •
Mar
3
200
2
2
IN Jan
New York Auction
5% Nov
14 Jan
400
351
3
Crown Cork Internet A...•
3
74 Mar
3% Dee
320
351 351
•
Nov New York Hamburg
Mar 23
100
I
16
16
Cuban Tobacco v t
4
June 1241 Aug
x451 5% 1,500
400 104 Dec 1954 Mar Niagara Share of Md c111.5 z451
•
Cuneo l'ress corn
104 11%
June 1151 Sept
80
4
5
•
454
53-1
1751 Sept Niles-Bement-Pond
314 June
•
104 5,400
8
Deere & Company
,
. Nitrate Corp of Chili
34 Jon.
2,500
1'4 1-1
•
Be Forest It mho corn_
616
31
4,000
'Is May
55 Jan
ire
ire
COB for ord 11 shares.__
51 Feb
6,300
'Is Aug
•
Detroit Aircraft
'1
54
331 Jan
3-4
AP
2
1,65
2
2
2
•
Dec
6
375
7% Aug Noma Electric corn
6
6
Dictaphone Co
July
4751 Dec
22
2,10
•
45
47
14 Sept Novadel-Agene
Apr
1
1,000
•
114
Dictograph Products
1351 Jan
44 July
35
551 551
3% Feb Ohio Brass class B
1
90
May
14 1%
Doehler Dle Casting
Sept
5
2 Jun
300
341 351
5
4454 Dec Oilstocks Ltd corn
200 444 Dec
4455 4454
Dominion Textile Ltd. •
Corp
5
884 Aug 974 Dec Outboard Motors
Dow Chemical pref._ 100
97% 9731
24 Jan
1% De
600
131
134
•
Class A cony prof
151 Sept
1,900
4 July
Dubber Condenser Corp_ 1
71
51
51 Feb
51 Jun
200
3.4
54
Class B com
51 May
151 Nov
30
51
•
34
1)uval Tel Sulphur
Si
151 Sept
31 Fe
400
134
1
•
Overseas Securities
Dec
500
3
1
Aug
•
Mach B
154
I
134
Easy Wash
Sept
1,000 1351 July 30
25
24
•
151 2,90
1
34 ism, 3 Sept Pan Amer Airways ....I0 25
Eisler Electric Corp
1
751 Sept
2 June
100
351
351 351
•
Aug Paramount Motors
9
40
•
131 Oct
34 44
Elect Power Assoc corn
Jan
500 114 Apr 19
18%
17
Aug Parke Davis A Co_ __ ___• 17
1,000
•
251 Jun
Class A
34 3.31
334
354 Oct
351 Oct
500
354
33.4
10
Parker Pen Co
Electric Shareholding
4% Nov
June
1
14 155 16,000
Dec Pennroad Corn corny to..'
1,000
4
334 No
1
354
common
3%
New
120 1751 July 3951 Oct
100 264 263.1 30
Ma
514 Aug Pepperell Mfg Co
1.500 19
41
39
$0 vref with warrants. •
451 Mar
June
2
100
231 24
10
Jan Philip Morris Inc
100 164 Jan 20
Employers Re insur
10 174
1751 1731
Jun
100
24 Sept Phoenix securities
14
31
51
Fairchild Aviation Corp_ •
lit
14 Sept
1,20
'is July
1
'Is
34
Common
100
Mar
2
% July
*
Fansteel Products Inc
1% 1%
124 Nov
10
July
8
a1051 al04
33 cony pref ser A-- .10
100
154 July
Dec3-4
•
Federal Bake Shops
1
3
51
Feb
Dec
20
5
1
151 1%
134
•
Pie Bakeries corn
Federated Metals Corp
351 Jan
1,400
151
51 June
Des Pilot Radio &Tube clue A.
3% Dec 18
34 451 2,000
New name FE D Corp_•
331
pg Nov pitney-Bowes Postage
May
200
5
Flat Am dep rcts
9
9
9
600
54 Bops
151 Jun
351 351
•
351
Meter
20 100
Dec
May 111
111 111
First Natl Stores 1st pf 100
Aug
May 51
850 18
30( Sept Pittsburgh & Lake Erie_50 x2551 2155 27
151 Dec
•
1% 2,500
Fisk Rubber new
151
1955 Sept
100 12% Jun
1431 144
Oct Pittsburgh Plate Glass_ _25
500 1951 Sept 283.4
New preferred
204 23
100
700
151 Dec
Mar Propper McCallum Hosiery
4
154 155
Flintokote Co class A _ _•
134
351 Aug
May
100
I
2
2
•
Mill Co corn
Ford Motor Co LtdJuly
7% Sept
2
454 44 2,626
451
•
63-4 Jan Prudential Investors
2% May
A mer dep rcts ord reg..
351 34 5,400
354
May 7031 Dec
572 52
654 66
IS
•
$6 preferred
1,700
5
Ma'
May
Ford Motor of Can cl A_ __•
551
551
Mar Pub Util Holding corn
855 June 25
11
6
•
Class B
11
151 Sept
g July
54 4,100
31
•
31
Without warrants _
Ford Motor of France
14 Aug
2.000
5.1 Apr
51
Ito
lii
651 Mar
30
Warrants
351 June
451
Amer deposit lets
431
300
14 June
8% Sept
351
3
255
•
$3 cum pref
Foundation Company
33.1 June
500
551 Aug Public Utilities Securities
•
33.4 4
Foreign shares
Dec
4
275
251 Dec
214 251
235
•
40
$7 part preferred
Sept
3
•
51
% July
Franklin Mfg corn
34
34
800
Aug
2
24 Apr
2%
251
10
3
Apr Pyrene Mfg corn
70
4 Jan
General Alloys Co.
34
51
•
300
1% Aug
31 May
55
34
50
551 Sept Railroad Shares Corn
1% Jum
•
251
General Aviation Corp__.
2%
Prod
Rainbow Lumln
Gen Electric (Gt Britain)
251 Sept
100
34 Apr
•
3-4
34
Class A
834 Mar
5% Jun
651 6% 2,500
Am dep lets ord reg_....£1
6%
300
51 June
134 Sept
•
Class B
'i"
Gen Theatres Equipment
s„
100
51 Jun
14 Jan Raymond Concrete Pile
$3 convertible pref. _ _ _*
Dec
Dec 20
100 18
18
18
• 18
2
. Jan
200
$.3 cony prof
51 De
34
Gerrard (S A) Co
•
34
5g Oct
441
2
2
51 Apr
Jun
2334 Sept Raytheon Mfg v t c corn_ •
6
94 2,100
•
8
Glen Alden Coal
84
2% Oct
June
2,500
2%
254 251
4
300
241 Nov
455
Sept Reliance Internat corn A _•
5
4
Globe Underwriters Each 2
4
2% Aug
51 Jun
10
1
1
1
June
Aug Reliance Management_ _ _ •
1
5
351 354 21,200
Goldman-Sachs Trading_'
3%
35 Jan
54 Apr
20
•
51
34
51
3.4 Oct Republic Gas Co
g July
Gold Seal Eleo
5-4 1,000
1
34
254 Sept
34 Jan
10
51 1,100
51
Reybarn Co Inc
Gorham Inc.
1
Sept
Its Jan
900
9
34
34 July
Jan Reynolds Invest corn__-•
50
54
51
8% 8%
•
$3 cum pref w w
sg
431 Dec z13% Mar
Cr00
451
•
18
Mar RikeKumler
200 10% June 17
1655
•
Graymur Corp
Dec
1
51 Do
900
1
51
Rolls-Royce of Am prof.100
54
Tea
Gt Atl & Pao
14 Sept
M Dec
250
Sept Roosevelt Field
5
1,010 1034 May 168
34
51
Si
140 147
Non not tom stook_ _ ...• 140
14 Aug
5' AP
500
June 120
•
JulY Rossta international
180 108
51
'is
1184 11951
7% 1st preferred
_100
Sept
235 May 10
800
Mar Royal Typewriter
300 124 Dec 23
531 655
1251 1251
Great Nor Paper Co. __25
Feb
May 38
200 14
100
17
17
Rubberold Co
Grier (S M)Stores Inc,
94 Feb
651 No
50
•
74
5
Jan
•
7
Jan Ryerson (J T)& Son
100
7
5
5
5
5
ww
37 pref
40
Sent
125 1234 Jun
1851 22
Safety Car float dr 1,t_.100 1851
Grocery Stores Prod
84 Sent
14 Jun
2% 34 55,600
g May
24
..AO
13-4 Jan et ru•on Paper corn.
51 4,300
51
•
Voting trust Ws
Apr
50
60 1431 Jul
7% °ref
20
51 Dec
4 Dec
500
18
100 18
51
51
Guardian Investors Corp.1
14 Jan
8,600
34 AP
4
Mar Schulte Real E.state
July
200
2
z2
51
x2
51
Hall Lamp Co
1% Aug
100
34 May
I
Sent Seaboard Utilities Sirs_
300
34
54
•
34 May
•
51
54
Ilappiness candy
Aug
431 June 10
1,100
73i
% Sent Securities Allied Corp_
94
800
•
34 Apr
51
•
51
Helena Rubenstein
34
Jan
Dec 29
2054 1,000 20
Jan Seeman Bros corn
20
200 17
June 21
• 2055
1754 18
Hires (Chas E) Cl A corn_• 1755
2
Jan
g June
200
3-4
1% Jan Segal Lock & Hardware *
g
Sit Dec
1,00
•
r51
rg
r
Horn (A C) Co corn
Jan I Selected Industries too
40
154 May 29
22
22
•
3
Born At Haniart Co
Aug
34 Juno
151 4,000
1
Common
1
Huylers of Delaware
Sept
June 57
500 28
36%
36
2
Mar
Allotment etfs
10,30
54 June
•
31
Common
1
Jan
51 Nov
200
51
54
11'4 Mar Sentry Safety Control _ - _ 44 June
80
651 751
651
Hydro Elec Securities_ _ _ _ •
1
4370
Financial Chronicle
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Paton Leather
Sheaffer Pen Co cora____•
9
Shenandoah Corp
New common
1
2%
6% cony pref
ao 1434
Sherwin-Williams
25
Silica Gel Corp v t a
•
34
Simmons Boardman Pub
Convertible prefferred •
Singer Manufacturing100
Am den rcts pr ord reg
sbs
£1
Smith (A 0)corn
•
Preferred
100
Smith(LC)&Corona Type•
34
Southern Corp COM
•
Spanish de Gen Corp LtdAm dep rots ord hr
-----Am dep res ord regshsEl
Stahl Meyer Inc corn__ __•
3
Starrett Corporation
Common
•
6% preferred
50
35
Stein Cosmetics
Stein(A)cora
Stetson (J B) Co com....'
Stinnes (Hugo) Corp- •
Stutz Motor Car
• 15
Sullivan Machinery
Sun Investing com
$ cony pref
Swift & Co
7
25
Swift Internacional_....15 14
2
9
2
9
Range Since Jan. 1.
Low.
1% July
9
July
High.
3
20
Friday
Sates
Last Week's Range for
Public Utilities
ofPrices.
Sale
Week.
Par. Price. Low. High. Shares.
(Concluded)
Dec. 24 1932
Range Since Jan. 1.
Low.
High.
Duke Power Co
10
54
300 31
52
July 7334 Mar
East States Pow com B •
1% 235
500
6
Sept
% June
East Gas & Fuel Assoc..'
435 5
600
234 June
854 Mar
3% Nov
2,200
6% preferred
115 Dec
100 53% 5215 54
134 3
475 30% June 68
Jan
800
1334 14%
415 June 2434 Sept East ULU Associates
75 16% Dec 2435 Jan
15
15%
Cony stock
200
3
3
115 May
554 Oct
35 Apr
3
Sept Edison El Illum (Boa)
14
..100
% 1,400
189 175
20 135
Mar
May 195
Elec Bond &Share new corns 1635 16
2015 121,300
5 June 48
Aug
3% 3%
3% Nov
250
9% Mar
$5 eumul pref
38
900 16% July 5934 Aug
• 35
35
40 75
95
Sept
$6 preferrea
97%
May 138
3831 42
6,300 19
• 40
Aug
may 67
Electric Pwr & Lt 2d pf A_•
8
10%
500
831
fig June 45
Mar
135
200
135
2
1% Dec
Jan
Option warrants
335 315
500
1% May
7% Aug
50 11
18% 18%
July 59
Jan Empire Dist Elee
10 108
108% 10831
May 109% Apr
pref
13% 14
100
100
8
July 21
Aug
34 Dec
100
6
Sept Empire Gas & Fuel
35
74
% 1
% Dec
900
23$ seat
634% preferred
100 1234 1215 13
75 1035 June 22
Aug
7% preferred
100 1215 12% 14
200
6
May 46% Jan
300
8% preferred
lx, Dec
54 Jan
ire
14
15
100
200
16
7 May 5235 Mar
100
lx, Nov
35 Jan Empire Power partic stock•
ire
hi
200
9
9
7% May 18
Mar
2% Nov
6
300
3
3
May Empire Pub Serv cl A.....*
lx,
100
lx
h. Dec
14 Aug
European Electric
X Mar
1% Aug
Option Warrants
55 1,000
55
31
31
34 11,000
% Apr
54 Aug
4,100
134 Sept Florida PA L $7 pref...--•
26
55
400 25
X
34 Mar
2734
July 7914 Jan
134 Mar Gen Pub Serv $6 pref--• 35
200
15 Ma
35
54
34
35
10 1035 may 50
Feb
5
5
5
100
815 Jan Hamilton Gas corn v t c__1
Apr
100
he
Si,
Si May
1
Jan
25
8
8
16
5
Aug
Sept Hartford El Light
52
52
25
25 36 June 5551 Jan
Ig
400
1
134 Oct IllinoisP & 36 pref
34 June
•
3415 3435
75 21
June 63% Mar
1254 15
3,300
734 Nov
24
Sept International Hydro-Elm
3% 4
3% Dec
125
7
$3.50 cony pref
20%
•
18
Aug
150 1235 June 27% Aug
I
2
2
200
33.1 Sept
May
CI A stock pur
100
hs
he Dec
Si Apr
24
25
200 18 June 25
Aug Internatl Utility
4,200
7
7%
May 22
7
•
6
Class A
Mar
300
6%
631
214 May
1055 Aug
13% 14% 1,000 10
May 36
Class B
I
Mar
134
1
1
134 3,700
2
Dec
Nov
Interstate Pow $7 pref._ •
17
21
70 1435 June 52% Jan
Taggart Corp corn
4
Feb Iowa Sou UM pref
% Dec
1135 1135
% 1,000
%
100 1114 Dec 1135 Dec
%
100
TOChnICOlOr Inc corn----2
2
34 June
235 1,600
534 Aug Italian Superpower A.....*
111
800
134
134
% June
454 Aug
Tennessee Products
2
135 Dec
200
155 134
Jan
Warrants
200
%
Si
% July
135 Aug
Thermold Co
Long Island Ltg7% cony pref
Dec 15
100
250
Aug
5
5
1215 1235
Common
534
200 1235 Dec 20% Sept
•
Tobacco Prod Corp (Del).1
Sept34
air 7,600
6% pret series B
100
125 45
6935 71
34
14 May
July 86
Mar
Tobacco Products Export•
1
35
Sept
% Apr
100
35
7% prefrred
20 50
78% 78%
100
101 Mar
July
Todd Shipyards Corp_
1034 IOU
100 10
May 18% Mar Marconi Wirel T of Can_ _1
•
11,500
35 1
34 May
2% Sept
Transcont Air Trans____'
2% 3
2%
500
4% Sept Mass ULU Assoc corny t •
235 2%
1% June
215
1,100
134 May
3% Aug
Trans Lux Daylight
24% 24%
5% cony pre(
450 1435 June 28
50
Aug
134 154 1,800
2% Oct Memphis Nat Gas corn- __•
Picture Screen new. _1
3
134 Dec
3
3% 1,000
ISq Jan
1% July
154
111
154
Tri-Cont Corp warrants__
600
50 35 June 80
67
34 May
67
•
334 Sept Met Edison $6 prof
Aug
Triplex Safety Glass
Middle West Utll corn_ _ _•
34
Si 12,200
34 Apr
531 534
Amer deposit rots. -£1
400
$6 pref A with warr
300
734 Jan
434 Jan
% 1
•
34
% Dec 5135 Jan
300
834 9
Trusts Pork Stores
27% 27%
834 Dec 1034 Apr Montreal Lt, Ht & Pow- •
100 2034 June 3435 Sept
100
Tublze ChatIllon corn. _1
5
15 June 14
5
9635 97
ao 88
Aug Mountain States TA T_100
May 105
Apr
200
1
1034 11
1
June 1934 Aug National P & L $6 pfd..
Class A
65
61
600 35 June
.• 63
II% 1134
200
6 June 13
Union Amer Investing.
..5
Sept New England Pow Azov
100
2
2
2
United Carr Fastener- - 134 Mar
45% 47%
150 12 June
334 Jan
•
_ __100 46
6% preferred
si
34 1,000
United Dry Docks
% May
12
12
150 12
31
Si Jan New Eng Pub Serv$6 pf _ •
la c
Dee
r
5
Dec 181152:74: Sept.n
1
134 12,400
1%
United Founders corn-.--•
he May
93
93
334 Aug N Y Pwr & Lt 7% pret_100
50 66
Jan
May 100
%
14 2,600
35 Dec
United Profit Sharing- •
2
4415 4435
Aug N Y Steam Corp com_ _ •
100 28
Mar
July 55
100 2134 June 4054 Mar NY Telep 614% pref.-100 114% 11431 115%
3334 35
United Shoe Mach
25
250 98 June
34
54
1,100
United Storm Corp v t 0-% June
•
54 Jan Niagara flud Pow
34
234 Apr
United Wall Paper Fac_ •
Si Nov
100
34
Si
6,500
New Com _ _ _ -------15 14% 14% 16
Aug
734 July 20
U 8 Financial Scolding
14
700
%
Cl A opt warr new
17-4 Aug
% June
14
%
102
Common with warrants 1
Si Apr
31 Apr
Cl B opt warr new
200
314 315
5
Aug
g
1% July
100
U S Finishing cora
134 1%
1
June
514 Sept
Class C warrants
1,700
%
35
Si July
131 Aug
214 3
234
200
U Foll class B
231 Apr
•
10
10
50 10
5% Sept Nor Am Lt & Pow $6 pt. •
Aug
Dce 33
300
U S & Internatl Secur
Ire
34 Jan
41
134 Sept Nor States Pow corn A.100 39
15
39
•
808 39
Jan
July 83
1st pref with ware
1 1834 1834
300
934 June 32% Sept
• 181
7% prof
100 46 June 9435 Jan
100 r6935 r6935 r6935
55
55
S Lines Inc firer
500
% June
1% Aug Pacific & E 8% lit DI 25 2435 23% 2434 1,600 19% July 26% Jan
35
1234 1234
US Playing Card corn_ _10
25 10 June 23
634 6%
Jan Pa Gas & Elec el A
600
•
434 June
8
Sept
150
si
U S Stores Corp corn. •
Si Nov
1
92% 9234
34
Oct Pa Pow & Lt $7 prof....'
50 65 June 9935 Jan
14
14
$7 cony 1st pref
100 14
•
Dec 30
51
50
Aug Ps Water & Power Co__ •
300 35 June 6874 Se
211 234
Universal Picture.
100
1
July
69
69
635 Sept Peninsular Tel7% pref.100
50 69
,apyt
Dec 87
Utility Equities corn__
234 2% 2,100
234
% July
714 7%
100
434 Aug Philadelphia Co COM
*
6
Jan
June 17
44
44
•
50 26
July 4915 Feb Puget Bound P & L1
1
300
Utility & Indus com
32
1
36
June
32
•
335 Feb
50 31
$5 preferred
July 554 Apr
1,700
*
334 4
Preferred
334
234 July
1134 Feb Railway & Light Sec com_•
7
7
100
4
Jan
July 20
•
Van Camp Packing
Dee
14
2
Jan Rochester Gas & Electric
7
00
34
34
14 2,200
Si Dec
80
80
25
7% preferred
235 Jan
50 50
6% pref set D
34
100
Nov
July 92
8% 8%
ji Dec
Wahl Co corn
•
14 Apr Shawinigan Wat &
3434 1,300
300
Si
6% May 20% Sept
9% 915
200
915
9
May 1135 Jan Sou Calif Edison
Waitt & Bond class A.__ •
221i 2335 1,400 171( June 25
Walker (H) Gooderham 4t
6% prat ser B
25 23
Jan
474 535
500
2% May
Worts common
15
400
834 Aug Southern Nat Gas com__•
*
irs June
51 Sept
815
8
711 Dec
600
834 Oct So'West Gas Utll cum_
100
•
Preferred
54 Jan
3434
g may
e
% 1,100
47
49 4
,
15 June
30 2734 June 70
% Jan So-West G & E 7% pref 100 47
34
Watson (J W)Co
Jan
%
6
g July
100
34
300
Wayne Pump corn
•
•
234 Nov Standard P & L corn
Jan
Apr 20
6
135 2
33
31
134 Deo
300
32
450 2531 Aug 54% Mar
4
Sept Swiss Amer Else pref
Preferred
•
9
10
200
24
24
534 July 15
1,100 18 June 32
9
Mar Tampa Elee Co com
West Auto Supply A___.•
Jan
62
3
62
50 4134 July 62
334
Dec Union Gas of Can
300
Western Cartridge pref_ 100
8
Sept
135 June
200
Si Jan
274 335 1,650
15 Feb United Corp warrants
West Va Coal & Coke..•
6
Sept
134 JUDO
1% 2
1%
United Gas Corp corn...."
7,800
Wheeling & Lake Erie Sty
454 Aug
Si May
• 21
40 90
21
2534 1,200
90
Dec 90
Dec
90
Pre( non-voting
7% prior lien
Jan
100
854 June 55
250
8
5 June 1034 Max
8
Option warrants.....
300
Si
34
%
Wilson Jones Co com.__-•
134 Aug
'is May
315 415 9,800
335
United Lt& Pow corn A.
Woolworth (F W)Ltd
91( Aug
15( May
5% 5%
734 Jan
600
I234 Dec
Common clam B
30
1234 I214 1234
Amer dep rote for ord
4
14
July
Aug
2035 3,293
$O cony let pref
• 18% 18
834 June 53% Jan
% 2,340
US Elec Pow with wart.34
Public Utilities
15
•
'as June
214 Aug
80 5134 July 93
Stock per wart
Jan
100
Alabama Power $7 Prel--3434
hi Apr
58 Aug
,
• 6335 6355 66
Utah Pow & Lt $7 pref. _ _• 3235 32% 35
Am Cities Pow & Lt50 3235 Dec 85
Jan
1
154 July
115
834 Sept UM Pow & Lt eons
135 4,500
4% 4,800
4
New class B
•
1
434
4% Sept
Si May
2734
7% preferred
100 2714 26
100 12 June 61% Jan
Amer Com'wealth Power
3235 3315
Jan West Massachusetts Cos.*
%
% May
500
100 19
35
Class A cum
34
•
July 3535 Sept
Nov
500 7234 May 95
8934 8934
Amer Dist Tel, NJ pref 100
Sept
Former Standard 011
114 Apr 10
Amer & Foreign Pow ware_
534 4,000
43
434
Subsidiaries
Amer Gas & Elec corn.
3134 15,600 1434 June 4174 Sept
...
0 2834 28
24
24
9134 Aug Buckeye Pipe Line
500 60 July
50
100 1735 July
Preferred
Jan
35
• 80% 8034 82
23% 2331
May 2414 Aug Eureka Pipe Line
50 18 June 35
100
Amer L & Tr arm--Mar
.25 1534 1534 1734 2,200 10
4331 45
25 44
Jan Humble Oil & Ref
1,400 35% June 55
June 26
100 17
2135 2115
8% preferred
bout
25
731 7% 2,200
735
32,900
134 June 1034 Aug Imperial 011(Can)cOurr--•
Am Superpower Corp corn•
4
8M June 10% Sent
334 5
714 7%
Registered
200
3,300 28 June 7234 Aug
•
let preferred
6231 68
635 May
1031 Sept
• 63
3% 3%
100
Sept Indiana Pipe Line
10
9 June 48
200
Preferred
7% Feb
•
231 July
3334 34
63( 6%
200
Assoc Gas & Elea cora. •
115 135 3,600
34 June 7 Feb National Transit____12.50
631 Dec
834 saps
3% 4
600
Class A
July
1
331
•
534 Aug New York Transit
Sept
13.4 134 6,590
231 June
6
131
4% 515
534
1,600
10
II
,
35 3,600
Warrants
In Mar
54 Aug Northern Pipe Line
535 Deo
334 May
55
134
100
Assoc Telep Hill com____•
1
1135 Jan Penn Mex Fuel corn
July
134
1
154 1,300
1
1% Nov
Sept
9
1231 12%
800
25
Dec r6
$6 cony pref A
Dec South Penn 011
150 r6
r6
r6
•
1634 Aug
9% Jan
Southern Pipe Line
434 434
434
200
10
4% Dec
Feb
10
Bell Telep Co of Can -100
265 8834 July 100
7815 81
131( Apr '25% Sept
Mar Standard 011 (Indiana) 25 21% 2131 2215 21,600
Brazilian Tr L & P ord. -•
10 1034 10% 1034 2,700
7
May 1334 Mar Standard 011(Ky)
8% June 15% Mar
1834 834 4,600
20% 20%
135 1535 Apr 3035 Aug
Brit Col Pow cl A
20%
1434 1434
500 1411 Dec 1451 Dec Standard 011 (Ohio)
•
84
84
20 75
5% preferred
Buff Niag dr East Pow p025
2054 2034
600 1511 May 2334 Aug
100
Aug
July 87
June 90
$5 1st preferred
Nov
400 71
•
88
89
Other Oil Stocks
Cables & Wireless Ltd
1,000
1
Am dep rota A ord slur_ El
31
Oct Amer Maracaibo Co
100
1
Isre
'is June
31
% Jan
xix.
34 Apr
•
000
114 134
hi May
sre 8,100
% Sept Arkansas Nat Gas
Am dep rots B ord 6118_31
hi
14 May
83 Aug
•
114 134 4,200
Com class A.__
134
34 May
134 June
300
Am dep rots pre shs--£1
235 Sept
234 234
3% Sept
Preferred
100
36
331 331
_100
36
100
CentP & L7% pref
Feb
100 36
135 July
Dec 75
555 Atilt
500
Atlantic Lobos 011
34
34
•
Cent Pub Serr34
Si Mar
34 Mar
2,300
1
34
25c
Si
Class A new
Oct Carib Syndicate
X Dec
1
Si 1,600
X
Si Jan
31 JulY
4,300
•
Colon Oil Corp corn
Cent & So'west Uta134 Aug
U June
•
700
11
11
9
40
Sept 2954 Feb Columbia 011 & Goa vte..•
2% Aug
34 May
k $7 preferred
•
300
16
134 134
16
30 10
1
Nov 55
2
Jan Consol Royalty 011
Aug
10
$7 prior lien pref
Jan
2
234
234 6,129
2
Dec
Cent:States Eleo new coin.]
234 Dee Cosden 011 Co
100
17
1% 134
17
Common
25
434 May 40
•
100
34 May 2% Sept
Cony pref
Sept
300
i34
134
534 534
30
CUB of Dep com
415 Dec 25
31; May 2% Sept
Aug
6% prof with warr-100
3% Aug
Creole Petroleum Corp...*
234 234 6,400
2%
154 Jan
Citinsflerv P & L13
12
1,100
150 1234 Dec 50
12
35 Nov
Si
34
Jan Crown Cent Petrol new__1
Si Nov
$6 preferred
1934 1934
50 11
600
3% 3%
134 Jan
May 56
Jan Darby Petroleum cora. •
734 Aug
W $7 pref
400
100 19 June 35
3034 3031
1% 134
Aug
•
3
1
June
Aug Derby 011 & Ref cora_
Cleve Eleo Blum oom...•
Gull MCorp of Penna.-25 2615 2654 28% 6,600 23 June 4451 Sept
Columbia Gas & Else
325 40
91
85
May 10834 Sept Indian Terr Mum 011
100
Cony 5% pref
1,300 4934 July 122
200
2
2
•
2
455 Jan
Dec
Class B
Jan
Commonwealth Edleon_100 74% 7354 76
% 3,800
Jan
Intercont Petrol Corp_ -5
he Mar
Common & SouthernCorte•
;.j
fi 21.500
soli June
9;i 1031 6,800
8 June 1234 Sept
1
Aug International Petroleum • 1034
Warrants
Aug
1,600 8734 June 6954 Sept Kirby Petroleum
1
500
•
Si
6334 65
Si
34
Si Jan
Consol GE LAP Bait corn*
200
100
Feb
Jan
.
4
4371
Financial Chronicle
Volume 135
Sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Other Oil Stocks
Par. Price. Low. High. Shares.
(Concluded)
Flange Since Jan. 1.
Low.
High.
Bonds (Continued)
Soles
Friday
Last Week's Range for
Week.
of Prices.
Sale
Price, Low. High.
Range Since Jan. 1.
Low,
High.
Central III Pub Service
he
9,000 62% July 82% Sept
31
1ps
73
76
1956
Leonard Oil Develop_ __-25
50 series E
2
2
Aug
63,000 53 June 79
2
•
Lion 011 Refining
181 & ref 43.4a ser F_1967 71% 7011 73
735
Jan
ON
July 85
17,000 57
6%
•
76
74
Lone Star Gas Corp
lot mtge 58 ser G1968 74
2
2
10,000 55
Aug
•
June 79
72
70
1981 70
Mexico Ohio Oil Co
series El
411s
1
May 98% Dec
3.1
Corp__ •
96% 7,000 74
Mich Gas & Oil
Cent Me Pow 55ser D_1955 9611 96
May 89% Oct
Middle States Petrol
1st & ref 411s Ser E..1957 8715 8631 87% 12,000 74
1% Aug
11 Apr
1,800
11
,
•
1,000 54
Sept
•
July 78
67
67
Class A vto
Fi Aug Cent Ohio Lt & Pow 55 '50
11 Jan
% 1,200
11,000 51% May 76
Aug
•
72
34
72
Class Byte
34 Dec Cent Power 5s ser D__1957 72
% Mar
900
%
•
Aug
June 76
31
Mountain & Gulf Oil Co_ _
let 53_1958 6334 6315 66% 61,000 42
Cent Pow &
4% Sept
2% Apr
334 3% 1,300
3%
Mountain Producers___ _10
,
June 1441 Aug Cent Put Sere 5118_ .1949
8
• 1234
12% 1,500
34 June 2754 Jan
1251
311 17,000
2
211
National Fuel Gas
With warrants
% Aug
Jan
•n
338
%
20
134 July
1,000
Aug
'is
2%
211
New Bradford Oil Co__
Without warrants
111 Aug
Jan
200
1
1
June 5634 Aug
5
3811 3831 41,000 17
North Cent Tex 011
.1948 3834
% Jan Cent States Elec Ss..
516 June
400
5ir
North European Oil_ _ _ _1
Deb 5510 Sent lb. 1954
Sept
8
3 June
700
4%
57
4
May
Aug
4%
•
39% 09,000 18
Pacific Western Oil
3734 37
with warrants.
% Aug
511 June
zia 1,400
51
Feb
35
3911 59,000 20 July 69
Pantepec Oil of Venez__ •
Cent States P & L 511t '53 35
7834 79% 61,000 54% Apr 8411 Sept
Petroleum Corp of Amer
flee Gen 4518 '70 7911
11 Aug Chic Dist
'ii Dec
500
in
Dec
July 90
23,000 42
Its
90
Purchase warr_ _ _ _ -----8531
Stock
Deb 5118 Oct. 1, 1935
July 6031 Sept
80 40
51
50
Pure Oil Co 6% pref. _ _100 50
% Jan Chic Jet Rys & Un Stk Yds
16
. June
400
%
51
Dec 96% Dec
1,000 95
9511 95%
Reiter Foster Oil
1940
55
7% Sept
100
1% Apr
Apr 5334 Aug
4% 4%
16,000 34
50
49
Root Refg prior pre_ _ _.•
51 Aug Chic Rye cas of deps_1927 50
54 Jan
600
%
•
Salt Creek Consol 011_10
Cigar Stores Realty Holding
511 Sept
2% June
Mar
3% 3% 1,400
32
35% 169,000 1034 June 40
3%
Salt Creek Prod Aasn___ _10
Deb 5%s series A_ _ _1949 3451
1% Mar
Mar
1
100
1
1
Mar
3,000 39% June 62
55
55
Shreveport El Dorado__25
July Cincinnati St fly 531s A '52 55
6
3% June
2,100
49% Aug
416
May
4
4
% 32% 3415 47,000 16
Southland Royalty
1966 323
% July cities Service 58
11 Feb
52% Jan
% 1,100
•
May
5
33% 36% 01,000 z17
Sunray 011 Corp
1950 3451
Cony deb bs
10% Sept
411 May
200
May 6244 Aug
7% 731
61,000 33
•
Tenon 011 & Land
13% Sept Cities Service (has 5110 '42 45% 444( 47
300
7% July
Aug
951 9%
56% 36,000 49% May 68
Union Oil Associates_ _ _25
Dec Cities Serv Gas Pipe L '43 54% 54
2
% Jan
500
5891 Jan
2
2
17,000 26% July
Universal Consol 011_ _ _10
,
111 Sept
,
Cities Sem P & L 5140 '52 3534 35% 36% 61.000 3541 Dec 51
% 4,200
11 June
Sept
'is
Venezuelan Petroleum_ 5
1949 36% 35% 38%
5116
2% Dec
1% Jan
700
Sept
2% 2%
10541 52,000 99% Jan 106
251
1
Woodley Petroleum
1% Dec Cleve Elec III let 543_ _1939 10511 105
11 Nov
Feb 10631 Sept
% 1% 1,800
9,000 99
Oil& Gas Co class A_1
1954 10651 106 10611
58 series A
Feb 107% Dec
10711 107% 3,000 99
1961
Gen 58 series B
Nov
Oct 90
Mining
1933 86% 8611 88% 12,000 84
July 32% Aug Cleveland fly 53
100 15
16% 16%
Bunker Hill & Sullivan_ _10
May 23% Feb Commerz und Privet
50 15
16
16
5731 60% 99,000 .29% June 60% Dee
Vot trust certificates_ _10
1937 5834
Bank 54s
% Jan
Aug
600
%
•
Comstock TUn & Drain...1
1% Aug Commonwealth Edison
June
700
June 104
Nov
22,000 86
3i
Consol Copper Mines_ _5
7"
1st M 55 series A_ _ _1953 10311 103 104
11 Aug
34 Jan
iis 1,600
23,000 8234 June 104% Dec
tie
1
Cresson Consol G M
1st NI 5s serles B....1954 10411 102% 104% 44,000 78
% Aug
June
800
A,
•
June 98% Dec
Cusi Mexican Mining_ _50e
1956 97% 9651 98%
let 4545 series C
Feb
51%
June
100
Dec
June 98
35.1
59,000 78
Eagle richer LeadlCo_ _ _20
1st al 4118 series 0_1957 9734 96% 98
Oct
ill
Jan
Dec
Slay 98
% 2,200
22,000 78
•
98
Goldfield Consol Mines_10
1960 9715 97
4%s series E
Jan
July
2
200
211 2%
25
1981 88% 87% 89% 91,000 6934 May 89% Dec
Ilecla Mining Co
4s series F
let M
Jan
5
100
331 June
Aug 105% Dec
5
5
105 10511 76,000 94
1962 1053.4
IfollInger Consol M_.__5
511s series G
5
Sept
54 May
Aug
72,000 40
May 83
2% 2% 6,000
76% 78
23.1
Bud Bay MITI & Smelt
Dec Com'wealth Subsid 5%0'48 78
1
Dec
100
Aug
June 09
1
1
48% 45,000 38
46
25
Isle Royale Copper
Tis Sept Community Pr & 1.t Is 1957 47
he June
700
516
X
4
Kerr Lake Mines
21% June 30% Dec Connecticut Light & Power 110
Dec
13,000 101% Sept 110
29% 4,600
108 110
1954
Lake Shore Mines Ltd__ _ _
29% 29
,
531s series B
July 0104% Dec
10231 103% 6,000 90
1956
411s series C
28% 3,400 14% Apr 35% Sept
25 26% 26
1962 10534 105 105% 28,000 95% July 10554 Nov
New Jersey Zinc
be series D
28% Sept
4% May
Dec 9751 Oct
9611 97% 188,000 92
Newniont Mining Corp_ 10 1411 12% 14% 2,900
1% Sept Conn River Pow 55 A.'52 97
Ti. June
Dec
19,000 100% Aug 104
111‘ 2,400
lilt
34
•
Nipissing Mines
A Sept Cense'CI E L & P 4%81935 10311 103% 104
11. Jan
28,900
1
Ohio Copper Co
Consol Gas El Lt & P(Balt)
Oct
8
1% Feb
Dec
100
Jan 99
•
331 3%
9811 98% 99 127,000 82
Tin Spec Stock_ •
Pacific
1981
1st ref 3 f 40
4% Dec
2% Apr
June 110
4,500
Sent
3,000 102
331 4
10711 108
331
Pioneer Gold Mines Ltd_ _1
lot & ref. 5110 ser E 1952 108
34 Aug
300
Dec
3.5
June 106
A
34 May
105% 105% 9,000 96
Premier Gold Mining__ _1
1969
series G
4315
Feb 104% Dec
Roan Antelope Copper
1970 10411 103% 104% 10,000 94
431s series H
8% Aug
3% May
731 7% 4,200
Amer shares
Consol Gas UM Coii.
Jan
% 2,000
Aug
,
Li
16
.
69,000 1311 Nov 40
St Anthony Gold.
ln & coil 6s ser A 1943 25% 2451 25% 16,000
134 Nov
Nov
1
Aug
111 Nov 29
111 3,600
5
1
4
4%
1
Shattuck I)enn Mining__5
Deb 6345 with warr 1943
2% Dec
Apr
2
10231 Dec
500
87%
2
2
Silver King Coalition_ __5
Pow 4118-1958 101% 101% 102% 99,000 100% Feb 105% Oct
a
!,1 O t
134 jcn Consumers
June
300
Mar
%
%
104% 105% 27,000
& Plat _ _ _ 5
So Amer Gold
1936 105
1st & ref 55
516 Jan
50
May 6851 Aug
*18
•to
Sylvanite Gold Mines. _ I
1958 .55% 5511 57% 149,000 35
414 Jan Cont'l 0 & El 58
2% May
Dec
32,000 8051 Apr 97
3% 5,400
3
97
96
'reek Hughes Mines ___ I
3%
441 Jan Continental Oil 5%8_193'. 9634 42% 4511 25,000 32
111 Apr
Aug
July 52
2% 2,300
1%
United Verde Extension 50c
114 Sept Continental Secur 5s.1942 4511 66
% Nov
Jan
200
%
•
6651 22,000 5111 July 89
5
Utah Apex Mining
Co Ss_ _ _ _Aug 1 1940 6654
% Jan Crane
Jan
Mar
100
6,000 39
June 77
116
47
45
Ile
Wenden Copper
1
3% Dec Crucible Steel deb 55..1940 46
116 Apr
Jan
,000 55
June 83
2,300
3A
3
72% 72%
Wright Hargreaves Ltd_.•
Cuban Telephone 7518 1941
Mar 3911 Dec
39% 4,000 30
Cuban Tobbacco 53_ _1944 39% 39% 9111 20,300 59
Mar
June 97
Bonds
91
Cudahy Pack deb 5148 1937 91
22,000 95
June 10351 Deo
A labania Power CoSinking fund 55... _1948 102% 102% 103% 8,000 71
June 99% Jan
June 87% Dec
ls' & ref 58
87% 87%
1946 96% 96% 97% 38,000 84
'56
June 95% Mar Cumberland P & L 4110
June 106% Sells
11,000 75
93
let & ref 55
92
11151 02
89_1949 105% 105% 105% 17,000 97
July 10134 Oct
10,000 78 June 96% Jan Dallas Pow & Lt
1,000 90
91
89
1st ref 50
100% 100%
1956
1952
5s series C
Dec
Jan 105
May 8451 Jen
58,000 95
I st & ref 448
75% 76% 63,000 70
105
1987 76
Jan Dayton Pow & Lt 50_ _1941 104% 104% 100% 27,000 92
Apr 101% Dec
35,000 75
May 91
83
lot & ref 58
1968 82% 82
100
Gas & Elec 58_1949 100
Sept
May 99% Aug Denver
53 June 75
4,00
73
Aluminum Cot f deb 531952 96% 95% 9615 38,000 81
73
Sept Derby Gas & Elec 55..1946
75
July 102% Dec
July
96
60% 15,000 45
59
Aluminum Ltd deb 58_1948
102 102% 2,00
Des Moines Elec 50_...1938 102
31,00
70% May 9751 Feb
Amer Commonwealth Pow
91% 95
Jan Dot City Gas 68 ser A 1945 93
Dec 11
Sept
1
1% 28,000
31,00
84% May 91
Convertible deb 68_ _1940
87
8934
1950 89
69 let series B
Jan
8
Nov
1
8,000
1
1
1953
Debenture 5110
Sept Detroit & Internet Bridge
Jan 70
4,000 47
7% Mar
Dec
3
66
3,00
66
Amer & Coot Corp 53_1943
434 434
Aug 1 1952
6519
Jan
19
6,000
Feb
211 May
7
7
7
,
256 Sept
1,00
7
Am Community Pr 5%8'53
2% 2%
Ctfs of deposit
46
Aug
July
2
24% 40,000 18
Aug
41 Feb
8,00
in El Pow Corp deh 65.57 22% 21
41
1952
78
8531 180,000 62% may 8811 Mar
Amer 0 & El deb 5e..2028 84% 83
Aug Dixie Gulf Gas 634s _1937
16,000 13% July 47
27
June 8554 Oct
Ain Gas & Pow deb 88_1939 25% 25
7711 7711 7815 11,000 46
With warrant.
9911 Nov
24% 19,000 11% July 37% Jan
22
Secured deb 50.....1953 22
1967 9911 9851 99% 50,000 85 Jun
May 82% Jan Duke Power 4545
4% Jan
56% 138,000 38
54
1.1 deb Rs_ _2016 54
351 Dec
Am Pow &
5,000
311
331
Sept Duquesne Gas 631s_ _1935
July 96
35,000 79
Am. Itadiat. deb. 43481947 94% 93% 95
East Utilities Invest
Aug
35
Jul
8
108,030
19%
18
58 with warrants_..1954 18
Mar
39,000 30
July 67
Amer Roll Mill deb 80_1948 44% 44% 46
Mar Edison Elec Ill (Boston)--Apr 76
65,000 46
61
101% Sept
4
4 1 % notes_ _ _Nov 1933 60% 57
101 101% 6,000 100% Jul
101
1933
4%% notes
Mar
4,000 17
July 47
32
30
Amer. Seating cony 6s '30 32
3.00% 100% 9,000 9811 Jun 10251 Slay
1933
5% notes
102% Nov
Appalachian El Pr 50....1956 89% 8615 8931 62,000 7211 May 94% Oct
1934 102% 102% 102% 22,000 99% Jul
2-year 50
Jan
July
14,000
16
2
351 6
103 Sept
Appalachian Gas 68 1945
10251 102% 83,000
1935 102%
5% noted
Apr 13% Jan
511 12,000
Cony deb 6s II
6734 Aug
1945
Jun
57,000 29
43
36
Dec Elea Power & Light 58.2030 36
10351 10334: 10,000 96% Apr 104%
Sept
Appalachian Pow bs_ .1941
July 87
2,000 61
81
81
81
1950
Sept El Paso Electric 5s
77% 17,000 54 June 90
74
2024
July 65% Jan
Deb 6s
4811 15,000 36
May 9111 Sept Empire Dist El 55.-1952 4631 46%
84% 54,000 67
8251
May 5954 Aug
Arkansas Pr & Lt 58_1956 84
011& Refg 5%81942 4134 4051 4115 77,000 26
Sept Empire
3,000 39
Aug 65
4951 50
Arnold Print Wks 60._1941
Aug Ercole Marelli Elec Mfg
June 67
Amociated Elea 448_1953 39% 3911 42% 93,000 17
68% 6911 8,000 42 June 7154 Oct
611s with warrants_1953
Aug
June 100
A naorlated Gas at Flee Co
913/ 8,000 90
90
1967
45
Aug Erie Lighting 55
9
52,000
July
Con v deb 5.116
1938 19% 19% 22
Sept European Elec 63.4e...1965
2,000 12% July 27
1951 19%
Dec
Apr 62
19%
54,000 38
Registered
61% 62
62
Without warrants
Aug
45
9% July
Jan
56,000 19% Apr 35
Cony deb 4115
1948 18% 18% 21% 24,000
Aug European Mtge Inv 780'87 31% 3111 32%
43
9
July
21 113,000
Jan
19
Apr 80
Cony deb 4110
1,000 25
1949 19
28
28
1950 28
7510 series A
Aug
49
July
145,000 z10
Aug
8,000 34
July 68
Cony deb bs
1950 2011 20% 22%
52
52
55.'42
Aug Fairbanks Morse deb
834 July 46
May 40
Aug
11168 19% 19% 21% 373,000
Deb 58
25% 10,000 14
2511
Aug Farmers Nat Mtge 7s.1963
954 July 51
2451 2631 20,000
Oct
6
Jan
2
Cony deb 5510
1977 25
2% 2% 5,000
June 4611 Sept Federal Sugar Refg 6s_1933
3,000 19
46
a44
58
Aug
July
14,000 21
Assoc. Rayon deb. be 1950
Mar Federal Water Soy" 5346'54 37% 3751 40
July 37
5,000 10
10
10
Shinn Ildwe 651s '33 10
Assoc
Feb Finland Residential Mtge
25% 54,000 14% July 72
23
Jan 5431 Sept
75,000 26
Aimee T & T deb 5%s A '55 25
1981 38% 3411 41
Banks 65
Jan
July 54
22% 133,000 13
Aug
Jan 81
Assoc Telop (WI 61.48_1944 2011 20
7751 7851 20,000 62
40% 21.000 25 June 75% Feb Firestone Cot Mills 50.'48 77% 86
38
1933
July 87% Dec
a% notes_
8715 17,000 88
Nov Firestone T & Rub Ss 1942 86%
43
29
1,000
Aug
39
39
Jan
Atlas Plywood 5%s_ 1943
1,000 32 June 60
52
52
'57
First Bohemian Glass 70
Oct
27,000 1011 Apr 54
41% 43
1931
Aug Fisk Rubber 54s
July 93
85% 342,000 45
Balwin Loco Works 5%8'33 80% 80
Apr 491( Oct
.53,000
8
41% 43
Certificates of deposit... 43
43% Dee
Dec
3951 480.000 32
32
Oct
Bait MOhlo 5s ser F._1996 33
49% 5051 25,000 49% Dec 57
88 etis of deposit_ __1941 49%
Aug
11011 Telep of Canada
10,000 45
July 68
Oct Fla Power Corp 5110 _1979 5734 57% 58
Jan 101
Feb
1955 96% 98% 19751 45,000 84
1st M Ss ser A
May 78
8331 109,000 50
61
& I.t 40_1954 61
01641 97,000 8334 Jan 10014 Oct Florida Power
Feb
1957 9611 95 4
lot M Sc ser 13
July 85
49
7131 58,00
18,000 834 Jan 100% Oct Gary El & Gas 53ser A 1934 69% 68
95544 96
1960 96
let M 55 ser 0
1
.
54% Mar 7514 Aug
44,00
6515 67
Nov Gatineau Power let 55 1956 66
2,000 101% De 105
Bethlehem Steel 6s_._1998 101% Bug 10134
3751 June 73% Sept
46% 4634 49% 84,00
Deb gold 6s June 15 1941
7,000 75
Apr z9211 Nov
Jun. 7011 Sept
37
Binghamton L 11 & P Ss'46 92% 02% 592%
10,00
. _ _ _1941 45% 45% 49
Deb 08 sec
81% Mar
Aug
Birmingham Elea 411s '68 77% 78% P77% 9,000 65 Jun
20 June 60
20,00
51
50
7511 Jan Gen'Bronze Corp Os_ _1940
54 454% 2,000 39% Jul
Birmingham Gas 5s_ 1959
10351 103% 7,000 91% Jun 10435 Nov Gen Motors Accept Cory96% Jan 102% Dec
Boston Consol Gas 55_1947
10211 102% 2,00
5% serial notes_ __1934
Jun 3.00% Sept
80
1,000
May 10251 Nov
09% 09%
94
Boston & Maine Os_ ._1933
7,00
102% 10211
Mar
5% serial notes_ _ _ _1935
16,000 38% July 68
39 II 642
9344 Jan 10334 Dec
Broad River Pwr Is A_1954 40
10334 103% 17,00
1936
5% serial notes
2,000 92% Apr log Dec
102% 102%
Aug
May 44
Ilklyn Borough Gas 5s1967
1911 2011 12,000 19
105% Dec Gen Pub Util 6114 A _1956 1034
2,000 98% Fe
105%105%
Aug
1956
4,000 24 June 52
Buff Gen:Elea 50
29
28
1933 28
Dec
654s
7,000 101
Ma 107
Sept
Aug 30
6,000 17
1939 z10541 105341107
bs
27
25
3,000 94
Au 10234 Sept Genl Rayon Os ser A._1948
811 Sept
AP
1
Canada Nat Ry eq 78_1935 99% 99%1100
3
3% 5,000
3
1937
Jul
r754 Sept Genl Vending 6s
65% m65% 13,000 54
May 4811 Aug
Canada Nor Power 58.1953
98;1 Sept Oen Wat Wks & El 58 1943 4551 4511 4611 31,000 2234 Jun
No
80,000 80
Aug
24
Can Pacific fly 60.- 1942 8851 88 ..,A90
1211 1311 23,000 zfig
1944
Os series B
13
Dec
811 Nov
13.030
Capital Adrift 5s A...1953
1111 13
13
Apr
Certificates of deposit _ __
1
Dec
51 Dec
s
75% 75%1 7555 17,000 64 June 80% Aug Georgia & Florida RR 8346
4,000
Without,warrant
41 1
56
July
113,001
Jan
63% May 90
Carolina Pr & Lt 58_ 1958 64% 643116651 11,000
Dec
Georgia Power ref 53_ _1967 83% 82A 84 191,000 4534 Jun
794 May 94%
94 al ;94A
6854 Oct
7,000
Tractor 50_1935
56
Caterpillar
54
Oct Georgia Pow & Lt 50..1976 54
51,000 9111 Nov 98
Cedar Rapids 1)1 & P 53'53 9511 93% -,95% 6,000 74 June 94
1953
Aug Gesfurel deb 6.
69
Dec
86%
85
25,000 23 Jun
69
67
Cent Arizona L & P 58_1960 85
65
Without warrants
Oct
May 1004 Dec
77
1834 53% 1,000 3041 June 65
Cent German Pow_130 1934
Gillette Safety Razor 5e '40 9951 99% 100% 32,000
1943
10344 10344 5,000 9811 June 1033( Dec
4.
4
_
tr cent Ill Light 55
3,600
2,000
2,500
3,125
1,900
yi
%
3%
1%
%
May
June
Apr
June
Jan
3%
3%
11
3%
2
54
July
Aug
Aug
Sept
Jan
4372
Bonds (Continued)-
Financial Chronicle
b riday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
$
Range Since Jan. 1.
Low.
High.
Bonds (Continued)-
Dec. 24 1932
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
$
Range Since Jan. 1.
Low.
High.
Glen Alden Coal 4s
1965
56
58 199,000 424 July 6034 Aug Minn Gen Elec 5s..1934
Glidden Co 534s
1935 82
6,000 100
10234 103
May 103
Oct
82
83
9,000 62
May 8834 Sept Minn P & L 1st 59____1955 78
Gobel (Adolf) 6%0_1935
74
78
64,000 70
June 91
Sept
let & ref 434s
1978
With warrants
71
74
23,000 67
June 84
Oct
684 69
1,000 53
May 7234 Sept Mississippi Power 5s__1955 65
Grand (F W)Prop 68.1943
65
66
22,000 5038 July 7734 Mar
834 9
6,000
2 June 29
Jan Miss Power cir Light 55 '57 7531
Grand Trunk Sty 635.1936
7534 7534 91,000 564 May 84
984 90
5,000 87
Aug
Jan 101
Aug Miss River Fuel 68____1944
Grand Trunk West 48 1950
64% 6434 1,000 45 June 69
Mar
With warrants
86
Great Northern Pow 55'35 100% 100% 10134 14,000
86
86
5,000 62
July 90
May
Great West Pow 5s___1946 10234 1024 102% 7,000 9034 July 10134 Nov M188 Riv Power let 5,1951 103% 102% 10334 20,000 8631 June r1044 Oct
914 Feb 103
Oct Mo Pow & Lt 534s_ _ _ _1955 8534 8534 87
Green Mt Pow 58 ____1948 80
8,000 68
July 92
80
80
1,000 75
Aug
June 85
Apr Missouri Public Serv be '47
Guardian Invest 58_1948
5834 5934 5,000 50
July 604 Aug
Monon West Penn Pub Ser
With warrants
34
334 34
12,000 24 June 45
Oct
lot lien & ref 548 B 1953
Guantanamo & West 68 '38 19
704 72
20,000 54% May 804 Mar
19
24
24,000 13
Apr 31
Aug Montreal L H & P Con
Gulf ollof Pa 5s
1937 100% 10034 10034 48,000 90
June 1603.4 Aug
1st & ref 5s sec A_ _..1951 03% 9234 9334 104,000
58
1947 9834
8231 keb 97
Sept
1)8
9834 45,000 83 June 9834 Aug
5s series B
1970 9134 904 92
Gulf States VIII
32,000 8134 Feb 954 Sept
-1956 7234 72
73
11,000 56
July 85
Sept Munson SS Line 6348_1937
let & ref 4%s58.ser 11.1A61
72
72
1,000 5534 July r78
Sept
With warrants
104 al°
1034 7,000
Hackensack Water 55_1977
44 June 24
9534 9534 5,000 95 June 06
Sept
Nov
Hall Printing 534s____1947 5734 574 59% 24 000 57
Dec 674 Oct Narragansett Elm 5a A '57 10133
1004 101% 61,000 8934 June 1014 Dec
Hamburg Elec 78
1935
76
80% 13,000 34
May 8034 Aug
5s series B
1957
101 10134 8,000 9631 Aug 1014 Dec
Hamburg El & Und 530'38 624 624 6534 29,000
:2334 May 654 Dec Nat'l Eleo Power 5s___1978
24
133 3
41,000
Hanna(M A) deb 6s....1934
34 June 4634 Jan
85
85 1 ,000 70
Aug 92
Feb Nat Food Prod 6s_ _ _1944
31
Hood Rubber 10-yr 531836 36
31
3,000 20
May 3434 Jan
3434 37
19,000 33
Sept 60
Aug Nat Pow & Lt 65 A__ _2026 73
72
744 9,000 5234 June 30
7s
1936 46
45
46
53,000 4034 Sept 71
Sept
Aug
Deb Is series B
2030 603.3 60
63
82,000 4034 June 80
Houston Gulf GasJan
Nat Public Service 58 1978 1734 164 21
93,300
634s with warr
1943 33
5% June 45
30
34
Jan
13,000 174 June 50
Jan
Certificates of deposit---------16
2034 11,000
lot mtge & colt 68..-1943 44
11)
43
44
16,000 21
Dec z2634 Nov
May 583,4 Aug National Tea Co 55
193.5
8031 8034 5,000 604 June
lions!,& P let 434e E_1981 9234 92
93
9,000 73
May 93
8534 Sept
Dec Nebraska Power 4%8.1981
99
9934 25,000 88
1st & ref 4348 ser D_1978 924 9134 9234 19,000 75
Feb 10034 Dec
may 9234 Oct Nevada-Calif Elec 68_1956
63
63
644 31,000 5534
1st 58 series A
1953 9934 984 9934 53,000 8534 June 1004 Oct New
Jan
Amsterdam Gas be '48 100% 100 101% 49,000 90 June 77
Hudson Bay M & S 613._'35 80
7834 80
July 1014 Dec
40,000 5534 May 80
Nov
N E Gas & El An 513_1947 5634 5434
Hungarian Ital Bk 7345 '63
5634 77,000 404 Apr 704 Aug
35
35
1,000 26
Mar 4834 Feb
Cony deb Os
1948
55
5634 33,000 40
Hydraulic Pow Co 5s.._1950
10631 106% 2,000 984 Feb 1064 Dec
Apr 70
Aug
Cony deb 58
1950 5534
5534 169,000 41
Hygmde Food ProductsNew Eng row Amin 58_1948 56% 54
Apr 72
Aug
5534 57
35,000 294 June 6734 Jan
65 series A
1949 4234 42
4234 9,000 2134 May 4934 Jan
Deb 534e
1954 584 5831 5934 42,000 30 June
Idaho Power be
1947 100% 9934 100% 47,000 8834 Fen 101% Nov New
7534 Aug
Engl Power Co 58 '51
102 10234
Illinois Central RR 4348'34 36
2,000 93
36
41
31,000 36
July 1024 Dec
Dec 61
Aug New On Pub Serv 434e '35 554
Ill Nor Utilities 58._ _1957 --------9434 944 2,000 724 Apr 95
544 5834 31,000 36
June 77
Aug
Dec
Os income ser A....1949
46
48
4,000 3534 July 8074 Jan
III Power Co .58
1933
101
101
5,000 96
Apr 101
Dec New Rochelle Wat 5148 '51 7834 78
III Poe & L 181 68 ser A '53 68
80
3,000 78
674 694 97,000 56
May 82
June 9134 Jan N Y Chi & St Louis 68 '35
May
16
1st & ref 54s ser 13_1954 654 65
1834 143,000 1534 Dec 3234 Oct
66% 35,000 50 June 88
Jan
NY P & L Corp 1st 4%5'67 944
lot A ref 58 der 0_1956 63
6233 65
65,000 4834 June 83
May 1154 Nov
Jan NY State 0& E 446_1980 854 9334 9431 152,000 73
84
86 159,000 664 June
S f deb 534s_ May 1957 5234 5233 5334 27,000 3034 June 7434 Feb
9134 Oct
5348
1962 92
9134 9234 11,000 84
Indep'dent Oil & Gas 68'39 88
86
88
18,000 61
Aug 100
Jan 88
Aug
Aug NY Si Westch Ltg 48_2004
9534 963.3 13,000 7834 Apr 9i334 Dec
Indiana Electric CorpDeb 5s
1954
10134
2,000 934 June 102
1947
6s series A
83
83
5,000 63 June 90
Dec
Mar Niagara Falls Pow 68_1950 106% 106 102
106% 17,000 101% Mar 10734 Oct
834s series 13
1953
83
85
6,000 75
July 95
Mar
5s series A
1950
103 103% 23,000 9534 Apr 103% Dec
,55 series C
1951 73
7234 76
19,000 55
Jan 79
Mar Nippon El Pow 648_ .1953
36
374 26,000 30
Indiana Hydro-El 58_1958 7234
71
7334 10,000 57
June 59
June 80
Feb
Sept No American IA de Pow
Indiana & Mich Eleo5% notes
1933
10031 1004 5,000 8734 May 10034 Nov
1955 9534 9534 9534 13,000 82
1st & ref 55
June 973.3 Nov
5, notes
,
3
1934 93
9234 934 8,000 6034 Feb 94
5s
1957
1024 10234
1,000 91
Nov
Slay 102% Nov
5°2, notes
1935
Indiana Service 5s_ _1963
8434 854 21,000 55
30
3134 9,000 16
July 62
July 85% Dec
Feb
5345 series A
1956 40% 3934 4034 140,000 35
let & ref 58
1950 314 3034 33
21,000 16% July 63
Oct 54
Sept
Feb
Nor Coot VIII 548_1948 30
29
30
Indianapolis Gas 55
12,000 21
1952 814 8131 8134
2,000 71
May
July 86
4934 Sept
May Nor Ind G & E 6s...1952
Inerpolls P & L .5s ser A '57 92
96% 974 3,000 mg July 9934 Oct
9034 9234 149,000 72
May 96
Jan Northern Indiana PS
Inland Pow & Lt 6s....1957
734
734 936 7,000
734 Dec 364 Jan
181 & ref 55 sec C__ _1966 8436 84
844 17,000 62 June 8734 Jan
(mull DUI Invest 813_1940
bs series 11
1969 8434 83
With warrants ser B.-8431 14,000 644 June 88
1
1
1% 105,000
4 May 384 Jan
Jan
433s series E
1970 81
78
81
14,000 623.4 May 8234 AUg
Deb 5s series A....1949
1
I
2,000
33 May 27
Jan Nor NY Util-Intercontinents Power58 F
1955
8331 8334 9,000 77
Deb lis with warr_ _ _ 1948
14
134 231 10,000
Aug 86
July
134 Dec
8
Jan Nor Ohio Tree & Lt 5s 1956 993.4 993.4 9974
International Power Sec.17,000 79
Jan 9934 Dec
Nor Ohio Tr & Lt 5g. _1956 924 9234 93
Secured 634, ser C_1950 87
6,000 79
86% 87
14,000 52 June 90
Jan 9431 Sept
Oct No States Pr 5it %notes'40
78 series E
1957
86
84
7.000 75
90
9034 9,000 62 June 93
may 93% AUg
Oct
Ref 4Sie
1961
9334 924 93% 63,000 79
75 series F
1952
8034 81
19,000 5234 Jan 83
Apr 934 Dec
Oct Northern Texas Utilities
International Salt 55- -1051 77
5
77
77% 8,000 5735 June 81
Oct
78 without warrants 1935 84% 84
Internal Securities 58_1947 47
844 6,000 50
47
48
36,000 36
June 87
Nov
July 60
Aug
N'western Elec Co 68_1935
Interstate Irn&St'1530 '46 38
91
91
1,000 81
38
40
4,000 28
Aug 93% May
Aug N'western Pub Serv 5s1957 7134 7155 724
Interstate Power 513.__ 1957 5831 584 62 110,000 464 June 60
4,000 7034 Nov 78
July z6934 Mar
Oct
Debenture 6s
1952 4234 42
45
24,000 19
May 52
Aug Ogden Gas Co 5s
1945
Interstate Public Service98
99
3,000 9334 Oct 99
Dec
Ohio Edison let 58____1960 9634 96
964 90,000 80
634s series B
1949
85
85
may 9744 Nov
2,000 77
June 1034 Aug Ohio Power 1st be
B__1952 101% 101 102
5s eerie()D
39,000 83 June 102% Oct
1956
70% 72
22,000 57
July 80
Aug
let & ref 4%as& D_1956 954 95
964 151.000 74
1958 633-3 63
4340 series F
6434 55,000 5134 Apr 75
June 9634 Dec
Feb
Deb 68
2024
lowa-Neb L & P 5e. 1957
904 94
10,000 70
81
5,000 644 June 84
8134
July 9534 Oct
Nov Ohio Public Service Colot & ref 5s series 13 1961
79
80
7,000 66
June 82
Nov
1st & ref intge 6s ser C'53
9135 914 1,000 70
Iowa Pow & Light 43is '58
8534 87
11,000 75 June 87
June 96
Oct
Oct
1st & ref 58 ser D_ _ _ 1954 8334 83
8334 6,000 66
Iowa Pub Service Is.. 1957
794 80
8,000 61
June 8834 Jan
May 8234 Jan
1st & ref
834 83% 1,000 70 June 8734 Aug
bare° Hydro-Elec 78..1952 74% 7434 7534 9,000 48
June 8134 Nov Okla Cu &131 54sE__1961
Elec 5s_ _ 195f) 864 8434 86% 40,000 67
Isotta Praschini 7s___1942
Sept
May
90
Deb 68 series A
1940 73
7234 73
With warrants
6,000 60 June 83
6134 6134 6234
4,000 44
July 67
Aug
Feb Okla P & Wat 54 ser A.194)4
55
57
Italian Superpower of Del
7,000 43
June 0934 AUli
Osgood Co Os with warr_'38
30
30
Debs 68 without war '63 48
8,000 24 June 50
48
49% 38.000 2033 May 55
Jan
Oct Oswego Fang 68
4531 4734 11,000 38 Julie 63
1941
Sent
Pacific Coast Pow 55_1940
90
GO
Jacksonville Gas 58__ _1942 49
1,000 88
49
54
16,000 40
July 66
Oct 914 Nov
Feb Pat Gas & El Co
Jamaica \Vat Sup
101 10131 9,000 90 Slay 101% Dec
_ '55
1st 65 series B
1941
109 1093.3 12,U00 100 June 1
Jer C P & L 1st 50 I3.-1947 993-3 9934 100% 26,000 793.4 May 1004
534s093.3 Dec
Deo
1st Si ref be ser C__ _1952 10534 1054 106
40,000 9431 Julie 1(16
1st 4%s series C...1961 9234 91
9234 98,000 7434 May 934 Oct
Dec
58 series 0
1956 104
102% 104
19,000 91
Jones&Laughl'n Steel 58'39
102% 103
6,000 924 June e103
may 104
Dec
Dec
1St Si ref 434s E
1957 9934 98
9934 75,000 824 May 9934 Dec
Kansas City Gas 68 A.1942 95
95
95
1,000 80 June 9734 Jan
1st Si ref 134s F._ _1960 99
994 124,000 82
98
Kansas Elec Power 68_1933
904 904 5,000 75
May 9931 Dec
May 9134 Dec Pacific Invest 58 serA
1948
Kansas Gas & Elec 68_2022
75
75
5,000 64
June 01
Sept
Without warrants
75
7334 73
Kansas l'ower 55
1947
72
73
Dec
000 61
5,
July 90
Jan Pac Pow Si Light 5s ..195S 654 6534 664 23,000 634 Aug 75
60,000 504 June 85
Kansas Power Si LightMay
Pactlic Western Oil 645'43
58 series 13
1957 8334 8334 8534 21,000 6334 July 8534 Dec
with warrants
6734 6734 71
53,000 z47
Kentucky Utilities CoJune 7134 mar
Palmer Corp of La 65...1938
8134 5,000 73
81
lot 131 5e
1961 70
30,000 60 June 82
70
73
Sept 8234 Oct
Jan Penn Cent L Si X' 4348_1977 74
723.4 7434 51,000 6134 July 85
634s series D
8734 88
1948 88
3,000 6634 June 923.4 Jan
Aug
5s
1979 80
80
8034 3,000 68 June r93
516s series F
1955
7331 75
2,000 62 June 84
Sept
Jan Penn Dock Si Warehouse
135 series I
1969 71% 71
72.34 29,000 584 June 82
Jan
lls without warr_ _1949
30
31
8,000 18 June 31
Kimberly-Clark 5s...1943
81
81
1,000 80
June 8734 Aug
68 eus of de,
304 23,000 104 Oct 3034 Dee
1949 30
30
Koppers(3 Si C deb 55 1947 7334 7234 7334 29,000 46
June 88
Dec
Mar Penn Rice
70
70
2,000 644 July 7714
Sink fund deb 5345 1950 76
29,000 52 June TiOtf Mar Penn Ohio48 ser F....197 i
7534 78
Sara
Ed 534s 13_1959 64
64
6434 17,000 41
Kresge (S S) re;
1945
May 8334 Apr
Deb 68 series
_1950
70
70
2,000 55 June 844 Mar
Certificate of deposit__
7,000 7034 July 95
8()
82
Jan Penn-Ohlo P Sit, 510 1954 10031 9934 101
35,000 84
Laclede Gas Lt 5%81935
7,000 38 June 77
533.4 54
May RH
Deo
Aug Penn Power 59
195a
9934
Lake Suprelor Dst l'w 5556
. 00 8114 June 9934 Dec
824 824 1,000 70
July 85
Dec Penn Pub Serv 68 C__1947 9954 894 00% 33 0
90% 4,000 86
Larutan Gas 634s_ ___1935 53
12,000 32
623.1 53
June 100
AUg
Feb 57
Nov
5.9 series 0
1954
84
84
Lehigh Pow &cur 68_2026
11,000 82
69
July 02
71% 45,000 4834 June 8714 Aug Penn Telep 5s ser
Aug
C__1960
934 04
3,000 8434 July 9514 Oct
Leonard Tietz 7348___1946 61
60
6234 14,000 28 June 623.4 Dec Penn Wat Si Pow 4,3e
1168
Lexington Utilities 513_1952
9934 goti 22,000 85
July 994 Dec
4,000 5434 June 78
70
71
Jan Peoples Gas Lt Si Coke
Libby MoN Si Libby 58'42 494 49
44,000 4234 May 81
55
Mar
4:3 series B
1981 89% 8834 894 43,000 68 Slay 8934 Dec
Long Island Ltg 6s___1945
95
3,000 733.4 June 101
06
Oct
6s series C
1957 10434 104% 105 113,000 9734 Aug 105
Lone Star Gas 58_ ___ _1942 87
Dee
85
87
9,000 76 June 934 Mar Peoples Lt Si Power 55
Los Angeles Gas Si Elise134
1979
134 25,000
134
1
June
64 Aug
Phila.
1966
10834 109
lot Si gen. 5$
27,000
1961 10034 100 10034 46,000 99% May 104% Nov Piffle Electric Co 55
Dec
Flee Pow R348_1972 10631 106 10634 58,000 10136 Apr 109
5345 series 1
98
1949
1044 104.34 7,000 93 June 10431 Dec Phila Suburban
June 106% Dec
CountiesLouisiana l'ow Si Lt 5s1957 86
86
23,000 68
87
May 93
Mar
PO
Gas Si Elea 4345....1957
10231 10234 2,000 94
Louisville Gas Si Elecils '37
102 102% 4.000 95
Jan 103% Sept
Aug 10234 Dec Piedmont Hydro El Co
1st Si ref 4348 ser C.1961 9854 9834 98% 16,000 90
May 100
Oct
lot Si ref 6348 cl A 1960
Manitoba Power 548.1951 38
624 634 24,000 3434 May 66
38
45
Oct
18,000 3634 June 6734 Sept Piedmont Si Nor Sty 58.'54
63
63
6334 6,000 50
Mansfield Min Si SmeltMay 73
Oct
Pittsburgh Coal 65___1949 90
8334 00
48,000 68 June 90
70 with warrants_ _ _1941
464 4634
Sept
1.000 15
May 464 Dec Pittsburgh Steel 6s...1948 68
67
71
11,000 55
Mass Gas CoJuly 85
Jan
Pomerania Elec 63_ _1953
4634 48
4,000 464 Dec 48
Sink fund deb 56-1955
8331 85% 54,000 64
Dec
June 914 Sept l'ortland Gas &
953-4 9034 8,000 90
1946 92
5345
92
93
11,000 65 June 9734 Jan Potomac EdisonCoke Is '40
Aug 963.3 Dec
5s E_1956 8034 7934 81
36,000 70
84
Mass UM'Assoc 58._ 1949
84
July 90
Mar
1.000 65 June 90
Jan
433s series F
76
1061
7934 9,000 68
Melbourne El Supp 734546
92
9234 9,000 60
July 84
Oct
Feb 9234 Deo Potomac Elec Pow 55_1936
10534 105% 3,000 10131 July 10534 Oct
Memphis Pow & Lt 58.1948 9973 9934 100
10,000 914 May 10074 Oct
6s series B
1953
108 108
Metropolitan Edison 4s'71 78
2,000 10334 Aug 108
75
73
11,000 65 June 8234 Oct Potrero Sugar
Deo
Co 78.1947
1962 897-4 854 8974 71,000 85
58 eerlee F
Aug 94
MI
Without warrants
Oct
934 01.4 10,000
68
68
Sfichigan Assoc Tel 58.1961 68
5
2,000 50 June 70
Apr 10
Van
Aug Pow Corp of Can 434 B '59
41
4231 6,000 37
Slid States Petrol 648_'45 27
263.4 2731 13,000 24
June 65
Aug
Apr 394 Aug Power Corp of NY40
Midland Valley 5R....1943 _
42
2,000 40
MI
Dec 43
Deo
634e series A
1942
12,000 67
June 98
9533 06
Middle West UtilittesAug
Power Securities 68...1949
Cony 5% notes_ __ _1932
534
518 7
73,000
134 May 8933 Jan
SIN
American series
60
61
60
9,000 60
5
Cony 5% notes____1933
74 40.000
5
2
Dec 7034 Dec
May 69
Jan Procter Si Gamble 434s '47
104 10431 21,000 903.4 Feb 10431 May
534 74 44,000 z2
54
Cony 5% notes____1934
May 05
Jan Prussian Flee deb 68 1954 5331 51
5431 56,000 1531 June 58M Oct
Cony 5% notes....1935
5
7 177,000 z2
5
May 62% Jan Publis Service
of N IIMilw Gas Lt 4348___ _1967 9934 984 9934 18,000 88
June 100
Of
Sept
434e scrim B
1957
874 90% 6,000 7034 July 91 .
Minneap Gam It 44s_ 1950
80
32
17.000 62
Oct
June 89
Aug Pub Serv of N J63 ate
11634 116 11634 33,000 10034 Al,, 116% Dec
Financial Chronicle
Volume 135
Bonds (Continued)
t rldsi
Sates
Last Week's Range for
of P ices.
Sale
,
Week.
Price. Low. High.
Pub Sere of Nor Illinois1956 943.4 91
9434 45,000
1st & ref be
1966 92
4,000
92
91
1st & ref 5s ser c
3,000
84
let & ref 414sser D 1978
84
12,000
181 & ref 414e ser E.1980 86
8434 86
85
1st & ref 4 30 ser F_1981
83% 85% 83,000
1937 104% 102% 104% 251,000
614s series0
Pub Serv of Oklahoma
1957
14,000
68% 70
55 series D
Pub Serv Sub 5345 A _1949 7134 65
73% 71,000
Puget Sound P & 1.f 14s 49 64% 63% 6534 74,000
6534 15,000
1st & ref be sec C._ _ 1950 63% 63
let & ref 434s sew D 195O 60
5844 60% 21,000
1968
Quebec Power Sc
1,000
84
84
Queens Boro G & E 514s 52
81% 81% 1,000
1958
Ref 4%s
9,000
95
95
Remington Arms 5%8_1933 94% 9434 96% 11,000
Republic Gas es June 1545
16,000
1414 15
Rochester Cent Pow 581953
43
39
16,000
Rochester Ry & Lt 58.1954
los% 105% 1,000
Ruhr Gas s orp 6355..1951 52
52
5444 87,000
ILmslmt 0 345 A_19%
Ruhr
53
49
29,00
Ryerson & Sons 50_1943 81
6,000
81
80
St. Lents()& Coke 88_1947
1944
St Paul Gas Lt Is
Sate Harbor Wat Pr 4
San Antonio Pub Serv 55'58
San Diego Cons Gas & Elec
534sserles D
1960
San Joaquin L & P58 -1957
Sauda Fails 58 A
1955
Saxon Pub Works 68..1937
Schulte Real Estate 68_235
With warrants
Without warrants
Scripps(E W)Co 5145 1943
Seattle Lighting 5e.....1949
Servel Inc 5s
1948
Shawinigan W & P 494s 67
1st 434s series 13
1961,
1st Sc series C
1970
let 4 its series 1) 197o
Sheffield Steel 5%s
1948
Sheridan Wyo Coal 65 1947
Sierra & San Fran .58 13 '49
Sioux City Gas & El
68 series A
1947
68 series B
1949
Southeast P & I. es___20j8
Without warrants
Sou Calif Edison 6s___1961
Refunding be
1952
Refunding 58 June 1 1954
Gen A- ref
_.
Calif Gas Co 5s_1957
Sou
1st & ref 4148
1961
Sou Calif Gas Coro 55.1937
Southern Gas Co 6%5_1935
Sou Indiana 0 & E 510'57
Sou Indiana Ry 48___1951
Southern Natural Gas 6544
Stamped
Unstamped
S'west'n Assoc Telep 58 '61
S'west Dairies Prod 6148'38
With warrants
Southwest(I& E be A_195i
let mtge. bs ser 8_1957
tiou'west Lt & Pow 5s_ 1967
So'west Nat Galt es... 1945
So'west Pow& It 66_2022
S'west Pub Serv 6s___1945
Springfield G & E 58_ _1957
Staley (A E) Mfg e8__1942
Stand Gas & Elea 65..1935
Cone es
1935
Debenture 68
1951
Debenture 68.14ec 1 1966
Stand Invest 534e__1930
5s ex-warrants
1937
Stand Pow & Lt (18_1957
Stand Telephone 514s 1943
Stinnes (Hugo) CorP78wIthout wart Oct 1183(3
"Is without wart __BM)
Sun 011 deb 5145__ _1939
Sun Pipe Line Is
1940
Super Pow of III 414s_ '68
1st M
1st 68
1961
Swift & Co let m f 58 1944
6% notes
1940
Syracuse Lt 55 set B_ _1957
1st & ref M 534s_ _ _1954
13
1634 43,00
102 102
1,00
99% 99% 100% 89,05
75
75
79% 8,00
15
10434 104%
95%
102
5691
104% 10,000
96% 7,000
10,000
102
6,000
58
Range Since Jan. 1.
Low.
70%
70
60
60
58
97%
June 9434
June 92
July 84
June 83
July 85%
Oct 104%
Dee
Dec
Dee
Dec
Dec
Dec
55%
38
56%
53%
52%
7094
68
82
53
7
1334
92
13
lit
58%
May 80%
June 78
June 82
July
7734
June 73
July 89
Aug 86
May 95
May 98
May 25%
aro
, 64
July 106
May 54%
May
53
June 84%
Aug
Aug
Aug
Mar
Me'
Oct
Aug
Sept
Sept
Aug
Aug
Dec
Dec
Dec
Jail
5
95
87%
61%
May
2534 Sept
July 10234 Oct
June 100% Dec
Aug 85
Apr
99% Oct 105%
8134 July 96%
8434 May 103
3734 July 63%
Dec
Dec
Oct
Sept
Jan
Feb
Slur
Aug
Feb
Msr
Slat
Mat
Mar
Aug
Aug
Dec
8% 8%
8
814
65
65
45% 46%
54
54
58% 61
5914 60%
70%
69
58% 61
6634 a67
2841 2894
88% 8734
1,000
22,000
10,000
21,030
2,000
78,000
8,000
34,000
60,000
3,000
2,000
4,003
814
8
52%
3814
50
55
66
61
52
48
1314
74%
90% 91%
92
90
14,000
9,000
8834 Dec
Dec
87
67% 6934
68
10434 103% 104%
10414 n104%
104 104%
10634 106% 10694
9634 96% 9614
9234 90% 92%
87
87
87
9134 9114
10414 103% 10414
38
38
38
86,000
40,000
15,000
31,000
16,000
10,000
22,000
2,000
3,000
43,000
2,000
44
94
93%
93
98%
82
70
7134
(12
9334
38
42,000
1,000
7,000
25% July
2614 July
June
30
54
5914
69
59%
91
4334
50
74)4
63%
33
54%
67
7434
59
61
46%
66
4614
29
45
43
43
43
4714 50
75
74%
62%
33
5434
67
83
74
59
6034
4634
4714
66
67
46
29
415
7614
76
64
36
56
69
83
75
63%
62%
4944
49
66
67
4844
3094
4834 4834 55
49
4434 52
10134 101 102
9434 95
77%
773.4 76
7634 7534 7634
883i 90%
10234 102% 103
93% 9414
10314 103%
10514 10534 106
1,000
14,000
25,000
12,000
16,000
13,000
8,000
4,000
14,000
35,000
16,000
30,000
28,000
7,000
2,000
62,000
7,000
Dec 40
Dec 42
June 70%
Dec 66%
May 75
Aug 76
Aug 676
Aug 86
June 75
75
Aug
July 37%
July 8734
92% Nov
Dec
92
June 8634
Feb 104%
Feb e10474
Feb 104%
Feb 106%
July 9614
May 92%
June 88%
June z93
Aug 104%
Dec 4814
4
58
73
4734
11)4
35%
60
72%
45
3234
35
30
30
60%
50
26
27
May
Apr
Oct
June
May
Julie
Aug
July
July
June
June
June
May
May
June
June
May
74,000 22
105,000 17%
28,000 86
2,00
80
43,000 5434
10,00
52
4,00 z78
56,00
93%
39 00
87
5,00
84
12,000 100
Mar
June
Jan
July
July
Apr
June
June
May
Apr
June
Tenn Electric Pow 65_1956
8714 8745 4,000 78 June
Tenn l'ower Co 5s_ _19(12
2,000 83
Feb
89
88
Tenn Pub Serv 5s_ _1970
5,000 67
July
86
86
Tern! Hydro Elec 6)4s 1953 69
25,00
42
70
69
May
Texas Citlee Gas be._ .1948 46% 45% 4634 7,00
32% June
Texan Klee Service 55_1960 83% 80% 8344 88,00
63
May
Texas Gas Util es. .1945
7,00
8
Apr
19% 20
Texas Power & Lt 51..1956 85
79,00
87
85
82
June
fts
1937 10034 100% 101% 8,00
90
June
Thertnold Co es
1939
With warrants
10,00
22
July
43
42
Tide Water Power 51..19711 61
July
6441 19,000 46
61
Toledo Edison bs
085/ 9694 518,000 9534 Dec
1962 96
1st mtge .58
1,000 81
1947
July
105 105
ceb 5s___1979
44 Apr
34
34
94 19,000
Twin City Rat)Tr 5145 '52 29% 2775 2934 36,00
24% May
Men Co deb es
62,00
10 June
1944
16
13%
13
Union Atlantic 4348..1937 98
98
1,00
Dec
98
98
Union Bice Lt & Power
58 series A
5,000 100% Nov
102% 10244
1954
58 series 1.1
10,00
90
Feb
103 103
1917
Un Gulf Corp bs.JulY 1 '50 1003.4 100% 10014 65,00
84
May
Union Terminal Is. _1942
3,000 a75
June
89
89
United Flee(NJ)45_ 1949
12,00
91% June
100 101
United Elea Service 7s 1956
4,00
32
June
7434 75
United Industrial 834a 1941
95,000 1414 May
r57
54
let est.
27,00
19
May
54% 57
_1945
United Lt & l'ow es__ A975 50
6134 39,000 30
50
may
lit 5148____Anril 11869
72% 6,000 52
July
70
Deb g 6%5
5134 16,000 34
1974 50
Jun
50
Un Lt & Ity 548
1952 53
52% 54% 52,000 82% Jun
68 series A
1952
7834 14,000 5914 July
70
65 ser A
1973
Jul
4745 8,000 34
47
United Pub Serv
_ 1942
2
Apr
2
2
2% 7,000
UnitedRy(lfavana)7%a '36 21
2134 4,000 15 June
21
U S Radiator 5s A_ _1038
1,000 21
Slay
38
38
Rubber
U 13
-year 11% notes.....1933
3
el% 24,000 594( Jan
90
6 Y.4 % serial notaa___1933 100
10,000 66
Jan
100 100
614% serial notes__1934 55
4,000 35
55
55
May
% serial notes...1935
1,000 27% May
40
90
6%% serial notes_ _1936
8,000 25% July
40
39
11,000 21% June
40
634% serial notes....1937
39
634% serial note51939
5,000 21
40
39
Apr
Utah Pow & Lt 4%e__1944 63
Dec
64% 25,000 64
63
2022
68 series A
June
5534 5534 2,000 48
High.
Aug
Dec
Dec
Dee
Dec
Des
Dec
Oct
Aug
Dec
Oct
50% Aug
52
Aug
60
Jan
81%
80
79
39
81
72%
8314
75
8344
83
7734
73
71
75
70
51
Oct734
Sept
Nov
Aug
Aug
Jan
Sept
Dec
Dec
Aug
Aug
Aug
Aug
Oct
Sept
Aug
Jan
Bonds (Concluded)
4373
........,
Last Week's Range for
of Prices.
Sale
Week.
Price. Low. High.
$
Utica Gas de Mee
534e series C
1949
5s series D
1956
Sc series E
1952
Valvoline 01178
1937
Van Camp ('kg Os_ __ _1948 23
Van Svveringen Corp 65 '35
With warrants
3%
Va Elec & Potter 5s_ _ _1955
Virginia Power 5s
_1942
Va Public Sere 6411 A 1946 7034
1st ref 5s ser B
1950 67
20 year deb fis
1946
Waldorf-Astoria Corp
70 with warr
1954
75 ctfs with warn...1954
Ward Baking Co 65_1937 91
Wash Water Power 50_1960 99
West Penn Elec 5s
2030
West Penn Pow 4s ser H '61 98%
West Texas Uti15s A __1957 4915
Western Newspaper UnionCone deb es
1944
Western United Gas & Dec
let 534s see A
1955 82
Westvaco Chlorine Prod
Deb 534e__ __Mar 1 1937
Wise Elect Pow 55_1954 101
Wisc-Minn Lt & Pow 5s'44 78
Wi e Pow & Lt 5sser F-'58
,
55 series E
1956
Wisconsin Public Service.%
1942
Yadkin River Pow 55_1941 869-4
York Railways 5s____1937 83%
Foreign Government
And Munk lp liliesAgrie Mtge Bk (Colombia)
7s sinking fund_ _ _ _ 1046
75
1947
Batten (Consol) 7s___ _1951
Buenos Aires(Prov) 714847
75
April 1952
Cauca Valley 78
1948
Cent Bk of German State &
Prov Banks es B_ _ _1951
6s settee A
1952
Danish 5348
1955
.55
1953
Danzig Port & Waterways
6348 July 1 1952
German Cons Mimic 76.'47
Secured 68
1947
Hanover (City+ 7s....1939
Hanover(Prov)6%8..1949
Indus Mtge Bk (Finland)
let mtge coll s I is_ _1944
Lima (city) Peru 634s '58
Ctfs of deposit
AIarauhao (State) 78..1958
Medellin 78 series E_1951
Mendoza (Prov) Argentina
External 7348 s f g_ _1951
Mortgage Bank of Bogota(Issue of Oct 27)„..1947
Mtge Ilk of Chile 08_ _1931
Mtge Bk (Denmark) 5s '72
Parana (State) 7s_ ___1958
Rio de Janeiro 6%8___1959
Russian Govt
614e
1919
Certificates
534s
1921
Certificates
Saar Basin 78
1935
Saarbruecken (City) 7s1935
Santa Fe extl 7s
1945
Santiago (Chile) 78___1951
7s
1949
103
101
102
23
3
95%
101
70
67
5034
3%
9674
102
71
6934
5134
7,000
14,000
11,000
21,000
32,000
12,000
3
79
9034
52%
50
343.4
Dec 49
Jan
July 9954 Oct
July 102
Dec
July ,
10
Aug
July
76
Aug
June 72
oci
734
534
91
9834
54
98
49
7%
6
93
99
55
100
50%
2,000
4,000
13,000
54,000
5,000
41.000
95,000
334
4
73
83
3514
84
25
May 2044
July
12
June 93
July 99
May 6834
June 100
July 86
5034
25
2534 13,000
82
86
48,000
102% 102% 1,000
10134 10134 7.000
7934 3,000
78
83
8374 7,000
8344 8534 31,000
29
2834
54%
273.4
21
634
29
2834
52
2634
21
53.4
30
3034
5434
28
22
634
5214
42
52
42
7634
6734
53,000
55
27,000
45
8144 9,000
3,000
6734
39
50%
4834
4834
39
49
4854
4814
42
42
5234
52
49
4434
17%
High.
2,000 103
6,000 9914
2,000 88
2,000 5014
5,000 12
3,000
9434
16,00(1
88
8344 10,000
634
1015
since Jan. 1.
Low.
10394
13134
102
5034
25
90
86
82
4
Range
8,000
7,000
22,000
23,000
22,000
10,000
1414
Dec 104
Oct 102%
June 102
Dec 85
Dec 4034
Dec
Nov
Dec
Feb
Apr
Jan
Sept
Sept
Dec
Aug
Dec
Fer
Apr
35
Aug
62% May
90
Sept
99
90
75
6934
7134
Feb 103% Sept
June 10144 Dec
July 87
Oci
June 92
Oci
June 89% Sept
90
78
72
Dec
June
Jul)
22
21
103.4
2834
21
3
Jan
39
June e3934
May 5934
June 46
Dec4334
Slay
1534
95
Oct
9434 Sept
8834 Auf
Sept
Sepl
Des
Beni
Jar
Jai
23
Slay
1134 May
53
Jan
45
Feb
51194 Oc
Des
45
90
San
79
Or
18,000
93,000
122,000
21,000
30,000
2134
15
1314
1634
14
June
May
May
June
June
4434
52%
52
49
4414
Jul
Des
De
De
De,
67
687-4 20,003
414 2,000
4
4
1,000
4
634 6% 8,000
1034 107-4 35,000
49
334
4
434
934
June
Feb
Dec
July
May
75
10
4
10
19
Sep
Am
De
Fe)
see
Dec
41
Ap
1744 18
9.000
16
2344 2394 2,000
9% 10% 38,000
2,00
654
65
5,00
5
5
714 10,00
544
19
9
51
3%
3
Dec 37
Ja:
June
FS
16
Slay 7634 Oc
June 1134 Jai
June 016
Ja
I% 2% 9,00
% 79,00
1% 21
1% 2% 6,00
1%
114 2% 47,000
98% 10074 9,00
1033-4103)4 2,00
15
16
3,00
33.4 334
1,00
344
334 3% 16.00
44
14
44
44
83
88
13%
334
2%
Apr
2% De
Apr
3
Au
May
3% Au
July
r3
Au
Jan 100% De
Mar 10334 Jun
Aug 3844 Mn
Dee 13
Ja
July 13
Fe
954
65
5
5%
144
1%
• No par value.
a Deferred delivery.
n Sold under the rule
r Sold
for cash,
w I When issued.
z Ex-dividend. c-o-d Certificates of deposit.
cum Cumulative. eons Consolidated. etc Voting trust certificates. cone Con55
Deo
52
Dec vertible. w w With warrants. m Mortgage.
102
Dec
I See alphabetical list below "for Deferred Delivery" sales affecting the
range
95
Sept for the year.
80
Aug
79
Aug American Capital Corp. common class B, June 14, 7 at %.
9034 Dec American Solvents & Chemical 614s, w. w.. 1936. March 17, 81,000 at 1434.
103
Aug Associated Gas & Electric be. 1950. July 14, 33.000 at 8.
95
Mar Associated Gas &
Electric 4.34s regis, 1949. Oct. 29, $2,000 at 2214.
104% Sept
106
Oct Binghamton L. II. & 5',5s. 1946, Oct. 26, 1,000 at 93.
Central States Electric common. June 1, 100 at 44.
92% Mar Cities Service deb.
58. 1950, Slay 28, 11,000 at 1634.
92
Feb
Commerz-and-Privat Bank 534s, 1937, May 28, 31,000 at 29.
88
Oct
7234 Oct Commonwealth & Southern warrants, June 15, 600 at 34.
6834 Aug Continental Gee & Electric 7% Prior pref., July 22,
25 at 42.
8944 Aug Employers
Reinsurance Corp., June 28, 100 at 14.
25
Aug
General Water Works & Elec. es, &rim B, 1944. June 6, 310,000
9244 Feb
at 6.
103
Sept Hamburg Elev.. Underground & St. Ry. 514s. 1938, May 25. 85.000 at 234
Interstate Equities Corp new corn., Dec. 22, 200 at 74
50
Sept Interstate Power 5e,
68% Sept Iowa Public Service 1957. March 10, 85.000 at 70.
514s, 1959,
9694 Dec Middle West Utilities 5s. 1934, Feb. 1, 31.000 at 84.
May 28, $1,000 at 134.
105% Nov Middle West Utilities
58.
23% Jan National Public Service 1935, May 28, 45.000 at 134.
58 etre. of dep. 1978. Oct. 15, 35.000 at 27.
44
Aug New Bradford 011, Feb. 8. 500
at 94•
37
Aug Northern Texas Util 78 1935. Sept.
28, 51,000 at 86.
98% Nov Pacific Western 011
O34s. w. w., 1943, June 7. 81.000
Public Service of Northern Illinois 7% pref., April at 46;4.
5. 75 at 68.
102% Dec San Joaquin
Light & Power Ss 1962, Nov. 25, 31,000 at 104
103
Dec Securities Corp.
General, April 9. 300 at 2
100% Nov Southern Gas Co.,
634s, 1935, Aug. 30. 81.
000
92% Oct Super Power
.
Co. 138, 1961, June 7. 31,000 at 77. at 94
101
Dec Tr -Utilities Corp. deb.
58. 1979, Feb. 1. 52.000 at 334.
77
Oct Union Terminal
(Dallas) Se. 1942, June 14, $2,000 at 75.
r57
Dec
e See alphabetical list below for "Under
57
Dec
the Rule" sales affecting the range for
70
Aug the year.
85
Jan Agricultural Site Bk (Columbia) 78, 1947, Sept. 28,
51,000 at 44.
7134 Aug Blackstone Valley Gas A Elec. fort,
1939. May 19. 51,000 at 10234.
6814 Jan Blackstone Valley Gas & Elec. Sc A
1951, Sept. 21. 33,000 at 10634.
88
Mar Cities Aervice. nrei 13. Jan. 11. 10 at
5.
68
Aug Connecticut Light & Power 434s, series
C, 1956, Aug. 30. 33.000 at 105,
29
Jan Interstate Telephone be. series A.
1961.
3934 Aug Jones & Laughlin Steel 5e. 1939, March May 9, 42.000 at 69.
31. 53.000 at 10314.
44
Dec Kansas City Gas 6.5, 1942, March
1.54,000 at
Public Service co. of No. Illinois 434s, 1978, 98.
Feb. 8. 31,000 at 85.
9414 Sept Rio de Janeiro 614s, 1959.
Jan. 18, $12,000 at 1614.
10034 Nov Shawiregan Water & Power 434s,
series B,
78
Sept Sun 011 bs, 1934. Sept. 7, 31.009 at 102. 1968. March 10. 32,000 at 78.
70
Aug Sylvanite Gold Mines. Jan. 2, 100 at
,
91
05% Sept Toledo Edison Ss. 1947. Apr 26, 81,000 at 94.
65
Aug United Light & Rye. deb. es. 1973, March 9. 52.000 at
6534.
62
Aug Universal Pictures, common, Sept. 28, 100 at 614.
83
Jan Welch Grape Juice common, Jan. 27, 25 at
76
Aug Wheeling Electric fs. 1941, May 18. 51,000 3734
at 101.
• V'
Financial Chronicle
1 4374
Dec. 24 1932
Quotations for Unlisted Securities-Friday Dec. 23
Public Utility Bonds,
New York State Bonds.
Bid.
Canal & Highway-58Jan & Mar 1933 to 1935
58 Jan & Mar 1936 to 1945
68 Jan & Mar 1946 to 1971
World War Bonus
4s April 1933 to 1939._ 3.35
434s April 1940 to 1949._ 3.45
Institution Building
48 Sept. 1933 to 1940____ 335
4s Sept. 1941 to 1976___. 3.40
Highway Improvement
48 Mar & Sept 1958 to '57 110
Canal Imp 45J & J '60 to'67 110
Barge C T 45 Jan 1942 to'46 107
3.35
3.60
3.75
117
117
113
109
Highway Imp 434s Sept '63
Canal Imp 434s Jan 1964....
Can& Imp High J & M 1965
Barge CT 434s Jan 1945....
Ask.
Bid.
Ask.
Bid Ask
Amer B P B 534s 1948.61&N 5412 58.
Atlanta G L 55 1947 __J&D 97
-213-kt
Cen 0& E 534s 1933_ _ F&A
431
4
lat lien coil tr 53is'46J&D - ; 463
4
1st lien coil tr 65'46_M&S 4614 463
Fed P S lst 11s 1947___J&D 1512 19
4
4
Federated Util 56s'57 M&S 453 483
75
7
9
8
Ill Wat Ser let 55 1952.J&J 5612 5 12
Iowa So MO 5s 1950-Jaa
Louis Light let 58 1953_A&O 102
New York City Bonds.
Bid.
8912
8912
8912
8912
90
9312
9312
9312
9312
Bid. Ask
9312 9412 a4).0 June 1974
a3s May 1935
80 82 a41is Feb 15 1978
b33is May 1954
82 a43is Jan 1977
80
a330 Nov 1954
8412 8612 a43Es Nov 15 1978
a48 Nov 1955 & 1956
8612 a434s March 1981
85
sits M & N 1957 to l959__
87 a434s M dr N 1957
85
a4s May 1977
85 87 a434s July 1967
048 Oct 1980
5.25 4.90 a4313 Dec 15 1974
c 43s Feb 15 1933 to 1940
90 a43is Dec 1 1979
88
a43.48 March 1960
8912 91
Wig Sept 1960
a43(s March 1962 & 1964_ _ 8912 91 a6s Jan 25 1935
ads Jan 25 1936
8912 91
a43(13 April 1966
8912 91 ads Jan 25 1937
a43‘s April 15 1972
a Interchangeable. I) Coupon. C Registered coupon (serial).
Ask.
91
91
91
91
9012
9412
9412
9412
9412
101 102
10112 10214
10214 1023
4
Port of New York Authority Bonds.
Bid.
Arthur Kill Bridges 4348
M&S
series A 1933-48
Geo. Washington Bridge
4s series B 1936-50_ -J&D
434s ser B 1939-53M&N
Bid.
Ask.
Bayonne Bridge 48 series C
J&J 3_
1938-53
Inland Terminal 43is ser D
M&S
1936-60
5.25 5.00 Holland Tunnel 43(a series E
M&S
1933-60
5.25 5.00
6.25 5.75
Ask.
4.75 4.40
8.25 5.75
4.40 4.25
U. S. Insular Bonds,
Philippine Government
48 1934
4s 1946
430 Oct 1959
430 July 1952
fe April 1955
5s Feb 1952
530 Aug 1941
Hawaii 4348 Oct 1956
Bid. Ask
Bid Ask
97 100 Honolulu 5e
90 U S Panama 3s June 1 1961_ 100 102
86
9912 100
25 Aug 1 1936
92
89
991s 100
25 Nov 1 1938
92
89
96 100 Govt of Puerto Moo
93
98
430 July 1958
96 100
100 103
5s July 1948
98 102
1021211043
4
Federal Land Bank Bonds.
Bid
Ask
48 1957 optional 1937.M&N 8212 8312
4s 1958 optional 1938.1111&N 8212 8312
434s 1956 opt 1936____J&J 8312 8412
J&J 8312 8412
434s 1957 opt '37
434s 1968 opt 1938___M&N 8312 8412
581941 optional 1931_M&N 9212 9312
J&D 100, 1003
8
4
4348 1933 opt 1932
430
4345
434s
434e
432s
43Es
43is
1942 opt 1932-M&N
1943 opt 1933__J&J
1953 opt 1933__J&J
1955 opt 1935___J&J
1956 opt 19313---J&J
1953 opt 1933____J&J
1954 opt 1934____J&J
Bid
88
88
87
87
87
88
88
Ask
89
89
88
88
88
89
89
New York Bank Stocks.
Ask
Par Bid
Par Bid Ask I
25
6
9
Bank of Manhattan Co_ _20 2612 2812 Lafayette National
100
Merchants
36
100
Bank of Yorktown
35
50 30
40 Nat Bronx Bank
100 30
Bensonhurst Nati
25 1512 2012
20 3312 3612 National Exchange
Chase
3
6
Nat Safety Bank & Tr__ _25
Citizens Bank of Bklyn_100 _ __ 100
8
4
25
20 4012 4212 Penn Exchange
City (National)
100 115 150
Peoples National
Comm'l Nat Bank & Tr _100 134 148
4
4
100 1325 1425 Public Nat Bank & Tr ..__25 263 283
Fifth Avenue
20
314 614
First National of N Y I00 z1520 1570 Richmond Nati
12
9
60 Sterling Nat Bank & Tr ..25
100
Flatbush National
x27
32
35 Textile Bank
100
Fort Greene
100 25
30
350 Trade Bank
.100
Grace National Bank....
12 4
50 Washington Nat Bank _ _100
25
Harbor State Bank
Yorkville(Nat Bank of)_100 45 60
Bk & Tr ..100
Harriman Nat
"
Kingsboro Nat Bank___100 16 59
Trust Companies.
Ask
Par Bid
Bence Comm Italiana'MOO 148 154
15
17
Bank of Sicily Trust_ _ _20
Bank of New York dr Tr_100 z324 340
10 6612 6812
Bankers
18
20 zI3
Bronx County
100 163 178
Brooklyn
20 14612 15012
Central Hanover
8
Chemical Bank dr Trust....10 363 38313
40
100 30
Clinton Trust
20
100 15
Colonial Trust
3
10 17313 193
Cent Bk & Trust
75
Corn Exch Bk & Trust 20 72
32
25 z30
County
Par Bid
Ask
20 z225 2458
8
Empire
100 z240 265
Fulton
100 325 331
Guaranty
10 237 257
8
8
Irving Trust
100 2000 2100
Kings County
27
Lawyers Title dr Guar....100 22
25 2812 3
Manufacturers
012
13
4 33
Mercantile Bank & Trust......
4
25 Z94'2 8712
New York
Title Guarantee & Trust_20 4312 3212
70
100
Trust Co of NA.
70
20 60
Underwriters Trust
100 1555 1655
United States
Guaranteed Railroad Stocks.
(Guarantor in Parenthesis.)
Dividend
Par in poem.
6.00
Alabama & Vicksburg (Ill Cent)
Albany & Susquehanna (Delaware & Hudson)..100 11.00
6.00
Pit(s)
Allegheny dr Western (Buff Koch &
2.00
50
Beech Creek (New York Central)
8.75
100
Boston & Albany (New York Central)
8.50
10i,
Boston & Providence (New Haven)
3.00
100
Canada Southern (New York Central)
4.00
Can, ClInchneld & Ohio (L & N. A CL)4%....100
Common 5% stamped
100
6.00
5.00
Chic Cleve Clno & St Louis pre((NY Cent)_ _100
Cleveland & Pittsburgh (Pennsylvania)
50
3.50
Betterrnan stock
2.00
50
Delaware (Pennsylvania)
2.00
100 10.00
Georgia RR & Banking (L & N. A C L)
Lackawanna RR of NJ (Del Lack & Western)..100
4.00
Michigan Central (New York Central)
100 50.00
3.875
Morris & Essex (Del Lack & Western)
ao
New York Lackawana & Western (D L & W).. 100
5.00
4.00
Northern Central (Pennsylvania)
50
7.00
100
Old Colony (N Y N H & Hartford)
4.50
50
0swego & Syracuse (Del Lack & Western)
1.50
Pittsburgh Bess & Lake Erie(U S Steel)
3.00
011Preferred
7.00
Pittsburgh Fort Warne & Chicago (Penn)._ _ _100
7.00
100
Preferred
6.90
Rensselaer & Saratoga (Delaware & Hudson)....100
100
6.00
St LOUIS Bridge 1st pref (Terminal RR)
3.00
2nd preferred
100
3.00
Tunnel RR St Louts (Terminal RR)
100 10.00
United New Jersey RR & Canal (Penne)
5.00
-100
Valley (Delaware Lackawanna & Western)
5.00
Vicksburg Shreveport & Pacific (III Cent)
5.00
r• Preferred
3.50
ao
Warren RR of NJ (Del Lack & Western)
3.00
weetiJersey & sea Shore(Penn)
5 No par value. 4 Last reported market. I Defaulted.
Bid.
Ask.
52
154
68
27
85
130
40
42
50
55
59
33
30
115
57
600
53
74
68
75
55
28
58
118
134
100
98
48
98
194
73
45
45
41
45
60
158
73
80
90
135
45
F0
55
60
62
38
33
125
82
800
56
78
71
82
60
31
62
175
142
108
103
52
103
198
80
53
53
46
50
IBM Price less
Newp N & Ham 55 '44-I&J
N Y Wat Ser 5s 1951_M&N
Old Dom Pow 5(3.May 15'61
Parr Shoals P 5s 1952...A&O
Peoples L & P 530 1941 J&J
Roanoke W W 55 1950 J&J
United Wat Gas & E 581941
Western PS 530 1960_ F&A
Wichita Ry & L 58 1932W.
BIBAsk
80 83
74 4 7612
3
70
7o12 74
3412
32
4
6012 623
82
88
65
85
Public Utility Stocks.
Par
Arizona Power pref.__ 100
Assoc Gas dr El °rig pref__'
•
$6.50 preferred
•
$7 preferred
Atlantic City Elec $6 pref _•
Bangor Hydro-El 7% pf_100
Broad River Pow pf__ _ 100
Cent Ark Pub Serv pref_100
Cent Maine Pow 6% pf _100
.•
Cent Pub Serv Corp pref..
Consumers Pow 5% pref._•
100
6% preferred
100
6.60% preferred
Dallas Pow dr Lt 7% pref 100
Derby Gas & Else $7 pref__•
100
Essex-Hudson Gas
Foreign Lt & Pow units__
Gas & Elec of Bergen __ _100
100
Hudson County Gas
Idaho Power 6% pref
100
7% preferred
100
Inland Pow & Lt pf
Jamaica Water Supply Pf-50
Bid
Ask
__ 32
6
2
3
6
8
4
4
963 973
4
10112
29
if
54
71
69
1
3
7512 7712
8612 84
90
93
97 101
55
59
145
35
z93
145
68
82
-80
8
_
17
4912
Bid Ask
Kansas City Pub Serv pref'isa
12 212
Ketucky Sec Corp com.100 ---- --6% preferred
100
Metro Edison $7 pref B..* 87
Mississippi P & L 36 pref__• 48
Ei"
Mies River Power pref...100 85
90
Mo Public Serv pref.__ _ 100
912
Nassau & Suffolk Ltg pf 100
Nat Pub Serv pref A__ 100 6- 68 2
-14 11
Newark Consol Gas_
100 90
--New Jersey Pow & Lt 36 91• 78
N Y & Queens E L & p 0100 96
Pacific Northwest P 13_ • 10
__.
ioo 15
6P7I'orprperefereerredd
1212 fi"
ioo
Philadelphia Co $5 pref_
50
Somerset Un Md Lt._ 100 72
7iSouth Jersey Gas & Elec_100 145 150
Tenn Eleo Pow 6% pref_100 84
United 0& E(NJ) pref 100 ____ 4 -1
9;
United Public Service pref..--Wash RY & Else comw100 2.75 3.60
5% Preferred
8912
100 813
Investment Trusts.
Par Bid
Amer 13ankstocks Corp.. -• 1.45
pref _•
Amer Brit & Cont
1.31
Amer Business Shares
212
Amer Composite Tr Shares_
3
Amer & Continental Corp
8
Am Founders Corp 6% pf 50
9
50
7% Preferred
212
Amer & General See el A__•
22
8% preferred
114
Amer Insuranstocks Corp..'
314
Assoc Standard 011 Shares._
Bancamerica-Blalr
Bankers Nat Inv eet'g Corp •
Bancsicilla Corp
Basic Industry Shares
British 'rype Invest A _ __I
Bullock
Central Nat Corp class A....
ClassB
Century Trust Shares
Chartered Investors com-e
•
Preferred
Chelsea Exchange Corp A__
Class B
Consolidated Equities Inc_
Corporate Trust Shares...
Series AA
Accumulative series
Crum & Foster Ins Shares
10
Common B
100
7% preferred
•
Crum & Foster Ins corn.....
8% preferred
Cumulative Trust Shares
Ask
1.70
8
1.40
3
5
1312
15
512
30
2
33
4
212
2
1014 1414
312
_13
4
65c 85c
8
107 117
8
Par Bid
Mass Investors Trust
• 133
8
Mohawk Investment Corp.... 2.112
Mutual Invest Trust class A
312
Mutual Management corn..' B
National Shawmut Bank... 273
4
National Trust Shares
4l2
Nation Wide Securities Co
2.50
Voting trust certificates....
814
N Y Bank & Trust Shares....
312
No Amer Trust Sharee
1.73
Series 1955
1.75
Sabra 1956
1.75
011 Shares Inc units
Old Colony Inv Tr corn __•
Old Colony Trust Assoc, Sh •
311
114
6
Ask
15's
2612
432
23
4
2914
514
2.60
4
83
4
1.95
1 95
512
2
712
Pacific Southern Invest Pf8
11
112
Cleas A
20
Class 13
16
18
38
3 Petrol dr Tmd'g Corp cl A..'
5
10
dI
2
1514 167 Public Service Trust Shares 2.50
114 2
55 Representative Trust Shares 6.02 8.52
50
1
Royalties Management......
d1
3
5
Is
III
Dividend Shares
13 Second Internet Sec el A__•
4
114
1.65 ......
6% preferred
50
1.58 1.80 Securities Corp Gen $6 pf *
56 1.80 Selected American Shares....
Selected Cumulative She......
5I7 Selected Income Shares---71
67
Selected Man Trustees She_
8
10 Shawmut Association com..•
81 Spencer Trask Fund
77
•
2.61 --- Standard All Amer Corp......
Standard Amer Trust Shame
2.80
Standard Collet Trust 1313(3.238 3
Standard 011 Trust Shares A
212 27
8
Class B
612 ___ State Street Inv Corp
Super Corp of Am Tr She A
AA
2.00 2.20
312 378
B
BB
1.10 1.17
Equity Corp corn stamped....
EquityTrust Shares A
dl
-31
2.10 2
Deposited Bank She ser N Y
Deposited Bank She ser A _
Deposited 'weir Sha A
Diversified Trustee She AB
Five-year Fixed Tr Shares.._ 2.46
Fixed Trust Shares A
54
3
•
•
512
27
8
Fundamental Tr Shares A....
•
SharesB
27
8
8
Guardian Invest prof w war
Gude-Winmill Trad Corp....' 32
Huron Holding Corp
Incorporated Investors..___•
rrldependence Tr Shares __•
Internet Security Corp(Am)
634% preferred
100
6% preferred
100
Investment Co of America •
7% preferred
100
Investment Fund of N J.-.
Investment Trust of N Y_•
Investors Trustee Shares......
1214
1.65
12
9
2
314
3
LowPriced Shame
2
Major Shares Corp
112
._
Trust Shares of America....
Trustee Stand Investment C
D
Trustee Standard 011 She A
12 2
1412 25
d3I
i
: 25
2411
1.74 1. 7i
3.60
812
93
4
2.85
2.45
338
314
3
423
8
2.25
1.45
2.35
1.50
1. 0
.5
3
44
4.05
7
1012
--_
- 8
41--2
314818
- -1.65
--1.70
4.65
1.80
218 212
75
0
1.5 1.80
55
318
3
- 114
314 Trustee Amer Bank Shane_
314
-Series A
23
4 318
Trusteed NY City Bk She....
338
sal 2011, Century oft series...... 1.80
1
8
SeriesB
1.
90 2:
1314 Two-year Trust Shame
7
1.95
United Bank Trust
411 al4
12 United Fixed Shares sec Y....
1tz 2
12 UnitedInsurance Trust4112 514
2 U S & British International
5 10
•
12
Preferred
11 1413
23 U S Else Lt & Pow Shares A
4
33
8
2.45 2.55
9
Voting trust me
Un N Y Bank Trust C 3.4
414 43
414 458
Un Ins'rr She ser F
U S Shares ser H
35
7
31
Universal Trust Shares...-. 1.06 ---
Telephone and Telegraph Stocks.
Par Bid
100
Cuban Telephone
100 39
7% preferred
Empire dz Bay State Tel_100 32
Franklin Teleg $2.50.......100 25
100 56
Int Ocean Teleg 6%
Lincoln Tel & Tel 7%
• 90
New York Mutual Tel_ _100 16
Ask
37
45
.....
-61
Par
Northw Bell Tel p1634% 100
Pao & Atl Teleg U 1%._25
Porto Rico Telephone_ __I00
Rock Telep 56.50 1st pf_100
Bo & Atl Teleg 21.25
25
Tr States Tel & Tel $6
-•
ili- Wisconsin Telep 7% pref 100
Bid
101
9
zoo
13
90
103
Ask
13
100
103
161f-
Sugar Stocks.
Haitian Corp Amer
Parl Bid lAst
Parl Bid !Ask
•
2 I1Sugar Estates Oriente pf 100 ---- I
H. S Due In 10 years or lungtr.
s Ex-stoek dividend. s Ex-dividend. V Ex-rkrbts.
Financial Chronicle
Volume 135
4375
Quotations for Unlisted Securities-Friday Dec. 23-Concluded
Chain Store Stocks.
Insurance Companies.
Par Bid
Par Bid
Ask
Miller (I) & Sons pref__ 100
2
Butler (James) com____100
100
3
6 MockJuds&VoehrIngerpf100 20
Preferred
100 x40
Murphy (S C) 8% prof _100 x75
48
Diamond Shoe prof
12 Nat Shirt ShopenDel.)pf 100
Edison Bros Stores pref _100 32
9
NY Merchandise let pf _100 75
1512 20
Fan Farmer Candy Bh
312
•
16 Piggly-Wiggly Corp
Fishman(M 11) Stores.
Reeves (Daniel) pref. --100 103
100
Preferred
90
Rogers Peet Co com____ 100
Kobacker Stores pref....-100 12
100 85 166 Schiff Co prat
100 57
.
Lord & Taylor
100 58
let preferred 6%
100 68
Sac preferred 8%
Act
15
30
85
20
50
63
Industrial Stocks.
Par Bid
Ask
Alpha Portl Cement pf _ _100 50
85
100 44
American Book $4
48
Bliss(E W)let Prof
20
50
10
2d preferred B
712
Bohn Refrigerator vt____100
55
• 1412 2912
Bon Anal Co B corn
Brunsw-Balko-Col pref__100 2912 31
Burden Iron prof
100 25
35
Canadian Celanese corn_ _ _•
814 10
Preferred
100 70
75
Carnation Co rum.
812 11
•
Preferred 37
100 28014 5514
Chestnut & Smith com _ _•
2
Preferred
100
10
Color Pictures Inc
112
Columbla Baking corn_ _ _ _•
•
1st preferred
2
14 1
•
2d preferred
Congoleum-Nairn $7 pf _100 98 101
Crosse & Blackwell com .
2
Crowell Pub Co $1 corn
• 17
20
$7 preferred
100 75
14
De Forest Phonotilm Corp_ _
Doehler Die Cast pref _ _ •
. . 7
Dryice Holding Corn
•
ElSeMA1111 Magneto com
*
4
Preferred
100
35
Gen Fireproofing $7 pf 100 35
- 45
Graton & Knight corn
•
114
Preferred
2
100
Herring-Hall-Mary Safe_100 13
19
Howe Scale
10
4
1
Preferred
100
7
12
Industrial Accept corn_ _ _ _*
4
Preferred
100 25
29
Locomotive Firebox Co_ __•
2
5
Macfadden Public'els com_b
21, 312
3,
Par Bid
Ask
Macfadden Public'ns Pt -• 1312 1512
Merck Corp $8 pref
100 72
76
National Licorice corn_ _100 18
24
National Paper & Type_ 100
20
New Haven Clock pref _ _100 12
30
New Jersey Worsted pf _100 35
Ohio Leather
• 10
113
let preferred
100
2d preferred
100
Okonite Co $7 pref
100
41"
Petroleum Derivatives_
•
4
9
Publication Corp corn
•
9
15
$7 1st preferred
100 75
71 10
Riverside Silk Mills
•
Rockwood & Co
•
5
Preferred
100 35
43
Rolls-Royce of America_ _ _•
2
Rosy Theatres unit
212
COMM=
•
112
Preferred A
•
2
Rubel Coal & Ice com___..• 10
12
Preferred $1.75
25 2112
3
4 13
Solid Carbonic Ltd
4
Splitdort Beth Elec
1
•
Standard Textile Pro.- _100
1
Class A
100
Class 13
100
id
Stetson (J B) Co pref__ __25
15
12 3
Taylor Wharton Ir&St corn •
Preferred
314 512
100
Tenn Products Corp pref _50
212 5
TubizeChatillon 7% cu pf100 235
45
Walker Dishwasher com___•
4
2
White Rock Min Spring
37 1st preferred
100 72
82
$10 2d pref
100 70
Woodward Iron
100
2
--1,
Industrial and Railroad Bonds.
Bid
Adams Express 4s '47..ideD Si
American Meter 65 1946._
7914
Amer Tobacco 4s 1951 F&A 94
AM Type Feirs 6s 1937 M&N 45
Debenture 65 1939_M&N 47
Am Wire Fab 78 '42__M&S 50
Bear Mountain-Hudson
River Bridge 75 1953 A&O 77
Chicago Stock Yds be 196
62
Consul Coal 4 Ms 1934 M&N
10
Consol Mach Tool 75 194
663
4
CO13801 Tobacco 4s 1951_ _ _ _
91
Equit Office Bldg be 1952_
5114
Ilaytian Corp 8s 1938
(47
lournal of Comm 634e 1937 40
Kane City Pub Serv 6e 1951 25
Loew's New 13rd Prop
JAB 67
(le 1945
Ask
57
Bid
85
514
6412
60
712
Merchants Refit; es 1937_ _
N 0 Or No RR be '55_F&A
Y & Bob Ferry 5s'46 J&D
NY Shipbldg Sc 1940_51&N
55
55 Pierce Butler & P 634s 1942
Prudence Co. Guar Coll
534s, 1961
44
Realty Assoc Sec 13s '37_J&J 29
81
66 Securities Coot N Y 4s_
40
18 61 Broadway 530 '50_A&O 5512
1014 So Indiana Ry 4s 1951_ F&A 40
Stand Text Pr 634e '42 M&S 15
E62 Struthers Wells Titusville
634e 1943
10
90
50 Tot Term RR 4 Sis'57 MAN 76
U 8 Steel be 1951
27
114
Witherbee Sherman (is 1944
71
Certificates of deposit _ _
7
Woodward Iron 58 1952.J&J 32
Act
16
70
Baltimore Amer
Bankers AC Shippers
Boston
Carolina
234
2
25 20
1002290
10 10
City of New York
100
Colonial States Fire
10
Connecticut General Life_10
Consolidated Indemnity.. _5
Constitution
10
Continental Casualty_ __ _10
Cosmopolitan
10
Eagle
5
Excess
5
I sclera!
10
lidelity & Deposit of Md_20
Franklin Fire
5
5
253
5
74
11
6
Halifax Fire
10
Hamilton Fire
50
Hanover Fire
10
Harmonta
10
Hartford Fire
10
Hartford Steam Boller _ _ _10
Home
5
Home Fire Security
10
Homestead Fire
10
Majestic Fire
Mass Bonding & Inc
25
Merchants Fire Amur com10
Merch & Mfrs Fire Newark 5
Missouri States Life
10
Act
714
11
4
6
3
3
6
2
5
14
19
22
28
3
6
312 512
National Casualty
10
512 712
National Fire
10 36
38
National Liberty
312
2
2
National Union Fire
20 20
27
New Brunswick Fire
10
712 912
New England Fire
7
10
12
80 New Hampshire Fire
10 23012 3312
20 1012 1212
754 New Jersey
New York Fire
29
6
10
9
3 North River
2.50
912 1112
10
Northern
33
12.50 26
7312 7812
812 Northwestern National_ _2
13
312 Pacific Fire
25
2
35
7 Phoenix
1
46
48
45 Preferred Accident
9
7
43 Provid,nce-Waslaington_ _10 163 183
8
s
12 212
5
137 Public Fire
s
Public Indemnity
2.50
13
4
Reliance Incur of Phila._ _10
7
5
273 Rhode Island
4
Rochester American
30
25
8
94
1212 St Paul Fire & Marine__ _ _25 99 105
10 2312 2512
8 Security New Haven
Springfield Fire & Marine 25 60
70
50
9 Standard Accident
'2
Stuyvesant
25
5
9
2178 Sun Life Assurance
100 230 280
sty Travelers
100 330 345
314 514
U S Fidelity & Guar Co__ _2
37
42
U S Fire
4 1032 1838
1412 Westchester Fire
5
2.50 1253 143
17
8
8
3
30
315
12
61
10
21
6
41
40
117
General Alliance
•
Glens Falls Fire
5
Globe & Republic
5
Globe & Rutgers Fire_ _ 25
Great American
10
Great Amer Indemnity__ _5
Pox Bid
nucleon Insurance
10
Importers & Exp of N Y 25
9
Independence Inclemnity_10
2
Knickerbocker
5
3
Lincoln Fire
5
Lloyds Casualty
Voting trust certifs
5
712
30
227
s
612
35
39
13
7
8
6
70
53
26
SI
3,
Realty, Surety and Mortgage Companies.
Par Bid
Bond & Mortgage Guar__ 20 Ills
Empire Title & Guar_...l00
Guaranty Title & Mortgage_
Home Title Insurance_ __ _25
Ask
1418
40
150
14
Par
International Germanic Ltd
20
Lawyers Mortgage
National Title Guaranty 100
10
N Y Title & Mtge
State Title Mtge
100
Bid
Act
15
20
6
8
4
7
4 314
13
15
'20
316 4
46
34
50
GO
43
20
New York Real Estate Securities Exchange
Bonds and Stocks.
Active Issues.
Bid.
41
79
BondsAllerton N Y Corp Side '47
165 Broadway Bldg 534s '51
10
10 East 40th St Bldg (is 1940
18-20 East 41st St Bldg 6540
Fifth Ave & 28th St Realty
Corp133451945
Hearst Brisbane Prop Os '40_
Hotel Lexington fls 1943....
Hotel Lexington ctfs
Hotel St George 53is 1943..
Chicago Bank Stocks.
Par Bid I Ask I
Parl Bid
Central Republic
100
Harris Trust Savings--100 290
Continental III Ilk (4'1'1_100 80
Northern Trust Co
1002370
82
First National
100 183 186 Strauss Nat Bank et Tr_..1.001 80
Ask
Par Bid
Aetna Casualty & Surety_10 32
34
Aetna Fire
27
10 25
Aetna Life
10 1114 1314
25 23712 4212
Agricultural
American Alliance
14
10 11
American Colony
10
5
American Constltution_ _20
4
6
American Equitable
5
8
5
20
American Home
4
6
012 8
American of Newark_ _234
American Re-insurance_ _10 22
26
712
51
American Reserve
1
American Surety
25
97 1172
8
10 151 1712
Automobile
Ask
295
380
85
Lincoln Bldg 53413 1965.....
Munson Bldg 61,.is 1939
NY Athletic Club Os 1946._
New Weston Hot Ann (Sts '40
2 Park Ave Bldg 6s 1941
91 1 14
57
61
19
12
Active Issues.
Bid.
Bonds (ConcludedPk Murray Office Blg 634s'41
Prudence Co 5345 1961
5345 1933 specified
Realty Assoc Sec Corp 6037
301 East 38th St Bldg es'39
40 Wall St Bldg 6s 1958_ _ _ _
18
45
65
26
11
41
Ask,
24
18
18
41
46
Stocks
91.2 12
514 912
24 39 Broadway Bldg units..._
20
City & Suburban Homes Co_
20
25
45 551 Fifth Ave Inc units
41
(Fred F French Bldg)____
23
19
16
N Y Title & Mortgage CO..,
13
34
39
Act.
-50
75
30
17
45
S
5
14
612
5
2
10
234
Bid
7 00
8 50
5.75
5 75
10 00
10.00
10.00
1000
10.00
6.50
6.50
8.50
4.50
5.50
4.50
4.75
6.50
4.75
10 00
5 50
5 50
10 00
10.00
6.75
4.50
Ask
5.50
7.00
4.75
4 75
Olt
8 00
S 50
8 50
50
6.00
6.00
6.00
3.00
4.50
3.50
3.75
5 75
4 25
8.00
5.00
5 00
8.00
8.00
5.75
3.50
Aeronautical Stocks.
Alexander Indus 8% pt.100
American Airports Corp_ __•
Central Airport
•
Cessna Aircraft common •
Curtiss Reid Aircraft corm*
,
Bid
Ask
90
12
Bid
Kilmer Airplane & Mot _ _1
•
Sky Specialties
Southern Air Transport_ _ _•
•
Swallow Airplane
Warner Aircraft Engine_ _ _•
Whittelsey Manufacturing..
1
2
Ask
1
3
5
2
Other Over-the-Counter Securities-Friday Dec. 23
Short Term Securities.
Allis-Chal Mfg 5e May 1937
Amer Metal 534s 1934 A&O
Amer Wat Wks 56 1934 A&O
Bid
7614
62
91
Railroad Equipments.
Ask
Bid
Alt
Meg Pot 4 Sis Feb 15 '30-35 10014
77
63 Union Oil be 1935_ __F&A 10014
917 United Drug deb Se '33 A&O 90
s
66"
Water Bonds.
Bid
Alton Water be 1 56__A&O
82
Ark Wet let be A 1958_A&O 86
Aehtabula W W be '58-A&O 76
Atlantic Co Wet 541'58.M&S 78
Birm W W let 534BA'54A&O 93
let m 55 1954 sec 1LJ&O 87
let Es 1957 series C__F&A 87
Butler Water Be 1957__A&O
76
City of NewentAle Wat be '41 86
City W (Chat) 5a II '64 SAD 91
lot Es 1957 series C_M&N 88
Commonwealth Water
F&A 86
let be 1956 Ii
let m Sc 1957 ser C F&A 86
Davenport W 55 1961 J&J 80
J&J 82
ES LA lot W 5e '42
1st m (is 1942 ser B J&J 88
78
1st be 1960 set D.-- F&A
Ask
81
89
80
91
96
80
88
84
85
92
81
Hunt'ton W let as '54.M&S
let m Sc 1954 ear 11-M&S
Sc 1962
Joplin W W As '57 ser AM&S
Kokomo W W Sc 1958.J&D
Monm Con W 1st Sc'58 J&D
Monon Val W 5345 '50 ALT
Richm W W 1st Sc'57_M&N
St Joseph Wat Ss 1941_Adc0
South Mtn Water Co
F&A
1st Es 1955
let & ref Es'60 ear A_ J&J
let & ref Sc '80 ear 11.J&J
WW 6s'49A JAB
Terre
let m Sc 1956 ser El_ _J&D
Texarkana W 1st Sc '58 F&A
Wichita Wat 1st 8s '49 M&S
let m Sc '56 ser It_ F&A
1st in Sc 1960 set C_M&N
Bid
93
87
81
78
77
8312
80
81
93
94
91
87
90
80
75
92
83
83
Art
89-q
88
81
81
3412
83
95
9912
91
80
86
86
Atlantic Coast Line Sc
Equipment 6345_
Baltimore & Ohio Se
Equipment 430 & 6c..
Buff Roch & PlIt8 equip 85_
Canadian Pacific 434e & 134
Central RR of NJ (is
Chesapeake & Ohio Os
Equipment 630
Equipment Sc
Chicago dc North West (Se
Equipment 634e
Chic RI & Par 434e & be
Equipment 6s
Colorado & Southern (is _
Delaware de Hudson Se
Erie 4134e Se
Equtpment 85
Great Northern Sc
Equipment As
Hocking Valley Is
Equipment tle
Illinois Central 434e & Sc..
Equipment 6e
Equipment 7e & 8 34s
Bid
5.50
5.50
7.25
7.25
7.50
6.50
5.00
5.00
5.00
5.01)
8.60
85
9.0
9.00
6.01
5.5
90
9.0
5.50
5.50
6.51)
5.50
75
7.5
7.50
Ask
4 50
4 00
62.5
6 25
6 Of)
5.75
4 00
4 00
4.00
400
7 00
7 00
7 60
7 50
5.00
4.50
7.50
7.50
4.75
4.75
4.75
4.75
6.75
6.75
6.75
• No par value. a And dividend.
z Ex-dividend. v Ex-rights.
Kanawha & Michigan 65_
Kansas City Southern 1534s_
Louisville & Nashville Bs__ _
Equipment 634s_ _.
Minn St PASS /1.1 434e&bs
Equipment 634e & 75....
Missouri Pacific 6345
Equipment 6s
Mobile & Ohio 56
New York Central 434s &
Equipment Os
Equipment 7s
Norfolk & Western 43.4e._..
Northern Pacific 7s
Pacific Fruit Express 7e_ _
Pennsylvania RR equip 5e_ _
Pittsburgh & Lake Erie 6341
Reading Co 434s & Sc
St Louis & San Fran Sc
Southern Pacific Co 434 _ _
Equipment is
Southern Ry 434s & Sc
Equipment 65
Toledo & Ohio Central (le_ _ _
Union PacUni 7e
ri Last reported market.
Flat price.
fliontbip,
Current Camino
uartenp anb lbatt
pearl?.
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. 23 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 new statements.
Issue of Chronicle
Name of CompanyWhen Published. Page.
Dec. 24_4376
Alton & Southern RR
Dec. 24..4387
American Products Co
Dec. 24..4388
Biltmore Hats, Ltd
Dec. 24..4388
Black & Decker Mtg. Co
Dec. 24..4388
Canada Malting Co
Dec. 24_4388
Carreras, Ltd
Dec. 24..4376
Central Vermont Ry
(The)Chesapeake & Ohio Ry.Co____Dec. 24__4376
Dec. 24..4376
Conemaugh & Black Lick
Dec. 24_4389
Dominion Glass Co.,Ltd
Dec. 24..4378
Eastern Utilities Associates
Dec. 24..4378
Fall River Gas Works Co
Dec. 24_4379
Gamewell Co
Dec. 24..4391
Gelsenkerchen Mining Corp
Dec. 24..4391
(Adolf) Gobel, Inc
Guantanamo & Western RR.Co. _ _ _Dec. 24.._4380
issue of Chronicle
Issue of Chronicle
Name of CompanyName of CompanyWhen Published. Pao.
When Published. Page.
Haverhill Gas Light Co
Dec. 24__4379 Patterson-Sargent Co
Dec. 24_4395
Hercules Motors Corp
Dec. 24_4379 Pig'n Whistle Corp
Dec. 24..4396
Radio Keith Orpheum Corp
(The) Kansas City Southern Ry.
Dec. 24..4396
System
Dec. 24__4376 Sierra Pacific Electric Co
Dec. 24__4379
Kaynee Co
Dec. 24..4392 Southern California Edison Co.,Ltd.Dec. 24..4380
May Hosiery Mills, Inc
Dec. 24 A393 Southern Pacific Lines
Dec. 24....4377
Medicine Hat Greenhouses, Ltd_ ....Dec. 24__4393 Southwestern Bell Telephone Co_ _ _Dec. 24._4380
Mississippi River Power Co
Dec. 24__4379 (Hugo) Stinnes Corp
Dec. 24..4399
Monongahela Connecting
Dec. 24..4376 (Hugo) Stinnes Industries, Inc
Dec. 24..4399
Montour RR
Dec. 24_4376 Tampa Electric Co
Dec. 24..4380
Moore Drop Forging Co
Dec. 24..4394 Union Electric Light & Power Co.of
Illinois
(John) Morrell & Co., Inc
Dec. 24__4394
Dec. 24..4380
National Standard Co
Dec. 24__4394 Union Electric Light & Power Co. of
Missouri
Dec. 24..4382
N.Y. Chicago & St. Louis RR
Dec. 24..4380
Paramount Publix Corp
Dec. 24 _4379 Union Pacific System
Dec. 24..4377
Paramount Motors Corp
Dec. 24...4395 Willys-Overland CO..r
Dec. 24.-4380
-We give below the
Latest Gross Earnings by Weeks.
latest weekly returns of earnings for all roads making such
reports:
Name
Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis bv St Louis
Southern
St Louis Southwestern
Western Maryland
Period
Covered.
2d week of
2d week of
2d week of
2d week of
2d week of
2d week of
28 week of
Current
Year.
(+)Or
Dec.(-).
2,399,316
2,320,000
13,675
145,816
1,721,232
199,500
233,612
Dec
Dec
Dec
Dee
Dec
Dec
Dec
Previous
Year.
3,036,441
2,860,000
17,700
189,317
1,987,396
287,121
253,211
-637,125
-540,000
-4,025
43,501
-266.164
-87,821
19,599
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.
3
274,976,249
266,892,520
289.633.741
267,473,938
254.382,711
245,860.615
237.462.789
251,761,038
284.724,582
298.076.110
January
February
March
April
May
June
July
August
September
Cletnher
1931.
$
365.522,091
336,182.295
375,617,147
369,123,100
368.417,190
389,133,884
376,314,314
363,778.572
364,385,728
362.551.904
i
-90,545,842
-69.289,775
-85,983,406
-101,649,162
-114,034,479
-123,273,269
-138,851,525
-112,017,534
-79,661,146
-64.475.794
1932.
4,1...0.4.• bi.oP
•P.
to to to
to a
OIJk.
N.10- e0.
01- 031
WtDC M , 101-•
100,
..t.200 00eg, 0.02Cz b.., Or
1932.
Inc. (+) or
Dec.(-).
1931.
Miles.
242,365
240.943
241.974
241.992
242,163
242.527
242.221
242.217
242.143
242.024
Inc. (-I-) or Dec.(-).
Net Earnings.
Month.
1932.
$
45,940,685
57,375,537
67,670,702
56,263,320
47,429.240
47,008,035
46.125,932
62,540.800
83.092.939
98,336,295
January
February
March
April
May
June
Jar
August
September
October
1931.
72,023,230
66,078,525
84,706,410
79,185,676
81,052,518
89,688,856
96,983,455
95,070,808
92,153,547
101,914,716
s
Amount.
Per Cent.
s
-26,082,545
-8,702,988
-17,035,708
-22,922,358
-33.623,278
-42,680,821
-50.857,523
-32,530.008
-9,060.608
-3,578,421
-36.24
-13.11
-20.18
-28.97
-41.41
-47.58
-52.43
-34.12
-9.83
-3.51
Net Earnings Monthly to Latest Dates.
Alton & SouthernNovemberGrossfrom railway.. _ _
Net from railway._ _
Net after rents
From Jan. 1
Grossfrom railway..-Net from railway......
Net after rents
1932.
874,064
19,776
12,685
1931.
$76,862
18.058
8.329
1930.
$89,163
23,706
19,789
827,462
287,243
211,687
995,982
337,806
209,863
1,009,432
318,923
268.710
1931.
$48,593
--22,327
--28,241
1930.
$103,357
-2,788
-8,062
1929.
$153,810
22,281
7,111
930,447
-11,440
-70,212
1,751,152
353,641
204,734
2,410,576
691,507
477,456
1932.
3174,177
78,308
86.851
1931.
$156,309
37,036
53,181
1930.
8205,067
69,953
76,444
1929.
$194,551
Gross from railway-. 1,381,963
472,865
Net from railway_
636,691
Net after rents
2,005,211
705,744
870,909
2.387,795
831,375
915,304
2,255,013
779,181
865.698
1930.
$622,940
86,018
-6,114
1929.
6784,828
-28.578
-114,980
MontourNovember
Grossfrom railway .. _ _
Net from railway......
Net after rents
From Jan. 1
-
New York Ontario & Western1931.
November1932.
Gross from railway-- $764,736
$747,331
Net from railway-180.116
169 886
113.466
Net after rents
62,567
From Jan 1
9,666.799 10,493,437
Gross from railway
2.789,101
Net from railway
2,868.924
1,676,203 1,645,975
Net after rents
43,064
49,443
9,719,621 11.332.248
1,961,270
1,856,053
885,983
866.687
Reading Co.1932.
1931.
November1930.
1929.
Gross from railway.- 84.017,278 85.253,499 56.753.022 $8.054.271
Net from railway_ _ _
. 1,115.372 1,475,019
1,737.089
1,137.119
998,611
Net after rents
1,407.968
1.592.032
1,363,950
From Jan. 1
47,422.400 65,472.226 80,031,255 89,184,751
Gross from railway
Net from railway.... 11.661,101 10,208,437 13,542,928 19,817,805
10,001,670 7.656,197 11,252,895 15,828,448
Net after rents
Southern Pacific System
Southern Pacific Lines1932.
NovemberGross from railway__ _$10,982,204
1,932,191
Net from railway_
.
448.969
Net after rents
From Jan. 1
Gross from railway......132,878,674
Net from railway...... 26,072,812
5,498,903
Net after rents
1931.
1929.
1930.
$13,874,614 $18,826,777 $24,360,497
2,789,283 5,002,778 6,282,618
880,386 2,981,238 3,731,051
185.827,450 240,815,779 288,531,803
44.779,516 66,849,945 86,513,856
21,616,233 40,762,713 56,658.938
Union Pacific System1932.
November1931.
1929.
1930.
Gross from railway___ $9,425,938 $11.557,930 $15,649,019 $17.842,141
3,316,518 4,332,154 5,266,258
Net from railway_..
2,120.695 3,347,734 3,181,893 3,947,423
Net after rents
From Jan. 1
Gross from railway...106.742,125 144,193,546 175,893,231 201,866,152
Net from railway_ _ -- 33.432,605 41,327,980 54,568,511
16,521,074 21,932.408 32,839,805 42,496,952
Net after rents
1929.
Central Vermont1930.
1929.
1931.
November
1932.
8588,489
8652.149
Gross from railway_
$472,365
$378,135
103,022
120,785
56,420
Net from railway__ _ 18,988
95,151
113.029
Net after rents
-10,561
33,203
From Jan 1
Gross from railway
4,860,231
6,116,763 7,058.388 8,273.483
Net from railway
753,083 • 1,219,482 1,874,700
454,042
Net after rents
1.217,842 1,734,032
643.815
148,329
Conemaugh & Black LickNovember
1929.4
1930.
1932.
1931.
Gross from railway_
$85.270
$155.532
$23.691
$60.691
Net from railway__
4,130
11.927
21,117
-5,456
Net after rents
9,027
-4,237
14,912
16.845
From Jan 1
Gross from railway_
293.654
1,342.022 2,020,469
679.371
Net from railway
-65.850
170.921
418.397
-17,570
Net after rents
-56,799
9,299
191,603
382,063
Chesapeake & Ohio Ry1932.
November1931.
1930.
1929.
k
, Gross from railway-- $8.753,213 $9.032,248 811,041,912 812.437.416
k Net from railway .... 3.743.352 3.105.906 4,266,454 4,421,535
2,872.375 2,338.786 3,286.226 3,722.897
I, Net after rents
From Jan 1
Gross from railway..... 90.615.520 111,994,980 127.178,454 138.760.443
39.241,000 42,757,344 46,638,027 48.403.335
Net from railway
29,727,507 33,635,490 37,757.339 40.577,529
I Net after rents
Southern System
Kansas City
1932.
1931.
1930.
November
1929.
from railway _ _ $758,353 $1,001,558 $1,275,201 $1,707,992
I Gross
167,439
227,961
325.977
515.954
IL Net from railway......
From Jan. 1
Grossfrom railway..-- 9,148,944 13,222,315 17,946,106 20,349,145
Net from railway...... 2,365,556 4,408,545 5,827,619 7,247,433
Monongahela Connecting1932.
November$34.655
Gross from railway.._.
Net from railway........ -15,720
Net after rents
-20.687
From Jan. 1
435,645
Gross from railway..._
-137,160
Net from railway
Net after rents
-191.879
Other Monthly Steam Railroad Reports.
-In the following we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, &c., or where they differ in
some other respect from the reports of the Commission.
Fonda Johnstown & Gloversville RR. Co.
Month of November
Operating revenues......
Operating expenses...-.
1932.
$46.856
39,806
1931.
857.008
54,635
1930.
872.024
61,514
1929.
$83.615
62.168
Net rev. from °per.Tax accruals
$7,050
62.373
4,600
$10.510
4,800
821,447
4.300
Operating income.--Other income
63.050
1.786
def.$2,127
3,152
85.710
3.993
$17.147
5.677
Gross Income
Deduct,from gross Inc-
84.836
19.935
81,025
27,937
18:7 1
6
$22.825
31.023
4,000
$15.099
$26,912
$21,171
$8.198
11 Mos. End. Nov. 30
8541.973
Operating revenues
497.323
Operating expenses
3739.543
622,812
8830,217
676.537
8930.295
695.675
844.650
44,000
$116.731
49.500
$153.679
52.800
8234.620
79.160
$650
26.651
$67.231
55,916
8100,879
83.262
$155.460
115.769
$27.301
193.017
$123,147
317.388
8184.142
341,549
$271.229
349,102
$165.716
$194.241
8157.407
$77.872
32, p. 2326
Net income
-Dr
Net rev, from oper
Tax accruals
Operating Income
Other income
Gross income
Deduct.from gross Inc-Dr
Net Income
rarLast complete annual report in Financial Chronicle Mar. 28
calr
Financial Chronicle
Volume 135
Indiana Harbor Belt RR.
Pittsburgh & Lake Erie RR.
Period End. Sept.30- 1932-3 Months
-1931. 1932-9 Mos.-1931.
Railway operating rev- - $1,704,416 $2,250,354 $5,414,123 $6,992,690
Railway operating exps982,678 1 515,718 3,507,169 4,982,499
Net rev,from ry. oper
Railway tax accruals_ -Uncollectible ry. rev._ _
Equip. & joint fac. rents
$721,738
140,510
191
171,697
$734,635 $1,906,954 $2,010,192
132,843
395,556
395,177
156
340
691
235,420
465.157
450,801
Period End. Sept. 30- 1932-3 Mos.-1931. 1932-9 Mos.-1931.
Railway operating rev.. _ $2,853,013 $4,362,295 $9.129,161 $13,909,083
Railway operating exps_ 2,596,553 3,864,062 8,373,757 12,028,227
Net rev,from ry. oper $256,460
$498,232
1755.403 $1,880,856
Railway tax accruals..-265,538
295,223
795.273
945,678
Uncollectible railway rev
1,362
368
1.376
378
Equip.& joint fac.rents_ Cr340,396 Cr519,808 Cr1,088.348 Cr1,645.352
Net ry. oper. income_
Misc.& non-oper.Inc_ _ _
$409,340
6,771
$366,215 $1,045,902 $1,163,523
12,772
35,479
63,546
Net railway oper. Inc_
Misc.& non-oper.inc--_
$329,956
165,384
Gross income
Deduct,from gross Inc_ -
$416,111
127,569
$378,988 $1,081,381 $1,227,069
130,516
384,932
408,047
Gross income
Deduct.from gross inc_ _
$495,340
•255,277
Net income
$288,542
$248,472
$696,449
$819,023
It2eLast complete annual report in Financial Chronicle June 18'32, p. 4485
Kansas City Southern Ry. Co.
(Texarkana & Fort Smith Ry. Co.)
Month of November1931.
1932.
1930.
1929.
Railway oper. revenues- $758,353 $1,001,558 11,275.201 $1,707,992
Railway oper. expenses590,914
773,597
949,223
1,192,037
Net from operations__ $167,439
$227,961
$325,977
$515,954
Railway tax accruals_ _ _
48.104
69,032
40,761
86,750
Uncollected ry. revs_ __ _
370
153
292
310
Railway oper. income $118,964
$158,776
1284.923
1428.893
11 Mos. End. Nov.30
Railway oper. revenues_ $9,148,944 $13,222,315 $17,946,106 $20,349,145
Railway oper. expenses_ 6,783,389 8,813,770 12,118,486 13,101,712
Net from operations__ $2,365,556 $4,408,545 $5,827,619 $7,247,433
Railway tax accruals--997,646
1.119,856 1,160,249 1,429.259
Uncollectible ry. revs___
2,435
2,754
3,181
11,750
Railway oper. income $1,365,156 $3,286,255 $4,664.188 $5,806,423
larLast complete annual report in Financial Chronicle May 7 '32, p. 3444
$722,450 $1.047,102 $2,580,151
182,488
605,942
715,288
$904,937 $1,653,043 $3,295.440
321,532
818,983
1,096,771
$583,406
$834,060 $2,198,669
Net income
$240,063
Earns, per shr. on 863,654 shs. cap. stk. (par
$50)
$0.27
$0.67
$0.97
$2.54
OPLast complete annual report in Financial Chronicle June 11 '32, p. 4316
Rutland RR.
Period End.Sept. 30-- 1932-3 Mos.-1931.
1932-9 Ifos.-1931.
Railway operating rev__ $1,011,443 $1,225,826 12,980,274 13,479,287
Railway operating exps_
870,875
1,038,875 2,568,058 3.112.781
Net rev,from ry. oper $140,568
1186,951
$412,215
$366.506
Railway tax accruals___
63,350
67,066
192.941
192.341
Uncollectible ry. revs___
202
45
743
73
Equip. & joint fac. rents Cr13,381
Cr14,547
Cr31.555
Cr41.025
Net ry. oper. incomeMisc, and non-oper.incGross income
Deduct.from gross Inc
$90,396
23,290
$134,389
24.695
$250.087
67,048
$215.116
72,354
$113,687
109,094
$159.083
113,520
$317.135
328.056
$287,470
336,328
Net income
$45,563 def$10,921 def$48.857
$4.593
tarLast complete annual report in Financial Chronicle June 4'32, p. 4150
Southern Pacific Lines.
New York Ontario & Western Ry.
Month of Nov.
Operating revenues
Operating expenses
1932.
$764,736
584,619
1931.
$747,331
577,444
Net rev,from ry. oper.
Railway tax accruals_ _ _
Uncollectible ry. revs
180,117
20,000
117
$169.886
28,000
604
$86,017 def$28,574
35,000
30,000
41
7
Total ry. oper. income
Equipment and joint facility rents(net Dr.)__
$160,000
$141,283
$50,976 def$58,582
46,534
78,716
1930.
$622,939
536,921
1929.
$784.828
813,403
57.089
56,397
Net operating income.. $113,466
$62,567 def$6,113 def$114,979
11 Mos.End. Nov.30-Operatingrevenues
$9,666,799 $10,493,437 $9,719,620 $11,332,246
Operating expenses
6,877,698 7,624,513 7,863,567 9,380,975
Net.rev.from ry.oper $2,789,101 $2,868,924 $1,856,052 $1,951,270
Railway tax accruals..- 439.500
510,000
452,500
465,000
Uncollectible ry.revs_ _ _
2,098
848
751
363
Total ry. oper.income $2,278,253 $2,427,335 $1,402,801 $1,485,907
Equipment and joint facility rents(net Dr.)__
781,360
602,050
536,113
619,943
Net operatingincome_ $1,676,203 $1,645,975
$866.680
$865.963
Last complete annual report in Financial Chronicle Apr. 9 '32, p. 2712
Union Pacific System.
Month of November
1931.
1932.
1930.
1929.
Operating Revenues
Freight
$8,084,723 $9,625,886 $13,110,626 114,389,433
Passenger
576,906
926,636
1.328,627
1,712,081
Mail
388,854
361,953
428.647
441.583
Express
142.428
142,470
226,002
517.057
All other transportation_
293.343
294,599
141.912
422,374
Incidental
180,783
260,518
117,974
359,613
Railway oper. revs
$9,425,938 $11,557,930 815,649,019 $17,842,141
Operating ExpensesMaint. of way 8t struc
636,085
1,463,273
709,844
1,670,416
Maint. of equipment
2,824,644 3.130,581
1,661.061
1,493,557
Traffic
309,783
364.468
245,608
399,683
Transportation
3,826.841
4,826.894 5.444,421
3,061,251
Miscell. operations
174,266
249,253
110,451
344,096
General
617.740
655,883
488,709
703.509
Transp. for inv.-Cr.
1,654
Railway oper. exp__ - $6,109,420 $7,225,776 110.382,761 $11,692,706
Income Items
Net rev,from ry. oper-- 3,316,518 4,332,154 5,266,258 6.149.435
Railway tax accruals--328,880
507.731
1,178.363
1.369.675
Uncollectible ry. revs__
653
548
1,005
781
Railway oper. income- $2,807.782 $4,002,621 $4,087,347 $4,778,979
Equip. rents (net Dr.
1_618,106
643.173
866,672
748,081
Joint facil. rents (net Dr.)
36.781
43,914
38,782
83,475
Net income
$3,347.734 $3,181,893 $3,947,423
$2,120,695
Aver. miles of rd. oper_
9,849
9,848
9,838
9,878
Ratio of exps. to revs
64.81%
62.52%
66.35%
65.53%
11 Mos. End. Nov. 30
Operating Revenues
Freight
187,183,301 1116154,753 1140827,401 1159912,190
Passenger
9,650,240 14,945,493 19,641,627 24,358.683
Mall
3.965,619 4,341,723 4,535,106 4,633.728
Express
1,656,526 2,493,576 3,460.039 4,055.440
All other transportation.. 2,691,526 3,690,875 4.485,638 4.984,936
Incidental
2,567,126
1,594,913
2,943,420 3.921,175
Railway oper. revs-1106.742,125 $144193,546 1175893,231 $201866,152
Operating Expenses-.
Mahn. of way & struc__ 9,887,999 17,637.765 21,637,347 26.694,488
Maint. ofequipment- 17,802,504 26,095,520 31,744,024 35,296,109
Traffic
3,002.284 3.905,567 4,347,611
4,487,960
Transportation
34,984,764 45.264,405 53,074,898 57,779,304
Miscall. operations
3,179,014 4,235.261
1,580,965 2,621.891
General
6,050,362 7,346,416 7,344.652 7.663,971
Transp. for inv.-Cr
def.f342
5,998
2.826
1,185
Railway oper. exps---$73.309.520 1102865,566 $121324,720 $136157,908
Income Items
Net rev, from ry. oper-- 33,432,605 41,327.980 54.568,511 65,708.244
Railway tax accruals..-- 10,154,327 12,063,710 14,061,873 15,751,690
Uncollectible ry. revs--13,576
7,534
12,112
11.990
Railway oper. income$23,266,166 $29,250,694 :40,499.104 $49.944.564
Equip. rents (net Dr.).- 6.217,869 6.846.354 7,130,804 6,579,701
471,932
528,495
527,223
867.910
Jt. facil. rents (net Dr.)Net income
$16,521,074 $21,932,408 132,839,805 $42,496,953
9.861
9.871
9.842
Aver. miles of rd. oper
9,868
68.98%
68.68%
71.34%
Ratio of exps. to revs....67.45%
Mr
'Last complete annual report in Financial Chronicle April 30 '32, p.3298
Month of November1932.
1931.
1930.
1929.
Aver. miles of road oper_
13.701
13,811
13,848
13,856
Revenues
Freight
$8,304,921 $10,314,983 $14,349,418 $18,460,241
Passenger
1,402,301
2,199,374 2,828,074
3,567,281
Mail
340,368
377,998
404,297
684,258
Express
316,168
298,183
409,877
665.074
All other transportation..
306,656
373,265
436,692
456.032
Incidental
308.736
338,936
444,249
614,668
Joint facility-Cr
10,740
18,425
24.331
27,766
Joint facility-Dr
7,687
46,551
70.165
114,826
Railway oper. revs._ -110,982,204 $13,874,614 $18,826.777 $24,360,497
ExpensesMaint. of way & struc__ 1,428,452 1,708,189 2,338,652 3,059,178
Maint. of equipment- -- 2,001,331
2,269,525 2,950,458 4,649,844
Traffic
409,109
489,746
502,394
517,119
Transportation
4,271,300 5,513,009 6,886,959 8,486,399
Miscellaneous
188,862
261,725
331,599
415,069
General
771.586
863,636
884.724 1.058,819
Transport, for inv.-Dr.
20,626
20,499
70.789
108.551
Ry. oper. expenses...... $9,050,013 $11,085,331 $13,823,999 $18,077,878
Income
Net rev,from ry. oper__ 1,932,191
2.789.283 5,002,778 6,282,618
Railway tax accruals _ .... 1,002,997
1,408,224
1,375,462
1,750.612
Uncoil. railway revs_ _ _ _
3,194
4,227
5,098
4,757
-Dr..
454,520
478.434
Equip. rents (net)
605,673
708,242
22,511
Joint facil. rents(net)Dr.
18,013
35,306
87,953
Net ry. oper. income_ $448,969
$880,386 $2,981,238 $3,731,051
11 Mos.End.Nov.30
13,715
13.818
Aver. miles of road oper.
13,843
13,672
Revenues
Freight
$99,314,658 1137908,903 1180816,076 1215845,651
20,157,557 3,0622,410 39,790,914 45,975,055
Passenger
3,899,280 4,291,975 4,473,937 6.448,838
Mail
Express
3,332,429 4,523,383 5,851.572 7,017,382
All other transportation_ 3.364.192 4,577,121 4,815,346 6,650,137
Incidental
3,377,377 4,574,286 5,917,195 7,526,664
Joint facility--Cr
122,744
207,822
258,816
335,754
Joint facility-Dr
689,563
878,450 1,108,080 1,267,680
Ry. oper. revenues_ _$132,878,674 $18,587,450 $240815,779 $288,531,803
ExpensesMaint. of way & struc_ _ 15,772,664 22,992,770 30,501.715 36,125,177
Maint. of equipment...... 24.639,800 31,941,836 41,355,346 49,860.618
Traffic
4,763.184 5,796,636 6.585,592 6,823,084
Transportation
50.632,305 67,926,987 82,212,147 94,724,345
Miscellaneous
2,381,625 3.390,279 4,335,417 5,210,361
General
8.811.508 9,510,099 10,393,243 10.616.622
Transport.for inv.-Dr _
195,224
510,674
1,417,628
1.342.263
Ity. oper. expenses_ _$106,805,863 $141047,934 1173965,834 1202017,947
Income
Net rev,from ry. oper__ 26,072,812 44,779,516 66,849,945 86,513,856
Railway tax accruals...... 13,909,868 15,679,032 17,964,936 21,250,856
Uncoll, railway revs........
53,396
57,303
70,985
67,713
Equip. rents (net)
-Dr. 6,222,505 7,011,753 7,855,225 8,347,402
Joint facil. rents(net) Dr 388,140
415,095
196,084
190,946
Net ry. oper. income- $5,498,903 $21,616,233 $40,762.713 $56,658.938
arI,ast complete annual report in Financial Chronicle May 7 '32, p. 3454
Toronto Hamilton & Buffalo Ry.
Period End. Sept. 30-- 1932-3 Mos.-1931. 1932-9 Mos.-1931.
Railway operating rev.... $341.711
$524,492 $1,084,177 $1,828,685
Railway operating exps_
283,691
421,084
935.899 1,350,232
Net rev, from ry. oper
$103,408
158.020
$148,278
1478.453
Railway tax accruals_ _ _
12,000
23,262
36,000
97,047
Uncollectible ry. rev_ _ _
29
263
82
270
Equip. & joint fac. rents
Cr3,704
Cr3.827
Cr26,983
Cr66
Net ry. oper. income_
Misc. & non-oper. inc---
$49,695
15,072
$83,709
24,719
$139,180
57,419
$381,202
375.559
Gross income
Deduct.from gross inc.. _
$64,768
80,688
$108,428
55,810
$196,600
250,121
$756,761
166,840
$52,617 def$53,521
$589,921
Net income
def$15,921
Earnings of Large Telephone Companies.
-The InterState Commerce Commission at Washington has issued a
monthly statement of the earnings of large telephone companies having an annual operating revenue in excess of
$250,000. Below is a summary of the return:
October 1932
October 1931
10 months ended Oct. 31 1932.
10 months ended Oct. 31 1931-
No.ofCo.
Stations in
Serrice.
11,379,327
17,038,215
Operating
Revenues.
$
83,045,082
96,951,058
868,846,853
Operating
Expenses.
$
55,389,573
65,158,451
590,956,874
Operating
Income.
$
18,966,399
23,269,485
188,650,763
232,136,691
Financial Chronicle
4378
INDUSTRIAL AND MISCELLANEOUS CO's.
Arundel Corp.
-1931.
1932-11 dos.
Period End. Nov. 30- 1932- Vfonth-1931.
Net profit after deprec.,
Federal taxes, &c
$176,154 $1,163,579 $2,178,100
38,315
495,556
492,556
Shares capital stock outstanding (no par)
$4.39
$2.36
Earnings per share
p. 1027
IN-Last complete annual report in Financial Chronicle Feb. 6 '32,
Associated Electric Co.
•
(And Subsidiary Companies)
1931
1932
12 fonths Ended Sept. 30$15,253,841 $16,705,237
Electric revenues
3,825,657
3,382,691
Gas revenues
2.796,774 6,026,589
Miscellaneous revenues
$21,433.307 $26,557,484
Total operating revenues
10.820,319 14,462,331
Operating expenses & maintenance
Provision for retirement (renewals,replacements of
1,891,396
1,376,975
fixed capitaL-depreciation, &c)
1,128,634 1.139.340
Taxes (including provision for Fed. inc. taxes)
$8,107,379 $9,064,416
Operating income
618,348
736.479
Other income
$8,843,858 $9,682,765
Gross income
Underlying companies;
1,608,201
1,749,617
Interest on funded debt
17.304
63,519
Interest on unfunded debt
659,649
86,959
Less; Interest during construction (credit)
794
166
Dividends on preferred stock
Inc. appllc, to stks. of subsid. companies held
10,939
1,318
by the public
3,535.822 3,423.405
-interest on funded debt
Associated Electric Co.
Balance avail. for int. on advances, divs. & surp_ $3,580,373 $5,281,772
a
r. rEast complete annual report in Financial Chronicle June 18 '32, p. 4488
Brooklyn-Manhattan Transit System.
(& Brooklyn & Queens Transit System)
-LIonth of November- -5 Mos. End. Nov.301931.
1932.
1931.
1932.
Total oper.revenues _ - _ _ $4,471,304 $4,803,425 $22,450,480 $24,036,393
2,996,946 13,792.753 15,489,026
Total oper. expenses_ _ _ _ 2.660,381
Net rev.from oper _ _ _ $1,810,923 $1,806,479 $8,657,727 $8,547,367
1,682,421
1,792,933
353,606
359,746
Taxes on oper. properties
Operating income_ ___ $1,451,177 $1,452,873 $6,864.794 $6,864,946
343,883
331,530
69,581
63,167
Net non-oper.Income__ $1,514,344 $1,522,454 $7,196,324 $7,208,829
Gross income
798.164 4.046.597 3,983,516
813,176
Total income deductions
Current income carried
$724,290 $3,149,727 $3,225,313
$701.168
to surplus x
x Accruing to minority
446,019
414,369
88,006
90,264
int. of B.& Q.T.Corp
KirEast complete annual report in Financial Chronicle Sept.17'82, p.1988
RevenuePassenger
Advertising
Special cars
Police
Mail carriers
Other revenue
Dec. 24 1932
Edmonton Radial Ry.
-Month of November- -11 Mos. End. Nov.301931.
1932.
1931.
1932.
$644,322
$643,638
$63,512
$60.123
3,656
003
4,883
463
395
318
18
281
2,607
233
2,554
233
4,083
371
3,847
371
4,660
8,362
907
388
Total
Expenditure
Maintenance of track &
overhead
Maintenance of cars_ _
Traffic
Power
Other transp. expenses_ _
General & miscellaneous
$61,862
$65,547
$663,604
$659,726
2,896
6,095
198
6,457
20,379
3,613
3,109
7,117
198
6,261
20,216
3,831
35,724
78,780
2,610
64,921
246,529
48,017
36,298
68,060
2,492
65,372
233.969
42,566
Total operation
Operation surplus
Fixed charges
Renewals
$339,642
22,219
17,506
2,000
$40,735
24,811
18,080
4,000
$476,584
187,019
195,630
26,000
$448,760
210,965
192,569
21.000
Totalsurplus or deficit sur.$2,713 surp.$2,730 def.$34,611
def.S2,603
Eastern Utilities Associates.
(And Constituent Companies.)
-12 los. End. Nov. 301931.
1932.
$8 495 369 $9 231 912
Gross
3,542,795 3,841,158
Net revenue
Balance available for dividends and surplus
1.748,940 2,099.028
rirLast complete annual report in Financial Chronicle Mar. 28'32, p. 2335
Empire Gas & Electric Co.
1931.
12 Months Ended Sept. 301932.
Electric revenues
$2,281,011 $2,320,134
942,547
Gas revenues
908,677
Total operating revenues
$3,189,689 $3,262,681
1,931,861
Operating expenses & maintenace
1,977,319
Provision for retirement (renewals, replacements)
258,950
of fixed capital-depreciation, &a
259,512
264,429
Taxes (Incl. provision for Federal income taxes)_
257,111
Operating Income
Other income
$695,746
5.847
$807,440
23,301
Gross income
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount Sr expense
Miscellaneous amortization
$701,593
269,040
170,501
26,393
$830,741
269,110
134,898
26,851
2,600
Net income
Preferred stock dividends
$235,659
177,286
$397,382
185,417
Brooklyn & Queens Transit System.
--S Mos.End. Nov.30-Month of November
1931.
1932.
1931.
1932.
Total operating revenues $1,806,395 $1,967,059 $9,044,655 $9.734,723
1,508,973 6,699,679 7,453,446
Total operating exps_ ___ 1,312,954
$211,965
Balance
$58,373
Note.
-The 1932 period includes operations of Owego Gas Corp., a small
subsidiary.
p. 2716
110 Last complete annual report in Financial Chronicle April 9
$458,086 $2,344,976 $2,281,277
589,208
713,589
122,343
Fall River Gas Works Co.
-fonth of November- 12 los. End. Nov. 30
1932.
1931.
1932.
1931.
$997,061
$84,a22
$77,120
Gross
$950,698
280,591
20,997
Net oper. revenue
30,302
282,687
259,957
Balance before depreciation
257.136
10 Last complete annual report in Financial Chronicle July 9 '32, p. 294
Net rev,from oper_ _ Taxes on oper. properties
$493.441
143,436
$335,743 $1,631,387 $1,692,069
$350,005
Operating income.. _
84.953
87,142
16,460
16,513
Net non-oper.Income_ __
$352,203 $1,718,529 $1,777,022
$366.518
Gross income
717,106
715,431
143.924
141,078
Total income deductions
Current income carried
$208,279 $1,003,098 $1,059.916
$225,440
to surplus
rarLast complete annual report in Financial Chronicle Sept. 17'32, p.1990
Connecticut Electric Service.
1931.
1932.
12 Months Ended Nov.30-$16,700.659 $17,556,132
Gross revenue
Net Income after deprec., taxes, interest, sub3,951,406 4,283.635
sidiary Preferred dividends, &c
1,147.812
Average number of corn,shares outstanding (no par) 1,147,997
33.73
$3.44
Earnings per share
Mar. 19 '32, p. 2144
-Last complete annual report in Financial Chronicle
10
Detroit Street Railways.
-Month of November- -11 Mos. End. Nov.30
1931.
1932.
1931.
1932.
Operating Revenues$976,700 $11,444,421 $13,894,574
Railway oper. revenues. 3814,366
211,038 3,311,359 3,051,386
242,666
Coach oper. revenues_ _ _
Total oper. revenues_ $1,057.033 $1,187,739 $14,755,780 $16,945,961
Operating Expenses
849.913 8,513,005 11,797,904
631.380
Railway oper. expenses_
206,329 2,836.208 2,736,375
223,436
Coach oper. expenses__ _
Total oper. expenses_ $854,817 $1,056,242 $11,349,214 $14,534,279
131,496 3,406,566 2,411,682
202,216
Net operating revenue._
908,527
1,041,070
76,898
98,304
Taxes assign, to operat's
$103,911
15,962
$54,598 $2,365,496 $1,503,154
140,334
211,422
7,390
$119,874
Gross income
Deductions
Interest on funded debt:
560.893
Construction bonds
Purchase bonds
9,326
Additions and betterments bonds
14,572
Equip. & eaten. bonds
18,262
Replacement & improvement bonds.. _
25,243
Purchase contract__
Bond anticipat'n notes
24,179
561,989 52,576,919 $1,643,488
Operating income_ _ _ _
Non-operating income__
Total interest
Other deductions_ __ _
5152.477
7,383
Total deductions_ - _
$159,861
Netincome
df.$39,987
Disposition of Net
Income
Sinking funds:
$35,870
Construction bonds..10,931
Purchase bonds
Additions & better13,150
ments bonds
15.287
Equip.& exten. bonds
Replacement & im14,383
provement bonds_ _
Purchase contract...
11,301
Bond anticipat'n notes
Total sinking funds....
-Dr
Residue
Total
$100,924
140,912
df.$39,987
$64,592
9,791
$746.422
116,293
$785,875
121,946
15.164
18,911
178,611
225,763
186,573
233,668
25,890
19,042
310,382
15,105
268,320
149,089
228,296
5153.392 $1,860,899 51,705,448
195,106
96.764
8,181
$161,574 51.957,664 51,900,555
df.$99,585
5619,254 df.$257,066
$27,342
10.931
$484,796
133,000
$504,336
133,000
13,150
15,287
160,000
186,000
160,000
186,000
14,383
82,191
175,000
102,602
1,261.067
125.821
$163,288 $1,264,618 52,347,007
262,873
645,363 2,604,074
df.$99,585
9619,254 df.$257,066
Federal Mining & Smelting Co.
Tons Produced-Quarter Ended
July 31 1932.
Oct. 31 1932.
Oct. 31 1931.
3,968
None May 1932
Aug. 1932
3,978 Aug. 1931
3,696
42 June 1932
Sept. 1932
66 Sept. 1931
3,587
55 July 1932
None Oct. 1931
Oct. 1932
11,251
Total
97
Total
Total
4,044
End
P.et Earnings Before Depletion, Depreciation, Income Taxes and Year
Write Offs-Quarter Ended
July 31 1932.
Oct. 311931.
Oct. 31 1932.
Aug. 1932_ _ _ _x$22.203 May 1932- - - y$30,815 Aug. 1931_ - - - $1,524
Sept. 1932_ _ y57,242 June 1932 -- - y31,041 Sept. 1931- _ -- y12,114
.
Oct. 1932-.. y52,288 July 1932-- y70,039 Oct. 1931--- y51,333
inA
r$61,923
Total
Total
Total
y$131.896
August. The profit shown for that month
32
yll7od uction
x There was no production
Is a book profit, due to revaluation of stocks of concentrates on the basis
of metal prices prevailing In that month. Unfortunately, metal prices have
since fallen to some extent. y Deficit.
ra"Last complete annual report in Financial Chronicle Mar. 12 '82, e. 1966
Federal Water Service Corp.
(And Subsidiaries)
Consolidated Statement of Earnings from Properties Now Owned (Disregarding
Dates of Acquisition),
1931.
12 Months Ended Oct. 311932.
Operating revenues
$16.538,722 $17.310,412
Operation expense
5,009,922 5,029,457
738,160
691,062
Maintenance
911,833
Reserved for retirements and replacements
923,078
1,288,618
General taxes
1,304,265
170,000
Reserved for contingencies
170,000
Net earnings from operations
$8,440,394 $9,172,343
Consolidated Statement of Income Per Books, Including Earnings of Properties
Only During Period Owned.
1931.
12 Months Ended Oct. 311932.
Operating revenues
$16,548,999 $16,952,341
Operation expense
5,015,125 4,866,004
731.444
691,516
Maintenance
923,549 , 868,901
Reserved for retirements and replacements
1,292,193
1,305,589
General taxes
Reserved for cont•ngencies
170,000
Net earnings from operation
$8,443.219 $9,193,798
666.482
290,578
Other income
$8.733,798 $9.860.281
5,068,876 4,924,792
188,194
341,181
283,667
293.614
1,310,269
489,705
851,809
385,125
386,072
217,497
260,798
$1,041,742 $2,550.736
Net Income
ri"Last complete annual report in Financial Chronicle Apr. 2 '32, p. 2515
Gross corporate income
Charges of subsidiary companies:
Interest on funded debt
Amortization of debt discount, misc. int., &c
Provision for Federal income tax
Dividends on pref. stock, paid or accrued
Dividends on pref. stock, not declared
Charges of Federal Water Service Corp.:
Interest on debentures
Miscellaneous interest and other charges
4379
Financial Chronicle
Volume 135
Galveston Electric Co.
Manitoba Power Co., Ltd.
-11onth of November--12 dos.End.Nov.301931.
1932.
1931.
1932.
$20,045
$25.905
$280,037
$326.288
13,458
16,823
177,980
221,827
2,558
3,648
35,172
58,773
Gross earnings
Operation
Maintenance
Total operating exps
Balance
Taxes
$16,017
4,027
1.390
$20,471
5,434
2,152
$213,152
66,884
20,749
$280,600
45,687
Net operating revenue x
$2,637
$3,281
$46.135
x Interest on 8% secured income bonds is deducted from surplus when
declared and paid. Last payment was July 31 1932 and interest for four
months since then not declared or paid is $6,000 and is not included in this
statement.
-The entire electric light and power business was sold in August
Note.
1931 and subsequent earnings are from operation of the street railway business. Current monthly and cumulative earnings are compared with street
railway department earnings for the previous year.
Galveston-Houston Electric Ry. Co.
-lionth of November--12 .fos.End.Nov.30Gross earnings
Operation
Maintenance
1932.
$17,993
9.738
3,331
1931.
623,329
13,693
4,497
1932.
$250,520
145,768
50,433
Total operating exps
Balance
Taxes
$13,069
4,923
1,397
$18,191
5,137
2,047
$196,201
54,318
24,178
1931.
$332,040
$3,526
$3,090
$30,140
5,108
5.325
54,649
Deficit x
$1,582
$2,234
$24,509
x Interest on income bonds and notes has not been earned or paid and
6198,358 for 15 months since Sept. 1 1931 is not included in this statement.
Note.
-In August 1931 certain property was sold and bonded indebtedness was subsequently reduced. Twelve months ending gross earnings are
compared with corresponding earnings for the previous year. Twelve months
ending expenses and interest are not comparable with the previous year.
Gamewell Co.
(And Subsidiaries)
Period End. Nov. 30- 1932-3 Mos.-1931.
1932-6 Mos.-1931.
Operating profit
loss$10.035
$133,761 loss$44,366
6315,206
Other income
24,479
24,174
47.197
47,247
Total income
$2,881
$362,403
$14,444
$157,935
Deprec. & Federal tax
98,975
22,602
50,688
45,026
Miscell. deductions....._
36,820
378
Net income
6107.247 loss$78,965
$263.428
108868,536
Shs. corn. stk. outstand.
(no par)
119,304
119,304
119,304
119,304
Earnings per share
Nil
$1.54
$0.56
Nil
KN-Last complete annual report in Financial Chronicle Oct. 1 '32, p. 2345
Haverhill Gas Light Co.
-lonth of November- 12 dos. End. Nov. 30
1932.
1931.
1931.
1932.
Gross
$646,589
6713,944
$56,355
651,934
Net oper. revenue
174 934
13,213
166,677
13,258
Balance before depreciation
162,105
170,166
10 Last complete annual report in Financial Chronicle July 9'32, p. 295
-
Hercules Motors Corp.
Period End. Sept. 30- 1932-3 Mos.-1931. 11932-9 Mos.-1931.
Net loss after charges,
deprec. & Fed. taxes_ _
$80,165prof$273,183
$48,557prof.$39,811
Earns. per silo on 311,600
sits. cap.stk.(no par)_
Nil
$0.13
60.87
Nil
VErLast complete annual report in Financial Chronicle Mar. 14 '32, p. 3647
Houston Electric Co.
-fonth of November--12 Wes.End.Nov.301932.
$165.673
83,552
23,173
14,352
Net operating revenue
Interest & amort.(pub)_
$44,594
24,477
1932.
1931.
1931.
$209,478 $2,153,558 62.745,269
104,087
1,089,715
1,304,362
338,376
33,139
412.414
19,887
234,784
253.194
$52,364
26.450
6490,682
298.540
$775,298
319,420
Balance x
$25,904
$192,141
6455,877
$20,117
x Interest on 8% secured income bonds is deducted from surplus when
declared and paid. Last payment was Feb. 1 1932 and interest for 10 months
since then not declared or paid is $20,000 and is not included in this statement.
During the last 31 years, the company has expended for maintenance a
total of 13.'27% of the entire gross earnings over this period, and in addition
during this period has set aside for reserves or retained as surplus a total
of 9.38% a those gross earnings.
Hudson & Manhattan RR. Co.
-Month of November -11 Mos. End. Nov.301931.
1932.
1931.
1932.
Gross oper. revenue_ _ _ _
6868,746 $8,526,674 $9,935,217
6742,968
Oper. exps. and taxes_
441,714
4,592,131
5,226,311
385,954
Operating income _ _ _ _
Non-oper. income
$357,013
26,146
$427.032 $3,934,543 $4,708,906
45,298
308,806
482,235
Gross Income
Income charges
$383,159
314,419
$472,330 $4,243,349 65,191,141
334,909 3,466,391
3,685,904
Net income
$137,421
$776,957 $1,505,237
$68,740
Last complete annual report in Financial Chronicle Apr. 2 '32, p. 2513
Iowa Public Service Co.
(Controlled by American Electric Power Corp.)
12 lonths Ended Nov. 3(11932.
1931.
Gross earnings ______
_ ___________________ 64,027,938 $4.426,009
Operating expenses and ______
2,137.263
__
2.482,088
Bond interest
841,654
846,627
Other deductions
67,279
65,358
__ _
Balance _ _ _
1st preferred dividends
$981,742 $1,031,936
261,943
245,098
Balance before provision for retirement reserve_
$719.799
$786,838
la"Last complete annual report in Financial Chronicle May 7 '32, p. 3456.
Loft, Inc.
1932-9 Mos.-1931.
Period End. Sept.30- 1932-3 Mos.-1931.
Net profit after deprec.,
631,896
amort., taxes, &c_ _ __loss $43,281
658,383
$250.901
Shs.cap.stk.out.
(no par) 1,073,259
1,023,209
1.073,259 1,023.209
$0.03
$0.05
Nil
$0.24
Earnings per share
rErLast complete annual report in Financial Chronicle Mar. 26 '32, p. 2353
Net earnings
$82.324
6800,862
699,847
6980,527
ItZFEast complete annual report in Financial Chronicle May 31 '32, p. 3824
Market Street Railway Co.
12 Months Ended Nov. 301932.
1931.
Gross earnings
$7,873,344 $8,649,351
Net earns.incl. other inc. bef. prov.for retirements
931,251
1,316,314
10*Last complete annual report in Financial Chronicle April 16'32, p.2905
9
Metropolitan Edison Corp.
(And Subsidiary Companies)
12 Months Ended Sept. 301931.
1932.
Electric revenues
$15,450,805 $16,223,367
Gas revenues
800,141
778,579
Steam heating revenues
96,811
93,267
Total operating revenues
$16,322,651 $17,120,320
Operating expenses & maintenance
6,691,128 6,595,616
Provision for retirements (renewals, replacements)
2,260,452
of fixed capital-depreciation, &c
3,115,424
957,286
Taxes (incl. provision for Federal income taxes)
877,059
$5,639,041 37,306.967
681,646
1,333,288
Operating income
Other income
Net operating revenue
Interest (public)
Gross earnings
Operation
Maintenance
Truces
-Month of October- -10 Mos. End. Oct. 301932.
1931.
1931.
1932.
6105,465
$129,588 $1,222,962 $1,059,005
23,141
29,741
242,435
258.143
Gross earnings
Operating expenses
Gross income
$6,972,329 $7,988,613
Subsidiary companies:
2,122,337
2,497,238
Interest on funded debt
29,813
61,430
Interest on unfunded debt
Cr33,054 Cr135.719
Interest during construction
861,898
806,725
Dividends on preferred stocks
127.003
25,023
Inc. applic. to stks. of subsid. co.'s held by public
Balance
Metropolitan Edison Corp.-Int.on funded debt
Interest on unfunded debt
63,614,967 $4,983,281
1,258,774
7,250
1,339,403 4,186,589
$1,016,790
$789,441
Balance
O"Last complete annual report in Financial Chronicle June 18'32, p.4492
Mississippi River Power Co.
(And Subsidiary)
1931.
1930.
12 Mos. End. Oct. 311932.
1929.
Gross earnings
63.519,893 $3,389,950 $3.614,679 $3,860,654
Net income after deprec.,
Interest, taxes, &c__ _ 1,724,926
1,510.781
1,894,025
1,976,842
10PLast complete annual report in Financial Chronicle Feb. 6 '32, p. 1023
Moto-Meter Gauge & Equipment Corp.
9 Months Ended Sept. 30-Net sales
Cost and expenses
Depreciation
Interest ace charges
1932.
1931.
1930.
$1,063,754 61.595.888 62,693,757
1,183,571
1,672,014
2,839,996
130,815
124,825
120.534
88,143
64,569
128,403
Loss for period
Other income
6315,201
7,036
$289,094
12,394
6395,176
31,776
Net loss
$308,165
6276.700
6363,400
For the quarter ended Sept.30 1932 the net loss was $91,432 after charges,
comparing with a net loss of $86.386 in the September quarter of 1931.
rff
'Last complete annual report in Financial Chronicle Mar. 12 '32, p. 1970
National Power & Light Co.
(And Subsidiaries).
[Intercompany Items Eliminated.)
-12 los.End.Oct.31Subsidiaries1932.
1931.
Operating revenues
$71,753,982 $78,081,970
.
Operating expenses, including taxes
37,641,455 41.578,482
Net revenues from operation
Other income
$34,112,527 $36,503,488
397.498
304,083
Gross corporate income
Interest to public and other deductions
Interest charged to construction
$34,510,025 $36.807,571
12.886,330 12,891.683
Cr34,444 Cr203.776
Balance
$21,658,139 $24,119,664
Preferred dividends to public
6,035,142
5,941,872
Retirement (deprec.) and depict. res. appropriat'ns 5,545,289
5,897.180
Portion applicable to minority interests
41,718
52,222
Balance applicable to int. and diva, on loans and
securs. of subs. held by Nat. Pow.& Lt. Co_ _610,035,990 612.228,390
Bational Power & Light Co.
Balance of subs.' income applicable to National
Power & Light Co.(as shown above)
310.035.990 612,228,390
Other income
354,580
342,974
Total income
Expenses,including taxes
Interest to public and other deductions
610,390.570 $12,571,364
134,904
158,124
1,356,647
1,357,946
Balance applicable to preferred stock
Dividends on preferred stock
Dividends on common stock
$8,899.019 611,055,294
1,678,253
1.678,186
5,450,942
5.449,012
Balance
$1,769,824 $3,928,096
WLast complete annual report in Financial Chronicle Mar. 5 '32, p. 1761
Paramount Publix Corp.
(Includes Profits and Losses of Subsidiary Companies)
3 Mos. End. Oct. 11932.
1931.
xCombined net loss after int., deprec. & all other
charges & reserves
$5,206,888 pf$1,252,000
x Exclusive of capital losses which were charged to capital surplus.
Note.
-During the 1932 period a reserve was provided for depreciation
of fixed assets amounting to $2.884,634, of which 62.659.634 was charged
off and the balance of $225,000 capitalized to film production costs.
The corporation proposes to provide reserves for revaluation of fixed
assets as of April 3 1932, which reserves will be charged against the capital
surplus which was created by the stockholders in changing the common stock
of the company from shares without par value to shares of the par value of
$10. When these reserves are placed on the books there will be a saving in
depreciation of approximately $750,000 for the three months to Oct. 11932,
which adjustment will reduce the three months' loss to $4,457,000.
IZPLast complete annual report in Financial Chronicle April 9 '32, p. 2706.
Sierra Pacific Electric Co.
(And Subsidiary Companies.)
-lonth of November- 12 los. End. Nov. 30
1932.
1931.
1932.
1931.
Gross
6131.201 61.482.966 61.577.992
6119.163
Net oper. revenue
649,942
45,629
538,900'
50,595
Balance before depreciation
551.927
454,152
ParLast complete annual report in Financial Chronicle Feb. 13'32, p. 1196.
Financial Chronicle
4380
Public Service Corp. of New Jersey.
-Month of November- -12 Mos. End. Nov.30-
1932.
1931.
1932.
1931.
Gross earnings
$10,560,137 $11,698,430 1126731,875 1137801,293
*per.exp., maint., taxes
and depreciation
6,738,294 7,475,673 83,173,212 92,204.774
Net income from oper. $3,821,842 $4,222.756 $43.558,662 $45,596,519
1,897,460
Other net income
937,000
59,873
9,960
Total
Income deductions
Dec. 24 1932
Willys-Overland CO.
(And Subsidiaries.)
Period End. Sept. 30- 1932-3 Mos.-1931.
1932-9 Mos.-1931.
Net loss after taxes,
$184,185 $3,964,624prof$120,463
deprec., &c
31,165,971
WLast complete annual report in Financial Chronicle Mar. 19 '32, p. 2140
$3,831,803 $4,282,629 $44,495,663 $47,493.980
1,301,007 15.355,249 16,012.605
1,273.628
Bal.for diva.& surplus $2,558.175 $2,981,621 $29,140,413 131,481,375
arLast complete annual report in Financial Chronicle Mar. 5 '32, p. 1783
Southern Bell Telephone & Telegraph Co.
-Month of November- 11 Mos. End. Nov. 30
1931.
1932.
1932.
1931.
Telep. oper. revenues__ _ $4,064,122 $4.789,146 $47,548,569 $54,470,095
Telep. oper. expenses-- 2,471,485 3,082,035 29,883,861 34.679,540
Gross earnings
Operating expenses
Net earnings
$149,460
$155,251 $1,377,098 $1,417,578
la'Last complete annual report in Financial Chronicle Apr. 16 '32, p. 2911
FINANCIAL REPORTS
Net telep. oper. revs__ $1,592,637 $1,707,111 $17,664,708 319,790.555
Uncoil. oper. revenues__
460,000
700,000
65,000
45,000
Taxes assign, to oper___
485,527
471,000 5,431,072 5,683.100
Operating income____ $1,042,110 $1,191,111 311.533,636 $13,647,455
1 Last complete annual report in Financial Chronicle Mar. 5 '32, p. 1763
Southern California Edison Co. Ltd.
-Month of November- -12 Mos. End. Nov. 30
1932.
1931.
1932.
1931.
Gross earnings
$2,948,612 $3,235,196 $37,464,661 $40,834.708
Expenses
557,522
736.474 7.242,967 9.545,810
Taxes
385,859
335,554 4,279,223 3.996,479
Winnipeg Electric Co.
-Month of October- -10 Mos. End. Oct. 301931.
1931.
1932.
1932.
$457,926
$485,153 $4,607,706 $4,786,609
308,466
329,902 3,230.608 3,369,031
Guantanamo & Western RR.
-Year Ended June 30 1932.)
(Annual Report
-I EARS ENDED JUNE 30.
II'vCOME ACCOUNT
1931.
Ry. Oper. Revenue1932.
1930.
1929.
Freight
$382,626
$459,644
$565,955
$508,085
Passenger
125,485
173.772
223,633
214,014
Mail, express, &c
179,457
196,708
175,054
316,395
Total ry. oper. rev_ _ _
Ry. Over. ExpensesMaint of Way & struc__
Deprec. of structures_ __
Maint. of equipment _ __
Deprec. of equipment__
Conducting transp'n___
Miscellaneous
General expense
Boqueron Term. exp
$687.568
$830,124
64,297
23,982
36,665
56,337
160,781
574
99,792
120,217
81,287
23,724
66,071
56,434
196,496
840
110,079
130.260
86,586
24,390
84,347
56,076
196,953
2,179
109,607
113,357
88,132
24,716
89.567
56,308
214,977
961
109,641
166,137
Southwestern Bell Telephone Co.
9 Mos. End. Sept. 30
1932.
1931.
1930.
1929.
Gross revenue
$54,807,834 $62,181,403 $65,199,996 $63,267,828
Operating income
12,138,940 14.398,995 16,189.228 16,403.353
farLast complete annual report in Financial Chronicle Mar. 12 '32, p. 1956
Net rev,from ry. oper. $124,924
Miscellaneous Revenue
Profits on sales
3,024
Rentsfrom property_ __ _
38,415
Hire of equip.(net)
11,845
6,802
Miscellaneous
$164,933
$223,656
$355,542
3,718
38,153
4,860
10,250
3,267
36,630
18.890
19,144
1,566
37.361
20,524
7,342
Tampa Electric Co.
-ilonth of November- 12 Mos. End. Nov. 30
1932.
1932.
1931.
1931.
Gross
3312.647
$327.934 $6.834,499 $4,313,335
Net oper. rev,after depr.
115,620
126,416
1,358,399
1,613,825
Balance for dividends and surplus
1.321.436
1 562 574
WLast complete annual,eport in Financial Chronicle Feb. 13'32, p. 1196
Gross income
DeductInt. on funded debt _ _ _
Amort of bd.dis.& exp _
.
Taxes, &c
Other deductions
$185,009
$221,914
$301,588
$422,337
180,000
17,404
13,636
2,388
180,000
17,404
15,220
10,959
180,000
17,265
23,116
18,057
180,000
17,087
25,394
13,916
Total exp. St taxes_ _ - $943,380 $1,072.028 $11,522,190 $13,542,288
Total net income
2,005,231
2,163,168 25,942,471 27,292,419
Fixed charges
604,493
565,726 7,076,374 6,933,532
Balance
$1,400,737 $1,597,441 $18,866,097 $20,358,887
OrLast complete annual report in Financial Chronicle Mar. 19 '32, p. 2135
Union Electric Light & Power Co. of Illinois.
Earnings for 12 Months Ended Oct. 311932.
Net income after taxes, depreciation, interest, &c
$2.366,860
"Last complete annual report in Financial Chronicle Feb. 6 '32, p. 1024.
Union Electric Light & Power Co. of Missouri.
12 Mos. End. Oct. 311932.
1931.
1930.
1929.
Gross earnings
$28,243,396 $31,491,531 $32.443,679 $30,797,555
*Net income
6.917,794 9,766.309 9,687,910 8,428,191
*After taxes, interest, depreciation, subsidiary preferred dividends and
minority interests.
PC'Last complete annual report in Financial Chronicle Mar. 5 '32, p. 1764.
United States Smelting, Refining & Mining Co.
11 Mos. End. Nov.30- 1932.
1931.
1930.
1929.
Gross earnings
$4,120,973 $4,250,606 16.017,170 $6,567,315
Reserves
2,323,042 2,128,498 2,639,419 2,110,867
Net earnings-----$1,797,931
Pref. div. requirements_ 1,522,163
$2,122,108 $3,377,751 $4,456.448
1,557,252
1.560,373
1,560,373
Balance
$275,768
$564,856 $1,817,378 $2,896,075
Average number of Was.
of common stock out559,065
standing
538,000
620,562
563,095
Earns, per sh. of com.stk
$0.51
31.01
$2.93
34.97
10
-Last complete annual report in Financial Chronicle April 2 '92, p. 2548
$897,153 $1,105.984
1185,937
loss$28,420 108831,669
$63,150
BALANCE SHEET JUh E 30.
AssetsLiabilities1931.
1932.
1932.
150 0
Property
, 00
27,825,420 57,870,656 1st pref.7% stook.$2,750,000 $2,7931.
2d pref. 5% stook_ 250,000
250,000
Invest. in Ingenio
Common stook_ _ 2,750,000 2,750.000
Santa Cecilia S.
.
A
100,000 First mtge. es__ -- 3,000,000 3,000,000
100,000
Cap. stk. In tress1 Cuban Govt.loan_
1
6,347
Reserve for claims,
Deposits acct, cusunntlns les
tom duties, &c
192 co paId' , &c
443
. 104,248
104 9 4
10,175
9
Loans to six. mills 171,365
152,625 Accounts payable_
22,897
W ges accrued and
a
Cuban Govt. mall
ed
6,865
service
92,426
98,664
178
25,90070
5: 84
Inventorie 3
123,353 Bank loan
357,264
Notes receivable_
6,000 Bal. due to ofricer_
Accts. receivable
Tax on bond int
3,600
213,157 Res. for profits tax
(less reserve)
88,817
863
1,978 134% gross sales
Station agts.' baLs.
818
171
4,081
Interest accrued_ _
tax
90
2,090
Rep.of Cuba sugar
In me tax reserve
stabilization 5345
Accruedintarest.on
t e xes
7,440
3,280
Dep. for int. due
July 1 on 1st m.
Int. on 1st mtge.
bonds
90,000
90,000
bonds due July 1
90,099
90,000
Cash
115,306 sur93us
lpl l
12,629
266,145
461,178
232,344
Bond dIsct. & exp. 443,774
Other def. charges_
23,490
46,527
Net income
Total
$9.243,161 $9,254,443
-V. 134, p. 321; V. 131, p. 2533.
Total
89,243,161 $9,254,443
enerat Corporate anb 31nbeament Pella
STEAM RAILROADS.
-Class I railroads on Nov. 30 had 621,631 surplus
Surplus Freight Cars.
freight cars in good repair and immediately available for service, the
car service division of the American Railway Association announced.
This was an increase of 32.581 cars compared with Nov. 14, at which
time there were 589,050 surplus freight cars. Surplus coal cars on Nov.30
totaled 197,724, an increase of 9,148 cars above the previous period, while
surplus box cars totaled 353.354, an increase of 18,229 cars compared
with Nov. 14. Reports also showed 30,153 surplus stock cars, an Increase
of 2,318 above the number on Nov. 14, while surplus refrigerator cars
totaled 13,210. an increase of 2,391 for the same period.
Matters Covered in the "Chronicle" of Dec. 17.-(a) Nickel Plate ruling
not "liberalization"; approval of advance after assent of 82% of notes
based on merits of case, p. 4154. (b) Gross and net earnings of United
States railroads for the month of October, p. 4095. (c) Annual report of
1.-S.C. Commission; repeal of recapture provisions urged, p.4106. (d) New
York Chicago & St. Louis granted funds to finance refunding plan, p.4154.
(e) The 6
-hour day and the railroads, p. 4156. (f) Railroads seek to keep
emergency rates, p. 4156. (g) Railroad wage conferences being held in
Chicago, P. 4157. (h) Four-point program of Congress rail aid outlined
by Alfred P. Thom, p. 4158.
Alabama Great Southern RR.
-Bonds.
-S. C. Commission on Dec. 2 authorized the company to procure
The I.
the authentication and delivery of $500,000 of first consolidated mortgage
5% gold bonds, series A. in partial reimbursement for capital expenditures
-V. 134, p. 3817.
heretofore made.
Alleghany Corp.
-Sale of Bonds Attacked-Investor Says
Circulars Made False Statements.
The following is taken from the New York "Times" Dec. 22:
Supreme Court Justice Walsh beard argument Dec. 21 and reserved
decision in a test suit to determine whether investment banking houses
here which sold three issues of bonds of the Alleghany Corp., holding
company for Van Sweringen railroad securities, are liable for the full amount
paid for the bonds by purchasers in 1929 and 1930 on the alleged ground of
Case representations by the selling houses in circulars describing the issues.
The case was brought by Isidor H. Kempner, owner of $4,000 of an issue
-year bonds purchased on Feb. 21 1929
of $35,000,000 collateral trust 15
against the Guaranty Co. of New York for the rescission of the contract
the return of the money paid on the ground that the selling circular
and for
on which he relied on buying the bonds contained false representations that
the trust indenture would contain a provision that the Alleghany Corp.
would at all times maintain on deposit with the trustee securities worth
at least 150% of the total amount of the bonds.
Spencer Pinkham of House Holthusen dr McCloskey, counsel for the
plaintiff, asked for summaryjudgment for the $4,000 on the ground that
there was no valid defense an in reality no issue to be tried because it was
conceded that the alleged representation in the selling circular as to the
150% collateral was not complied with. He contended that the representation was a material one, and that having relied upon it, the plaintiff
was entitled to demand the return of his money as soon as he discovered
the alleged falsity of the representation.
Mr. Pinkham argued that if the collateral for the bond issue had been
150%. the value of the bonds would have been almost certain because a
breach of the indenture would necessarily have occurred long before the
value of the collateral could have been reduced to anything near the value
of the bonds. The trustee could have forced a sale of the collateral while
its value "was still well above 100%," he asserted.
John W. Davis, for the Guaranty Co., argued that the provisions in the
Indenture amounted virtually to the statements in the circular, and that
the purchasers of the bonds were in no way injured because the actual indenture was not what the circular said it would be. He said the indenture
was the only type feasible for such a bond issue becavse, since the underlying securities consisted of huge blocks of large railways systems, a foreclosure sale, if it had been made necessary for the indenture, would have
thrown many millions of dollars in securities into the market for a forced
NM
sale and the bondholders would have been great sufferers.
He contended that the indenture used was the best type possible in the
circumstances. He asked the dismissal of the complaint on the ground
that no cause of action was stated.
The decision in the case will affect not only similar claims made by clients
of House, Holthusen & McCloskey, in which they demand a rescission of
their purchases, but another type of suit in which purchasers of the bonds
are suing for the return of their money on the ground of fraudulent representations in the sale.
A suit based on alleged false representations has been brought against
J. P. Morgan & Co., the First National Bank and the National City Co.
by the Joseph E. Marx Co., Inc.; the Marx Realty & Improvement Co..
Inc.. and the Reimer Holding Co. to reCover $16,992, $14.297 and $1,342,
respectively, on the ground that they were damaged to this extent. underThe complaint alleges that the defendants were In the business of
writing and marketing securities and had a reputation which induced
reliance on their representations on the part of would-be purchasers. In
1929 and 1930 the Alleghany Corp. put out three issues of collateral trust
convertible 5% bonds aggregating $
85-000-000, of which $35,0130"0 was
-year bonds,
in I5
-year bonds, Issued on Feb. 1 1929. $25,000,000 in 20 issued on
525,000.000 in 20
-year bonds,
Issued on June 1 1929. and
.April 11930.
Volume 135
Financial Chronicle
The plaintiff alleged that the defendant, with ethers, underwrote the
issues and issued circulars concerning the offerings. In respect to the
Feb. 1 1929 issue, it was stated that the bonds would be secured by the
following railroad stocks:
Shares.
CompanyShares.
Company
Chesapeake Corporation_ _ -300,000 N.Y. Chi. & St. Louis coin__ 75.000
20,000
96,000 Chesapeake & Ohio
Buff. Roch.& Pitts. com_ --90,000
Buff. Roch. & Pitts. pref.__ _ 43,000 Erie common
indenture would permit substitutions
The circular stated that while the
in the collateral it would provide for the maintenance at all times of securities valued at 150% of the principal bonds. Concerning the issue of June 1
1929, the circular stated that the pledge would have a 150% value and
would be the following:
Shares.
Shares. I CompanyCompany240.0001 Wheeling & Lake Erie pr. lien 24,000
Chesapeak Corp corn
10,000 Wheeling & Lake Erie com-- 11,000
Chesapeake & Ohio com
180,000
Erie common
The statement concerning the issue of April 1 1930, also representing a
value of 150% for the collateral, stated that the security would be the
following:
Security.
Company$7,000.000
Missouri Pacific RR.5%s cony, gold bonds, due 1949
100,000
Missouri Pacific common shares
60,000
Missouri Pacific cony. 5% preferred shares
50.000
New York Chicago & St. Louis common shares
40,000
Pere Marquette common shares
The complaint asserts that, contrary to the representations as to the
collateral, the indentures contained only "designedly ineffective provisions,"
reciting that if an appraisal at any time should show that the value of the
pledged securities and deposited cash was less than 150% of the value of
the bond issue at that time the corporation would not declare or pay any
dividends on its common stock, and that if the company did not within
30 days of the appraisal deposit as additional security stocks, bonds or cash,
making the total value at least 150%, then no dividend would be declared
or paid on the pref. stock so long as the deposited collateral remained less
than 150%.
The plaintiffs allege that Morgan & Co. knew all the details of the trust
indenture, as did the other defendants, and that Morgan & Co. had taken
part in the formation of the Allegheny Corp. and had advanced large sums
to 0. P. and M. J. Van Sweringen, the organizers. It is asserted that the
Morgan house promoted the transfer of $82,000.000 in securities to the
corporation which had assumed the obligations of the Van Sweringens to
J. P. Morgan & Co. and thus the banking house was "actuated by motives
of personal interest" in advising the purchase of the bonds.
The complaint charges finally that the Alleghany Corp. has failed to
maintain the 150% deposit with the trustee, and that the indentures furthermore "failed to contain an unqualified and effectively enforceable covenant
or obligation on the part of the Allegheny Corp. to maintain such collateral," for which reason the bonds bought by the plaintiffs "have depreciated to an extent that substantially destroys their value."
-V. 135.
p. 3853, 2993, 2488.
Atlantic City RR.
-To Be Assigned Lease of West Jersey
& Seashore RR.
-V. 134, p. 3631.
--See latter below.
Baltimore & Ohio RR.
-Big Response Made to Plan
82% of $63,250,000 Issue Due March 1 Deposited in Month
After Propo8al-10% Cash Offer Extended.
The company announced Dec. 22.that in a month 82% of its $63,250,000
of bonds maturing on March 1 had been deposited under the plan which
provided for payment of the issue, one-half in cash and one-half in new
bonds.
The stimulus to this response was a clause in the offer which provided
that 10% of the face amount of the bonds deposited under the plan until
Dec. 22 would be raid by the company immediately in cash. The statement issued Dec. 22 said that this clause would be extended for a time.
On Nov. 16, the company formally announced to holders of its $63,250.000 convertible 43 % bonds due March 1,a refunding 'plan proposing pay,
5
ment of the issue one-ahlf in cash and one-half in refimding and general
mortgage 5% bonds due in 1996, but callable before that date. As an
Inducement to prompt assent the company offered a down payment of
10% in cash on bonds deposited under the offer between Nov. 22 and
Dec. 22.
The response of the bondholders to the offer was outlined by George
M.Shriver, Senior Vice-President of the B.& 0.in the following statement:
"The company announced that,at the close of business to-day.[Dec.22,1 of
the $63,250,000 of 43. % convertible bonds, due March 1 next, over
000,000, or more than 82%, had been presented for stamping agreeing to
the plan of refinancing under which the bondholders are to receive 50% in
cash on or before March 1 1933, and 50% in the company's refunding and
general mortgage 5% bonds maturing 1996.
"According to the plan, bondholders presenting their bonds for stamping receive 10% of the principal of their bonds in cash, which they wffi
retain whether or not the plan is declared operative. The plan may be
declared operative only if and when holders of substantially all of the bonds
have signified their acceptance of the same.
"George M. Shrivel, Senior Vice-President of the company, expressed
satisfaction at the favorable reception of the plan, and the large amount
of bonds which have already accepted it and stated that as the bonds are
widely scattered and as a number of holders expressed a desire to present
their bonds for stamping but had been unavoi able delayed in doing so,
the company would continue for a time to make payment of the 10% in
cash upon presentation of bonds for stamping agreeing to the plan."
Officers Re-elected.
At a meeting of the board of directors held on Dec. 21 1932, being the
annual meeting for organization subsequent to the last election of the
board held by the stockholders on Nov. 21, Daniel Willard was re-elected
President of the company, and the other executive officers were re-elected
as follows: George M. Shriver, Senior Vice-President; C. W. Galloway.
Vice-President in charge of operation and maintenance; Golder Shumate,
Vice-President in charge of freight traffic, mall and express and commercial
development; H. B. Voorhees, Vice-President and Executive Representative in Chicago; W. T. Noonan. Vice-President and Executive Representative in Rochester, N. Y.• George F. May, Secretary; E. M. Devereux,
Treasurer, and J. J. Cornwell, General Counsel.
-V. 135, p. 4211.
Canadian Pacific Ry.-Dividend Outlook, &c.
No decision on the dividend on the ordinary stock will be made by the
directors until next year, President E. W. Beatty stated on Dec. 21 in
denying rumors that the question would be settled within a few days. He
added that there had been no change in the policy announced last Summer,
when the directors decided to defer consideration of the dividend until the
results of the full year's operations were known (see V. 135, p. 1160). It
is assumed that these results will not be available until next February or
March.
A. D. Mactier, Vice-President of the company's Eastern lines will retire
under the company's Pension rules on Dec. 31, it was announced.
-V. 135.
p. 2332.
Central of Georgia Ry.-Receivership.The company was placed in the hands of a receiver Dec. 19, under an
order issued in Augusta by Judge William It. Barrett, of the U. S. District
Court. Henry D. Pollard, President of the road, was named receiver.
The receivership followed upon the filing of a bill in equity by the Alabama Fuel & Iron Co. alleging that the company was insolvent. The company admitted that the allegations were correct.
Mr. Pollard, in a statement issued immediately after the receivership
became known,said the road would be operated as economically as possible
under the receivership and that its service would be maintained.
The Illinois Central RR. owns all the stock of the Central, amounting
to $20,000,000. Under the receivership the Ocean Steamship Co., from
Savannah to New York, which the Central owns, will not be affected.
The Central also has under lease the Augusta & Savannah, running from
Millen to Augusta; the Southwestern, from Macon, Ga., to Eufaula, Ala.,
and the Chattanooga & Gulf. These will be operated under the receivership.-V. 135, p. 1483.
Protective Committee for Bondholders Formed.
A protective committee (below) has been formed to protect the interests
of the holders of the following bonds:
1st mtge. 5s, due Nov. 1 1945.
1st mtge., Macon & Northern Div., .5s, due Jan. 11946.
4381
1st mtge.. Mobile Div., 5s, due Jan. 1 1946.
1st mtge., Middle Georgia & Atlantic Div., 5s, due Jan. 1 1947.
1st mtge. Oconee Div., 5s. due Dec. 1 1945.
Chattanooga Div. purch. money mtge. 4s, due June 1 1951.
Consol. mtge. 5s, due Nov. 1 1945.
Ref. & gen. mtge., series B,53s. due April 1 1959.
Ref. & gen. mtge., series 0,5s, due April 1 1959.
Equip, trust certificates, due 1933 to 1940.
Central RR. & Banking Co. coll. trust 55. due May 1 1937.
Chattanooga, Borne & Southern RR. 1st mtge. 5s. due July 1 1947.
The committee issued the following notice:
In view of the appointment of a receiver for the company on Dec. 19,
the undersigned, representing the holders of large amounts of outstanding
obligations of the company, have consented to act as a committee for
holders of the above named securities.
Under present conditions, the committee believes that the interest of all
bondholders will best be protected, and expense saved, by joint action for
consultation with the receiver and investigation of the situation. If serious
conflicts of interest arise among the various issues, bondholders represented
on the committee contemplate the organization of such separate committees
as may at the time seem desirable.
No deposits of securities are requested, but security holders are requested
to notify the secretary of the committee of their names, addresses and the
amounts of their respective holdings so as to enable the committee to communicate with them when, in its opinion, further action is required.
The members of this committee will serve without compensation.
-Henry W. George, Chairman (Vice-Pros. Metropolitan Life
Committee.
Insurance Co.); Dwight S. Beebe (Vice-Pres. Mutual Life Insurance Co.
of New York); George W. Bovenizer (Kuhn, Loeb & Co.); Robert H.
Bradley (Vice-Pres. & Treas. Prudential Insurance Co. of America);
James H. Brewster, Jr. (Vice-Pros. & Treas. Aetna Life Insurance Co.):
Pierpont V. Davis (Vice-Pres. The National City Co.); Harold Palagano
(Treas. New York Life Insurnce Co.); Frederick W. Walker (Vice-Pres.
Northwestern Mutual Life Insurance Co.); Milo W. Wilder, Jr. (Treas.
Mutual Benefit Life Insurance Co.of Newark);Churchill Rodgers, 15 Broad
St., New York, Secretary, and Cravath, DeGersdorff, Swaine & Wood,
-V. 135, p. 1483, 1160.
Counsel.
-Excess Income Report.
Detroit Toledo & Ironton RR.
-S. C. Commission has issued a tentative report holding that the
The I.
the period 1923 to
road had excess net operating income of $3,887,684 insubject to payment
1926, inclusive. One-half of the ascertained amount is however, are not
findings,
to the government as recapturablo excess. The
conclusive but subject to exceptions and oral argument of the carrier.
V. 135. p. 2332.
-Not to Pay Jan. 1 Interest.
Havana Terminal RR.
Pursuant to the conditions of the supplemental agreement of May 27
debentures
1932,approved by a meeting of holders of the 5% first mortgage from the
and debenture stock on July 4 1932, advice has been received funds are
United Rys. of the Havana and Regla Warehouses, Ltd., that nohalf
-years
two
available for the payment of interest due in respect of the Terminal RR.
to Jan. 1 1933. Under these circumstances the Havana
will be unable on Jan. 1 1933, to make any payment on account of interest
-V. 125, p. 3638.
on its debentures or debenture stock.
-Central of Georgia Receivership.'Illinois Central RR.
L.A. Downs, President is quoted as follows:
effect on
The receivership for the Central of Georgia By. will have no
is the
the Illinois C3atral system. Our only interest in the situation all the
ownership of about $20,000,000 of the common stock or practically a long
outstanding for which we paid approximately $18.000,000
total
time ago.
-V.135, p. 3518.
See also Central of Georgia By. above.
-Earnings.
Indiana Harbor Belt RR.
see
For income statement for three and nine months ended Sept. 30
-V. 135, p. 1326.
"Earnings Department" on a preceding page.
-Allocation Stands.
Lehigh & New England RR.
-S.
1. C.Commission has denied the petition of the road asking reconsideration of its allocation nnder the modified four-system easter], railroad consolidation plan to joint ownership by the four systems.an independently
The company contended it should be maintained asbe allocated in its
to
owned and operated carrier or, in the alternative,anthracite and cement
entirety to a system which will require for its line,
-V. 135, p. 3550.
originating on the bridge line.
-Supreme Court Agrees to Review
Long Island RR.
Appeal.
Probable jurisdiction was noted by the U. S. Supreme Court, Dec. 19.
between
In the case affecting the road's operation of Pennsylvania tracks
Harold Avenue and Synnyside yard and the Pennsylvania Station. Last
Southern
March the New York Transit Commission filed a petition in the
-S. C. Commission
New York District Court asking for annulment of an I.
order which certified that the present and future public convenience and
require the continued operation by the Long Island RR. under
necessity
Terminal
trackage rights over the railroad of the Pennsylvania Tunnel & condition
Railroad Co. between the points mentioned, "upon the expressthe extent
be modified in the respects and to
that the terms and conditions
indicated."
steps
In April, New York State filed a similar petition. Further legal June.
were taken and the case was heard by a three-judge Federal Court in of the
dismissal
In October the Court handed down an opinion directing a York State appetitions, whereupon the Transit Cominission and New
-V. 135. p. 2488.
proached the Supreme Court.
-Payment of European & North
Maine Central RR.
American Railway Bonds.
-S. C. Commission on Dec. 2 authorized the company to procure
The I.
the authentication and delivery of $1.000,000 of 5% first mortgage gold
bonne.
The report of the Commission says in part:
-year mortgage bonds issued
"There are outstanding $1,000.000 of 4% 40
jointly by the Boston & Maine RR. and European & North American By..
which will mature Jan. 1 1933. By a lease dated Aug. 31 1882, under which
the properties of the European are leased to the Maine Central for 999 years
from April 1 1882, the Maine Central assumed payment of the principal
and interest of an indebtedness of$1.000,000 Incurred by the city of Bangor,
Me. to aid in constructing the European's line from Bangor to Winn. Me.
The lease provides that should the Maine Central desire to make a loan for
the purpose of paying such bonds, the loan may be secured by a lien on the
railroad from Bangor to Winn, and for subsequent renewals, provided.
however, that the bonds so secured shall not exceed $1,000.000 at par and
shall not bear a rate of interest higher than 6% per annum. Prom the
record in the loan proceeding it appears that the maturing bonds were
Issued, under this provision, in refundment of $1.000.000 of European &
North American By. first-mortgage 25
-year 6% bonds due Jan. 1 1894.
which had been assumed by the European.
Payment of the maturing bonds will be made by the Maine Central, In
part from the proceeds of a loan of $900,000 from the Reconstruction
Finance Corporation and the remainder from its treasury. We have approved the making of such a loan by our certificate of Nov. 10 1932.
The bonds will be issued under and pursuant to, and will be secured by,
a mortgage on the European's railroad from Bangor to Winn. proposed to
be executed by the applicants as of Jan. 2 1933, to the First National Bank
of Portland, Me., as trustee. They will bear interest at the rate of 5% per
annum, will be redeemable on any interest date, to and incl. Jan. 1 1938. at
102% Althereafter to and incl. Jan. 1 1943. at 101. and thereafter at 1003..
plus Mt. in each-case, and will mature Jan. 1 1958. They will be deposited
with the Finance Corporation as a part of the security for the loan above
-V. 135, p. 3518.
mentioned.
Missouri Pacific RR.
-Seeks New Rail Loan.
The company on Dec. 19 asked the I.
-S. C. Commission to approve a
further loan from the Reconstruction Finance Corporation of $4,300.000
in addition to four loans aggregating $17,100,000 already secured from the
Corporation.
The carrier asked for $1,900,000 on or before Dec. 30 to assist in paying
taxes of $1.908,000, due Dec. 31, $600,000 on or before Jan. 13 to meet
equipment trust maturities of $693.400. due Jan. 15, and $1.800,000 on
or before Jan. 31 to assist in meeting interest of $2,139,868 on 1st & ref.
mtge. bonds and $153,000 on equipment trust maturities due Jan. 31.V. 135. p. 3518.
4382
Financial Chronicle
Monongahela Ry.-Excess Income Determined.
-
The I.
-S. C. Commission tentatively fixed 81,203,485 as recapturable
excess income of the road in an excess income report made public Dec. 20
.covering the period 1920 through 1927. The recapturable excess is onehalf of the amount about 6% earned by a railroad during any given year.
-V. 129, p. 276.
Murfreesboro-Nashville Southwestern Ry.-Successor.
See Murfreesboro-Nashville Ry. above.
-V. 130. p. 2574.
New York Central RR.
-Commutation Rates.
-
The company has accepted the recommendation of the P. S. Commission,
that present fares be continued, and will withdraw its application for a 40%
fare increase. While the amount of the increase the road obtained was not
all it had hoped for,or to which it thought it was fairly entitled, this marked
the end of the fight for the increase, it stated, as the case had lasted for
over two years. A 25% increase was "temporarily" granted last April, as
well as a 20% increase on family trip tickets.
-V. 135. p. 4212.
New York Chicago & St. Louis RR.
-Listing of $15,.000,000 3
-Year 6% Gold Notes Due Oct. 1 1935.
The New York Stock Exchange has authorized the listing of $15,000.000
three-year 6% gold notes due Oct. 1 1935 on official notice of issuance.
The purpose of this issue of notes is to provide for the payment in part
of the three-year 6% gold notes due Oct. 1 1932. The notes are to be
issued for such purpose in a principal amount equal to 75% of the principalamount of three-year 6% gold notes due Oct. 1 1932,and are to be delivered
to the holders of such notes or the holders of deposit receipts for such
notes upon surrender thereof to Guaranty Trust Co. of New York, depositary under the deposit agreement under which the deposit receipts
were issued. Cash to the extent of 25% of the three-year 6% gold notes
due Oct. 1 1932, loaned to the company by the Reconstruction Finance
-Corporation, shall be delivered with the delivery of the notes.
Earnings for 6 Months Ended June 30 1932.
Railway operating revenues
515.123,390
Railway operating expenses
11,950,729
Neerevenue from railway operations
Railway tax accruals
Uncollectible railway revenues
Railway operating income
Equipment rents
-net debit
-Joint facility rents-net debit
Net railway operating income
Non-operating income:
Income from lease of road
Miscellaneous rentincome
Miscellaneous non-operating physical property
Dividend income
Income from funded securities
Incomefrom unfunded securities and accounts
Income from sinking and other reserve funds
Miscellaneousincome
Grossincome
'Deductions from gross income:
Rent for leased roads
Miscellaneous rents
Miscellaneous tax accruals
Interest on funded debt
Interest on unfunded debt
Miscellaneousincome charges
53.172,662
1,142,389
4,978
$2,025.294
1,215,146
244.702
*565,386
71,778
66,555
15,535
457,753
148,674
126,907
263
3,807
$1,456,661
101,305
5,193
225
3,774,037
52.546
25,285
Net deficit
82,501,930
Comparative Balance Sheet.
June 30'32. Dec.31 '31.
Assets$
$
Investment in road & equipment
238,086,354 237,594,990
Improvements on leased railway property
88,495
88,493
;Sinking funds
160,000
323
Deposits in lieu of mortgaged property sold
387,804
596,912
Miscellaneous physical property
1,243,199
1.236,914
Investments in affiliated companies:
Stocks
2,212,980
2,212,980
Bonds
514.601
Notes
6,957,595
6,957,595
Advances
2,300,199
2,028,887
-Other investments:
Stocks
29,977,485 29,977,485
Bonds
940
940
Notes
1,000
Miscellaneous
3,690
3,690
-Cash
1,641,730 2.253,159
Special deposits
388,226
444,969
Loans & bills receivable
52.807
44,824
Traffic & car service balances receivable
625,787
578.283
Net balance receivable from agents & conductors
366,158
336,048
Miscellaneous accounts receivable
1,531,812 1,526,813
Material & supplies
2,875.875 2,799,787
Interest & dividends receivable
542,989
502,295
Rents receivable
21,432
32,428
Other current assets
55,410
48.834
Deferred assets
126,903
127,758
Unadjusted debits
1.775,512 1.566,383
Total
291,937,986 291,471.392
Liabilities
Capital stock
69,795,660 69,795,660
Stock liability for conversion
35,100
35,100
Premium on capital stock
200,724
200,724
Grants in aid of construction
6,664
Funded debt unmatured
156,749.000 147,989,000
Non-negotiable debt to affiliated cos.: open accts
6.335,000 6,805.500
Loans & bills payable
6,000,000
Traffic & car-service balances payable
1,357,526
1,394,171
Audited accounts & wages payable
2,228,373
2,129.850
Miscellaneous accounts payable
65,948
71,483
Interest matured unpaid
310,365
314,261
Dividends matured unpaid
36.200
36,662
'Funded debt matured unpaid
11,000
61,000
Unmatured interest accrued
1,986,999
1,941,453
Other current liabilities
82,689
75,171
Deferred liabilities
226,194
125,948
Unadjusted credits
23,867,731 23,462.004
Additions to property through income & surplus__ _
239.190
239,065
Funded debt retired through income & surplus_
787,269
787,269
Profit & loss
27,616,354 29,907,074
Total
291,937,986 291,471,392
-v.135, P. 4212.
Murfreesboro-Nashville Ry.-Acquisition and Securities.
-S. C. Commission on Dec. 16 issued a certificate authorizing the
The I.
acquisition by the company of a line of railroad extending from Nashville to
Murfreesboro, approximately 14.467 miles in Howard, Hempstead, and
Pike Counties, .Ark.
The Commission also authorized the company to issue not exteeding
$16,000 common stock and $30,000 of first mortgage gold bonds to acquire
and rehabilitate the railroad, the stock to be sold or otherwise disposed of
at not less than par and the bonds to be sold at not less than 90 and interest,
and pending their sale to be pledged as collateral security for short-term
notes.
The line proposed to be acquired was formerly owned and operated by
the Murfreesboro-Nashville Southwestern Ry.
The report of the Commission says in part:
Our order of March 26 1930, in Murfreesboro-Nashville S. W. Ry. Co.
securities, authorized that company to issue 816,000 common stock and
$30,000 first mortgage gold bonds to finance the acquisition and rehabilitation of the properties. Before these securities were issued a receiver for the
.old company was appointed in aiproceeding in Howard County Chancery
Court,Ark. Pursuant to order of court,dated March 111932,the properties
Dec. 24 1932
of the old company were sold by the receiver on June 9 1932. and the sale
was approved and confirmed on the same day. M. W. Greeson, the
Principal stockholder of the old company, as trustee for himself and others.
purchased the properties and paid therefor by surrendering $5,727 of
preferred claims that had been acquired by him, by giving a note for
for $4,000 payable on or before 90 days, the proceeds to be used to pay
a like amount of receiver's certificates, and by the assumption of certain
liabilities.
The applicant was organized to acquire and operate the properties bought
by Greeson, who conveyed them to the applicant by deed dated June 20
1932. The Board of Railroad Incorporation for Arkansas has recognized
the applicant as successor to the charter and franchise of the old company
and entitled to continue the operation of the railroad as a common carrier.
and the Arkansas Railroad Commission has authorized the applicant to
issue securities in the respective amounts requested herein.
The stock is to be issued at par to the stockholders as their interests may
appear. No arrangements have been made for the sale of the bonds, but
the applicant proposes to sell them at not less than 90 and int. Pending
their sale, authority is requested to pledge the bonds as collateral security
for short-term notes. The proceeds from the sale or pledge of the bonds
will be used to pay the obligations assumed in acquiring the properties as
above stated and to provide the applicant with working capital.
See also under "Current Events" on a preceding page of
this issue for details of F. R. C. loan of $25,000.
Norfolk Southern RR.
-Abandonment.
-Receivers have asked the I.
-S. C. Commission for authority to abandon
24 miles of first main tracks and four miles of sidings between Mackeys and
Columbia, N. C.,and 26 miles of main line and five miles of sidings between
Bridgeton and Oriental, N.C., because traffic is insufficient to pay operating
expenses, due to the diversion of traffic to buses, trucks, and automobiles.
-V. 135, p.3162.
Pittsburgh 8c Lake Erie RR.
-Earnings.
-
For income statement for three and nine months ended Sept. 30 see
"Earnings Department" on a preceding page.
-V. 135, P. 3351.
Pennsylvania RR.
-Lease of West Jersey & Seashore RR.
to Be Assigned to Atlantic City RR.'Iree'West Jersey & Seashore RR. below.
-V.135. p. 4212.
Pere Marquette Ry.-To Pledge Bonds.
The I.
-S. C. Commission has authorized the company to pledge with the
Railroad Credit Corporation its equity in $9,000,000 of its first mortgage
43 % bonds, series C. now pledged with Reconstruction Finance Corporation as collateral security. Authorization also was given the road to pledge
8386,000 of these bonds now in its treasury under the same note issue.
V. 135, p. 3688.
St. Louis-San Francisco Ry.-Time for Deposits of
Securities Eztended.-E, N. Brown, Chairman of the reorganization managers, in a letter dated Dec. 14 to holders
of the prior line mtge. bonds, series A and B; consol. mtge.
bonds, series' A and B, and Kansas City Forst Scott &
Memphis ref. mtge. bonds, states:
The plan and agreement of readjustment of the capital of the company,
dated July 6 1932, as modified Aug. 29 1932, has been declared operative.
There have been subjected to the plan more than $173,000,000 of bonds,
constituting more than 66% of the bonds affected by the plan.
The properties of the company are now in the hands of the receivers
appointed by the U. S. District Court for the Eastern District of Missouri.
If the remaining bonds are promptly subjected to the plan, the receivership
can be terminated and the plan consummated with a minimum of delay
and expense. Unless a substantial amount of additional bonds are deposited.
it may be impossible to carry out the plan, except by foreclosure of the mortgages and sale of the property. Reorganization by foreclosure and sale
would be expensive and could not be carried out without serious delay.
To give bondholders an opportunity to avoid this expense and delay, the
time for the deposit of bonds has been extended to the close of business on
Jan. 3 1933.
The plan does not change the character or relative position of the several
bond issues, and contemplates that bondholders will be restored to their
original status when normal earnings return. The readjustment managers
believe that the interests of every class of security holders will be best served
by the consummation of the plan at the earliest possible date.
Outline of Important Provisions of Plan.
-Prior lien and consolidated
bondholders assenting to the plan agree to accept interest certificates in
lieu offive years' interest payments,these certificates bearing fixed Interest at
rates increasing from 1% to 3%. For the next five years a portion of the
regular interest is fixed and the balance contingent upon earnings. However, all back interest must be made good and all income must be applied
for capital expenditures or for the benefit of bondholders and other creditors
until this has been done, and until the position of bondholders has been
substantially improved by the expenditure of about $64,000,000 out of
income for capital expenditures or for the retirement of bonds and secured
notes.
The maturity of Fort Scott bonds is extended 10 years, but interest 113
payable as at present.
All bondholders receive stock (voting trust certificates) as compensation
for concessions made by them.
A new prior mortgage, limited to $25,000,000, is to be created to provide
for necessary requirements.
The depositaries are: (1) For Fort Scott bonds. Bankers Trust Co., New
York City; (2) for prior lien bonds, Central Hanover Bank di Trust Co..
New York City; (3) for consolidated bonds, Chase National Bank of the
City of New York, New York City.
Sub-depositaries are: (a)for Fort Scott and prior lien bonds: First Union
Trust & Savings Bank, Chicago, and First National Bank in St. Louis;
(b)for consolidated bonds: Continental Illinois Bank & Trust Co., Chicago.
Mercantile-Commerce Bank & Trust Co., St. Louis; (c) for all bonds:
Baltimore Trust Co., Baltimore, Old Colony Trust Co., Boston, and
Anglo-California National Bank, San Francisco.
Proposes Abandonment of 11 Branch Lines.
-
Authority to make application to the I.
-S. C. Commission for permission
to abandon service on 11 branch lines in Missouri, Arkansas, Kansas and
Oklahoma was granted receivers Dec. 10 by Federal Judge Faris at St.
Louis.
James M. Kurn and John G. Lonsdale, the receivers, in their request
for the authority, stated after a study of operation of the lines they found
deficits in 1931 for them, continued operation would increase the deficits
and it was their opinion the small amount of freight and passenger traffic
moving over them could be handled by motor truck service which they
could arrange.
The lines over which the receivers proposed to abandon service, subject
to the approval of the Commission, are:
(a) Evadale Branch, 18.1 miles, extending from Deckerville, Ark., to
Evadale Junction, Aik., which had deficit of $9.357 In 1931.
(b) Sligo Branch, 5.4 miles, from Goltra, Mo., to Sligo, Mo., deficit
81,458.
(c) Winkler Branch, 12.8 miles, from Bangert, Mo., to De Camp, Mo.
deficit $2,827.
(d) That part of Tipperary Branch extending 8.9 miles from Osprey
Junction, Ark., to Tipperary, Ark., $4,533 deficit.
(e) Part of the Deering Branch running 4 miles between Yukon. Mo.,
and Deering Junction, Mo., and 4.5 miles between Wardell and Fralley,
Mo. These lines, with 7.8 miles of other trackage, had deficit of $10,374
in 1931.
(f) Branch line between (but not including) Belton, Mo., and Harrisonville, Mo., via Raymere, 17.6 miles, deficit 37,443.
(g) Stanley Branch 8.4 miles, extending from Olathe, Kan., to Stanley,
Kan..$9,061 deficit.
(h) Le Panto Branch, 15.6 miles between Tyronza Junction, Ark., and
West Ridge, Ark., $12,182 deficit.
(I) Bono Branch, 35.6 miles, extending from Bono, Ark., to Algoa, Ark.,
*28,319 deficit.
(j) Jennings Branch, 1.8 miles between North Jennings, Okla., to
Jennings, Okla.. $2,026 deficit
.-V. 135, P. 4212.
Rutland RR.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 135, p. 1327.
4383
Financial Chronicle
Volume 135
June 10, has just gone forward to the corporation's bondholders. "Under
the terms of its appointment,' the circular runs, "the committee was
Instructed to report to a meeting of such bondholders to be subsequently
convened. At the moment this committee feels that such a meeting would
be premature; therefore it desires to present an interim report covering the
period since its election of June 10 1932, to this date.
The immediate and imperative problem which the committee had to face
was that of securing sufficient funds to enable the corporation to complete
its construction programme to a point which would preserve the contracts
with the Hydro-Electric Power Commission of Ontario and the Montreal
Light, Heat & Power Consolidated. To that end your committee has
especially directed its efforts and is pleased to report that through the
co-operation of the Dominion Government and the corporation's bankers
the necessary funds have been advanced and the development carried on
to the point where power was actually furnished as provided under these
contracts, thereby fulfilling them. If this had not been accomplished the
whole enterprise would have been in very grave danger.
The total expenditure to Oct. 31 1932. has been $51.423,502.
The Ontario Hydro-Electric Power Commission and the Montreal Light.
Heat & Power Consolidated are now taking delk ery of 60.000 h.p., being
their full present quota under the contracts above indicated, and in pursuance of such contracts they will take an increasing an ount of power each
year until in 1937 they are obligated to pay for 400,000 h.p. In order to
reach this point the Power Canal will require to be deeper ed. Control Works
in the St. Lawrence River provided, and additional equipment Installed,
involvir g construction work estimated to cost,exclusive of interest, approximately $15.000 000, which will have to be financed.
The committee has been in frequent session al d is puttir g forward every
effort to develop a satisfactory plan offinancir g which will rot only provide
the additional $16,000 000. exclusive of ir terest, required for further conapproxistruction purposes, but a ill also retire the temporary boar s of developbring the
mately $21.000,000 which a ere r ecessary in order to be based on a comment up to its present stage. Any new financing n ust
pleted project equipped to produce the 400.000 h.p. required to meet the
contracts referred to above. The earnings from such a dveloprnent can be
estimated fairly accurately and will coy sist almost entirely of the payments
under contracts with the two customers above-mentioned. The capital
structure must be based on the ability of the company to earn its fixed
charges, and the amount of securities which could be sold would depend on
the company's ability to meet interest and sinking fund in respect thereof.
Until new securities can be disposed of. the earnings from the present contracts must be used for interest on temporary boars, operating expenses and
construction requirements, hence resumption of cash interest payments on
the bonds is not immediately in prospect. Due to existing financial conditions, which affect not only Canada, but are world-wide, it has been
impossible up to the present to finance permanently to the extent necessary
to take care of the outstanding temporary loans and the additional construction requirements.
The committee is pleased to report that so far the construction cost has
been well within the estimates, and actual operation is proceeding
satisfactorily.
Having accomplished the completion of the first stage of the enterprise,
i.e. the all important delivery of power on Oct. I last, the committee is
devoting practically its entire attention to permanent financing, upon which
-V. 135,
it will report to the bondholders at the earliest possible date.
p. 4213.
Toronto Hamilton & Buffalo Ry.-Earnings.-
For income statement for three and nine months ended Sept. 30 see
-V. 135. p. 1327; V. 134,
"Earnings Department" on a preceding page.
p.4155. 1368.
-Approves Assignment of
West Jersey & Seashore RR.
Its Long-Term Lease to Atlantic City RR.
The stockholders on Dec. 16 authorized the assignment of the present
lease of the West Jersey Sr Seashore RR. by the Pennsylvania RR. to
Atlantic City RR., so as to assist in making effective the proposed cooperative plan for the future unified operation of the seashore railroads.
The Pennsylvania RR. and the Reading Co., as owners of the stock of
the Atlantic City RR., will guarantee the fulfillment by the latter company
of the financial obligations under the lease.
A. J. County, who presided at the stockholders meeting,said that follow-S. C. Commission of the assignment of the lease,
ing the approval by the I.
application will be made by the Pennsylvania RR. to acquire from the
Co., the present owner of practically all of the capital stock of the
Reading
Atlantic City RR., two-thirds of the capital stock of the latter company,
the Reading Co. retaining the other one-third, and that the capital structure
of the Atlantic City RR., will be readjusted through the reduction of its
-V.135. P. 3519.
bonded debt.
Wisconsin Central Ry.-Protective Committee.
Franklin D'Olier, Vice-Pres. of Prudential Insurance Co. of America,
is Chairman ofa protective committee which has been formed to act without
compensation in representing holders of Wisconsin Central Ry. 1st gen.
-year 4% gold bonds due July 1 1949 and of Superior & Duluth
mtge. 50
Division & Terminal 1st mtge. 30
-year 4% gold bonds due May 1 1936.
This follows the appointment of a receiver for the company on Dec. 2 by
the United States Dlstrict Court of Minnesota.
The other members of the committee are Jacob A. Barbey, Treas., New
England Mutual Life Insurance Co.; Fred P. Hayward, Treas., John
Hancock Mutual Life Insurance Co.; Frederick W. Walker, Vice-Pres.,
Northwestern Mutual Life Insurance Co., and Joseph R. Warner, New
York City. Samuel L. Rosenberry, 15 Broad St., New York is Secretary,
and Milbank, Tweed, Hope & Webb, 15 Broad St., New York are Counsel.
A deposit agreement is being prepared and as soon as executed holders
are requested to deposit these bonds with the Chase National Bank, 11
-V. 135,
Broad St., New York, which has been designated as depositary.
p.4031.
PUBLIC UTILITIES.
Change in Accounting by Utilities Ordered.
-The P. S. Commission of
N. Y. has announced that it had directed all gas and electric companies
in New York to keep separate records which. would show the complete
cost of merchandising activities, as well as revenues derived from them,
and the expenses, profit or loss entailed. The Commission's accounting
system will be amended to make it possible, after July 1 1933. to keep its
own records in accord with this ruling. N. Y. "Times" Dec. 17, p. 29.
Matters Covered in the "Chronicle" of Dec. 17.
-Weekly electric production
off 9.1% as compared with last year; output in October 9.5% lower than
in same month in 1931, p. 4115
-Overseas TeleAmerican Telephone & Telegraph Co.
phone Service Extended to Colombia.
-61,4c. Extra Pref. Dividend.
Brooklyn Borough Gas Co.
The company has declared on the 6% cum. and partic. pref. stock. par
$50, an extra distribution of 6% cents per share in addition to the regular
quarterly payment of 75 cents per share, both payable Jan. 3 to holders of
record Dec. 19. Like amounts were paid on July 1 and on Oct. 1 last, while
on April 1 1932 an extra of 56 cents per share was paid. From July 1927
to and incl. Jan. 1932 the company made extra distributions of 6% cents
per share on this issue.
The directors also declared the regular quarterly dividend of $1.50 per
share on the no par value common stock, payable Jan. 10 to holders of
record Dec. 31. Quarterly payments at this rate have been made on the
junior stock since and incl. April 1927. On Jan.10 1932 an extra disburse-V.135. p. 2171.
ment of $6 per share was also made on the common stock.
Another voice bridge was thrown across the Caribbean Sea on Dec. 22
with the opening of telephone service to Colombia. The telephone channel
is formed by a short wave radio circuit between stations of the American
Telephone & Telegraph Co. at Miami, Fla., and Compania Telefonica
Central at Bogota.
Connection to Colombia will be available to all Bell and Bell-connecting
telephones in the United States, Canada, Cuba, and Mexico. The cost
of a call between New York and Bogota will be $24 for the first three
minutes and $8 for each additional minute.
New Telephone Link Joins United States and Venezuela.
Another South American country became within reach of United States
telephones on Dec. 19 with the opening of a short wave radio circuit between
stations in Florida and Venezuela. The radio channel will link the Bell
System with the network of the National Telephone Co. of Venezuela,
covering most of the northern seaboard in that country.
The service will be inaugurated by an exchange of greetings between
government and telephone officials of the two countries, at Washington
and Maracay respectively.
With the extension to Venezuela, North America will have direct telephone
connections with six South American countries. Service is already available
to Argentina, Brazil, Chile, Peru and Uruguay. The service in North
America also embraces all Bell-connecting telephones in-Canada, Cuba and
Mexico. The cost of a three-minute conversation between New York and
Caracas will be $24, with $8 for each additional minute.
-Bankers Approve Plan.
4
."-Central Public Service Corp.
The bankers named below on Dec. 19 issued the following
notice to security holders:
Telephone Service Extended to the Bahamas.
Satisfactory progress is being made with the exchanges contemplated
under the "plan for readjustment of the affairs of the Central Public
Service Corp. and its subsidiaries" including Central Gas & Electric Co..
Southern Cities Public Service Co. and Southern Cities Utilities Co. As of
Dec. 12 1932, $44,968,742 principal amount, or over 61% of the $73,633,308 of obligations outstanding and exchangeable under the plan had
been exchanged by 13.193 individual holders.
As we have stated heretofore, we have studied the plan and have been
advised concerning it by Stone & Webster, Inc.. an independent organization with broad experience in the public utility field. We feel, all circumstances considered, that the exchanges proposed are in the best interests of
the holders of securities exchangeable under the plan.
The recent court proceedings instituted against Central Public Service
Corp. by holders of nominal amounts of Its securities, have not changed
our views
The widespread approval of the plan and its acceptance by the large
number of security holders who have already effected the exchanges which
it contemplates, prompts us again to state, to those holders who have not
as yet acted, that we recommended the exchanges.
Bankers are: Chase Harris Forbes Corp., H. M. Byllesby & Co., Inc.,
Central Republic Co.. Inc., Harris Trust & Savings Bank, J. G. White &
-V. 135, p. 4213.
Co., Inc. and E. H. Rollins & Sons, Inc.
Telephone service between the mainland of North America and the
Bahamas was inaugurated on Dec. 16 by an exchange of greetings between
government and telephone officials in New York and Nassau.
The service will embrace all Bell and Bell-connecting telepones in the
United States, Canada. Cuba and Mexico. At the other end it will for the
present be confined to Nassau. The charge fora three-minute call between
New York and Nassau will be $15
The voice channel to the Bahamas is formed by a short wave radio circuit
between Nassau and Miami connecting to wire lines at the latter point.
The Florida transmitting station is at Opa Locke, 10 miles outside of
Miami and the receiving station at Hialeah, about five miles from that
city. The circuit is operated on wave lengths between 60 and 75 meters.
,,Central States Electric Corp.-Stoek-on-taurb-Eesehange..In addition to handling the circuit to Nassau, these Florida stations are
The New York Curb Exchange announced Dec. 16 that the old common
also being equipped for service to Central America and to points in South
stötk (no par) had been removed from units ed trading privileges and the
stations near New York. Opa
America not now reached by the company's
new $1 par value common had been admitted. .V. 13,p. 4213.
Locke has two 400
-watt transmitters, one of which will be used exclusively
for Nassau and the other for the Central and South American connections.
"`"--Chicago Rapid Transit Co.- ommittee Urges Deposit
.
V. 135, p. 4032.
American Water Works & Electric Co., Inc.
-Output.
The power output of the company's electric subsidiaries for the month of
November totaled 124.859.030 kwh., against 126,758,129 kwh. for the
corresponding month of 1931. and 122,685.582 kwh.in October 1932.
For the 11 months ended Nov. 30, power output totaled 1,326,629.963
.-V.135.
kwh., as against 1.553,417,258 kwh.for the same period last year
p 4032.
Associated Electric Co.
-Earnings.
For income statement for 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V.135, p. 2995.
-Ban on Bond Sales
Associated Gas & Electric Co.
Suspended.
The U. S. District Court at Philadelphia has issued an order restraining
the Pennsylvania Securities Commission from enforcing an order made
Dec. 15 prohibiting the sale in Pennsylvania of 5% and 6% convertible
obligations, series A, of the Associated Gas & Electric Co. Judge Kirkpatrick whose order enjoined the Securities Commission from interfering
with the sale of the securities fixed Dec. 27 for hearing a motion for a
preliminary injunction. The reason assigned by the Securities Commission
for prohibiting the sale of the securities was that they were convertible at
the option of the company which controls a number of public utilities in
this State and not at option of the securities holders.
Weekly Output.
For the week ended Dec. 10, the Associated System reports electric
output, excluding sales to other utilties, of 50,356.507 units (kwh.) This
is 3,306.793 units, or 6.2% below the total of 53,663.300 units reported
in the same week of last year.
Gas output of 354,185,000 cubic feet was 5,361.000 cubic feet, or 1.5%
below the total of 359,546,000 cubic feet produced in the same week of
1931.-V. 135, p.4213.
-Committee Makes
Beauharnois Power Corp., Ltd.
Interim Report-Notes Difficulties in Effecting Permanent
Financing for Corporation.
A circular letter. over the signature of the 12 members of the collateral
trust bondholders' committee appointed at a meeting in Montreal on
of Bonds.-
,
Holders of the seven elevated bond issues who have not already deposited
their bonds with the rapid transit bondholders' committee are urged to
do so promptly in order to facilitate the steps necessary to eventual consolidation of the elevated and street car lines in Chicago in a statement
issued by D. F. Kelly, President of the Fair. one of Chicago's largest
department stores and chairman of the bondholders' committee. With the
present organization, bondholders are assured strong, centralized representation and limited expenditures,since one committee is authorized to represent
the holders of over $46,000,000 of bonds, whereas under ordinary procedure
six separate bondholders' committees could be formed. Definite restriction
has been placed by the committee upon expenses. Under the deposit agreement as amended expenses are limited to a maximum of 1%.
Stanley A. Russell, Vice-President of National City Co., has been added
to the committee which includes Lawrence K.Callahan, Edwin A. Lobdell,
Berthold Singer of Chicago and Arthur V. Morton of Philadelphia.
The issues which the committee represents, all secured wholly or in part
by a first mortgage on some important division of the elevated railroad
properties, are: $8.033,500 Chicago Rapid Transit 6s, due July 1 1953:
$40,316,200 Chicago Rapid Transit 6Iis, due July 1 1944; $10,000,000
Metropolitan West Side Elevated first 4s, due Aug. 1 1938: $4,432,000
Metropolitan West Side Elevated Extension 4s. due July 1 1938; $9.439,000
North Western Elevated 58, due Sept. 1 1940; $407,000 Union Consolidated
Elevated 58, due Nov. 1 1936; $3,802,000 Union Elevated 5s. due Oct. 1
1945.
The committee has arranged with the City National Bank & Trust Co..
Chicago, to act as depositary. The Central Hanover Bank & Trust Co. of
New Irork, Old Colony Trust Co. of Boston and Pennsylvania Co. for
Insurances on Lives and Granting Annuities of Philadelphia are acting as
co-depositaries.
-V. 135, p. 2490.
Cincinnati Street Ry.-Changes Dividend Date.
The directors have declared the regular quarterly dividend of 25 cents
on the capital stock, par $50, payable Feb. 1 to holders of record Jan. 14.
President, Walter A. Draper, stated: "Date of payment was
changed to Feb. 1 from Jan. 1 because dividend periods falling on Jan. 1
and quarterly thereafter have heretofore come at the same time as interest
sinking fund or tax payments. Under the service-at-cost plan spreading
these cash payments is desirable. It is also desirable that consideration of
future dividend payments should be after the end of the quarter when the
results of operation for the quarter are known."
4384
Financial Chronicle
Distributions of 25 cents per share were made on July 1 and Oct. 1 last
compared with 50 cents per share paid on Jan. 1 and April 1 1932 and
75 cents per share paid each quarter from April 1 1929 to and incl. Oct. 1
1931.-V. 135, p. 3522.
City Gas & Electric Corp., Ltd.
-Proposed Acquisition.
This corporation operating a gas plant in Three Rivers, Quebec, Canada,
has offered to acquire the distributing system of Yamaska Power Co. on
the basis of one share of its common stock in exchange for each share of
Yamaska no par stock.
The Yamaska system comprising about 45 miles of line, represents a
reorganization of the old South Short Light, Heat & Power Co. The latter
had outstanding 8294,000 of bonds which were exchanged in the reorganization for 29.940 shares of no par value. No dividends have been paid on the
stock. It is understood that revenue has been Just sufficient to cover working
expenses.
The City Gas & Electric Corp. has an authorized capital of $250.000 of
% 1st mtge. bonds of which some $90,000 have been issued; $1,000,000
of 7% pref. and 100,000 of no par common stock, of which 8,732 shares
have been issued.
The City Gas company, which brought its Butano as plant into production early this year, is widening its outlets in Three Rivers and is steadily
adding to the number of customers its serves. Contracts with industrial
consumers are reported to be pending.
In acquiring the distribution system of Yamaska Power Co.. the City
Gas company is extending its scope into the electrical field. (Toronto
"Financial Pot.")
-V. 133, p. 1287. •
Cleveland Ry.-Van Sweringen Asks Delay.
Postponement for three years of payment of approximately $1,500,000
due Jan. 10 from the Metropolitan Utillties, Inc., for purchase of Cleveland Ry. stock under the agreement by which the Metropolitan obtained
control of the railway was proposed Dec. 14 in notices sent to holders of
certificates of deposit of the railway stock.
-V. 135. p. 1758.
Columbus(Ohio) Ry. Power & Light Co.
-New Officer.
John B. Poston has been elected Executive Vice-President of the above
'
company, a newly-created post.
S. M. Haffey succeeds Mr. Poston as manager of the Southern Ohio
Electric Co.
-V. 135, p. 4032.
Connecticut Electric Service Co.
-Earnings.
For income statement for 12 months ended Nov. 30 see "Earnings
Department" on a preceding page.
-V. 135. p. 3522.
'-...„_Detroit Edison Co.
-Bond Retirement,The principal of and semi-annual interest (represented by interest coupon
No. 80) due on the 1st mtge. 5% 30-year gold bonds which mature on
Jan. 1 next, will be payable until the close of business on Jan. 14 1933,
at the office of the company, 80 Broadway, N. Y. City, and thereafter at
the office of the successor trustee, Guaranty Trust Co. of New York.
-V. 135, p. 4214.
140 Broadway, N. Y. City.
PI
-Earnings.
Empire Gas 8c Electric Co.
For income statement for 12 months ended Sept. 30 see "Earnings Department" on a preceding page.
-V. 135. P. 3353.
Federal Water Service Corp.
-Earnings.
For income statement for 12 months ended Oct. 31 see "Earnings Department" on a preceding page.
-V. 135. P. 3890.
Fifth Avenue Coach Co.
-New Bus Routes.
See Rapid Transit in New York City below.
-V.135, p. 2762.
Great Consolidated Electric Power Co., Ltd., of
Japan (Daido Denryoku Kabushiki Kaisha).-Call.-.
-it is announced that 83507000 1st megr-- sinking fusirgold bonds,
7%
series A. have been designated by lot for redemption on Feb. 1 1933 for
the sinking fund. The bonds will be payable at 100 and int. at the principal office of Dillon, Read & Co. In New York or at the principal office
of J. Henry Schroder & Co. in London.
-V. 134, p. 4859.
...."41artford (Conn.) Gas Co.
-Extra Dividend.
An extra dividend of25 cents per share and the regular quarterly dividend
of 50 cents per share have been declared on the common stock, both payable
Dec. 31 to holders of record Dec. 18. An extra of 25 cents per share was
also paid on June 30 and Dec.31 1931 and on June 30 last -V.134, p.4659.
Interborough Rapid Transit Co.
-Wages Reduced 10
to 30%.A wage cut ranging from 10 to 30% for all employees except those receiving less than $22 a week was announced Dec. 22 by Victor J. Dowling
and Thomas E. Murray Jr.. receivers for the company. The receivers
estimated that the cut would re resent an annual saving of $3,500,000.
Jan.fInterest on 1st & Ref. 5s Ordered Paid.
Federal Judge Martin T. Manton signed an order Dec. 22 authorizing
and directing the receivers to pay on or about Jan. 1. $5.683,925, representing six months' interest then to fall due on the outstanding 1st & ref.
mtge. 5% gold bonds amounting to $227,357,000.
Interest on Manhattan By. 2d Mtge. Bonds to Be Paid.
Judge Manton on Dec. 22 issued another order directing the receivers
to pay interest of $90,480 on the second mortgage bonds of the Manhattan
Ry. Co., which fell due on Dec. 11932.
Taxes, &c., Ordered Paid.
Judge Manton approved an order Dec. 22, directing the receivers to pay
real estate taxes due and payable for 1928 and 1929 with interest to Nov.30
1932, amounting to $514,506, also one-half the taxes due on certain Interborough real estate for 1932. amounting to $9,014, and one-half of special
franchise taxes for the same year in the amount of $32,751.
The court directed the receivers to provide for turning over to the sinking
fund account, maintained to assure payment of principal of the bonds.
approximately $200,000. including $133,000, now held by the Guaranty
Trust Co., under special trust.
The court directed that in case the 999
-year lease of the Manhattan RR.
property of the Interborough, is affirmed the payment shall be applied
on account of rental under the lease. Judge Manton reserved the right, in
case of disaffirmation of the lease, to determine in future what fund of the
Interborough Rapid Transit Co. or the Manhattan By. the payment
finally shall be charged against.
Three-Month Limit on Filing Claims.
-
Judge Manton has signed an order directing all claims against the company except those of bond and mortgage holders to be filed with receivers
for the transit company within three months to be eligible for consideration.
It says all claims not presented within this time will be barred from sharing
in benefits of the distribution of money and proceeds of the properties of
I. R. T. Receivers are empowered to allow claims and those which are
disallowed may be presented with proof before a Special Master.
-V. 135,
p. 40.33.
International Telephons & Telegraph Corp.
e
-gets
Stock of Ericsson COMpany)-2146808 610,1900- Shares and
Cancels Claim Against-lirettger-ct-Toll"Estate.-
-"-
An arrangement has been completed whereby the corporation acquires
title to 810,000 shares of stock of the L. M. Ericsson Co., Ltd., Stockholm, and cancels its claim against the bankruptcy estate of Kreuger &
Toll for the amount originally paid to Kreuger & Toll for a corresponding
number of such shares.
As a result of this arrangement, International Telephone & Telegraph
Corp. has no further interest in or relationship with Kreuger & Toll.
Arrangements have been made for representation for International
Telephone & Telegraph Corp. in the direction of the L. M. Ericsson Co.,
Ltd.
Acquisition of Stock of Ericsson Held Violating Injunction.
-
The transaction whereby corporation took possession of 800.000 shares
of L. M. Ericcson Telephone Co. of Sweden in agreement with Swedish
liquidators of the bankrupt Kreuger & Toll Co. was challenged Dec. 20 by
brazen preference" and in violation of
Samuel Untermyer as a
a Federal Court injunction issued here last July.
I. T. & T. acquired the stock on Dec. 9 1932. Mr. Untermyer said
the stock was worth nearly 16,000,000 and that he intended to claim it for
Dec. 24 1932
creditors of Kreuger & Toll Co. and have the agreement set aside by order
of the bankruptcy referee here.
Mr. Untermyer made this observation during an examination of officials
of International Tel. & Tel. Corp. before Federal Referee Henry K. Davis.
The officials were Samuel G. Ordway, Secretary and Assistant General
Attorney; Howard• S. Kearn, Assistant General Attorney, and Edwin F.
Chinlund, Comptroller. Mr. Ordway was called upon for most of the
testimony by Mr. Untermyer. counsel for the bondholders' committee
headed by Bainbridge Colby, former Secretary of State.
In tracing the International-Ericsson deal from the beginning, when
Ericcson stock was assigned to International Telephone in exchange for
an $11,000,000 payment to Kreuger & Toll made last year, Mr. Untermyer
sought to prove that in the recent agreement between International Tel.
and Swedish liquidators of Kreuger & Toll, which controls Ericcson, the
American telephone company had disregarded a court order of Federal
Judge Julian W. Mack enjoining creditors of Kreuger & Toll from selling,
removing, transferring or disposing of property of Kreuger & Toll.
In the mutual recision of the original transaction the shares of L. M.
Ericsson consisting of 410,000A and 600,000 B shares which I. T. & T. was
to receive for the $11,000,000 initial payment, reverted to the ownership
of Kreuger Si Toll, according to. the recision documents signed on Feb. 28
1932, by Ival. Kreuger and officials of I. T. St T. On March 4 1932, eight
days before the suicide of Kreuger in Paris, another agreement was signed
under which stock assigned to I. T. & T. was to be held as collateral on the
811,000,000 payment. It was the contention of Mr. Untermyer that
because the agreement of March 4 was within four months of the bankruptcy
of Kreuger & Toll the transaction was voidable by the trustee in bankruptcy here.
-V. 135, p. 4214.
Iowa Electric Light & Power Co.
-Sells Bus Subsidiary.
Crandic Stages, Inc., a subsidiary, with headquarters at Cedar Rapids,
Ia. and terminals in Chicago, Denver, and Audubon and Sioux City, Ia.,
has been sold to Nevins Bus Lines, Inc., of New York City, it was an'
nounced on Dec. 19. This transaction will become effective on Dec. 31.
Crandic Stages, Inc., was organized three years ago with one line, but
has since been developed into one of the largest in the Middle West,serving
178 points, operating 30 coaches, employing 70 persons and with coast-tocoast connections, covering about 1,400 miles. Isaac B. Smith has been
President, with Sutherland Dows as Vice-President and F. C. Chambers as
General Manager. The Nevins company operates extensively along the
Atlantic seaboard and to St. Louis and Chicago.
-V. 135, P. 2831.
Iowa Public Service Co.
-Earnings.-
•
For income statement for 12 months ended Nov. 30 see "Earnings Department" on a preceding page.
-V. 135, P. 3523.
Lake Erie Power & Light Co.
-Bonds, &c., Authorized-
The Ohio P. U. Commission on Dec. 18 authorized the company to issue
$835,000 of 1st ref. mtge. bonds at not less than 90.
The Conunisslon also approved a r nest to permit the company to
issue common stock, the amount of wide has not been determined. The
proceeds will be used to reimburse the company for capital expenditures
amounting to 11.148,511.-V. 132. p. 4409.
Manhattan Ry.-Int. on 2d Mtge. Bonds Ordered Paid-Wages Reduced 10 to 30%.
-See Interborough Rapid
Transit Co. above.
Sues to Oust Receiver.
The company, under its new board of directors, has asked Martin T
Manton, Judge of the U. S. Circuit Court of Appeals, to remove William
Roberts as receiver for the company on the ground that he is under the
dominating influence of the Interborough Rapid Transit Co., it was revealed Dec. 20.
The motion was made two weeks ago in Chambers and Judge Manton,
who is sitting as a District Court Judge in the case, has the matter unde
advisement, having reserved dedision. The request also included a petition
for the appointment of Nathan L. Amster, the company's new President,
to supplant Roberta.
The attempt to replace Roberts grew out of the overthrow of the old
board of directors of the Manhattan at a stockholders' meeting and election
held on Nov. 13. The motion was presented by Charles Franklin, counsel
for the company.
-V. 135. p. 3856.
Market Street Ry. Co.
-Earnings.
For income statement for 12 months ended Nov. 30. see "Earnings Department" on a preiceding page.
-V. 135, p. 4034.
Massachusetts Utilities Associates.
-Subs. to Issue Shs.
The Westborough Gas Ss Electric Co., a subsidiary, has petitioned the
Massachusetts Department of Public Utilities for authority to Issue 880
additional shares of $100 par capital stock at $125 a share. The proceeds
are to be used for the payment of additions, extensions and improvements
to plant.
-V. 135. p. 485.
Metropolitan Edison Corp.
-Earnings.
-
For income statement for 12 months ended Sept. 30 see "Earnings Department" on a preceding page.
-V. 134. p. 4859.
Middle West Utilities Co.-Plans Suit to Get Collateral.
-
A suit to recover $8,302,947 of pledged collateral of the company appears
likely to be brought early in 1933. The committee representing holders of
$40.000.000 of notes, which comprises Charles S. Dewey, George W. Borg,
Henry E. Cooper, J. C. Neff and Marvin B. Pool, reported that more than
50% of the notes had been deposited with it and that it was ready to enter
the fight. Its claim will be based on the provision In the bankruptcy act
that all special collateral given within four months of the date of a receivership must be held for the benefit of the general creditors,
it was said there was no present intention of throwing Middle West
Utilities into bankruptcy, although the law could be invoked if there were
no other means of reaching an agreement, but even bankruptcy would not
be a barrier to reorganization. Holders of the company's notes. it was
added, made up a majority of its creditors. 11. L. Stuart of Halsey, Stuart
& Co. came out in support of the noteholders. who entered the MiddleWest situation through his company. His statement was regarded as indicating a clash between the financial groups.
"The committee representing the Middle West Utilities noteholders
should and will, in my judgment, make a vigorous and determined attempt
to recover for the company the collateral given for loans to Middle West
within the four months immediately prior to receivership "Mr. Stuart said:
"I say this even though it may affect collateral held by my own company. We sold the Middle West notes in good faith and we certainly would
not have consented to stripping the company of assets that should have
remained behind the notes."
holders of the collateral, in addition to Halsey. Stuart & Co., are the
Continental Illinois Bank & Trust Co.. the First National and the Central
Republic Banks of Chicago, the Bankers Trust Co. of New York and the
General Electric Co.
Joseph B. Fleming of counsel for the committee, said:
"The Bankruptcy Act provides that if any company be adjudicated
bankrupt, all collateral given to creditors to secure pre-existing debts within
a period of four months prior to the filing of the petition can, under appropriate circumstances, be recaptured for the benefit of general creditors.
which include noteholders. This cannot, however, be done in an equity
proceding. Securities so given as collateral to the four principal creditors
and subject to recapture, are among the most valuable owned by the
"We
company. not wish our reference to bankruptcy to be misunderstood. It
do
does not necessarily mean that the assets will be sold at a sacrifice or that
there will be any change in the administration of the present receivers.
It is not the duty of equity receivers to interfere in disputes over collateral
between secured and unsecured creditors. Consequently noteholders must
themselves undertake the recapture of this collateral.'
The committee recommends the deposit of the notes, rather than their
filing as claims directly with the receivers.
-V. 135, p. 4034.
-Earnings.
Mississippi River Power Co.
For income statement for 12 months ended Oct. 31 see "Earnings Department" on a preceding page.
-V. 135. p. 3188.
Mississippi Valley Public Service Co.
-Bonds Offered.
Halsey, Sttiart & Co., Inc.; First Wisconsin Co.; Edgar
Ricker & Co.,and Bancnorthwest Co.are offering $2,000,000
1st mtge. 5% gold bonds, series of 1932, at 92 and int., to
yield over 5%%.
Volume 135
Financial Chronicle
4385
postponement, which amounts to giving the trustee and reorganizers an
Dated Dec. 1 1932; due Dec. 1 1954. Interest payable J. & D. in Miladditional week in which to prepare an acceptable plan of reorganization.
waukee, without deduction for Federal income taxes now or hereafter
Collateral to be sold consists of the following:
deductible at the source, not in excess of 2%. Denom. $1,000 and $500*.
(1) 10,313 shares of pref. stock (par $100) 53i% series, of Jersey Central
The issuance of these bonds has been authorized by the P. S. Commission
Power & Light Co.
of Wisconsin.
(2) 44.491 shares of common stock (no par) of Eastern New Jersey
Data from Letter of President Clement C. Smith, Milwaukee, Dec. 14.
Power Co., and 163.350 shares of common stock (no par) of Jersey Centrzl
-Company, incorp. in Wisconsin in 1913 as WisPower & Light Co. to be sold together as one parcel.
Htstury and Business.
(3) 501.275 shares of common stock (no par) New England Public
consin Railway, Light & Power Co., furnishes electric light and power to
Service Co.
the City of Winona, Minn.. and 15 other nearby Wisconsin and Minnesota
communities in a compact area lying on either side of the Mississippi River.
(4) 116,600 shares of common stock (no par) of Central & South West
Utilities Co.
-V. 135, p. 4214.
Power is also wholesaled to three communities in Wisconsin and to Interstate power Co.for delivery to Minnesota and Iowa communities. Trans'
,
New Brunswick Telephone Co. Ltd.
-Div. Decreased.'
portation service is furnished in the cities of La Crosse, Wis., and Winona,
The directors have declared a quarterly dividend of 13 cents per share
on the capital stock, par $10, payable Jan. 15 to holders of record Dec. 31.
the time of organization in 1913, the company furnished one or more
At
In each of the three preceding quarters a distribution of 15 cents per share
classes of public utility service to three communities, including the cities
was made, as compared with 20 cents per share paid a year ago.
-V. 134.
of Winona and La Crosse. Since that date the extension of the company's
operations to the intervening and tributary area and the intensive developP. 2907.
ment of the original territory have resulted in an increase in gross revenues
New York & Harlem RR.
-Lease to New York Rys. Corp.
of over 125%. Although in the period from Jan. 1913 to Oct. 31 1932
expenditures for additions and improvements have amounted to $3.669,000
-See latter company below.
-V. 135, P. 2832.
and property valued at $1,177,000 has been retired, the company has not
increased its funded indebtedness, the necessary funds having been proNew York Rys. Corp.
-Takes Over Madison Avenue Line
vided entirely from earnings or the sale of junior securities. Furthermore.
Under Lease.
the presentfinancing will reduce the funded debtfrom $2,445,000 to $2.000,The corporation began operation of the Madison Ave., Fourth Ave. and
000, or more than 18%.
86th St. crosstown surface car lines of the New York & Harlem RR., efCapitalization (Upon Completion ofPresent Financing).
fective Dec. 17. It recently acquired the lines under a long-term lease,
$561,400
cumulative preferred stock,series A ($100 par value)
and had intended to motorize them for inclusion in its proposed bus net7%
998,100
6% cumulative preferred stock,series B ($100 par value)
work in Manhattan. It was indicated by William J. Pedrick, President
1,230,000
Common stock ($100 par value)
of the Fifth Avenue Association, that an application would soon be filed
*2,000,000
First mtge. 5% gold bonds due Dec. 1 1954 (this issue)
asking for the right to operate buses on Madison and Fourth avenues.
replacing the surface cars.
* No additional bonds issuable under the mortgage against the company's
The old 24
-ton cars now in operation on the New York & Harlem routes
present property; issuance of additional series of bonds limited by the rewill be replaced immediately by 65 smaller cars, averaging 29,500 pounds
strictions of the mortgage.
in weight. They will be the most modern type and will be operated on a
Purpose.
-Proceeds of the bonds, together with those derived from the
revised schedule which calls for 30 cars per hour with a two-minute headway
sale at par of $445,000 of series B 6% preferred stock to and an unsecured
during the morning and evening rush hours, and a three-minute headway
loan from Wisconsin Securities Co., will provide for the payment of the
at other times.
company's now outstanding funded debt of $2,445,000.
The Transit Commission authorized the New York Railway Corp. to
Valuation.
-The value of the property, as determined by the Railroad
exchange transfers with its newly-acquired lines at certain points, with
Commission of Wisconsin in 1913, plus subsequent net additions at cost.
a 2
-cent charge. The free transfers required under its franchise will be
'amounted to $5,392,000 as of Oct. 31 1932. Of this amount $1,456.000,
kept in force at other points. Chariman William G. Pullen handed down
including general property, represent the value of the properties used and
the opinion authorizing the transfer arrangement. He found that the
useful in the production and distribution of electric light and power. Comfinancial condition of the New York Railways Corp. was such that no valuapany's total funded debt to be outstanding on completion of this financing
tion of the joint properties was required as a preliminary to the sanction
therefore, will aggregate less than 38% of the total value of its property
of the transfer arrangement. The public benefit, he declared, would far
and less than 45% of the value of its electric and general property.
outweig the slight increase in gross revenues which would result.
-V. 135.
Earnings for 12 Months Ended Oct. 31.
p 2178h.
.
1931.
1932.
$921,299
3821,537----, North American Light & Power Co.
Gross revenues (including other income)
-Reduction in
Operating expenses, maintenance and all taxes_ __ _
554,089
469,004
Ratified.-AFeurPresident, etc.
-
Capitalization
$367,209
$352,532
Net earnings before depreciation
Annual interest requirements on company's total funded debt
100,000
(on completion of present financing)
During the year ended Oct. 31 1932 over 97% of the company's net
operating revenue was derived from the sale of electric light and power.
Other income included above amounted to $847.50 in the 1932 period and
$844.59 in the 1931 period. In the year ended Dec. 31 1931 depreciation
charged against earnings amounted to $85,000, and the company has tentatively determined the proper charge to depreciation for the calendar
year 1932 to be between $85,000 and $100,000. The remarkable ability
of the company to maintain its net earnings, in spite of the generally unfavorable conditions, has been made possible by the elimination of nonprofitable business and the reduction of operating expenses.
Control.
-Over 62% of the company's common stock is owned by Wisconsin Securities Co.
-V. 135, p. 4214.
Montreal Light, Heat & Power Consolidated.
-Time
for Payment of Subscriptions Extended.
-
The stockholders on Dec.20 approved a reduction in capital by decreasing
the stated value of the common stock from $23.59 a share to $5 and retiring
8,820 shares of preferred and 108,339 of common stock heretofore purchased
in the open market by a wholly-owned subsidiary.
The stated value of the common stock will be reduced $35,838,098 and
the number of outstanding shares from 1,898,154 to 1.789,815 and the
stated value ofthe preferred stock will be decreased $842,802 and the number
of shares from 203,000 to 194,180. The total capital reduction will be
$36,680,900, of which $22,819,746 will be used to create a special property
reserve. This amount represents revaluations made from time to time,
up to a reorganization in August 1926, of the book value to the company's
holdings in securities of subsidiaries, as distinguished from values, as
operating properties underlying such securities.
Reserves will be increased in all by $24,380,079 and surplus by $4,066,182.
The change will be reflected also in the elimination of $4,664.005 reacquired
common and preferred shares included among assets and by a reduction of
$3.570,636 in "investments and advances." Total assets and liabilities
will be reduced from $351,423,390 to $343,188,750, as of Sept. 30 1932,
from the write-down in capital.
The company is contingently liable as co-guarantor with the United Light
& Rys. Co. and the Lone Star Gas Corp. of $17.000,000 notes payable of
Northern Natural Gas Co. due on March 1 next and for the extension of
which to Sept. 1 1933, arrangements have been made.
At the meeting of the board of directors of the North American Light &
Power Co. held on Dec. 21 Edwin Gruhl, of New York, President of the
North American Co.. was elected President and F. W. Doolittle of New
York, Vice-President of the North American Co., was elected a director
to fill the vacancies caused by the death on Dec.3 of Clement Studebaker Jr.
Mr. Gruhl has been a director of the North American Light & Power Co.
since 1926 when an interest in the company was acquired by the North
American Co.
The North American Light & Power Co. is not a subsidiary of the North
American Co. or of any other company, the North American Co.'s holdings
in North American Light & Power Co. amounting to approximately 48%
of its outstanding common stock.
-V. 135. P. 4034.
A further six-months' extension of subscription contracts is offered to
such customer-subscribers of Montreal Light, Heat & Power Consolidated
as were in arrears at the expiration on Dec. 15 of the initial six-month
extension period, the company states.
The announcement further goes on to say:
"When the final installment payment on convertible debentures of this
company fell due on June 151932. the majority of subscribers had completed
their subscriptions and received their certificates. Others, however, affected
by adverse business conditions, had been unable to complete their payments.
For the benefit of this minority, an extension of six months to Dec. 15,
was announced at that time. The greater proportion of subscribers in arrears
have taken advantage of this opportunity to complete payments and have
received their certificates.
"Others have resumed payments on account, but have been unable
as yet to remit the full amount. In view of the fact that these subscribers
have given substantial evidence of fulfilling their contracts as soon as
possible, and that others are still suffering from economic difficulties, it
---Northwestern Electric Co.
-Halves Div. on 7% 1st Pref.
has been decided to arrange for another six-month extension
"Interest will be credited at the rate of 3% per annum from July 1 1932,
Stock-Omits Payment on 6% Pref. Issue.
to date of final payment on all moneys pain on account; with necessary
adjustment, of course of accrued interest on debentures delivered between
The directors have declared a dividend of 88 cents per share on the 7%
cum. 1st pref. stock, par $100, payable Jan. 3 to holders of record Dec. 17.
interest dates. This adjustment is necessitated by the fact that debenture
This compares with regular quarterly dividends of $1.15 per share previously
interest is paid in full on the next following interest date to the debenture
paid.
holder.
The directors also decided to defer the quarterly dividend due Jan. 1
"Meanwhile the company reiterates its warning that subscribers generally
on the 6% cum. original pref. stock, par $100. The last regular quarterly
should beware of unscrupulous individuals who may offer to buy their
distribution of 13.i % was made on this stock on Oct. 1.-V. 135, p. 296.
equities at less than real worth. All such overtures should be regarded with
suspicion and subscribers are urged to consult only their bank manager a
Ohio Edison Co.
-Securities Approved.
reputable broker or other competent investment authority for assistance to
The Ohio P. U. Commission has authorized the company to issue $2,complete the transaction.
"The debentures are backed by the full security of the company and offer
724,000 1st & consul. mtge. bonds and 18,000 shares of no-par common
stock. The bonds are to be sold at net less than 91% of par and the stock
high-grade investment value: therefore subscribers will be well advised to
at $25 a share.
retain the debentures and exercise the privilege of etchanging them at the
-V. 135, p. 3857.
opportune time for common shares as originally subscribed in order to
Old Colony Gas Co.
-To Cut Rates.
participate fully in the future growth and prosperity of the company.
The Massachusetts Department of Public Utilities was notified by the
"In any event in addition to giving subscribers such call on the stock
company on Dec. 19 of a voluntary reduction in some of its rates. Under a
(regardless of market price) during five years these debentures absolutely
schedule becoming effective next Feb. 1,.the company will charge 12 cents
guarantee holders against loss by assuring the return of their money in full
a hundred feet to customers using between 900 and 9,000 feet a month in
with interest at maturity."
Braintree, Weymouth, Hingham, Abington, Whitman and Rockland.
Changes in Personnel.
Mass, The present rate is 13% cents. A reduction of one cent in addition
John S. Norris Vice-President and Managing Director, has been elected
will be given those using still I arger amounts.
President, succeeding Sir Herbert S. Holt who has been elected Chairman
In Hull and Cohasset, Mass, the
9.000
of the board a newly created position. George II. Montgomery, IC. C.,
feet monthly will be 12 cents inSteadrates for consumers using 900 towith a
of the 13% cents now charged,
has been elected Vice-President.
one-cent reduction in the rate on gas totaling between 9.000 and 90.000
Hon. Senator J. P. S. Cumin succeeds the late Hon. Narcisse Perodeau
feet and with a three-cent reduction on amounts sold in excess of 100.000
-V. 135 p. 1491.
as a director.
feet. No change is made in the initial rate now in effect up to 900 feet.
V. 133, p. 4159.
National Electric Power Co.
-Urged to File Proofs of
Claim.
-
The protective committee for the secured gold debentures, 5% series
due 1978, states:
Negotiations looking to the developreent of a reorganization plan have
been actively continued but have not, in the opinion of the committee,
reached a point warranting a request for deposits of debentures with the
committee nor an undertaking to act for debenturehoiders in filing their
proofs of claim.
Accordingly, for the protection of their interests, debentureholders are
urg d themselves to file the claims on their debentures with the referee of
National Electric Power Co. in bankruptcy not later than Jan. 17 1933.V. 135, p. 3690.
National Power & Light Co.
-Earnings.
For income statement for 12 months ended Oct.31 see "Earnings Department" on a preceding page.
-V. 135. P. 3691.
National Public Service Corp. Sale of Collateral to Be
Held Dec. 29.
Collateral for loans made by Central Hanover Bank & Trust Co. to
corporation will be auctioned on Dec. 29 in New York rather than on
DAC. 22 in New Jersey as had been originally announced.
It was ascertained Dec. 20 that the bank desired to change the location
of the auction to simplify matters. However, the change also brought a
Pacific Gas & Electric Co.
-Applies for Extension of
Time.
The company has filed with the California RR. Commission a second
supplemental application asking an extension until March 31 1933, of the
time in which to exchange its preferred and common stock for the preferred
issues of San Joaquin Light & Power Corp. As of Nov. 30 1932, there had
been exchanged $8.479,500 of 7% prior pref.;
pref.
series A; $1,701,900 of 6% prior pref. series A, $1.436,400 of 7% pref.
and $3,000 of
stock, series B, of the San Joaquin corporation. All are $100 par 6%
value.
For the foregoing, P. G. & E. has issued
value of its 6%
1st pref.: $1,704.000 of 5 % 1st pref. and $9,071,900 par
$844.000 par value of common
stock, all of $25 par value.
There is outstanding $11,752,900 of 7% prior pref. 31.952,500 7% pref.
series A; $2,481,400 of 6% prior pref., series A,and $31.600 of 6% sales B
pref. of San Joaquin pref. stock. •'Wall Street Journal".
-V.135, P.3691.
Pacific Northwest Public Service Co.
-Voting Trust
Fornza.1.-F.,oe Portland General Electric Co. below.
Smaller Dividends.
The direcors have declared a dividend of 58 1-3 cents per share on the
7, cum. prior prof stock. par $100, and one of 50 cents per share os the
7
6 cum. 1st pref. stock, par $103, both payable Jan. 1 to holders of record
rec 15. Thase distributioas cover the period from Oct. 1 to Nov. 1 1932.
4386
Financial Chronicle
The last regular quarterly dividends of $1.75 and $1.50, respectively,
were paid on the 7% and 6% pref. stocks on Oct. 1.
Previously, it had been currently reported that the usual quarterly
payments would be made on these issues.
-V. 135. P. 1995.
Pacific Telephone 8c Telegraph Co.
-Tenders.
The American Trust Co. Trustee, 464 California St., San Francisco,
Calif., will until 10 a. m. Jan. 5, receive bids for the sale to it on Jan. 16
'
of 1st mtge. and collateral trust 59' s. f. gold bonds, due Jan. 2 1937, to
an amount sufficient to absorb $423.227.-V. 135. P. 3166.
& Northern Ry.-Resumes Dividend-Also
Declares Extra of $2.
The directors have declared a dividend of 75 cents per share on the
outstanding $8,584,600 capital stock, par $100, and an extra dividend of
$2 Per share, both payable Jan. 10 to holders of record Dec. 31. A distribution of $1 per share was made on July 11, while from April 10 1929 to
and incl. April 15 1932 quarterly dividends of $1.25 per share were paid.
V. 135, p. 3166.
Portland (Ore.) General Electric Co.
-To Retire $7,500,000 Notes-Pacific Northwest Public Service, Parent
Company, to Shift All Offices to Natives.
-
Dec. 24 1932
Southern California Telephone Co.
-Loss of Phones.
The rate of decline in the number of telephones in service in the Los
Angeles area slackened during the three months ended Nov.30 ascompared
with the losses for the first eight months of the year, L. C. Miller, division
manager reports.
During November there were 1,126 more telephones disconnected than
were connected in the Los Angeles exchange, as compared with a loss of 914
telephones in October and 1,690 in September. The report shows that there
are now 31,950 fewer telephones in service in Los Angeles than there were on
Jan. 1, or an 8% decrease in 11 months.
There was an average net loss of approximately 3,528 telephones a montb
for the first eight months of 1932.
Slight improved conditions in November were also reflected in the smaller
telephone exchanges outside of LOS Angeles. Although the company as a
whole suffered a loss in November of 1,480 telephones, many small exchanges
made slight gains. Heavy expenses involved in disconnecting 172,035
telephones and reconnecting 123,674 others have been felt by the telephone
company this year, Mr. Miller stated.
-V. 133, p. 1616.
Southwestern Bell Telephone Co.
-Earnings.
-
For income statement for nine months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 135, P. 986.
Standard Gas & Electric Co.
-1933 Budget.
-
The company's preliminary construction budget for 1933 will total $12,Provision has been made for the payment in cash of $7.500,000 4%
474,753 for public utility companies in the system, according to President
gold notes at their maturity on Jan. 1 and for placing the management of
John J. O'Brien. The foregoing amount includes estimated expenditures
the company in the hands of Pacific Coast interests for the next 10 years.
of $1,501,611 to complete projects now under construction at natio prop,
The properties were under the control of A. E. Peirce & Co. of Chicago.
erties in the Standard Gas & Electric Co. system.
The gold notes are to be paid with the proceeds of a loan to be made
The total preliminary budget expenditure for 1933 may be segregated
by the Chase National Bank. The loan will be secured by the deposit of
as follows: Electric department, $8,486406; gas department, $1.869,464:
$7,500,000 general mortgage notes, due on Aug. 1 1935. which recently
other departments. $2,118,883.-V• 135. P. 4215.
were authorized by the Federal Power Commission. which permitted also
the use of the notes as collateral. The New York "Times" Dec. 23 further
Union Electric Light & Power Co. of Illinois.
-Earns.
states:
For income statement for 12 months ended Oct. 31 see "Earnings DeThe 175.810 common shares of the Pacific Northwest Public Service
partment" on a preceding page.
-V. 135, p. 3857, 3167.
Co. formerly owned by the Central Public Service Corp., which is in
process of reorganization, or almost all the 176,000 common shares of the
Union Electric Light & Power Co.of Missouri.
-Earns.
Pacific Northwest company outstanding, have been deposited with the
For income statement for 12 months ended Oct. 31 see' Earnings DepartSecurity Savings & Trust Co of Portland under a voting trust which will
ment" on a preceding page.
-V. 135. p. 3357.
run to Nov. 1 1942.
The Pacific Northwest Public Service Co. owns virtually all common "'Washington Gas Light Co.
-Plans New Financingshares of Portland General Electric Co. The voting trustees, all natives
The company is planning long-term financing in order to take care of
of the northwest, are Franklin T. Griffith, President of the company'
$7,000,000 of approaching maturities. The company which serves the
J. C. Ainsworth, Chairman of the Board of the United States National
National capital and environs is one of the oldest public utilities in the
Bank of Portland, and E. B. MacNaughton, President of the First National
United States, having been incorporated in 1848 under Special Act of
Bank of Portland. The voting trust may be terminated after Nov. 1 1937,
Congress. It has paid dividends consecutively for 56 years. Its bonded
If all accumulations of dividends on the first preferred and prior preference
securities have heretofore been held principally by Washington investors.•
stocks of Pacific Northwest Public Service have been paid. Successors to
which fact is in contrast with the widespread ownership to-day of public
any of the voting trustees must be residents of Oregon.
utilities securities in general.
The plan, introduced by Mr. Griffith after several weeks of negotiaApproximately 84% of the company's common stock is owned by Washtions in Chicago and Now York, provides also for the exchange of Pacific
ington & Suburban Companies,a Massachusetts Trust, but no management.
Northwest Public Service preferred stock for Central Public Service pref.
purchasing or other similar contracts exist between Washington Gas Light
stock purchased by residents of Oregon on a customer-ownership plan.
Co. and any other company. The board of directors consists entirely of
James W. Mott, Oregon Corporation Commissioner, has advised acceptprominent Washington bankers and business men.
The refunding will take care of $4.000,000 of mortgage debt due April1
ance of the exchange otter.
All Chicago and New York directors of the Pacific Northwest company
1933 and the redemption of $3,000.000 notes of the company on Feb. 1.
have resigned, and a board consisting entirely of citizens of Oregon is to
Additional funds will be applied to the payment of bank loans incurred In
be elected.
connection with extensions and additions to the properties. The new issue
is expected to be $8.400,000 of refunding mortgage gold bonds, carrying a
Central Public Service, whose holdings in the Pacific Northwest company
5% coupon and falling due in 1958.
have been placed in the voting trust, is being reorganized, the appointThe company has instituted a discount of 83i% on all bills rendered in
ment of a temporary receiver in Maryland recently not affecting the plan.
the District of Columbia from Aug. 1 1932 through Jan. 31 1933, except
Percentages of Exchanges.
minimum bills and bills for gas sold to the municipality and the Federal
As of Dec. 21, exchanges of 5 % convertible gold debentures, due in
Government.
1949, and five-year gold notes, due in 1934, of the Central Public Service
Issuance of the refunding bonds is subject to the approval of the Public
Corp. involved 60.62% of the total outstanding: 43.17% of the various
Utilities Commission of the District of Columbia.
preferred stocks and 59.9% of the class A common stock had also been
-V. 134, p. 3894.
exchanged for securities of the Central Public Utility Corp.. a company
Western Public Service Corp.(Del.)
-Initial Dividend.
formed for the reorganization.
The directors have declared an initial dividend of 10 cents per share on
Central Gas & Electric Co. three-year 5 % gold notes, due on Feb. 1
the capital stock, payable Jan. 19 to holders of record Dec. 22.-V. 127.
1933, have been 53.25•7 exchanged for 6% notes of Consolidated Electric
°
p.3092.
& Gas, due in 1937: Southern Cities Public Service 6% convertible debentures, due in 1949. have been 69.62% exchanged for collateral trust
Westphalia United Electric Corp.-Jan. 1 Interest.
bonds of Consolidated Electric & Gas, due in 1962, and Southern Cities
Speyer & Co., as fiscal agents for $19.315.000 1st mtge. 6% gold
0
Utilities 69' debentures, due in 1958, have been 737 exchanged for Conseries A, have received the regular remittance for the payment of the bonds.
solidated Electric & Gas collateral trust bonds, due in 1962. Consolidated
Jan. 1
1933, coupons.
-V 135, p. 987.
Electric & Gas is the other company formed under the reorganization plan.
The exchanges therefore embrace 62.29% of all bonds and notes and
57.08% of an stocks of Central Public Service and principal subsidiaries,
INDUSTRIAL AND MISCELLANEOUS,
and represent voluntary exchanges by 30,506 individual investors. Ex-V. 135. p. 4215.
changes are hoing continuously accepted.
Five
-Day Week Voted by Union Printers.
-Union printers employed by•
newspapers will work on
-31 Bus Franchises "Times" Dec. 21, p. 2. a five-day week basis beginning Jan. 1. New York
Rapid Transit in New York City.
Sign Mine Wage Pact.
Awarded.
-The Coal Operators' Association and the Illinois
district of the United Mine Workers of America signed an extension for
The Board of Estimate voted a one-year franchise to the Fifth Avenue
two years of the existing agreement for a 45
Coach Co., Dec. 16, covering 20 routes in Manhattan, where the company
-a-day basic wage in Illinois.
Agreement expires March 311935. New York "Times" Dec. 23, p. 34.
is now giving service. It granted to the Green Bus Linea, Inc., a one-year
Matters Covered in the "Chronicle" of Dec. 17.-(a) Annual report of
franchise to operate on six Manhattan crosstown routes, where it has for
New York Stock Exchange, p. 4146. (b) New York Stock Exchange
some time been providing "emergency" service.
The Board's action was in accordance with its avowed policy of giving,...‹pells Charles H. Patton from membership, p. 4148.
one-year contracts to existing operators, in order to prevent total stopping
Aeolian Co. of Missouri.
of "emergency" bus service by a court order which has been stayed by the
-Halves 2d Pref. Div.
A dividend of I% has been declared on the 8% 2nd pref. stock, Par
Appellate Division, Second Department, until Feb. 11933.
$100, payable Jan. 2 to holders of record Dec. 15. Previously, the comOne-year franchises were also awarded to four operators in Queens and
one operator of a single route in Manhattan.-V. 135, p. 2655.
pany made regular quarterly payments of 2% on this issue.
-V. 115.
p. 2049.
.-Plan Progressing
Republic Gas Corp.
Including those definitely promised, more than 50% of the 47,029,000
Issue of first lien collateral 6% convertible bonds have been deposited with
the protective committee headed by James R. Buck, of James It. Buck &
Co. of Chicago, which has a plan of reorganization of the company under
way (compare plan in V. 135. p. 3692).
More than 1,000 bondholders have deposited their holdings. It is hoped
that initial steps will be taken very shortly to foreclose on the collateral
securing the bonds, but this depends on how quickly the remaining bondholders deposit their securities. Outstanding feature of the plan is that
bondholders will receive new bonds of the same par value for their old bonds,
and in addition will receive common stock in payment for the three defaulted interest payments. Common stock will be issued to take care of
current indebtedness.
According to Mr. Buck, the Kansas properties of the company have been
fully reorganized and practically all current indebtedness funded into long
term bonds and preferred stock, and an annual savings of $300,000 has been
effected in lease rentals. Operating economies have been made enabling the
properties to show a substantial profit in face of unfavorable conditions.
Manufacturers Trust Co.. New York, is depositary and the Continental
Illinois National Bank & Trust Co. is sub-depositary.
-V.135, p. 3692.
Rhine Westphalia Electric Power Corp.
-'-Acquisition.
This corporation announces the acquisition of 3.600.000 reichsmarks of
shares out of 12,000,000 reichemarks of the Palatinate Electric Co. (Pfalzwerke A. G.). A dispatch states: This acquisition permits the liquidation
or the loans hitherto made by the Rhine-Westphalia company to the
Palatinate Electric Co.
Earnings for Year Ended June 30 1932.
Profits on operation & interest
EM.66,043,390
administrative expenses incl. interest
General &
27,944,037
Net profit
Previous surplus
R.M. 38,099,353
494,610
Total
surplusR.M.
38,593,963
3..
Sums written off
27,818,527
Dividends
10,503,995
Directors fees------------------------237,224
Surplus carried forward
-V. 135, p. 631.
RM.34,217
-Declares Regular Div.
Rochester Central Power Corp.
The directors have declared the regular quarterly dividend of IM
on the 6% cum. pref. stock, par $100, payable Jan. 1 to holders of record
Dec. 20. It had previously been erroneously reported that the company
-V. 135, P. 4215.
had decided to defer this payment.
Aetna Casualty & Surety Co.
---Extra Dividend.
-
An extra dividend of (2%) 20 cents per share has been
tion to the usual quarterly dividend of 4%, both payable declared in addiJan. 3 to holder&
of record Dec. 17. An extra of 10% was paid on Dec. 23 1930.-V. 131.
p. 3878.
Alaska Juneau Gold Mining Co.
-Larger Dividend.
The directors on Dec. 22 declared a quarterly dividend of
15 cents per share on the outstanding $14,400,000 common
stock, par $10, payable Feb. 1 to holders of record Jan. 10.
This compares with quarterly distributions of 123/i cents
per share made during 1932 and with quarterly payments
of 10 cents per share during the year 1931.-V. 135, p. 4036.
Allied General Corp.
-Investment Trust Average Lower.
-
The corporation's investment trust common stock index registered little
cnange during the past week, it was announced on Dec. 19. The average
for the common stocks of the five leadipg management trusts, influenced
by the leverage factor, stood at 11.08 on Dec. 16, compared with 11.39
on Dec.9, a high of 17.3 for the year on Sept. 2,and a low of 4.4 on May 27.
The average of the non-leverage stocks stood at 10.48 as of the close
Dec. 16, as against 10.39 at the close of the previous week, a high of 12.0
for the year, recorded on Sept. 9. and a low of 7.1 recorded on July 1. The
average of the mutual funds, which are usually quoted on an asset value
basis, stood at 8.29 on Dec. 16, against 8.30 on Dec. 9 and 9.5 on Sept. 2.
the high for 1932, and 5.7 on July 8,the low for 1932.-V. 135, p.4217.
American Bankstocks Corp.
-Sales Increased.-
Rackliff, Whittaker & Loomis, Inc. announce that combined sales of the
American Bankstocks Corp., First Commonstocks Corp. and
Insuranstocks Corp. Increased each month an average of 52% sinceFirst a total
May,
of 311% increase for six months.
-V.135. P. 3527.
"-.,,American Business Shares, Inc.
-Increases Capital.
-
The stockholders will vote Dec. 29 on increasing the capital stock from
500,000 shares to 5,000,000 shares, all of $1 Par value.
-v.135.p. 3860.
American Metal Co., Ltd.
-Plant of Subs. to Resume.
The Blackwell Zinc Co., a subsidiary, will resume operations Jan. 1 at
Its smelter in Blackwell, Okla., giving employment to 150 men. Robert
Weisberg, superintendent, said former employees will be retained. The
smelter formerly employed 500. It was closed down Nov. 1 1930. Two
weeks ago the Blackwell Brick Co. resumed production with a force of
-V. 135, p. 3000.
25 men.
Financial Chronicle
Volume 135
American Products Co.(& Subs.).
-Earnings.
Years Ended Sept. 30
Net income, Amer. Products Co_ _ _ _
Net inc. of Amer. Prod. Realty Corp_
1932.
Not
stated
1931.
loss$48,900
7,455
1930.
$176,714
6,301
Total income
Loss sustained by Mills Bros. Products
Co
Federal taxes-estimated
Res. for possible losses in inventoryAccounts receivable written-off
Adjust. on Fed, tax prior year
• 168,013 108441,445
$183,015
Net income
Preferred dividends
Common dividends
11,257
19,500
20,000
106.646
128
$68,013 loss$168.219
38,415
Deficit
prof$68.013
$206,634
Consolidated Balance Sheet Sept. 30.
AssetsLiabilities1931.
1932.
1932.
.9,907 1st 6s pay.Oct.1'31 $20,000
$55,294
Cash
Market securities. b155,466 2218.479 Accounts payable_
85,758
Accr. int. & dive
2,118 Credit vouchers
1,967
Accounts receiv__ 169,622 Accrued int. & tax
95,999
4,100
Inventories
280,740 First mortgage 68
282,636
Lite fosur. policies.
(Realty Co.)___ 200,000
officers
41,098
29,962 Reserves
2,363
Land. bldgs., fixCapital & surplus_ c837,296
tures, &c
761,261
479,644
Other assets
19,632
Del. debit items
17,781
42,627
$152,258
76.830
120,000
$44,572
1931.
$20,000
92,513
3,247
11,808
240.000
329,124
818.026
Total
Total
1,149,517 .1.514,717
$1.149,517 $1,514,717
a Market value, $192,519. b At market value. c Represented by 38,415 shares $2 pref. stock. and 80,000 shares common stock both of no par
value.
-V. 133, p. 4333.
American Safety Razor Corp.
-Files Suit.
-
The company has filed suit in Lucas County Common Pleas Court P t
Toledo against Meyer Shall, doing business as the Wolverine Blade Co. of
Toledo, charging the defer dant has infringed on its trade-mark and trade
name. The Court is asked to determine the amount of any unfair pr ts
and damages.
-V. 135. p. 352.
"N. American Sand & Material Co., St. Louis.-Rece
rg
Lewis J. Stiers, contractor, and henry Mueller, Pres. of the Cherok&lll
National Bank of St. Louis, were appointed temporary receivers for the
company Dec. 16 by Circuit Judge Nortoni at St. Louis. Appointment
of a receiver for the concern was made by Fred Hummel% a stockholder,
and several creditors intervened.
American Stores Co.
-Sales.- --
Period Ended Dec.3- 1932-5 Weeks-1931. 1932-11 Mos.-1931.
Sales
$10,551,153 512,391.993 $106.203,066 $125,623,724
-V. 135, p. 3527.
American Trustee Share Corp.
-Dividends-Trust Agreement to Terminate on Jan. 1.
The corporation announces a distribution of 6.0523 cents per share on
Diversified Trustee Shares, Series C. and of 31.648 cents per share on
Diversified Trustee Shares, original series. The Series C distribution is
payable Dec. 31 and the original series distribution on Jan. 1. Six months
ago the corporation distributed 9.681 cents per share on the Series C and
34.996 cents per share on the original shares.
Announcement was also made that the trust agreement pursuant to whicn
the original shares are issued and outstanding will terminate Jan. 1. Shareholders may exchange their holdings for series D shares on a preferential
basis.-V. 135, P. 4036.
American Utilities & General Corp.
-Removed from
Curb Trading.
The New York Curb
Dec. 20 that voting trust
certificates for class B noExchange announcedbeen removed from unlisted
par value stock had
trading privileges.
-V. 135, p. 2657.
Amoskeag Mfg. Co.
-Bondholders to Receive Offer.
-
Because it would seem to be to the advantage of the 6% bondholders
to adopt some plan which would tend to increase the security of their
principal, and it would be for the advantage of the company to be relieved
of the necessity of diminishing its quick assets further by the payment of
fixed interest charges (quick assets have shrunk over $5,200.000 since
Dec. 31 1927), the trustees suggest for consideration of the bondholders
a plan providing for payment on principal of 35% in cash and 50% in
non-cumul. 7% pref. stock.
-V. 134. p. 4326.
N...Apez Electrical Mfg. Co.
-Smaller Common Dividend.
directors have
The
declared a dividend of 5 cents per share on the common stock, payable Dec. 30 to holders of record Dec. 20. A special dividend of 25 cents per share was paid on this issue on Nov. 15 1931: none since.
The directors also declared the regular quarterly dividend of $1.75 per
share on the pref. stock, payable Jan. 2 to holders of record Dec. 20.V. 135, p. 2497.
Arundel Corp. (Balt.).-Quarterly Payment Reduced.
The directors on Dec. 19 declared a quarterly dividend of 50c. per share
on the common stock, no par value, payable Jan. 3 1933 to holders of
record Dec. 23. Quarterly distributions of 75c. per share were made on
this issue from Jan. 1 1930 to and Incl. Oct. 1 1932, compared with 50c.
per share previously.
-For income statement for month and 11 months ended
Earnings.
Nov. 30 see "Earnings Department" on a preceding page.
Current assets as of Nov. 30 1932 were $3.668,000 and current liabilities
were $506,000. comparing with $4,380.384 and $446,534, respectively.
on Nov. 30 1931.-V. 135, p. 3169.
-Aviation Corp. (Del.).
-Meeting Postponed.
-
The special meeting of the stockholders, which was called at the request
of the E. L. Cord interests during the recent battle for control of the company was held on Dec. 21, but was adjourned without any action being
taken.
The Cord interests originally proposed to elect a majority of the board of
directors at the special meeting. As a result of the compromise with the
management group, however, this move was abandoned -V. 135, p. 4218.
13adger Mfg Co., Milwaukee.
-To Go Out of Business.
-
This company, manufacturer of automobile bumpers, has decided to
go out of business rather than use its cash resources in profitless operation.
Its fixed asliets have been sold at auction, more than $250,000 worth of
presses and other machine tools being disposed of. The company was
formed in 1918 as successor to the Auto Parts Mfg. Co., which had been
formed in 1910. Charles H. Hathaway is President, John T. Johnson,
Vice-President, and Walter V. Isgrig, Secretary-Treasurer ("Steel").
Baldwin Locomotive Works.
-Payment Datefor Bonds.
-
Holders of preferred stock and common stock of record Dec. 27 1932
will be offered the right to subscribe, at par, for five-year 6% consol.
mtge. bonds, dated March 1 1933. with detachable warrants (entitling
holder until Feb. 23 1938 to subscribe at $5 per share for four shares of
common stock for each $100 of bonds) to the extent of $100 principal
amount of bonds for each eight shares of stock held, with the further
privilege (subject to allotment in the event of an over-subscription) to
all stockholders, including those holding a unit of less than eight shares,
to subscribe for any amount of such bonds.
The issuance of the bonds is subject to authorization of stockholders
at a meeting called for Jan. 17 1933. and payment for the bonds against
subscriptions made on or before Jan. 16 1933 is to be made on March 1 1933.
See also V. 135. p. 4218.
Barrington Court (Inc.).
-Plan Operative.
The holders of certificates of deposit for 1st mtge. serial 6% coupon gold
bonds are notified that the plan of reorganization dated April 15 1932 was
assented to by the holders of certificates of deposit ropresenting more than
4387
83% of the outstanding bonds, and was declared operative by the bondholders' committee.
In accordance with the provisions of the plan, the trust mortgage was
foreclosed and the mortgaged property sold at public auction on May 26
1932 to 987 Memorial Drive, Inc. (Mass.) by the committee for the purpose of acquiring the mortgaged property as contemplated in the plan.
987 Memorial Drive, Inc., obtained a mortgage for $95,000 from Provident Institution for Savings in the Town of Boston, dated June 3 1932. bears
interest at rate of 6% per annum, and will mature three years from date
with the privilege of prepayment.
987 Memorial Drive, Inc., is now prepared to cause its Barrington Court
10
-year cumulative income sinking fund mortgage bonds and voting trust
certificates for its capital stock to be issued to depositors in accordance
with the directions of the committee. The committee has deposited the
shares of capital stock of 987 Memorial Drive, Inc., received by it under a
voting trust agreement by which S. J. T. Straus, Nicholas Roberts and
Charles F. Noyes have been constituted voting trustees with respect to
such stock.
The new securities provided for in the plan are now ready for delivery.
Compare plan in V. 134, p. 3278.
Benevolent and Protective Order of Elks, Brooklyn
Lodge Number 22.
-Protective Committee.
On Dec. 2 1932, proceedings for the foreclosure of the 1st mtge., securing
the 5%% serial gold loan certificates were commenced. The loan certificates which matured on Aug. 1 1932 have not been paid and real estate
taxes for the entire years 1931 and 1932, together with water charges,
aggregating approximately $183,650 exclusive of interest, are past due and
unpaid.
The present status of the property is such that immediate steps should
be taken to protect the interests of holders of loan certificates. Accordingly
the following have consented to act as a committee for that purpose under a
deposit agreement dated Dec. 8 1932. Holders of loan certificates are
urged to deposit the same in negotiable form with Manufacturers Trust
Co., as depositary, 149 Broadway, New York, N. Y.
Harry Hanbury and Henry R. Dutton were appointed receivers Dec. 2,
by Supreme Court Justice Merer Steinbrink, Brooklyn, on petition of
Manufacturers Trust Co.
Committee.
-Darragh A. Park, Chairman. (Vice-Pres., Manufacturers
Trust Co.); James B. Fisher (James B. Fisher Co., Inc.), Robert Grant, Jr.
25 Broad St., New York, N. Y.), Ernest L. Nye (Freeman It Co.), Henry
S. Parker (Joseph Walker & Sons), Simpson Thacher & Bartlett, Counsel,
20 Broadway. New York. N. Y.; Charles M. Close, Sec., 55 Broad St.,
ew York.
-V. 124, P.
. V.
Berkeley-Careret Hotel Co., Asbury Park, N. J.
Reorganized-New Company Acquires Property.
The sale of the property of the company was approved Dec. 16 by R. W.
Stout,referee in bankruptcy. The Berkeley-Carteret Hotel, Inc., the new
company, took over the property in accordance with the reorganization
plan dated July 15 1932.
The officers of the new company are: George Roosevelt (Pres. Roosevelt
& Son, New York); Arthur F. Egner, V.-Pres. (of law firm of McCarter &
English, Newark), and Benjamin B. Hofstadter, Secretary, New York.
Arthur C. Steinbach, President of the former company, who with Mayor
Clarence E. F. Hetrick and Harry Meyers, Passaic banker, served as coreceiver after bankruptcy proceedings were started Dec. 23 1931, will be a
Vice-President and Treasurer of the new company.
The board of directors,in addition to the four officers, will include Mayor
Hetrick, Harry R. Ingalls, Benjamin Frank, William R. Sickles, Water
Steinbach, Lyle F. Alverson, R. A. Bigger and W. E. Robb.
Principal Features of the Plan of Reorganization.
New company will purchase property, subject to real estate taxes for
the years 1930, 1931 and 1932 and delinquent water rents, which aggregate approximately $150,000.
Holders of 1st mtge. bonds who have deposited their bonds with the committee will receive 1st mtge. bonds of new company in the same principal
amount. The new 1st mtge. bonds will be dated May 1 1932 and will
mature on May 1946. From May 1 1935 to maturity the new 1st mtge.
.1
bonds will bear interest at the rate of 58 % per annum, payable irrespective
of the earnings of the property. The net earnings of the property from the
date of the consummation of the plan to May 1 1935 and the accumulated
earnings of the property during the period the trustees in bankruptcy
operate the property will be applied first to the payment of reorganization
expenses and delinquent taxes and the excess will be applied toward the
payment of interest on the new 1st mtge. bonds at the rate of 5 % Per
annum for the years beginning May 1 1933 and May 1 1934. If earnings
prior to May 1 1935 are not sufficient to pay interest on the new 1st mtge.
bonds at the rate of 5;i% per annum for the years beginning May 1 1933
and May 1 1934. the unpaid balance will be payable during future years
to the extent that the earnings of the property, over and above the current
charges under the 1st mtge., will permit, and in any event at the maturity
of the new 1st mtge. bonds.
The plan provides that during the year 1936 and subsequent years the
new company will make certain fixed payments into a sinking fund for the
retirement of the new 1st mtge. bonds, and certain additional payments
into such sinking fund dependent upon the earnings of the property. The
new company will agree that on or before Dec. 1 1934 all reorganization
expenses, delinquent and current taxes and water rents on the property
will be paid in full.
Creditors of the bankrupt and holders of junior securities of the bankrupt
participating in the plan will receive new securities, which will be in all
respects junior and subordinate to the new 1st mtge. bonds. Under the
plan no payments can be made on the junior securities issued by the new
company until after May 1 1935, and then only in the event that the earnings of the property exceed all of the current charges under the new 1st
mtge. If the plan is consummated creditors of the bankrupt and holders
of securities junior to the 1st mtge. will be entitled to receive securities of
the new company on the following basis:
(a) Depositors of 2d mtge.6% bonds, series "A," will be entitled to
receive 2d mtge. 53i% income bonds in the same principal amount as the
bonds deposited;
(b) Depositors of 2d mtge. 6ji% bonds, series "B," will be entitled to
receive 3d. mtge. 534% income bonds in the same principal amount as the
bonds deposited'
(c) Holders of debts of the bankrupt will be entitled to receive 1st pref.
stock of the new company at the rate of one share for each $100 of their
debts participating In the plan;
(d) Holders of the pref. stock will be entitled to receive 2d pref. stock
of the new company at the rate of one share for each share of the Prof.
stock deposited by them;
(e) Holders of the common stock will be entitled to receive a number of
shares of common stock of the new company equal to the number of shares
of common stock of the bankrupt deposited by them, and with respect to
which they shall have paid at the time of such deposit $1 a share.
Present Situation.
The Berkeley-Carteret Hotel was erected in 1923 and 1924. The hotel
occupies a very desirable site in Asbury Park, N. J., fronting on the ocean
and comprising an entire city block, bounded by Sixth, Ocean and Sunset
Ayes. and Kingsley St. It is an 8-story fireproof structure with a central
tower or pavilion 11 stories high. It contains 379 rooms, 250 baths, 40
shower baths, a convention hall with a seating capacity of approximately
1,000 and 18 shops. in addition to the hotel property, the bankrupt owns.
subject to a mortgage under which $31,963 was owing on Dec. 22 1931. a
plot of land adjoining the hotel, on which a building used as employees'
quarters is situated.
Outstanding capital stock of bankrupt company consists of:
3.990 shares (par $100 each) of preferred stock
$399,000
2.377 1-6 shares (par $100 each) of common stock
237,717
1st mortgage 7% gold bonds
x 1,117.884
Interest accrued and unpaid
37,903
2d mtge. 634% bonds, series "A" (including $100.000 issued
as
collateral to secure notes payable)
346,000
Additional bonds paid for, But not actually issued
4,000
2d mtge. 634% bonds, series "B" (inclulling $6,000 issued as
collateral to secure notes payable)
568.500
Int. accrued and unpaid on ser. "A" and ser. "B" bondS
329,524
. The 2d mtge. 634% bonds, ser. "It,' are subordinate to ser. "A" bonds.
x Bonds numbered 188 to 229 incl., consisting of 20 bonds for 51.000
22 bonds for $500,a total of $31,000 in principal, matured on March 1 and
In accordance with the provisions of the 1st mtge.. the bankrupt, 1932.
prior
to the bankruptcy proceedings, had paid Bank of Manhattan Trust Co.
$20.116 to be applied to the payment of such bonds. The trust company
has been ordered by the bankruptcy court to apply such moneys to the
4388
Financial Chronicle
Dec. 24 1932
I" The directors have also decided to pay on Jan. 16 1933, an interim
payment of the bonds of the 1932 maturity as follows: (a) To the payment
dividend of 10d. for each il of ordinary stock for the current year. free
on account of each of the 20 $1,000 bonds, $648.91, leaving an unpaid
of British income tax.
balance of each such bond of $351.09;(b) to the payment on account of each
Transfers received up to Dec.23 1932, will be in time to enable transferees
of the 22 $500 bonds. $324.45, leaving an unpaid balance of each such
to receive dividends.
bond of $175.55.
1929.
1931.
Thereafter the total unpaid balance of all of the bonds of the 1932 ma1930.
1932.
Years Ended Sept.30-turity will be $10,883.90. There are $1,107,000 of bonds maturing subNet profit after all chgs- £5,438,252 £5,334,448 16,501.560 £6,357,772
sequent to March 1 1932. Accordingly, there will be actually outstanding
-V. 135, p. 1334.
and unpaid $1.117.883.90 of the principal of the 1st mtge. 7% gold bonds
of the bankrupt.
Broad Street Investing Co., Inc. Smaller Distribution.
0 In addition to the funded debt, the bankrupt had contracted debts as
A dividend of 20 cents per share has been declared on the capital stock,
of Dec. 22 1931 in approximately the following amounts:
payable Jan. 3 to holders of record Dec. 23. This compares with payments
383,891
Notes payable
-Bank creditors, secured
of 25 cents made each quarter during 1932 and with 30 cents per share
104.967
Trade and equipment creditors, secured
1
1.-- 135, p. 2835.
paid quarterly from April 1 1930 to and incl.Dot 1
233,583
,
Ct..
Unsecured creditors
2,219 --."----Accounts payable-Secured creditors
Brunswick-Balke-Collender Co. Vartia n--- becreased.
56,365
Unsecured creditors
The New York Stock Exchange has receiv dinot ce frOm the company
that the authorized pref. stock has been reduced to 40,000 shares and the
5481.027
Total
common stock to 550.000 shares, and also that the capital represented
At the beginning of 1931 real estate taxes on the property for the years
by the outstanding common stock has been reduced to 54,500,000.-V. 135.
1927, 1928, 1929 and 1930 aggregating $128,658 and water rents aggre13• 3002.
of
gating approximately $27,000 were delinquent and unpaid. Because an
-Bonds Off List.
Bryn Mawr Beach Bldg. Corp.
this fact, the committee then insisted that the bankrupt enter into
The Chicago Stock Exchange approved the removal from the list of the
agreement pursuant to which the bankrupt agreed to apply all the income
of the property, over and above ordinary operating expenses, on account of
following defaulted bonds, effective at the close of business Dec. 6, in accordance with decision of the Governing Committee on Oct. 10 1932. to
payments due under the 1st mtge. and on account of delinquent taxes and
water rents. As a result of this agreement, taxes for 1927, 1928 and 1929
the effect that, inasmuch as purchasers of defaulted bonds may have misunderstanding as to their negotiability, such bonds should be removed from
amounting with interest thereon to 592.533 were paid during 1931. How1931 and deever. unpaid taxes on the property for the years 1930 and
the list:
(1) Bryn Mawr Beach Building Corp. 1st mtge. 6% serial gold bonds
linquent water rents amount, without interest thereon to Dec. 22 1931,
to $114,149.
(authorized 36,000.000).
(2) La Salle-Wacker Building Corp. 1st mtge. fee 6% sinking fund gold
-Years Ended April 30.
of the Property
Earnings
bonds, series A, and the 6% sinking fund mtge. gold bonds, series B (au1931.
1930.
1929.
1928.
1927.
thorized 56,500.000).
$810,959 $707,518 $824,927 $806,240 $737,163
Total revenue
,
(3) Mills Trust 1st mtge. coll. 535% gold bonds, series A (authorized
Total direct costs & exp.- 640,251 591,414 633,597 622,401 536,022
$1,600,000).
40,967
40.752
33.652
29.701
30,141
Taxes and insurance
Income before deprec. or
-The
-,,Canada Dry Ginger Ale, Inc. Smaller Dividend.
86.402 157,678 143,086 160,173 charges under 1st mtge_ 140.566
from
directors on Dec. 19 declared a quarterly dividend of .25
For the period from Jan. 1 1931 to Dec. 22 1931 the total revenue
$646,983, total direct costs and expenses were $481,112,
the hotel was
cents per share on the common stock, no par value, payable
or
taxes and insurance were $39,807, and the income before depreciation
Jan. 16 to holders of record Jan. 3. This compares with
.charges under the 1st mtge. was $126.062.
-George E. Roosevelt, Chairman; Lyle T.
Reorganization Committee.
30 cents per share paid each quarter from Jan. 15 1932 to
(representing holders of
Alverson, it. A. Byger, W. E. Ross, D. H. Dixon Burnett (representing
and incl. Oct. 15 1932, quarterly distributions of 75 cents
the 2d mtge.64% bonds, series "A"). D. Frederick
and Walter Steinbach
per share made during 1931 and $1.25 per share paid each
holders of the 2d mtge. 6).% bonds, series "B")
Ben B.
(representing holders of the pref. stock and common stock).
three months from July 15 1929 to and incl. Oct. 15 1930.Hofstadter, Secretary of committee. New York, 140 Broadway, N. Y.
V. 135, p. 4209.
Depositary, Guaranty Trust Co. of
O.; Pennsylvania
City: sub-depositaries, Cleveland Trust Co., Cleveland,
Philadelphia; Trust Co.
Co. for Insurances on Lives & Granting Annuities,
Canada Malting Co., Ltd.-Earnings.of Georgia. Atlanta -V. 134. p. 139.
Mas.End. -Years End. Aug. 31July 31 '32.
1930.
1931.
-Earnings.
PeriodBiltmore Hats, Ltd.
1930.
1931.
1932.
Profit from oper. after charging all
End. Nav.30-Years
$36,606
$40.278
$45,071
manufacturing, adminis., selling &
depreciation
Net earnings after
3404.551
2,286
$361,362
3.847
$428,002
4,377
general expenses
Provision for Federal Income taXes
Prov. for deprec. of bldgs., plant &
100,000
534,320
100,000
100,000
536,431
540,694
equipment
Net income
28,151
13,728
8,235
27,20
20,160
35,265
Provision for Dominion income taxes_
Previous surplus
767
984
had debts recovered
$276.401
$247,634
$300,713
Net profit
264,757
542.555
313,448
262.561
$57,358
576,943
Previous surplus
Total surplus
97
Adjustments
$561,082
5541.158
5563,274
518
Total surplus
Additional tax prior year
298,517
223,888
298,521
20,974
20,413
18,86.5
Dividends paid
Preferred dividends
1,325
1,678
2.230
Prov,for redemptions of pref. stock
3262,561
5317.271
5264,757
Surplus Aug. 31
$20,160
$35,266
5.55.332
Earnings per sh. on 198.972 she. cap.
Balance,surplus
$1.38
$1.25
$1.51
stock (no par)
Earns, per sh. on 20.000 shs. corn.
50.61
30.76
$0.98
stock (no par)
Comparative Balance Sheet.
Balance She,') Nov. 30.
LiabilgiesAug.31'31.
July 31'32.
July 31'32. Aug.31'31.
Assets1931.
1932.
Liabilities1931.
$91,876
1932.
Accts. & bills rec... $3359,621 3373,436 Bank overdrafts
Assets
$32,051 Accts. pay. & acAccounts payable_ 330,013
76,310
329,345
85,900
Cash
Cash
$19,807
9,978
crued charges_ R03. for inc. tax__
85,389
27,289
25,000
115,985
Guar,call loans... 225.000
Accts. receivable_ _
162,482 Collector of cus74.629
135,331
1.002,448 1,434,253 Div. pay. Sept. 15
Inventories
Inventories
935
1,202
toms (sales tax).
17,200
17.200 yeapital stock....5,239,636 5,239,636
Grain exc'ge seats_
Cash sun. val. of
5,005
4,488
2,140 Dividends payable
35,178 Prof. & lam sure__ 317,270
2,520
264,757
38,974
Deferred charges
life Insurance_ _ _
2,000 Res.for Federalin2,000
3,882,776 3,914,429
:Fixed assets
Land
3.870
4,377
come tax
Bldgs., plant, ma256,500
286,600
Total
158,353 Preferred stock
155,963
45,611,920 $5,774,497
$5,611,920 $5,774,497
Total
chinery & equip85,475
85,475
2,962 gCommon stock_
1,973
Deterred charges a After depreciation of $522,978 in 1932, and $422,979 in 1931. y Repre45,051
81,097
767 Surplus
Organization exps_
sented by 198.972 no par shares -V.133, p. 3971.
8443,119 3446,145
Total
$443,119 $446.145
-No Div. Action.
Total
Capital Administration Co., Ltd.
-b. 134, p.509.
shares.
x Represented by 20.000 no par
The directors have taken no action on the quarterly dividend due Jan. 1
6% cum. pref. stock, series A, par $50.
Insurance Co. of Pa., Pittsburgh,
on the
Birmingham Fire
The company on Oct. 1 last paid a regular quarterly dividend of 75 cents
-Resumes Dividend.per share and one of like amount to cover the payment for the second
Pa.
-V. 135, p. 2836.
declared on the capital stock, par $50, payable
quarter of 1932 which had been deferred.
A dividend of6% has been
A distribution of 3% was made on
Dec.24 t holders of record Dec. 14.
-Omits Common Dividend--Obituary.--,Carnation Co.
total paid during that year 6%.
Dec. 21 1931, making the
ownership by National Union
The directors have voted to omit the semi-annual dividend ordinarily
This company is controlled through stocic
payable about Jan. 1 on the no-par value common stock. A distribution
Fire Insurance Co.
of 37Ii cents per share was made on this issue on July 1 last, compared with
-Earnings.
semi-annual dividend of 75 cents per share previously paid on this issue.
Black & Decker Mfg. Co.
1929.
The directors, however, declared two regular quarterly dividends of
1930.
1931.
1932.
Years End. Sept. 30-$1.75 per share on the pref. stock, payable Jan. 2 and April 1 1933 to holdNet loss front operation
ers of record Dec.21 1932 and Mar.21 1933,respectively.
after prov. for income
The directors issued the following statement: "No other course seemed
taxes Az div. on pref.
prudent to directors in view of the unsettled business situation and the
3709,850prx$2,111,641pr$1,011,322
5798.312
stock of sub. co
Importance of maintaining the company's cash position at this time.
the Van Dorn Electric
moving
x But exclusive of $29,130 expense of
It was deemed unwise in the interest of the stockholders to declare a diviTool Co. and Domestic Electric Co. plants.
dend front surplus."
Comparative Balance Sheet Sept. 30:
1931.
Obituary.
1932.
Liabilities1931.
1932.
Paul R. McKee, Vice-President, Secretary and a director of the company
$373,474 $555,725 8%, cum, preferred$1,000,000 $1,000,000
Cash
died suddenly at his home at Oconomowoc. Wis., on Dec. 4, following a
stock
Notes.
Notes, bills &
-V. 134, p. 4498.
heart attack.
692,293 yCommon stock &
accts. receivable 385,164
surplusz5,834,663 6,642,437
697
Miscell. accounts_
-Earnings.
Carreras, Ltd.
988,000 1,425,000
Mdse. Inventories_ 1,938,301 2,559,784 Notes payable_1931.
1929.
104,162
1930.
1932.
43,751
Years Ended Oct. 31Accounts payable.
Cash surr. value of
E746,412
1975,366 £1,295,737
65,706
30,367
Trading profits for year. £772,356
accounts_
34,793 Accrued
38,946
life insurance__
21.208
23.100
z93,728
98,300
26,003
95,800
Other income
Minority interests_
Inv. in Australian
32,302
26,150
subsidiaries_ _ _ _
£769,512 £1,001,369 £1,316,945
E866.084
income
Total
122,996
118,257
Sundry accounts__
31.044
32,325
35,391
32.212
Depreciation
Land, bldg., mach.
32,545
263,828
20,169
204,654
Prow.for income tax. Sic.
& equipment__ x2.511.964 2,718,980
10,000
Reserve for fillet. In exch.
Patents (U. S. &
5,840
4.523
6,279
5,241
Staffsuperannuation fund
949,698
949,698
foreign)
79.034
Amt.transf. to devel.fd_
1,593,422 1,593,422
'Good-will
1,000
3.683
4,783
1.000
Other expenses
74,584
56.505
Deferred charges
£687,802
£754,479 £1,013,967
£724,211
$7,992,580 $9,335,605
Total
Net profit
87,992,580 39,335,605
Total
285,734
230.937
285,734
285,734
$1,382,616 in
x Dividends paid
470,746
x After reserve for depreciation of $1,358,631 in 1932 and
685.000
943,751
354,313
loss charges
Includes deficit of
y Profit and
1931. y Represented by 298.340 no par shares. z
850.
$428.067.-V. 134, p.
£98,030
£84,164 def.C68,679 def5475.006
Balance, surplus
1.901,881
1,527,906
2,002,915
1,459,231
Previous surplus
Bristol (Conn.) Brass Co. Purchases Stock.shares of 7%
number of outstanding
The corporation has reduced thefrom Hartford, Conn., states. Up to
£1,543,392 £1,459,231 21,527,906 £2,002,911
Total surplus
dispatch
pref. stock to 196,700, a
have been retired. As of Dec. 31 1929, there
x Not including further dividend paid after close of fiscal year and deDec. 1 a total of 5.600 shares
for
any
The stock is callable at 110 at
ducted from the surplus following year: £354,313 for 1932, £354.313
were 554,300 pref. shares outstanding.
1931, £1,057,160 for 1930 and £492,187 for 1929. y Includes further divi-V. 134, p. 4664.
time.
year.z Includes profit on sale of investments of £79,034.
dends of previous
-American Tobacco Co., Ltd.-Pinal DividendBritish
-V. 133. 13. 4335.
Earnings.-
held Dec. 15 1932, it was decided to recomAt a meeting of the directors annual meeting fixed to be held on Jan. 9
mend to the stockholders at the of a final dividend of 8d. on each
of
Jan. 16 1933.
1932, payment on
income tax. This compares with 8d., tax
ordinary stock, free of British makes a total of 48d. for the year ended
made a year ago, and
free, also
preceding year.
sem. 30 1932. the same as for the
-151 Preferred Dividend:
Cassidy's, Ltd.
share on
The directors recently declared a dividend of $1 per Dec. 31 tothe 7%
holders
$100, payable in Canadian funds on
cum. pref. stock, par
on this
of record Dec. 20. A distribution of 75 cents per share was made
March 31
Issue on Sept. 30. $1 per share on June 30 last, 75 cents per share on
-V. 135, p. 2498.
previously each quarter.
1932 and 31.75 per share
-To Adjust Rentals.
Central Manhattan Properties, Inc.
-V. 135, p. 3361, 4038.
See Schulte Retail Stores Corp. below.
-Extra Dividend, &c.
'".Charlottesville Woolen Mills Co.
share on the
The directors have declared an extra dividend of 25 cents a semi-annual
the regular
stock in
$50 par 7% cum. partic. pref.Issue andaddition tosemi-annual dividend of
a regular
.
dtv. of 31.75 a share on that
on the $50 par common stock, all being payable Jan. 1 to holders
$2 a share
extra of
of record Dec. 15. Like amounts were paid on July 1 1932. An
$4.25 a share was paid on the 7% pref. stock on Jan. 1 1932 and on July 1
1931.
Semi-annual dividends of $6 per share were previously paid on the com-V.135. P. 1660.
mon stock.
-Sells Factory.
Chase Bag Co. (Del.).
-V. 122, p. 1316.
See Continental Can Co. below.
'
-Merger Approved.
Chicago Investors Corp.
-V. 135, p. 3695.
See Continental Chicago Corp. below.
-Div. Reduced
"Chicago (Ill.) Transfer & Clearing Co.
4.
par $100,
A dividend of 1% was recently declared on the capital stock.
payable Jan. 1 to holders of record Dec. 16. This compares with 1U%
paid on July 1 last and with semi-annual distributions of 231% made
from July 1 1921 to and incl. Jan. 2 1932.-V. 135, p. 131.
-New Director.
Colgate-Palmolive-Peet Co.
Mrs. Eleanor I. Johnson has been elected a director. succeeding C. E.
-V. 135, p. 4221.
Van Vleck, resigned.
".--Columbia Mills Inc.
-Smaller Quarterly Distribution.%
'
-To Continue.
Covert Gear & Mfg. Co., Lockport, N. Y.
This company, under receivership with A. W. Glostzner and W. W.
Campbell as receivers, has been authorized to continue for 90 days under
-V. 129,
the receivers. The plant, it is said, is operating near capacity.
V. 481.
-ReconDallas (Tex.) Farmers Public Market Co.
struction Finance Corporation Loan.
The Reconstruction Finance Corporation Dec. 20 agreed to loan $187,500
to the company at 6% interest. The money will be used to construct
a public market building in which will be sold farm products, meats,
groceries, and like commodities.
It is estimated that 85 men will be employed five months on the project
on a 30
-hour week basis. Indirect employment will be provided many
men through purchase of approximately $100,000 worth of general building
materials.
The market will contain 204 stalls about 8 by 12 feet for farmers and
hucksters outside of the main building, although under roof, and ten
warehouses, each 25 by 50 feet, to be used for temporary storage of produce
purchases, and an open unroofed concourse for 75 trucks which is suitable
for use as a farmers' wholesale market. The main market building wil
be 100 feet by 150 feet.
Equipment required will include lighting, plumbing, bakery,refrigeration.
counters, showcases, soda fountain, cash registers, scales and cafe and
office fixtures and furniture.
Supporting data show that 223 farmers and hucksters have agreed to
rent space when the project is finished.
John J. Harden, 515 West Main St., Oklahoma City. Okla., is President
of the company. The Dallas address of the company is 401 Republic
Bank Bldg.
'
A quarterly dividend of 50 cents per share has been declared on the
capital stock, par $100, payable Jan. 2 to holders of record Dec. 23. Distributions of $1 per share were made on July 1 and Oct. 1 last as against
$1.25 per share on Jan. 2 and April 1 1932.-V. 134, p.4666.
-Interim Dividend.
Coniagas Mines, Ltd.
The directors have declared an interim dividend of 12% cents per share,
payable Jan. 10 1933 to holders of record Dec. 30 1932. This is the 59th
disbursement made by the company since it was incorporated in 1906.
Altogether $11,497,769. equivalent to $14.37 per share, has deep distributed. The company was a continuing dividend payer between 1907 and
1924, or until its mill was destroyed by fire.
The directors look upon the present dividend as a part return of capital,
,
since the company has no source of income from operations.
Liquid assets of the company on Dec.31 1931 were $1,728,818. (Toronto
"Financial Post.")
-V. 124, p. 2286.
-Bond
"*.--Consolidated Oka Sand & Gravel Co., Ltd.
Interest Defaulted.
Bond interest due Nov. 1 on the 1st mtge. bonds has not yet been paid.
At the end of 1931 there were outstanding $671,000 of 6yi% 1st mtge.
-V. 134, P. 4499.
bonds.
'.Continental
4389
Financial Chronicle
Volume 135
,
Can Co.-Purchaseikleing,-
The company harrchased the factory building of the Chase Bag Co.
Tenn.
a Memphis, Tenn/ for $78,000, according to reports. The machinery
of the former Federal Can Co., which was merged
in the Nashville pl
-V.135.
with the Continental Can Co. in 1929, will be moved to Memphis.
p.4221.
-Merger with Chicago InContinental Chicago Corp.
vestors Corp. Apgroved.-Stockholders of both the foregoing
companies vote Dec. 19 to merge into a corporation
known as Continental Chicago Corp.
-Extra Dividend.
Devonian Oil Co.
An extra dividend of 10 cents per share has been declared on the common
stock, in addition to the regular quarterly dividend of 15 cents per share.
both payable Jan. 20 to holders of record Dec. 31. This compares with
a quarterly of 15 cents per share paid on Oct. 20 last, and 10 cents per
share paid on July 20 1932.-V. 135, p. 2180.
-Stock Suit Dismissed.
Diamond Match Co.
The suit brought by the Irving Trust Co. as trustee in bankruptcy
for the International Match Co. against the Bankers Trust Co..the National
City Bank, the Union Trust Co. of Pittsburgh and the Continental Illinois
Bank & Trust Co. of Chicago, to set aside the transfer of 350,000 shares
of common stock of the Diamond Match Co. was dismissed by Federal
Judge John C. Knox without prejudice on the consent of all parties. The
a
stock in litigation was posted as collateral by the late Ivar Ikreuger for is
loan of $3,800,000. A similar action for the recovery of this stock
-V. 135, p. 3861.
Court.
pending in the State Supreme
-Earnings.
Dominion Glass Co., Ltd.
1931.
$409,355
34,859
1930.
$548,997
42,189
1929.
$778,392
49,179
Years Ended Sept.30-Profits
Bond interest
1932.
$359.646
27,808
Net profits
Preferred divs. (7 )
Common divs. (5%)
8729.213
$506,808
$374,496
$331,838
182.000
182,000
182,000
182.000
212.500 (7) 297,500 (7) 297,500 (7) 297.500
$249,713
327,308
xdef$62,662 def$105,004
Balance, surplus
Earns, per sh. on 42,500
$12.87
$7.64
$4.53
$3.52
abs. (par $100) com
x Before adding $332.942 premium and exchange on bonds redeemed
and drawn for redemption.
Comparative Balance Sheet Sept. 30.
1931.
1932.
1931.
1932.
$
$
Assets-5,695,212 5,636,555 Preferred stock-- 2,600,000 2,600,000
Propertkes
2,581,920 2,581,920 Common stock.-- 4,250,000 4,250.000
Patents, Ste
465.700
544,500
1,570,946 1,634,538 Bonds
Inventories
296,042
Accts.receivable-. 934.492 1,012,325 Accounts payable_ 227.041
98,625
119,875
277,914 Accrued dividends
389,378
Cash
369,980
Government bonds 910,940 1.110,746 Accrued charges-- 313,290
120,000
53.326 Due on prop. purch 120,000
81,717
Trust account....
58,418 Deprec. reserve.-- 2,941,498 2,761,498
57,067
Sund. mtges.es Inv
1,255,081 1.350,685
46,836 Surplus
49,562
charges
Deferred
12,271,237 12,412,581
Total
12,271,237 12,412,581
Total
-V. 135. p. 2659.
In connection with the merger a pro forma balance sheet setting forth
the condition of the two corporations has been prepared.
Market quotations as of the close of business Nov. 14 1932 have been
used wherever available and assets not having a readily ascertainable
value have been appraised as of Nov. 14 1932.
Pro Forma Combined Balance Sheet Nov. 14 1932.
[After giving effect as of that date to proposed merger and consolidation o.
the two companies and to the acquisition by Continental Chicago Corpf
. of 29,715 shares of its convertible preference stock.]
LtabilittesAssets8189.533
Cash
83,365,186 Accounts payable
342,996
100,656 y Divs, payable on Dec. 1 '32
U.S. Govt.sec. at market__
-Appealing Glidden
(E. I.) du Pont de Nemours & Co.
145,000
St notes 1,502,952 rtee've for taxes of prior yrs
Short-term securities
Notes receivable
2,388,886 g Convertible preference stk_ 18,564.900
Lacquer Case.
3,337,507
Common stock ($1 par)
Investmentsx
An appeal to the U. S. Circuit Court of Appeals has been taken by the
4,626,623 a Capital surplus
Bonds4,085,217 company from the decision of the Federal District Court in Brooklyn inStocks ($40,000 hypothevalidating the Flaherty patent on low-viscosity nitrocellulose lacquers,
under contin. dab). 13,599,643
cated
In the action charging the Glidden Co. with infringement. It is the general
Other investments (equity
understanding that both parties in the several suits of this nature constocks,non-trading synditemplate carrying the matter to the U. S. Supreme Court for final adcate participation, atc.),
-V. 135, p. 4039.
judication.
valued at book cost
888,924
-Omits Common Div.
Receivables'---..Eastern Steel Products Ltd.
Accr. int. as declared dive_ _
153,247
The directors have voted to omit the semi-annual dividend usually pay39,034
Credit balances with brokers_
able about Jan. 1 on the common stock, no par value. Regular semiannual distributions of 50 cents per share had been made on this issue to
326,665.152
Total
Total
e26.665,152
and incl. July 1 1932.
x At market quotations or values agreed upon in proposed merger and
The directors have declared the usual quarterly dividend of $1.75 per
consolidation. y 50 cents per share on convertible preference stock of
share on the preferred stock, payable Jan. 3 to holders of record Dec. 19.
Chicago Corp. z No par value (dividends cumulative at
Continental
-V.134. p.4330.
$3 per share per annum from and after Dec. 1 1932, cumulated unpaid
-Discontinues Dividend.
"-Economy Grocery Stores Corp.
dividends of 75 cents per share in arrears as at that date; on redemption -share; stated value $25 per
The directors have decided to omit the quarterly dividend ordinarily
entitled to $65 and in liquidation to $55 per
payable about Jan. 15 on the capital stock, no par value. Regular quarterly
--Authorized, 1.000,000 shares; issued and outstanding, 742,596.
share)
shares. a Balance remaining after losses, dividends and valuation adujstdistributions of 25 cents per share were made on this issue to and incl.
Oct. 15 1932.
ments.-V. 135. P. 3696.
-New Merchandising Plan.
Continental Motors Corp.
A new merchandise plan, involving the elimination of intermediate
agencies, is announced by President W. R. Angell, for the company's new
four-cylinder car to be introduced next month.
The corporation will establish distributing etations. or "Continental
terminals," in every important centre, the announcement added. "Tested
and tried methods of mail order selling' will also be employed to obtain
-V.135. p. 2498.
penetration into the smaller towns and rural areas.
-Voting Trust Ctfs. Off List.
Continental Steel Corp.
The Chicago Stock Exchange on Dec. 6, approved the removal from the
list of the voting trust certificates for 97.619 shares of common stock, no
par value, because of withdrawal from the market of sufficient certificates
to afford a free market. (These certificates are exchangeable share for
share for common stock, which is listed on the Exchange. All but 21.261
-V.
voting trust certificates have been exchanged for common stock.)
135, p. 1828.
-Creditors Sue.
Corporation Securities Co.
George W. McGhle Jr., a holder of $5,000 of 5% serial notes has filed
complaint in the Federal Court against three New York banks to restrain
them from disposing of securities which they hold as collateral for loans
made to the corporation prior to its bankruptcy, April 18 1932. The
defendants in the suit are the Chase National Vank. Central Hanover
Bank & Trust Co. and Guaranty Trust Co. of New York.
These banks, according to the complaint, hold promissory notes of the
corporation aggregating 35,000,000, for which the collateral posted by the
corporation had a value on April 16 1932, of $3,895,000. The complaint
states that these loans were wrongfully made by the bank and that the
corporation wrongfully posted the collateral, pointing out that under the
terms of the notes it was provided that the total indebtedness of the
corporation should not exceed 50%. McGhie states that he is secretary
have
of the serial noteholders committee with which 56,293.000 of notes were
been deposited. These notes in the principal amount of $31,500,000
is
by the corporation from September 1930 to February 1931. There of
sold
now outstanding $23,333,000 on which an interest and principal payment
$8,000,000 became due Sept. 1 1932. This amount was not paid and under
30 days.
the terms of the notes the full amount became due after as wellas recovery
Mr.McOhle's action asks an injunction and accounting
the securities -V. 135. p. 2498.
of
A statement issued by the company states:
Sales for the present fiscal year for the 21 weeks wnich ended Nov. 26
1932, amount to 56.148,686, compared with the five months' equivalent
period ended Nov.30 1931. of $5,768,190 (which contained one week more).
Net profit before making provision for depreciation and Federal income
tax for this period was $118,514, compared with $122.529 for the comparable period of last year (which contained one week more). Construction
of the new warehouse on D Street, South Boston, is now completed and
practically all departments have been moved in and are now functioning on
a centralized plan.
Working capital has been used in making an initial payment on the
purchase price of the land and buildings; in the cash outlay for the reconstruction and addition of a two-story building; and in the expenditures for
added facilities contributing to more economical warehousing and improving
considerably its administrative efficiency. The economies resulting from
these expenditures should definitely reflect themselves in our earnings.
However, for the purpose of replenishing the working capital of the company through its earnings, directors have adopted the conservative policy
of discontinuing temporarily the payment of cash dividends at this time.
-V.135, P.3362.
-Files Reply to
Electrical Research Products, Inc.
Vitaphone.The company according to a press dispatch from Wilmington, Del..
entered a plea Dec. 15 in Chancery Court contending that the $40,000.0116
suit filed against it by the Vitaphone Corp. must be settled by three New
York arbitrators under the terms of the contracts between the two companies.
Vitaphone, the dispatch states, contends that most of the amount sought
was due on a royalty agreement with the defendant.
Electrical Products, denying all alleged defaults, stated that the arbitration can be completed in a few weeks, whereas if the court retains jurisdiction all expense incurred in the arbitration proceedings will be lost
and that the same evidence given in New York will have to be presented
again,
-Resumes Dividend.
-----Electric Household Utilities Corp.
A dividend of $1 per share has been declared on the capital stock. payable
Jan. 25 to holders of record Dec. 30. A quarterly distribution of 50 cents
per share Was made on this issue on July 28 1931; none since.
4390
Financial Chronicle
Secretary James A. McCoy Dec. 19 states:
The closing of the company's retail stores outside of Chicago and the
collection of the installment accounts, previously carried by the company,
has resulted in an accumulation of cash and Government securities
amount, in the opinion of the management, considerably in excess to an
cash requirements that may be needed not only to finance current of the
operations, but also to adequately finance a substantially increased business
volume.
Therefore, it was deemed to be to the best interests of the stockholde
to pay the special dividend of $1 per share at this time.—V. 135, p.4221.rs
Dec. 24 1932
Franklin Title & Trust Co.—Refunding Plan Offered.—
The Franklin Title & Trust Co.
(successor to
Co.)are requesting the holders of Franklin Bond Franklin Bond & Mtge.
collateral trust gold bonds maturing in 1933 and& Mortgage Co. 1st mtge.
1934 to accept a five-year
extension of the time of payment. A circular
issued to bondholders states
in part:
Maturities in 1933 and 1934.—There are now
outstanding bonds maturing in 1933 and 1934, issued under indenture
of Louisville National Bank, trustee (Libertydated March 11927. in favor
Bank & Tryst Co. of Louistine, Ky., succssor trustee), divided into series,
Series 28A Kentucky, maturing Jan. 1 1933as follows:
Excess Insurance Co. of America.—Withholds Inaugura$46,500
Series 27B
maturing Jan. 1 1933
tion of Dividends.—
223.500
Series 27D
maturing Jan. 1 1933
441.000
Contrary to general expectation, the directors failed to inaugurate
Series 28A
maturing July 1 1933
59,500
dividends on the company's stock.
Series 28B
maturing July 1 1933
466,300
The directors unanimously approved the following resolution: "ReSeries 28C
,
maturing July 1 1933
453,000
solved that notwithstanding the fact that results of the company's operations
Series 28D
maturing Jan. 1 1934
278,600
have been such as to warrant the consideration of the payment of a
Series 28F
maturing June 1 1934
218,500
under normal conditions, nevertheless, in view of the present dividend
Series 29A
maturing July 1 1934
adverse
331,900
unsettled economic and political situations, with their possible adverse
influence upon the market prices of the securities of the company and
Total maturing in 1933 and 1934
$2,518,800
the consequent reduction in the surplus account, the conservati
These bonds are secured by first mortgages
on
part, by other qualififed collateral authorized by real estate and, in small
in the best interest of the stockholders is to preserve the full ve policy
financial
the indenture.
Our borrowers cannot pay off these
resources of the company, that therefore no dividend on the company's
mortgages aid cannot refinance
them. We cannot dispose of the mortgages in
stock should be declared at this time."
amount sufficient to enable
us to meet these maturities.
President Gibbs states that this action does not preclude declaration
of a dividend next spring if the general situation appears to have cleared.
Problem of Present Mortgage Bond Maturities
- our inability
.—Our problems result from
to collect the payments due on the
128, p. 215.
mortgages securing our
bonds in accordance with the terms of the
mortgages and from the necessity
(The) Fair, Chicago.—Suspends Preferred Dividend.— of extending or renewing mortgages. These problems
are not peculiar to
Franklin Title & Trust Co. They exist
The directors on Dec. 22 decided to suspend the quarterly Federal Government Is
throughout the country. The
constantly
dividend due Feb. 1 1933 on the 7% cum. pref. stock, par that mortgages be extended. Suchurging that foreclosures he avoided and
a course can be followed by companies
,
$100. The last regular quarterly distribution of 13 % such as ours, whose mortgages are held in trust to secure bonds, only if
the persoi s who hold the bonds agree to extend
4
the maturity of their bonds.
was made on this issue on Nov. 1 1932.
The bond of the surety company is not
responsible far the general costs
and expenses of liquidation, all of which, if
The company issued the following statement:
become necessary, will be chargeable againstenforced liquidation should
At a meeting of the board of directors it was decided that in view of
the property. And since
there is no surplus of trust collateral over and
prevailing business conditions it would be inadvisable for the present to
above the outstanding bonds.
such payments will reduce the amount of
continue the payment of dividends on the preferred stock of the company.—
liquidating dividends and impose
a correspondong loss upon the bondholders.
V. 134, p. 3282.
The problems arising out of individual
mortgages,
between the
Fanny Farmer Candy Shops, Inc.—Resumes Corn. Div. bond, and mortgagor and the mortgage company willinvolving disputes
involve the surety
are likely to add to the delay of I
' The directors have declared a dividend of 25 cents per share on the no
'
quidation. Disputes of this
kind can, as a rule, be readily adjusted between
Par value common stock. payable Jan. 4 to holders of record Dec. 27.
the mortgage company and
its borrower, but in event ofreceivership and
Quarterly distributions of like amount were paid from April 1 1928 to
collection of the trust property
by the trustee, they may well take on an
and incl. April 1 1932: none since.—V. 134. p. 3829.
added importance. In short, the
liquidation of an open collateral mortgage
and perplexing problems, which it is believed trust presents many technical
Federal Mining & Smelting Co.—Earnings.—
can
fully avoided by such an extension as is herein be reasonably and successFor income statement for 3 months ended Oct. 31 see 'Earnings Depart,
proposed
Extension Plan.—The extension will be
ment" on a preceding page.—V. 135. p. 3698.
bonds under a new indenture especially effected by the issuance of new
First Mortgage Co. of New York.—New Real Estate presented by the administration and designed to meet the problems
collection of collateral mortgage
trusts under existing conditions. Accordingl
Mortgage Company to Be Organized.—
y, we offer to our bondholders the following extension plan:
Final arrangements, it is announced, have been concluded which will
There will be delivered to our bondholder
have a material bearing on the real estate mortgage situation in New York
the above maturities, new first mortgages, in exchange for their bonds of
City, one of the important results of which will be the appearance on Jan. 1
collateral trust, gold bonds of
the company (issued under a new and special
193'1 of a new company with ample capital and experienced personnel,
indenture of trust) in equal
Principal amount bearing the same rate of
ready to functicn as lenders of mortgage mcney and guarantors of mortinterest, bearing an improved
form of guarantee, and maturing approximat
gage investments to institutional and other investors.
of maturity of the respective bonds offered for ely five years from the date
A new corporation to be known as the First Mortgage Co. of New York
on the new bonds will correspond exactly exchange. Coupon maturities
is being organized and will include new elements which have not heretofore
with coupon maturities on the
present bonds, so that no interest adjustment will
appeared in the mortgage field. The purpose of the First Mortgage Co.
be necessary.
The new bonds will he dit ided into series
of New York will be two-fold, first to make available on a present day
exactly corresponding with the
present outstanding series.
basis of values and income mortgage funds for home owners and other
New and Improved Form of Surety Guarantee.
conservative borrowers,and,second, to provide for investors safe mortgage
—In consideration of the
bondholders' co-operation in extending the
investments guaranteed as to principal and interest by a sound and liquid
maturity of their bonds, thus
enabling the company to liquidate the trust
guarantor. It is anticipated that one of the first results will be a substantial
properties to the greatest
advantage, it has been arranged that Maryland
reduction in interest rates so as to bring the cost of mortgage money to
the
hich at
present guarantees only the mortgages securing Casualty
borrower into line with present day rates on similar sound high
your bonds,
grade
Co.,'under the
conditions set forth in the individual surety
investments in other lines. Several innovations will be incorporat
bonds,
bonds to be issued in exchange for your present will endorse on our new
loans made by the new company, chief among these being a plan ed in
to use
holdings, the following:
"The undersigned hereby unconditionally
the funds customarily applied in amortization payments as insurance
guarantees that the Franklin
Title & Trust Co. shall have deposited with the
premiums on policies taken out by the borrower in
of the lender.
five days) prior to maturity, cash sufficient to corporate trustee, (at least
Such premium payments will create a policy surrender favor approximat
value
enable the trustee to pay the
ing
principal and interest of this bond as and when
the usual amortization amounts and in the event of the death of the
due."
borrower
Method of Effecting Exchange of Bonds.—In
will automatically provide a sum sufficient to liquidate the mortgage in
its
it will be necessary to forward bonds, with all order to effect the exchange,
entirety and create a further surplus for beneficiaries. Thus, this
unmatured coupons attached,
plan will
to the depositary. Liberty Bank & Trust Co..
relieve the borrower of the burden of amortization payments and
Louisville, Ky.
The plan has been submitted to and
same time will furnish a new and greater protection to the investor. at the
tional Association for the Protection of received the approval of the NaThe First Mortgage Co. of New York will not make or guarantee any
Holders of Surety Guaranteed
Mortgage bonds.
single mortgage in excess of $250.000 and will make no loans on unimprove
d
Advisory Committee.—Urban J. Alexander (U.
properties. All of its loans will be based on present day
J. Alexander & Co., Inc.)
Louisville, Ky.: T. H. Mitchell (Cumberland Securities
established incomes, and its activities will be confined tosound values and
homes in estabCorp.). Nashville,
Tenn.; William M. Wood (Gillet & Co.) Baltimore,
lished residential neighborhoods and to income properties, exclusive of
(Jenkins, Whedbee & Poe) Baltimore. Md.: John Md.:James S. Whedbee
specialties, where the net income is amply sufficient to meet
the debt
Goodrich & Co.) Baltimore, Md.; S. W. Steinecke C. Legg Jr. (Mackubin
service of the mortgage.
(McLaughlin, MacAfee
& Co.) Pittsburgh. Pa.: George G. Shriver
John A. Dilliard, President of State Title & Mortgage Co. stated that
(George G. Shriver & Co.. Inc.)
Baltimore, Md.: C. Prevost Boyce (Stein Bros.
a nucleus for its initial operations the First Mortgage Co. of New York as
has
James E. Galleher (Wheat. Gaileher & Co.) & Boyce) Baltimore, Md.;
arranged to acquire approximately $50.000.000 of the present outstandin
Richmond. Va. Herman A.
g
Feldmann, Sec., 222 E. Redwood St., Baltimore,
guarantees of State Title & Mortgage Co. to which this life insurance
Md.
is applicable. Certain of the personnel of State Title & Mortgage Co.plan
will
be incorporated in the operating staff of the First Mortgage Co. of New
Fraser Companies, Ltd.—New
York and the banking houses of State Title & Mortgage Co.at 340 Madison
K. S. MacLachlan. General Manager since President, &c.—
April
Ave., New York City, and in White Plains, N. Y.. will be used by the
President of the company and its subsidiaries to 1930. has been appointed
succeed the late Archibald
First Mortgage Co. of New York.
Fraser. Harold Crabtree, of Montreal,
These changes have been decided, it is said, upon after a lengthy and
of Toronto, have been elected directorsand Lieut.-Col. Robert F. Massie.
to fill vacancies caused by death
intensive survey and analysis conducted by the new interests
of Mr. Fraser and the resignation of George
H. Mead.—V, 135. 1). 3303.
join in the First Mortgage Co. of New York in co-operationwhich will
with the
management, of the present companies, and will be made effective as soon
Friedman Bros. Holding Co. Reconstruction
—
as the remaining financial and legal details have been completed. The
Finance
Corporation Loan.—
result will be the establishment of a new institution which by virtue of its
The Reconstruction Finance Corporation
capital structure, liquidity and personnel will enter the mortgage field on
Dec. 17 authorized a loan of
$150,000 to the company, a corporation of St.
Jan. 11933. thoroughly equipped to function on the basis of present
Paul, Minn., the money
to be used to construct a public market.
and income and to serve both borrowers and investors on that basis. values
The building will have 53,400 square feet
The new interests who will now enter the mortgage field through the
9,100 square feet of basement storage (dry of stalls or other market space,
medium of the First Mortgage Co. of New York and the directorate of the
feet of garage space and 12,000 square feet or refrigerator), 42,700 square
company, will be announced shortly.
of office space. It will house
about 75 tenants. The garage will accommoda
te about 230 autos.
Rubber Co.—To Close Transfer Office.—
It is estimated that 400 men will be
employed direct on the projec
The New York Stock Exchange has received notice from the counsel for
approximately six months, on the basis of a 30
-hour work week. Purchase
of materials, including structural steel,
the receivers for the company that transfers in the common, 1st 7% pref.
reinforcing steel, sheet metal,
steel sash and doors, refrigeration equipment
1st cony. pref. and 2nd 7% cum. cony. pref. stocks will not be made after
, terra cotta and cut stone
Dec. 31 1932. In view of this fact, the Exchange has decided
will provide employment indirectly in the
industries affected.
these securities from the list effective Dec. 29.—V. 135, p. 2837.to strike
The project is located in the immediate
vicinity of department stores.
chain stores and theatres in the loop district
Flatiron Building.—Depositary.--of
will front on three streets with street entrances the city. The building
The Continental Bank & Trust Co. of New York has been
upon two floors of the
building. A motion picture theatre and a
appointed
depositary for $250,000 1st mtge. serial 6% coupon bonds. dated
property included in the leasehold will becomefour-story building now on
May 20
1925, and underwritten by S. W. Straus & Co.. Inc.—V.
a unit of the entire project.
the market building to adjoin them.
135, p. 4222
Revenues from market and office spaces,
Florsheim Shoe Co.—To Reduce Pref. Stock.—
and filling station concessions are expected basement storage, garage
to
The New York Stock Exchange on Dec. 19 announced
3165.000, in addition to present revenues from produce approximately
ceived notice from this company of the proposed reduction that it had rethe four-story office building, the lower floor the theatre building and
in the authorized
of which is occupied by a
pref. stock from 33.626.200 to $3,187,500.—V.
Woolworth store.
134. p. 4668.
Follansbee Bros. Co.—Construction Program.—
The company's contract awards for the erection of cold
plant to cost $500,000 and its plan to erect a hot stripamill rolled strip mill
mills under Steckel patents reflects the marked change and 10 cold strip
which is taking
place in the steel industry.
A few years ago, outstanding companies were spending millions
of dollars
for the construction of continuous wide strip mills. These mills
made possible
the rolling of strips in widths previously limited only to sheet
mills. They
made the production of sheets on the new types of mills
several dollars a
ton cheaper than was possible previously.
More recently new types of mills have been perfected which
much as the continuous strip mills, with savings nearly as do nearly as
ins estment which represents only a fraction of the expense great, but an
developed types of equipment. (Philadelphia "Financial for previously
Journal.")—
V.135. P. 3363•
.
Franklin -Bond & Mortgage Co.—Succe sor Company
Offers Refunding Plan to Bondholders.—See Franklin Title &
Trust Co. below.—V. 131, P. 2903.
Fundamental Group Corp.—Semi-Annual Distribut
ions.
A distribution for the six-months period ending
Dec. 3119:12 of 9.4 cents
a share of Fundamental Trust Shares, series
30 cents a share of Fundamental Trust Shares. A, cumulative type, and of
series B, disbursement type,
of which 21.157 cents a share will be withdrawn
from the reserve fund, is
announced by the above corporation. After the
there will boa balance of 0.687 cents per share in the Dec. 31 distribution
Semi-annual distributions of 15.2 cents a share reserve fund on series B.
on
cents a share on the series B certificates were made the series A and 30
on June 30 last. Se
V. 134, p. 4668.
Gamewell Co.—Earnings. —
For income statement for three and six months
ended Nov.30 see"Earnings Department" on a preceding page.—V. 135,
p. 2345.
General Investors Trust, Boston.—Initial Dividend—
Offering of Shares.—
The initial dividend of 12% cents per share paid to stockholde
rs on Oct. 1
last was exceeded by the net interest and dividends
received during the
Volume 135
II.
six months' period, to which it applied, according to Chairman John
Sherburne.
distriOn Dec. 20, the assets of the fund taken at market values weer12.4%;
buted as follows: Cash and United States Government securities
bonds and pref. stock 14% and common stocks 73.6%.
by
Offering of fully panic. shares, no par value, was made on Dec. 15the
Charles A. Day & Co., Inc., of Boston at a price computed daily on
cover
basis of the net liquidating value of the shares plus a small charge to price.
offering
Issuance and distribution, which cannot exceed 7% of the merger of two
General Investors Trust was formed in April 1932 by the
conprivate funds. It is not a holding or finance company, nor does it
reinvesting
duct a banking business. Its sole function is the investing and
sectuities.
of capital in a widely diversified group of
The assets of the fund will be invested by the trustees in sound securities
which should provide protection of capital, fair income return, and reasonthree
able appreciation. It is not intended to emphasize any one of these
factors to the detriment of the others.
distinguished from a trading) position is
A relatively permanent (as
basically contemplated in relation to the securities acquired in pursuance
economic
of the foregoing policy, but when fundaemntal business conditions,favorable
changes, or unfavorable trends in a particular industry or less
conditions respecting companies in that industry indicate that a sale or
substitution is desirable, such a change will be made.
The selection ofinvestments for the trust portfolio is made by the Trustees
after searching analysis. The broad contacts of the Trustees, built up
over many years of business and financial experience, are supplemented
by a strong advisory board, members of which have been chosen for their
specialized activities in varying fields of industry, and further facilities
are provided by a company specializing in financial and investment counsel.
No more than 5% of the fund may be Invested in the securities ofany
one corporation, and the Trustees may not enter into any syndicate participations, pools, or under)vritiogs.
The initial structure of the Trust provides for 400,000 shares; as of
Sept. 30 1932, there were 77,914 shares outstanding against net assets in
excess of $300,000. No shares of General Investors Trust have been or
may be issued for less consideration than the liquidating value of the shares
outstanding at time of issuance. There are no management shares, no
rights, no options and no special privileges granted to the management
or to the distributors.
A ready market for these shares will be maintained by the distributors,
with a current bid representing 99% of the net asset value per share. Quotawill be supplied daily to leading newspapers for publication under "Investment Trusts." When requested to do so, the trustees must redeem
any stock offered by a shareholder, in accordance with the trust indenture,
at not less than 98% of the liquidating value.
The trustees are: John H. Sherburne, Henry S. Grew and Donald Holbrook.
Newton M. Kimball of Boston is trust executive.
The advisory board Is comprised of George L. DeBlois, George A. Parker,
Wm. Albert Gallup, D.Sc., F. Thatcher Lane and Aldrich Taylor.
The Boston Safe Deposit & Trust Co., Boston, Mass., is Custodian of
the trust assets.
The sole compensation of the trustees will consist of an amount equal to
6% of the int tti grots Inca me of the fund-no capital gains being considered
as Income. Until Jan. 1 1934 a minimum compensation of $1,000 annually
has beenjrovlded for each trustee. The services of the Boston Safe Deposit
& Trust Co.as Custodian, together with all investment counsel and research
charges, printing, legal, auditing and current office expenses are charges
against income In an extent not at present exceeding $3,000 per annum.
PORTFOLIO DEC. 17 1932.
Common Stocks.
Utilities,
Industrials.
Shs.
Shs.
101) Air Reduction.
310 American Gas & Electric.
150 American Tel. & Tel.
100 American Tobacco B.
200 Continental Can.
200 Consolidated Gas, N. Y.
200 New England Tel. & Tel.
200 Corn Products.
312 North American Co.
200 Drug, Inc.
200 Public Service Corp. of N. J.
400 Frist National Stores.
600 General Electric.
500 United Gas Improvement Co.
Banks,
100 Internatl Business Machines.
100 Liggett & Myers B.
100 Bankes Trust, N. Y.
300 National Dairy Products.
250 National Shawmut, Boston.
Oils.
300 Standard Brands.
400 Standard Oil of New Jersey.
200 Union Carbide.
200 Texas Corp.
200 Woolworth.
150 Southern California Edison
Bonds and Preferred Stocks.
$20.000 U. S. 1st L. L. 3Its 1947
6.000 Midvale Steel 5s 1936.
4,000 Detroit Edison 5s 1952.
5.000 U.S. Trees Notes 31s 1937.
10.000 Peoples Gas Light & Coke
7,000 General Baking 514s 1940.
6s 1957.
100 shs Indianapolis P. & L. 6
34% pref.
5.000 Phillips Petroleum 5!is 1939
-Gain in Employment.
General Motors Corp.
The number of employees of this corporation in the United States showed
an Increase of 7,818 in November, representing the third consecutive
monthly gain. During the three months ended with Nov. 30. General
Motors employment increased 13.734. "Although the increase for this
period reflected seasonal influences, it was larger than the increase for the
-V. 135. p. 4222,
same three months of last year." the corporation stated.
-Earnings.
Gelsenkirchen Mining Corp.
Earnings for Fiscal Year Ended March 311932.
(In German Reichsmarks.]
Coal mines ______________________________________________ 17.407.529
Ammunition plant _______________________________ 1,313.363
Net operating income
Income from investments
Lease rentals _ _ ___________________
Interest earned
18,720,892
8,452,590
2.214.303
2,627,138
_ ________________________________ 32.014,923
Total income __
2,842.533
General & administration expenses
4,738,280
Social charge
5,708.567
Depreciation _ _ ___ _ __
1,185,
Taxes not based on income
3.792.4
Interest on $15,000,000 dollar loan
4,902.
Other interest charges
Operating profit
Non-recurring income (less non-recurring expenses)
8.845.427
1,690,649
Total profit __ __ _____________________________________ 10.536,077
3,484.311
Income and profit _____
Depreciation on security investments
7,500.000
Deficit for fiscal year
Earned surplus as at April 1 1931
4391
Financial Chronicle
448.234
6,734.366
-Interest Payment.
General Steel Castings Corp.
The semi-annual interest coupons of the 1st mtge. gold bonds- 5)4%,
series A,due July 1 1949. will be payable on Jan. 2 1933, in New York City
-V. 135. p. 3363.
at the office of.). P. Morgan & Co., 23 Wall St.
-Mortgage Suits Filed.
George Washington Hotel.
A suit to foreclose a mortgage for $1,650.000 on the George Washington
Hotel, northeast corner of Lexington Ave. and 23rd St. erected under an
agreement in 1928 between the Club Hotel Corp. and Ore Roman Catholic
Church of the Sacred Hearts of Jesus and Mary. owner of the land, was
filed in the New York Supreme Court Dec. 15 by the Manufacturers
Trust Co. as trustee under the mortgage given to secure a bond issue.
The suit is based on default in the payment of monthly interest of 98,040
since last June and because installments of principal are unpaid, in ad-V. 135, p. 1501.
iition to $44,220 taxes.
-To Meet Jan. 4.Georgia Hotel Co., Ltd.
dated June
A meeting of the holders of the 6)4% 1st mtge.gold bonds,Royal Bank
Trust Co.,
1 1926 will be held at the office of the Montreal
Building; Vancouver,on Jan.4,for the purpose ofconsidering and if thought
fit approving with or without modification an arrangement or scheme
proposed to be made between the company and the holders of the bonds.
-V. 135, p. 1665.
-New Executive.
Gimbel Bros., Inc.
President Bernard F. Gimbel on Dec. 16 announced the appointment o1
Kenneth Collins as Assistant to the President. Mr. Collins. formerly
Executive Vice-President and Publicity Director of R. H. Macy & Co.,
Inc. will assume his new duties about Jan. 15.
William H. Howard. formerly Advertising Manager of R. H. Macy &
Co., Inc., will also become associated with Gimbel's in an executive capacity
-V.135, p. 3699.
In the advertising department, it was announced.
-Earnings.(Adolph) Gobel, Inc.(& Subs.).
44 Wecks to Cal. Yrs.
-Years Ended
1929.
Oct. 29 '32. Oct. 31 '31. Nov. 1 '30.
Period)123,943,774 x$35779,140 $38,215.048 $46,032,417
Net sales
deCost of sales, selling,
dlivery, general & administration expenses_ 23,409,365 34,586,361 37,233,407 45,123,498
351,514
'374,841
560,052
422.821
Depreciation
130,578
118,637
232.310
32.516
Other deductions
debt., incl.
Int. on fund,
179,947
137,472
275,638
284,130
amort. of disct. & exp.
41.375
32,662
31,452
Prov.for Fed.taxes on Inc
loss$205,058
Net income
117,089
Subs, preferred diva__ - Div.on min. hold of coin.
230
stock of sub. co
Cr310
Adjust. of min. Interest_
$322,067
Deficit
Surplus at beginning of
945,886
period
Equity in surp. of Jacob
E. Decker & Sons,Jan.
1 1929
Miscell.surp.adjustm ts Dr243,508
$93,326
121,936
$254,901
115,519
$268,635
137,336
$28,610
$139,382
$131,298
1,361,808
1,359,518
1,081.146
Dr387,311
Dr137,092
136.04
11,030
$945.887 $1,361.808 $1,359,518
$380,311
Total surplus
x Includes other income of $73,323. y Includes other income of 979,899.
Comparative Consolidated Balance Sheet.
Oct. 29'32.0a. 31 31:
Oct. 29 '32.0d. 31 'al.
8
$
Liabilities$
$
Assets18,981
21,850
945,776 Notes rec. disc.__
968,961
Cash
91,925
71,642
Notes payable_ _ __
z Notes & accts.
229,572
192.847
765,638 1,165,289 Accounts payable_
receivable
103,187
12,603 Federal taxes
Value life 1nsur_
25,009
6,060 Sink, fund paym'ts
5,167
Deposits on option
141.830
31,998 Contractual oblig_
31,655
reedy_
Mortgages
107,714
93.401
1,173,272 1,796,547 Bond interest _ _
Inventories
148,884
86,786 Other accr. liab_ - _ 248.278
Prepaid expense.
Installm. due on
Misceli. Invest. &
25,000
leasehold
93,417
96,185
accounts receiv_
Notes pay. after
Refunds maimed on
46,130
one year
2,869
Fed. Inc. tax_
(75.000
y Capital assets_ 6.854,039 6.956,603 Mag. to retire p1.1
1
stk.of Merkel Inc} 176,800
Investment in gout
}
I30.000
Instal. due on mtge.
notes of Adolf
Mtges. pay.. due
208,252
Gebel, Inc
175.327
180,000
after one year__
Unamort. disc. &
144,892
195,928 6)4% notes Adolf
exp. on bonds__
2,250,000 2,250,000
Gobel
45,748
38,124
Organization exps.
120,773 1st mtge.6Its Geo.
Other def. charges 241,281
372.800
422.800
Kern, Inc
Good-will, includ.
9,989
9 659
Res. for corningagency contr..
6% bonds Jacob E.
killing rights &
650,000
Decker
750,000
1.790,410 1,790,410
routes
pry.
Merkel, Inc.,63.1%
625.000
preferred
700.000
Jacob Decker series
578,450
579.250
A stock
Series B stock._ 403,400
402,600
Min. int. in corn.
stock of Jacob
4,083
3,772
Decker
5.714,348 5,714,351
x Common qtock
380,311
Earned surplus__ _
945,887
292,215
Capital surplus... 306.402
Total
12.317,880 13.250,808
12,317,880 13.250,808
Total
x Represented by 430.989% shares of no par stock. y After reserve for
and 91,821,741 in 1931. v After reserve
depreciation of $2.045.976 in 1932
for discounts and uncollectables of $118,143 in 1932 and $231,679 in 1931.
-V.135, p. 827.
6.286,132
Earned surplus as at March 31 1932
Balance Sheet March 311932.
-Common Dividend Decreased.
"Gold Dust Corp.
-The
[In German Reichsmarks.1
directors on Dec. 21 declared a quarterly dividend of 30
Liabilities
Assetscents per share on the common stock, no par value, payable
Common stock
250.000.000
Real estate, buildings, plants
13,000,000
& mines
94,341.491 Preferred stock
Feb. 1 to holders of record Jan. 10. This compares with
76,258,994
Investments in securities---366,098,006 Capital surplus
distributions of 40 cents per share made on this issue on
6.286.132
Cash on hand
380,619 Earned surplus
63,000,000
May 2, Aug. 1 and Nov. 1 last, and 6234 cents per share paid
Cash in banks
7,531,279 6% dollar loan of 1928
Mtges., purcla. money mtges.
from United Steel
Receivable
each quarter from Feb. 1 1929 to and incl. Feb. 1 1932.
dr other long-term IndebtWorks Corp
92,759,976
61,286,704
-V. 134, p. 1966.
edness
Receivable from other cos. in
United Steel Works group_ 9,906,821 Deferred liabilities (net)..... 3,885,651
oulds Pumps,
Other accounts receivable_ __ 8,656,020 Employees savings accounts. 2,908,573
479,633
The corporation has acquired the, ydroil Corp.. Lebanon, Ind.. mann5,407,737 Accrued wages
Inventory
Accrued service charges on
aur
fer of oil purifying equipment) The plant at Lebanon is being die.
192,862
Indebtedness
continued and the business and manufacturing equipment transferred to
Seneca Falls, N. Y., where production will be resumed Jan. 1.-V. 135.
Accr, contributions to trade
353,605
associations
p. 138.
18,182,777
Accounts payable
Guarantee Co. of North America.
-Extra Dividend.
Accr. depreciation on plants
The directors have declared an extra dividend of $2.50 per share is
19,247,019
& mines
addition to the regular quarterly dividend of $1.50 per share, both payabl•
Jan. 16 to holders of record Dec. 31. Like amounts were paid quarterly
.
515,081,950
Total
515,081,950
Total
during 1932.-V. 135. p. 2345.
-V. 133. p. 808.
Geheral Mills, Inc.
-New Directors.
William R. Morris, l'resident of Washburn, Crosby Co., Inc., of Buffalo,
and II. R. McLaughlin, President of the Washburn, Crosby Co., Inc., of
-V. 135. p. 826.
Chicago, have been elected directors.
Guarantee Title & Trust Co., Cleveland.
-Merger cu
Abstract Business.
-
Announcement was made on Dec. 13, that negotiations which have bees*
pending for several months between directors of the Land Title Abstract
4392
Financial Chronicle
& Trust Co. and the Guarantee Title & Trust Co. of Cleveland have resulted in an agreement uniting a portion of the business of the Guarantee
Title & Trust Co. with the Land Title Abstract & Trust Co.
As of Jan. I 1933,the abstract,title and escrow business of the
Title & Trust Co. in Cleveland, Elyria and Painesville will beGuarantee
combined
with the business of the Land Title Abstract & Trust Co.
/a The Guarantee Title will acquire approximately a one-half interest in
the Land Title Abstract & Trust Co. In addition thereto, the Guarantee
Title will continue its mortgage loan business, including its representation
of'certain insurance and other companies and individual clients, and will
retain its real estate and other assets. It also will continue its abstract,
title and escrow business in Akron.
assets of the Guarantee, including
Its shares in the Land Title, will be The in the conduct and development
used
of the company's remaining business, under the direction of the present
officers.
For the operation of its mortgage loan business, the Guarantee will
continue its business in the Guarantee Title Building.
The directors of the enlarged Land Title Abstract & Trust Co. will be
Composed of an equal representation of each company, and will be headed
by Louis A. Moses, present Chief Executive of the Land Title.
k The main office of the enlarged Land Title will continue in the Plain
Dealer Building, Cleveland, Ohio. its plant being amplified by the very
complete title records of the Guarantee Title, the acquisition of which,
it is stated, will result in the largest and most complete abstract and title
plant and business between New York and Chicago.
A branch office of Land Title will be maintained in the quarters of the
Guarantee Title in the Guarantee Title Building, Cleveland. Ohio, for the
receipt of abstract, title and escrow orders. The Elyria and Painesville,
Ohio. offices will continue in their present locations.
(W. F.) Hall Printing Co.
-New Officer.
Randall E. Poindexter has been appointed General Sales Manager and
a Vice-President.
-V. 135, p. 1666.
'-.Harbison-Walker Refractories Co.
-Suspends Preferred
Dividend.
-The directors on Dec. 20 decided to Suspend the
payment of the quarterly dividend due Jan. 20 on the 6%
Cum. pref. stock, par $100. The last regular quarterly
payment of 1
was made on this issue on Oct. 20 1932.
Decrease in Stated Value Approved.
The stockholders on Dec. 19 approved a plan to reduce the common
stock by 60,000 shares to 1.380,000 no par shares and a change in the
stated value of such common stock from $25 to $15 per share.
-V. 135,
p.2839.
r
Harrisburg (Pa.) Hotel Co.
-Smaller Dividend.
-
The directors have declared a semi-annual dividend of 50 cents p_er share
fitohe emnron stogr
o e co ares wi Ipsf
erble .111
ogoa o s1 62 to har
()
er o ders of rec0 tLisc00ue
de 0 rd e i 2 .
0
. 0
on July 1 and a semi-annual dividend of $1.5 per share and an extra of
50 cents per share paid on Jan. 1 1932.-V. 134. p. 4504.
Hercules Motors Corp.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 135, p. 1171.
"Home Brewery, Inc.-BairSds-Enjoined.restraining order temporarily enjoining the sale ofstock of the company
been handy down by Vice-Chancellor Stein of the Chancery Court
• New Jersey according to an announcement by the Better Business
ess
Bureau of Ne
York City. The order, it was stated, also restrains
Matthew J. Hoey, individually, Matthew J. Hoey trading as M. J. Hoey
& Co.: R. S. Vebiey & Co., Inc.* B. Franklin Schultz, Westwood, N. J.;
John Nevin Jr., Jersey City, N. J., and George R. Schuler, William G.
Cornell, John F. Dinan, Rudolph Leepainger, S. H. Lindsay and F.
Callahan from furthering sales of the stock.
Home Title Insurance Co., Brooklyn, N.Y.
-Omits Div.
The directors recently voted to omit the quarterly dividend ordinarily
payable about Dec. 31. In each of the three preceding quarters a distribution of 37) cents per share was made, as against 50 cents per share
,
5
paid on Dec. 31 1931 and dividends of 75 cents per share previously paid
each quarter.
-V.135. p. 2662.
Hotel Berkshire, N. Y. City.
-Protective Committee.
A protective committee has been formed by holders of $1,181,000 1st
mtge. 6% building and leasehold gold bonds. The committee is composed
of Robert S. Byfield of F. A. Willard & Co., Frederick W.Droge, Governor
of the Real Estate Exchange; Edgar N. Greenebaura of the Greenebaum
Sons Investment Co.; Oscar Friend, John Sproehnle and Percy Cowan,
Chairman.
The Bankers Trust Co. is depositary for the certificates. Counsel for
the committee are Poppenhusen, Johnson. Thompson & Cole of Chicago
and Well. Gotshal & Mangos of N. Y. City. Herbert H. Kant is secretary
of the committee, with offices located at 9 South La Salle St., Chicago;
?ILIUM Haberman Jr., Asst. Sec., 60 E. 42d St., N. Y. City.
Hotel Claridge, Atlantic City, N. J.
-Receivers Named.
Vice-Chancellor Robert H. Ingersoll of New Jersey on Dec. 17 appointed
Almerin Marston,former Mayor of Ventnor and Joseph P. Binns of Atlantic
City, as receivers. Application for the receivership was made by the
Fidelity-Philadelphia Trust Co. of Philadelphia, which holds a mortgage
of $2,000,000 on the structure.
'Huyler's of Delaware, Inc.
-To Reduce Dividend Under
Schulte Plan.
See Schulte Retail Stores Corp below.
-V. 135, p. 4223.
Ideal Cement Co.
-No Annual Extra Dividend.
The directors on Dec. 10 declared the usual quarterly dividend of 25c.
per share on the common stock, no par value, payable Jan. 2 to holders of
record Dec. 15. Three months ago, the company decreased the quarterly
dividend from 50c. per share to 25c. per share. In December 1931, an
extra distribution of 25c. per share was also made, as compared with an
extra of 50c. per share two years ago.
Insull Utility Investments, Inc.
-Debenture Holders'
Protective Committee.
In a notice to the holders of the series A and B debentures the committee
(below
states:
Utility Investments, Inc. has recently been adjudicated a bankrupt. $57,000.000 principal amount of these debentures are owned 1 y the
public.
In view of the bankruptcy and other conditions affecting the rights and
interests of the debenture holders, it has been deemed advisal le that a
committee be formed for their protection and the undersigned have been
requested and have agreed to act as such committee.
The committee is convinced that debenture holders will conserve their
nterests by promptly depositing their debentures, thus enabling the committee to take such action as may be necessary for their protection. The
National Rockland Bank of Boston has been appointed depositary of the
committee and will issue transferable certificates of deposit to depositing
debenture holders. The Corporation Trust Co of 120 Broadway, N. Y.
City,has been appointed agent of the depositary.
1 money is being asked for in connection with the deposit of the deben,1,
tures. Debenture holders are invoted to communicate with the Secretary,
members of the committee or its counsel.
-W.A. Nash,Chairman (W. A. Nash & Co. Inc.). Boston,
Committee.
S. Bache & Co.), N. Y. City; Stephen
Mass.' Frank J. Murphy
gegarty (Free. State Trust Co.), Augusta, Me.' Philip S. Chase (Philip J.
'
,
S.
Chase & Co.), Providence„ R. I.; Roger R. Phillips, Sec 27 State St..
Boston, Mass. counsel; Poland & Davis, 27 State St.. .Boston, Mass.;
Battle, Levy. Van Tine & Fowler,37 Wall St., N.Y.City.
-V.135. p.4223.
------Intercolonial Coal Co., Ltd.
-Dividend Increased:
The directors have declared a semi-annual dividend of $1 per share on
the common stock. par $100. payable Jan. 3 1933 to holders of record
Dec. 31. This compares with 50 cents per share paid on this issue on Jan. 2
and July 2 1932, and with $1 per share previously paid each six months.
V. 135. p. 1832.
Dec. 24 1932
Investment Foundation, Ltd.
-Smaller Distribution.
-
A dividend of 12 cents per share has been declared on the 6% cum.
cony.
pref. stock, par $50, payable Jan. 16 to holders of record Dec. 31.
1932 the company paid quarterly dividends at the annual rate During
of $1.50
per share.
Jewel Tea Co., Inc.
-Sales, &c.
-
Period Ended Dec. 3- 1932-4 Weeks
-1931. 1932-48 Weeks
-1931.
Sales
$868,855 $1,022,317 110,200,598 $12,492,203
Avge. no.ofsales routes_
1,338
1.334
1,336
Sales of the 84 stores of Jewel Food Stores, Inc.. a subsidiary, 1,310
for the
four weeks ended Dec. 3 1932 were $358,894. Sales
Stores, Inc., for the 38 weeks ended Dec. 3, with an of the Jewel Food
average of 82 stores
were $3,206,794.---V. 135.p. 4042.
Kaynee Co.
-Earnings.
Years Ended June 30Net profit for year
Previous surplus
1932.
1055$152,798
566,718
1931.
$119,789
606,836
Total surplus
Preferred dividends
Common dividends
Additional Federal taxes prior years
$413,920
27,853
62,224
$726.625
29,586
124.834
5,488
Balance,surplus
Earns, per share on 50.000 shares common stock_ _ _
$323,843
Nil
$566.718
$1.80
Condensed Balance Sheet June 30
1932.
1931.
Liabilities
$112,663
$3,015 Accts. payable for
150,000
purchases, ex223,772
penses,&o
464,127
294,899
400,489 Accrued taxes &
pay roll
Dividends payable
116,482
July 1 1931
143,751
65,25b
56,726 Preferred stock _
5,900
16,420 Common stock_ _
48,523
12,493 Unearned surplus_
10,074
10.624 Profit and loss
5,500
5,995 surplus
32,298
32,298
51,779
51,779
AssetsCash
U. S. Govt. secs_
Accts. reo.-cust'rs
Mdse. inventory- Personal & misc,
acct.& rec., salesmen's adv., &c_
Value()flirt)insur._
Treasury stock.,
Empls. stk. subscr
Mutual ins. deposit
Sundry securities_
Pref, div. guar. Id.
Land
Blcigs., machry. es
equip.. &c
402,879
Good-will, patents,
&o
1
Inventory of supplies & prepaid
expenses
14,015
Unam. portion of
financing exp_
1932.
1931.
$61,630
3138,891
16,813
42,048
6,872
387,700
500.000
87,183
38,395
425,500
500,000
105,065
323,843
566,718
424,977
1
20,039
17.882
TotalS1,384,041 $1,816,617
-V. 134, p. 4505.
Total
51,384,041 11,816,817
Kelsey-Hayes Wheel Corp.
-Extension Granted.
-
A substantial majority of both the preferred and common stocks
have
been deposited under the plan of reorganization and the reorganization
committee has agreed to the extension of the time within which additional
stock may be deposited to and incl. Jan. 23 1933, according to a letter
addressed to stockholders of the corporation by G. W. Kennedy, President.
As substantial additional deposits are required to permit
to
consummated, stockholders who have not yet deposited are the plan do be
urged to
Stockholders failing to deposit not only prejudice their own interest so.
but
the interests of all other stockholders, including those who have deposited
under the plan. As it is important that all owners of preferred and
common
stock .of the corporation receive the communications with respect
to the
plan of reorganization, all owners of stock not registered
are urged to have their stocks so registered promptly. in their own names
-V. 135, p. 4224.
Keystone Custodian Funds, Inc.
-Initial Dividends.
-
Initial distributions of 32.887 cents per share on the series D
16.68 cents per share on the series 11 shares were made on Dec. shares and
15, it is announced.
-V. 134. p. 2534.
Kidder Participations, Inc.
-75-Cent Dividend.
The directors have declared a dividend of 75 cents per share,
on
%
cum. partic. cony. pref. stock, par $100, payable Jan. 16 to the
holders of
record Dec. 20. This payment is on account of accumulations.
The company on June 1 1932 paid a dividend of 50
cents per share on the
above issue, which was the first distribution since Dec.
a semi-annual dividend of $2.25 per share was paid. 1 1930 on which date
-V. 135, p. 3174.
Kidder Participations, Inc., No. 2.--50-Cent
Dividend.
A dividend of 50 cents per share has been declared on
the 4)i%
cony. pref. stock, par $100. on account of accumulations, payable cum.
Jan.
16 to holders of record Dec. 20. A distribution of like amount
was made on
June 1 last, the first since Sept. 2 1930 on which date
annual paya
ment of $2.25 per share was made.
-V. 135. P. 3174, semi
Kidder Participations, Inc., No. 3.
-50
A dividend of 50 cents per share has been declared on-Cent Dividend.
the 5% cum. and
panic. pref. stock, par $100, on account of accumulations,
payable Jan.
16 to holders of record Dec 20. A similar amount was
paid on June 1
1932, the first distribution since Aug. 1 1930 on which
date a semi-annual
dividend of $2.50 per share was paid.
-V. 135. IL 3174.
King Edward Hotel Co., Ltd., Toronto.
-Receiver.
Acting as trustee for the bondholders the
recently was appointed receiver and manager National Trust Co., Ltd..
following court proceedings
r nto.
at eoeeor
t order was made with the consent of
Insurance Co.. holder of a prior mortgage and of the the Metropolitan Life
In a statement by G.L.Elliott. trust officer of the hotel company.
that the business of the hotel will be carried on receiver,it is intimated
It is further intimated that there will be a capital without interruption.
reorganization but no
details of the plan of reconstruction are yet available.
The hotel is owned and operated under direction of
ofAmerica.Inc., which holds 51% of the common stock. United Hotels CO.
The
covering property, fixtures, &c., held by the Metropolitan 7% mortgage
Life Insurance
Co.. falls due March 1 1938. The total amount was
$2,500,000, of which
$350.000 has been retired, leaving a balance outstanding
of 12,150.000.
The 7% bond issue dated March 1924 and due
to the amount of $3,500,000, of which $1,105,300 is1944, was authorized
is also a B bond issue of whose total of1200,000 there is outstanding. There
$182,500
Of debenture stock series A there is an outstanding amount outstanding
of $2,444,200
and series B, $827,200. Common stock of no par
value totals 20.000
shares, all of which is issued.
-V.135. 13. 4042.
International Match Corp.
-Trustee Sues Bankers to
Recover $4,106,181 Proceeds From Sale of 350,000 Diamond
Shares.
suitagainst the Bankers Trust Co.and National City Bank for $4,106,181
-
and interest was started in the U. S. District Court Dec. 21 by
Irving Trust
Co., as trustee in bankruptcy for the company. The action
one against the same banks and other defendants which wassupercedes
dismissed
Dec. 20 with the consent of the litigants involved.
The original suit was begun to obtain possession by the trustees of 350,000
shares of common stock of Diamond Match Co., the block having been
deposited as security for the payment of $4,000,000 loaned
to International Match Co. The stock has been sold since by the banks
the first suit
was instituted and the bulk of the proceeds are being held pending court
determination as to their ownership.
In the present action the trustee alleges that the amount it sues for should
be used for the benefit of general creditors of International Match.
Included in the total amount demanded is also the sum of 1257,250
allegedly paid on account to the banks by International Match in discrimination against other creditors and $87.500 received by the banks as
dividends on the Diamond Match shares.
-V. 130, p 3365.
Volume 135
4393
Financial Chronicle
-Committees
Lake St. John Power & Paper Co., Ltd.
Formed to Investigate Cornpany's Affairs.
12 the resolution
Dec.
At a meeting of the bondholders held at Toronto
Trust Co., trustee,
appointing a committee to co-operate with the National
affairs and to make suggestions looking toward
to investigate the company's
reorganization, was passed.
H. Horsfall Toronto;
The committee consists of G. A. Dobbie, Galt;
. H. McDougall,
R. Jackman, Toronto; W. S. Lighthall, Montreal; D
.
Toronto; John Stadler. Montreal; A. FWhite, Toronto.
committee
committee and the debenture-holders' of RogersThe bondholders'
of the board
have organized, D. H. McDougall, Chairman
Corp., having been appointed chairman of the bondholders'
Majestic
Pulp &
committee, and A. Stewart McNichols, President of the Quebec
debenture-holders'
Paper Corp., having been appointed chairman of the
135, p. 4224.
-V.
committee.
-Deposits of Bonds Asked.
1
-..." ,Lake Superior Corp.
-year
for the collateral trust 40
The bondholders' protective committee
that it may
5% gold bonds, due 1944, is asking deposit of bonds in order of holders.
interests
protect
declare the bonds legally in default and couponsthe June I and Dec. 1
due
The corporation failed to pay interest
bonds six months
1932 on these bonds. Under the indenture securing the in respect of the
must elapse before the bondholders may take any action
the committee points out
default. Six months having elapsed Dec. 1,
interests, that steps
it is necessary, to properly protect the bondholders
bonds immediately due
be taken with a view of declaring the principal of
outstanding
and payable. To have this done, holders of a majority of the
under
bonds are required to file such a request in writing with the trustee
the indenture.
The committee consists of William Lilley, Chairman; Norman J. Greene.
Arthur V. Morton, J. M. Wynn and Thomas Arnold.
-New President.
Lehigh Valley,Coal Sales Co.
L. R. Close, Vice-President, has been elected President, succeeding
R.F.Grant,resigned. Mr. Grant has been acting temporarily as President,
in addition to his duties as President of the Lehigh Valley Coal Corp.,
-V. 134, p. 4167.
since the death of the former President. W. R. Evans.
-Stock Options, etc.
Loew's, Inc.
Under the contract authorized by the stockholders on Dec. 16 by which
four officials-Irving Thalberg, L. B. Mayer,J. R. Rubin and David Bernstein-were given right to purchase 250,000 snares of treasury stock, these
four officials agree to remain in the employ of the company until Dec. 31
1938, and agree not to dispose of any of the stock purchased under option
at a price less than $15 a share higher than the purchase price.
It was stated that Pres. Schenck had refused to take options on stock
offered him. The options were approved by the Film Securities Corp.,
holder of 660,900 shares of Loew's stock, and formerly owned by the Fox
Theatres Corp.
It was stated the weekly salaries of Messrs. Thalberg. Mayer. Rubin
and Schenck had been $4,000, $2,500, $2,000 and $2,000, respectively
but that they had agreed to a 35% cut, reducing their weekly salaries to
$2,600, $1,625, $1.300 and $1,300, respectively.
after
Contracts with Nicholas Schenck and David Bernstein provide that the
on
allowing for taxes, preferred dividends, depreciation and $2 a share
and 13i %,respectively, of earnings of
common stock, they receive 2;4%
received
Loew's, Inc. In the fiscal year ended Aug. 311932. Mr. Schenck $79,000
Bernstein
$133,000 against $274,000 in 1931 and Mr. to salaries. received p.4225.
-V.135,
against $164,000in 1931 as bonuses,in addition
-Earnings.
Loft, Inc.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 135, p. 4042.
Department" on a preceding page.
--
-S
Manufacturing Associates.
--„Ludlow
-st4
In a letter to bondholders the committee continues:
(he Ludlow Sales Corp. and the Ludlow Jute Co., Ltd.. subsidiar
your
to no par
In order to put the trustee in this position and to properly enforce comhave voted to change their capital shares from 3100 parhas 20,000shares.
corporation
it is essential that the bondholders protective been
rights as bondholders,
Ludlow Jute has 50,000shares, while the Sales
have
mittee shall have at least 51% of the bonds deposited. There bonds, the
-V. 135, p. 141.
51.900.000 of
deposited with the committee approximatelysituation.
of the
owners of which recognize the urgency
Corp.,
Lynch Corp. (Ind.).-Ta-ekange-Par-3'atar7- change the
The corporation bonds are secured by pledge of Algoma Steel on impropyl to
lien
The stockholders will vote Dec. 30 on approving a
V. 135 P.828
Ltd., purchase money mortgage bonds, the latter being a first
capital stock from no par shares to shares of $5 per value.
properties. The Algoma
portant parts of the Steel Corp.'s plants and
ref. mtge. bonds
Steel Corp.. Ltd., also has outstanding an issue of 1st &properties, and a
I-nterest-Befauited,Maple Leaf Asbestos Corp.-Bondwhich are a first lien on other parts of the plants and
1944 has not been
(interest due Dec. 1 on the $148,600 7% bonds due
second lien on the properties under the purchase money mortgage bonds.
bonds
pa d.
It will be evident, therefore, to the owners of Lake Superior Corp. their
necessary in order that
that united action on their part is absolutely
-Removed from List.
aryland Securities Corp.
interests may be fully protected.
removalfrom the list. effective
The committee representing the Lake Superior Corp. bonds was organized
The Chicago Stock Exchange approved thefund 65i% gold bonds because
and represents
in June 1932. Each member of the committee is a holder of
Dec.6, of 51,250,000 collateral trust sinking
with the Exchange,
of the failure of the company to file financial statements the time the bonds
a large amount of bonds and is acting in the interest of the owners of Lake
Superior Corp. collateral trust bonds only. Through counsel and otheras required under its agreement with the Exchange at
interests
-V.127, p. 270.
Wise this committee has taken numerous steps to safeguard theagreed to
were listed.
it
of all bondholders. In conjunction with the other interests,its properties
to
so that
Massachusetts Investors Trust.-Divs. Paid the Date. of
the appointment of receivers for Algoma Steel
shares
share on
Corp..
and assets might be conserved. This committee has full confidence in the
Including the Dec. 31 dividend of 20 cents per
Trust has paid 34 consecutive quarterly cash diviconditions, it has onl, been possible
receivers appointed. Due to business
beneficial interest, this
paid in October 1924. and
to run the plant intermittently, but as is the case with all steel plants,
dends, it is announced. The first dividend was
plant
of 83i Years to
even though there may be but few orders on hand,certain parts of thewould
the amount distributed in cash dividends during the period been paid from
dividends have
serious loss which
must be operated constantly to protect them from
Dec. 31 1932 will total $3,717,251. These
certain stock dividends
result from complete shutdown and also to be in a position to take advandividends received on securities owned, the sale of
will be
interest received on bank
tage of any impertant business that may be offered. Bondholders orders,
treated by the trustees as paid in lieu of cash and
glad to learn that the receivers have recently received, among other
deposits and call loans.
shareholder
an important order for rails which will insure a considerable part of the
the Massachusetts income tax of 6% for other Stated
This trust pays
stockholders of
plant being operated for part et the winter, at any rate, and that the rewho request it, and also upon request rebates to
income tax. In addiceivers are hopeful that further orders may be forthcoming at an early date.
tax up to 6% of the income in such States as have an
a
valuation to shareholders
This committee has co-operated with the receivers in every way possible,
tion the trust refunds up to three mills per dollar of
tax on the valuaand particularly in connection with obtaining sufficient funds to enable
in States which have the so-called mill tax. This is a yearly
them to carry on operations of the plant and properties of the Steel Cor-V.135. p. 4226.
tion of securities owned.
to carry on the operaporation. As a result they have not only been able
-Earnings.
tions, but have also been able to purchase the raw materials necessary to
May Hosiery Mills, Inc.
1931.
protect their operation until the spring of 1933.
1932.
Years Ended Aug. 3154,981,135
It is essential that the holders of bonds, who have not already done so.
Sales
I 4,289.995
deposit their bonds with the bondholders' protective committee. By doing
Not
I
Operating expenses and costs
123,561
so the bondholders are assured of protection, and unless the bonds are deStated.
Selling expenses
172,330
posited the rights of the bondholders cannot be properly safeguarded.
General and administrative expenses
5.235
Bonds should be sent to the depositary. Pennsylvania Co. for Insurances
Bad and doubtful accounts charged off
of Montreal,
on Lives & Granting Annuities, Philadelphia, or the Bank
-V. 134, p. 1671.
$390.012
Montreal, Quebec. Canada, agent for the depositary.
x$235,505
Profits from operations
110,029
124,642
Provision for depreciation
-Merger.
Land Title Abstract & Trust Co.
22,991
16,580
Interest
44,627
See Guarantee Title & Trust Co. above.
20.320
Income taxes
Div.
-Extra
$212,365
------Lane Cotton Mills Co. of New Orleans, La. per share and
$73,962
Net profit for period
169.952
The directors have declared an extra dividend of 10 cents
70,834
Preferred dividends
the usual quarterly dividend of 25 cents per share on the common stock,
842,413
no par value, payable Jan. 2 to holders of record Dec. 24. Regular quar83.128
Balance,surplus
terly distributions of 25 cents per share were made during 1932.-V. 133,
x Includes other income of $13,567.
p. 4338.
Balance Sheet Aug. 31.
1931.
1932.
-Acquires Patent LiMabtlittes-Langton Monotype Machine CO.
1931.
1932.
Assats$344,627 $359,525 Accts. pay.& acct. 825.370
Cash
censes.827,924
wages
10,000
Notes receivable_
To develop and further its service to printers and lithographers, the
471,311 Res. for income &
Accts.receivable_ _ 337,654
company has acquired exclusive manufacturing and selling licenses under
63,396
39,110
other taxes
299,575
213,508
Inventories
all patents of the Directoplate Corp., formerly doing business in Chicago;
85,725 Div. payable on
117,661
Investments
the Huebner-Bleistein Patents Corp. and W. C. Huebner, covering equip142,488
preference stock
presses.
& plant-x1,232,016 1,121,535
Property
ment for the making of plates for offset and gravure
200,000
Deterred liabilities 200,000
Adv, to officers &
W. C. Huebner, pioneer in the development of equipment and chemical
24,646 yCap. & cap. suri41,188,746 1,188,746
26,055
employees
processes for plate-making, becomes technical engineer with the company
Res. for retirement
the complete
Group insur.-Due
for the development, manufacture, sale and installation of
18,170
pref. stock
3.486
3,788
from employees_
line of plate-making machinery. Improved devices are being designed and
854,339
843,089
Earned surplus
Prep'd expenses &
engineered, and will soon be in manufacture. Huebner Laboratories in
19,259
21,004
accrued income_
New York will be continued for compounding and testing of solutions,
1
1
Trade-marks
materials and chemicals and for the demonstration of processes in con-V. 135.
nection with plate-making. (Philadelphia "Financial Journal.").
$2,296,316 $2,395,065
Total
$2,296,316 $2,395,066
Total
p.308.
in 1931.
x Less reserve for depreciation, $505,071 in 1932 and $320.428
preference stock
-Bonds Off List.
La Salle-Wacker Bldg. Corp.
y Represented by 41,238 (42,488 in 931) shares $4 cum.
-V. 128, p.3840.
shares class A common stock (no par), and 43,000 shares
Bryn Mawr Beach Building Corp. above.
(no par). 80,000
See
-V 135. ri• 1173.
class B common stock (no par).
-Bond Payment.
Latham Square Corp., Oakland, Calif.
An initial payment of $20 per $1,000 certificate of deposit was to be made
Cavalier & Co.
Dec. 1 by the bondholders' protective committee, Williamare
requested to
recently announced. Holders of the certificates of deposit
present them at the trust department of the American Trust Co., San
Francisco, for the payment. A notation of the amount paid will be made on
-V. 121.
the certificates and they will be returned with check to holders.
p. 1685.
-Interest Payments, &c.Lawyers Mortgage Co., N. Y.
a total of
Tho company has paid holders of its guaranteed mortgages
$22,558,046 in interest during 1932, it is announced. The company will
pay the 125th consecutive dividend on its capital stock on Dec. 31.-V.
1.35. p. 3175.
-Earnings.
Medicine Hat Greenhouses, Ltd.
1932.
Years Ended July 31Net earnings
Depreciation
Income tax reserve
Net profit
Previous surplus
Total surplus
Preferred dividends
Common dividends
Additional income taxes
Alberta income taxes
Transferred to contingency reserve
$13,964
13,066
1931.
$34.317
25,383
727
$898
17.279
$8,207
40.582
518.177
9.856
$48.789
24,010
5,000
921
147
2,500
omit the quarterly dividend
The directors have decided to
s of $1 per share
$17,279
$7,253
,jayable about Jan. 1 on the capital stock. Distribution $2 per share on
Surplus forward
were made on July 1 and Oct. 1 last, as compared with
-V. 134. v. 1776.
includApril 11932. and $3 per share each quarter from Jan. 2 1929 to and
-Smaller Div.
ing Jan. 2 1932.- 135, P. 308
-Merchants Refrigerating Co. of N. Y.
%---The directors on Dec. 22 declared a quarterly dividend of 25 cents Per
-Trusts to Be Liquidated.
Leaders of Industry Shares.
Dec. 31 to holders of
share on the common stock, no par value. payable
The Commercial National Bank & Trust Co. of Now York, as trustee
record Dec. 24. Previously, the company made quarterly distributions of
effective
for Leaders of Industry Shares, series B and series C,has resigned,
50 cents per share on this issue-V. 135. p. 3866.
Dec. 12 1932, it is announced.
agreeThe trusts will be liquidated according to their respective trust stocks
Miller & Lux Inc.-Extension-af-Vinte-ta Depaeii.-convert the underlying
ments, which provide that the trustee shall
Holders and depositors of first mortgage 6% gold ponds and 7% gold
12 1932 and dis193_
into cash during the 60 days immediately following Dec.
n'btes are notified that the time within which such bonds and notalaybe
-V. 135,
the certificate holders.
3 'V.
tribute the pro rata amount in cash to
deposited with the depositaries has been extended to Feb. 1
2663.
p.
135,ip. 3866. ,
-Omits Dividend.
Lawyers Title & Guaranty Co.
ordinarily
to-leiner-11'ehigh Valley Coal Co.-hdavated- du
11933 have
bonds
.* Certificates of deposit for first mortgage 4%Exchange Jan 135, p. 4042.
V.
York Stock
b n admitted to list by the New
-Bonds Off List.
Mills Trust of Chicago.
See Bryn Mawr Beach Building Corp. above-V. 129, p. 644.
4394
Financial Chronicle
1 Missouri State Life Insurance Co.-Resignatioft., S. District Judge Charles I. Dawson, Louisville, Ky., has resigned as
U.
edirector of the company. This resignation, President W. T. Nardin
fellows the refusal of the executive officers of this company to rescind said,
their
action guaranteeing a loan of $800,000 obtained to take over stock of the
Kentucky Home Life Insurance Co.
-V. 135. p. 4043.
Moore Drop Forging Co.
-Earnings.-
Years End. Oct. 311932.
1931.
1930.
1929.
Net sales
$1,163,985 $2,412,085 $5,708,551 $8.,891,634
Cost of goods sold
1,132,789 2.187,547
4,652,436
6,747,715
Depreciation
166,410
164,369
166,723
194,949
Sen.& adm.exp.,int.,&c.
228,909
258,601
526.811
898,296
Netloss
$198,432prof$362,581prof$1050,674
$364,124
Balance Sheet as of Oct. 31.
Assets1932.
1931.
1932.
1931.
Cash
5211.569 1566,516 Accounts payable- $13,274
$52,825
Cash surr. value of
Accrued expenses_
4,332
11,018
life insurance_ _ 364.773
342,166 Reserve for Federal
U. S. Treas. bonds
50,000
250,000
taxes
2.800
Non-market loves.
32,500 Reserve for repairs
Inv. In & adv. to
to building
2,500
affiliated cos_ _ 67.250
a Net worth
3,709,038 4,095,962
Accts. rec., trade_
50.544
42,298
Inventories
356,974
253.190
Prepaid exp. and
accrued income_
35.081
51,952
Notes & accts. rec.
of employees_
17,133
12,860
Other notes rec.__
8,056
14.000
Plants and equip 2,235,750 2,317,446
Good-will, trade
marks, &c
1
1
Treasury stock_
332,312
279.373
Total
53,729,444 $4,162,305
Total
53,729,444 $4,162,305
a Represented by 46.942 class A shares and 55,000 class B common
shares.
-V. 133, p. 4168. •
(John) Morrell & Co., Inc.-Earnings.
Year Ended Year Ended Year Ended 13Mos.End.
PeriodOct. 29 '32. Oct. 31 '31. Nov. 1 '30. Nov. 2 '29.
aNet sales
146,492.757 167,980.908 $88,169,488 $94.660,594
bOperating profit _
1,246.204
1,690,489
2,976,225 .4,512.416
Depreciation
502.654
477,359
457,019
469,153
Interest
33,834
88,800
193,317
177,464
Federal taxes
289,615
179,892
304,000
430,000
Exch. loss arising from
conversion of net current assets of foreign
cos. into U. S. curecy
273,166
Net profits
Dividends
$420,101
974,400
$671,271 $2,021,889 53.435,799
c1.480,000
1,680,000
1.080,000
Dec. 24 1932
Consolidated Balance Sheet Sept. 30.
Assets
Ltabtlftfes1932.
1931.
Cash
$355,161 $251,092 Accounts payable
U. S. bonds, mar•
and accrued exketable securities 551,868
763,932
penses
$96,334 $129.553
Customers notes &
Reserve for each.,
accounts reedy. 241,462
239,020
depree. and tax
Sundry trade accts.,
deductions
22.329
21,522
adv. and claims_
33,416
31,117 Provision for U. S.
Mat'ls. supp., &c. 298,625
309,773
and Candian
Prepaid insurance,
Income tax
70,236
112.661
premiums, dm-20,167
26.892 Minority interest
Inv. in other cos
110.577
61,040 in English subProp., plant & equ. 1,264,605 1,417,840 sidiary
18,628
21,782
Good-w9i, patents
:Capital stock.--. 1,341,700 1,500,000
and trade marks 362,557
454,443 Initial surplus..-- 680,508
760.303
Treasury stock__
221,868 Earned surplus... 1,014,246 1,235,804
Preliminary exp.of
English sub....
4,738
5,415
Total
$3,243,176 $3,782,432' Total
x Represented by 150,000 no par shares.
$3,243,176 $3,782,432
New Director.
A. H.Johnson, Manager of Plants, has been elected a
director,succeeding
W. N. Burns, resigned.
-V. 134, P. 3992.
---National Grocers Co., Ltd.
-Resumes Dividend.
-A quarterly dividend of 1% has been declared on the
7% 2nd
stock. par $100, payable Jan. 1 to holders of
pref.
record Dec. 23.
The last previous quarterly distribution of 131% on this
issue was made
on Oct. 1 1931.-V. 135, p. 1504.
----National Transit Co.
-Hereafter to Pay Dividends
Semi-Annually.
The company announces that because of "economic reasons"
will be payable every six months hereafter instead of quarterly. dividends
The next
disbursement will be due in June.
Distributions of 20 cents per share were made on the outstanding $6,362,500 capital stock, par $12.50, on Sept. 15 and Dec. 15 last, as compared
with 25 cents per share in previous quarters.
-V. 135. P. 1504.
Newark (N. J.) Farm Produce Market, Inc.
-Reconstruction Finance Corporation Loan.
-
The Reconstruction Finance Corporation Dec. 20 agreed to purchase
$55,500 of the bonds of the Newark Farm Produce Market, Inc., bearing
Interest at the rate of 64% at a price of 97%. Howard L. Haines of
24 Commerce St., Newark, is President of the corporation.
The money will be used to construct a public market on the northside of
Raymond Blvd. between Chapel and Lockwood Sts. It will provide 171
stalls or market spaces ot be rented on a nightly basis to small produce
dealers who sell all kinds of farm produce to stores, restaurants, hucksters.
&c. At present such trading is being done on city-owned land which
must soon be vacated.
It is estimated that 44 men will be employed 12 weeks on this project
on the basis of a 30
-hour work week. Indirect employment will be provided through the purchase of $21,000 worth of materials.
Surplus
def$554,299 def$808,729
$341,889 $2,355,799
Mrs. of corn. stk. outat's
New England Investment Trust.
(no par)
-Defendants Sentenced.
386,150
392.750
400,000
400,000
Earnings per share
Jail terms totaling 30 months and fines totaling $5,000 were imposed on
$1.08
$1.71
$5.05
$8.58
five men convicted in the so-called New England. Investment Trust stock
• American companies only. b Operating profit of all companies after
fraud cases. Superior Judge Pinanski imposed sentences as follows:
expenses, including repairs and maintenance of properties. c Includes
Adolph B. Benesch, New York, one year in jail and $1,500 fine; F. I.
dividends on 7,250 shares acquired by company during the year
.in its treasury at end of fiscal year-(amount estimated, inserted byand held Davison, Boston, nine months and $1,000 fine; James E. Simpson, Boston,
Editor.]
six months and $1,000 fine; Paul R. Tibbetts, Boston, three months and
Comparative Balance Sheet.
$500fine; Clifton K. Wells, Baltimore, Md.,$1,000 fine. The judge denied
Oct.2932
Oct.31'31,
a new trial motion but granted a stay of sentence so the cases could be
Oct.2932. 0a.31'31.
Assetscarried to the State Supreme Court.
-(Boston News Bureau).
$
-V. 125. D.
•Caell
31.030.625 $734,315 Accounts payable_ 356,061
3210
331,225
Call loans
200,000 Other accts. pay_
•
98,707
---., New Process Co.-Special Distribution of 50 Cents.
Marketable sec_ _y1,687,342 :453,415 Sund. dep. dr loan
Bankers accept. &
The directors have declared a special dividend of 50 cents per share on the
accounts
564,884
820,415
short term notes
no par common stock, payable Dec. 30 1932 to holders of record Dec. 24
Accruals
221,575
197,431
mat. before Feb.
1932. Apart from this disbursement, dividends aggregating $1 per share
Insur. reserves
52.905
43.098
1933
were paid on the dommon stock during the year 1932.
978,052 1,559,500 Income tax res.... 176,696
289,913
Cash sun% val. life
A special dividend of 50 cents per share was also paid on the above issue
Reserves
265.625
276,550
on Dec. 30 1931.-V. 134, p. 687.
Interest
223,397
189,828 :Capital stock_ _ 15,078,403 15,279,461
Notes & accts. rec. 2,203,975 2,779,629 Initial surplus_
1.858,018 1,858,018
New York Title & Mortgage Co.
-Omits Dividend.
Claims
23.808
31,551 Prof. & loss surp
1,323,175 1,888,960
The directors have voted to omit the quarterly dividend ordinarily
Inventories
3,543,097 5,014,698
payable about Dec. 31 on the capital stock, par $10. Distributions of
Invest. & advances 118,132
54,228
15 cents per share were made on March 31, June 30 and Sept. 30 last,
Capital assets_ _ _ .10,046.601 9,826,880
compared with 50 cents per share previously each quarter.
Deterred charges
141,018
-V.135. p.3867
141,026
Total
19,996,048 20.985,070
Total
19,996,048 20,985,070
x Represented by 386,150 no par shares in 1932 and 392.750 shares in
1931. y At cost plus accrued interest z At market -V.134, p. 3650.
Moto-Meter Gauge & Equipment Corp.
-Earnings.
-
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
-V.135, p. 1503.
The following statement was issued by the corporation:
"It has never been the custom to pay regular dividends. The matter of
dividends will be discussed from time to time. During 1932 a dividend of
$2 has been paid, and it is the hope of the management that conditions will
be such that a like amount can be paid during 1933." See also V. 135, p.
3703.
ational
--Nge Cash Register Co.-Strlek.-Distsibiitioik--
directors have declared a distribution of 20% in common A stock
on e common A stock, payable Dec. 30 to holders of record Dec. 27
on
The distribution is in accordance with the capital reorganization pl
approved by the stockholders on Dec. 15. See V. 135, P. 4043, 4226.
National Standard Co.(& Subs.).
-Earnings.
-
Years End. Sept. 30Operating profits_ ___-_
Int. on invest, and other
earnings
1932.
$433,336
42,716
37.196
39,917
34,676
Total earnings
Prov. for U. S. & Canadian income tax
Deprec.of plants & equip
Proportion of net income
applicable to minority
int. of English sub.._
Dosses on sale of assets..
$476,052
5879.620
$806,857
$987,997
45.805
138,043
95.457
141,506
81.652
136,613
102.951
109,023
3.850
32,320
Net income
$256.033
Initial surplus
760,303
Previous earned surplus_ 1,235,804
Adjust,affecting prior yr
Surplus of English sob.
.
accr. to addit stk.acq.
464
3,655
17,135
1,132
$621,867
760,303
1.048,024
Dr4,454
$587.460
760.303
935.700
Dr241
1930.
$766,940
1929.
$953,321
$776,023
760.303
647,160
17
Total surplus
$2,252,604 $2,425.740 $2,283.222 $2,183,504
Dividends declared
254,032
429.633
474,896
487,500
Init, surplus applic. to
stock held in tress...
80,258
Reserve for reduction of
market bonds
163,789
Excess of purch. price of
treas,stock over value
orig. ascribed thereto_
59.770
Total surp. at Sept.30 $1,694,755 $1,996,107 $1,808,327
51.696,004
Shares cap. stock outstanding (no par)_ _ _ _
134.170
141.250
146.536
150.000
Earnings per share
$1.91
$4.40
$4.01
$5.17
The directors have declared a dividend of 10
class B
common stock, par $5, payable Jan. 16 1933 cents per share on the
to holders of record Dec. 23
193 initial dividend of 2;i% In class B stock was paid on this issue on
.
4
July 15 last.
-V. 135, p. 1000.
987 Memorial Drive, Inc. Succeeds Barrington Court.
-
See latter company above.
Motor Products Corp.-Dividend Outlook.
-
1931.
$842,424
"""•••Niagara Share Corp.(Md.).-1O-Cent Cash Dividend.
-
Northern Insurance Co. of N. Y.
President.
-New
Harry H. elude, formerly Vice-President
of the
Insurance Co., has been elected President of the NorthernWestchester Fire
Insurance Co. to
succeed James Marshall who will resign from that position on Dec. 31.
-V. 135, p. 1000.
•--Ohio Terminal Co.
-Reorganization Plan.
Due to the present
depressed condition of business and the reduced volume
of commodities in process of distribution the
to meet the Dec. 15 1932, interest payment company finds it impossible
fund gold bonds. In view of this fact, it has on its 1st mtge. 6% sinldng
become
of the bonds to take united action in the protection necessary for holders
of their interests, and
accordingly, at the request of a large number of the holders, reorganization
a
committee, representing the original underwriters
and distributors of the
bonds as well as a substantial number of the
lated a reorganization plan outlined below: present bondholders has formuThe committee gives the following reasons why the proposed plan provides
the most favorable arrangement for the bondholders:
(a) The company has essentially a real estate problem, with bond values
predicated largely on real estate valuations. While
valuations in
Cleveland are now abnormally low, in common with such parts of the
other
country, a return to conditions approaching normal would seem a reasonable expectancy, and indicate an ultimate realizable value over a period of
years in keeping with the present principal aggregate of bonds. For this
reason, the principal of bonds outstanding has been left intact.
(b) The fact that income is derived principally from rentals coupled
with the possibility that the leases may become defaulted
revised upon
their expiration, creates an uncertainty in income and foror
this reason an
income bond appears necessary. This plan avoids the possibility of a
second reorganization on account of possible adverse developments later
and thus eliminates attendant duplicate expenses.
(c) Believing that the major consideration is the eventual recovery of
their principal by the bondholders, a plan for retirement of the bonds as
rapidly as possible has been pursued.
(d) The purchase of bonds for retirement from time to time In the open
market, is intended to result in gradually increased security for the remaining bonds.
(e) The existing maturity has been maintained unchanged, namely
June 15 1947.
(0 The sinking fund requirement under the old mortgage proved to be
so drastic as to place the bonds themselves In jeopardy, whereas under the
terms of the plan of reorganization no such hazard is imposed. On the
other hand, a restoration of the corporation's earning power will result in
accelerated bond retirements.
(g) While all classes of security holders have been recognized in a measure
essential to preserve the existing and important assistance, co-operation.
and good-will, this recognition has not been accomplished at the expense
of any impairment of the security now held by the bondholders.
Reorganization Committee.
-Clyde It. Andrews. Chairman: Hamilton
Allport, Charles B. Gillet, John C. Partridge and W. B. Prickitt, W. H.
Volume 135
Financial Chronicle
4395
Placed in Receivership.
Cranton, Sec., 2115-11 So. La Salle St., Chicago. Poppenhusen, Johnston
The company has been placed in receivership in Federal Court in CleveThompson & Cole, Counsel. Chicago.
land. Gardner Abbott, an attorney, has been appointed receiver. The
Depositary, City National Bank & Trust Co., Chicago.
receivership action was filed by Arthur T. Leonard, following default by
Digest of Plan of Reorganization.
-V. 131.
the company on the Dec. 15 interest on its outstanding bonds.
Mortgage Indebtedness.
-Outside of tax liens there is only one encum801.
brance against the real estate consisting of trust indenture dated June 15
-Receivership.
1927. securing an issue of 1st mtge. 6% sinking fund gold bonds of which
Northern States Life Insurance Co.
there are $1,475,000 principal amount outstanding. These bonds all mature
Federal Judge Walter C. Lindley on Dec. 20 named Alderman John A.
June 15 1947.
W. Morthland of Chicago as permanent receivers. Mr.
Masson and John
New Company.
-A new corporation will be formed to acquire all the
Massen has been temporary receiver. Mr. Morthland recently was
property now owned by the present company and subject to the lien of the
-V. 135, p. 4227.
appointed receiver by the Indiana courts.
trust indenture.
-Extra Dividend.
Distribution of New Bonds -Outstanding first mortgage 6% sinking
Norwich Pharmacal Co.
fund gold bonds, together with all coupons maturing on and after Dec. 15
The directors have declared the regular quarterly dividend of $1 a share
capital stock, payable
1932. are to be exchanged par for par for bonds of the new company, to be
and an extra dividend of the same amount on the distribution was
dated on or about their date of issue and to mature on June 15 1947, to be
made
Jan. 1 to holders of record Dec. 20. A similar extra
secured on the same lands, premises, buildings and improvements, rents,
on Jan. 1 1932.-V. 135, p. 1505.
however, that
issues and profits, subject only to unpaid taxes, provided,
-$2.50 Dividend.
for the consummation of the reorganization plan, the bondholders' reor(The) Noxzema Chemical Co.
ganization committee shall have the right to borrow such moneys as may be
A dividend of $2.50 per share has been declared on the capital stock.
deemed necessary and to grant such priority over tne aforesaid trust deed
payable Jan. 10 to holders of record Dec. 31. Including the distribution of
as they deem advisable. The bonds shall be redeemable at par.
$1 per share made on July 11 last, total dividends paid out of 1932 earnings
Interest on the new bonds shall be payable out of income, semi-annually,
will amount to $3.50 per share.
as follows:
This compares with $1.50 per share paid in January 1932 and $1 per
No interest shall be paid until the sum of $50,000 shall be accumulated
share paid in July 1931, both of these payments having been made out of
from income, which sum shall be held and used as working capital and no
-V. 135. p. 310.
1931 earnings.
interest shall be paid thereafter which shall deplete the working capital
-Earnings.
Paramount Motors Corp.
below the sum of $50,000.
1929.
1930.
1931.
1932.
After the fund of $50,000 for working capital shall have been accumulated
Years Ended Sept.30$29,381 loss$280,913 $1,268,982
the total remaining net income, shall be used each year to pay interest
Net prof. before Fed, tax loss$53,410
153.000
on the new bonds but until at least $750,000 thereof shall have been acquired
Federal inc. tax (est.)--by the company by purchase or redemption, such interest shall not exceed
$29,381 loss$280,913 *1.115.982
4% in any one year. One-half of the balance of net income shall be used to
Net profit for year __ loss$53.410
600,000
162,773
purchase new bonds in the open market for the lowest price obtainaole but
Dividends
at less than par. If such bonds cannot be so purchased. such sum shall be
$515,982
$29,381 def$443,686
def$53,410
used to redeem bonds by lot at par plus any current interest payable at the
Balance
date of redemption. All bonds so purchased or redeemed shall be canceled.
Comparative Balance Sheet Sept. 30.
The balance of net income for any one year shall be held and used by the
1931.
1932.
1931.
1932.
Assets
corporation as working capital for proper corporate purposes including the
3112.708 $252,225 Accounts payable
Cash
purchase or redemption of bonds, which bonds need not be canceled but
di accrued exp.- 592,349 4158,843
420,002
945,428
Investments
may be held in treasury and may be used for corporate purposes with the
913.878 Cust'rs deposits on
Notes receivable-- 339,598
6,959
318
approval of the voting trustees.
unfilled orders__
7,348
4,753
Accts. receivable__
No dividends shall be paid upon any shares of the capital stock of the new
49,989 Minorty interest
86,044
Inventories
company unless and until $750,000 of the new bonds have been acquired
1.000
Sub.
Patterns, dies, Jigs.
by the company by purchase or redemption and canceled. After $750,000
13,404 xCapItal stock-- 259,421 1,509,421
934
tools, &c
of the new ponds have been so retired and canceled, the maximum amount
Treasury stock- Dr234,551 Dr185,952
Furniture & fiat's
of interest to be paid on the outstanding new bonds in any one year shall
92,421
17,004 Paid in surplus.._ 1,342,420
15,701
(la's deprec.)__ _
95,170
61,248
thereafter be 6% instead of 4% and the entire net income available for
3.214 Earned surplus...
3,729
Deferred charges_
interest shall be used each year to pay interest up to but not in excess of
Cash surr. value
said 6%. After the payment of interest on the outstanding bonds at 6%.
13,312
life insurance
one-half of the balance of the net income shall be used to purchase new
bonds in the open market for the lowest price obtainable but at less than
1,5
Total
Total3 22,206 31,676,862
$1,522,206 $1,676,862
Dar. If such bonds cannot be so purchased, such sum shall be used to
x Represented by 259.421 shares issued (par value of shares in 1932, Ell
redeem bonds b3 lot at par plus any current interest payable at tne date of
issued shares includes the total
in 1931, no par value). The amount of
redemption. All bonds so purchased or redeemed shall be canceled. The
shares held in treasury which amounted to 49,074 shares in 1932 and carried
balance of the net income for any one year shall be held and used by the
in balance sheet at $234,551, representing price at which shares were
corporation as working capital or for proper corporate purposes including
purchased by the company. The number of shares in treasury in 1931
the payment of dividends.
are not stated, but they are given a value of $185.952 in the balance sheet.
The interest payable on the bonds shall be non-cumulative so that if the
V. 134, p. 3651.
net income shall be insufficient topay the maximum amount as above
Provided in any one year, the deficit shall not be paya.„le in any suasequent
Paramount Publix Corp.-Rental Reductions Total
year.
The trust deed, among other things will prohibit the distribution of any
$3,600,000.
part of income to stockholders, as dividends or otherwise until at least
The corporation, has just completed a survey of 1,044 domestic leases
$750,000 of the new bonds are retired and canceled. When bonds in the
Involving an annual rental of $17,196,000, according to an announcement
aggregate principal amount of $750,000 have been acquired • y the company
on Dec. 19, which further states:
by purchase or redemption, all
bonds shall thereupon be canceled.
As these leases were surveyed, they were revalued and an attempt was
After bonds in the aggregate of said
principal amount of $750,000 have been
made to revise them in keeping with current real estate values. That work
acquired and canceled any bonds acquired thereafter shall be canceled.
thus far this year has resulted in 637 rental reductions amounting to apThe trust deed will also provide that payments made or reserves set up on
proximately $3.600.000 of which $1.100.000 is applicable to 1932. In
account of taxes now due, as well as any which may hereafter become
addition, a saving of $243,000 was effected by the adjustment of foreign
payable, and reorganization expenses (including the expense and charge of
lease rentals.
the committee and its counsel), are to be deducted in determining the
The total savings effected by the department from Jan. 1 to Dec. 1 were
amount applicable to bond interest Non-payment of taxes shall constitute
approximately $7.000,000 of which $2,300.000 were applicable to that
a default under the trust deed.
period. Included in this total is a saving of $173.196 on real estate taxes
In addition to the above bonds the holders of the present bonds shall also
for this year. The cancellation of two theatre leases alone effected a saying
be entitled to receive two shares'of the capital stock of th • new company
of nearly $2,000,000.
with each $1,000 bond of the new company, one share of the capital stock
Last year it was the experience of the company that approximately 20%
with each $500 bond and one fifth of a share of the capital stock with each
of maturing real estate mortgages had to be paid. This year the company
$100 bond, which stock shall be held in a voting trus'
has been able to renew 98.8% of these maturities. This has been the work
Preferred Stock.
-The preferred stockholders of the present company
of a new department set up by John Hertz shortly after he became Chairman
will be entitled to receive 1X shares of capital stock of the new company
of the finance committee about a year ago. That department, under the
In exchange for each share of preferred stock in the present company now direction of C. It. Hammer, has charge of all matters pertaining to real
held.
estate, insurance and purchases.
Common Slock.-Commen stockholders of the present company will be
From March 1. when this department took charge ofinsurance,to Oct.31.
entitled to receive one share of capital stock in the new company for every
savings amounted to *270,000 and are expected to total $325,000 for the
10 shares of common stock of the old company held by them.
full year. These savings were accomplished by reductions of scheduled
Unsecured Creditors-Settlements will be made with unsecured creditors
rates and insurable values. The matter of insurance rates as a whole is
(not in excess of $35,000) by the issuance of long-term notes or such other
now under investigation and is the subject of a series of conferences with
means as the committee may deem advisable.
insurance companies and agents. A further substantial reduction in schedVoting 7'rustees.-All of the outstanding capital st3c% of the company
uled rates is anticipated.
shall be issued to three voting trustees, selected by the committee The
Substantial savings have been effected in the purchasing department but
voting trust shall extend for the maximum period under the laws of the
totals do not lend themselves to comparisons because of changes in the
State of incorporation or upon such earlier date when at least $750,000
price level and variations in the type and quantity of materials needed.
aggregate principal amount of the outstanding bonds shall have been
retired or held in the treasury of the cmnpany, as above provided. Upon
Plans No Change in Financial Structure at This Time.
consummation of the plan of reorganization, voting trust certificates shall
John Hertz, Chairman of the Finance Committee, states that the combe issued to the various classes of securities in the ratio and in the amounts
structure at this time. Funds are on
pany plans no change in its financial
above set forth.
hand for the Feb. 1 interest payment on the debentures. Bank loans
tiethods of Accomplishing the Plan.
-A bill to foreclose the trust in
amounting to around S13,000,000 have not been changed.
denture will be filed. Title to the mortgaged assets of the company will be
acquired by the now corporation, which. in turn will enter into a new trust
Earnings.
indenture with such trustee as the committee shall determine. Trust inFor income statement for three months ended Oct. 1 see "Earnings Dedenture will be binding upon the 1st nage. bondholders who deposit their
-V. 135, p. 4228.
partment" on a preceding page.
bonds under the deposit agreement dated Dec. 14 1932.
-Earnings.
Patterson-Sargent Co.
Condensed Operating Statement 11 Months Ended Nov. 30 1932.
19330.3.88
1929.
Years Ended Oct. 311932.
Rent income, paid and accrued
$829,041
a$151,872
9
3
10 1880
$59 ,.
a Operating profit
$165.732
Interest income _
08
..8h
3,622
Cr14.748
6.470
Other deductions, net _ _
Warehousedivisioj"
8
10
497177
8,828
93.000
62,000
----18,500
Prov. for Federal taxes_
-Total income- _ $732,652
$852,043
----------------------------- $164,322
$462.628
$140,763
Net profit
_- - charges ---Total expense and fixedb152.260
2,534,356
2.060.437
2,776,951
Previous surplus
2,809,963
4,815
617
2,185
Adj. pr. years' Fed. taxes
Net for period, before Federal tax
812,062
a Certain items included under "rent income" are not expected to be
$2.952,911 $3,240,196 $3,271,823 $2,912,480
Total surplus
47,372
65.625
30.233
ultimately realizable in full. b Including bond interest $81.125, taxes
Divs.on 2d pref. stock
34,608
300.000
400,000
400,000
$18.550, and depreciation $20,544.
Common dividends
225,000
12,500
12.500
Prem.on pf.stk. retired.
Balance Sheet, Nov. 30 1932.
35,000
Provision for contings
AssetsLiabilities
$21,739
Cash in bank
a453,971 Notes payable bank
Balance, surplus
$2,693,303 $2,809,963 *2.776.951 $2.534,356
22,391
Cash with trustee for int. on
Accounts payable
Earns, per sh.on 200,000
10,833
bonds, &13
11,188 Deferred rent liabilities
$3.54
$3.42
Sill3. com. stk.(no par)*2.16
Accounts recelvabte
7,848 Accrued State At local taxes-. _ a64,550
a After deducting cost of sasales, 3
selling, administrative and general ex49,923
Interest receivable
4,006 Other accrued items
penses.
.
15,500
Fixed assets
132,857,921 Provision for Federal taxes_ _
Balance Sheet Oct. 31.
1,475,000
Deferred charges
114,148 let mtge. 6s outstanding
AssetsLiabilities
1932.
1931.
Deficit
Dep. with trustee for in143,458
3
9 1.
3
19 2
Cash
Dr.50,500
$1.003,496 31,035,337 Accounts payable_ $1 12,095 $124,401
Profit and law
denture requirements.
19,000
88,367
.
ti S. Govt.emirs_ 622,775
501,313 Accrued accounts.
Bad debts
Held by treas. 010. T. Co__ Dr.13,000
18,667
134,608
59.608
Customers notes &
Dividends payable
Dr.2,000
Held as collateral
47,291
accept's payable 563,557
385,000
667,120 Accrued taxes_ _ .._
7% preferred stock
366,999
e1,250,749
571.635
Inventory
746,840 Rea. for contIngs.- 354,210
Common stock
494,400
Sun.secure, owned
2d pref. stock_ _ _ 494,400
300,000
& mIscell. accts.
x Common stock_ 300.000
$3,230,186
Total
33,230.186
Total
receivable. &c_ _
58,215
65,768 Prof. & loss surp__ 2,693,303 2.809,963
a This amount has been reduced by the payment of approximately
Land, bides., mapayable. b After depreciation of
$50,500 for taxes and notes and accounts
chinery, equip*159.909. c itepresented by 10,000 shares (no par).
ment, &c
1,226,136 1,278,018
Since the above statement was prepared. State and local taxes approxiUnexp. Ins. prem.
reduced by
mating $49,000 have been Paid. notes payable have been
24,342
prepaid taxes_ _ _
15,092
$500. and accounts payable in the sum of $1.000 have been liquidated.
leaving an available cash balance of less than 57.000. which was wholly
$4,060,907 $4,318,738
Total
Total
34.060,907 $4.318,738
inadequate to meet the interest payment due Dec. 15 1932, totaling in
-V. 135, p. 3535.
x Represented by 200,000 (no par) shares.
excess of $44,000.
4396
Financial Chronicle
Peoples Drug Stores, Inc.
-November Sales.
1932
-Nov.
-1931
$1,248.610 $1,407,497
-V. 135, p. 3176.
Decreased 1932-11 Mos.-1931.
Decrease.
$158,8871 $14,486,646 $15,690,177 $1,203,531
Philadelphia Life Insurance Co.
-Offering Underwritten.
The offer to stockholders to subscribe to new stock at $12.50 a
the basis of three shares for each seven shares held, which expired share on
was accepted by only a small portion of the stockholders, it was Dec. 19,
stated on
Dec. 20 by officials of the company. The offer has been underwritten,
however, and it is expected that the entire block of stock will be taken by
the underwriting group, which would bring new interests into the company.
Completion of the transaction will increase the outstanding shares to
100,000 from 70.000 and capital to $1.000,000, $10 of the subscription price
going to capital and $2.50 to surplus.
Officials of the company explained that it was not expected the stockholders would subscribe to the issue as stock of the company is now selling
In the over-the-counter market at a lower price than $12.50, the subscription price.
The purpose of the issue is to provide the company with additional cash
and to bring new capital into the company by which it is hoped to promote
growth of the business. (Philadelphia "Financial Journal.")
-V. 135. P.
p. 3704.
Pig'n Whistle Corp.
-Earnings.
Years End. June 30-1932.
1931.
1930.
1929.
Sales
$2,670.019 $3,688,340 $3,996.421 $3,671,249
Cost of goods sold
1,097,436
1,520.322
1,738,997
1.645,548
Oper. exps., excl. of depreciation & amortiz
1,597,446
2.001.056
1,969,069
1,733,536
Deprec. & amortization..
156,547
150,780
124,343
116,629
Interest, discount, &c.&
other expenses
3,526
1.945
Cr21,287
Cr10.3113
Amortiz. of prior years'
Initial losses at new
stores
2,400
13,566
11,962
11,962
Federal income tax,est d
19,300
20,000
Net profit trans'd to
surplus
def$187,337
$671
$154,036
$153,890
Previous earned surplus62.966
148,931
101.149
72,399
Charges appllc to prior
periods
Dr8,142
Total earned surplus_ _def$124,371
Divs, paid on pref. stock
Res. for possible add'l
Federal taxes
Extraordinary charges- 99,357
$149,602
63.750
$255,184
102.000
$218.149
102,000
4.253
15,000
22,886
Earned Burp. June 30_def$223.728
$62,966
$148,931
$101,149
Earns, per share on 108,000 shares common
stock (no par)
Nil
$0.006
$0.49
$0.48
Consolidated Balance Sheet June 30.
Assets1932.
1931.
Liabilities-1932.
1931.
Cash
$23,950
$47,285 Notes pay. banks.. 595,000
595,000
Notes & accts. rec_
24,409
27,337 Notes pay. others_
73,102
Inventories
86,402
125,274 Accounts payable_
133,006
145,191
Prepaid insurance.
Accrued expenses_
18,923
16,082
taxes,&c •
23.950
37,986 Reserve for possible
Equip.,leaseh'ds &
add. Federal in'
leaseh'd improv-x1,538,608 1,680,944
come taxes
29,000
29,000
Lease deposits. _
6,194
9,294 Res. for empl.
Deferred charges473
3,622
compens.insur._
4,939
Good-will & tradeyPreferred stock.... 1,359,760 1,359,760
marks
1
1 7Common stock
108.000
108.000
Capital surplus__ _
103,987
115,745
Earned surplus.._ de1223,728
a62,966
Total
$1.701,989 $1,931,745
Total
$1,701,989 $1,931,745
x After reserve for depreciation and amortization of $926,607 in 1932 and
$799,705 in 1931. y Represented by 84,985 no par shares. z Represented
by 108,000 no par shares. a Subject to judgments aggregating $113,856
which were pending on appeal to the U. S. Circuit Court of Appeals for the
Ninth Circuit, and to a pending lawsuit for $68,902, all in connection with a
Ire which occurred in the Seattle store in May 1929.
-Dividends of $161.471 accumulated to June 30 1932 on the par
Note.
ticipating preferred stock, have not been paid or declared by the board of
directors.
-V. 133. p. 2447.
"-Polygraphic Co. of America, Inc.
---Smaller Dividend.
The directors have declared a dividend of 50 cents per share on the
preferred stock, payable Jan. 10 to holders of record Dec.31. Previously
the company made regular quarterly distributions of $2 per share on
this issue.
Potomska Mills, New Bedford.
-Offer for Shares.
-
The directors are said to be in receipt of a definite offer of $30 per share
for at least 8,500 shares ofthe 12,000 shares issued,from Jerome A. Newman,
of New York. Mr. Newman previously made a tentative bid of $32 per
share for the stock, but following a study of the balance sheet, the offer
was reduced.
Mr. Newman selects the First National Bank of New Bedford as the
depository, with the request that the stock be deposited with the bank on
or before Jan. 3 1933. Should less than 8,500 shares of the stock be deposited, Mr. Newman asks the right to purchase such stock as may have
been deposited. Stockholders depositing their stock under She agreement
will participate in a cash distribution within ten days after the plan is
declared operative. The prospective purchaser may extend the time limit
for depositing stock to Jan. 16
-("American Wool and Cotton Reporter").
Pratt Food Co.
-Balance Sheet May 31.AssetsAccounts receiv_
Cash
Merch. meter.,&c.
Real estate
Machinery & fist.
Investment account
Franchise,formulae
and trade marks
1932.
$306,770
78,628
224,642
815,627
535,632
16,000
1931.
3361,964
33,572
300,394
815,498
526,258
16.000
100,000
100.000
Total
$2,077,299 $2,153,687
-V.134. p. 4336.
Curr. sects. Pay-Notes payable__ -Bee. for deprec.,
taxes, &c
Capital stock
Surp.& undiv. prof
Total
1932.
541,958
75.000
1931.
$51,279
165,000
544,730
500,000
915,610
508,352
500,000
929,056
$2,077,298 52,153,687
""Premier Shares, Inc.-Smaller Distribution.
The directors
have declared a semi-annual dividend of 15 cents per
on the capital stock, payable Jan. 16 to holders of record Dec. 31. share
This
compares with quarterly dividends of 10 cents per share paid from
Oct. 15
1931 to and incl. July 15 1932, and with quarterly payments of 1831 cents
per share made from July 15 1930 to and incl. July 15 1931.-V. 133,
p.2277.
Providence
(R. I.) Building Co.-Reduces Dividend.
The directors have declared a semi-annual dividend of $2 per share on
the capital stock, par $100. payable Dec. 30 to holders of record Dec. 16.
Previously the company made semi-annual distributions of $2.50 per share
on this issue.
Providence Washington Insurance Co.
-Larger Div.
-
The directors on Dec.16 declared a dividend of 20 cents per share
common stock, par $10, payable Dec. 28 to holders of record Dec. on the
19. A
distribution of 15 cents per share was made on this issue on Sept. 30 last as
compared with 45 cents per share on March 31 1932 and 55 cents per share
in preceding quarters.
-V. 135. p. 2185.
Quarterly Income Shares, Inc.
-New Trust Fornted.-
A new type of investment trust, with special features designed to overcome the inelasticity inherent in the fixed trust as a type, was announced
Dec. 20 by Administrative & Research Corp., New York, which is closely
identified with its management.
Dec. 24 1932
The trust, Quarterly Income Shares, Inc., is organized with
the announced intention "to provide investment diversification
in a broad list of
securities.' The number of shares authorized is
30,000,000, with a par
value of 25 cents each. Investments of the trust consist
of 35 American corporations, all of which have continuedof common stocks
to pay
throughout the period of depression. They include 9 industrial dividends
companies.
7 foods and tobacco companies, 2 merchandising companies,
5 banks,
4 oils and 8 utilities. Funds may be placed in 25 other corporations,
which
constitute a reserve list. The investment in each company is
limited to
5% of the total assets of the trust.
The inelasticity of the fixed trust is overcome through
the reserve list
and through a provision which permits, but does
of one eligible company in any calendar year, butnot require, the addition
only after
written notice has been given shareholders. Any company three months'
may be removed
from the eligible list by the board of directors.
Another
signed to cover extreme situations where it might possibly provision is debecome desirable
to add more than one eligible company in a single calendar
extreme event, such additions may be made by the holders year. In this
of
outstanding shares, this authority to be expressed in writing 51% of the
or by vote
at a meeting. An announcement points out that,
Inconvenience would be incurred in the operation ofalthough expense and
such
is unlikely that it would be necessary to invoke it excepta referendum, it
under some abnormal condition.
One policy of the new trust is expected to meet with
approval by investors
who are seeking widespread publicity for trust fund
investments. Quarterly Income Shares will furnish a list ofinvestment holdings
quarterly. In addition, any shareholder may request and to shareholders
obtain at any
time a detailed list.
Corporations in which Quarterly Income Shares has
investments are:
Industrials.
-Air Reduction, Allied Chemical & Dye.
American Can,
Du Pont, Eastman Kodak, General Electric, Otis
Elevator, Procter & Gamble, Union Carbide & Carbon.
Foods and Tobaccos -American Tobacco. Borden
Co.. Corn Products
Refining, General Foods Corp., Liggett & Myers,
National Biscuit, R. J.
Reynolds Tobacco.
Merchandising.
-J. C. Penney Co.. Woolworth,
Banks.
-Bankers Trust Co. (N. Y.). Chase
Guaranty Trust Co. (N. Y.), Manhattan Co. National Bank (N. Y.).
(N. Y.), National city
Bank (N. Y.).
Oils.
-Standard Oil of Calif., Standard 011 (Ind.),
Standard Oil (N. J.).
Texas Corporation.
Utilities.
-American Tel. & Tel., Consolidated Gas
of N. Y. North
American Co., Pacific Gas & Electric, Pacific
N. J., Southern California Edison, United GasLighting, Public Service of
Improvement.
Corporations on the reserve list are:
American Radiator & Stan. San., American Smelting & Refining,
Atchison, Central Hanover Bank Sr Trust (N. Y.),
Chemical Bank lc Trust
(N. Y.), Columbia Gas & Electric, Electric Bond &
Share, First National
Bank (N. Y.), General Motors. Ingersoll-Rand,
International Harvester,
Irving Trust Co. (N. Y.), National Dairy Products,
New York Central
New York Trust Co., Pennsylvania RR., Sears,
Roebuck, Socony-Vacuum
Corp., Standard Brands, Union Pacific, United Corp.,
States Steel, Western Union, Westinghouse Electric. United Fruit, United
All assets of Quarterly Income Shares are placed
Trust Co. of New Jersey as trustee under a trust in trust with Commercial
be temporarily held in cash on deposit with the agreement. Funds may
they may be temporarily invested in secured calltrustee at interest. Or
loans or United States
Government securities.
Transfer Agent, Chase National Bank of New York.
For the benefit of holders of any trust sponsored
Research Corp. who may prefer the greater flexibility by Administrative &
Income Shares it is provided that Quarterly Income afforded by Quarterly
Shares may purchase
as a temporary investment "shares of investment trusts
of surrender for underlying securities and(or) cash." carrying the right
Such trust shares
must be acquired at not to exceed liquidating value.
When trust shares are acquired in this manner they
must be surrendered
for underlying property or cash, but stocks received
and which are eligible
for Quarterly Income Shares, may be held in its
avoids the economic waste which would occur if portfolio. This provision
the
rendered for the underlying stocks, and the cash trust shares were surdelivered to Quarterly
Income Shares for the purchase of, in many cases,
the identical stocks
It avoids both an unnecessary selling and buying
commission on each stock
retained by Quarterly Income Shares.
Dividends on Quarterly Income Shares are payable
Feb. 1. May 1, Aug. 1
and Nov. 1, beginning May 1 1933. Dividends will
include the net cash
income from securities owned and proceeds from
the sale of rights and
regular stock dividends received and sold.
Quarterly Income Shares is required to repurchase,
upon request. the
shares of any holder at current liquidating value. If
necessary, the trustee
may be directed to sell securities to provide cash for the
repurchase of shares
Shares will be offered at a price equal to their
day-to-day liquidating
value plus a premium of 95i •
Administrative & Research Corp. is sponsor for eight
fixed trusts, including Corporate Trust Shares, with more than
20,000,000 shares outstanding.
The new offering will not replace the present
modified series of Corporate Trust Shares, but continuous offering of the
is intended to supplement
that offering.
Syndicate Managers.
-Administrative & Research Corp. announces that
it has appointed as syndicate managers for Quarterly
Income Shares.
Ross Beason & Co., Inc.New York. for Eastern
Burls & Co., hicago, for'Central United States; andUnited States; Smith,
Ross Beason & Co. of
Salt Lake dity for Western United States.
Radio-Keith-Orpheum Corp. (& Subs.).
-Earnings.
Consolidated
Income Statement for Period Jan. 1
to Sept. 30 1932.
Income-Theatre admissions
$27,685,895
Film rentals and sales _ _ _ _ _ __ - _-___________
Rents, concessions and other income
_________ ____ 15.347,949
802
3 796,
.
$46,830,646
Expenses-Artists salaries, other salaries and film
service...- 17,579,647
Cost of film sales and service
14,157,196
Film selling and general expenses
3,416.608
Other operating and general expenses
12,424,168
Depreciation of cap, assets and amortization of
leaseholds_ _
*2,437,346
PrOass Off r-1gn su1;irdiar - -------------------- -------i fits- - e ---- o--y
consolidated ------ S3 114 108
'383:2
09
Dividends received on investments in other
companies
108,852
Commission from outside theatres
,
36751
Interest earned_ -------------Profit on sales Of limesMention- capital assets
6 --412 485
171,3 8
3
Forfeited deposits-- _ _________________________
15,622
Sundry other income
107,415
Net loss_ _ -- _ -- _ __________________________
___ S2,018,435
Interest anddiscount ___ _ ___ - __
___ ------------Loss on sale ofinvestments and capltalassets -------------- 2 815 866
43:728
Sundry other charges
86,301
Total loss---------------* Depreciation and amoitizition fias ----------------- $4,964,331
ailjusieci --the
revision (as of Jan. 1 1932) of book values of the capital give effect tocorassets of the
poration and its subsidiary companies.
Analysis of Surplus Sept. 30 1932.
Capital surplus at Dec. 31 1931
Add: Increase resulting from exchange of stocks of subsidiaries 52.638.343
for Itadio-Keith-Orpheum Corp. common stock
350,910
Increase resulting from reduction of book value of common
stock to $10 per share
24.474,941
-$27,464,195
Total__ _ ----- _ ------- Provision for revaluation of capital--------------- -------_-- assets
-----Refinancing expenses
89.460
24,564,402
Balance capital surplus at Sept. 30 1932
Operating surplus at Dec. 31 1931
loss
Adjustment of surplus of subsidiary companies because of excessive provisions for contingencies in prior years
Discount realized on retirement of bonds of subsidiary company
Net loss for nine months ended Sept. 30 1932, as above
Balance deficit at Sept. 30 1932
52,899,793
$1,344,748
Cr68,522
Cr187,091
4,964,331
$6,053.466
Volume 135
Financial Chronicle
Sept. 3032.
$
Assets2,780,798
& on hand
Cash in banks
3,854.231
Unpaid subscriptions to debentures & stock
207,320
Notes receivable
1,185,133
Accounts receivable
24,092
Accounts receivable from officers & employees__
139,298
Accrued interest &c
238,261
Advances to outside producers
1,121,229
Inventories:Completed pictures not released at cost 4,085,737
Released pictures, at cost,less amortization
2.642,365
Productions in progress
258,197
Accessories & supplies
1.076,014
reserve
Scenarios & continuities,less
27.316,735
Capital assets: aLand owned
aBldga. & equip, on land owned & on land partly
25,419,848
owned & partly leased
14,160,290
aImprovements & equip. on leased property_
9,453,734
good-will & contracts
Leaseholdes,
70.453
Improvementsin process
3.874,962
in & advs.to affiliated & other companies
Invest.
2,967,739
Other Invests. & deposits & other assets
1,4,979,290
Deferred charges
Dec. 31'31
3,844,814
10,674.170
87,655
1,120,827
4
116:88
148,209
2,136,925
5,033,502
2,187,759
264,438
1,258,511
27,025,481
36,242.868
21,990.961
9,578.532
3,812.162
3.105.612
3.662,625
105,833,728 132,294,935
Comparative Consolidated Balance Sheet.
Liabilities
4,163.909 5581742
Notes payable & debentures
1,375.655 2'328'692,
Accounts payable,sundry
50.000
50.000
Deposits on sale ofinvestments
3.132,995
taxes,interest & expenses
Accrued
9247:44311
469.181
Deposits
16,000.467 18,620,975
cDeferred notes & accts. payable St debentures_
38,491,784 39,453.534
Funded debt
11,086,357 4,351,926
Reserves
Preferred stocks of subsidiary companies:
Keith-Albee-Orpheum Corp. 7% cumulative,
4,270.000 4,303,900
convertible preferred stock
Orpheum Circuit, Inc.8% cumulative, convert5,389.600 5,811,100
ible preferred stock
24,557,457 48.587,714
dCommon stock
2,899,793 2,838,343
Capitalsurplus
1.344.748
6,053,486
Operating deficit
4397
this note issue annual interest requirements would be cut from $131,040
$63.700. In June of this year $546,000 of the class A note issue was
paid off.
The $477,6907% convertible notes, due Jan. 15 1933, would be exchanged
as follows: Not over 15% for new 7% class C notes, due Jan. 15 1938, and
at least 85% for new class D notes, due Jan. 15 1936. interest on which
would be subordinated to payment of interest and principal on class A
notes. Interest requirements on these notes would be cut from $33.438
to not over $5,015 per annum, until class A notes are paid off.
The $895,000 class B notes, due Jan. 15 1935. and herd mostly by officers
of the company, would be exchanged for 7% class B notes maturing Jan. 15
1936. On present notes interest of 5% annually has been paid, and 2%
the new B
additional interest has accrued since Jan. 15 1927. Interest on interest on
notes will accrue at the rate of 7% annually until principal andwill be subthe A notes has been paid and present accrual of 2% interest
• ordinated to payment of principal and interest on all other note issues. Thus
current interest requirements on the class B notes will be cut from $44.750
per annum to zero.
The above refinancing plan is subject to the approval of holders of 85%
of the convertible notes. It has already been approved by holders of class
A and class B notes.
Despite the fact that on or before Jan. 14 1933. it will pay off $910.000
principal amount of its class A notes, the company will have adequate
working capital and (or) credit lines. At present current assets exceed
affected by plan)
$3,000,000, as against current liabilities (other than notesafter Jan. 14 next
of less than $500,000. It has over $1,500,000 of cash and
addition it has definite commitmentfrom banks
will have over $600,000. In
committo loan $200,000 on notes at any time, and a further conditional
ment from banks to loan $600.000 in case of increased business. ("Boston
-V. 134. p. 4673.
New Bureau.")
Total
-Extra Dividend.Santa Cruz Portland Cement Co. dividend of$1 per share.
-regular quarterly
The directors have declared the
payable Jan. 1, and an extra dividend of El per share, payable Dec 27
and 1931.
both to holders of record Dec. 21. In December 1928, 1929, 1930
-V. 135, p. 4228.
an extra dividend of $2 per share was paid.
ro osoi to Bondholdera---Bonthkolders
's-Schulco Co., Inc.
Asked to Waive Sinking Fund NE.J. Witunsol, Vice-President
addressed letters dated Dec,. 20 1932 to the holders of varanmortgage sinking fund gold bonds, issue 13, and
teed 6
guaranteed 6% mortgage sinking fund bonds dated
which states in substance:
July 1 1926 (issue
105,833,728 132.294,935
and
Total
a At sound values, as appraised, together with subsequent additions at
cost, less reserves for depreciation and amortization, aggregating at Dec.31
1931,$27.521,865, and at Sept. 30 1932, $29,732,582. b Includes expenses
properly deferred at the rate of the above balance sheet and which will be
disposed of at the end of the year, and also expenses to be distrbluted in
-year 6% gold debentures
subsequent periods. c Including $11,600,000 10
dated Dec. 1 1931. d Represented by 2,455,746 no par share on Sept. 30
and $2,446,299 no par shares on Dec. 31 1931.
1932
-In addition to certain of the capital assets, there have been pledged
Note.
as of Dec. 311931. and Sept. 30 1932, as collateral to secure the payment
of funded and other debt of the companies, capital stocks of certain subsidiary and other companies, notes and mortgages evidencing indebtedness
of
of certain subsidiary companies to the parent company, inventories
pictures and cash on deposit in Austrlia.
of
The balance sheet at Sept. 30 1932 gives effect to the revision--as its
-of book value of certain of the assets of the corporation and
Jan. 1 1932
-V. 135. P. 3868.
subsidiaries.
$2,869,000
Company has outstanding $1,681,000 issue B bonds of which comissue A bonds, guaranteed by Schulte Retail Stores Corp., secured by a
are
pany Schulco Co., Inc., is a sub-subsidiary. Bonds
which are
second mortgages on 11 and 13 pieces of real estate, respectively,
$3,500,000, respecsubject to first mortgages aggregating $2,173,750 and in part to Schulte
tively. Real estate securing issue B bonds is leased of New York, one
Retail Stores Corp., and in part to D. A. Schulte, Inc., estate is in turn
real
of its subsidiaries, and the major portion of suchleased to Schulte Retail
subleased and real estate securing issue A bonds is
subleased.
Stores Corp. and is in turn
consists
The business of Schulte Retail Stores Corp. and its subsidiaries estate.
leasing of real
primarily of the operation of cigar stores and theand the unprecedented
The decline in business caused by the depression a critical situation for
fall in real estate values and rentals has created management that the
Schulte Retail Stores Corp. It is estimated uy the
its subsidiaries for
consolidated loss of Schulte Retail Stores Corp. and Estate Co., Inc..
Schulte Real
1932 (without including the heavy losses of
in default, but which bonds are not
the bonds of which company are now
ly
guaranteed by Schulte Retail Stores Corp ), will be approximate $1.400,ailways Corp.
-SPA-Dividend.precarious.
000. The cash position at toe present time is
t 7tors have declared a quarterly dividend of 2%. payable in no
heo
have already defaulted
The lessees of the properties above mentioned, income of these lessee
an. 15 to holders of record Dec. 31. A similar payment was
p s
The
on the rentals payable Nov. 1 and Dec. 11932. estimated by S. D. Leideemade on uly 15 and on Oct. 15 last -V.135.P.3535.
from these properties during the year 1933 as
will be, after pro-Earnings.
Reynolds Spring Co.(& Subs.).
& Co., independent certified public accountants,
dorf
properties, insufficient
viding for the service of the first mortgages on these
For income statement for three and nine months ended Sept. 30 see
such bonds, thus leaving no into pay the full interest requirements on
"Earnings Department" in last week's "Chronicle," p. 4207.
that lease expirations and
come available for sinking fund. It is probable income, and it is unlikely
Consolidated Balance Sheet Sept. 30 (Including Subsidiaries).
defaults of sub-tenants will further decrease this
for several years to
1931.
1932.
$24,227 $106,674
LiabilitiesCash
fundamental real estate conditions will improve to take action to
that
bonds were
Common stock__ y51,229,290:11,233,726
15,000
Ctts. of deposit.-come. Accordingly, if the holders of the these properties, the earnings
50.000
35,982
Notes receivable2,888 Notes payable-- 211,336
foreclose their mortgage and thus recapture sufficient to pay interest on
30,732
time be
181,658 Accounts payable_ 109,075
Accts.receivable- 168.620
therefrom would not at the present ooligation to refinance the $2.173,750
1
900
226,394
Inventories
265,608 Awn int. payable
the bonds in full. Furthermore, the such properties, practically all of
198
272 Acor. WSW, sala-1 27,163
Accr. Int. recely$3.500,000 first mortgages upon
and
would be shifted to the holders
ties, taxes, in-,
123,496
123,751
Investments
which mature within the next few years, properties on foreclosure would
22,449
surance, &o---4
Land, bldg., mach.
of the bonds. Moreover, a sale of the a small percentage of the face
15,784
& equipment.- 2,509,350 2,459,635 Taxes payable---conditions produce only
under the existing
Res. for doubtful
Patents, good-will
value of the ponds.
creditors of Schulte Retail
1
notes, acets.ree.,
1
& developments
To avoid disastrou E consequences for all of the obtain reductions of fixed
181,389
comes & disc't. 183.192
from General
Due
Stores Corp., a campaign has been initiated to
of
by cancellations of non-paying leases
5,663 Res. for depreo.
Leather Co_
rent from individual landlords, savings amount of $1,000,000 a year upon
690,1352
783.686
properties
119,691
93,992
Other assets
and tax reductions in the aggregate
450,000
has been definitely
450,000
Funded debt
67,964
over
15,833
Deferred charges-the Jan. 1 1932 basis. Of this amount these8850.000which became effec587,253
281.396
savings
Surplus
closed or promised; the small portion ofthe above-mentioned loss estimate
reflected in
tive during 1932 has been
83.290,923 $3,256.005
the balance of $150.000
Total
83,290,923 83.256,005
Total
for that year. The management is confident that
are in the vast majority
Represented by 148,566 no par shares. y Represented by 148.000
will be secured. The reductions from landlords
of the leases.
-V. 135. P. 4046.
ares (no par).
of cases for 10 years or for the full term in salaries and wages have been
In addition as of Oct. 1 1932 savings
.
$200.000 per annum. These savings
-Resumes Ditridend.'Richardson Co.
Put into effect aggregating in excess ofsavings of a similar nature already
A dividend of 5 cents per share has been declared on the common stock,
are in addition to very substantial
no par value, payable Dec. 30 to holders of record Dec. 20. A quarterly
prior to that date.
put into effect
avert disaster that
distribution of 40 cents per share was made on Nov. 15 1930; none since.
In addition to these savings it is essential in order to additional working
V. 135, p. 145.
relief from other fixed charges be obtained and that
Accordingly, the holders of Shulco Co..
capital be promptly supplied.
proposal.
Richfield Oil Co. (Calif.).-Hearing Postponed.
Inc.. bonds are asked to agree to the following
The creditors' hearing which was scheduled to be held Dec. 19 before
As to the $1.681,000 Issue B Bonds.
at Los Angeles was continued
the issue B
Judge William H. James in the Federal Court
The proposal involves only a reduction in the sinking fund on
at the
until Jan. 9 1933. The haring is being held in order to give creditors or
bonds. Interest will continue to be payable without reduction
interested parties a chance to show cause, if any exists, why the Panbecomes operative.
other
full rate of 63. % per annum if the proposal
American Petroleum Corp. claim against Richfield Oil Co. of Calif. should
The substance of the proposal is as follows:
&Woo Co., Inc.,
not be compromised on the basis agreed to by both companies. The basis
(1) In lieu of the present sinking fund requirements:(a)
of compromise grants Pan-American a preferred claim in the amount of
will upon the proposal becoming operative forthwith pay to the sinking fund
$1,100,000 and the U. S. Government has asked to have the case continued
$50,808, the amount of the sinking fund payagent for the issue 13 bonds
default. This sinking fund payto allow further time for investigation, the U. 8. Government being an
ment due Nov. 1 1932, which is now inissue B bonds in the open market.
Interested party through its claim against Pan-American Petroleum in the
ment is to be applied to the purchase of
-V. 135. p. 3869.
Elk Hills leases.
1934 to 1938 inclusive, Schulco Co.,
(b) During the period of five years,
for the previous year
as a sinking
1 in
-New Inc., will on Marchfund each yearbe applied tofund,retirement of issue B
Riverside & Dan River Cotton Mills, Inc.
the
agent to
Pay to the sinking
earnings (as defined in the
-bonds, an amount equal to the aggregate net
Director.
-V.135.
agreement hereinafter mentioned) for the preceding year calendar of the
James I. Pritchett, Jr., has been elected a member of the board.
Properties mortgaged to secure the issue B bonds. (c) Commencing with
P. 2866.
Feb. 1 1938 and quarterly thereafter, Schulco Co., Inc., will surrender
to the corporate trustee under the indenture for cancellation $50,000
-Deposits.
Riverside Plaza Corp., Chicago.
principal amount of issue B bonds. This amount will be sufficient to retire
About 88% of the S7000,000 first mortgage 6% bonds have been deall of the issue B bonds prior to maturity.
Johnson
°sited with the protective committee, it has been announced. members
(2) As a condition to the proposal becoming operative additional working
. Angle. Milwaukee, and R. M. Haydon, Madison, Wis., are
--Apital of $750.000 will be obtained through a secured loan to be made
,
-V. 134, p. 2168.
of the committee.
David A. Schulte to D. A. Schulte, Inc., of New York, bearing interest
Receiver
at 5% per annum and not payable until the expiration of five years from
4
"4..Rozy Theater Corp.-CultYnart•ZzatteedFederal JfiSge /
Francis
Jan. 1 1933, except out of dividends from or proceeds of the sale of the
receiver by
Howard S. Cullman was appointed
security.
G. Caffey Dec. 12 to succeed Harry G. Kosch, who resigned on Dec. 9
As to the $2,869,000 Issue A Bonds.
-V. 135.
because he stated tho work interfered with his private practice.
The proposal involves only a reduction in the sinking fund on the bonds
p. 3869.
for five years. Interest will continue to be payable without reduction
at the full rate of 6.36% per annum if the proposal becomes operative.
-29 Dividend
----Royal Weaving Co.
The substance of the proosal is as follows:
it is announced.
h
A dividend of 2% was paid to stockholders og Dec. 15,1%% each were
(1) With respect to sinking fund: (a) In lieu of the present sinking fund
of 5% for the year, as 'payments of
Schulco
This makes a total
requirements, during a period of five years. 1934 to 1938 inclusive,previous
made in January and April 1932. See V. 135, P. 1005.
Co., Inc., will on Nlarch 1 in each year as a sinking fund for the
year pay to the sinking fund agent to be applied to the retirement of these
-Proposed Refinancing.
Boston.
preceding
% `Saco-Lowell Shops,
bonds, an amount equal to the aggregate net earnings for the (b)
of
The company has proposed a plan for refinancing its note maturities
calendar year of the properties mortgaged to secure the bonds. Co., ComInc.,
January 1933. and January 1935, which if approved by all classes of note.
mencing with Feb. 1 1938 and quarterly thereafter, Schulco
interest payments from $209.228
holders will reduce the company's current
will make the full sinking fund payments due On such dates in the amounts
annum to not over $68,715 per annum, or by approximately 67%.
per
set forth in the bonds.
already been secured.
A substantial agreement to the plan hasnotes would be treated as follows:
(2) As a condition to the proposal becoming operative. additional
to be
Under the plan the various issues of
working capital of $750,000 will be obtained through a secured loan of the
6% class A notes, due Jan. 14 1933, and practically all held
The $2,184.000
made by David A. Schulte to D. A. Schulte. Inc., of New York, one
maturity, and the remaining
by banks, would be reduced by $910,000 at notes due Jan. 14 1936. On
of Schulte Retail Stores Corp., bearing interest at 5% per
subsidiaries
$1,274,000 would be exchanged for new 5%
4398
Financial Chronicle
annum and not payable until the expiration of five years from
Jan.
except out of dividends from or proceeds of the sale of the security. 1 1933
The proposals become operative, subject
Inc.. when holders of 80% (or such lesserto the consent of Schulco Co..
percentage as the committee
may agree to) in principal amount of the bonds
have accepted it. Bondholders may accept the proposal and become parties
to the
by depositing their bonds with Lehman Brothers, as depositary,agreement
1 William
St., New York, on or before Feb.
mittee may determine. All bonds 1 1933, or such later date as the commust bear the April 1 1933 and subsequent coupons.
it is believed that the above proposal is a reasonable
one to ask the
bondholders to consent to. Requests for relief are
made also to the
holders of bonds of Central Manhattan Properties, being secured
Inc.
by properties leased to D. A. Schulte, Inc., and to holders of Huylers
'
Inc., preferred stock guaranteed by Schulte Retail Stores of Delaware.
Funds to pay the interest coupons due on April 1 1933 onCorp.
the issue B
bonds, and Jan. 1 1933 on the issue A bonds will not
be available unless
and until the proposal becomes operative.
Lehman Brothers and Redmond & Co. believe the above proposal
is
in the interest of the bondholders and recommend its
acceptance by them.
-V. 135. p. 3177.
Dec. 24 1932
Southern Utilities Service Co.
-Reorgani
zation.
I. W. Ross, a large holder of all classes of
securities
written to other security holders asking them to deposit of the company, has
first mortgage 63i
bonds and three-year 6% notes of the company
with the First Nationa
Bank of Birmingham, Ala., or the First
Chicago in assent to a reorganizationlplanUnion Trust & Savings Bank of
A statement of I. W. Ross relating to which he has prepared.
plan for reorganization says in
substance:
The holders of a substantial amount of
bonds, series A, dated Dec. 1 1928. have the first mortgage 63i% gold
obtained the consent of First
National Bank of Birmingham to act as trustee
underat
ment looking to the reorganization of the company. bondholders' agreeThe bank has been
requested to perform this function in order to simplify
the work and materially reduce the expenses ordinarily incident to
For the same purpose thelholders of a large reorganization committees.
number of the three-year 6%
gold notes, dated Dec. 2 1930. have requested
and obtained the consent
of the same bank, to act as trustee under
Both agreements are between the bank alnoteholders agreement.
as trustee and I. W. Ross, one
of the principal holders of all classes of securities
managing officer of the present company. Bond of the company, and the
with the situation have expressed the opinion thatand noteholders in touch
no reorganization of
Schulte Real Estate Co., Inc.
-Protective Committee.
- company isipracticable without provision for current working capitalthe
or
Company having failed to pay on Dec. 1 1932 the interest installment
credit and the assumption of definite obligations.
due on that date on the 10
the willingness to provide this capital or credit Mr. Ross has expressed
-year 6% sinking fund gold notes due June 1
and assume these obli1935, the following have consented to act as a committee for the protection
gations, but only conditioned upon substantial
concurrence in the proposed
of the holders of the notes. The committee is advised that the company's
plan on part of the security holders, in order to
avoid cash requirement for
Operations have been seriously affected by the unprecedented decline
non-depositing bonds.
real estate values and rentals, which has been particularly severe in in
the
Digest of Proposed Reorganization Plan.
metropolitan area.
Bondholders.
-As to toe bondholders, the
In order that the committee may speak for as large an amount of
templates the formation of a new company proposed reorganization conas possible, the committee urges that noteholders promptly deposit notes
or the
their
present company to take over the present business reorganization of the
notes with Chase National Bank, depositary, 11 Broad St., New York.
and assets; a new issue
of first mortgage bonds, of which $890,000
Schulte Real Estate Co., Inc.. must not be confused with Schulte
llke amount of the present bonds. Holders ofwould be exchangeable for a
Stores Corp., which is an entirely distinct corporation although the Retail
present first mortgage bonds
owner
will therefor receive on completion of the
Of a majority of the stock of Schulte Real Estate Co., Inc.
reorganization an equal par
amount of new securities. Any surplus remaining
Commiltee.-Karl H. Behr, Chairman, Eli H. Bernhelm, Peter Grimm,
over up to that amount.
because of non-deposited bonds, would be available
Bernard F. Martin and Charles F. Noyes. Thomas F. Troxell, Sec.,
to the new company or
Ross in furtherance of the plan.
65 Cedar St., New York,and Cotton, Franklin, Wright & Gordon, Counsel.
The new mortgage would be dated and interest
-V. 135, p. 3869.
would accrue from
Jan. 1 1933, at the rate of 4% until Jan. 11935,
after which date it would
accrue at the rate of 5%, until
-----Schulte Retail Stores Corp.
-resents Plan to Adjust earnings should accumulate untilmaturity Jan. 1 1948. It is proposed that
(a) sufficient
available
Obligati s of Subsidiaries
(_
-Co-opera ton of Security Holders with which to erect, or set up a reserve for. funds have become the New
an
Smyrna plant
Requested A comprehensive plan designed to readjust the ($128,000) and($40,000); (b) to pay secured loansenlargement of company
of the present
release for cancellation $170,000
fixed obligations of the corporation and its subsidiaries has which would in thusmeantime be represented by a of the present bonds,
the
like amount
been evolved, the details of which are being proposed to bonds; also (c) $100,000 of net quick assets for working capital. of the new
If
condition has been reached
holders of the guaranteed 63'% mortgage bonds of Schulco that and when this1938, a sinking fund shall and maintained it is proposed
after Jan. 1
be
Co. Inc., the bonds and class A stock of Central Manhattan redemption of bonds of $12,500 semi-annually. set up for application in
The agreement provides
that if Ross shall on further analysis find
Properties, Inc., and the preferred stock of Huyler's of stipulate that the sinking fund payments it necessary, the final plan might
shall not be payable unless earned.
Delaware, Inc.
The foregoing is the basis of the proposed distribution
(e) The agreement proposes, however, that Ross shall to bondholders.
The proposed plan is another case of a corporation having
adjust
1. That if he shall not elect to go forward with the guarantee:
its fixed obligations in order to meet present business conditions.toInstead
cause all expenses of the trustee and depositaries to plan he will pay or
of following the increasing tendency to use bankruptcy as a means for
deposited securities may be returned without deductionbe paid, so that the
readjustment, Schulte Retail Stores is proceeding with the more conservaor expenses;
and that if he shall elect to go forward:
tive method of asking the co-operation of creditors who hold
2. That he will guarantee the assumption and
obligations to modify, rather than destroy, the obligations. its fixed
payment by the new
company on or before Feb. 1 1933, of the Dec. 1932 coupons;
Under the plan of readjustment the following has been proposed for
3. That he will, so long as he shall continue in
the period of five years beginning Jan. 1 1933:
193iness, guarantee any necessary bank credit for the management of the
bus ;
6
(1) That the holders of bonds of Schulco Co. waive the sinking fund
the company to Jan. 1
requirements. No reduction in interest on the bonds is requested.
4. That he will also guarantee that any capital requirement necessary
(2) That the rentals payable by D. A. Schulte, Inc., as lessee of the
at the New Smyrna plant shall be available;
properties owned by Central Manhattan Properties, Inc., be reduced
5. That he will obtain the consent of the owners to
by $62,500 per annum. As a result of this reduction the dividend
the new company not less than $200,000 of the present convert into stock of
class A stock of Central Manhattan Properties, Inc., will not beon the
company's $500,000
paid.
of three-year notes due Dec. 2 1933; also the open account against the
but there will be no reduction in the Interest payable on the bonds
of
present company amounting to 3342,203, as shown by Haskins
Central Manhattan Properties, Inc.
& Sells'
balance sheet as of Dec. 311931;
(3) That the holders of the 45,000 shares ockluyler's of
6. That he would see to it that the $128,000 of the
preferred stock reduce from 77 to 4% Schulte ivetall Stores Delaware. Inc.,
°
Corp.'s guaranassumed by the new company is restored to a current secured loan to be
tee of their dividend. This limitation of the guarantee will not
basis, with a view
impair
to its gradual liquidation, eventually releasing for cancellation
the right of the stockholders to cumulative
$170,000
of bonds and $194,000 of notes.
of Delaware through which it is hoped the cuyidends from Huyler's, Inc..
effect of the present suggested
The Ross proposal does not regard an agreement with the noteholders as
partial waiver of guarantee will be made Ain in the future.
In addition to the cash savings resuicingsTrom the above,
indispensable and deposit of the notes is not made a condition to
going
a campaign
has been undertaken by the Schulte companies with
forward under the bond deposit agreement. Nor is deposit of the bonds
their general
indispensable to going forward under the note deposit agreement, and
lords for a reduction of rents and as a remit savings through such landreducRoss reserves the right to proceed under either or both, or neither, as may
tions or by cancellation of non-paying leases have been effected amounting
be deemed proper when the concurrences are known. Under the
to over $800,000 per year. The campaign is not completed
and rent
not proposed to call on the depositors of either class for cash plan it is
reductions of an additional $100.000 are anticipated.
working
cayio lhordetp
‘ zle o ex . es
Tt
Reductions have been made in salaries and wages as of Oct. 1 1932
amounting to 8200.000 per annum. These are in addition to substantial
I sens
Th'e note deposit agreement with the
relates
to the three-year 6% gold notes, which mature Dec.same trustee main
savings of a similar nature put into effect prior to Oct. 1 1932.
2 1933. The
provisions are generally similar to the provisions of the bond deposit
Under the plan, additional working capital for the companies will be
ment except that under the note deposit agreement Ross agrees thatagreeprovided by a secured loan of $750.000 from Mr. David A. Schulte for
if the
five years, bearing interest at the rate of 5% per annum.
plan shall become effective, the depositors of notes will receive a 4%
The letter from the Schuleo Co. (see that company) outlining the proincome note of the new company, to be issued under a trust agreement
posals being made to the holders of the two issues of that company's bonds
similar to the agreement securing the present notes, Interest to accrue
which are outstanding in the aggregate amount of about $4,550,000 bears
beginning Jan. 1 1937, and continue until maturity of the notes. Jan. 1
the endorsement of Lehman Brothers and Redmond & Co. to the effect
1948, but to be subject to suspension unless the conditions are met which
that they believe the proposal is in the interest of the bondholders and
make the payment of sinking fund under the first mortgage obligatory
that they strongly recommend its acceptance by them. The letters to
and unless any oinking fund payments clue and accrued have been paid.
So far as the notes are concerned, the result would
bondholders state that the interest payable on the first
two
the holders
on Jan. 1 1933, and the interest payable on the series B of the on issues
of not more than $300,000 of the present notes would be that a definitive
bonds
receive
April 1
1933, will not be paid unless and until the proposal becomes operative.
new note with a reduced rate of interest (4%) to accrue beginning Jan. 1
The committee representing the interests of Central Manhattan Proper1937, whereas not less than $200,000 of the present issue
ties, Inc., security holders is as follows: Edmund Seymour, William
verted into stock, carrying no fixed charge. Ross would also would be conB.
Neergaard, Frederick T. Sutton, Thomas M. Claflin.
item of $342,204 shown on the constructive balance sheet agree that the
as a
The committee representing the preferred stockholders of Huyler's
arising out of the reorganization of the capital structure would liability
of
be perDelaware, Inc., are Stanton Griffis, Bernard McCloskey. Samuel T. Jones.
manently converted into a stock basis.
Both committees have recommended the plan to their security holders
General.
-The respective agreements provide that if the plan should not
as being in their best interests.
become effective, the trustee may submit an alternative for acceptance
-V. 135, p. 2006.
rejection: also, that the right is reserved if the holders of 80% of the or
Selected Shares Corp.
posited securities, in either case, approve such modified plan, it will de-Semi-Annual Dividends.
be
Semt-annual distributions on the Selected unit-type trusts,
binding on all depositors, but without carrying any obligation to assume
this corporation, have been announced as follows: Selectedsponsored by
or make any cash payments.
Cumulative
Shares will pay 13.7 cents per share on Jan. 11933; Selected Income Shares
Both agreements also provide that the plan, instead of issuing securities
will pay 8.1 cents per share on Jan. 1 1933: Selected American Shares
of a new company, may be modified so as to provide
of
pay 4.7 cents per share on Dec. 31 1932. Selected Income Shares willwill
trust bonds or notes with the deposited securities asfor an issue to collateral
be
collateral,
be issued
quoted ex-dividend on and after Dec. 15 ; Selected Cumulative Shares,
under a collateral trust agreement with the trustee under the deposit
on and after Dec. 16: and Selected American Shares on and
agreement. in the principal amount of the deposited securities. In that
after Dec. 31.
Not one of the stocks underlying any of the three
event tne collateral trust obligations would be payable and bear interest
duced its dividend since Aug. 25, it is announced. Selected trusts has reas otherwise contemplated for the new company.
Semi-annual distributions were paid six months ago as follows: Selected
instrument would be in form approved by the trustee. The collateral trust
American shares paid 19.5358 cents per share on June 30; Selected
Constructive Balance Sheets of the Present Company (Aug. 31 1932) and of
Shares, 23.873 cents on July 1; and Selected Cumulative Shares Income
18.9558
the Proposed Reorganized Company as of Dec. 31 1932 as Tentatively
cents on July 1.
Selected American Shares paid its fifth regular semi-annual
Proposed by Ross.
distribution
of 25 cents a share on Dec. 30 1931. Selected Income
AssetsAug.31"32 Dec.31'32.
Shares
Au$19 02 Dee.31'32
0. ' 7
31 3 .
.9
.
third regular semi-annual distribution of 30 cents a share on Jan. paid its
Cash
Aecoabitttie8 yable.
Lj uni a pa
515.521
1 1932.
and Selected Cumulative Shares paid an
Stock, Bank WildNotes payable_ ___
3,046
e
share on Jan. 1 1932.-V. 134, p. 4508. initial dividend of 23.283 cents a
wood
$1,200 Notes payable b__
1,200
128,000 3128,000
1,367
184
184
79 Madison Avenue Corp. (Hoffman Building), N. Y. Held in bk. failure 31.716
Accts. receivable
New Smyrna loan.
40.000
Notes receivab.e
City.-Foreclosure.
4,870 Reoricaniz. exp. c.
4,870
15,000
Stock purchased._
4,050 Interest & taxes
4,050
As the result of foreclosure the 16
-story office building at 79 Madison
Bonds purchased.
accrued
2,000
2,000
26,797
55,625
Ave., northeast corner of 28th St., New York, known as the Hoffman
Inventories
22,839 Bonds payable._ _ 890,000
22,840
Building, was sold for $450,000 to Russell S. Tucker, representing a
890.000
Tot, fixed assets
bond1,910,718 1,950,718 3-yr. notes pay, f_ 500,000
holders' committee. The Bank of Manhattan Trust Co. was the plaintiff
Treas. notes a.
194,000 Income notes
In the foreclosure action against the corporation involving a lien of $1,283,000
Treas, bonds a__
158,000 Util. seems. Co d_ 342,203
d
934,826. Back taxes amounted to $52,740.
Deterred Items...
55,368
Capital stock
90,7291
90,729
(217,000
San Francisco.-A-crition,,, erthwest
342.203
Dec--8;
Res. tor deprec'n__ 473,255
('I had taken over Washington, Oregon and . -announced that he company
473,255
California compa)es
approxims
Sure. & undivided
the Conn Band Instrument Co.'s products along the Coast. 'marketing
profits
det423,661 det197,319
The deal was unofficially reported te involve
ely $250.000.
(San Francisco "Chronicle.").
-V. 132.1s. 4078.
Total
32,049,651 32,337,678
Total
32,049,650 52,337.678
a These items, now reflected as treasury assets, are
-Shubert Theatre Corp.-Stect
-Ortlet-.lateral securing past clue loans aggregating $128,000. outstanding as colIt is stated by the
he New York Stock Exchange oyec. 19 struck from its list the comcompany that their foreclosure can not be deferred, but that the creditors
pa y's no par value common stock. The receivers for the company rewould be willing to restore the items to a current bawds
centiy decided to discontinue the tra ter office.
-V. 135, p. 4229.
projected balance sheet, in the event of satisfactory planas reflected in the
of reorganization.
Financial Chronicle
Volume 135
on
b This item would be subject to credit with any amount realized
foreclosure of the treasury collateral referred to in note a.
assumes reorganization
e This item suggests a nominal amount and
according to the plan with practically unanimous consent of all security
holders.
end As set up by Haskins & Sells, giving effect to elimination7of all
hancements written into the accounts Dec. 21 1928. It has been agreed
subordinate to the claims of
with the holder that this item shall become
creditors, the proposal of Ross being that it should be represented by stock
upon any approved reorganization.
e This balance sheet assumes that current notes and accounts receivable
04
will approximately offset current notes and accounts payable.
F The proposal tentatively submitted by Rosa to noteholders is that
$217,000 (that is, not less than $200,000) of these notes be converted into
common stock of the reorganized company.
g Ross's proposal contemplates that with the necessary suspension of
interest on the notes and reduction of interest on the bonds he will be
-V.128,P.904. IMP
warranted in supplying necessary working capital.
.
•-
-New President.
South Penn Oil Co.
PoP. H.Curry has been elected President to succeed the late L. W.Young.
0. B. Turner has been elected Vice-President, taking the place of Mr.
Curry.
-V. 135,
Charles Stevenson has been added to the board of directors.
p. 4229.
-Proposed Reduction in Capital.
-----__ Spicer Mfg. Co.
A special meeting of the stockholders will be held Dec. 29 to vote on
proposals adopted by the directors to reduce the outstanding common
stock to 300,000 shares from 357,750, by retiring 57,750 shares owned by
the corporation, to reduce common stock capital to $1,500,000 from
$4,906,000, and to reduce the authorized common stock to 300,000 shares
from 600,000 and the authorized preference stock to 100.000 shares from
150.000 shares. Preference and common stockholders of record Dec. 17
will be entitled to vote at the meeting.
If the stockholders approve these proposals, which will involve the
transfer of $3,406,000 from capital to capital surplus, "the book value of
certain of the assets of the corporation will be written down under authority
of the directors to more nearly represent present day values, particularly
the book values of machinery and other equipment and of certain buildings
and real property and the aggregate amount of such write-down will be
charged against the capital surplus created by the reduction of capital,"
President Charles A. Dana stated in a letter to the stockholders.
The directors believe that substantial savings can be made in franchise
and other taxes and in future charges for depreciation by these measures,
Mr. Dana said -V. 135. p. 4229.
Squibb Building (Abenad Realty Corp.), N. Y.
City.
-Foreclosure.
-story commercial structure on the southeast corner of 58th St.
The 32
and Fifth Ave.,known as the Squibb Building, is to be sold at public auction
by Joseph P. Day on Dec. 30, in foreclosure proceedings. The sale is the
result of a suit to foreclose two leasehold mortgages aggregating $4,500,000
brought in the New York Supreme Court by the Continental Bank & Trust
Co.as trustee under a trust deed made in 1929 by the Abenad Realty Corp.
-V. 136, p. 3178.
to the S. W. Straus Investing Corp.
-Earnings.
(Hugo) Stinnes Corp.(& Subs.).
1928.
1929.
Calendar Years1930.
1931.
Gross earnings
$2,449,095 $2,239,564 $2,427,303 $2,468,957
Dividends from Mathias
Stinnes mines & other
not wholly owned subs.
and invests., int. rec.
1,069,742
1,532,064
and other income1.353,786
1,231,389
Total ir come
$3,680,484 $3.593,350 $3,959,367 $33,538,699
1,891,391
2,199,483
1,914,193
Generaland admin.exps. 1,891,602
Mtges. and other int.
246,341
191.558
231,378
payable
261,012
810,896
780.993
759,473
Int. on 20
-year gold deb.
667,897
767,552
660,802
-year gold notes
.
548,964
Int.on 10
524,666
Int. on funds borrowed
for construction pur29,243
poses-capitalized cr
404,125
490,849
491,785
Deprec. of properties_ _ _
484,138
154,382
31,894
8.398
Deprec. of Investments_
10,422
2,662
11.081
50,977
Capital exp. written-off..
54,354
54.590
24,415
39,565
Amort. of financ. exps_ _
5.607
Losses due to exch.variat.
139,612
Reserve for bonuses to
managers, profits, tax.,
158.978
166,067
138,441
statutory reserve, &c..
148,098
$655,295
$560,582
$506,926
Consolidated Balance Sheet Dec. 31.
1931.
1931.
1930.
Liabilities$
$
Assets$
10-yr 7% gold notes 7.232,000
xLand,biclgs..mach.
and equip., &c_ -15,112,047 15,531,410 20-yr. 7% sink. fd.
g, debs. of Hugo
Deps, with trustee
Stinnes Inds.Inc. 9,717,500
as guar. for payMtges. and deb.
lug of underlying
1,150,721
Payable
mortgages
6,130
0,130
Other long term
Invest. In & advs.
indebtedness_ -- 515,953
to Mill.& oth.cos22,786,658 22,763,735
Bank loans & overPrephyments on
1,478,835
constructionaldrafts
234,602
work in progress
7,579 Bills payable
2,762
Accounts payable_ 1.397,965
Long-term accounts
receivable
8,844,828 9,320,310 Accts. pay. to affil.
1,528.779
companies
989,319 1,173,864
Inventories
Accounts reedy- 2,486.963 2,749,201 Adv.from minority
98,861
shareholders
Bills receivable-- 160.978
162,709
66,789
Marketable &tour.
17,302
165,246 Insurance reserve_
80.952
359,479 Min. Int. of subsCash
293,556
Accrued liabilities_ 628,715
Deferred charges to
5,489
149,837
operations
208,280 Adv,from custom.
y Capital surplus_29,069,287
Earned deficit._ __ 2,747,929
Surplus of cos. not
11,724
previously consol
Liquidation acct.- 380,140
Net loss for year
$894,698
1930.
7,801,000
10.388.500
1,470,660
364,087
1,576,179
45,121
1,399,324
1.043,320
98,290
55,391
80,952
903.849
17,934
29.093,692
2,241,003
350,646
50,850,382 52,447,943
Total
50,850,382 52,447,943
Total
x After depreciation of $2,168,716 in 1931 and $1,775,048 in 1930.
y Represented by 988,890 no par shares.
Note.-licichsmark transactions carried on the German books herein
converted at $1=11. M.4.20-V. 135, p. 4229.
-Earnings.
(Hugo) Stinnes Industries, Inc.(& Subs.).
1928.
1929.
1930.
Calendar Years1931.
$2,240,346 $1,992,849 $2,125,775 $1,828,807
Gross earnings
Other oper. al d miscoll.
882,092
1,196,832
996,080
income and credits__ 972,241
Total income
$3,213,087 52.988,928 $3,322,607 $2,710.899
1,628,223
1,900,581
1.630,294
General and admin.exps. 1,683,763
Mortg.and other interest
106,916
117,280
158,685
187,719
payable
810,896
780,993
759,473
-year debInterest on 20
667,897
Int. on funds borrowed
for construction pur29,243
poses capitalized credit
366,719
383.395
408,666
419,634
Deprec. or properties_ _ _
31,894
154.286
5,656
11,090
Deprec. of investments_
11,081
2,662
49,179
Capital exp. written-off.
54,354
Losses due to exchange
(net)
110,341
variation
Reserve for bonuses to
managers, amortiz. of
financing exps., profits,
124.469
219,113
173,640
152,419
taxes, &c
Net loss for year
$74,132
$167,419
$235,703
$369,300
4399
Consolidated Balance Sheet Dec. 31.
1930.1
1931.
1931.
1930.
$ i
Liabilities-$
$
AssetsFunded debt
9,717,500 10.388,500
xLand,bidgs.,mach.
.4
& equip., &c_..- 8,850,744 9.213.998 Mtges. & debens.
688,034
payable
453,608
Invests. in & advs.
Other
long-term
to affil. & other
316,468
indebtedness_
310,754
22,142,743 21.923,314
companies
Accts. DaY, with
Prepay, on constr.
affil. cos
1,528,779 1,074,978
7,579
2,762
work in progress
Bank loans and
Long term accounts
1,416,272 1,574,506
overdrafts
5,125,690 5,253.969
receivable
45.121
864,324 1,044.256 Trade bills payable 234.602
Inventories
2,202.683 2,588,722 Accounts payable_ 1.249,510 1,287.017
Accounts reedy
80,952
80,952
160,433
162,486 Min'ty int. of subs
Bills receivable
Accrued liabilities_ 484,492
597,418
Curr. acct. with
Advances from cueHugo Stinnes
5,321
12,894
tomers
448,872
Corp
Adv, from minor.
Marketable secur.
98,861
shareholders
98.289
165,246
17,286
at book values_
55.391
66.789
294,357 Insurance reserve..
243,001
Cash
Surplus of cos. not
Deferred charges to
11.050
previously coasol
205,281
121,054
operations
y Capital surplus_24,492,187 24,516,592
28,914
103.045
Earned surplus_-40,179,592 40,839,207
Total
40,179,592 40,839,207
Total
Note.-Reichmark transactions carried in the German books have been
-R.
converted at $1= M. 4.20.
After depreciation of $1,909,803 in 1931 and $1,580,638 in 1930.
y Represented by 220,000 no Tier shares.
,
The company at Dec. 31 1931 held 4,010 shares of Hugo Stinnes Corp.
acquired free of change through purchase of debentures with share warrants
-V. 133, P. 3
attached.
476.
-Extra Dividend.
Standard Cap 8c Seal Corp.
The directors have declared an extra dividend of 50 cents a share on the
206,000 shares of capital stock outstanding, payable Dec.30 1932 to holders
of record Dec. 23. An extra distribution of like amount was made on
Dec. 29 1930 and on Dec. 30 1931.-V. 135, p. 3178.
-Merger.
Stecher Lithographic Co., Rochester N. Y.
-V.131, p.2546.
See Traung Label & Lithograph Co. below.
-Consolidation.
Stecher Traung Lithograph Corp.
See Traung Label & Lithograph Co. below.
-Listed.
Supervised Shares Inc.
The Governors of the Chicago Curb Exchange have admitted to listing
the capital stock of this company. See also V. 135, p. 4047.
-Dividend Decreased.
----Taylor Colquitt Co.
A quarterly dividend of 40 cents per share has been declared on the
common stock, no par value, payable Dec. 31 to holders of record Dec. 15.
A distribution of 50 cents per share was made on Sept. 30 last, compared
with 40 cents per share on July 1 1932, 50 cents per share on Jan. 2 and
-V. 134,
April 1 1932, and 563i cents per share previously each quarter.
p. 4337.
-Deposit Date Extended.
10 East 40th Street Corp.
The protective committee for first mortgage 6% gold bond certificates
has extended the time to and including Jan. 14 for the deposit of the certificates under the plan of reorganization. The committee comprises Alvin
J. Schlosser, Chairman; James G. Blaine, Percy Cowan. Harvey B. Gibson.
Robert F. Holden, George T. Purves and Warner Marshall Jr. Secretary
Beekman, Bogue & Clark are Counsel. Manufacturers Trust Co..
-V. 135. p.4048.
Broadway, is depositary.
-Consolidation.
raung Label & Lightograph Co.
he merger of the Stecher Lithographic Co. of Rochester. N. Y., and
the Traung Label & Lithograph Co. of San Francisco with Otto It. Rohr l-F. Traung of San Francisco as
e
of-Reolsester-as-President. and-Char
in a joint statement issued simul-Bsecattise-Viee-Frealdent, is announc
is to be known as the Stecherboth cities. The new f
taneously in
Traung Lithograph Corp. The consolidation Is effective Jan. 1.
The stockholders of both companies have approved the merger.
The capital structure of the new corporation provides for $1,700,000 of
% pref. stock of $100 par value, and $2,300,000 of common stock of
no par value.
Adjustment Dividend.
An adjustment dividend of $1.18,‘ per share was recently declared OD
the class A stock, no par value, payable Dec. 20 to holders of record Dec.
15.-V. 135, p. 3537.
-Sues on Patent.
Tubize Chatillon Corp.
A patent infringement suit has been filed in the U. S. District Court by
the company against Industrial Rayon Corp. alleging infringement of the
Singmaster patent for artificial silk filaments The plaintiff seeksian
-V. 135, p. 2668.
injunction.
-Trustee Resigns.
Ulen & Co.
The Chase National Bank of the City of New York has resigned as trustee
under trust indenture of Men & Co., dated Aug. 1 1929, providing for the
issue of $7,500,000 convertible 6% sinking fund gold debentures, such
resignation to take effect on Jan. 20 1933, unless previously a successor
trustee shall be appointed, in which event such resignation shall take effect
-V. 135,
Immediately upon the appointment of such successor trustee.
P. 3178
'Union Cotton Mfg.
---
24y
he thel
& directors recently declared a fina 11dating dividend of $2.35 per
This brings total dividends
s
e on
capital stock. payable Dec.
-V. 134, P. 867.
paid in liquidation to $54.35 per share.,
-Dividends Omitted.
United Guaranty Corp.
The directors recently decided to omit the quarterly dividends ordinarily
payable about Nov. 15 on the common and class A stocks, no par value.
Three months previously the company decreased the quarterly dividend on•
-V. 135, P• 1176.
these issues from 10 cents to Scents per share.
-Receives Tax Refund.
United Motors Corp., N. Y.
A refund of $1.127,113 and an abatement of $31,967 to the above corporation and subsidiaries for over-assessment of income and profit taxes in 1918
were announced on Dec. 22 by the Internal Revenue Bureau.
The over-assessment resulted from increases in invested capital and
-V. 108. P. 587.
allowance of additional deductions for depreciation.
-Earnings.
U. S. Smelting, Refining & Mining Co.
For income statement for 11 months ended Nov. 30 see "Earnings
Department" on a preceding page.
The company makes the following statement:
It is estimated that in completing the profit and loss account for the year
the December earnings and miscellaneous annual adjustments will increase
the earnings now reported, before property reserves, to approximately
$4,425.000. Property reserves for the year are estimated at $2,450.000.
and net earnings for the year after property reserves and all charges are
estimated at 51,975.000.
Preferred dividend requirements for the year, based on stock outstanding
at record dates, will be about $1,659,000. Estimated net earnings for the'
year exceed this amount by $316,000, which is at the rate of 58 cents per
share on the approximate average number of shares of common stock outstanding during the entire year, namely 538,000 shares.
During the year to date the company has purchased, in the open market.
out of surplus, 27,328 additional shares of its common stock at an average
cost of $13.745 per share, and 16,902 additional shares of its preferred stock
at an average cost of $36.070 per share. Deducting the 10,000 shares of
common stock and 5.000 shares of preferred stock used in part payment
for properties, total shares purchased and held in the treasury are now
90.997 shares of common stock and 17,402 shares of preferred stock. The
directors have voted to hold this stock, together with additional purchases
to Dec. 31 1932. if any, for retirement and to retire the same, subject to
approval of stockholders at the next annual meeting. At this date the outstanding capital stock of the company is: Common stock, 529,565 sharers:
and preferred stock, 468.948 shares.
4400
Financial Chronicle
After deducting dividends for the year, including the dividend now declared and payable Jan. 14 1933, and after expenditures of approximately
$2,000,000 for property additions, mine development and purchase of
company stock in the open market, it is estimated that net current assets
will vary but slightly from the balance of $12.555.990 reported at the end
of 1931. Present amount of cash and Government securities is about
17,000.000. There are no bank loans and no funded debt except $118,900
representing outstanding bonds of subsidiary companies, and no long-term
debt except $375,000 representing unmatured property payments of subsidiary companies.
In view of existing conditions and downward revision of prices
nomic values, the directors have voted to mark down the propertyand ecoaccount
310,000,000 by reduction of earned surplus; also to apply to further reduction of the property account all of the capital surplus of approximately
$3330,000 arising from purchase of common and preferred stock of the
company at less than par value. These reductions will be made as at
Dec. 31 1932 and will not affect the reserves for depreciation and depletion
computed for and deducted from 1932 earnings. After these adjustments
have been made, the property and investment account will stand at about
$45,700,000, representing cost to the consolidation after deducting reserves
for depreciation, depletion and amortization and property write-off. The
earned surplus account will stand at about.$7,400,000.-V. 135, p. 2187.
United States Steel Corp.
-New PresidentforSubsidiary.
Charles F. Blackmer has been elected President of the American Steel
& Wire Co., a subsidiary, to succeed John S. Keefe. who will retire on
Jan. 1. L. J. Perry will succeed Mr. Blackmer as Vice-President of this
company.
-V. 135, p. 4230.
United Verde
Re-Elected.
-
Copper
Co.
-Officers and
Directors
At the annual meeting of the stockholders the retiring board of directors
Consisting of Walter H. Aldridge, Charles W. Clark, George Adams Ellis,
John H. flail Jr., George G. lox, Henry Krumb, John V. W. Reynders,
Robert E. Tally and Rodney W. Williams was re-elected, and at the
organization meeting of the board held this afternoon the following officers
were re-elected for the ensuing year: Charles W. Clark, President: William
A. Clark Jr. Executive Vice-President; Robert E. Tally, Vice-President in
charge of operations; John H. Hall Jr., Treasurer, and George G. Knox,
Secretary.
-V. 134, p. 692.
• Universal Pictures, Inc.
-Suspends Preferred Dividends.
The directors on Dec. 16 voted to defer the quarterly dividend due Jan. 1
'on the 8% cum. 1st pref. stock. par $100. The last regular quarterly distribution of $2 per share was made on this issue on Oct. 1.-V. 135. p.4049.
-----Viau Biscuit Corp. Ltd.
-Preferred Dividend Deferred.The directors have decided to defer the quarterly dividend due Jan. 1
On the 7% cum. 1st pref. stock, par $100. The last regular quarterly nayventt of 1N% was made on this issue on Oct. 1 1932.-V. 135, p. 2008.
Waldorf System, Inc.
-November Sales.'
1932
-Nov.
-1931.
$1.054,172 11,251,630
-V. 135. p. 3707.
Decrease. 1932-11 Mos.-1931.
Decrease.
3197,4581812,715.623 114,201,685 $1,486,062
------ (Hiram) Walker-Gooderham & Worts, Ltd.
-Purchases
Preferred Shares.
The company has redeemed to date through purchases on the Stock
Exchange 177,646 preferred shares at an average price of $9.41 a share,
a Toronto dispatch states. This leaves 482.354 preferred shares still outstanding as well as 660,000 co
on shares.
-V. 135. p. 4049.
Willys-Overland Co.
nglish Companyett?___
R duces Capital
Repayment to Preferred Stockholders Approved.
The shareholders of. Willys-Overland-Crossley, Ltd formed
tion with Crossley Motors, Ltd.) have approved r olutions in conjuncwriting off
3s. 6d. from the preferred ordinary shares, returning 2s. 6d. to holders,
and reducing the 500,000 issued common shares to 6d. each from
2s. each.
M Sir William M. Letts, Chairman and managing director
of
Overland-Crossley, Ltd. told the shareholders that the export part Willysbusiness was a concession granted to their American associates, of their
and the
board had been successful in securing a further extension of
sidered they were justified in believing that business in the It. He concoming year
would be better than it had been in the last year or two.
Earnings.
For income statement for three and nine months ended Sept.
30 see
"Earnings Department" on a preceding page.
-V. 135, p. 4050.
. Windsor Court Apartments, Ltd.
-Fails to Pay Int.-
Interest on the 6% 1st mtge. bonds, due Dec. 1 remains unpaid and a
meeting of bondholders will be held at some future date to consider
existing situation. The apartment, located at Windsor, Ont., is statedthe
to
by 75% rented but in recent months rentals have been reduced considerably
In order to secure new tenants and retain old ones.
The company was financed in 1927 with the issue of $400.000 of 6%
1st mtge. sinking fund bonds, due June 1 1942, which were sold by W. A.
MacKenzie Co. There is also an issue of $200,000 7% preferred stock
($100 par) and 10,000 shares of no par value common stock.
-V. 125
P. 1853.
Dec. 24 1932
The earnings from operations in 1932 are satisfactory, considering
prevailing conditions.
The number of shareholders has grown from 5,683 as of March 31 1930
to 10,177 as of Sept. 30 1932. Over 91.6% of the outstanding stock was
owned by Wisconsin residents as of the latter date.
Balance Sheet, Nov. 30 1932, Wisconsin Bankshares Corp.(Parent Co. Only).
See a.
See b
See a
Bosh
Resources
NotIat9
Les
Cash in banks,
ila iabre._ _ - $75.000
pigyes
575,000
$
mtges. & sundry
Notes pay. (new).
y986.670
receivables
198,491
198,491 Accruals payable_
4,026
4,026
Invest. in member
Res.for secur. depr
570
institutions:
Special reserve.- _ 755,000 1.750,000
5"
Stocks of banks
Res. for conting_
and trust 008_92,690,564 x26011,197 Res. for depr. on 1,000,000 1,000,000
Stocks of oth.cos 5,028,541 x4,948,631
& furniture
Stocks of banks
and fixtures_.__
14,263
14,263
in
_ 2,290,068 x431,812 Cap. stk. (9,836Guaranty depos. 1,000,000
367 ells, par 810) 98363.670
Inv.in other banks
82,538
x46,200 Sun& undiv. prof_ 1,110,517
Inv. In real estate_
189,161
189.161 Proposed capital
Furniture, fixtures
stock (1,967,273
and equipment..
17.213
17,213 no par shares)__
19,672,730
Treasury stock...
67,927
64,490 Surplus
7,905,631
Deferred charges
258,543
1,695
Total
101,823,045 x31908,890
Total
101,823,045 31,908.889
a Before recapitalization and proposed restatement of investments
and
reserves. b Pro forma after giving effect to recapitalization and
restatement of investments and reserves. x After eliminating proposed
all consideration of good-will and other intangible assets writing down of
tion expense, and utilizing guaranty deposit. y To be incurred organizato provide for purchase of treasury stock and reserve provisions.to affiliates
Combined Balance Sheet Nov. 30 1932.
(Before elimination of Inter-company transactions.)
Before
After
Before
After
Recap'n.
Recap'n.
Recap'n. Recap'n.
Resources$
Liabilities$
Loans & discts.-131,598,626 128418,276 Demand depos_ A06,144.731 106144,731
Overdrafts
24.309
24,309 Time deposits_ ---93,355,351 93,355,351
U. S. Govt. secs_ _25,754,305 25,754,305 Bills pay. & notes
Stock in Federal
redisctd. (incl.
Reserve Bank
659,750
659,750 Inter-co. ails.). 5,486,929 6.473,599
Other bonds,stocks
Mortgages payle
and securities-29,130,594 27,867,238
(underlying) -- 768,500
768,500
Cash and due from
Circulation (Nat.
banks
55,406,210 55,406,210
banks)
12.944,820 12,944,820
Interest earned but
Unearned discount 283,182
283,182
not collected
1,517,501 1,517,501 Other liabilities_ - _
33,262
33,262
Transit items and
Interims issued and
sundry debtors
outstdg. (net)._ 653,988
653,988
(incl. Inter-co.
Reserve for taxes._ 689,108
689.108
obligations).
354,339 1,241,009 Res, for deprec
1,962,024 1,962,024
5% redemp. fund_ 647,250
647,250 Res. for conting
1,000,000 1,000.000
Inv.In bank bldgs..
Spec. res. for losses 1.860,136 7,336,127
0th. real estate,
Other reserves...- turn. & fixtures_15,395,825 15,395,825 Acctps., letters of 1,058,792 1,058,792
Cust. Habil. acct.
credit & foreign
letters of credit
bills
and acceptances 3,098,380 3.098,380 Preferred stock in 3,098,380 3,098,380
Assets in process of
underlying croup 900,000
900,000
distr.& liquida'n 5,022,483 5.022,483 Minority Interest_ 1,152,504
976,514
Other assets
464,484
204.200 Bal. appl. to tom.
stk. (9,836,367
at 810 par)
37,682,348
Proposed cap. stk.
1.067,273 no par
shs., stated val.
19,672,730
Surplus
7,905,632
Total
269,074,058 265256,738
Total
269,074,058 265256,733
-V.134, p. 4338.
'Woodward & Lathrop Co.
-Larger Dividend.
The directors have
quarterly
declared a
dividend of 60 cents per share
on the common stock, payable Dec. 28 to holders of record Dec. 21.
A
like amount was paid on this issue on Dec. 30 1931.
During th3 tire, ti-es q larters of this year distributions of 30 cents each
were made.
-V. 134, p. 2550.
Yale & Towne Mfg. Co.
-New Chairman, &c.
-
Walter C. Allen, President has been elected Chairman
board to
succeed Schuyler Merritt. who resigned to devote his time of the duties as
to his
Representative in Congress. W. Gibson Carey Jr., Vice-President and
Treasurer, has been elected President and Treasurer in active charge of
affairs of the company.-V. 135, p. 3014.
CURRENT
NOTICES.
-Wertheim & Co. will on Jan. 1 take into partnership two of the members
of the firm of Hilson & Neuberger and acquire
of that firm,
Wisconsin Bankshares Corp.
-To Reduce Capitalization according to a recent announcement. Edwin I.the business Milton SteinHilson and
--Action on Dividend Postponed.
bach will become partners in Wertheim & Co., and Harry H. Neuberger
A special meeting of stockholders will be held on Dec. 28 td approve a
and Elmer M. Bloch, the remaining partners of 'Bison & Neuberger,. are
proposal to change the capital structure of the corporation. The proposed • retiring but will
retain their seats on the New York Stock Exchange. Mr.
change would reduce the authorized capital stock from 10,000,000 shares,
Bloch will make his office at Wertheim & Co.
par $10 each. to 2,000,000 shares of no par value, but with a stated capital
of $20,000,000.
On Dec. 15 the Beason Investment Co., Salt Lake City, changed its
"This change is proposed," said President Walter Kasten. "so that the
name to Ure, Pat & Morris, Inc. Lincoln R. Ure. President,says that the
corporation's investments in its affiliated banks and other companies may
change lain name only and will not affect the location, ownership, managebe carried on the books on a net tangible asset basis. Formerly these inment and business relations. In addition to Mr. Ure the officers are Imer
vestments were carried on the basis of the amount paid for these stocks,
which included the value of long years of business in their respective comPett Sr., Vice-President; Thornton D. Morris, Vice-President, and Grant
munities. The value of this good-will as an intangible asset is now being
Hampton, Secretary-Treasurer.
eliminated from the company's asset accounts.
"The change will also permit the setting up of a surplus account of
-Announcement is made that the business conducted since 1924 by
$7.905,631. a reserve for losses of $1,750,000, and a reserve for contingencies
Wright, Warlow & Co. is being continued by LeedY. Wheeler & Co., in the
of $1,000,000.
same offices, State Bank Building, Orlando, Fla. The officers are Loomis
"The directors feel that this restatement of the values In the corporation's
balance sheet is in line with the conservative policy it has followed since
C. Leedy, President; Howard FL Wheeler, Vice-President, and F. Monroe
Its incorporation, and Is in accordance with the best accounting practice."
Alleman, Secretary-Treasurer.
.The present number of shares of stock outstanding, par $10. Is 9,836,367.
-John J. Laver, formerly with Doty, Fay & Co. and John F. Reilly,
It is proposed to reduce this number to 1.967,273 shares of no par value,
giving each stockholder one share of the new no par value stock for
of the former firm of Reilly, Dugan & Co., have become associated with
five shares of the present stock held by him. This does not affecteach
the
Bridgman & Co., members New York Stock Exchange, 26 Broadway,
position of any stockholder or alter the value behind his stock.
N. Y.,in charge of the bank and insurance stock trading department.
After giving effect to the proposed change, the net tangible asset
of the 1,967.273 shares outstanding (not including good-will, and value
-J. H. Goode reopens his office in the First National Bank Bldg..
after
setting up reserves for losses and contingencies in the amount of
$2.750.000)
Denver, to deal in Denver municipals. Mr. Goode has been the manager
will be represented by capital and surplus as of Nov.30 1932 of$27,578,361,
of the bond department of the City of Denver from Its inception, which
equivalent to 814.01 per share of the new stock.
. A distribution of four cents per share was made on March 31 and June 30
office now is closing, upon the sale of the city's current Issues.
last, prior to which the stock was on a 20
-cent annual dividend basis.
-G. M.
-P. Murphy & Co.. members New York Stock Exchange, anMr. Kasten further reports as follows:
nounce that Edgar K. Sheppard and Nelson A. Strothtnan have been
In connection with the appropriation of surplus of reserves for losses
placed in charge of the insurance stock division of the firm's bank and
on the books of the parent company, you will notice that combined reserves
insurance stock department in New York.
for losses are set up on the combined balance sheet as at Nov. 30 1932 in
the amount of $7,336,127. This amount includes the reserve of $1,750,000
-James Talcott. Inc., has been appointed factors for National Knitting
In the parent company and $5,586,127 on the books of the affiliated instiCo., Milwaukee, Wis., manufacturers of knitted fabrics and for C. A.
tutions.
Caswell, Bloomsburg, Pa., manufacturer of woolen goods.
During 1930, the first year of our operations, we set aside combined
Alex. Brown & Sons, Baltimore, have prepared a pamphlet setting forth
reserves in the amount of $901,796 from operating income, against which
important factors in connection with Baltimore & Ohio RR. Co.'s recent
we made charge-offs of 1794.496. Similarly for the year 1931 we reported
offer in respect of its 4)-i % bonds due March 11933.
that we had made provision of $1,646.172 from current income and of
$1,741,635 from surplus account and as against these reserve provisions
Perera Co.. dealers in foreign currencies 24 Broadway, have prepared
we had charged off $3,287,042.
for banks and bankers a table showing foreign exchange conditions in 62
Combined earnings from operations, before combined provisions for
months ended Nov. 30 1932. During
losses, were 32.778,655 for the 11
countries.ls & Snyder, 100 Broadway, N. Y., announce that John A.
the present year we propose to make reserve provisions of $1,521.524 from
Beaver will supervise and manage their bond investment department.
operating income and $7,986,689 from surplus and undivided profits
accounts of member institutions. Against these additional provisions of
-Frost, Read & Co., dealers In South Carolina municipal bonds, have
17.986,689 we estimate that there will be written Off $3,708,698.
moved their offices to 32 Broad St., Charleston, 8. C.
4401
Financial Chronicle
Volume 135
The Commercial Markets and the Crops
PROVISIONS
COTTON-SUGAR-COFFEE-GRAINPETROLEUM-RUBBER-HIDES-METALS DRY GOODS-WOOL-ETC.
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed INDICATIONS OF BUSINESS ACTIVITY.
Friday Night, Dec. 23 1932.
COFFEE on the spot has been quiet with Santos 45 10c.
and Rio 7s 8Xc. Cost and freight offerings from Brazil
to-day were mostly unchanged. For prompt shipment,
Santos Bourbon 2-3s were here at 9.75 to 10.200.; 3s at 9.60
to 9.700.; 3-4s at 9.50 to 9.55c.; 3-5s at 9.40 to 9.65c.; 5s at
9.20c.; 5-6s at 9 to 9.05c.; Peaberry 34s at 9.850. and Victoria 7-8s for January shipment at 7.35c. On the 17th futures
here were 2 to 6 points lower on Rio closing at a recovery of
1 point from the low while Santos closed 2 points lower to
4 points higher after being 2to 6 points lower. "H"advanced
10 points to 9.90c. on September with trading at that. December was still 10c. The sales were 7,500 bags of Santos
and 3,000 of Rio. Nothing more was heard of a rumor circulated late last week that internal coffee taxes in Brazil
were to be reduced. On the 19th Rio futures here closed
1 to 14 points lower and Santos 10 to 19 points lower due to
persistent rumors of a reduction in the interior tax in Brazil.
Europe sold early and bought later. Trade interests both
bought and sold. The sales were 17,000 bags of Santos and
17 lots of Rio. On the 20th despite the confirmation of the
report that the export tax had been reduced equal to about
35 points futures here advanced 8 to 17 points on Santos and
8 to 12 on Rio. The drop in the tax was from 55 milreis to
48. The sales here were 16,250 lots mostly of Santos. A
cable from Brazil said:"The economic coffee policies of Brazil
continue to run with complete smoothness as a consequence
of the perfect agreement between the government, the Bank
of Brazil and the council. I am sure that such policies and
the new decree of the government will be of great benefit
to the Brazilian coffee situation." Rio de Janeiro cabled the
Associated Press on Dec. 20 "The coffee market here was
stagnant to-day and no prices were quoted because the
national coffee council withdrew and made purchases only at
its offices. The council charged that brokers were quoting
excessive prices. In return, the brokers alleged that the
council's prices were low and refused to recognize them. A
conference on Thursday is expected to settle the dispute
here." Cost and freight offers were slightly easier because
of the reduction in the export tax. Basis Santos 4s were
quoted at 9.65 to 9.90c. Victoria 8s were held at 7.80e. for
immediate shipment. Shipments 4s for January were quoted
at 9.700., for January through June, at 930., for January
through December, 1933, at 9c. Spot prices remained with
Santos 4s at 103/ to 103 0. up to 250 bags but it was re/
ported that larger quantities could be bought at 103‘c.
On the 21st futures advanced 4 to 11 points on Santos and
3 to 8 points on Rio. The internal tax reduction in Santos
was not so large as had been expected but spot and cost and
I,
freights were lower. No. 4 Santos spot, 10 V to 10%c.;
No.7 Rio,8%e.; Victoria 7-8s,8c. Brazil and Europe bought
and the trade and commission houses sold. Cost and freight
Santos 4s quoted at 9.45 to 9.850. For equal monthly
shipments in 1933, Santos 4s were held at 8.300. off 20
points. Victoria 7-8s for January through December shipment equally were held at 7c.; January-April at 7.10c.;
January and February at 7.250., and January at 7.30c.
Victoria 88 for prompt shipment at 7.70c. On the 22nd,
four December notices had the effect of lowering Santos
futures here but a rally followed when the notices were
stopped. Brazil and Europe bought; Santos closed 2 to 5
points up and Rio, 4 to 10 up with sales of 11,000 bags of
Santos and four lots of Rio. Some feel that Brazil will have
to make a further reduction in the coffee tax in order to
compete to advantage with mild coffee. Santos 4s, 10 X
to10 %c; Rio 7s, 834o.; Victoria 7-8s, 8c. Maracaibo%
Trujillo, 10 to 10Yo. Cucuta,Fair. to good, 103 to 113c.;
Pm. to ch., 113t to 113443.; washed, 1134 to 11 Y2C. Colom/
bian-Ocana, 10c. Bucaramanga, natural, 103/i to 1030.4
washed, 103/2 to 103 0. Honda, Tolima and Gimdot, 103/2
/
to 1034c. Medellin, 1114 to 113c. Armenia, 11 to 111 c.
4
Manizales, 103/i to 103 0. Mexican, washed, 12 to 13c.
4
Libertian-Surinam, 83/b to 9c. East India-Ankola,20 to 29c.
Bourbon, 10%43. Cost and freight lower by 5 to 20 points.
Santos 4s for prompt shipment ranged between 9.40e. and
9.650. For shipment from January through March they
were quoted at 9.05c. Rio 7s were held at 7.60c. and
Victoria 8s at 7.35 to 7.50e. Two Robusta notices were
issued. To-day Santos futures here closed unchanged to
7 points higher with sales of 12,000 bags and Rio futures
were 2 points lower to 1 point higher with sales of 2,000
bags. Final prices are 9 to 16 points higher on Rio for the
week and 13 to 25 points higher on Santos.
Rio coffee prices closed as follows:
1July
81 @
September
Spot (unofficial)
December
March
May
5.89
nom. December
Santos coffee prices closed as follows:
Spot (unofficial)
December
March
May
103iJuly
September
8.571nom.1 December
8.09 nom.
5.46§nom.
5.30 nom.
5.23 nom.
7.89§nom.
7.73 nom.
7.60 nom.
COCOA to-day ended 1 point lower to 1 point higher with
sales of 142 lots; Jan., 3.620. March, 3.76c.; May, 3.87c.;
July, 3.98c.; Sept., 4.090. and Dec., 4.210. Final prices
show a decline for the week of 9 to 10 points.
-On the 17th futures closed unchanged to 1 point
SUGAR.
higher after sales of only 4,000 tons. Cuban interests bought
March. Exchanges of cargoes of sugar at .82c. and .80c. cost
and freight basis, between an operator and other Boston
interests was the only business effected. On the .82c. basis
in return for 4,000 tons of April shipment Cubes,the operator
sold Boston 4,000 tons afloat, and in return for 3,000 tons of
April shipment of Cubes at .800.,sold 3,000 tons of December
shipment Philippines at the same price. Spot quotations
were .82 to 2.82c. Refined 4.15c. with business somewhat
better. President Machado is expected to veto the bill
seeking to advance the date for the start of the grinding
season from Feb. 1 to Jan. 1 in the Province of CamagueY.
The President argues first, that such a change would disturb
the market; secondly, that 21 mills out of 29 in the damaged
territory have informed the Cuban government that they
would be unable to start on Jan. 1, and finally, that labor
from other provinces would rush to Camaguey and thus
defeat the purpose of the bill. On the 19th futures advanced
1 to 2 points with sales of 13,800 tons closing unchanged to
1 point net higher. Spot raws advanced 3 points with sales
of 2,500 tons of Cubes at 2.85c. ex-store.
The melt of 14 United States refiners for the week ended
December 10, totaled 55,000 tons, 5,000 less than in
the same week a year ago. For the year the melt at
3,615,000 is 420,000 long tons, raw value, behind last year
to Dec. 10. Deliveries for the week ended Dec. 10,amounted
to 59,141 long tons raw value, which is unchanged from the
figures of a year ago. The melt since the first of the year
up to Dec. 10, totaled 3,752,797 long tons raw value, off
344,000 tons as compared to last year. London terme was
quiet but steady. Sellers were asking 58., equal to 6234c.
f. o. b. Cuba basis. Refiners were looking on.
On the 20th futures closed 1 point lower to 3 higher.
Traders sold January and bought later months. Wall
Street bought the distant months supposedly for Cuban
interests. There was some hedge selling and scattered
liquidation. London was lifeless with offerings as on the
previous day, at the basis of 5s. Figures of the Cuba sugar
movement for the week ended Dec. 17 follows: Arrivals,
27,448; exports, 39,452; stock, 564,828. Exports were to:
New York, 13,336; Philadelphia, 2,902; Baltimore, 3,482;
New Orleans, 36; Galveston, 3,843; interior United States,
51; United Kingdom, 12,813; France, 2,989. The Sugar
Institute said that as measured by deliveries of all kinds of
sugar, consumption in the United States for the first 10
months of the year is off 187,558 long tons. The cumulative total to Oct. 31, this year, amounted to 4,560,317 long
tons against 4,747,875 for the same period a year ago. This
loss is at the expense of United States cane sugar refiners.
Their total output to Oct. 31 this year of 3,121,901 long
tons is 292,390 less than for the same period a year ago.
Approximately 105,000 tons of this quantity is accounted
for by the increased importation of Cuban and foreign and
insular refined sugar and an increase in the output of United
States beet sugar. The remaining loss is due to the falling
off in consumption because of economic conditions. Spot
raws were .85 to 2.85e. and quiet. Futures on the 21st
declined 1 to 2 points and spot raws 3 points. Hedge selline:
and liquidation and lessened Cuban support accounted for
the decline; 2,500 bags of Cubes, ex-store sold at 2.82c.
delivered, also 2,000 tons of Philippines for December shipment at 2.730. and 3,000 tons of Philippines, end of January
arrival at 2.73c. In London 4,000 tons of Natals for December shipment sold in the United Kingdom at the parity of 5s,
equal to 63e. f. o. b. Cuba late on Tuesday, while later
7,000 tons sold at the Cuban equivalent 640. With less
selling pressure the market was firmer. Sellers quoted 5s
1%d. equal to 643/ic. A slight interest was reported at
5s. 3 d., equal to 6334c. On the 22nd futures closed 2
points lower to 1 point higher with sales of 15,950 tons.
Cuban interests sold but later bought. Spot raws were 2
points lower at 2.80c. delivered; 2,000 tons Cuba ex-store
sold at 2.80e., and 2,000 tons of Philippines, due Jan. 20,
at 2.740. The figures for the week showed receipts at
19,354 tons; meltings, 30,222; importers' stock, 81,994;
refiners' stock, 30,310 against last year, respectively,
19,000, 30,000, 75,000 and 35,000. London was quiec.
4402
Financial Chronicle
Sellers quoted 5s. 3 d., equal to about 64c. f. o. b. Cuba.
A
Refined, 4.15c. with a moderate amount of new business.
Resales at 4.1iMe. To-day prices closed unchanged to 1
point higher with sales of 8,250 tons. Final prices are
1 point higher for the week. Closing quotations follows:
Spot (unofficial)
May
0.801
0.77
_
Dec. 24 1932
York closed with No. 1 Standard for Dec., 3.17c. bid; Jan.,
3.27c. bid; No. 1 B, for Sept., 3.60 to 3.610.; May, 3.46 to
3.48c. On the 19th prices were 5 to 8 points higher; No. 1
Standard Jan., 3.350. nominal; March, 3.44 to 3.45c.; No.
1 B for May closed at 3.51 to 3.53c.; July, 3.57 to 3.60c.;
Sept., 3.65c.; Oct., 3.70c.; sales 540 tons. Last week United
December
July
O.82(0.83
Kingdom stocks fell off further and Malaya estimated a
January
0.66
September
0.87 0.88
March
0.72 0.73 December
smaller gross export total for December. Both London and
0.92 -- _
LARD futures on the 17th inst. ended 17 to 18 points Liverpool supplies were down 1,463 tons, with new arrivals
higher on near months and 8 to 10 up on the distant. Short at those ports light and Continental and home industries
covering and a smaller hog movement caused the firmness. taking additional quantities. Malaya shipped out a total of
Cash lard was firm; prime, 4.95 to 5.05c.• refined to Con- 17,500 tons of crude during the first half of December and
tinent, 5% to 53c.; South America, 5%0. On the 19th estimated the full month's outgo at 37,500 tons, compared
'
inst. futures ended 2 to 8 points lower, except on Dec., with 40,098 tons during November and 37,931 tons during
which was 13 points higher. Hogs were 5 to 100. lower October. Actuals were firm but quiet with December ribs
with the top $3.30. Receipt of hogs were 136,800 against at 3%c. On the 20th futures advanced 1 to 6 points early
. 133,800 for the same day last year. The strength of Dec. but later reacted. The sales were 580 tons. The cables were
was due to a better cash demand. Cash prime, 5.50 to firm. No. 1 Standard Dec., 3.20c.; Jan. was 3.36c., closing
5.15c.; refined to Continent, 55,4 to 5Mc.; South America, at 3.32c.; March, 3.48c., closing at 3.44c. to 3.45c. No. 1 B
5Vic. On the 20th inst. futures ended unchanged on Dec. for May 3.56c., closing at 3.60 to 3.62c.; Sept., 3.70c., closing
while other months were 7 to 20 points lower. Hogs were at 3.68c.; Oct., 3.74c., closing at 3.72c., outside a fair deweak with the top $3.25. On the 21st inst. futures ended mand; spot and Dec., 334 to 33 c.
%
On the 21st futures declined 4 to 14 points and actual 1-16
7 to 15 points lower on the big hog receipts and general
liquidation. Hogs were 5 to 10e. off with receipts for the to )ic. with sales of futures 340 tons. No. 1 Standard for
Western run 87,600 against 92,300 for the same day last December, 3.160.; June, 3.250.; March, 3.34e. No. 1 B,
year; top price, $3.10. Cash lard, prime, 5.50 to 5.150.; September,3.58c.; October,3.62c.;spot and December, nic.
refined to Continent, 53.ic.• South America, 5303. On the November Malaya production, 34,031 tons for large and
/
22d inst. futures Dec. declined 13 points while later de- small estates. Actual declared production, by large estates,
liveries were unchanged to 5 points off. The weakness of was 18,943 tons, against 19,994 tons in October and 21,105
grain and liquidation were the depressing factors. Hogs tons during November 1931. The stook showed little
were active and 5 to 10c. higher with the top $3.20. Hog change, a slight gain in estate stocks being offset by a small
receipts were 62,800 against 61,100 for the same day last decrease in dealers' holdings. Indicated production for
year. Cash lard steady; prime, 4.90 to Sc.;refined to estates less than 100 acres was 15,088 tons against 16,627
Continent, 5H to 53c.; South America, a4 to 598c. in October and 17,327 tons a year ago. On the 22nd futures
To-day prices ended unchanged to 8 points higher. Final declined 5 to 9 points with sales of 830 tons. Spot rubber
prices show a decline for the week, however, of 12 to 17 sold at 3 3-16c. Futures closed with No. 1 Standard for
December nominal at 3.10c.; January closed, 3.18c.; March,
points.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. 3.28c. No. 1 B for May, 3.34 to 3.380.; July, 3.40c.; SepSat.
tember, 3.49 to 3.50e. To-day futures No. 1 Standard
Mon. Tues.
Wed. Thurs.
Fri.
January
4.25
4.20
4.00
3.90
3.87
3.95
contract closed unchanged to 2 points lower with sales of
March
4.20
4.12
4.05
3.90
3.90
3.95
48 lots; spot, 3.170.; December, 3.100.; January, 3.180.;
May
4.25
4.22
4.07
4.00
3.95
4.02
Season's High and When Made.
Season's Low and When Made.
February, 3.22c.; March, 3.26c., and April, 3.29e. No. 1
January
5.30
January
3.67
Dec. 6 1932 "B" contract closed 2 points lower to 3
points higher with
March
4.35
March
3.72
Dec. 6 1932
May
5.42
sales of 20 lots; March, 3.250.; May, 3.33 to 3.370.; July,
May
3.82
Dec. 6 1932
3.41c., and September, 3.52c. Final prices show a decline
PORK quiet; mess, $14.25; family, $15.50; fat backs, $10
to $12. Beef quiet; mess nominal; packet nominal: family, for the week of 5 to 10 points. London to-day closed un$12 to $13; extra India mess nominal. Cut meats also quiet; changed with December at 2 13-32d.; January-March,
pickled hams, 14 to 16 lbs., 7%c.• 18 to 20 lbs., 7c.; 22 to 2 7-16d.; April-June, 2 17-32d.; July-Sept., 2 19-32d.;
24 lbs., Sc.; pickled bellies, 6 to 8 lbs., 53 0.; 8 to 10 lbs., October-December,2 11-16d.
'
4
c.;
732 10 to 12 lbs., 7c.• bellies, clear, dry salted, boxed,
HIDES.
-On the 17th futures closed unchanged to 7
New York, 18 to 20 lbs., 534c.- 14 to 16 lbs., 534c. Butter, points lower with sales of over 1,000,000 pounds. Spot
'
creamery, seconds to higher'
than extras 213/i to 243 c. hides were in better demand. Raw Dec. was 3.850. bid;
A
Cheese, flats 12M to 18c. Eggs, mixed colors, checks 24 March old, 4.30o. bid; new March sold at 4.60c.; June new
to 310.
closed at 5.05 to 5.10c.; new Sept., 5.55 to 5.60c. On the
-Linseed was advanced to 7c. for carlots, New 19th futures closed unchanged to 5 points, closing with June
OILS.
York. The Argentine seed market despite a decline on the new 5.10 to 5.20c., after ruling earlier at 5.150. Dec.
22nd inst. has been firmer most of the week. And domestic old, 3.85c.; 2,000 frigerificos sold at 6 5-16c. On the 20th
flaxseed was stronger. Cocoanut, Manila Coast, tanks, 3c.; futures closed unchanged to 5 points lower. Spot hides
tanks, New York, spot, 3Vic. Corn, crude, tanks, f. o. b. were more active at a decline of Vic. The sales included:
-Jan., 434c.; 2,000 branded
Western mills, 23 0. China wood, N. Y. drums, carlots, 6,000 light native cows, Dec.
/
-Jan., 330.; 1,400 Colorado steers, Dec.
/
-Jan.
delivered 53 to 5%c.; tanks, spot, 4 3-5 to 4%c.• Pacific cows, Dec.
-Jan., 334c.;
-Dec.
Coast, tanks, 43.c. Soya bean, tank cars, f. o. b. Western 434c.; 3,500 heavy native cows, Nov.
'
2,500 frigorifico light steers, Dec., 6c. Dec. new closed
mills, 3c.; carlot, delivered drums, N. Y.,4c.; L. C. L.,43c.
Edible, olive, $1.20 to $1.40. Lard, prime, 834c.; extra at 3.85c.; March old, 4.300.; new, 4.55 to 4.65c. On the
strained winter, 7 3c. Cod, Newfoundland, 23c. Turpen- 21st futures closed unchanged to 15 points higher with sales
of 680,000 pounds; also 12,000 light native cows on the
tine, 42 to 47c. Rosin, $3.00 to $6.45.
basis of 43/2c. at Chicago or 434c. at
COTTONSEED OIL sales to-day including switches Dec. new closed at 3.850.; March old, point of shipment.
4.40c.; new, 4.70 to
25 contracts. Crude SE., 83 under January bid. Prices 4.77c.; New York City calfskins, 9-12s1
$1.15; 7-9s, 650.;
closed as follows:
5-7s, 60c. On the 22d, prices after opening weak, advanced
Spot
3.50 Bid !April
3.7513.85
and closed 5 to 15 points higher with sales of 1,120,000
.
December
3 50 3.651May
3.85 3.89
January
pounds. Dec. new closed at 40. bid; March old, 4.450. bid;
.631June
3.58 3
3.87 3.97
February
3.58 3.701July
3.99 --new, 4.75 to 4.90c.; new June, 5.30c. with sales, and Sept.
• March
3.72@3.781
new, 5.75 to 5.850. To-day futures closed
PETROLEUM.
-Tank wagon and service station prices 5 points higher with sales of 9 lots; Jan., unchanged to
4.25c.; March,
of first and second grades of gasoline were lowered 7-10o. 4.75 to 4.850.; May, 5.150.; June,
5.30 to 5.35o.; July,
by the Standard Oil Co. of New Jersey throughout its terri- 5.500.; Sept., 5.80
to 5.86c., and Oct., 5.900. Final prices
• tory, with the exception of Delaware. Tank car prices were are 15 to
20 points higher for the week.
cut W to /0. by the same company, which is now asking
I
3
OCEAN FREIGHTS showed some improvement late
63.4c. for U. S. motor grade. The Standard Co. of Ohio
reduced its tank wagon and service station prices lc. and last week. Later there was less activity.
CHARTERS included grain booked: Ex New 'York, 14 loads Antwerp
. third grade 2c. throughout its territory, except at points or Rotterdam via Copenhagan, per Gorm, 6c.; 15 loads Antwerp, January
_already below normal. The Standard Co. of Kentucky 6c.;20 loads Mediterranean, Jan.-Feb., 9c. Grain: 21,000 qrs. 10, Albany.
Jan. 1-10, Mediterranean, 10c. Tankers: Clean, Feb. 1-15, North At
• lowered its tank car prices at Mobile, Ala. The Atlantic Lando, 7s. 3d.; Gulf, 9s., Continent. Trips: West
Refining Co. cut tank wagon and service station prices lc. West Indies, round prompt, 60c.; prompt, South Indies, round, 50c.:
Atlantic redelivery
United Kingdom-Continent, 50c.
in Eastern Pennsylvania, including Philadelphia, and Me. United Kingdom-Continent. $2.50. Sugar: January, Santo Domingo,
in Western Pennsylvania. The Standard Co. of New York
TOBACCO has been in moderate demand and steady here.
met the reductions made earlier in the week by the New
Jersey Company. Kerosene was in better demand and firm Richmond, Va.,advices to the United States Tobacco Journal
a price averaging $1.13 per
at 5Mc. for 41-43 water white in tank cars at refineries. said: "Greatly reduced crop, and a two
-point improvement
6c. Gasoline was more active 100 lbs. better than last year,
Some sellers were asking .
with below 65 octane available at 534c., while above 65 in the offering of the best grade, were shown in the leaf
octane ranged from 6c. upward, tank gars refinery. Export tobacco sales report for November, just made through the
Agriculture. Sales totaled 15,434,328
demand lagged. Fuel oil was in fair demand at steady State Department of
prices. Grade C bunker fuel oil was 75o. Diesel oil was lbs. against 24,564,905 in Nov., 1931, the crop curtailment
program being responsible in some measure for the smaller
in better demand at $1.65.
sales. Flue-cured sales amounted to 14,491,003 lbs. at an
Tables of prices usually appearing here will be found on an earlier page in
average of $9.23, while for the same month last year sales of
our department of"Business Indications," in an article entitled "Petroleum
and Its Products."
this type were 22,951,514 lbs. at an average of $8.15. FlueRUBBER.
-On the 17th futures closed unchanged to 2 cured prices improved slightly during November and the
4)oints higher with London and Singapore 1-32d. up: New average for the month was about 3% above the October
--
Volume 135
average. Fire-cured markets did not open until about the
middle of the month, therefore, the sales for November were
much less than usual, the total being 943,325 lbs. at an
average of $6.66. In November 1931, 1,512,939 lbs. were
sold at an average of $4.76."
-Trade has improved owing to the storms and
COAL.
colder weather. Wilkesbarre, Pa., wired Dec. 19th that a
reduction of 400. a ton in the price of anthracite at the
braker was announced unexpectedly. The slash is believed
due to the inroads of "coal bootleggers." Rice and barley
grades, two of the smallest handled, remain unchanged at
$2.25 and $1.75 a ton, respectively. The new prices for the
other grades are as follows: Stove, $7.35; chestnut and egg,
$7.10; broken, $6.85; pea, $5.25, and buckwheat, $3.35.
The reduction will have no effect outside of that vicinity.
The price to wholesalers of New York and other points
already was 500. below the price to consumers here because
orders were in carload lots. The cut brings the retail price
in the Wilkesbarre district within 10c. of the cost to wholesale purchasers.
SILVER.
-Futures on the 17th inst. declined 1 to 5
points with sales of 600,000 ounces. Commercial bar
silver was unchanged at both London and New York.
Dec. closed at 25.27 to 25.50c.• Jan. at 25.30e. with 8
points per month higher, all bid,'
through July and 10 points
higher thereafter, all nominal. On the 19th inst. futures
advanced 30 points with sales of 1,000,000 ounces; Dec.,
25.60 to 25.72c.• Jan. 25.60 to 25.70c.; March, 25.76c.;
May, 25.92 to '
26.02., and July, 26.15c. London bar
silver was unchanged at 17 pence and New York was up
3i to 253.o. On the 20th futures declined 20 points,
after sales of 675,000 ounces. Bar silver at London dropped
1-16d. to a new low of 6 15-16d. The New York quotation, however, remained unchanged. May here closed at
25.80 to 25.900.• July, 25.95c.; Dec., 25.45c.; Feb., 25.55c.;
March, 25.65 to 25.80c.; April, 25.73e.; June, 25.87c.,
and Aug., 26.05c. On the 21st inst. futures ended 30
points lower with sales of 775,000 ounces. At London
another new low was reached when prices fell to 16 11-16d.
and the New York quotation fell X to 25e. Jan. here closed
at 25.18c., March at 25.33e. and May at 25.54e. On the
22d inst. futures closed 20 to 25 points lower with sales of
1,150,000 ounces. Commercial bar silver at New York
dropped Ki to 247 c., while London sold at 16 9-I6d. Dec.
A
here closed at 24.95c., Jan. at 24.95c., March at 25.12 to
25.18c., May at 25.30c., and July at 25.47e. To-day
futures ended 15 to 20 points higher with sales of 550,000
ounces and with Dec.,25.11 to 25.18e.; Jan.,25.15 to 25.24e.;
March, 25.30c.; May, 25.450.; July, 25.65c., and Sept.,
25.850. Final prices show a decline for the week of 18
to 19 points.
COPPER was in good demand abroad and prices recently
were rather steady in both domestic and European markets.
Quotations abroad ranged from 5.10 to 5.15c., the figure
of 5.20c. having disappeared. Most of the demand in the
domestic market was for second quarter shipment, with
prices 5 to 53'e. In London, on the 22nd inst, spot standard
fell 2s. 6d. to £28 is. 3d.; futures off, 3s. 9d. to £28 7s. 6d.;
sales, 100 tons of spot and 250 tons of futures; electrolytic
dropped 5s. to £33 10s. bid and £34 asked; at the second
London session, Standard advanced 6s. 3d. on sales of 250
tons of futures. Futures here on the 22nd inst. closed unchanged with the sale of only one March contract at 3.95e.
Futures here closed to-day with December,3.700.; January,
3.81c.; February, 3.86c.; March, 3.91c.; April, 3.98c.;
May, 4.05c.; June, 4.10c.; July, 4.150.; August, 4.200.;
September, 4.25c.; October, 4.30e.; November, 4.35c.;
sales 50 tons.
TIN has been quiet with prices unchanged from day to day.
Generally 22.85e. was quoted. Futures on the 22nd inst.
were unchanged and no sales were made. In London on
the 22nd at the first session all descriptions dropped 5s.
while at the second session standard tin was unchanged to
2s. 6d. higher; sales 220 tons. To-day futures closed with
Dec., 22.20c.; Jan., 22.30c.; Feb., 22.40c.; March, 22.50c.;
Apr., 22.60c.; May, 22.700.; June, 22.80c.; July, 22.90c.;
Aug., 23c.; Sept., 23.10c.; Oct., 23.20c.; Nov., 23.300.,
all nominal; no sales.
LEAD has been quiet and unchanged at 3c. New York and
2.873/2c. East St. Louis. Corroders were the best buyers.
Lead sales for December shipment were estimated at 18,300
tons and for January shipment 6,500 tons. In London on
the 22nd inst. prices fell is. 3d. to £11 for spot and £11 7s.6d.
for futures; sales 100 tons of futures.
ZINC was unchanged at 33/sc. for East St. Louis. Sales
have been in small lots and usually for prompt shipment.
In London on the 22nd inst. prices advanced Is. 3d. to £15
7s. 6d.for spot and futures;sales 125 tons of spot and 150 tons
of futures.
STEEL has been dull and without change in prices.
Alabama cast iron pipe makers have reduced prices about
$1 per ton with fittings off $10. Tin plate mills are losing
considerable export business. The British preferential duty
has diverted business to the Welsh for Canadian tin plate
consumers. Argentina, it is stated, recently bought 25,000
boxes of tin plate abroad.
PIG IRON has been quiet and nominally unchanged
with the tendency downward when prices changed at all.
4403
Financial Chronicle
Foreign manganese ore has declined 10%, with the low grades
about 18c. per unit.
WOOL was in moderate demand and generally reported
steady and unchanged. Ohio & Penn fine delaine, 18M
to 1934c. in Boston. A government report on the 20th
said of the Boston trade: "Moderate quantities of 12 months
Texas wools are moving. Graded French combing Texas
wools are selling at 41@43c., scoured basis and original bag
offerings containing bulk French combing staple bring
40@42e. Graded strictly combing Texas wools are slow
but most offerings are held quite firmly at 44@45e. scoured
basis. At Melbourne, on Dec. 19th, a good selection was
offered and mostly sold. Competition between Yorkshire,
Continental and Japanese buyers was keen, and Australian
manufacturers gave good support. Prices closed firm.
Of the 22,500 bales offered at Perth on Dec. 19th,85% were
sold, with Yorkshire and the Continent the principal buyers.
Germany was active on superfine fleeces. Prices were equal
to the last sale, except for thin and tender wools, which
ranged from par to 5% cheaper.
WOOL TOPS futures to-day closed unchanged, with
sales reported of March at 52.50e. and April at 52.80c.
Closing prices: January, 50.900.; February, 51e.; March
and April, 51.60c.; May,51.70e.; June,51.80c.; July, 51.900.
-On the 17th inst. futures ended unchanged to 2e.
SILK.
lower with cables from Japan disappointing. Sales here
amounted to only 50 bales. December and January closed
at $1.40 to $1.42; Feb. and March at $1.42 to $1.44; Apr. and
May at $1.43 to $1.44; June at $1.42 to $1.43 and July at
$1.42 to $1.44. On the 19th inst. futures closed unchanged
to 2c. lower with sales of 560 bales. December ended at
$1.39; Jan. at $1.40; Feb., $1.41 to $1.42; March, $1.42 to
$1.43; Apr. at $1.41 to $1.42; May and June,$1.41 and July,
$1.42. On the 20th inst. futures closed 1 to 3c. lower with
sales of 620 bales. December ended at $1.37 to $1.40; Jan.
at $1.38 to $1.40; Feb. to June inclusive, $1.39 to $1.40;
and July, $1.40. On the 21st inst. futures closed lc. lower
to lc. higher with sales of 1,090 bales. Cables from Japan
were showing a lower trend. December here closed at $1.36
to $1.42; Jan. at $1.37 to $1.39; Feb. at $1.39 to $1.40;
March and Apr., $1.40; and May, June and July, $1.39 to
$1.40. On the 22nd inst. futures ended 1 to 2c. lower with
sales of 1,560 bales. December ended at $1.35 to $1.38;
Jan. at $1.36 to $1.38; Feb. and March, $1.38; and Apr. to
July, $1.38 to $1.39. To-day prices ended 2 to 3 points
lower with sales of 1540 bales and with Dec.at $1.32 to $1.36;
Jan., $1.34 to $1.36; Feb., March, Apr., May, June and
July, $1.35 to $1.36. Final prices are 8 to 10 points lower
than a week ago.
COTTON
Friday Night, Dec. 23 1931.
THE MOVEMENT OF THE CROP, as indicated by
our telegrams from the South to-night, is given below.
For the week ending this evening the total receipts have
reached 162,170 bales, against 262,064 bales last week
and 298,545 bales the previous week,making the total receipts
since Aug. 1 1932 5,568,608 bales, against 5,962,929 bales
for the same period of 1931 showing a decrease since Aug. 1
1932 of 394,321 bales.
Receipts atGalveston
Texas City
Houston
Corpus Christi
New Orleans_ -- _
Mobile
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles_ _ _ _
Wilmington
Norfolk
Baltimore
Tntralathlavonale
Tues.
Wed.
Thurs.
Fri.
Total.
Sat.
Mon.
5,610
3,335 40,311
9,918
3,995 3,995
7,379 11,238 3.364 4.490 14,777 48,128
226
120 1,638
314
551
112
11,037 12,388 7,303 4,200 6,916 49,141
398 2,229 2,172 1,248 8,718
1,583
257
----------------257
438 2,881
1,
----------------293
293
2,090
1,
.
183
1,200 1,200
-_
____
440 1,528
558
OA
OA
__,...,
152
284 1,385
134
117
Wid
605
____
605
-
6.680
315
7,297
1.088
_---296
_
,
5W
640
99
Qni
8,530
7,547
6.371
AO 11291 R4 74R
21 RAI
174tR
R4 (inn 110
I7n
The following table shows the week's total receipts, the
total since Aug. 1 1932 and stocks to-night, compared with
last year:
1932.
1931.
Stock.
Receipts to
Dec. 23.
This Since Aug This Since Aug
1931.
1932.
Week. 1 1932. Week. 1 1931.
- - Galveston40.311 1,379,859 67.557 1,429.261 879,343 904.271
58,262
Texas City
70,210
3,995 151,227 11.068 118,178
Houston
48,128 1,910,120 45,020 2,382.617 1.816.693 1.606.554
97.805
Corpus Christi.-- 1,638 268.944 2,300 399.251
82,587
Beaumont
22,535
26,024
12,700
New Orleans
49,141 1,059,543 44,845 767,176 1.062,372 836,563
Gulfport
606
Mobile
8,718 183,993 12,151 249,157 159,984 239.740
Pensacola
31.820
48.420
-_
96.016
14,980
19,424
Jacksonville
21,045
257
7,150
55
Savannah
2.881 110,331 5,000 223,992 181,296 32.6,478
Brunswick
11.588
293
28,947--78,345 155.262
Charleston
88.008
2.090 119,553 1.147
60.180
83,476
Lake Charles___ - 1,200 133,428
---- 105,650
20,554
33,055
34,898
Wilmington
1.192
1,528
36,637
70.413
59.739
Norfolk
53.712
1,385
38,348 1,294
-_
Newport News
8,689
200,261 222.240
New York
12.319
17,555
392
Boston1.581
2,050
16,885
Baltimore
---9,193
605
1
5.313
Philadelphia
Totals
162,170 5,568.60: 191.637 5.962.929 4,800.745 4.628,515
Financial Chronicle
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Dec. 24 1932
ever, and also some increase in buying of cotton goods to
avoid the heavy tax contemplated. The report for November
of the cotton textile merchants of New York shows that
ReceiptS at1932.
1930.
1928.
1931.
1929.
1927.
- - - - - - - production of carded cotton cloths in that month was 249,054,000 yards, and sales were 82.3% of production; billings,
Galveston._ - _
40.311
67.557
49,037
30,707
78,687
57,743
Houston
48.128
54,327
45.020
70.684
46,935
71,725
86.6; stocks increased 3,476,000 yards to a total of 200,New Orleans49.141
64,008
44,845
26.175
30,662
42,021
144,000 against 273,390,000 in 1931; increase for the month
Mobile
8.718
12.151
10,432
8,755
3.847
11,663
Savannah _ 2,881
5,971
5.008
7.825
6,514
12,118
of November, 20.1%; unfilled orders Nov. 30, 336,544,000
Brunswick.._ _
293
yards; decrease for the month,3%.
Charleston_ __
2,090
3,693
1,147
5,061
1,525
1.746
Wilmington__
1,528
3,540
2,131
4,022
590
1.192
On the 19th inst. prices ended 6 to 9 points lower, although
Norfolk
1.294
1.385
2,679
8.785
6.904
5.240
earlier in the day they were 3 to 5 points higher. Hedge
Newport News
All others..___
4.322
7.695
10,015
8,127
5,532
selling, and some liquidation, had a certain effect in a
13.423
narrow market. The decline was kept within a small comtotal this wk_ 162,170 191,637 161.383 18,s85 255,661 159,069
pass by short covering and other scattered buying. Legisla51nee Aug.1 _ _ 5.568.608 5.962.929 6.686.906 6.503.0/1 6.866.436 6.063.886
tion at Washington seemed to point to a passing of the last
The exports for the week ending this evening reach a of the 1929 crop withdrawn by the Federal Farm Board over
total of 178,790 bales, of which 21,923 were to Great Britain, to the Red Cross, and of late there has been more or less
6,870 to France, 44,079 to Germany, 15,064 to Italy, nil to hedge selling by spinners against Red Cross cotton. Sterling
Russia, 66,083 to Japan and China, and 24,771 to other exchange was at one time %c. higher. Worth Street was
destinations. In the corresponding week last year total very firm in print cloths at 3%c. for 38%-inch 64x60's, but
exports were 182,773 bales. For the season to date aggre- trade fell off. In Manchester cloths were firmer.
gate exports have been 3,891,116 bales, against 3,750,588
On the 20th inst. prices declined 1 to 3 points, after an
bales in the same period of the previous season. Below are early rise of 3 to 6 points, with little hedge selling. The
the exports for the week.
ginning total for the latest period was only 434,000 bales.
The technical position was better than had been suspected.
Exported to
The selling of so-called "Christmas cotton" at the South seems
Week Ended
GerJapan&
Dec. 23 1932. Great
comparatively small. The spot basis was unusually high
BrUain. France. mans. Italy. Russia. China. Other. Total.
Exports from
at most Southern markets. The Department of Agriculture
5,919 1,366 13,218 5,277
reported more than 300,000 bales held as collateral for seed
43,483 12,889 82,152
Galveston
4,278 3,082 5. 01 4,662
4,1392 22,623
Houston
loans advanced on the 1931 crop. The Agricultural Com3,469
721 8,974
4.784
Texas City
mittee of the Senate reported favorably a bill authorizing
640
8,161
385 9,186
Corpus Christi_ _
6.488 2,372 15,480
7,910 5,601 42,976
New Orleans..
the Secretary of Agriculture to collect, extend, adjust or
594
454
Jacksonville_ _ _
1,048
compromise any debt due from advances made for food,
2,614
Savannah
50 2,664
293
293
Brunswick
seed or crop
2,102
'Ha 2,235 East Indian production under Act of Congress. The official
Charleston
crop estimate has been reduced 592,000 bales
60
-"if)
89
Norfolk
4,441
50
4,491
Los Angeles_ _
to 4,233.000 bales of 400 pounds each,compared with 4,096,000
2,059
2,059
San Francisco
bales estimated last December and a final forecast last year
21,923 6,870 44,079 15,064
66,083 24,771 178.790
of 4,064,000 bales. This month's official estimate, the cable
Total
stated, "purports to include cotton for household consump85,242 17,496 182,773
32,061 4,921 29,814 13,239
Total 1931
tion." This shows an increase in the crop of only 137,000
10,732 6,580 93,181
36,709 4,004 20,376 14,780
Total 1930
bales, whereas a Washington estimate at one time made the
Exported to
From
increase 800,000 bales. Manchester was steady. The ginning
490.1 1932 t
total up to Dec. 1 is 12,085,648 bales against 15,354,212 to
GerJapan &
Dec. 23 1932. Great I
Britain. !France. many. Italy. Runt, China. Other.j Total.
Exports!).
the same date last year. Worth Street was firm but quiet.
On the 21st inst. prices declined 5 to 6 points under January
Galveston __ 121,990127,956 141.385 76,503 _ ___ 333,54 151,3871 958,764
.
.
Houston _ _ 137,993195.23 263.842109,173 ____ 232,683 167,150 1,106,076
liquidation on the eve of January notices. Also there was
Texas City_13.7681 8,800 29,884 1,053 ___
3.612 12,832, 69,949
some hedge selling and not a little evening up was noticeable.
37,098 18,802 __ _ 77,997 42,764' 256,034
- 24,512 54,86
Corp. Christ
421
2,287
Beaumont__
468
100
2144
3.489
But again trade for home and from foreign sources kept the
4,457 __
Panama CRY
10,724
6,2671
"I
decline within moderate limits. There was trade buying
Gulfport_ _ _ _
100
506
606
New Orleans_ 151,630 68,044 169,383117.448 ____ 190,395 70,063 766,963
on a scale of every one point down.
38,805 8.135 77,546 11,273 ____ 25,119 9,292 170.170
Mobile
The New York Cotton Exchange Service said: "The
1,53
Jacksonville..
3.06
24
4,630
Pensacola
50 40.846
9.586
630 __
5,366 1,150 57,628
abnormally high relative price of foreign cottons in the calen1,350 46,7141 --------5,99_1
Savannah .._ _ 69,57
4,830 128.460
dar year of 1932 should result, on the basis of past experience,
16,72A
10,676 ____
Brunswick_
1,547 28,947
42,64
____ 70,2841
Charleston
_I .
2,001 6,444 121,374
in an unusually high relative consumption of American cotWilmington _
1,513 3,500
1,500
6,513
ton abroad this season. Two seasons ago foreign consump11,957
752
2,622 ____ _
Norfolk
_
___
15,360
27
6
New York_
29-300
--------3''
1,051
tion of American cotton constituted 35.3% of all cotton con2,147
2,147
Boston
sumption abroad. Last season it was 42.5%. The relative
1,177
--------64,962 1,649 77,888
100 10,
Los Angeles_
68
foreign-American price index in 1930 was 60.5; in 1931 it
50
San Francisco
100 _ _
18,387
300 19,522
Seattle
5
43
440
was 81.5; and this year to date it averages 90.4. This would
17,820 10,874 _
6,446 17,16
23,58 8,44 84,381
Lake Chart
appear to indicate that the percentage representing consump654,688482.974 937.499349.456 _ _ __ 983,974482.5253,891.116
Total
tion of American to consumption of all cotton abroad this
season will be above the percentage of 42.5 for last season.
Total 1931.... 560,679164,318 -63,7S8315,627 ____ 1,533.103413,103 3,750,588
rntn1 loan
727 248630 109 1.069.553 271.174 29.27 634.860372.0623.734.290
Two seasons ago, foreign spinners used 17,066,000 bales of
Note -Erports to Canada.
-it has never been our practice to include in the above
all kinds of cotton, and last season 18,046,000. During the
table reports of cotton shipments to Canada, the reason being that virtually all the
first three months of the current season they used 4,426,000
cotton destined to the Dominion comes overland and it is impossible to give rebales of all cottons against 4,424,000 in the same period last
turns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow in coming to hand. In view
season, and 4,074,000 two seasons ago. Consumption in the
however, of the numerous inquiries we are receiving regarding the matter, we will
United States continues to run well in excess of last season.
say that for the month of November the exports to the Dominion the present season
have been 34.999 bales. In the corresponding Month of the preceding season
The daily rate normally increases about 4% from October
the exports were 34.950 bales. For the four months ended Nov. 30 1932 there were
to November, but this year it declined slightly from 21,600
77.129 bales exported, as against 73,506 bales for the four months of 1931.
to 21,400
indicating that the improvement which
In addition to above exports, our telegrams to-night also developed bales,
in the fall is not being fully maintained. Many
give us the following amounts of cotton on shipboard, not mills
are planning to close for a week or more over the
cleared, at the ports named:
holidays, and so the daily rate this month is likely to be
lower than last month, which also is contrary to the seasonal
On Shipboard Not Cleared for
trend. But consumption this month will doubtless be well
Other CoastLeaving
GerGreat
above that in December last year, since mill activity declined
Stock.
- Britain. France many. Foreign wise. Total.
Dec. 23 at
in December last year also. It is not improbable that total
Galveston
20,000 7.000 9,000 30.000 2.000 68.000 811,343
domestic consumption in the first half of the current season
New Orleans_ _ 15,154 8,069 6,139 13,628 4,856 47,846 1,014.526
will be 200.000 bales or more above that in the first half
Savannah
181.296
Charleston-.._._
78.345
of last season.
Mobile
4,512
8,970
147.56 145.623
879
Montgomery, Ala., advices said: "Uncertainty prevails
Norfolk
59.739
Other ports*
6.000 2.000 3.000 73.000 1,000 85.000 2,294.666
in the agricultural district of the South, especially with
farmers who raise cotton for their principal money crop.
Total 1932__ 45.666 17.948 18,139 125,598 7,856 215.207 4.585.538
At the present time the majority do not know which way
Total 1931-- 35,559 13,256 15,548113,981 11,411 189.7554.438,780
Total 1930-- 27.812 21,982 18,695 88.818 3.660 160.967 4,047,358
to turn or what to expect or where the advances to buy
•Estimated.
implements, mules, fertilizer, &c., are to come from. If
COTTON acted steady enough for a time, but later suc- they cannot get advances this season's supply of food and
January liquidation on the eve of the notices, feed stuffs is ample to carry them well into next summer.
cumbed to
a drop in stocks and reports of heavy selling by Carolina The past season labor was plentiful, laborers migrated from
mills without purchases of distant months to offset it. the towns to the rural districts. So, they need not worry
Some decline in sterling and talk of the possibility, strange about food or feed or labor. They feel more than ever that
as it sounds, of an increase in the acreage also told. The self-preservation is the first law of nature, consequently
only support has been steady home and foreign trade buy- they will plant food and feed stuffs and many will devote
ing and profit-taking on the short side. Speculation has their best lands to that end. The prospective acreage to be
lacked the participation of the outside public. The talk devoted to the raising of cotton is entirely conjectural at
about the proposed allotment plan involving a reduction of this time, and depends upon conditions hereafter. So far
acreage in 1934 and later a bonus to farmers in 1933 with a as the spot cotton basis is concerned, it has not changed
heavy tax on cotton consumed in the United States has very much. Spot offerings from the country are moderate,
caused farmers to hold back cotton more resolutely than and demand, owing to the holiday season, is deferred until
Financial Chronicle
Volume 135
the New Year in most instances, because of uncertainty of
trade and general conditions. Some New York observers
think there will be enough demand from American and foreign spinners to prevent any very marked decline in prices.
On the 17th inst. prices advanced 14 to 17 points, with less
hedge selling and liquidation, and the trade buying again
asserting itself. July and October were conspicuously firm.
The comparative absence of hedge selling on Saturday was
a surprise. It is apt to be rather large on that day. There
was 'some liquidation of January as January notices are
due Dec. 23, but it had no noticeable effect. The stress
was on the buying side in all months. On the 22nd
Inst. prices declined 15 to 20 points, with stocks off and little
support. Moreover, there was talk to the effect that the
acreage is likely to be increased next spring. January
liquidation on the eve of the notices was still a more telling
factor. Carolina mills were selling. Worth Street was
quiet. Prices closed at or very near the lowest of the day.
To-day prices closed 7 to 10 points higher in a quiet but
firm market. Liverpool came lower than due, but rallied
with our market during their last and our first hour of
trading. Heavy Japanese selling was reported there. Most
of the buying here, which reversed the Liverpool trend,
came from spinners and spot interests, brokers with Far
Eastern connections, and also Liverpool and the Continent.
Domestic selling, partly because of the fact that it was the
first January notice day, caused a reaction around noon
time, but the later rally closed the market at about the top.
Manchester reported only a small demand for cloths and
yarn. Both Indian and Egyptian cotton were off. Notices
here were for some 25.000 bales, and in New Orleans about
7,500. Both the futures and the cotton goods markets felt
the influence of the approaching Christmas holidays, and
interest was at a low point. Final prices show a decline
for the week of 10 points on the near months and 5 to 8 points
on the distant deliveries. Spot cotton ended at 5.95c. for
middling a decline for the week of 5 points.
Staple Premiums
60% of average of
six markets quoting
for deliveries on
Jan. 3 1933.
15-16 1-thoe
1110b.
longer.
Differences between grades established
for deliveries on contract Jan. 3 1933
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
AS
.24
.24
.08
.pg
.24
.24
.08
.°8.24
.08
.21
.20
.07
Middling Fair
White
68 on Mid
Strict Good Middling.-- do
do
.53
Good Middling
do
41
do
Strict Middling
do
27
do
Middling
do
Saab
Strict Low Middling.
do
29 off Mid
Low Middling
do
58
do
*Strict Good Ordinary
do
do
90
*Good Ordinary
do
do
1.22
Good Middling
Extra White
do
.41 on
Strict Middling
do
do
do
27
Middling
do
do
do
Even
Strict I.ow Middling.... do
do
29 off
do
Low Middling
do
do
do
.58
.24
Good Middling
.08
Spotted
do
24 on
.24
Strict Middling
.08
do
cl‘
Even
.21
Middling
.08
do
(14,
28 off
*Strict Low Middling... do
.58
do
•Low Middling
do
.90
do
.21
Strict Good Middling-Yellow Tinged
.08
do
Even
.21
Good Middling
.08
do
do
22 off
do
.21
Strict Middling
.08
do
do
39
do
•M iddling _...... . __ _. do
do
59
do
*Strict Low Middling.., do
do
89
do
*Low Middling
do
do
1.22
de
.20
Good Middling
.08
Light Yellow Stained. .37 oft
do
*Strict Middling
do
do
do
do
.60
*Middling
do
do
do
m
.89
.01
.20
Good Middling
Yellow Stained
66 off
do
*tenet Middling
do
do
90
do
Middling
do
do
1.21
do
.21
.08
Good Middling
Gray
20 off
do
.03
.21
Strict Middling
do
.38
do
▪ Middling
do
63
do
*Good Middling.
Slue Stained
59 ott
do
*Strict Middling
do
do
.88
de
*Middling
do
do
1.21
do
*wet deliverable on future contracts.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
*Dec. 1, to pre. 23-
Middling upland
Sat. Mon. Tues. Wed. Thurs, Fri.
6.15 R.10 6.10 ;6.00A, 5.85 5.65
NEW YORK QUOTATIONS FOR 32 YEARS:
The quotations for middling upland at New York on
Dec. 23 for each of the past 32 years have been as follows:
1932
1931
1930
1929
1928
1927
1926
1925
-
5.95e.
6.30c.
9.80c.
17.25c.
20.55c.
19.75c.
13.050.
19.40c
1924
1923
1922
1921
1920
1919
1918
1917
23.90c.
36.30c.
26.20c.
18.80c.
15.00c.
39.25c.
32.100.
30.850.
1916
1915
1914
1913
1912
1911
1910
1909
16.75c.
12.05c.
7.65c.
12.60c.
13.10c.
9.50c.
15.15c.
15.75c.
1908
1907
1906
1905
1904
1903
1902
1901
9.25c.
11.70c.
10.55c.
12.10c.
7.60c.
13.600.
8.75c.
8.56c.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot Market
Closed.
Saturday.-.
Monday
Tuesday _ _
Wednesday_
Thursday..
Friday
Futures
Market
Closed.
Sales.
Spot. Contet. Total.
lila, 15 pts. adv.. Very steady
uiet,5 pts. doe,... Easy
Wet, unchanged.. Steady
ulet, 10 pts. dec-- Barely steady..
uiet, 15 pts. dec... Barely steady..
Wet. 10 pts. ad v,. Very steady...
Total week.
SinceAug. 1
200
-8(1)
-•h51:5
300
200
700
500
200
-Loo
700 1.200 1,900
56,230 116,700 172.930
4405
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
Dec. 17.
Dec.
Range..
Closing.
Jan.
(1933)
Range__
Closing_
Feb.
Range.
Closing.
March
Range..
Closing_
Apra
Range -Closing _
May
Range..
Closing_
June
Range..
Closing_
July
Range__
Closing..
Aug.
Range..
Closing_
Sept.
Range..
Closing.
Oa.RangeClosing_
Nos.RangeOwing.
Dec.Range-Closing-
Monday,
Dec. 19.
Tuesday, Wednesday, Thursday,
Dec. 21.
Dec. 20.
Dec. 22.
Friday,
Dec. 23.
6.00- 6.03 5.98- 6.03 5.92- 5.96 5.85- 5.96 5.73- 5.88- 5.87
6.03- 5.94- 5.93
5.91- 6.05 5.95- 6.07 5.91- 5.98 5.86- 5.97 5.68- 5.87 5.68- 5.80
6.03- 6.05 5.95- 5.96 5.92- 5.93 5.86- 5.87 5.68- 5.70 5.78- 5.80
6.09- 6.01- 5.99- 5.93- 5.74
-
5.84-
6.05- 6.17 6.08- 6.20 6.05- 6.12 6.00- 6.10 5.81- 6.00 5.82- 5.92
6.15- 6.17 6.08- 6.06- 6.07 6.00- 6.01 5.81- 5.83 5.91- 5.92
6.20- 6.13- 6.11- 6.06- 5.88- 5.966.17- 6.28 6.18- 6.31 6.15- 6.22 6.12- 6.21 5.93- 6.12 5.93- 6.04
6.26- 6.28 6.18- 6.20 6.17- 6.12- 6.13 5.95- 5.96 6.02- 6.02
6.31- 6.24- 6.22- 6.17- 6.00- 6.096.28- 6.38 6.30- 6.41 6.25- 6.33 6.22- 6.31 6.05- 6.22 6.05- 6.11
6.36- 6.38 6.30- 6.31 6.28- 6.29 6.22- 6.23 6.06- 6.08 6.16- 6.11
6.20- 6.20- 6.43- 6.36- 6.34- 6.28- 6.12- 6.216.40- 6.40
6.25- 6.31
6.50- 6.42- 6.40- 6.35- 6.18- 6.276.47- 6.57 6.48- 6.60 6.45- 6.52 6.41- 6.52 6.23- 6.41 6.23- 6.3:
6.57- 6.48- 6.50 6.47- 6.48 6.42- 6.24- 6.25 6.32- 6.3:
6.38 --6.40- 6.4i
6.45-
Range of future prices at New York for week ending
Dec. 23 1932 and since trading began on each option:
Range for Week.
Option for
Dec. 1932__
Jan. 1933__
Feb. 1933
Mar. 1933..
Apr. 1933..
May 1933
June 1933
July 1933_
Aug. 1933
Sept. 1933
Oct. 1933_
Nov. 1933
Dec. 1933_.
Range Since Beginning of Option.
5.73 Dec. 22 6.03 Dec. 17 5.30 June 8 1932 9.66
5.68 Dec. 22 6.07 Dec. 19 5.36 June 8 1932 9.72
6.70 Oct. 13 1932 6.70
5.81 Dec. 22 6.20 Dec. 19 5.53 Dec. 8 1932 9.84
5.90 Dec. 2 1932 6.77
5.93 Dec. 22 6.31 Dec. 19 5.69 June 8 1932 9.93
6.02 Nov. 28 1932 6.38
6.05 Dec. 22 6.41 Dec. 19 5.75 Dec. 8 1932 10.00
6.20 Dec. 22 6.20 Dec. 22 6.00 Deo. 3 1932 7.06
6.25 Dec. 23 6.40 Dec. 20 6.07 Dec. 8 1932 7.39
6.23 Dec. 22 6.60 Dec. 19 5.93 Dec. 8 1932 7.11
Aug. 29 1932
Aug. 29 1932
Oct. 13 1932
Aug. 29 1932
Nov. 11 1932
Aug. 29 1932
Nov. 23 1932
Aug. 29 1932
Oct. 10 1932
Sept. 30 1932
Nov. 11 1932
6.40 Dec. 23 6.42 Dec. 23 6.40 Dec. 23 1932 6.42 Dec. 23 1932
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows: Foreign stock as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
1932.
1931.
1930.
1929.
Dec. 23Stocks at Liverpool
Stock at London
Stock at Manchester
bales_ 729.000
728.000
830.000
113,000
139,000
183,000
94,000
842.000
867,000 1,013,000
889.000
518,000
261,000
19,000
65,000
86,000
320,000
201.000
16,000
74,000
72.000
582.000
327.000
11,000
123,000
60,000
520.000
272,000
10.000
92.000
71.000
949.000
683,000 1.103.000
965.000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at IIavre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Stock at Trieste
Total Continental stocks
795.000
1,791.000 1.550,000 2,116.000 1,854,000
Total European stocks
50,000
66.000
95.000 130,000
India cotton afloat for Europe_
pe
.
American cotton afloatfor Eurci 452.000 528.000 394.000 523,000
96,000
Egypt. Brazilotc..afil for Europe 89.000
83.000 120.000
568.000 762.000 697,000 430,000
Stock in Alexandria. Egypt
517.000 361.000 566.000 852.000
Stock in Bombay. India
4,800,745 4,628.515 4.208.325 2.675.396
Stock in U. S. ports
Stock in U. S. interior towns _ _ _ _2,231,716 2,217,262 1,800,744 1,493.015
38,516
14,411
U. S. exports to-day
Total visible supply
10529 872 10231,293 9960.069 8,077.411
Of the above, totals of American and other descriptions are as follows:
American
-
Liverpool stock
Manchester stock
Continental stock
American afloat for Europe
U. S. port stocks
U. S. interior stocks
U. S. exports to-day
Total American
East Indian, Brazil, &c.
-
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c.. afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
387.000 315,000 441.000 378,000
66.000
58.000
82,000
59,000
897,000 615.000 982.000 881.000
452.000 528,000 394.000 523,000
4,800,745 4.628.515 4,208,325 2,675.396
2,231.716 2.217,262 1,800.744 1,493,015
14,411
38.516
8,848,872 8,400,293 7,908,069 6,009.411
342,000 413,000 389,000 417.000
47,000
52.000
66.000
89.000
568,000
517,000
81.000
68,000
50,000
96.000
762,000
361,000
101,000
121,000
95,000
83,000
697.000
566,000
35.000
84.000
130.000
120.000
430,000
852,000
Total East India, &c
Total American
1,681,000 1,831,000 2,052,000 2.068,000
8.848.872 8,400.293 7,908,069 6,009.411
Total visible supply
10529872 10231,293 9,960.069 8,077.411
Middling uplands. Liverpool
9.51d.
5.31d.
5.30d.
5.07d.
Middling uplands, New York _ _ _ _
17.40c.
9.800.
6.40c.
5.95c.
Egypt,good Sakel. Liverpool.-_ 8.55d. 15.00d.
8.25d.
8.16d.
Peruvian, rough good, Liverpool_
13.75d.
Broach,fine, Liverpool
4.10d.
5.01d.
7.758.
4.80d.
Tinnevelly, good, Liverpool
5.14d.
8.95d.
5.05d.
4.93d.
Continental imports for past week have been 192,000 bales.
The above figures for 1932 show a decrease from last
week of 93,605 bales, a gain of 298,579 over 1931, an
increase of 569,803 bales over 1930, and a gain of 2,452,461 bales over 1929.
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below:
Movement to Dec. 24 1931.
Movement to Dec. 23 1932.
Towns.
Ala., Birming'm
Eufaula
Montgomery.
Selma
Ark.,Blytheville
Forest City
Helena
Hope
Jonesboro ...
Little Rock
Newport_ _
Pine Bluff_
Walnut Ridge
Ga.. Albany _ _ _
Athens
Atlanta
Augusta
Columbus_
Macon
Rome
La., Shreveport
Albs,Clarksdale
Columbus_
Greenwood _ Jackson
Natchez _ --Vicksburg_
Yazoo City._
Mo., St. Louis_
g C.,Greenab'ro
Dk/ahoma
15 towns*
3.C., Greenville
I'enn.,Memphis
l'exas Abilene_
Austin
Brenham..
Dallas
Paris
Robetown_
San Antonio_
Texarkana
Waco
Dec. 24 1932
Financial Chronicle
4406
Receipts.
Ship- Stocks
ments. Dec.
Week. Season. Week. 23.
, Ship- Stocks
. ments. Dec.
Week. , Season. I Week. 24.
Receipts.
1,304 24,517 1,393 11,412 1,619
149
6,210
74 6.936
206
129 22,036
173
248 50,849
616
51,183 2,822 58,893
801
4,332 163.389 5,722 88,583 3,530
765 20,497 1,023 25,001
27i
941 65,503 1,794 50,450 2,000
5011
1,000 44,65
2,000 29.880
1,081
448
14,56
260 9,049
4,194k 68,705 6,2471
3,173 99,64
200
990 43,592 1.439 29,762
1,763 92,192 3,070 71,095 4,760
906 59,992 3,418 20,097 1,858
34
1,265
6 3.138
26
540
17,785
450 49,395
625
8,770 72,074 3,928148.517 2,698
1,658 81.54. 1,517117,009 2,525
12,306
____ 26,458 1,020
____
157 41,011 1,439
233 15,884
10,356
100 13,482
550
195
598 81,029 1,000
580 67,397
1,455 104,471 4,488 78,124 2,997
311 13.996 1,117
152 12,385
2,931 114,444 5,999 110.267 1,641
649 32,637 3,000
22 30,468
358 8,287
390
38
7,216
29,826 1,000 23,698 1,643
511
43 31,028 1,645 27,902 1,344
227 3,667
4,103 83,754 4,103
10.011
339 15,414
356
637
56,755
10,8211
36,143
73,050
89,176
25,710
54,266
54,886
17,812
137,095
35,564
121,847
39,977
5,098
20,499
36,466
149,010
36,063
20,432
8,676
91,052
137,985
18,771
157,698
26,152
9,465
35,491
41,577
83,050
13,528
1,567 39,860
355 9,532
893 70.489
1,399 88,598
2,044 60,924
327 19,441
1,000 52,054
1,286 24,789
1,704 5,511
4,230 80,635
1,000 17,638
4,868 64,607
1,178 15,472
1 4,535
37 31,865
551 142,171
1,51 135,874
750 22,528
1,237 32,090
200 7,878
196 117,545
3,868104,278
1,51 15,721
3,723 125,947
1,i.i 30,604
51 10,006
1,251 25,630
8 21 29,771
3,629 1,186
5 I 25,586
NEW ORLEANS CONTRACT MARKET.-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Dec. 17.
N-...1 cd fmann 111 2173.501.801 130 511 2221715 144 5202 752 ARS 142 420 2217252
•Includes the combined totals of 15 towns in Oklahoma.
The above totals show that the interior stocks have
decreased during the week 28,898 bales and are to-night
14,454 bales more than at the same period last year. The
receipts at all towns have been 33,512 bales less than the
same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-1932-1931
Since
Since
Week. Aug. 1.
Week. Aug. 1.
4,103
84,316
3,629
90,28/
50
1,940
605
14,408
100374
849
-2
-Yg
7,838
4.323
4,077
70,555
3,139
80,707
11.550 171,654
7.905 164,613
Dec. 23
ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, ezc
20,629
Total gross overland
Deduct Shipments
Overland to N.Y.. Boston, &c...._ 605
258
Between interior towns
1,565
Inland. Sec.,from South
336,403
15,506
354,712
9,18317,278
4,112
-2iYi
5,565
76.765
4.950 125,171
2.428
96.060
Total to be deducted
Leaving total net overland *_.18,201 246,343
• Including movement by rail to Canada.
5,247
148.014
10,259
206,698
The foregoing shows the week's net overland movement
this year has been 18,201 bales, against 10,259 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 39,645 bales.
---1932
1931
Since
Since
In Sight and Spinners'
Aug. 1.
Week.
Week.
Aug. 1.
Takings.
Receipts at ports to Dec. 23
162.170 5,568,608 191,637 5,962,929
10,259
18.201
246.343
206,698
Net overland to Dec.23
Southern consumption to Dec.23- 95,000 2.044.000 90,000 1,890,000
Total marketed
275.371 7,858,951 291,896 8,059,627
Interior stocks in excess
2,409 1.427,235
*28.898
832,074
Excess of Southern mill takings
233.442
451.277
over consumption to Dec. 1_ Came into sight during week
Total in sight Dec. 23
246,473
294,305
8,924,467
North. spinn's'takings to Dec.23.. 32,496
* Decrease.
462.922
9,938,139
20.304
448.270
Movement into sight in previous years:
Week-Dec.29
1930
-Dee.28
1929
-Dec. 27
1928
Bales.
Since Aug. 1244,102 1930
342,581 1929
406,568 1928
Bales.
10,226,422
11.129,977
10,955,871
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
Week Ended
Dec. 23.
Galveston
New Orleans....
Mobile
Savannah
Norfolk
Montgomery_ _ _
Augusta
Memphis
Houston
Little Rock..--Dallas
Fort Worth_ ---
Closing Quotations for Middling Colton on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday,
6.00
6.04
5.85
6.05
6.25
5.80
6.16
5.80
5.95
5.72
5.65
5.65
5.95
6.00
5.80
5.98
6.15
5.75
6.08
5.70
5.90
5.65
5.65
5.55
5.95
5.95
5.75
5.96
6.15
5.70
6.06
5.65
5.85
5.62
5.50
5.50
5.90
5.90
5.70
5.90
6.10
5.65
6.00
5.60
5.80
5.56
5.45
5.45
5.70
5.71
5.50
5.73
5.91
5.50
5.82
5.55
5.65
5.37
5.30
5.30
5.80
5.82
5.60
5.82
6.02
5.55
5.92
5.65
5.75
5.48
5.40
5.40
Tuesday, Wednesday, Thursday,
Dec. 22.
Dec. 20.
Dec. 21.
Friday,
Dec. 23.
December_ 5.97 Bid. 5.93- 5.94 5.88- 5.91 5.81 Bid.
Ian.(1933) 5.99
5.94- 5.95 5.90
5.84- 5.85 5.65- 5.66 5.77February March _ __ 6.10- 6.12 6.07- 6.08 6.03- 6.04 5.99- 5.79- 5.80 5.87- 5.89
April
6.21- 6.19- 6.14- 6.15 6.10- 6.11 5.92- 6.02May
tune
6.30- 6.29 -- 6.24- 6.21
6.03- 6.12- 6.14
Fitly
August_ _ 3eptember
6.50- 6.45- 6.47 6.43
Detober
6.39- 6.40 6.20- 6.28govember
December_
6.35ToneSteady.
Very st'dy. Steady.
3pot
Steady.
Steady.
Steady.
Steady. Barely eddy Steady.
Steady_ Rarplv atriv Wendy_
lotions
COTTON GINNING REPORT.
-The Bureau of the
Census on Dec. 15 issued the following report showing the
number of bales of cotton ginned in each of the cottongrowing States the present season up to Dec. 13 in comparison with corresponding figures for the two preceding
seasons. It appears that up to Dec. 13 12,085,648 bales of
cotton were ginned, against 15,354,212 bales for the corresponding period a year ago and comparison with 13,259,413
bales two years ago. We give below the report in full:
REPORT ON COTTON GINNING.
Number of bales of cotton ginned from the growth of 1932 prior to Dec. 13
1932, and comparative statistics to the corresponding date in 1931 and 1930:
Slate.
10,196 597,54. 19.789214,847 18,535 466,949 22,739122,553
4,761 62,593 1,216 88,412 6,405 67,981 1,966 51,732
51,83 1,097,754 55,192509,037 60,302 1,152,639 60,756489,414
2,026 66,362 2,163 3,580 1,478 41,935 1,161 3,775
237
19.095
342 3,622
683 23,969
987 4,748
15,115
202 9,653
16 9,041
21i1 16,470
106
74.243 1,678 29,015 2,49
115,217 5,011 52,886
92
685 43,663 1,45 17,082 2,410 73,137 2,656 20,988
1
6,258
87
571
65 30,810261 3,132
341
14,163
52
1,028
54
10,093
76
700
675 36,665 1,932 26,852 3,147 46,607 2,949 19,956
309 25,244
799 69,673
508 62,311 2,279 17,042
Monday,
Dec. 19.
Running Bales.
(Counting Round as Half Bales and Excl. Linters.)
1932.
Alabama
Arizona
Arkansas
California
Florida
Georgia
Louisiana
Mississippi
Missouri
New Mexico
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
Virginia
All other States
1931.
916,893
51,170
1,217,195
112,168
15,380
839.654
595,277
1,131.131
276,174
57,946
644,563
1,026.616
691,274
425,746
4,044,459
28,455
11,547
1,374,162
63,138
1,521,861
142,340
43,104
1,363,857
830,912
1,553,410
212,489
70,450
749,794
1,107,154
988,174
520.817
4,763,360
40,914
8,276
1930.
1,421,232
110,087
846,816
188,894
50,890
1,557,809
694,712
1,429,863
150,580
83,972
759,279
822,400
981,034
359,927
3,755,474
40,669
5.795
*12,085,648
United States
*15,354,212
*13,259,413
•Includes 71,063 bales of the crop of 1932 ginned prior to Aug. 1 which
was counted in the supply for the season of 1931-32, compared with 7,307
and 78,188 bales of the crops of 1931 and 1930.
The statistics in this report include 622,125 round bales for 1932; 534,064
for 1931 and 478,356 for 1930. Included in the above are 6,677 bales of
American-Egyptian for 1932,• 7,927 for 1931, and 17,411 for 1930.
The statisticsfor 1932 in this report are subject to revision when checked
;Against the individual returns of the ginners being transmitted by mall.
The revised total of cotton ginned this season prior to Dec. 1, is 11,636,958
bales.
Consumption, Stocks, Imports and Elports-United States.
Cotton consumed during the month of November 1932 amounted to
503,722 bales. Cotton on handin consuming establishments on Nov. 30,
was 1,456,913 bales, and in public storages and at compresses 10,677,362
bales. The number of active consuming cotton spindles for the month
was 24,349,506. The total imports for the month of Nov. 1932. were
8,974 bales and the exports of domestic cotton, excluding linters, were
1,012,411 bales.
World Statistics.
The world's production of commercial cotton, exclusive of linters, grown
in 1931, as compiled from various sources, Was 26,329,000 bales, counting
American in running bales and foreign in bales of 478 pounds lint, while
the consumption of cotton (exclusive of linters in the United States) for the
year ended July 311932. was approximately 22,896,000 bales. The total
number of spinning cotton spindles, both active and idle, is about 161,000,000.
ACTIVITY IN THE COTTON-SPINNING INDUSTRY
--Persons interested in this report will
FOR NOVEMBER.
find it in our department headed "Indications of Business
Activity," on earlier pages.
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening denote that the weather generally has been mostly too cold and unsettled for field work
of any kind and for gathering the remnants of cotton still
remaining to be picked.
Galveston, Texas
Abilene, Texas
Brownsville, Texas
Corpus Christi, Texas
Dallas, Texas
Del Rio, Texas
Houston, Texas
Palestine. Texas
San Antonio, Texas
New Orleans, La
Mobile, Ala
Savannah, Ga
Charleston, S. C
Memphis, Tenn
Rain. Rainfall.
5 days 0.31 in.
2 days 2.1410.
3 days 0.28 in.
4 days 0.56 in.
1 day 0.98 in.
2 days 0.24 in.
5 days 0.55 in.
2 days 0.48 in.
4 days 0.18 in.
2 days 0.37 in.
1 day 0.28 in.
2 days 0.22 in.
2 days 0.14 in.
4 days 0.46 in.
Thermometer
high 68 low 28 mean 48
high 64 low 12 mean 38
high 74 low 30 mean 52
high 68 low 28 mean 48
high 66 low 12 mean 39
high 62 low 24 mean 43
high 68 low 22 mean 45
high 68 low 12 mean 40
high 70 low 24 mean 47
high _ _ low __ mean 45
high 71 low 26 mean 44
high 72 low 33 mean 52
high 61 low 33 mean 47
high 64 low 11 mean 29
The following statement we .have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge..
Above zero of gauge_
Above zero of gauge_
Above zero of gauge..
Above zero of gauge_
Dec. 23 1932. Dec. 24 1931.
Feet.
Feet.
2.6
7.0
12.7
29.0
11.2
27.2
3.2
20.0
16.4
31.9
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures.do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Financial Chronicle
Receipts at Ports.
Week
Ended
Stocks at Interior Towns.
Receiptsfrom Plantations
1930. I 1932. I 1931. j 1930.
1932.
1931.
1932. I 1931. 1930.
Sept.I
23-- 255.1271322.698 185.6911,452.801 811.978 818,124356.228384,042,489,053
30__ 322,464 445.906 555,848 1,571.911 945.683 949,334441,574 579.611,687.058
I
I
Oct.
'7 311,264 517.721 509.927 1,695.492 1,141.662 1,098.865 434,845713,70011319.458
14- 347,025519.39% 423,079 1,802,899 1,349.792 1,225,720454,432 727.528 549,934
21__ 395,485 380,980441,613 1,889,862 1,559,483 1,395.237482.448 590,671:611.130
29._ 387.507 453,232 448,230 2,030.251 1,750.43011,503,7341527,896644.171556.727
Nov.
404,069 403,664 397,331 2,133,283 1.905,10811,592,117 507.101 559.202,485,714
11_ _ 377,879 417,118 372,2792.201,601 2.052,0381,684397446,197,564.048464.359
18_ _ 425,2J2 402,386 338,371 2,248.953 2.176,8911.712,633472.574 527.239 366,807
25._ 308,468317,628 298,028 2,251,477 2,200,30711,770,725310,9921341,044 356,120
I
Dec.
375,711 312.183 255,569 2,246,7162,209,002 1,797.998 370,950 320,878,282,842
1
298,545 227,112 222,908 2,256,650 2,205,713:1,815,747 257,542 223,823 240,657
16._ 262,064 283,317 210,864 2,260,614 2,214,853 1,811,062 266,028 292,457206,179
23_ _ 182,170191,037 161,383 2,231,716 2,217,262.1,800,744 133,272 194,046151,065
4407
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both yarns and in cloths is quiet. Merchants are buying
very sparingly. We give prices to-day below and leave those
of previous weeks of this and last year for comparison:
1932.
1931.
8y, Lbs. Shirt- 1Cotton
32s Cop I tags. Common AMCg
Twist.
to Finest.
Uprds
32s Cop
Twist.
83,4' Lbs. Shirt- Cotton
tags, Common Middrg
to Finest.
Uprds.
s d.
.
a.
d.
R 3 @86
9140)I
95101034 83 @86
6 07
5.73
31
88418 9, 76
8 @984 76
3 18 6
934011
86
9 01031 83
811 010% 83 18 86
8%@1084 83 18 86
5 79
5.64
5.46
5.62
78418 994
8 0 914
8 0 954
854 010
d.
Se pt.
23._
d.
a. d.
s. d.
d.
Oat.76
76
80
80
s. d.
0000 0000 CO
Volume 135
d.
82
82
5 19
4.31
82
82
84
84
4.77
4.97
4.97
4.5e
The above statement shows: (1) That the total receipts Nov.- 8%014% 83 18 86
5.39 9 010% 80
84
5.12
84
5.60 811 010% 80
834 @1084 83 18 86
5.06
from the plantations since Aug. 1 1932 are 6,338,845 bales;
84
5.61 814 010M 80
4.89
9 010% 83 18 86
in 1931 were 7,327,528 bales, and in 1930 were 7,925,305
5.44 894181034 80
84
874181084 83 18 86
4.90
bales. (2) That, although the receipts at the outports the Dec.
80 @ 8 4
5.30
6.14
884181084 88 18 86
past week were 162,170 bales, the actual movement from
80 1884
5.04
83 18 86
6.21
814010
plantations was 133,272 bales, stock at interior towns
80 @ 84
5.26
5.20
8%010A 83 18 86
80 @ 84
5.07
83 18 90
5.30
23.-- 8341810
having decreased 28,898 bales during the week. Last year
receipts from the plantations for the week were 194,046
-As shown on a previous page, the
SHIPPING NEWS.
bales and for 1930 they were 151,065 bales.
exports of cotton from the United States the past week have
detail, as
- reached 178,790 bales. The shipments inas follows: made
WORLD'S SUPPLY AND TAKINGS OF COTTON.
following brief but comprehensive statement indicates up from mail and telegraphic reports, are
The
Bales.
at a glance the world's supply of cotton for the week and GALVESTON-To Japan-Dec. 15-Port Said Meru. 15.675--Dec. 17-Fernglen,3,933--Dec. 20-Kurama Mani, 18.425 38.033
from all sources from
since Aug. 1 for the last two seasons
To Liverpool
-Dec. 16-Elmsport, 4,590
4,590
which statistics are obtainable; also the takings or amounts
To Manchester-Dec. 16-Elmsport, 1,329
1,329
To Bremen-Dec. 16-Griesheim, 5.906
5 906
gone out of sight for the like period:
To Gothenburg
-Dec. 17-Vasaholm 961
961
Cotton Takings,
Week and Season.
1931.
1932.
Week.
Week.
Season.
Season.
Visible supply Dec. 16
10,229,171
10,623.477
6,892.094
Visible supply Aug. 1
7.791,048
American in sight to Dec.23.._
294,305 9,938.139
246.473 8,924,467
Bombay receipts to Dec. 22_ _
359,000
27,000
556,000
42.000
140,000
7,000
161.000
Other India ship'ts to Dec. 22
6,000
Alexandria receipts to Dec. 21
115,000
933,000
565,000
37,000
Other supply to Dec. 22 *b
265,000
14,000
229.000
10,000
Total supply
Deduct
-
10.964,950 18,226,515 10,686,476 18,527,233
Visible supply Dec. 23
10.529.872 10,529,872 10,231,293 10,231,293
Total takings to Dec. 23_a_ _ _
455,183 8,295,940
435,078 7.696.643
Of which American
288,183 6,053,940
362,078 5.973,643
Of which other
73.000 1.723.000
167,000 2,242,000
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 2,044,000 bales in 1932 and 1,890,000 bales in 1931
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 5,652,643 bales in 1932 and 6.405,940 bales in 1931,
of which 3,929,643 bales and 4,163.940 bales American.
S Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
1932.
Tinmham
1931.
Since
Week
.1Aug 1.
.
Dec. 22
Receipts al-
Since
Week.1Aug 1.
.
42..000
MR non 27.000
For the Week.
Exports
from-
1930.
Since
Aug. 1.
Week.
350.000 70(inn
7nc Ann
Since Aug. 1.
Great Co'at
Conti- Japan&
Great
Britain. sent. I China. Tota1.1 Britain.
Conti- 1Japan &
nest.
China.
Total.
Bombay
8,000 6.0001 14,00011
3,000 9,000 12,000
3,000 32,000 35,000
8,000 105,0001 220.000 333,000
7,000 79.000: 420,000 506,000
61,000 285,000 639,000 985,000
1932
1931
1930
Other India1931
1931
1930
6,000
1,000 6,000
.
9,000 16,000
Total all
1932
1931
1930
14,000 6,000 20,0001 41,000 233,000, 220,0001 494,000
1:000, 9,000 9,000 19,000I 45,000 181,000l 420,000' 646.000
9,000 19,000 32.000 60,000 107,000 443,000 639,000 1,189,000
6.0001,
7,000:
25,000,
33,000 128,0001
38,000 102,000:
46,000 158,0001
I 161,000
140,000
204,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
15,000 bales. Exports from all India ports record an increase
of 1,000 bales during the week, and since Aug. 1 show a
decrease of 152,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
Alexandria, Egypt,
Dec. 21.
Receipts (Cantars)Thls week
Since Aug. 1
Exports (Bales)-
1932.
1931.
1930.
185,000
2,924,279
575,000
4.654,419
290,000
4,217,064
ao
so
Total
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
7,000 49,072 ---- 98,416 ---_ 61,276
To Liverpool
5,000 43,985 7,000 72,652 5,000 57,319
To Manchester,&c
4,000 191,657 13,000233,906 14,000 225,195
To Continent and India
America
1,000 15,812 1,000 10,417 1.000 4,600
To
Total oxoorts
17.000300.526 21.090415.391 20.000348.390
-A cantar is 99 lbs Egyptian ba es weigh about 750 lbs.
Nate.
This statement shows that the receipts for the week ended Dec. 21 were
185,000 cantars and the foreign shipments 17,000 bales.
To Copenhagen-Dec. 16-Vasaholm, 1,296
1.296
To Oslo-Dec. 16-Vasaholm,300
300
To Gdynia-Dec. 16-Vasaholm, 1,213
1.213
To Genoa-Dec. 16
-Ida Zo, 5,177---Dec. 17-Jomar,100
5.277
-Elsa Menzell. 7.312
To Bremen-Dec. 17
7.312
To Barcelona-Dec. 17-Jomar, 2,490Dec 19-Aldecoa,
6,204
8.694
To China-Dec. 17-Fernglen. 5,200_ -Dec. 20-Kurama
Maru,250
5.450
To Havre-Dec.19
-City of Joliet, 1,366
1.366
-City of Joliet, 283
To Ghent
-Dec. 19
283
-City of Joliet, 142
To Rotterdam-Dec. 19
142
-Dec.16-Telesfore de Larrinaga,3,504 3.504
HOUSTON-To Liverpool
To Manchester-Dec. 16-Telesfore de Larrinaga. 774
774
To Barcelona-Dec.16--Jomar,1,057
1,057
To Genoa-Dec.16--Jomar,2,699
2,699
To Alicanti-Dec. 16-Jomar,100
100
To Barcelona-Dec. 16-Aldecoa, 3,269
3,269
-Genevieve,80
To San Juan-Dec. 15
To Venice-Dec. 19
-Maria, 1.123
1,123
To Trieste-Dec.19
-Maria,390
390
To Fiume-Dec. 19
-Maria, 450
450
To Bremen-Dec.20-Nashaba, 5,609
5,609
To Antwerp-Dec. 20-Nashaba, 150
150
-Alabama, 2,966
To Havre-Dec. 19
2.966
To Dunkirk-Dec. 19
-Alabama, 116
116
19
-Dec. -Alabama,336
To Ghent
336
-To Bremen-Dec. 17-Liberty Glo, 293
BRUNSWICK
293
(?).,2.059
SAN FRANCISCO-To Japan- A?)
2.059
-To Japan-Dec. 17-Victoria City, 6,562
CORPUS CHRISTI
6,562
To Bremen-Dec. 21-West Ekonk, 640
640
To Gothenburg-Dec. 21-West Ekonk,100
100
To China-Dec.17-Victoria City, 1,599
1,599
-West Ekonk,100
To Abo-Dec.21
100
To Gefle-Dec. 21
-West Ekonk,35
35
To Gdynia-Dec.21
-West Ekonk,150
150
-To Bremen-Dec. 15-0akman. 3.776; ErlanNEW ORLEANS
ger. 11,571
15,347
To Dunkirk-Dec.22-Sparreholm,200
200
To Hamburg-Dec. 15-0akman, 116; Oakman,17
133
To Gdynia-Dec. 15
-Erlanger, 200---Dec. 22-Sparreholm,
250
450
To Copenhagen-Dec.22-Sparreholm,200
200
To Riga-Dec. 15
-Erlanger, 125
125
To Gothenburg
-Dec. 22-Sparreholm, 50
50
To Oporto-Dec.15
-Erlanger,300
300
To Rotterdam-Dec.15
-Erlanger,400; West Tacook,1.575
1.975
To India-Dec. 15
-City of Florence, 661
661
To Porto-Rico-Dec. 15-Corazel, 15
15
To Ghent
-Dec. 15
-West Tacook, 1,450
1.450
To Havre-Dec. 15
-West Tacook, 2,172
2.172
To Antwerp-Dec. 15
-West Tacook, 175
175
To Japan-Dec. 19
-Vernon City, 2,775....-Dec. 20-Alynbank, 4,735
7.510
To China-Dec. 19
-Vernon City, 400
400
To Lapaz-Dec. 19
-Ulna
200
To Liverpool-Dec. 17-Eglantine, 5,669
5,669
To Manchester-Dec. 17-Eglantine, 819
819
To Genoa-Dec, 16-Monrosa, 4,125
4,125
To Naples-Dec. 16
-Naples, 1.000
1.000
NORFOLK-To Japan-Dec.(1)
-Sanyo Maru,29
29
To Genoa-Dec. 12
-City of Norfolk, 60
60
LOSvANGELES-To Dunkirk-Dec. 17
-Wyoming, 50
To Japan-Dec. 15-Taiyo Meru, 2.941-Dec. 17
-Golden
Sun, 100; Nansenville, 1,400
4,441
CHARLESTON-To Bremen-Dec. 20
-Liberty Glo, 2.102
2,102
To Antwerp-Dec. 20-Liberty Glo, 133
133
SAVANNAH-To Bremen-Dec. 22
-Liberty Glo, 1.114; Bonneville, 1,339
2,453
To Hamburg-Dec.22
-Bonneville,161
161
To Lisbon-Dec. 22-Bonneville, 50
50
JACKSONVILLE-To Liverpool-Dec. 15
-Tulsa, 200
200
To Manchester-Dec. 15-Lulsa, 254
254
To Bremen-Dec. 15
-Liberty Glo, 443---Dec. 18
-Bonneville, 151
594
TEXAS CITY
-To Liverpool
-Dec. 15
3.680
-Elmsford,3,680
To Manchester-Dec. 15
-Elmsford, 1.104
1.104
To Bremen-Dec. 16-Griesheim, 1,365---Dec. 17
-Elsa
Menzell, 2,104
3,469
To Barcelona-Dec.19-Aldecoa,721
721
178.790
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by !Lambert & Barrows, Inc., are
as follows, quotations being in cents per pound:
High StandDensity. era,
.500.
Manchester.45c. .500.
Antwerp .350. .500.
Havre
.270. .42c.
Rotterdam .356. .500.
Genoa
.40c. .55e.
Oslo
.40c. .550.
Stockholm .400. .550.
*Rate Is open. t Only
Liverpool .454.
Trieste
Flume
Lisbon
Barcelona
Japan
Shanghai
Bombayt
Bremen
small lots.
High
Density.
.500.
.600.
.450.
.85e.
•
•
.40e.
.85a.
High StandStandDensity. ant.
aid.
Hamburg .350. .50e.
.65e.
.750. .90c.
.650. Piraeus
.600. Salonica .75e. .90e.
.550. Venice
-50c- .
650•
•
Copenh'gen.400. .550.
Naples
.400.
.55c.
•
.550.
Leghorn .40c. .556.
.600. Gothenberg.40c. .55c.
Financial Chronicle
4408
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c.,at that port:
Dec. 9. Dec. 16. Dec. 23.
54,000
57,000
54,000
678,000 708,000 729,000
356,000 361.000 387.000
79.000
90,000
29,000
62,000
38,000
18,000
222,000 207,000 163.000
154.000 155.000 115.000
Dec. 2.
55,000
695.000
367,000
108,000
69,000
191,000
135.000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Market, 1 A fair
business
12:15
doing,
P.M.
Monday.
Tuesday. Wednesday. Thursday.
Friday.
Quiet.
A fair
business
doing
Quiet.
Quiet.
Moderate
demand.
5.15d.
5.21d.
5.21d.
5.32d.
5.28d.
Quiet,
Quiet but
Quiet.
Futures.1 Steady, Quiet but
1 to 2 pts. st'dy, 7 to 5 to 6 pts. at'dy, 3 to 5 to 9 pts.
Market
advance. 8 pis. adv. decline. 5 pts. dec. decline.
opened
Quiet.
Market, I Quiet, Barely stdy Steady. Quiet but
1 pt. st'dy, 2 to 8 to 10 pis.
2 to 3 pts.
un4
changed, advance. decline. 4 pts. dec. decline.
P. M.
MIcl.UpYds
5.07d.
Steady
4 to 7 pts.
decline.
Steady
2 to 3 pt.%
decline.
Prices of futures at Liverpool for each day are given below:
Sat.
I
Mon.
Tues. I
Wed.
Thurs.
Fri.
Dec. 17
to
Dec. 23.
12.15 12.30 12.15 4.00 12.15 4.0012.14'4.0012.151 4.00 12.15: 4.00
m.p. m.111. m•11.111.'1). m.
P. m-11). m.p. in.D. 111.D. al.P. la.
d.
d. d. d. d. d. d.
New Contract. d. d. d. d. d.
__ 5.00 5.07 5.02 4.96 5.01 4.96 4.97 4.90 4.87 4.82 4.84
December
5.00 5.07 5.02 4.97 5.01 4.97 4.98 4.92 4.89 4.8 4.86
January (1933)
5.01 5.08 5.03 4.98 5.02 4.98 4.99 4.93 4.90 4.87 4.87
February- - 5.03 5.10 5.05 5.00 5.04 5.00 5.01 4.94 4.92 4.88 4.89
March
5.04 5.11 5.06 5.01 5.05 5.01 5.02 5.95 5.93 4.99 4.90
April
5.05 5.12 5.07 5.02 5.06 5.02 5.03 4.96 4.94 4.9 4.91
May
5.05 5.12 5.07 5.02 5.06 5.02 5.03 4.97 4.94 4.90 4.92
June
5.08 5.13 6.08 5.03 5.071 5.03 5.04 4.98 4.95 4.91 4.93
July
5.061 5.135.0 5.04 5.08 5.04 5.05 4.99 4.96 4.92 4.94
August
5.08 5.13 5.09 5.04 5.08 5.04 5.05 4.99 5.97 4.93 4.95
September_ __ _
5.071 5.14 5.10 E.05 5.09 5.05 5.06 5.00 4.98 4.94 4.96
October
5.071 5.14 5.1 5.05 5.09, 5.05 5.07 5.01 4.99 4.5 4.97
November_ 5.Oe 5.16 E.12 5.07 5.11 5.07 5.0 5.03 5.01 4.97 4.99
December
BREAD STUFFS
Friday 1Viglit, Dec. 23 1932.
-For some grades prices on the 19th inst. were
FLOUR.
reduced 5c. On the 22nd inst. Semolina declined 10c. with
a drop of lc. on durum in Minneapolis and Duluth.
-Renewed liquidation has latterly caused new
WHEAT.
low prices. There has been a lack of speculative interest
and a weak stock market has also had its influence. On
1
4c.
the 17th inst. prices closed % to / up in Chicago, bouyed
by Winnipeg, which advanced 1%c. It was believed that
liquidation of country owned wheat which had been represented by storage tickets was largely completed last Friday
when Winnipeg broke about 4c. On the 17th inst. the seaboard, exporters and foreign interests bought. Chicago
bought in Winnipeg and sold to some extent in Chicago.
Wheat prices there were about the highest in the world
and Winnipeg had about the lowest. Some recent and
persistent sellers were said to be buying. Export sales
were 1,000000 bushels. Some Northwestern members of
the trade expressed the opinion that the Government had
overestimated the spring wheat crop in its latest statement which showed a reduction of only 6,000,000 bushels
from the previous total whereas many had looked for some
such decrease as 50,000,000 bushels. On the 19th inst.
1
4
prices ended / to %c. lower on renewed liquidation after
,
4
an early rise of 1 to %c. There was a rally however of
1
4c.
% to / from the lows of the day. The market was
highly professional and paid little or no attention to current
news. On the 20th inst. prices closed IA to %c. net lower
on Eastern liquidation. The decline was checked by buying
by holders of bids and some outside buying as well as
1
4c.
scattered covering. December rallied / from the low
of the day.
Washington wired on Dec. 20 that a winter wheat yield' of
only 400,000,000 bushels for 1933 was forecast by the Department of Agriculture. The crop this year was 462,151,000
bushels and in 1931 was 787,393,000. The estimate was
based on acreage figures and on condition reports to the
department. The acreage planted this fall was 39.902,000,
a reduction of 1.3% under that of the preceding year and
was the smallest sowing of winter wheat in this country since
1923. It was the third consecutive winter in which the
acreage was under the preceding year's, 43,520.000 acres
having been planted in 1930 and 40.420,000 In 1931. In the
hard winter wheat area, lying chiefly between the Rocky
Mountains and the Mississippi, sowings were off 3.7% from
the 1931 acreage and accounted for a decrease of about
1,000,000 acres. The latter was partially offset, however,
by increases of 2.4 and 8.3%, respectively, in the soft
winter wheat and white wheat producing areas. The condition of winter wheat on Dec. 1 was reported at 68.9%
of normal, as compared with 79.4% on Dec. 1 1931, and the
Dec. 1 ten-year average (1920-29) of 83.3%. The present
condition is the lowest Dec. 1 condition reported by the
department since reports were begun in 1863. It is below
average over practically the entire country, indicating that
the slant had made less than average advancement by Dec. 1.
On the 21st inst. prices ended %c. lower to %c. higher.
The estimated winter wheat crop of only 400,000,000 bushels
the smallest in 28 years fell flat. May was at a new low.
Dec. 24 1932
Eastern longs sold. But the market was not without its
defense. Buying by privilege holders, shorts and others
acted as a buffer against liquidation, and after a rally of
% to %c., prices were not greatly changed at the close from
those of the previous day. On the 22nd inst. prices fell to
new lows on liquidation in a small market. Prices declined
43c. To-day, despite the firm Liverpool quotations,
% to 7
prices here dropped away again, and at one time May and
July sold off to the lowest prices for the season. It appears
to have no friends at all. Predictions are made of a carryover of 400,000,000 bushels by the middle of next year, and
the prospect for a domestic basis for wheat seems a long
way off. Final prices show a decline for the week of 1 to 2
points.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues, Wed, Thurs. Fri.
No. 2 red
64
6334 63
6334 6334 633
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
44% 413 44
December
,
4434 431 43g
47
463 46
May
463,4, 45
45%
47H 46
July
4634 46% 453 45
Season's Lou' and When Made.
Season's High and When Made.
December
(issi Apr. 26 1932 December
41% Nov. 25 1932
May
65
Aug. 10 1932 May
4434 Dec. 23 1932
6034 Oct. 4 1932 July
July
4434 Dec. 23 1932
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues, Wed. Thurs. Fri.
40
December
40U 39." 40% 4011 41$
43
May
42
42
42% 42
43
44
43
43
July
433i 43
44
INDIAN CORN has declined partly in sympathy with
wheat and partly because of the dullness of the cash trade.
Under the circumstances new lows for the season have been
reached despite the continued smallness of the country
offerings. On the 17th inst. prices closed %c. lower to
%c. higher. Iowa farmers are receiving loans of 6 to Sc. a
bushel on corn from the Regional Agricultural Credit Bank
in Sioux City, it is stated. Some 60,000 bushels of No. 2
yellow were receipted and sold to Europe, and further shipments, it seems, are to be made later this month or early
in January. Efforts are being made to revive speculation
in corn at the current low prices. Operators have been
accumulating it 'as prices fall and holders are not ready
sellers. The country movement has fallen off. When
offerings have increased on advances they met a good
demand from those who think corn at record new lows is too
cheap. The first movement by barge of Illinois corn to New
Orleans has been made and consignments, it is stated, will
be large early in 1933 to Liverpool and Manchester, England.
Recently 1,000,000 bushels of American corn were sold for
export. Then the demand disappeared, as it was seen that
American prices were relatively higher than those in
Argentina. On the 19th inst. prices ended / lower to /
1
4c.
1
4c.
higher, with receipts at Chicago of only 56 cars. This looked
strange for a Monday,even with the available supply limited,
and showed very plainly that farmers were holding back
their corn. On the 20th inst. prices closed / lower to Mic.
1
4c.
higher, with moderate trading.
On the 21st inst. corn was dull and % to %c. lower. December was the weakest month. Country offerings increased somewhat. On the 22nd inst. prices declined % to
1%c., reaching now lows for the season, though country
offerings continued small. Eastern demand was poor. Stop
orders were met on the way down. To-day prices rallied
after December and July had sold at a new low for the season
and closed at a net advance for the day of / to %c. During
1
4
the course of its break December went to the lowest level
/
4c.
since 1896 and came within 13 of the all-time low record.
Absence of offerings soon steadied the market and corn once
again broke away from the influence of wheat's action.
Final prices show a decline for the week of 1 to 1%c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. (on, Tues. Wed. Thurs. Fri.
No. 2 yellow
4134 4134 40% 40% 39% 4034
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Afon. Tues. Wed, Thurs. Fri.
22
December
23
23g 22q 21
21$
27
May
2734 27
26
2534 26
28
July
28% 28% 28
2734 27
Season's High and When Made.
Season's Low and When Made.
December
3934 Apr, 26 1932 December
20% Dec. 23 1932
May
40% Aug. 8 1932 May
2554 Dec. 22 1932
3434 Oct. 4 1932 July
July
27% Dec. 23 1932
OATS have been dull, and, for the most part, easier with
other grain. On the 17th inst. prices closed unchanged to
14c. higher, December being the firmest. On the 19th inst.
/
prices ended unchanged to %c. higher, owing to buying by
the industries. On the 20th inst. trading was small, with
1
4c.
prices closing unchanged to / lower. On the 24th inst.
trading was dull and prices 1
4c. lower. No interesting
features developed. On the 22nd inst. prices ended % to %c.
lower, touching levels equal to the lowest of the season.
To-day oats closed practically unchanged, disregarding
wheat's weakness and corn's strength. The trading was
generally featureless. Final prices are / lower on May
1
4c.
and July for the week, while December is 1
4c. higher.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Mon. Tues.
Sat.
Wed, Thurs. Fri.
26-2634 26-26% 26-26% 26-26% 2534-26 2534-26
No.2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
15
December
14$
150 15$ isg
1794 17
May
17
17
1634 16
17% 17
July
17
17
17% 17
Season's High and When Made- I Season's Low and When Made
Apr, 26 1932 December
December
2.5
Dec. 3 1932
13
1711
Aug. 8 1932 May
May
2314
Dec. 23 1932
16
July
19%
Nov. 7 1932 July
Dec. 23 1932
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
19% 20% 204 204
2og 20
December
214 21% 214
214 213
22
May
RYE has declined, but recently has shown more steadiness
than wheat, owing to buying by foreign interests. On the
17th inst., aided by the rise in wheat, prices advanced % to
%c. On the 19th Inst. prices declined % to %c., with wheat
depressed. On the 20th inst., affected by the weakness in
wheat, prices declined % to %c. The acreage was given as
4,649,000 acres against 3,712,000 in 1931 and 3,993,000 in
/0. as wheat rallied.
1930. On the 21st inst. prices advanced 1
On the 22nd inst. prices declined % to %c. Foreign interests
were credited with buying, and the decline in rye was accordingly not equal to that in wheat. To-day prices closed %c.
/
lower to 14c. higher. The North Dakota State report showed
20% reduction in acreage, and put the condition at only 68%.
Final prices show a rise on December for the week of %c.,
while other months are % to lc. lower.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fn.
304 30
304
304 304
December
334 33% 334 33% 324 324
May
32%
34% 334 334 33% 33
July
Season's Low and When Made
SeaSon's High and When Made.
264 Nov. 1 1932
June 3 1932 December
December
454
304 Nov. 1 1932
424 Aug. 10 1932 May
May
31
Nov. 2 1932
3634 Oct. 15 1932 July
July
BARLEY has drifted downward despite the passage of
the Collier Bill in the House at Washington by a large
majority. What will be the bill's fate in the Senate is a
conjecture. On the 17th inst. prices advanced %c., owing
to news that the Collier beer bill would probably pass the
House early in the week. On the 19th inst. prices closed Ihc.
lower, with most other grain falling. On the 20th inst., owing
to reports that the Collier Bill was likely to pass, prices
advanced Ihe. On the 21st inst. prices declined %c., despite
the passage by the House of the 3.2% Collier Bill. On the
22nd inst. prices declined %c., after an early advance of %c.
May closed at 29%c. To-day prices ended %c. higher. May
%c. lower than a week ago.
Closing quotations were as follows:
GRAIN
Wheat, New York
Oats. New YorkNo.2 red, c I.f., domestic,,-634
No 2 white
2514 ©26
Manitoba No. 1.f.o.b. N. Y.5414
No 3 white_ .
2534 ©26
Rye No 2. rob,bond N.Y.434
Corn. New York
Chicago. No 2
Wm.
rail
No. 2 yellow, all
400 Barley
No. 3 yellow, all rail
N. Y.. c.i.f.. domestic
4t
39
Chicago. cash
24©
FLOUR.
Spring pat. high protein53.75 $3.95 Rye flour patents
$3.25©$3.50
Spring patents
3.45
365 Seminola. bbi .Nos 1-3 4.15® 4.55
Clears, First spring_ _ 3.45
365 Oats goods
1.45
Soft winter straights... 3.05
325 Corn flour
Lomas 1.10
Hard winter straights . 3 15
3.30
Hard winter patents
3 30
350 Barley goods
Hard winter clears3 10118
Coarse
2.35(4
Fancy Minn patente
4 90Of 5 60
Fancy pearl. Nos. 2.
4 9010 5.60
City mills
4 and 7
4.1542) 430
All the statements below regarding the movement of grain
-receipts, exports, visible supply, &o.
-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 al
-
Flour.
Wheat.
Corn.
Oats.
Rife.
I Barley.
8814.196 lbs bush. 60 lbs. bush.56 lbs. bush. 32 tbs. bush.48 lbsbush.56 lbs
164,000
Chicago
164,000
679,00i
21,000
83,000
Minneapolis
126.000
683,000
47,000 239,000
117,000,
Duluth
18.000
40,000
5,000
546,000
18,000
6,000
Milwaukee-25,000 161.000
13,000
Toledo
112,000
1,000
34,000
60,000
6.000
Detroit
20,000
5.000
2,000
6,000
IndlanapolLs_ 86,000
611,000
45,000
121,000
61,000
St. Louis__ _
1.000
246,000
215,000
21,000
40,000
Peoria
26,000
214,000
40,000
3.000
11,000
38,000
Kansas City
168,000
566.000
37.000
Omaha
135,000
135,000
66,000
63,000
St. Joseph_ _ _
56,000
Wichita
1,000
251,000
4,000
Sioux City--.
4,000
2,000
5.000
10,000
Buffalo
117,000
Tot. wk.'32
Same week '31
Same week '30
342,000
336.000
379,000
2,773,000
3,371,000
5,736,000
772,000
2,327,000
937.000
2.355,000,
8,039,009 1,672,000
104,000
52,000
206,000
541,000
594,000
814,000
Since Aug.17,752,000 201,688,000 95,013,000 48,873,000 5,789,00022,372,000
1932
9,560,000 187,997,000 56,719,000 36.518,000 3.787,00019,643,000
1931
1930
9.183,000236.187,000 82,633,000 63,795,000 14.707,000 32,229,000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Dec. 17 follows:
RectiPts at
-
Flour.
4409
Financial Chronicle
Volume 135
Wheat.
Corn.
Oats.
Rye.
69,000
2,000
68,000
8,350,000 12,337,00011,500,000 8,511,000
60,000
53,000
292,000
63,000
756.000
Week 1931Since Jan.1'31 22,769,000 185,402,00(1 3,113.000 13.066,000 2.778,00023,142,000
• Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
statement:
Wheat.
Exports from-
Corn.
Bushels. Bushels.
545,000
347,000
New York
Albany
Boston
Baltimore
Newport News
Mobile
New Orleans
Galveston
Quebec
St. John
Halifax
37.000
49,000
60,000
844,000
352,000
72,000
Total week 1932._ 2,427,000
1 072 nnn
Flour.
Oats.
Rye.
Barley.
Barrels. Bushels. Bushels. Bushels.
19,460
1,000
3,000
2,000
181,000
Ramo meszalr 1059
7,000
17,000
11,000
16,000
60.000
1 nnn
76,460
An Q55
5.000
43.000
The destination of these exports for the week and since
July 1 1932 is as below:
Flour.
Exports for Week
Since
Week
and SinceDec.17 July 1
July 1 to1932.
1932.
Corn.
Wheat.
Week
Dec. 17
1932.
Since
July 1
1932.
Week
Dec. 17
1932.
Since
July 1
1932.
Bushels. Bushels. Bushels.
Bushels.
Barrels. Barrels.
60,000
421,000
587.000 39,144,000
United Kingdom_ 23,295 1,065,269
3,110,000
439,412 1,604,000 52,890,000
8,140
Continent
2,000
60,000
218,000 7,644,000
So.& Cent. Amer. 3,000
86,000
19,000
12,000
218,000
West Indies
28.000
4,000
2,000
30,000
Brit. No.Am.Col. 4,000
345,000
6.000
100,741
Other countries_ _ _ 10,025
Total 1932.... 76,460 1,913,422 2,427,000 100,111,000
msss 11121
An Sign 3 415 AR4 1.073.000 93.441.000
60,000 3,556,000
1.000
52.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Dec. 17, were as follows:
United StatesBoston
New York
" afloat
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chicago
" afloat
On Lakes
Milwaukee
" afloat
Minneapolis
Duluth
Detroit
Toledo
Buffalo
" afloat
GRAIN STOCKS.
Barley,
Rye,
Wheat,
Oats,
Corn,
bush.
bush.
bush,
bush,
bush,
3,000
1.000
41,000
4.000
460,000
69,000
863,000
296,000
147,000
182,000
2,000
48,000
5.000
17,000
1,146,000
3,000
15,000
4,000
1,216,000
38.000
120.000
381,000
43,000
16,000
550,000
24,000
1,178,000
77,000
4,000
67,000 1.011,000
4,955,000
2,272,000
9,000
5,858,000
389,000
442,000
6,127,000
71,000
27,000
38.451,000
485,000
41,000
54,000
25,000
16.680.000 1,043,000 1,497.000
14,000
140,000
7,000
1,657,000
106,000
7,000
21,000
5,243,000 2,049,000
370,000
882,000
1.062,000 1,388,000
28,000
48,000
661,000
589,000
12,429,000 9,360,000 3,923.000 1,522,000
203,000
1,314,000
272,000
270,000
93,000
701,000
818,000
5,806,000 1,511,000
139,000
115,000
353,000
25,382,000
868,000 9,827,000 3,969,000 4,761,000
637,000
184,000 2,484,000 1,077,000
13,390,000
30,000
32,000
31,000
15,000
346,000
No report
158,000
585.000
10,489,000 7,104,000 2,028,000
848,000
213,000
147,000
9,967,000 1,489,000
Total Dec. 17 1932-166,867,000 28,193,000 24,627,000 7,958.000 7,974.000
Total Dec. 10 1932.-168,786,000 27,610,000 24,825,000 7,933,000 7.743,000
Total Dec. 19 1931_212.374,000 10,881,000 15,604,000 9.508,000 4.270.000
Note.
-Bonded grain not included above: Wheat, New York, 1.051,000 bushels
New York afloat, 2,870,000; Philadelphia, 48,000; Boston, 1,250,000; Buffalo,
1,905,000; Buffalo afloat, 5,854,000; Duluth, 2,000; Erie, 1,326,000; total, 14,306,000 bushels, against 25,520,000 bushels in 1931.
Wheat,
bush.
Canadian
2,240,000
Montreal
Ft. William & Pt. Arthur 57.754,000
40,511,000
Other Canadian
Corn,
bush.
Barley,
Oats,
Rye.
bush.
bush.
bush.
899.000
474,000
583,000
817,000
843,000 1.736,000
754,000 1,049,000
3,344,000
4,770,000
Total Dec. 17 1932-100,505.000
4,778,000
Totai Dec. 10 1932.-- 97,851,000
8,260,000
Total Dec. 19 1931.- 58,329,000
Summary
166,867,000 28,193,000 24,627,000
American
4,770,000
100,505,000
Canadian
3,389,000 2,340.000
3,296,000 2.183,000
9,083,000 4,572,000
7.958,000 7.974,000
3,389,000 2,340,000
Total Dec. 17 1932_267,372,000 28,193,000 29,397,000 11,347,000 10,314.000
Total Dec. 10 1932-266,637,000 27,610,000 29,603,000 11,229,000 9,926,000
Total Dec. 19 1931...270,703,000 10,883,000 23,864.000 18,591,000 8,842,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange for the week
ended Friday, Dec. 16, and since July 2 1932 and July 1
1931, are shown in the following:
Corn.
Wheat.
Exports.
I Barley.
6818.196 lbs1bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bush.481bs)bush.561bs.
144.0001
20,000
New York-- 115,000
34,0001
8,000
Philadelphia 5,000
63,000
2,000
Baltimore-15,000
22.000
2,0001
Newport News
Mobile
37,000
33,000
45,000
39,000
New Orleans *
99,000
Galveston_
19,000
11,000
352,000
St. John
8,000
25,000
Boston
4,0001
2,000
844,0001
Quebec
16,000
Halifax
72,0001
Tot. wk.'32 292,000 1,605,000
Since Jan.1'32 15,787.000164,594.000
The exports from the several seaboard ports for the week
ending Saturday, Dec. 17 1932, are shown in the annexed
Week
Dec. 16
1932.
Since
July 2
1932.
Since
July 1
1931.
Week
Dec. 16
1932.
Since I
July 2
1932.
Since
July 1
1931.
Bushels.
Bushels.
Bushels. I Bushels.
Bushels.
Bushels.
North Amer_ 6,531,000168.971,000166.064.090
72.000 3,842,000, 1,532,000
Black Sea__
504,000 16,088,000 95,784.000 3,766,000 26,459,000 6,590.000
Argentina__ 1,309,000 19,521,000 36,579,000 2,075,000 119,615,000 232,289,000
Australia
2.694,000 39,972,000 48,503,000
India
600,000
0th. countr'a
360.000 16,885,000 19,440,000j 390.000 18,117.0001 13,265.000
Total
11,398.000261,437,000 366,970,000' 6.303,000 168,033.000 253.676,000
AGRICULTURAL DEPARTMENT'S REPORT ON
ACREAGE OF WINTER WHEAT AND RYE SOWN
FOR 1933 CROP.
-The full report of the Department of
Agriculture showing the condition and the area sown to
winter wheat and rye as of Dec. 1, issued on the 20th inst.,
will be found in an earlier part of this issue in the department
entitled "Indications of Business Activity."
4410
Financial Chronicle
WEATHER REPORTAFOR THE WEEK ENDED
DEC. 21.—The general summary of the weather bulletin
issued by the Department of,Agriculture, indicating the influence of the weather for the week endeVec. 21, follows:
At the beginning of the week
-there was a reaction to somewhat warmer
weather in the Northwest, but this was quickly followed by another drop
in temperature in that section, and on Dec. 15-17 decidedly colder weather
again overspread the interior valleys and South-Central States. On the
morning of Dec. 16 the line of zero temperature extended to northern
Kentucky, West Virginia, and western Pennsylvania, while later in the
week readings far below zero were reported from the Northeastern States.
During the closing days of the period there was considerable moderation
from the extreme cold, with a tendency to rising temperatures rather
generally over the country.
Decidedly subnormal temperatures prevailed in all sections of the country,
except the extreme Southeast. In Florida the week was warmer than
normal, with the temperatures in the southern portion of the peninsula
remaining above 50 deg. during the entire week at Miami the lowest
.
reported was 62 deg. Elsewhere the week averaged rather generally from
about 8 deg, to as much as 20 deg. colder than normal, with the greatest
departures over a belt extending from the west Gulf area northeastward
to the Lake region, and in central Rocky Mountain sections and the Great
Basin. In most of the northern States the weekly minimum ranged from
10 deg. to 20 deg. below zero, while central Gulf stations reported readings
of about 4 deg. below freezing. The lowest temperature reported from a
first-order station was 22 deg, below zero at Northfield. Vt., on Dec. 17.
Precipitation in appreciable amounts was confined largely to the more
Southern States, the Atlantic area, and the far West. Heavy snows occurred in the interior of the Southeast and Middle Atlantic States, some
of the heaviest falls of record for a single December snow being reported.
In the central valleys, the Lake region, and in central and northern sections
of the Great Plains there was very little precipitation, most stations reporting amounts too small for measurement. Near the close of the week
there was heavy rainfall in north Pacific districts, with amount exceeding
1 inch as far south as San Francisco.
The continuation ofsnow-covered ground and extreme winter temperature
conditions made another week decidedly unfavorable for outside operations throughout nearly the entire United States. Farm work was confined
almost wholly to the feeding of stock, chores, and some butchering. Fortunately most grass and wheat lands had a fair to good snow covering,
though the layer was inadequate in the western wheat belt and the north
Pacific area.
The moderate to heavy snows in the Eastern States afforded considerable
protection to winter grains from North Carolina northward; melting snow
will replenish soil moisture in some of the previously dry areas, particularly
In Virginia. In most central parts of the country an adequate snow cover
remained during the week, with winter wheat apparently in good condition.
In the Great Plains area a light to moderate cover was reported in South
Dakota,Nebraska,the eastern third of Kansas, and in Oklahoma; in the
southwest quarter of Kansas and many northwestern counties winter wheat
is frozen to the ground, while some damage occurred in Oklahoma. In
the Northwest snow cover was rather light and some injury is probable,
especially in the Pacific Northwest where the fields were bare or only
poorly covered during the cold weather and the ground is deeply frozen;
the extent of injury is still uncertain. In California moderate to heavy
precipitation and warmer weather favored germination of early-seeded
Minn.
THE DRY GOODS TRADE
New York, Friday Night, Dec. 23 1932.
In the past two or three days activity in primary and
distributing channels of the textile trade has slowed down
greatly in anticipation of year-end inventory taking and in
accordance with the traditional dullness which always characterizes the closing weeks of an old year, with retailers
preoccupied with holiday trade and the general holiday
atmosphere restricting all lines of production and distribution. However, the week as a whole has been relatively
favorable in some directions, especially in cotton goods and
to a somewhat smaller extent in silk goods, with a rather
surprisingly good volume of ordering recorded early in the
present week, especially for coarse yarn gray goods. Good
buying of gray goods was registered at slight advances in
prices, showing that at least some buyers are in genuine
need of goods, and this gives rise to hopes of an early
buying spurt after the turn of the year. The movement of
silk printed goods was not greatly affected until the past
few days, as retailers continued• to sample new designs
actively with cutters ordering sample pieces extensively for
quick delivery. Decidedly less piracy, from which the silk
goods trade has long suffered greatly, is reported at this
time, the efforts of the Design Protection League having
apparently met with considerable success. Pirates are said
to have taken warning from statements by mills that they
will vigorously prosecute instances of stolen designs. Dyers
and finishers, in agreeing to process only registered designs,
are believed to have greatly facilitated the success of the
drive against pirates. Sand crepes are reported to have been
in very good demand in recent days, several mills having
booked considerable contract business. Rough crepes and
heavy sheers have also been consistently asked for, and their
present popularity is expected to continue throughout the
spring season.
The whole dry goods trade, like other divisions of the
business world, and the nation at large, is waiting anxiously
for developments at Washington, textile observers being
especially concerned about prospective legislation to con•
trol farm production through the medium of a tax on consumers of raw products, to subsidize farmers. Current indications are that the present Congress may prove unable to
bring its large number of lame duck members into line for
the purpose of putting through needed measures, especially
with the Congress antagonistic to the President. A genuinely balanced budget, to be got only through very drastic
Government economies as well as further revenues; settlement of the war debts problem; co-operative international
action to stabilize currencies; farm relief legislation, and
reduction of tariffs are regarded by responsible financial
opinion as all necessary preliminaries to a real return to
normal economic conditions. If, as now seems probable,
little is accomplished toward effecting such measures in
the present Congressional session, much will be expected of
the next one, and there are plenty of commentators who fear
that even the new Government may prove unable to take
really adequate as well as speedy steps in the directions
indicated. Most observers, however, cling to hope, and it is
Dec. 24 1932
very notable that the whole nation seems to be retaining a
large measure of the confidence in the general outlook which
came into beinc following the dissipation of last summer's
,
gold scare. Doubtless delays in putting through needed
political remedies will continue to have a retarding effect
on business in the early months of 1933, but textile market
men, in common with a great number of competent industrial critics in other lines, continue to believe that business
will at least hold steady, and possibly further strengthen
its fundamental position pending the institution of necessary political reforms.
DOMESTIC COTTON GOODS.—Broader buying of gray
goods featured the week in domestic cotton goods markets,
providing a very pleasant surprise to mill men who expected
the normal seasonal dullness to rule. Slight advances in
prices obtained on some of the business registered, added
further to the good feeling engendered in primary channels.
Coming at a time when curtailed production is a matter
of course as a result of holiday shutdowns and preparation
for inventory-taking, such orders are reported to have materially helped some mills to end the year in a satisfactory
statistical position. Sentiment, notwithstanding the less
favorable trend of events and psychology in Wall Street
and at Washington, appears to be better in cotton textile
channels than it was a short time ago. The belief is gaining adherents that there will be a material expansion in
demand soon after the turn of the year, and there seems to
be a growing persuasion that recent propaganda against
the habitual underselling which persistently undermined
prices in periods of quietude has been having effect. Some
commentators predict that sellers will tend to hold prices
more steady in future, and show less reluctance to turn
down offers of orders at concessions from market prices.
That many important buyers will welcome such a development is self-evident, and there are rumors to the effect
that some of the latter are already displaying an encouraging
disposition to place orders further ahead and subscribe to
generally sounder mercantile policies. In part, better buying interest is ascribed to fear of imminent adoption of the
projected consumer tax on farm commodities, though early
action by Congress in this respect is considered very doubtful. Sellers have further clarified their position with regard
to this potential tax, the Association of Cotton Textile Merchants, conjointly with the Textile Fabrics Association, having adopted in committee a clause to be inserted in sales
notes making buyers responsible for any taxes which
may be imposed by the Government at some future
date. While demand for gray cloths slackened off,
as was to be expected, toward the middle of the week,
sufficient buying interest was manifested thereafter to lead
sellers to believe that many buyers stand in definite need
of further supplies. Broadcloths were firm, with stocks
light and scattered ordering continuing to come to hand.
Narrow sheetings were quiet, but more optimism was displayed about their prospects than was recently in evidence.
Improved demand for colored goods, notably denims and
chambrays, was reported. Substantial sales of fancy weaves
was a feature in all-cotton fine goods. Print cloths 27-inch
64x60's constructions are quoted at 2%c., and 28-inch 64x60's
at 25( c. Gray goods 39-inch 68x72's constructions are quoted
2
at 3%c., and 39-inch 80x80's at 4%c.
WOOLEN GOODS.—The customary end-of-the-year lull
has overtaken markets for woolens and worsted goods,
with the retail trade giving all its attention to the current
holiday trade, and intermediate buyers buying only what
they must have to fill orders in hand, in accordance with
the general desire to close the year with the lightest possible
stocks. Mills, similarly inspired, are in a great many cases
holding rigidly to the practice of producing only on actual
orders, and are thus operating on reduced schedules. While
current quietude is termed as marked as last year at the
same time, the consensus of opinion among sellers paints
the outlook a decidedly brighter hue. More business is
held on the books of mills, in the aggregate, it is pointed
out, and the raw wool market has an appearance of stability
which is construed as indicating an upward trend in goods
prices during the early months of 1933, if any trend at all
develops away from curernt levels. Women's wear fabrics,
having been well received by the trade, are expected to move
briskly before long, and some observers believe that the
inception of activity in that regard may also signalize an
upward trend in values. With a large proportion of spring
business still to be placed, it is thought that a shortage of
light-colored worsteds and sports woolens is likely as the
season approaches Easter, unless buyers show a greater
disposition to anticipate their needs between then and now,
A feature of the men's wear division is the progressively
growing buying interest in fancier constructions of men's
fabrics.
FOREIGN DRY GOODS.—There is an active spot busi- ness going forward in local linen markets on handkerchiefs,
luncheon sets and tablecloths as holiday items. Otherwise
business is slow, with sampling of men's and women's wear
suitings and dress goods proceeding quietly. Burlaps continued quiet, though slightly better than recently, as buyers
placed orders which were reported to involve shipments from
Calcutta during the first quarter of 1933. Unsteadiness in
sterling continued to be a source of worriment, but prices
for the week held steady. Light weights are quoted at 3.05e..
and heavies at 4.25c.
Financial Chronicle
Volume 135
ffitate and Txtg Pepartment
NEWS ITEMS
Gastonia, N. C.—City Briefly Outlines Default Situation.—
Pursuant to the notice appearing in V. 135, p. 4066, that
a definite plan had been adopted for refunding a part of the
city's debt, the payments on which it has been unable to meet
promptly of late, we are giving as follows the text of a letter
being sent out to the bondholders by the city,a copy of which
has been furnished to us by W. L. Walters, City Clerk and
Accountant:
w Dec. 131932.
To the Bondholders of the City of Gastonia, N. C.:
The city of Gastonia regrets that within the last six months unprecedented financial conditions have prevented it from meeting promptly
the principal and interest on its bonds. The city officials have been as
reluctant to see this happen as have the bondholders, as it ends a record
of 32 years without default.
This condition has resulted in many letters being sent us by bondholders
who desired information regarding when payment would be forthcoming.
Unfortunately we have been unable to answer all these communications,
but this letter is sent to briefly outline our situation.
In July of this year the city was compelled to default because of its
inability to obtain funds in anticipation of the autumn tax collections.
Since that time it has been possible to pay up 801110 of the defaulted interest
but adverse business conditions are making tax collections so difficult
that it can plainly be seen that some relief is needed to assist the city
In re-establishing its credit.
•
An untiring effort has been made to find a solution which would permit
the city to pay its obligations in full and without loss to the bondholders.
Conferences have been held with the city's bond attorneys, Messrs.
Masslich & Mitchell, New York City, and with the North Carolina Municipal Council, Inc., of Raleigh, and a report of this study is expected to
be ready for your consideration within the next 30 days.
In the meantime your co-operation and patience will be very much
appreciated.
Yours very truly,
CITY OF GASTONIA, N. C.
W. L. WALTERS,
City Clerk and Accountant.
Genesee County (P. 0. Flint), Mich.—County Auditor
Seeks Return to New York State Legal Investment List.—On the
ground that Genesee County had built up a reserve between
1919 and 1929 to meet an emergency, County Auditor
J. H. Galliver informed the State Banking Department of
New York that there was no justification in removing the
county from the list of legal investments because of any
actions on the part of the City of Flint. Mr. Galliver received a reply to the effect that the county was removed
from the legal list as provided by law because the City of
Flint had defaulted for 120 days (V. 135, P. 495) and was
no longer meeting the tests prescribed by New York law as
to eligibility, and the bonds of the county are therefore
barred automatically. The following are copies of the
letters dealing with the situation and are furnished us by
Mr. Galliver:
Auditor's Department
THE COUNTY OF GENESEE
J. II. Galliver, Auditor
Flint, Itch.. Dec. 17 1932.
The Commercial and Financial Chronicle,
New York, N. Y
.
Gentlemen—We would be pleased to have you review our letter to the
New York State Banking Department dated Nov. 29 and their reply
dated Dec. 1, copies of which are attached.
It would appear that the New York State Banking Department are
complying with the laws of that State. On the other hand, it does not
appear consistent to us that Genesee County should be taken off of their
legal list. Inasmuch as a large number of Your subscribers have bought
and are interested in Genesee County bonds, we beg leave to bring our
case to your attention for due consideration.
Yours very truly.
J. H. GALLIVER, County Auditor.
Flint, Mich., Nov. 29 1932.
State/ New York Banking Department,
Nw York, N. Y.
Gentlemen—Mr. Olney L. Craft, Director of Finance of the City of
has referred to this office certain correspondence that he has had withFlint,
Department with reference to the name of Flint being removed from your
your
legal list, together with
County. We beg leave to submit the
following information: Genesee
1932 assessed valuation
$231,035,975
Total bonded debt, including all assessment districts
2,637.695
Our bonded indebtedness for 1933 is $375,220. Of our 1933 debt we
now have on deposit sufficient funds to retire $245,000 of the principal,
plus the interest, leaving
to be raised by taxation this winter.
In addition to the amount $136,000
now on deposit in reserve to pay the 1933 debt,
we have sinking funds made up as follows:
Cash
$30,640
Genesee County bonds
171.000
Other municipal bonds
46,000
$247,640
Up to date Genesee County has never defaulted on principal or interest.
Our tax collections for the past three years have been as follows: 1930.
98%; 1931, 89%; 1932. 74%. Our tax rates for the past three years
have been as follows: 1930, $6.39; 1931. $6.35; 1932, $4.02; and this winter's rate, to cover next year's budget, will be $3.50.
Between the years of 1919 and 1929 we built up a reserve to meet an
emergency and we do not believe we should be penalized by any actions
of the City of Flint. We would be pleased to have you review our situation and advise why, in your personal opinion, we should be removed from
your legal list for at least the next 12 months.
Yours very truly,
J. H. GALLIVER, County Auditor.
Dec. 1 1932.
Ir. J. If. Galliver,
Auditor of Genesee County,
Flint, Mich.
Dear Sir—Your letter of Nov. 29 relative to the removal of Genesee
County from our legal list because of the City of Flint no longer meeting
the tests prescribed by the New York State Banking Law relating to savings bank investments,is received.
For your information we are enclosing a leaflet which contains the provisions of subdivision 5, paragraph (b) of which relates specifically to the
condition with which you are confronted. You will note that the eligibility
of bonds of any school district or county for consideration as legal investments depends upon whether or not the city included within such political
subdivisions meets the tests prescribed by the New York State Banking
Law.
Because of the default by the City of Flint. which default, we are informed, continued for more than 120 days, the name of the city is being
removed from our legal list. It follows that Genesee County must also
be removed as there is no other course permitted under the terms of our
4411
Banking Law. This, we believe, you will see for yourself by reading the
provisions of subdivision 5.
Yours very truly,
INVESTMENT AND STATISTICAL BUREAU.
Per E. C. Ryder.
Custer County, Okla.—Compromise Arranged on Suit
to Force Acceptance of $385,000 Road Bonds.—It has been
reported recently by the County Treasurer that the suit
instituted by the county last April against the American
,
First Trust Co. of Oklahoma City, and the First National
Bank & Trust Co. of Tulsa, to force their acceptance of
.
$385,000 road bonds previously sold to them—V. 134, p.
3316, has been compromised. It is stated that $70,000 of
the bonds have been accepted at par and accrued interest,
the balance of $315,000 being unsold and in the hands of
the County Treasurer.
Golden Gate Bridge and Highway District, Calif.—
State Supreme Court to Review Validation Suit on Bond Sale.—
According to news dispatches from San Francisco on Dec.
16, the California Supreme Court will review on Jan. 3 the
4
suit to validate sale of $6,000,000 43 % bridge bonds to an
investment banking syndicate (V. 135, p. 3723). A writ
of mandate to compel signing of bonds is made returnable
on that date. We give the following on the proposed review
as given in the "Wall Street Journal" of Dec. 13:
The Golden Gate Bridge and Highway District has filed a petition with
the State Supreme Court for a writ of mandate to compel the President
and Secretary of the board of directors to sign and deliver $200,000 of the
district's 4V % bonds to the syndicate which purchased them Sept. 1.
Blyth & Co., Bankamerica Co., Dean Witter & Co. and Weeden & Co.
on Sept. 1 purchased 56,000.000 bonds at 923g. Pending delivery of the
whole amount,the syndicate agreed to take a block of $200,000 and advance
to the district 5184.600 to avert the necessity of a tax levy.
This block has not been delivered because district officials have refused
to sign the bonds on the ground that, on basis of price below par, purchasers
will receive a rate of yield approximating 551'%, which is in excess of the
maximum amount of interest referred to in the propositions submitted to
electors when the district bonds were authorized.
Hopkinsville, Ky.—Court of Appeals Upholds Validity
of Revenue Bonds.—We are informed by Breathitt & Breathitt,
attorneys of Hopkinsville, under date of Dec. 14, that the
Court of Appeals of Kentucky upheld the validity of the
$320,000 issue of revenue bonds, the major portion of which
was contracted for by the Reconstruction Finance Corporation on Nov. 30.—V. 135, p. 3888.
Michigan.—Legislature to Convene in Special Session on
Dec. 27 to Aid Detroit.—A call was issued by Governor
Brucker on Dec. 17 for a special legislative session opening
on Dec. 27, which is to deal solely with measures designed
to extricate the City of Detroit from its present financial
morass. A news dispatch from Detroit to the New York
"Herald Tribune" of Dec. 19 had the following to say:
Governor Wilber M. Brucker yesterday called a special session of the
Legislature to convene Dec. 27 solely to enact laws dealing with Detroit's
financial condition. He said the call will contain nothing but the Detroit
proposal for authorization of an issue of $20,000,000 tax anticipation bonds
to meet running expenses of the city for the remainder of the fiscal year
and to prevent a default on bond payments due Jan. 15.
Industrial interests of Detroit have agreed to buy $10,000,000 of the
bonds. Because of the early date of the payments it was feared that the
new Legislature, which will convene Jan. 1, would be unable to provide
legislation in time to prevent default.
The proposed amendments will permit the city to issue the tax anticipation bonds against delinquent taxes. The issue would have no public
market, but numerous industries and financial leaders have consented to
buy the warrants and use them later to pay taxes. The bonds will mature
in four equal annual instalments.
Governor Brucker acted upon information placed before him by Detroit's
corporation counsel, who stated that the city s cash deficiency for the fiscal
Year ending next June 30 would be $23,002,642. with an actual deficiency
as of Jan. 15 of $14,573,724 in the general funds.
Mississippi.—Special Session Convened on Dec. 20 to Enact
Tax Legislation.—According to news dispatches from Jackson
the State Legislature convened in special session on Dec. 20
at the call of Governor Conner to pass measures providing
for the installment payments of taxes.
Missouri.—State Supreme Court Upholds Graduated Income
Tax Law of 1931.—In a decision handed down on Dec. 16
the State Supreme Court sustained a ruling given by the
Jackson County Circuit Court, holding that the State
income tax law, which was changed from a flat rate of 1%
to a graduated schedule by action of the 1931 Legislature, is
not discriminatory and does not violate the Constitution.
A Jefferson City dispatch to the St. Louis "Globe-Democrat"
of Dec. 17 reported on the ruling as follows:
Missouri's "bracket" income tax law was held constitutional by the
Supreme Court in bane to-day.
In upholding the constitutionality of the graduated progressive rate
Income tax law, the Supreme Court affirmed a ruling by the Jackson
County Circuit Court in a suit brought by Langton Bacon, who sought to
enjoin John R. Ranson, Collector of Jackson County, from collection of
an income tax assessed against him for the year 1931.
Claimed Discrimination.
Bacon contended the income tax law of 1917, as amended by the 1931
Legislature, was discriminatory and therefore unconstitutional. Since
the court previously had upheld the 1917 law, the decision to-day dealt
only with the "bracketing" features passed in 1931.
The opinion was written by Judge William T. Ragland and concurred
in, the six other judges.
by
'From our analysis of the statute It is obvious that the tax required to
be levied under it is uniform, and not discriminatory, as between taxpayers
in the same class," Judge Ragland said. "The basic principle underlying
all such classifications is the ability of the taxpayer to Pay.
Regarded More Just.
"Many economists and students of government regard a progressive
tax as more just and equal in point of sacrifice than a proportional one,
since persons with large incomes can more readily spare a fixed proportion
of their income than those who have difficulty in sustaining themselves
upon what they receive each year."
The income tax law, as passed in 1917, provided for a flat rate of 1%.
after certain deductions, while the 1931 law provides graduating rates.
the rates increasing with the size of the income.
Moffat Tunnel District, Colo.—Supreme Court Upholds
Validity of $8,750,000 Supplemental Bonds.—In a four-to.
three decision handed down on Dec. 19 by the State SupremeCourt, the validity of the $8,750,000 supplemental bonds of
4412
Financial Chronicle
the district, issued to complete a tunnel through the Continental Divide west of Denver, were upheld, thus foreshadowing the early end of long-drawn out litigation over
the obligations of the district—V. 135, p. 2684. The bonds
in question were issued by the district after the original issue
of $6,720,000 authorized by the Legislature in the act
creating the district had been exhausted. The United
States Circuit Court of Appeals had approved the legality
of these supplemental bonds in a ruling given last March
(V. 134, p. 2573) and the majority opinion of the Colorado
Supreme Court held that it was bound by that opinion.
The "Wall Street Journal" of Dec. 20 carried the following
on the decision:
The Moffat Tunnel Commission has authorized payment on Jan. 1
1933 of current and accrued int. on $8,750,000 Moffat Tunnel Improvement
District supplemental bonds The payment covers coupons from July 1
1930, to and including Jan. 1 1933, aggregating $1,400,000. The Commission has ample cash with which to make the payments.
The first issue of Moffat Tunnel bonds aggregating $6,720,000 is not
involved and interest on these is not in default. Three supplemental
issues were put put in 1925, 1926 and 1927 to provide funds for completing
the tunnel; these aggregate $8,750,000. The first two bear 5%% int.
and the 1927 issue 5%. The Denver Land Co. attacked the legality of
the supplemental issues in the State courts and the case was carried on
appeal to the State Supreme Court.
The Supreme Court of Colorado upheld the validity of the supplemental
bonds, in a decision just handed down, by a four to three vote. The
majority opinion held that the Court was bound by the decision of the
United States Circuit Court of Appeals holding the bonds valid.
In the meantime, petition of Eastern bondholders for a mandamus to
compel payment of interest on the supplemental bonds had been dismissed
in the District Court for lack of jurisdiction but was appealed. The
Circuit Court of Appeals upheld the validity of the supplemental bonds
and remanded the case to the District Court to enter an order for the payment of the interest. On appeal the United States Supreme Court, two
months ago, refused to review the decision of the lower court.
End of long-drawn-out litigation is seen nearing as a result of the decision just handed down by the Colorado Supreme Court. The bondholders had entered a plea in bar before the Colorado highest court asking
that the decision in their case be considered as inclusive of the points being
argued in the Denver Land Co. case before the State body. This has now
been allowed. Two of the four judges who decided for dismissal of the
company's suits expressed the opinion that the bonds are valid; two were
non-committal. The three dissenting judges denied validity.
There is a possibility that there will be a petition for rehearing and
that an appeal amy be made to the United States Supreme Court for a
writ of certiorari.
Members of the bondholders' committee include Herbert F. Boynton,
MacMillan Hoopes, E. Sohier Welch and P. C. Wilmerding.
New York City.—Board of Aldermen Overrides Mayor
McKee's Veto of Minor Budget Cuts.—At a special meeting
held on Dec. 22 the Board of Aldermen voted to override
Mayor Joseph V. McKee's veto of its recent $585,000 budget
reductions. In his veto message on the proposed cuts the
Mayor referred to them as a mere "nibble'' from the $557,000,000 budget. Only one vote was cast in support of the
Mayor's veto at the indignation meeting, that of Joseph
Clark Baldwin 3d, lone Republican member, who warned
the Board that their action might involve the budget in
litigation as to its legality. Of the 64 other members of the
Board present, 58 voted against the veto and 6 from the
Bronx were recorded as not voting. Aldermanic President
Dennis J. Mahon offered the resolution to retain the cuts
vetoed by Mr. McKee, asserting that the Board was sincere
in that effort and had taken "the first concrete step" by any
branch of the city government—V. 135, p. 4062. Mr.
Mahon had first obtained assurance from Corporation Counsel Arthur J. W. Hilly that the Board's act would be legal,
notwithstanding a charter provision that the veto of the
Mayor cannot be overridden until 10 days have elapsed.
After the cuts of $585,028.75 had been made by the Board
on Dec. 5, the final budget figure of $556,555,993.98 was
adopted for the 1933 budget, from which $40,000,000,
composed of salary cuts and other economies, will now have
to be deleted by the Board of Estimate in order to live up
to the pledges recently made to the city's bankers—V. 135,
p. 4242. The first special executive session of the Estimate
Board to consider this problem before the budget is reopened was held on Dec. 23.
Mayor McKee Asks Cut in City's Total Assessment.—A letter
was sent to James J. Sexton, President of the Department
of Taxes and Assessments, by Mayor McKee on Dec. 22,
requesting that the department undertake at once a restudy of the assessment rolls with a view to reducing assessments proportionately to the drop in market values of real
estate. The following is the text of Mr. McKee's letter:
CITY OF NEW YORK.
Office of the Mayor.
Dec. 20 1932.
Hon. James J. Sexton, Department of Taxes and Assessments,
Municipal Building, New York City.
Dear Mr. President:—At the request of the Board of Estimate and
Apportionment, the Legislature has granted the city authority to reopen
the 1933 budget for the purpose of making reductions in it of approximately
$40.000.000.
Primarily, the purpose of the proposed reductions is to restore the
confidence of the investing public in our municipal securities. Modifications already made in the budget for 1933 permit of a tax levy lower than
that of 1933 of approximately $74,000,000. With the elimination of
840,000,000 more, making a total of about $114,000,000 out of a budget of
some $631,000,000, there is every reason to believe that New York City
will be able to finance its obligations.
In all discussions of the various phases of New York's finances, one very
important question has been given scant attention. It is the ability of
our taxpayers to meet the demands placed upon them. The burden of
our budget falls entirely upon real estate and real estate of late has been
pretty ill—so ill that it has not had the strength to stand up under the
load it has been called on to carry. Not only has income from real estate
been greatly diminished but its value, in many instances, has shrunk to a
point which makes it almost unmarketable. There are countless parcels
that to-day cannot be sold for the first mortgage they are carrying.
If, therefore, we are to finance our budget, we must keep in mind not
only restoring the confidence of the investing public in our securities—we
must give substantial help to those who actually pay the bills. After all,
the investor receives a good return on a highly secured investment; it is the
taxpayer who must carry the load even to confiscation.
In an endeavor to assist our taxpayers who have always been most generous in the support of projects looking to the growth and welfare of our
city, I ask your Board, through you, to make a re-survey of real estate
valuations, in an earnest determination to make substantial reductions in
the assessed valuations you have set up for 1933.
Dec. 24 1932
May I ask that this re-study begin at once so that when the proposed
reductions in our budget are accomplished we will be able to pass on the
benefits to our taxpayers who are sorely in need of them?
Very truly yours,
JOSEPH V. McKEE, Acting Mayor.
North Carolina. -Voters Approve One Constitutional
Amendment.—We are informed by J. A. Hartness, Secretary
of State, in a letter dated Dec. 19, that at the general
election held on Nov. 8—V. 135, p. 2364—the voters rejected three out of four proposed constitutional amendments.
The only one that passed was an amendment to protect
insurance for widows and children against the creditors of
the insured. The vote on this measure was 304,885 "for"
to 145,448 "against." Of the proposals defeated one would
have permitted proposed constitutional amendments to be
voted on at a special election, while another provided for
the creation of Solicitorial Districts in the State. aii ad
....
Report on Coans roi,Far Made to States and Territories by Reconstruction Finance Corporation.—The
following is a copy of a report recently issued by the Reconstruction Finance Corporation, showing the loans made
available to 36 States and 2 Territories, amounting to
$82,434,330, under Title 1 of the Emergency Relief and
Construction Act of 1932, up to the close of business on
Dec. 15:
Alabama
Arizona
Arkansas
Colorado
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Michigan
Minnesota
Mississippi
Missouri
Montana
Nevada
New Hampshire
$528,704
506,200
1,319,168
1,085,635
1,565,449
481,084
300,000
25,238,228
663,628
a77,800
1,149,840
861,400
2,385,258
1,3,262,483
655,376
892,300
1,158,118
502,738
70,967
667,420
New Mexico
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
en
South Carolina
South Dakota
Tennessee
Texas
Utah
Virginia
Washington
West Virginia
Wisconsin
Hawaii
Puerto Rico
Total
1,18 ,000 •
7
)
°
c100,680
d4,511,616
817,968
230,538
12,835,538
77,700
720,695
6
1, 89:301
7 9 03
5
6
1,136,089
4,475 4 6
075 03
:
2,157,334
4.962.283
307,435
360,000
$82,434,330
Note.—To be reimbursed by political subdivisions: a $77.800: b $2,116,000; c $100,680; d $2,343,085; e $1,075,000; total, 85,712,555.
South Dakota.—Annual Delinquent Tax Sales Affect
Over 5,500,000 Acres.—Associated Press dispatches from
Pierre on Dec. 19 state that on that day between 5,500,000
and 7,350,000 acres of agricultural land in this State went
under the auctioneer's hammer as county sheriffs held the
annual delinquent tax sales. Pieces of city property were
also up for sale, according to report. B. W.Baer, State Tax
Director, is said to have estimated that more than 20%
of the State's total agricultural acreage will be removed
from the tax lists after the counties take tax titles.
BOND PROPOSALS AND NEGOTIATIONS
ABBOTSFORD, Clark County, Wis.—BONDS NOT SOLD.—We ax
now informed that the $18,000 issue of 6% coupon annual special impt.
sewer bonds offered for sale without success on Nov.23—V. 135, P.4063—
has not as yet been sold although local disposition of the Issue was attempted.
Dated Jan. 1 1933. Due from Feb. 15 1934 to 1943, incl.
AKRON, Summit County, Ohio.—BOND REFUNDING PLAN
FAVORABLY RECEIVED.—Eolders of $2,060,393 worth of the total of
$2.641,869 bonds involved in the refunding proposal offered to bondholders
during the latter part of October have agreed to the plan, it was reported
on Dec. 21. The plan was devised by the city as a result of its inability
to market refunding bonds for the purpose of meeting October. November
and December 1932 maturities. Details of the refunding offer, as contained
in a letter issued on Oct. 21 by Gertler, Devlet & Co., municipal bond
brokers of New York City, are as follows:
Water works and general obligations of the city maturities falling due
October first and during the remainder of this year will be paid off in 40
cash. The remainder of principal due will be refunded in five-year 6
direct obligations of the city. Special assessment bonds will be paid off 20%
In cash. The remaining principal will be refunded by means of 10 year
6% obligations.
ALICE INDEPENDENT SCHOOL DISTRICT (P. 0. Alice), Jim
Wells County, Tex.—BOND STATUS OUTLINBD.—It s explained
by Mrs. Ima Curlott, District Treasurer, that the $128,000 5% school
bonds registered by the State Comptroller on May 18—V. 134, p. 4022—
do not constitute a new issue. These bonds are the balance of two old
issues which were consolidated by authority of the State and dated March
15 1932in order to help the District meet the principal and interest payments.
ALLEN COUNTY (P. 0. Fort Wayne), Ind.—BOND SALE.—The
$400.000 4%% refunding bonds offered on Dec. 15—V. 135, p.3552—were
awarded to the Old First National Bank & Trust Co. and the Lincoln
National Bank & Trust Co., both of Fort Wayne, jointly, at par plus a
premium of $500, equal to 100.125, a basis of about 4.47%• Dated
Dec. 1 1932. Due $20,000 semi-annually on Jan. and July 1 from 1934 to
1943, inclusive.
ALLENTOWN, Lehigh County, Pa.—FINANCIAL STATEMENT
AND REPORT ON TAX COLLECTIONS.—In connection with the award
on Dec. 13 of $400,000 4% bonds to E. H. Rollins & Sons of Philadelphia
and associates at 102.33, a basis of about 3.78%—V. 135, p. 4243— we
have received the following official data with respect to the current financial
condition of the city and the status of tax collections:
Financial Statement Dec. 1 1932.
Bonded indebtedness—Electoral
$3,765.000.00
Councilmanic
1,481,300.00
$5,246,300.00
Sinking funds—Electoral
$241,862.33
Councilmanic
161,871.94
403,734.27
Net bonded indebtedness, not including this issue
$4,842.565.73
Water Department has no indebtedness. Sinking funds are represented
by cash in banks and covered by collateral and surety bonds and are up to
requirements.
$542,766.00
Special assessment indebtedness—Bonds Issued
Sinking fund
39,168.88
$503,531.12
Net special assessment indebtettne68
The special assessment indebtedness is fully covered by special assessment liens and assessments now being collected.
Floating indebtedness—In anticipation of taxes. This debt
will be fully paid from the proceeds of this new bond issue_ _ $400,000.00
New bond loan is a Councilmanic loan. Purposes, funding floating
indebtedness. Do not anticipate issuing any more bonds loans within
the next 12 months. It is proposed by the City Council to balance the
Volume 135
Financial Chronicle
budget for the year 1933 by deducting from the estimated tax receipts the
amount estimated to be outstanding at the close of the fiscal year 1933,
thereby eliminating temporary loans at the close of the year 1922.
TAX COLLECTIONS.
Levy for
Delinquency as of
Delinquencies
Close of Current
Fiscal Year
as of
Ending in:
YearDec. 1 1932.
Fiscal Year.
$1,115,786.24
$1,202.61
$7,246.21
1928
1,975.35
1,203.877.75
29,591.81
1929
1,272,735.00
111,091.09
18,950.93
1930
1,299,076.53
202,531.70
98,284.83
1931
1.327.987.95342,128.88
1932
Assessed valuation real property, 1932
$105,037,820.00
Estimated valuation real property, 1932
210,000,000.00
Tax rate, $12.40 per 91,000; no change in rate for the past five years.
Population: 1910, 51,913; 1920, 73,502; 1930, 92,529; 1932 (est.), 98.000.
ALTOONA, Blair County, Pa.
-BOND SALE.
-The $665,000 4%
coupon or registered bonds offered on Dec. 20-V. 135, p. 4243
-were
awarded at a price of par to M. M. Freeman & Co., of Philadelphia. Included in the sale were:
$353,000 series B funding bonds. Due Nov. 1 as follows: $125,000 in
1942, and 9228,000 in 1947.
312,000 series A funding and refunding bonds. Due Nov. 1 1952.
Each issue is dated Nev. 1 1932.
BONDS PUBLICLY OFFERED.
-The bankers are making public reoffering of the issue at prices to yield 3.90%. Principal and interest
(May & Nov.) are payable at the office of the City Treasurer. Legality
to be approved by Saul, Ewing Remick & Saul, of Philadelphia. The
bonds are declared to be legal investment for savings banks and trust
funds in the State of Pennsylvania, and to constitute direct and general
obligations of the entire municipality, secured by its full faith, credit and
taxing power. The accepted bid was the only offer received by the city.
Financial Statement.
Actual values (estimated)
$120,000,000.00
Assessed values. 1932
86,823,590.00
Total bonded debt(including this issue)
3,510.000.00
Less: Sinking fund
$549,371.42
Net water debt, self-supporting
952,309.18
1,501,680.60
Net debt
2,008,319.40
Ratio of net debt to assessed valuation
.023
Population 1930 11.5. Census
82,054
AMHERST, Erie County, N. Y.
-BOND INTEREST TO BE PAID.
The Town Board has passed a resolution providing for the payment of
only the interest charges due on bonds which matured on Nov. 1 and Dec. 1
1932, amounting to $11,949 and $484.44, respectively. Supervisor Alfred
F. Better has stated that the town is unable to meet the principal due because of delinquent tax collections, pointing out that only 62% of the levy
has been collected. If a court decision favorable to tne town in its efforts
to compel Erie County to pay back tax money is rendered, funds will be
available to meet the principal charges, it was said.
ARKANSAS, State of (P. 0. Little Rock).
-NOTES NOT SOLD.
We are advised by the Secretary of the State Military Note Board that the
$400,000 issue of notes offered on Nov. 14-V. 135, p. 3194
-has not been
sold. Dated Dec. 1 1932. Due serially from 1934 to 1956. The sale has
been postponed indefinitely.
AUBURN, Cayuga County, N. Y.
-12. W.
-BOND OFFERING.
Swart, City Comptroller, will receive sealed bids until 12 m. on Dec. 27
for the purchase of $215,000 coupon bonds, divided as follows:
$134.000 public impt. bonds. Due Jan. 1 as follows: $13,000 from 1934 to
1939 incl. and $14,000 from 1940 to 1943 incl.
81,000 emergency relief bonds. Due Jan. 1 as follows: $20,000 from 1934
to 1936 incl. and $21,000 in 1937.
Denom. $1,000. Bidder to name the rate of Interest in a multiple of
1-10 or 31 of 1% and must indicate one rate for all of the bonds. Principal
and semi-annual interest are payable at the Manufacturers Trust Co.,
New York. A certified check for $5,000, 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. Bonds
will be delivered on or about Jan. 2 1933.
ADDITIONAL BONDS OFFERED.
-Mr. Swart also will receive sealed
bids until Dec. 27 for the purchase of $200,000 coupon water bonds, to
bear interest at a rate named by the bidder in a multiple of 1-10th or ji
of 1%. Dated Jan. 15 1933. Denom. $1,000. Due $10,000 on Jan. 15
from 1934 to 1953 incl. Prin. and int. are payable at the Manufacturers
Trust Co., New York City. A certified check for $4,900. 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. Delivery of the bonds will be made on or about Jan. 15 1933.
AUDUBON, Camden County, N. J.
-BIDS REJECTED.-Edvrin C.
Hand, Borough Clerk, states that the bids received at the offering on Dec.
19, at not to exceed 6% interest of 916,000 coupon or registered relief
bonds
-V. 135. p. 4063
-were rejected. Issue was to be dated Dec. 1
1932 and mature $2,000 on Dec. 1 from 1934 to 1941. incl.
BALTIMORE, ---.-Following the
11.1 $1,500,000 LOAN OBTAINED.
.
adoption by the city council of a tax rate of $2.65 per UN of assessed valuation for 1933, Mayor Howard Jackson completed arrangements for a loan
of $1,500,000 from local banks, which will maintain the city in a satisfactory
cash position until early next month, when further borrowing against
anticipated taxes will be necessary. The Mayor withdrew his plan for a
rate of $2.89. which had been announced by him during November.
V. 135. p. 3553. The new rate of $2.65 is 20 cents higher than the levy of
$2.45 per $100 which prevailed in 1932.
The municipal budget calls for appropriations totaling $41,902.709 in
1933, a decrease of $11,364,129 from the figure in 1932, it was said.
BELMAR, Monmouth County, N. J.
-BOND OFFERING.
-J. A.
Joeck, Borough Clerk, will receive sealed bids until 10:30 a.m. on Jan. 3
for the purchase of $75,000 5. 54, 54,534 or 6% coupon or registered
Shark River front improvement bonds. Dated Jan. 1 1933. Denom.
$1.000. Due Jan. 1 as follows: $2,000 from 1934 to 1969. incl., and $3.000
In 1970. Principal and Interest (Jan. and July) are payable at the First
National Bank, Belmar. No more bonds are to be awarded than will produce a premium of ELMO over $75,000. A certified check for 2% of the
bonds bid for, payable to the order of the borough, must accompany each
proposal. The approving opinion of Hawkins, Delafield & Longfellow
of New York will be furnished the successful bidder.
BELMONT COUNTY (P. 0. St. Clairsville), Ohlo.-BOND SALE.
The $25,000 poor relief bonds offered on Dec. 19-V. 135, P. 4064
-were
awarded as 5Xs to Seasongood & Mayer, of Cincinnati, at par plus a
premium of $44, equal to 10(1.176, a basis of about 5.19%. Dated Dec. 15
1932. Due March 1 as follows: $4,400, 1934: $4,700, 1935; $5,000, 1936:
$5,300 in 1937, and $5,600 in 1938.
Bids received at the sale were as follows:
BidderInt. Rate.
Premium.
Seasongood & Mayer (Successful bidders)
$44.00
434%
Ryan,Sutherland & Co., Toledo
53.00
534%
Well, Roth & Irving Co Cincinnati
29.00
6%
Provident Savings Bank & Trust Co., Cincinnati__ - 534%
7.50
Banc Ohio Securities Co.,Columbus
15.00
531%
BETHEL, Clermont County, Ohio.
-BOND OFFERING.
-Ralph
Parker, Village Clerk, will receive sealed bids until 12 m. on Jan. 9 for the
purchase of $8,000 6% fire hydrant and water works equpment bonds.
o
Dated Dec. 1 1932. Denom. $800. Due $800 annually o• Dec. 1 from
1934 to 1943 incl. A certified check for $500. payabe to the order of the
Village Treasurer, must accompany each proposal.
BOONTON, Morris County, N. J.
-BONDS NOT SOLD.-Mbert
P. Smith, Town Clerk, reports that no bids were received at the offering
on Dec. 19 of $40,000 temporary sewer bonds, to bear interest at not to
exceed 6%-V. 135, P. 3886. Issue was to be dated Nov. 1 1932 and
mature on Nov. 1 1937.
-TEMPORARY LOAN.
BEVERLY, Essex County, Mass.
-John C.
Lovett. City Treasurer, reports that the $200,000 current year revenue
anticipation loan offered on Dec. 22 was awarded to the Boston Safe
Deposit & Trust Co. of Boston at 0.63% discount basis at par plus a premium of $7. The loan is dated Dec. 22 1932 and matures on June 15 1933.
Mr. Lovett stated that the rate is the lowest ever obtained by the city,
in addition to being the most favorable basis at which temporary financing
4413
at public sale has been completed in Massachuestts so far this year. The
loan was bid for by the following:
Bidder
Discount Basis.
Boston Safe Deposit & Trust Co. (purchaser)
0.63
Merchants National Bank of Boston
0.67
National Shawmut Bank (plus $2 premium)
0.72
Bond & Goodwin
0.74
Faxon, Gade & Co
0.75
Chase Harris Forbes Corp. (plus $4 premium)
0.95
Second National Bank of Boston (plus $1 premium)
0.97
Beverly National Bank
1.12
Beverly Trust Co
1.15e
W. 0. Gay & Co
1.199
Jackson & Curtis
1.279
1931 levy, $1,386.569; uncollected Dec. 15 1932, $9.000. 1932 levy,
$1.448,493; uncollected Dec. 15 1932. $380,634. Valuation, 1931, $48,522,050; valuation 1932, $47,029,025.
BOSTON, Suffolk County, Mass.
-TAX COLLECTIONS.
-On
Dec. 15 there remained uncollected $18,162,472 of the 1932 tax levy of $67,103,045, or 27.1% of the amount due, as compared with $12,334,555, or
19.9%, uncollected of the 1931 levy of $62,177,331 on Dec. 15 a year ago,
according to the "Wall Street Journal" of Dec. 19. Taxes unpaid after
Dec. 15 are faced with a penalty of 8%,it was said.
BOULDER COUNTY (P. 0. Boulder), Colo.
-BOND OFFERING.
Sealed bids will be received until 4 p. m. on Dec. 27 by the Clerk of the
Board of County Commissioners, for the purchase of a $200,000 issue of
4% court house construction bonds. It is stated that the bonds will
maturefrom 1937 to 1946. Bids will be considered at a meeting of the Board
on Dec. 28, according to report.
BOZEMAN, Gallatin County, Mont.
-BONDS AND WARRANTS
CALLED.
-The Director of Finance is reported to have called for payment
at his office, at par, on Dec. 21, various special improvement district bonds
and special sidewalk and curb warrants. It is stated that there are also
various impt. district bonds and special walk and curb warrants that were
previously called (V.135, p. 3027) and are still outstanding.
BRADFORD, McKean County, Pa.
-BOND SALE.
-The $67,000
4% coupon funding bonds offered on Dec. 12-V. 135, p. 4243
-were
awarded to Brown Bros. Harriman & Co., of Philadelphia. the only bidder,
at par plus a premium of $22.78, equal to 100.03, a basis of about 3.99%.
Due Jan. 1 as follows: $3,000 from 1934 to 1946 incl., and $4,000 from
1947 to 1953 incl.
BRIGANTINE, Atlantic County, N. J.
-BOND CREDITORS' COMMITTEE SUGGESTED.
-Walter R. Darby, Chairman of the State Municipal Finance Commission, has stated that Mr:Frye of Hawkins, Delafield &
Longfellow, bond attorneys of New York, is conferring with some of the
creditors of the city regarding the formation of a committee with the purpose of finding a solution of the financial problems of the city, with particular reference to outstanding debt and unpaid interest, it was reported on
Dec. 19. Mr. Darby's disclosure was made at a recent meeting of the
Finance Commission, during the course of which a letter from Thomas
Fairservis of B. J. Van Ingen & Co. of New York regarding a proposed refinancing plan for the city was noted, it was said.
BRISTOL, Sullivan County, Tenn.
-We are now
-BOND SALE.
Informed that the $50,000 issue of 6% semi-ann. street impt. refunding,
series li bonds offered for sale without success on July 12-V. 135.9- 659has since been purchased privately by Minnich, Wright & Co. of Bristol.
Dated July 1 1932. Due $2,000 from July 1 1933 to 1957 incl. As previously reported this firm also purchased the $25,000 6% funding bonds,
series Ilh offered at the same time.
BROADWATER, Morrill County, Neb.-BONDS AUTHORIZED.
The Board of Trustees is reported to have approved a resolution providing for $32,500 of 531% refunding bonds.
BROCKTON, Plymouth County, Mass.
-TEMPORARY LOAN.
The Brockton National Bank purchased on Dec. 19 a $250,000 temporary
loan at 2.97% discount basis. Due on Dec. 12 1933. Bids received at
the sale were as follows:
Bidder
Discount Basis.
Brockton National Bank (purchaser)
2.97
Home National Bank
3.05
Faxon, Gade & Co
3.12 o
BROOKLINE, Norfolk County, Mass.
-TEMPORARY LOAN.
-The
$300,000 revenue anticipation note issue offered on Dec. 12-V. 135. p.4243
-was awarded to the National Shawmut Bank of Boston at 0.92% discount
basis at par plus a premium of $2. The loan matures on Oct. 19 1933 and
was bid for by the following:
Bidder
Discount Basis.
National Shawmut Bank (plus $2 premium)
0.92
Newton, Abbe & Co
0.93
Jackson & Curtis
0 94
New England Trust Co.(plus $7 premium)
0.97
Merchants National Bank
1.04
Bond & Goodwin
1 07
Boston Safe Deposit & Trust Co. (plus $7 premium)
1.11
Faxon, Gade & Co
1 15
Grafton Co
1 15
Salomon Bros. & Hutzler
1 19
R. L. Day & Co
1.29
Commercial National Bank & Trust Co
1.35 o
BUTTE COUNTY RECLAMATION DISTRICT NO. 833 (P. 0.
Gridley), Calif.
-BONDS VOTED.
-We are informed that at the election
held on Nov. 15-V. 135, IP. 3194
-the voters approved the issuance of
$632.000 in 6% refunding bonds by a count of 866,082 "for" to 66,755
"against." Dated Jan. 11938. Due in from 5 to 20 years. These bonds
are to be given in exchange for the outstanding bonds.
BUFFALO, Erie County N. Y.
-BOND OFFERING.
-William A.
Eckert, City Comptroller, will receive sealed bids until 11 a. m. (Eastern
standard time) on Jan. 5 for the purchase of $3,000.000 non-taxable coupon
or registered work relief and home relief bonds, to bear interest at not more
than 6%,said rate to be expressed by the bidder in a multiple of y, or 1-10th
of 1%. Bonds will be dated Jan. 11933. Denom. $1,000. Due $1,000.000
on Jan. 1 in 1936 and $2,000,000 Jan. 1 1937. Principal and interest (Jan.
and July) are payable at the office of the City Comptroller or at the Central
Hanover Bank & Trust Co., New York, at the option of the holder. It is
said that the bonds are exempt from all taxation and are eligible for Postal
Savings Deposits. A certified check for $60,000, payable to the order of
the City Comptroller, must accompany each proposal. The favorable
legal opinion of Caldwell & Raymond, of New York, will be furnished the
successful bidder. The bonds will be delivered to the purchaser at the office
of the City Comptroller, or at the Central Hanover Bank & Trust
Broadway, New York City (the preferred place of delivery to be specifie
Co.,70
in the bid), on Jan. 16 1933 or as soon as possible thereafter, upon payment
of the principal balance due plus accrued interest.
Current Financial Data (as of Nov. 30 1932).
Taxes levied for past four years with amounts collected in each year of
levy, and amounts collected to Nov. 30 1932:
1928-29.
1929-30.
1931-32.
1930-31.
General city tax levy $27,875,714.66 $31,920,233.56 $32,560,616.13 331,297.857.28
Unpaid local assass'ts
826,239.45
680,889.25
714,194.60
698,147.75
Total to collect__ _328,701,954.11 $32,634,428.16 $33,258.763.88 $31,978,746.53
Coll. In year of levy_ 28,322,314.14 32,368,690.04 32,828,191.44 29,761,932.74
Uncollected at end
of year of levy-- $379,639.97
5430,572.44 $2.216,813.79
$265.738.12
Per cent collected__ 93.1%
98.7%
98.7%
99.2%
Uncollected on Nov.
30 1932
$334,779.62 $1,705,025.10
3210,675.26
5199,983.07
Per cent collected__ _
94.7%
99.3%
99.0%
99.4%
Taxes levied and amounts collected to Nov. 30 of each year-present
Year compared with three previous years:
(Current Year)
1931-32.
1932-33.
1930-31.
1929-30.
Total levy (as above) 332,634,428.16 $33,258,763.88 $31,978,746.53 327,204,460.15
Collected to Nov. 30
of each year
15,985,211.16 15,937,798.92 15,235,824.28 12,318,881.38
Uncollected
$16.649,217.00 317,320,964.96 316,742,922.25 314,885.578.77
Per cent collected...
48.0%
45.3%
e 47.6%
49.0%
4414
Financial Chronicle
N. B.
-Fiscal year is from July 1 to June 30. Taxpayers may pay onehalf of city taxes during month of July without penalty and second half
during December without penalty. Annual tax sale takes place about
May 25 of each year. All local assessments due and unpaid on March 1
of each year are spread and added to general city tax rolls of ensuing fiscal
Year. and collection enforced in the same manner as general city taxes.
Gross bonded indebtedness, cash and securities in sinking funds, and
debt margin:
As of
As of
As of
June 30 1931. June 30 1932. Nov. 30 1932.
Water bonds
$17,897,520.29 $17,899,020.28 $17,533,020.27
Local improvement bonds_ 3,389.598.89
2,752,614.13
2,517.768.99
Generalimprovement bonds 71.932,608.16 68.534,427.12
65,682.099.93
General refunding bonds_
c4,000.000.00
Deficiency refund'g bonds_ 4,776,000.00
4,179.000.00
3,582,000.00
Certificates of indebtedness
992.000.00
Home relief bonds_a
5.000.000.00
3.000,000.00
Tax loan bonds_b
2,000,000.00
Bond anticipation notes
payable
953.200.00
277,500.00
d1,460,000.00
Dec. 24 1932
CENTRALIA SCHOOL DISTRICT,Columbia County,Pa.
-BONDS
NOT SOLD.
-M.J, Lavelle, District Secretary, reports that no bids were
received at the offering on Dec. 21 of $11,700 434% school refunding
bonds
-V. 135, p. 4243. Dated Dec. 11932. Due Dec. 11952, optional
Dec. 1 1934.
CHICAGO,"'Cook County, 111.
-LOAN GRANTED.
-The Reconstruction Finance Corporation on Dec. 19 granted a loan of $2,327.000 to
this city to finance the construction of a pumping plant for the municipal
water works. The loan was secured through the purchase at pax by the
R. F. C. of 5% water works certificates of indebtedness. They are drawn
against the net revenues of the city's water works system.
CHICAGO,Cook County, 111.
-WARRANT REDEMPTION NOTICE.
-Lewis E. Myers, President of the Board of Education, announced under
date of Dec. 19 that tax anticipation warrant notes, 1930 Educational
Fund, Nos. 1301 to 1336, at $5,000 each. dated Sept. 1 1930 and interest
at 5%%, also Nos. 2402 to 2427, at 55.000 each, dated Nov. 1 1930 at
53(i %, will be paid on presentation through any bank, to the City Treasurer, Halsey,Stuart & Co. or the Guaranty Trust Co., New York. Interest
accrual will cease after Dec. 22 1932, the notice said.
Total
$98,948,927.34 $97,634,561.53 $101,774,889.19
ADDITIONAL WARRANT CALL.
-City Comptroller M. S. Scymczak
Cash and securities in sinkannounced on Dec. 23 that tax anticipation warrants issued against 1930
ing funds e
8,340.150.53
7,203.681.45
6,319,532.79
taxes, Public Library No. 58, for $25,000. dated April 29 1931, is being
Debt margin
35,503,866.04 38.082,278.21
33,007,492.18
called for payment upon presentation through any bank to the office of
the City Treasurer or at the Guaranty Trust Co., New York. Interest
a Represents bonds issued under Wick's Law for unforeseen welfare exaccrual on the warrant will cease after Dec. 29.
penditures-$3,000.000 due in 1934-35 and $2,000,000 in 1937-38.
b Represents bonds issued July 1 1932 to purchase tax sale certificates
CHICAGO, Cook County, Ill.
-PLAN REFUNDING OF $15,036.000
(unpaidi taxes) at May 1932 sale. All collections of such taxes will be doBONDS.
-The city has made public its desire to refund $15,036,000 of its
In a special fund and used to redeem these bonds at maturity, July 1
bonds maturing on Jan. 1 1933 and has been assured of the help in this
direction of virtually all of the investment bankers that have participated
c Proceeds of $4,000,000 refunding bonds will be used to retire an equal
in the distribution of its obligations, according to reports from Chicago.
amount of bonds maturing this year, and at the close of this fiscal year will
The refunding bonds are to bear interest at 6%, be dated Jan. 1 1933 and
result in neither an increase or a decrease in the total indebtedness.
mature on Jan. 1 1938. The maturing obligations bear interest at the
d Bond anticipation notes payable of $1.460.000 represents amount borrates of 4 and 434%. It is the object of the city to exchange the refunding
rowed from surplus city funds in anticipation of proposed sale of $3,000,000
issue for the bonds coming due on a par-for-par basis. Assistance of the
home relief bonds.
bankers in the program is necessary inasmuch as the bonds have enjoyed
C Securities consist of the city's own bonds or bond anticipation notes.
a wide distribution and the facilities of the various branches of the instiDebt service requirements for next five years, including proposed issue:
tutions are to be used in an endeavor to secure the assent of the bondPrincipal Due,
To Be Paid - holders to the refunding proposal. The dealers themselves. It was said.
By
Sinking and
Including Sinking
Tax
have agreed to exchange the securities in their possession for the later
YearOther 1 unds.
,
Fund Deposits.
maturing Instruments and, In a letter made public on Dec. 19, urged all
Len,.
$8,620,742.45
*667.863.38
1933-34
$7,952,879.07
other holders to act similarly. The letter, in stressing the necessity for the
11,018,552.72
702,101.78
1934-35
6
10;6 :444:84
6 3 450 9
success of the refunding operation, stated that "failure of the plan will be
1
6
7,007,336.07
339,891.21
1935-36
harmful to the city and its credit position and would particularly affect
7,710,107.64
7,431.508.10
278,599.54
1936-37
the holders of maturing bonds as It would delay for an indeterminate period
9,992.131.95
2,748.291.21
1937-38
7,243,840.74
the payment of principal and interest."
Formal announcement of the refunding offer was contained In a notice
Average yearly interest requirements about 51.250.000.
issued by City Comptroller M. S. Scymczak (taking for sealed bids until
Assessed valuations of city property, tax rates and population for the
last three years:
11 a. m. on Dec. 22 for the purchase of $15,036,000 69 refunding bonds of
1933. Opening of the bids, however, was deferred untif11 a. m.
Tax Rate
Assessed Valuation
in order to give more time for preparation of the bids, according on Dec. 28
All Purposes.
Population.
All Property.
to a statement issued by the Comptroller's office on Dec. 22. The notice
-Federal Census
1930-31_ _ _ _$1,107,503,950.00 $29.40 per M. 573,076
sale
stated that the refunding Issue, dated Jan. 1 1933 and due on Jan. of1938
27.94 per M. 579,953
-July 1931
1931-32..- - 1,120.181,005.00
1
(non-callable), will be payable as to both principal and interest (January
23.619 per M. 587,201-July 1932
1932-33_ - - _ 1.125,853,030.00
and July) at the office of the City Treasurer or at the office of the fiscal
Current Budget Plans.
agent of the city in New York City. Bonds will be available in coupon
The current budget (1932-33) carries total appropriations of $43,612.form, in denoms. of *1.000, with privilege of registration as to principal
$45,041,832.96 in the fiscal year 1931-32. Esti515.68 as compared with
at the office of the Comptroller. Issuance of the bonds,it was said. is being
mated revenues and resources included in the current budget amount to
made in accordance with the provisions of an ordinance passed by the City
*17.021.367.12, leaving the sum of $26,591.148.56 to be raised by general
Council on Dec. 16 1932, and the opinion of Chapman & Cutler of Chicago
tax. This compares with a tax levyof $31,297.857.28 in 1931-32, and a
as to their legality will be furnished the purchaser. In addition to pledging
levy of $32.560,616.13 in 1930-31. This reduction in the levy for the curthe general taxing power of the city toward payment of the refunding bonds,
rent year, in the face of shrinking revenues, has been accomplished by
provision Is made for impounding collections of past-due taxes levied for
reducing the appropriations for all city departments, except the relief
bond and interest purposes for the years 1928, 1929 and 1930. These unagencies and by refunding 34,000.000 of the funded debt principal maturing
collected taxes so pledged total $16,363,293. divided as follows: 1928.
this year. These refunding bonds were sold on Oct. 5 at a bid interest
$2,231,451; 1929. $3.624,803, and $10.507,039 for 1930. It is further
rate of slightly less than 3.80%. which compares with rates of 434' to 455%
stated that as such uncollected taxes are received by the City
carried by substantially all of the bonds being refunded.
they will be deposited in a purchase fund which will operate toTreasurer
illaThe current budget also contemplates the calling of 31,318.540 in 50
-year
purchase
such of these bonds as may be from time to time offered to it at not to expark bonds issued in 1911 and 1912. and which if allowed to run to maceed par and accrued interest. The bonds, it was said, will be legal Investturity would not have been paid until 1961 and 1962. Payment of these
ment for savings banks and trust funds in New York, Massachusetts,
bonds will be made from a sinking fund provided for this purpose.
Connecticut. Illinois and other States.
General.
The refunding proposal is being actively fostered by the First Union
All bank deposits of the city are secured by deposit of U. S. Government
Trust & Savings Bank. the Continental Illinois Bank & Trust Co., Harris
bonds to the extent of at least 50% of such bank deposits.
Trust & Savings Bank and the Northern Trust Co., all of Chicago.
All of the foregoing data-tax levies, bonded debt, &c.
-include the
Financial Statement.
levies, borrowings, &c., for school purposes.
(As officially reported by the City Comptroller.)
The City of Buffalo does not contemplate, at present, any future bond
1931 assessed valuation for taxation (estimated)
Issues, other than the proposed issue, during the next six months.
Gross funded debt _ _ _ __ _ _
______________
-$3 2 5,
6
'3 .147,.M
18 0°0 400
-BOND SALE.
CALDWELL, Essex County, N. J.
-The $20,000 6%
Added debts (other than _______)
_____________
coupon public welfare bonds offered on Dec. 6-V. 135, p. 3721-were
Total constitutional debt ____ - _ -_ - _152,608.911
awarded at a price of par to the Citizens National Bank & Trust Co. of
Population, 1920 Census. 2.701, . 1930 Census, 3:3/6,438.
715
- ;
.
Caldwell. Dated Dec. 1 1932. Due $2,500 on Dec. 1 from 1933 to 1940.
Total constitutional debt less than 5% of assessed valuation.
inclusive.
CINCINNATI, Hamilton County, Ohio.
-OBLIGATIONS PUR-BONDS PUBCALHOUN COUNTY (P. 0., Port Lavaca), Tex.
CHASED BY SINKING FUND -Bond issues amounting to $615,223.65
CHASED.
are to be purchased by the Trustees of the sinking fund commission and a
-We are Informed by the County Judge that an $8,500 issue
of5% semi-annual general funding bonds has been taken up by the County
$185,000 note, issued in anticipation of the collection of the intangibles tax,
With sinking funds.
will be bought by the City Investment Board, it was reported on Dec. 15.
The bonds include a $600,000 Laurel St. approach to the Union Terminal
CALIFORNIA TOLL BRIDGE AUTHORITY (P.O. San Francisco),
issue. and *15.223.65 special assessment issues.
-The Reconstruction Finance CorporaCalif.
-BOND SALE DETAILS.
tion is stated to have formally signed the agreement on Dec.20 to purchase
CLIFTON, Passaic County, N. J.
-BONDS NOT SOLD -William A.
162.050,000 of bonds to finance the building of the bridge across San
Miller, City Clerk. reports that no bids were received at the offering on
Francisco Bay, thus paving the way for the beginning of the project,
Dec. 20 of $902.000 coupon or registered bonds, divided into units of $363.described in V. 135, p. 2685. In cohnection with this action we quote in
000 school. $314,000 general improvement and $225,000 water bonds
part as follows from the San Francisco "Chronicle" of Dec. 14:
V. 135, p. 3886. Bidders were asked to name a rate of interest not in
"Another step toward the consummation of the San FranciscoLOakland
excess of6%.
bay bridge project was taken yesterday.
CLOQUET, Carlton County, Minn.
-BOND OFFERING.
-Sealed
'Governor Rolph,acting for California,signed the contract with President
bids will be received by J. A. Parks, City Clerk. until 2 p.m. on Dec. 27.
Hoover's R. F. C. covering the legal details and phases embodied in the
for the purchase of a *15.000 issue of poor relief bonds. Interest rate is not
purchase by the Corporation of the 362,000,000 of bonds to provide the
to exceed 6%, payable J. & J. Denom. $1,000. Dated Jan. 2 1933. Due
money for the building of the bridge.
$3.000 from Jan. 2 1935 to 1939. incl. Prin. and int. payable at such
The contract will become effective as soon as the Legislature has apbank in Minnesota as may be designated by the purchaser. The approving
proved measures which will place the bridge In the State highway system
opinion of Junell, Driscoll, Fletcher, Dorsey & Baker of Minneapolis, will
for maintenance purposes, funds for which will come out of revenues from
be furnished. A $500 certified check, payable to the city, must accompany
the gasoline tax. Other measures providing for the construction by the
the bid.
State or local political subdivisions of the bridge approaches and providing
that the bond interest and redemption charges, as well as use and occupancy
CONCORD, Merrimack County, N. H.
-TEMPORARY LOAN.
insurance, be paid out of the revenues of the bridge, when completed, must
The Boston Safe Deposit & Trust Co. purchased on Dec. 21 a 8125.000
also be passed by the Legislature.
temporary loan at 0.93% discount basis, at par plus a premium of $7.
Due on May 15 1933. Bids received at the sale were as follows:
Equitable Contract Asked.
'R. F. C. officials have imposed no burdensome conditions in the conBidder
Basi,Dcmolt.n03
tract, but have asked that the State of California make its end of the bargain
Boston Safe Deposit & Trust Co. (Purchaser)
as binding as that made on the part of the Corporation which will provide
Bond & Goodwin
the funds.
F. S. Moseley & Co
"The contract includes the general terms under which the 5% bonds
W.O. Gay & Co
are to be purchased by the R. F. C. The amortization schedule set up in
Chase Harris Forbes Corp
25
21..7251
. 49
the contracts calls for the amortization of the bridge bonds in approximately
COOK COUNTY (P. 0. Chicago), Ill.
35 years.
-BONDS NOT SOLD.
-No
bids were received at the offering on Dec. 20 of $17,000.000 5% series of
CASSVILLE, Grant County, Wis.-BOND DETAILS.
-We are now
1932 poor relief bonds. It is stated that no tenders for the issue was exInformed that the $20,000 issue of sewerage bonds up for approval on Dec.
pected, the issue being offered for sale for the purpose of demonstrating
-is more fully described as follows: interest rate is
20-V. 135. p. 4243
to the State Legislature, the Reconstruction Finance Corporation, and other
not to exceed 5%. payable annually. Denom. $500. Dated Jan. 1 1933.
authorities that there is no market for county bonds and that extraordinary
Due as follows: $1.000 1934 to 1938. and $1,500 1939 to 1948. all incl.
means must be resorted to in order to obtain funds for poor relief activities.
Prin. and int.(Jan. 1) payable at the office of the Village Treasurer.
Notice of the proposed sale,incidentally, was made public only one day prior
to the date set for the reception of bids. The bonds are described as follows:
CAVALIER COUNTY (P. 0. Langdon), N. Dak.-CERTIFICATES
Dated Dec. 11932. Denom.$1,000. Due $1.000.000 on Dec. 1 from 1936
-Sealed bids were received until 2 p. m. on Dec. 23. according
OFFERED.
to 1952 incl. Prin. and int. (J. & D.) to be payable at the County Treasto re'.rt, by Otto Rasmusson, County Auditor, for the purchase of a
urer's office. County was to furnish the printed bonds and approving
S25.111 issue of certificates of indebtedness, on which the bidders were
opinion of Chapman & Cutler of Chicago. The bonds, it was said, will
to name the rate of interest.
constitute general obligations of Cook County payable from ad valorem
taxes levied upon all the taxable property in said County.
CENTER TOWNSHIP (P. 0. Sycamore, R. D. No. 1), Greene
-BOND OFFERING.
-11. H. Evans, Township Secretary,
County, Pa.
CORTLAND CENTRAL SCHOOL DISTRICT NO. 3 (P. 0. Mon.
will receive sealed bids until 1 p.m. on Jan. 7, for the purchase of $17,000
trose), Westchester County, N. Y.
-George
-CERTIFICATE SALE.
% township bonds. Dated Jan. 11933. Denom. $1,000. Due July 1
Welsch, District Clerk, reports that the Westchester County National
as follows: $5,000 in 1933 and 1934, and *7.000 in 1935. Interest is payBank of Peekskill has purchased an issue of $50,000 6% certificates of
able in January and July. Bids will be opened at the regular meeting place
indebtedness at a price of par. Due in six months.
of the Supervisors at the high school building at Rogersville. Proposals
must be accompanied by a certified check for $500. Bonds have been
COWLITZ COUNTY (P. 0. Kelso) Wash.
-BONDS OFFERED.
approved by the Pennsylvania Department of Internal Affairs.
It is reported that sealed bids were received until Dec. 22. by II. D. Renner.
The township repots an assessed valuation of $2,261,942.85, and the
County Treasurer, for the purchase of an issue of $108,500 school warrant
present issue will conditute its only indebtedness. The tax rate is 7 mills.
refunding bonds.
Volume 135
Financial Chronicle
CUFFAWA DRAINAGE DISTRICT (P.O. Holly Springs), Marshall
'County, Miss.
-BOND SALE.
-We are informed that an $18,500 issue
•of 6% semi-ann. refunding bonds has been purchased at par by the Mer'.chants & Farmers Bank of Holly Springs. Dated April 1 1932. Due
from 1935 to 1954,incl. Legality approved by Benj. H.Charles of St. Louis.
CUSTER COUNTY (P. 0. Miles City), Mont
-BONDS CALLED.
The following bonds are called for payment at par on Jan. 1 1933 at the
Chase National Bank in New York City: Nos. 1 to 15, 29 to 47, and 50 to
100, aggregating $85,000, of the 5% funding bonds, dated Nov. 1 1913.
Also Nos. 106 to 120 of the 6% high school bonds, dated April 1 1920.
Also Nos.31 to 36.39 and 40 of the 6% highway bonds, dated July 211920.
All in the denomination of $1,000.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-BONDS PARTI-The county has sold at private sale, as 68, at a price of par,
ALLY SOLD.
total'of $3.958,600 coupon or registered bonds of the $4,797,600 for which
no bids were received at the public offering on Dec. 16-V. 135, P. 4065.
r.or-Al banks purchased $2,650.000 bonds of the $2,914.000 series B LorainCarnegie Bridge issue and $925,000 bonds of the $1,500,000 county detention home and juevnile court building issue. Also the sinking fund trustees
purchased $311,600 property owners' portion and $72,000 county portion
road bonds. It was further stated that the county is endeavoring to sell
privately, as 6s, at par, the balance of $839.000 bonds of the original
offering. The offering comprised 19 separate issues aggregating $4,797,600.
DELAWARE, Delaware County, Ohio.
-BOND SALE.
-The $30,000
Issue of refunding bonds offered on Dec. 19-V. 135, p. 3722
-was purchased as 65, at a price of par, by the First National Bank. of Delaware,
the only bidder. Dated Sept. 1 1932. Due Sept. 1 as follows: $2,000 in
1934 and $3,500 from 1935 to 1942, inclusive.
DELTA COUNTY (P. 0. Delta), Colo.-IVARRANTS CALLED.
Is reported that various general school, special school and county -It
•warrants were called for payment at the County Treasurer's office on fund
Dec.
20. on which date interest ceased.
DES MOINES, Polk County, Iowa.
-CONTEMPLATED BOND
SALE.
-It is reported by City Treasurer it. P. Bailey that the city will ask
for bids in the near future for the purchase of $190.000 judgment funding
bonds. Dated Feb. 1 1933.
DETROIT, Wayne County, Mich.
-DETAILS OF PROPOSED
$20,000,000 BOND ISS(JE.-In connection with the call issued by Governor
Wilber M. Brucker for the State Legislature to convene in special session
.on Dec. 27 for the purpose of enacting emergency relief legislation for the
city. the Detroit "Free Press" of Dec. 16 outlined as follows the provisions
.of the bill authorizing the city to issue $20,000,000 5
-year tax anticipation
bonds, for the purpose of financing municipal operating expenses and bond
and interest requirements
-V. 135, p. 4244:
"The measure will attempt to capitalize only accrued tax delinquencies
and unpaid current taxes and will not anticipate future levies.
"A limit of 4-5ths of 1% of the assessed valuation was placed
on the
-emergency financing, rather than 1% as originally proposed. One per cent
would have permitted $26,000,000 in bonds, while 4-5ths of 1% will
permit
only $20,000,000. It is planned also to limit new issues to a fixed per cent
of the delinquencies not yet agreed upon.
"The requirement was written into the proposed bill that as
delinquent
taxes pledging such obligations are paid,
shall go
sinking fund. The proposed bonds wouldthey five-year into a separate
be
obligations and
taxes would be required each year to make up the difference between
maturities of that year and cash accumulations of the special sinking fund.
"All bonds would be callable at any time, and
interest not
to exceed 6%. and the issue of each year would bewould bear for
acceptable
tax Payments in that year for its face value."
DUBOIS COUNTY P. 0. Jasper), Ind.
-BOND OFFERING.Jacob P. Frick, County Treasurer, will
.on Jan. 16, for the purchase of $4,200receive sealed bids until 10 a.m.
4%% road construction
Dated Jan. 16 1933. Denom. $420. Due one bond semi-annually bonds.
on May
and Nov. 15 from 1934 to 1938. Incl. Principal and interest
(May and
Nov. 15) are payable at the County Treasurer's office.
for 5% of the issue, payable to the order of the Treasurer,A certified check
must accompany
each proposal.
P EAST CHAMBERS CONSOLIDATED
INDEPENDENT SCHOOL
DISTRICT NO. 2 (P. 0. Anahuac), Chambers County,
Tex.
BOND DETAILS.
-The $25,000 issue of 5% school building bonds that
was purchased by the State Board of Education-V. 135,
p.
-was
awarded at par and matures as follows: $1.000. 1933 to 1947 4065
and 12,000.
1948 to 1952, all inclusive.
ELKHART COUNTY (P. 0. Goshen), Ind.
-BOND OFFERING.
Francis C. Mishler, County Auditor, will receive sealed bids until
on Jan. 16 for the purchase of $50,000 5% bonds, dated Jan. 10 a.m.
15 1933.
Denom. $500. Due $5,000 on May and Nov. 15 from 1934 to 1938, incl.
Principal and interest (May and Nov. 15) are payable at the County
Treasurer's office. A certified check for 3% of the bonds bid for,
payable
to the order of the Board of County Commissioners, must accompany each
proposal.
ERIE COUNTY (P. 0. Buffalo), N. Y.
-ADDITIONAL INFORMATION.
-Edwin J. Kreinheder, Deputy County Treasurer, informs us that
the $600,000 5% tax anticipation notes reported sold In-V.135. p.4065
were purchased at a price of par by various Buffalo banks. The notes are
to mature on June 2 1933.
I FURTHER LOAN OBTAINED.
-An additional issue of $1,500.000
434% tax notes. dated Jan. 3 1933 and due on Feb. 16 1933, has been
purchased by a group of three Buffs° banks, it was reported on Dec. 23.
FLORIDA, State of (P. 0. Tallah
).LOAN GRANTED
.The
following is the text of an announcement made by the Reconstruction Finance Corporation on Dec. 20 regarding a relief loan of $1,102,704 granted
to this State on that day for aid purposes in 64 counties:
"The R. F. C., upon application of the Governor of Florida,
made available $1,102.704 to meet current emergency relief needsto-day
in 64
counties of that State for the period Jan. 1 to Feb. 28 1933.
"These funds are made available under Title I, Section 1. subsection (c)
of the Emergency Relief and Construction Act of 1932 with the understanding that the responsibility of the political subdivisions and the State
of Florida to develop their own resources to provide relief is not in any
way diminished.
"Supporting data submitted on behalf of the Governor state that the
basic conditions within the State as set forth in connection with previous
applications for supplemental Federal funds to meet current emergency
relief needs have undergone but little change.
"The indicated need for January and February is estimated at $1,790.990.
It is estimated that approximately $367,638, or 20.5% of this sum, will
be available from local private and public funds and from other sources.
and that $320,647 will be available from funds previously made available
by the R. F. C. The Florida Legislature will meet in regular biennial
session early in April.
"The R. F. C. heretofore has made available $1,565,449 to meet current
emergency relief needs in the State of Florida."
FRANKLIN COUNTY (P. 0. Greenfield), Mass.
-LOAN OFFER-Sealed bids will be received until 12 in. on Dec. 27 for the purchase
ING.
at Interest rate basis of a $13,000 emergency loan note, dated Dec. 28 1932
and due on June 28 1933.
FRANKLIN COUNTY (P. 0. Pasco), Wash.
-MATURITY.
-The
$15.000 issue of 6% annual road bonds that was purchaed at par by the
State Finance Committee
-is due as follows: $2,000,
-V. 135, p. 4065
1934; 83.000, 1935 to 1937. and $4,000 in 1938. Optional on and after
Jan. 1 1936.
GARFIELD HEIGHTS CITY SCHOOL DISTRICT, Cuyahoga
County, Ohio.
.-The two issues of 6% refuncllng
-BONDSRE
-OFFERED
bonds aggregating $30,000 previously announced for proposed award on
Dec 21-V. 135. p. 4066
-are being re-offered for sale at 10 a. m. on Dec.
30. Sealed bids shold be addressed to Henri L. Mock, Clerk-Treasurer of
the Board of Education. The issues are as follows:
$20,000 series No. 2 of 1932 bonds. Due 32.000 on Oct. 1 from 1934 to
1943 Incl.
110.000 series No. 1 of 1932 bonds. Due 81.000 on Oct. 1 from 1934 to
1943 ind.
F Eactivissue is dated Dec. 1 1932. Interest is payable in April and Oct.
A certified check for 3% of the bonds bid for, payable to the order of the
above-mentioned official, must accompany each proposal.
GARWOOD, Union County, N. J.
-BOND SALE.
-The $39.000
coupon or registered assessment bonds offered on Nov.29-V.135,P.3555.
4415
-were awarded as 6s to the Mechanics Trust Co. of Bayonne, the
4245
only bidder, at a price of 99. a basis of about 6.28.7. Dated Aug. 15 1932.
0
Due Aug. 15 as follows: $5,000 from 1933 to 1937 incl. and $7,600 in
1938 and 1939.
GENEVA, Ontario County, N. Y.
-BOND OFFERING -J. Hayward
Brown, City Treasurer, will receive sealed bids until 10 a. mu. on Jan. 4
for the purchase of $20,000 4ji% coupon or registered local improvement
bonds, stated to be general obligations of the city and payable from taxes
upon all the taxable property therein, within the limits prescribed by law.
Dated Jan. 2 1933. Denom. $1,000. Due $1,000 on April 1 from 1934 to
1953 incl. Principal and interest (April and Oct.) are payable at the
Guaranty Trust Co., New York. A certified check for $400, payable to
the order of the City Treasurer, must accompany each proposal. A certified
abstract of all proceedings relating to the issue, together with the approving
opinion of Clay, Dillon ,&c Vandewater, of New York, will be furnished the
successful bidder.
Financial Statement (Dec. 5 1932)
The bonded debt of the City of Geneva is $574,069.83. including all
bonds authorized by the Common Council to the present date.
Assessed valuation of real estate, including special franchise
valuations
822.181,504.00
Assessed valuation of personal property
72,850.00
Current tax rate, State County and city
.01777528
Population of city (1930 census), 16.010.
GEORGIA, State of (P. 0. Atlanta).
-LOAN GRANTED.
-The following is the text of an announcement made on Dec. 22 by the Reconstructio Finance Corporation regarding a loan made on that day to this State
for aiding Brooks County:
"The R. F. C.. upon application of the Governor of Georgia, to-day
made available $5,000 to meet current emergency relief needs in the County
of Brooks for the period Dec. 1 to Jan. 31 1933.
"These funds are made available under Title I, Section 1, subsection (c)
of the Emergency Relief and Construction Act of 1932 with the understanding that the responsibility of the political subdivision and the State
of Georgia to develop their own resources to provide relief is not in any
way diminished.
"In support of the Governor's application it is certified that funds available or which can be made available are inadequate to meet the relief needs.
"The R. F. C. heretofore has made available $481,084.22 to meet current
emergency relief needs in various political subdivisions of the State of
Georgia."
-The
-TEMPORARY LOAN.
GLOUCESTER, Essex County, Mass.
$300,000 revenue anticipation loan offered on Dec. 21-V. 135. p. 4245
was awarded to the Gloucester Safe Deposit & Trust Co. of Gloucester,
at 1.29% discount basis. Dated Dec. 23 1932 and due on Oct. 27 1933.
Bids received at the sale were as follows:
Discount Basis.
Bidder
1.29
Gloucester Safe Deposit & Trust Co.(purchaser)
1.63
Jackson & Curtis
I 77
State Street Trust Co
1.78
Bond & Goodwin
Gloucester National Bank
Cape Ann National Bank
Faxon, Gade & Co
12 948975 •
1.
110
Chase Harris Forbes Corp
-BOND SALE.
-The $45,GLOVERSVILLE, Fulton County, N. Y.
-were sold
000 4% registered bonds offered on Dec. 17-V. 135. p. 4245
at a price of par as follows:
$4,500 bank tax refund (general city) bonds, purchased by the City
National Bank & 1Yust Co. of Gloversville. Due Dec. 1 as follows: $2,000 from 1933 to 1939 incl. and $3,000 in 1940 and 1941
and $2.500 in 1942.
22,500 bank tax refund (Board of Education) bonds, purchased by the
Fulton County National Bank & Trust Co. of Gloversville. Due
Dec. 1 as follows: $2,000 from 1933 to 1939 incl., $3.000 in 1940
and 1941 and 32.500 in 1942.
Each issue is dated Dec. 1 1932.
-BOND SALE.
GRAND JUNCTION, Mesa County, Colo.
-A 325,000
issue of 5% water bonds is reported to have been purchased recently by
Vasconcells, Hicks & Co. of Denver. Due In 1940.
GREENE COUNTY (P. 0. Catskill), N. Y.
-BORROWING AUTHORIZED.
-William K. Hagginbothom, County Treasurer, has been authorized
to borrow 3100.000 with which to meet bond principal and interest charges.
GREENWOOD, Leflore County, Miss.
-The
-BOND DETAILS.
$45.000 issue of 6% levee construction bonds that was voted on Oct. 11
-V. 135. p. 2688
-is more fully described as follows: Denom. $1,000.
Dated Oct. 1 1932. Due $1,000 from 1933 to 1937 and $2,000. 1938 to
1958. all inclusive. Principal and interest (A. & 0.) payable at the Guaranty Trust Co. in New York.
GROSSE ILE TOWNSHIP SCHOOL DISTRICT NO. 1 (P. 0.
Grosse Ile), Wayne County, Mich.
-BOND EXCHANGE MADE.
The Superintendent of the Board of Education reports that the issue of
$5,000 refunding bonds recently approved by the State Public Debt Commission has been exchanged for maturing bonds, as 54,s at par. The refunding issue matures serially from 1935 to 1939 incl
GUERNSEY COUNTY (P.O. Cambridge) Ohio.
-BOND OFFERING.
-Allen C. Logan, Auditor and Clerk of the Board of County Commissioners, will receive sealed bids until 10 a. m.on Dec.30 for the purchase of
837.000 6% poor relief bonds Dated Dec. 16 1932. Due March 1 as
follows: $6,500 in 1934; $7,000. 1935: $7,400, 1936: $7,800 in 1937, and
$8.300 in 1938. Interest is payable semi-annually. A certified check for
5% of the bonds bid for, payable to the order of the County Commissioners,
must accompany each proposal.
-BOND REFUNDGUILFORD COUNTY (P. 0. Greensboro), N. C.
ING DETAILS.
-It is now stated that at a special meeting of the Board of
County Commissioners in the county courthouse on Dec. 12 the final action
was taken looking toward the refinancing of the $410.000 of county bonds
to which action the Local Government Commission gave Its approval in
June
-V. 135. p. 3887. The following bond and note maturities are to be
refinanced: Highway Impt. bonds amounting to $230,000; road and bridge
bonds totaling $120,000; school notes aggregating $35,000, and courthouse
bonds totalling $20,000.
GULFPORT, Harrison County, Miss.
-BOND SALE REPORT.
We are advised by the City Clerk that there were no bids received on Dec.3
for the 8150.000 issue of port impt. bonds offered at that time
-V. 135.
3887
-as this was just a formality to sell the bonds to the Reconstruction
Finance Corporation.
GUNPLAIN TOWNSHIP SCHOOL DISTRICT NO. 2, Mich.
REFUNDING BONDS AUTHORIZED.
-Howard C. Lawrence, State
Treasurer, has issued a certificate authorizing the District to meet $12.500
bonds maturing in April 1933 through the payment in cash of $2,500 worth
and the sale of $10.000 refunding bonds, to mature $1,000 annually. The
refunding issue will make possible a lowering of the school tax rate, it was
said.
HANOVER SCHOOL DISTRICT, York County, Pa.
-BOND SALE
-The $50,000
% coupon school bonds offered on Dec. 17-V. 135,
-were awarded to E. H. Rollins & Sons of Philadelphia at Per Plus
P. 3888
a premium of $2,130.95, _equal to 104.26. a basis of about 3.93%. Dated
Nov. 1 1932. Due on Nov. 1 as follows: $1,000 from 1935 to 1941 incl.:
$1,500, 1942 to 1947; $2,000, 1948 to 1954; 82,500 in 1955 and 1956. and
$3,000 from 1957 to 1961 incl. Bids received at the sale were as follows:
W
H. Rollins & Sons (successful bidder)
Raile04B.i2d6
104.26
Leach Bros., Inc.. Philadelphia
104.05
Halsey, Stuart & Co., Inc., Philadelphia
103.58
Yarnell & Co., Philadelphia
W.H. Newbold's Son & Cp., Philadelphia
109..11
13
Singer, Deane dr Scribner, Inc., Pittsburgh
101.74
HAVERFORD TOWNSHIP, Delaware County, Pa.
-BOND REDEMPTION NOTICE.
-11, A. Fritschman, Township Secretary, served
notice on Dec. 22 that the township has elected to redeem all of the outstanding $100.000 53j% sewer bonds of the issue of 8500.000 approved
July 22 1921. Holders of the bonds are advised to present them for payment at par and accrued interest on or before Feb. 1 1933, at the Corporate
Trust Department of the Pennsylvania Co. for Insurances on Lives and
Granting Annuities, Packard Bldg., Philadelphia. Interest on the bonds
will cease after Feb. 1 1933. The bonds are in coupon form in $1.000
denominations.
4416
Financial Chronicle
Dec. 24 1932
mq
Financial Statement.
Estimated value of taxable property
$100,000,000.00
Assessed valuation including property & personal assessments for 1932
84,735,000.00
Total bonded debt including this issue
4,521.000.00
No floating debt or other debt in addition to bonded
indebtedness.
Cash & bonds in sinking fund. Dec. 1 1932:
Cash
$301,320.43
Bonds
216,000.00
516,320.43
Net indebtedness, Dec. 1 1932
4,004,679.57
Value of property owned b,municipality for 1932
4.406,600.00
Population 930 Census 68,893
Tax Statement.
1930.
1931.
1932.
Original duplicate
$1,217,120.03
$1,203,465.00
$1,216,212.80
Outstanding Dec. 1 1932
85,715.07
403,934.33
185,296.60
KENTUCKY, State of (P. 0. Frankfort).
-WARRANT CALL CONTEMPLATED.
-A news dispatch from Frankfort to the Louisville"Courier
Journal" of Dec. 16 reported on the proposed redemption of outstanding
State warrants as follows:
State Treasurer Elam Huddleston announced to-day that he would
issue a call for State warrants at an early date, the beginning of a Policy
of calling in for payment a group of warrants every month in an effort
to bring the market on State warrants back to par.
The first call, to be made by Mr. Huddleston in the next three or four
days, will provide for redemption of all warrants issued in July 1927.
Something in excess of $200,000 will be included in the call. The warrants
will cease to bear interest Jan. 3 1933. Approximately $508,000 is in
the State sinking fund. The first call will be paid out of this fund.
Mr. Huddleston expressed confidence that the resumption of calls for
warrants would boost the price of State warrants. Last spring State
warrants were selling around 80 cents on the dollar. The warrant debt of
the State is around $14,000,000. The price for warrants, has improved
greatly since.
Selden R. Glenn, member of the State Tax Commission, testified that
resumption of warrant calls, commonly called "revolving the warrants
undoubtedly would improve their market. When the issue of warrants
was almost as large as it is at present, two years ago, warrants sold at par.
and were in demand.
Then the Treasurer periodically called the oldest outstanding warrants,
even though in the next few months it was nevessary to issue an even
larger number of new warrants. When this was the practice a buyer could
determine approximately when a warrant on the market would be called
for payment.
KERR COUNTY (P. 0. Kerrville), Tex.
-BOND CANCELLATION'
REJECTED.
-We are now informed by the County Judge that at the
election held on Oct. 1-V. 135, p. 2859
-the voters defeated the proposal
to cancel $200,000 in highway bonds by a large majority. We had preHURON COUNTY (P. 0. Norwalk) Ohio.
-BOND SALE.
-The
viously reported that this proposal had been approved.
-were
$40.000 poor relief bonds offered on Dec. 19-V. 135, p. 3723
KING COUNTY (P. 0. Seattle), Wash.
-BOND OFFERING.
awarded as 43.4s to Braun, Bosworth & Co. of Toledo, at par plus a
-We
are informed that sealed bids will be received by C. F. Gage, Clerk of the
premium of $231, equal to 100.57, a basis of '
about 4.62%. Dated Oct. 1
Board of County Commissioners, until Jan. 17 for the purchase of a 62,1932. Due Mar. 1 as follows: $7,000 in 1934; $7,500, 1935; 58,000, 1936:
000,000 issue of unemployment relief bonds. These bonds were approved
68,500 in 1937, and $9,000 in 1941.
by the voters at the general election on Nov.8-V. 135, p. 3386.
ILLINOIS (State of).
-TAX RATE SHOWS INCREASE.
-The State
-BOND EXCHANGE REPORT.
KOSCIUSKO,Attala County, Miss.
Tax Levy Board, consisting of Governor L. L. Emmerson, Auditor Oscar
We are informed by the City Clerk on Dec. 16 that the city advertised
Nelson and Treasurer Edward J. Barrett, on Dec. 13 fixed the tax rate
and offered for sale without success on Nov. 28 two issues of 6% semifor State purposes during the year 1933 at $0.50 per $100 of assessed valuannual refunding bonds aggregating $64,000. The issues are divided
ation, constituting an increase of 11 cents over the figure in 1932, in addillion
as follows: 536.000 paving impt. refunding and $28,000 intersection
to being the highest levy in the history of the State. Lowered valuation
street paving refunding bonds. The city is now exchanging these bonds
plus the failure of the State to collect about $29.000,000 in taxes
figures,
for bonds due from July 1 1932 to Dec. 1 1933 incl. The refunding bonds
due from Cook County are responsible in part for the increased levy, it was
mature from March 1 1935 to 1954 incl. (This report corrects that
said. A comparison is made herewith of the apportionment of the State
given in V. 135, p. 4067.)
levy for 1933 and 1932:
LAKE COUNTY (P. 0. Crown Point) Ind.
-BOND OFFERING.
Purpose.
1933.
1932.
William E. Whitaker. County Auditor, will receive sealed bids until 1 13• m•
General revenue
21
14
on Jan. 2 for the purchase a;mow not to exceed 6% interest series 0 of
Distributive school fund
16
1334
1932 refunding bonds. Dated Jan. 1 1933. Denoms. $1,000 and $500.
Water bonds
2 1-3
1 2-3
Due Jan. 1 as follows: 565,000 in 1941, and 570.000 in 1942 and 1943.
Soldiers' bonus bonds
634
5M
Principal and interest (January and July) are payable at the County
University of Illinois
3 1-3
:3 1-3
Treasurer's office. A certified check for 3% of the bonds bid for, payable
Blind rellef
1
1
to the order of the Board of County Commissioners, must accompany
-Edward J. Barrett, State Treasurer,
$18,750,000 NOTES CALLED.
each proposal. The opinion of Matson, Ross, McCord & Clifford of
on Dec. 20 called for payment, at par and accrued interest, at the office
Indianapolis, as to the validity of the bonds will be furnished by the County
of the State Treasurer. $18,750.000 6% revenue notes, described as follows:
and the bonds will be ready for delivery within five days from the date of
$12,500,000 dated Feb. 25 1932 and $6,250,000 dated June 20 1932. The
award.
announcement stated that interest on the notes will cease after Jan. 4
The assessed valuation of Lake County, as of Jan. 11932, was $478,560.1933. This redemption was made possible as a result of the award on
310.00. Population, 1930 census, was 261.325. 57% of all Lake County
Dec. 15 of $20,000.000 43. % State relief bonds to the National City Co.
taxes are paid by the industrial, railroads and public utilities. The present
and associates, at 100.459, a basis of about 4.42%. The bonds mature
total indebtedness of Lake County, Indiana,including this issue, is $3.607.
serially from 1934 to 1944 incl.-V. 135, p. 4246.
960.00.
IRRIGATION DISTRICT (P. 0. El Centro), Imperial
IMPERIAL
LARCHMONT, Westchester County, N. Y.
-The
-BOND SALE.
-The Caliissue of $68,000 coupon or registered highway improvement bonds offered
-BOND REFUNDING CONTEMPLATED.
County Calif.
-was awarded as 4.!.4,s to George B. Gibbons
on Dec. 19-V. 135, p. 4067
fornia District Securities Commission is stated to have approved the plan
& Co.. Inc., of New York, at a price of 100.91, a basis of about 4.64%.
of the district to call an election to authorize an issue of bonds to refund its
Dated Dec. 15 1932. Due on Dec. 15 as follows: $4,000 from 1934 to
614,250,000 outstanding bonds.
1944 incl., and $3,000 from 1945 to 1952 incl.
A news item was released on Dec. 22 which reports on the plan as follows:
Bids received at the sale were as follows:
"The California District Securities Commission has approved the reBidderfunding plan presented by Imperial Irrigation District for the refunding
Int. Rate.
Rate Bid.
George B. Gibbons & Co., Inc. (purchaser)
of $14,250,000 of its outstanding bonds. The refunding plan is the result
43 %
,
4
100.91
50
A. C. Allyn & Co., New York
of negotiations by an advisory group including Livingston B. Ifeplinger
7100.11
M.& T. Trust Co.Buffalo
and Harmon S. Bonte. Secretary of the Commission, with the directors of
5
100.699
Frank A. Mennen 'New York
100.00
Imperial Irrigation District and the bondholders' protective committee,
5
Trust Co. of Larchmont
which have been held in Los Angeles over the past two weeks.
100.15
5 %
"The members of the bondholders' protective committee include:
LASALLE COUNTY (P. 0. Ottawa), Ill.
-BOND SALE.
-The Clerk
Robert Fullerton Jr., Ed. Haas,
Charles Lick, chairman, Milo W. Bekins,
of the Board of Supervisors reports that the H. C. Speer & Sons Co. of
Archibald Borland, Victor Etienne Jr. B. P. Lester of Los Angeles has
Chicago, purchased on Dec. 17, a total of $250.000 5% poor relief bonds.
been named as secretary of the bondholders' protective committee. Details
These bonds are part of an authorization of $540,000.
of the plan will be announced shortly through the secretary's office.
LAWRENCE COUNTY (P.O. Ironton), Ohlo.-BOND OFFERING.
"It is understood that the District will have insufficient funds on hand
District has outstanding
Frank Hall, Clerk of the Board of County Commissioners, will receive
to pay the Jan. 1 1933 interest coupons. The
sealed bids until 12 m. on Jan. 9 for the purchase of 546,400 6% poor relief
at the present time in excess of $214.000 of registered and unpaid interest
bonds. Dated Dec. 15 1932. Denoms. $1,000, $500, $200 and $100:
coupons and matured bonds. The refunding plan, however, contemplates
Due March 1 as follows: $8,200 in 1934; $8.700. 1935; $9,300. 1936; $9,800
the liquidation of this indebtedness."
in 1937, and $10,400 in 1938. Interest is payable in March and September'
-It is
-LOAN REFUSED.
IOWA, State of (P. 0. Des Moines).
Bids for the bonds to bear interest at a rate other than 6%,expressed in a
stated that the Board of Supervisors of Black Hawk County has decided
multiple of 3i of 1%, will also be considered. A certified check for 1%
not to accept a $20,000 loan from the Reconstruction Finance Corporation
of the issue must accompany each proposal.
that was made available on Dec. 15, as it is thought that funds from a
LEXINGTON, Fayette County, Ky.-BONDS DEFEATED.
-We
$100,000 bond sale in January would be obtainable in shorter order.
are now definitely informed by the City Clerk that at the general election
-The
IOWA, State of (P. 0. Des Moines).
-LOAN GRANTED.
held on Nov. 8, the voters defeated the proposed issuance of $1,245,000
following is the text of an announcement made by the Reconstruction • In sewer system plant bonds.
-V. 135. P. 3387.
Finance Corporation regarding a relief loan of $10,000 for Des Moines
LIMA Allen County, Ohlo.-LEGALITY OF POOR BOND ISSUE
County granted on that day:
The Corporation upon application of the Governor of Iowa, made availQUESTIONED.
-The State Relief Commission in authorizing the city
able $10,000 to meet current emergency relief funds in the County of Des
on Dec. 20 to issue $43,500 in Pringle-Roberts poor relief bonds, our
Moines for the month of December.
gested that the issue be submitted for approval by bond attorneys, as
Supporting data state that the poor fund of' Des Moines County has been
the question has been raised as to whether they may be legally sold, inasexhausted and that resources now available or which can be made available
much as the legislation under which they have been sanctioned will Mire
are inadequate to meet the relief needs.
on Dec. 31 1932, and the act requires that the bonds be advised for sale
The R. F. C. heretofore has made available $77.800 to meet current em21 days prior to their issuance.
ergency relief needs in Iowa political subdivisions.
-BOND SALE.
LINDEN, Union County, N. J.
-The Linden Trust
IRONTON, Lawrence County, Ohlo.-BONDS NOT SOLD.
Co. purchased during December $112,000 6% coupon or registered general
-The
issue of $9.000 6% refunding bonds offered on Dec. 15-V. 135, p. 3888
- improvement bonds at a price of99,a basis of about 6.16%. Dated March 1
1932 and due on March 1 as follows: $7,000 from 1933 to 1935, incl.;
was not sold, as no bids were received. Dated Dec. 1 1932. Due $1.000 on
$8,000. 1936 to 1941; $6.000, 1942; 58,000, 1943 to 1945; $7,000 in 1946.
Dec. 1 from 1934 to 1942 incl.
and $6.000 in 1950. These bonds are the balance of an original issue of
JACKSON COUNTY ROAD DISTRICT NO. 5 (P. 0. Edna), Tex.
- $212.000. no bids for which were received at the offering on Oct. 4. A
-It is reported that an election will be held on Jan. 2
BOND ELECTION.
block of $100,000 was purchased subsequently as 6s, at par, by Morris
in order to vote on the proposed issuance of $22,500 in road bonds. Int.
-V. 135, P. 2859.
Mather & Co., of New York.
rate is not to exceed 5%. Due in not to exceed 30 years.
LOCKPORT, Niagara County, N. Y.
-BOND SALE.
-The City
JOHNSTOWN, Cambria County, Pa.
-BOND OFFERING.
-James
Treasurer reports that the M. & T. Trust Co. of Buffalo, purchased on.
N. McBee, City Treasurer, will receive sealed bids until 10 a. m. on Jan.
Dec. 14 an issue of $20,000 relief bonds as 4.908, at a price of 100.129, a
10 for the_purchase of $205,000 431,funding bonds of 1932. Dated Dec.
basis of about 4.95%. Dated Dec. 14 1932. Due Dec. 14 as follows:
'7,000 in 1933: 539.000, 1934; $41,000.
11932. Due Dec. 1 as follows:
$5,000 in 1934 and 1935, and $10,000 in 1936. Principal and interest are
1935; $43,000 in 1936, and $45,0 in 1937. Principal and interest (June
payable at the City Treasurer's office.
and Dec.) are payable at the office of the City Treasurer or through any
LOUISIANA, State of (P. 0. Baton Rouge).
-LOAN GRANTED'.
bank of the city of Johnstown. Coupon bonds in $1,000 denoms. A
-The following Is the text of an announcement made by the Reconstruction
certified check for $3.000 must accompany each proposal. Sale of the
Finance Corporation on Dec. 16, regarding a relief loan of $2,336,075.
bonds is subject to the approval of the Pennsylvania Department of Inmade on that day to this State for parish aid purposes:
ternal Affairs.
•
-Eugene
HEMPSTEAD, Nassau County N. Y.
-BOND OFFERING.
P. Parsons, Village Clerk, will receive sealed bids until 8 p. m. on Jan. 3
for the purchase of $500,000 not to exceed 6% interest coupon or registered,
series of 1933, water impt. bonds. Dated Jan. 1 1933. Denom. $1.000.
Due Jan 1 as follows: $10,000 from 1938 to 1942 incl., and $15,000 from
1943 to 1972 incl. Bidder to name the rate of interest in a multiple of
of 1% and must indicate a single rate for the entire issue. Prin. and int.
ç. & j.) are payable at the Chase National Bank, New York, or at the
econd National Bank, Hempstead. A certified check for 2% of the bonds
bid for, payable to the order of the Village, must accompany each proposal. The approving opinion of Hawkins, Delafield & Longfellow of
New York will be furnished the successful bidder.
(On Feb. 2 the village offered $500.000 water impt., $120,000 sewer and
$40.000 street impt. bonds, for which the one bid received, an offer of
par at 6% interest, submitted by George B. Gibbons & Co., Inc. of New
York, was rejected.
-V. 134, p. 1062.)
u.
-PROPOSED CHARTER AMRX7
HOUSTON, Harris County, Tex.
fENTS.-The Houston "Post" of Dec. 4 reports that on the previous
day the City Council unanimously approved a list of 14 proposed amendments to the city charter which will be submitted to the voters on Jan. 28.
the date of the city Democratic primary.
.„
-We give the following report on the
VALUATIONS REDUCED.
reductions of assessed values in the city, as it appeared in the "Wall Street
Journal" of Dec. 17:
"Mayor Walter Monteith said that the total reductions of assessed
property valuation in 1933 will be approximately $18.000,000 compared
with this year, and that the tax rate cut will be either 5 cents or 10 cents
on $100 of assessed valuation. Coincident with this announcement, the
Mayor said that all of the City Commissioners have yielded portions of
their requested budgets, and that the 1933 budget is below the 57,000.000
mark.
"In 1932 the budget was $7,000.000, and the city has had difficulty living
within it. The various departments asked for 1933 more than $300.000
in excess of the $7,000,000. Most of these increases were not found to
be necessary, the Mayor said."
-On Dec. 15 the city borrowed $150,000
TEMPORARY BORROWING.
from local banks at 5% to meet current expenses and bond obligations,
bringing the total owed to the banks for current and delinquent borrowings
to 82.542,141, according to the Houston "Post" of Dec. 16.
-BOND OFFERING.
HUBBARD COUNTY(P.O.Park Rapids) Minn.
-Sealed bids will be received until 2 p. in. on Jan. 3, by Frank Helsel,
County Auditor, for the _purchase of a $34,000 issue of 5ji% coupon
warrant funding bonds. P enom.r$1,000. Dated Jan. 1 1933. Due on
Jan. 1 as follows: $1,000_, 1936 to 1945: 84.000 in 1946, and $5,000, 1947
to 1950. Prin. and int.(J. & J.) payable at the First National Bank of St.
Paul. The approving opinion of Oppenheimer, Dickson, Hodgson, Brown
and Donnelly of St. Paul. will be furnished. A certified check for $1,000,
payable to the County Treasurer, must accompany the bid.
Financial Chronicle
Volume 135
"The Corporation, upon application of the Governor of Louisiana, made
available $2,366,075 to meet current emergency relief needs in 63 parishes
of that State for the period Jan. 1 to Feb. 28 1933.
"This is the first application placed before the board of directors since the
Corporation issued Emergency Rellef Bulletins No. 2 and No.3, calling for
detailed reports concerning past expenditures for relief in States and
political subdivisions for which supplemental Federal funds have been
made available, as well as estimates of the relief needs for the months of
January and February. In order to facilitate action by the Corporation in
making funds available for any part of the period January-February 1933,
Clovernors were requested to submit applications by Dec. 17, if possible.
"In support of his application, the Governor of Louisiana certified that
State and local resources now available, or which can be made available.
are inadequate to meet the relief needs. Among other things, he pointed
.out that the Louisiana Legislature, taking cognizance of the unemployment
situation in the State, authorized the issuance of $100,000,000 for road and
bridge construction. Two issues of these bonds totaling U0,000,000 have
been sold."
LOUISIANA, State of (P. 0. Baton Rouge).
-BONDS SOLD.
-The
$7,000,000 issue of coupon or registered highway bonds offered for sale on
-was purchased by the Reconstruction Finance
Dec. 19-V. 135,p. 4247
Corporation, as 5s at par. There were no other bids received. A dispatch
from New Orleans to the New York "Herald Tribune" of Dec. 20 reported
on the sale as follows:
The R. C. C.to-day purchased at par and accrued interest the $7,000.000
highway bond issue representing the Louisiana Highway Commission's
share of the cost of the Public Belt RR.and vehicular bridge at New Orleans.
The R. F. C. bid, the only one received, was accepted in the Highway
Commission offices in Baton Rouge. The contract provides that the
B.F.C.accept delivery of the bonds and pay the purchase price on or before
Dec. 31, provided the sale is approved by Thomson, Wood & Hoffman,
New York bond attorneys. A Treasury check for $70.000 was submitted
by the R. F. C. to bind the transaction with the Highway Commission.
The disposal of the highway bonds leaves the disposal of 16,000,000 of
Public Belt RR. bonds, representing the city's share of the cost of the
bridge, as the last formality necessary preliminary to construction of the
span.
The R. F. C. agreed to supply funds for the sale of the Public Belt RR.
bonds. The Public Belt RR. Commission voted last week to recommend
that the Commission council issue the $6,000,000 in bonds. Members of
the Commission explained that these bonds will be sold as soon as the action
Las been taken by the Commission council and the bids have been advertised for 30 days. The highway bonds will bear 5% interest per annum.
LOWER SAUCON SCHOOL DISTRICT (
0. Easton), Northampton County, Pa.
-The District is calling for
lling
-BOND OFFERING.
Lids for the purchase of an issue of $45.000 4 % coupon school bonds.
Dated Jan. 15 1933. Denom. $1,000. Due $15,000 on Jan. 15 in 1943,
1963 and 1963. Full details of the offering will be furnished on application
to Asher Seip, Northampton National Bank Bldg., Easton, who is Solicitor
for the District
McLEAN COUNTY SCHOOL DISTRICT NO.8(P.O. Underwood),
N. Dak.-CERTIFICATES NOT SOLD.
-The $10,000 issue of certificates
of indebtedness offered on Dec. 6-V. 135, p. 3888
-was not sold as there
were no bids received, according to the District Clerk. Due on Dec. 15
1933.
MALDEN, Middlesex County, Mass.
-BELATED •BOND SALE
SEPORT.-The issue of 175,000 4 % street construction bonds unsuccessfully offered on July 18 was purchased subsequently by Jackson & Curtis of
Boston. Dated July 1 1932. Due July 1 as follows: $8,000 from 1933 to
1937 incl., and $7,000 from 1938 to 1942 incl.
MARION COUNTY (P. 0. Indianapolis), Ind.
-LOAN OFFERING.
Charles A. Grossart, County Auditor, will receive sealed bids until
10 a.m. on Jan. 3, for the purchase of a $200.000 not to exceed 6% interest
sinking fund loan issue,in addition to that of $350,000 mentioned in V.135.
p.4247. The $200,000 notes will be dated Jan. 1 1933 and mature on June 1
1933. Denom. $5,000. Principal and interest are payable at the County
Treasurer's office. A certified check for 3% of the notes bid for, payable
to the order of the Board of County Commissioners, must accompany each
proposal. No conditional bid will be accepted and the opinion as to the
validity of the notes is to be furnished by the successful bidder.
MARSHALLTOWN, Marshall County, Iowa.
-BOND OFFERING.
sealed bids will be received until 7:3() p.m. on Dec. 27, according to
report, by Anne McMahon, City Clerk, for the purchase of a $2,500 issue
.of 5% semi-ann. street improvement, special assessment bonds. Due
$500 on May 11934, 1936, 1938, 1940 and 1941.
MARTINS FERRY, Belmont County, Ohio.,
-BOND REFUNDING
PLAN.
-The city is endeavoring to obtain assent of holders of maturing
bonds to accept 15% of the par value in cash and the balance due in new
'refunding bonds. The city offered for public sale on Sept. 17 an issue
of $35,000 6% refunding bonds, the result of which has not been made
-V. 135. P. 1689.
known to us.
MAYO, Lafayette County, Fla.
-It is re-BONDS DEFEATED.
ported that at an election held on Dec. 13 the voters rejected a proposal
to issue $10,000 in water works construction bonds.
MAYSVILLE, Mason County, Ky.-BOND SALE.
-The $5.000 issue
of6% semi-ann. street impt, construction bonds offered for sale on Dec. 17
-v.135, P. 4247-was sold as follows: $4,000 at a price of 100.375, and
the remaining $1,000 at a price of 100.25.
MEDFORD, Middlesex County, Mass.
-BOND SALE.
-E. H. Rollins
& Sons of Boston, obtained the award on Dec. 20 of $42,000 sewer construction bonds, at a price of 100.05 for 43,4s, an interest cost basis of about
4.24%. Dated Dec. 15 1932 and due serially from 1933 to 1953 incl.
The Shawmut Corp. of Boston, only other bidder, named a price of 100.32
for the issue at 43.i% interest.
MEDFORD, Middlesex County, Mass.
-PROPOSE RE
-FINANCING
BOND MATURITIES.
-Upon receipt of word from Edward Burling,
Jr., of the legal division of the Reconstruction Finance Corporation, that
legislation under which the Corporation was created makes no pro•the
visions for refunding loans for cities, Mayor John H. Burke announced
that he will seek authority from the State Legislature to refinance the
,
bonded indebtedness of the city over a period of 15 years in order that
the amounts due annually will be more equally proportioned. The present
debt schedule, the Mayor said, calla for annual payments ranging from
$528,750 this year, down to $16,000 in 1947.
MEDINA, Medina County, Ohio.
-BOND OFFERING.
-C. D.
Rickard, Village Clerk, will receive sealed bids until 12 M. on Jan. 10
.for the purchase of $8,460 5;i% bonds, divided as follows:
$6,372 sewer impt. bonds, series of 1932. One bond for $372, others
for $500. Due Oct. 1 as follows: $1,500 in 1933; $1,000, 1934;
$1,500, 1935; $1,000 in 1936, and $1,372 in 1937.
2,088 Baxter St. impt. bonds, series of 1932. One bond for $588, others
for $500. Due Oct. 1 as follows: $500 in 1933; $1,000 in 1934,
and $588 in 1935.
Each issue Is dated Dec. 11932. Prin. and int. (A. & 0.) are payable
. at the Village Treasurer's office. A certified check for 2% of the bonds
bid for, payable to the order of the Village, must accompany each proposal.
MEDINA COUNTY (P. 0. Medina) Ohio.
-BOND OFFERING.
L. F. Garver, Clerk of the Board of County Commissioners, will receive
•sealed bids until 11:30 a. m. (eastern standard time) on Dec. 31 for the
purchase of $15,000 6% poor relief bonds. Dated Dec. 15 1932. Due
March 1 as follows: 12,700 in 1934; $2.800. 1935; $3,000. 1936; $3,200 in
1937. and $3.300 in 1938. A certified check for $500. payable to the order
of the County Treasurer, must accompany each proposal. County will
'furnish printed bonds and delivery of same to any point outside of Medina,
Ohio, will be made at the expense of the successfullaidder.
MEDINA COUNTY
-BONDS NOT SOLD.
Medina), Ohio.
The issue of $23,000 53
Medina County Sewer District No. 1 refunding
-was not sold as no bids were
bonds offered on Dec. 19-V. 135, p. 4067
received. Dated Oct. 1 1932. Due in from 1 to 10 years,
MEIGS COUNTY (P. 0. Pomeroy), Ohio.
-BOND OFFERING.Homer Hysell, Clerk of the Board of County Commissioners, will receive
sealed bids until 12 m. on Dec. 30 for the purchase of $26,000 6% poor
relief bonds. Dated Dec. 15 1932. Due March 1 as follows: $4,600 in
$934; $4,900, 1935; $5,200, 1936; $5,500 in 1937, and $5,800 in 1938.
Interest is payable semi-annually. Bids for the bonds to bear interest at
a rate other than 6%. expressed in a multiple of ji of 1%, will also be
considered. A certified check for 1% of the bonds bid for, payable to the
.order of the County Commissioners, must accompany each proposal.
0.
4417
MEMPHIS, Shelby County, Tenn.
-BOND SALE.
-The $250,000
issue of coupon improvement bonds offered for sale on Dec. 20-V. 135.
p. 3889
-was purchased by the Chase Harris Forbes Corp. of New York.
as 5s, at a price of 100.449, a basis of about 4.95%. Dated Dec. 1 1932.
Due $10,000 from Dec. 1 1933 to 1957 inclusive.
BONDS OFFERED FOR INVESTMENTS.
-The successful bidder reoffered the above bonds for public subscription at prices to yield, according
to maturity, from 3.75 to 4.85%.
MIAMI CONSERVANCY DISTRICT, Ohio.
-CORRECTION.
We are advised that the District has not asked for an interpretation of
the legislation under which it was created, with a view to issuing bonds
for current activities, as reported in our issue of last week
-V.135, p. 4247.
MICHIGAN, State of (P. 0. Lansing).
-LOAN GRANTED.
-On
Dec. 17 a relief loan of $1,065,800 was granted to this State by the Reconstruction }inane° Corporation for aid purposes in the city of Detroit and
14 other political subdivisions. The loan announcement reads as follows:
"The R. F. C., upon application of the Governor of Michigan, Dec. 17
made available $1,065.800 to meet current emergency relief needs in the
city of Detroit and 14 other political subdivisions in that State for the
month of December. Of the total, $752,500 are made available to the city
of Detroit.
"These funds are made available under Title I, Section 1, subsection (c)
of the Emergency Relief and Construction Act of 1932 with the understanding that every effort must be maintained and developed in order
that the political subdivisions and the State of Michigan may meet this
emergency situation as soon as it is possible for them to do so.
"In support of the Governor's application it was stated that owing to the
increasing relief,loan funds available or which can be made available from
State and local sources are inadequate to meet the needs.
"The R. F. C. heretofore has made available $5,378,483 to meet current
emergency relief needs in various political subdivisions of the State of
Michigan."
MIDDLETOWN, Butler County, Ohio.
-PROPOSED BOND ISSUE
ILLEGAL.
-City Solicitor Henderson Estes has stated that the issue of
$43,000 poor relief bonds, proposed for sale by the city commissioners,
cannot be disposed of as it would first have to be authorized by passage of an
ordinance by the city council before Jan. 1 1933 and time does not permit
of such action, according to report.
MILWAUKEE, Milwaukee County, Wis.-TEMPORARY BORROWING.
-We are informed by the City Comptroller that the Common Council
authorized a short-term loan of not to exceed $2,500,000. He states that
arrangements have been completed with the First Wisconsin National
Bank of Milwaukee for $1,025,000 and for $100,000 with the Marine
National Exchange Bank of Milwaukee. due on Feb. 1 1933, on a basis of
• %. He expects that the amount of loans negotiated will be sufficient
for requirements.
-It is reported that the
ISSUANCE OF SCRIPT CONTEMPLATED.
City Comptroller, at the request of the Mayor, is preparing to issue $7,500.000 city script by Jan. 1.
MISSISSIPPI, State of (P. 0. Jackson).
-BONDS NOT SOLD.
-It
is reported that the State Bond Commission has rejected the bid made
recently by the Mortgage Bond & Trust Co. of Jackson, for the purchase
of a total of $1,000,000 bonds of the $5,000.000 6% State highway issue
that was authorized at a special session in 1931-V. 135, p. 4247.
-The following report is taken from the
ADDITIONAL BONDS SOLD.
-Picayune" of Dec. 14, regarding the sale of an adNew Orleans "Times
ditional block of $265,000 bonds of the total issue of $6,000.000 hospital
and deficit bonds, of which only $1,485,000 now remain unsold.
-V. 135.
p. 3889:
"Further liquidation of outstanding State warrants was assured to-day
with announcement of sale of $200,000 worth of Mississippi deficit bonds
and $65.000 worth of insane hospital securities.
"The Hospital Removal Commission issues will go to pay off outstanding
warrants held by contractors who in turn said they could pay their men.
A week ago the treasurer received $200,000 for that amount of hospital
bonds.
"The other $200,000 in bonds sold to-day were straight State deficit
bonds, and will take up that amount of uncashed warrants of teachers,
pensioners, employees and State departments.
"The syndicate purchasing the securities still has an option on $1,485,000
of State bonds which must be taken up before Jan. 1 under provisions of
the option."
MONTANA, State of (P. 0. Helena).
-LOAN GRANTED.
-The Reconstruction Finance Corporation granted to this State on Dec. 16 a $5,000
relief loan to be used in Park County. The loan announcement reads
as follows:
"The Corporation, upon application of the Governor of Montana, made
available $5,000 to meet current emergency relief needs in Park County
for the month of December.
"Supporting data state that Park County is located on the edge of what,
during the past two years, has been considered Montana's worst drouth
area. The county is said to have been badly affected by the drouth and to
have carried the entire burden of relief up to this time.
"The R. F. C. heretofore has made available $502,738 to meet current
emergency relief needs in other Montana political subdivisions."
NEEDVILLE INDEPENDENT SCHOOL DISTRICT (P. 0. Needvilla), Fort Bend County, Tex.
-BOND SALE.
-A $22,000 issue of 5%
semi-annual refunding bonds is stated to have been purchased at par by the
State Board of Education. Denom. $500. Dated July 20 1932. Due as
follows: $500, 1933 to 1942, and $1,000, 1943 to 1959, inclusive. Optional
after five years.
-A syndicate composed
NEWARK,Essex County, N.J.
-BOND SA!E.
of Lehman Bros., Baneamerica-Blair Corp., Kidder, Peabody & Co.,
Estabrook & Co., Phelps, Fenn & Co., Edward B. Smith & Co. F. S.
Moseley & Co., Wallace, Sanderson & Co., Darby & Co., R. W. Press rich
& Co. and Batchelder & Co., all of New York City; also the M. & T. Trust
Co. of Buffalo; Wertheim & Co., of New York; and Stern Bros. & Co.,
Kansas City, was the successful bidder for the two issues of bonds offere
on Dec. 20-V. 135. p. 4248. The bankers purchased $2,331,000 bonds
of the $2,336,000 offered. Award was made as follows:
$1,269,000 poor relief bonds ($1,272,000 offered) were sold as 44s, at
par plus a premium of $3,300, equal to 100.26. a basis of about
4.70%. Due Dec. 15 as follows: $159,000 from 1934 to 1940,
incl., and $156,000 in 1941.
1,062,000 public works bonds ($1,064,000 offered) were also sold as 4f4s,
at par plus a premium of $2,760, equal to 100.259, a basis of
about 4.70%. Due Dec. 15 as follows: $133,000 from 1934 to
1940, incl., and $131,000 in 1941.
•
Each issue is dated Dec. 15 1932. The one other bid received, an offer
of a price of 100.34 for $2,329,000 bonds as 5s, consisting of $1,268,000
Poor relief and $1,061,000 public works obligations, was submitted by a
group composed of the Guaranty Company of New York, Chase Harris
Forbes Corp., National City Co. and the Bankers Trust Co., all of New
York, also the Fidelity Union Trust Co. and J. S. Rippe' & Co., both of
Newark.
BONDS PUBLICLY OFFERED.
-Members of the purchasing syndicate
are making public re-offering of the securities at prices to yield 47 for the
1934 maturity, 1935, 4.10%; 1936, 4.20%; 1937. 4.30%; 1938, 4.40%;
1939, also 4.40%; and 4.50% for the bonds due in 1940 and 1941. The
combined maturities of the issues show $292,000 bonds maturing annually
from 1934 to 1940. incl., and $287,000 in 1941. The bonds, according to
the bankers, are direct general obligations of the City, payable both principal and interest from unlimited ad valorem taxes on all the taxable property therein. They are further said to be legal investment for savings banks
and trust funds in the States of New York and New Jersey.
NEW JERSEY (State of).
-FINANCIAL STATEMENT.-Appertabling to the award on Dec. 7 of $5.000,000 331% relief bonds to the
Chase Harris Forbes Corp.. of New York. and associates, at 100.22. a
basis of about 3.19%-V. 135. p. 4248
-we have received the following:
Financial Siatenzent.
$6,417,891,877,09
Assessed valuations for 1932
First class railroad property
298.230.938.00
Total
$6.716,122,815.00
Total bonded indebtedneas, including this issue164.000.000.00
Sinking funds, investments
5.615
$65.9aW Cash
413.333.00
Total
Net debt
$66.316,058.00
$97.683,942.00
4418
Financial Chronicle
NEW CASTLE, Lawrence County, Pa.
-FINANCIAL STATEMENT
-TAX COLLECTION REPORT.
-In connection with the proposed
sale on Jan. 2 of 860,000 4i% series of 1932 funding bonds, notice and
description of which appeared in V. 135. p. 4068, we have received the
following statistical data:
Financial Statement (As of Oct. 1 1932).
$930,000.00
Actual indebtedness of the said city
124,292.28
Amount of the sinking fund
Net or actual amount of indebtedness of the said city
805.707.72
The following is a statement of the general improvement fund of the
said city which is not considered a part of the municipal debt but is reported
for information only, to-wit:
Debit:
Certificates of indebtedness outstanding for improvements
268,939.71
(less accrued interest) on Oct. 1 1932
Credit:
Total of liens outstanding and filed in the Court of Conunon
Pleas and charged to the City Solicitor (less accrued
284,199.49
interest and costs paid
54,626,150.00
The amount of the taxable property of the said city
The amount of the indebtedness to be incurred at this time
60,000.00
and by this issue of bonds is
Tax rate per $1,000.00:
Total 13
Library Si
Sinking fund 2
1929
_Gen. rev. 10%
Total 12
Library Si
1930 ____Gen.9 rev. Si
Sinking fund 2
Total 12
Library %
1931 ___ _Gen. rev. 9%
Sinking fund 1%
Total 11
Library %
1932 _ _Gen. rev. 83-i
Sinking fund 2
Tax Collection Report.
1929.
1930.
1931.
1932.
..$631,076 61 $695.933.99 $693,228.12 8742,887.43
Taxes levied for
year_Uncollected fr. pre,'. yr _*123,492.55 *79,873.59 *57.731.88 *40,703.06
Total to be collected_ -$751,569.16 $775,807.58 $750.960.00 $783,590.49
)439.165 46 572,637.29 613,695.25 686,105.47
(to r
Collected fr.yr.
31,977.50
50,173.06
60,651.81
,
Collected for previous 31* 53,852 64
Total collected
$193.118.10 8633,289.10 $663,868.31 $718,082.97
Balance due for year - - -$191.811.15*$123.296.29 *879,532.87 *$56.781.96
8,725.56
19,221.78
7.558.82
Exonerated or filed
* Discrepancy is accounted for by collection of penalties.
City was incorporated in 1869.
-BOND OFFERING.
NEWTON FALLS, Trumbull County, Ohio.
H. G. Allen, Village Clerk, will receive sealed bids until 12 m. on Jan. 7
for the purchase of 820,000 6% refunding bonds. Dated Oct. 1 1932.
Denom. $1,000, $500, $250 and $100. Due Oct. 1 as follows: $2,000 in
1934: 82,500. 1935: 82.000. 1936; 82.500. 1937: 82.000, 1938; $2,500. 1939:
$2.000 in 1940; $2.500 in 1941 and $2.000 in 1912. Prin. and int. (April
and Oct.) are payable at the office of the Sinking Fund Trustees. Bids
expressed in a multifor the bonds to bear interest at a rate other than 6
ple of Y. of 1%. will also be considered. A certified check for 8500, payable to the order of the Village Treasurer, must accompany each proposal.
-The
-330,400,000 BONDS ALL SOLD.
NEW YORK (State of).
Chase Harris Forbes Corp. of New York, head of the syndicate which
obtained the award on Dec. 14 of $30,400,000 3 and 3i% bonds on an
interest cost basis to the State of 3.0271%, the lowest obtained during the
-made formal announcement on Dec. 22
-V. 135, o. 4248
past 25 years
of the complete sale of all of the bonds in the account.
-Homer
-BONDS NOT SOLD.
NILES, Trumbull County, Ohio.
Thomas. City Auditor, reports that the issue of 325,000 6% unemploy-was not sold, as
ment relief bonds offered on Nov. 26-V. 135, p. 3389
no bids were received. Dated Oct. 1 1932. Due $5,000 on Oct. 1 from
1934 to 1938, incl. Mr. Thomas adds that the issue will be sold to the
Reconstruction Finance Corporation.
NIOBFtARA COUNTY SCHOOL DISTRICT NO. 4 (P. 0. Hat
-The $2,500 issue of refunding bonds
Creek), Wyo.-BOND SALE.
-was purchased by the State
offered for sale on Nov. 23-V. 135. p. 3389
of Wyoming as 4s, at par. Dated Oct. 24 1932. Due $250 from Oct. 24
1933 to 1942 incl.
-BOND SALE.
NORTHAMPTON COUNTY (P. 0. Easton), Pa.
The $500.000 coupon or registered county bonds offered on Dec. 19-were awarded as 3%s to the Commonwealth Trust Co.,
V. 135, p. 3890
of Harrisburg, at par plus a premium of $4,139,46, equal to 100.827. a
basis of about 3.67%. Dated Dec. 15 1932 and due on Dec. 15 as follows:
85.000 in 1933; 36.000, 1934; 87.000. 1935; 88.000, 1936; 89,000. 1937:
$11,000, 1938 313,000, 1939 815.000. 1940; 817,000, 1941; 819,000, 1942;
822,000, 1943 325.000, 1944 $27.000, 1945; $.31,000. 1946: 835,000, 1947;
$40,000, 1948 $45,000. 1949 850.000, 1950; 855,000 in 1951; and $60,000
in 1952.
NORTH CASTLE (P. 0. Armonk), Westchester County, N. Y.
-The $47.000 coupon or registered bonds offered on Dec. 16
BOND SALE.
-were awarded as 5s to George B. Gibbors & Co.. Inc.,
-V. 135, p. 4249
of New York, at a price of 100.52, a basis of about 4.93%. Included in
the sale were:
follows: $1,000 from 1933
$29,000 highway impt. bonds. Due Dec. I as 1951 incl.
to 1941 incl. and $2,000 from 1942 to
18,000 highway impt. bonds. Due 82.000 on Dec. 1 from 1933 to 1941 incl.
Each issue is dated Dec. 1 1932.
-The
-BOND SALE.
OCEAN COUNTY (P. 0. Toms River), N. J.
offered on
832.000 5% series B coupon or registered general road bonds the State
-were purchased at a price of par by
Dec. 2I
-V. 135. p. 3890
Sinking Fund Commission the only bidder. Due $8,000 annually from
1933 to 1936 incl.
-The fol-LOAN GRANTED.
OHIO, State of (P. 0. Columbus).
lowing is the text of the loan report made on Dec. 21 by the Reconstruction
Finance Corporation:
The Corporation, upon application of the Governor of Ohio,to-day made
available $1.077,816 to meet current emergency relief needs in the cities
of Cleveland, Massillon, Alliance, Niles, Toledo and Wellsville.
"Of this total, $845.316 is made available uncles Title I, Section 1,
subsection (e) of the Emergency Relief and Construction Act of 1932 to
the cities of Cleveland, Massillon. Alliance and Niles, and $232,500 to the
cities of Toledo and Wellsville under subsection (c).
Funds made available to the City of Cleveland were requested to cover
the month of January and part of February. Those made available to
Massillon, Alliance and Niles will cover the month of December and part
of January. The funds for Toledo and Wellsville will cover the month
of December.
"These funds are made available with the understanding that every
effort must be maintained and developed in order that the political subdivisions and the State of Ohio may meet this emergency situation as
soon as it is possible for them to do so.
"The supporting data state that State and local resources and private
contributions now available or which can be made available are inadequate
to meet the relief needs in these Ohio communities.
"The R. F. C. here,,ofore has made available a total of $6,854701 to
meet current emergency relief needs in various political subdivisions of
the State of Ohio.
-The $24.000
ONEIDA, Madison County, N. Y.
-BOND SALE.
registered emergency relief bonds offered on Dec. 20-V. 135. p. 4249
were awarded as 4%s to the M.& T. Trust Co., of Buffalo, at a price of
100.189. a basis of about 4.68%, Dated Jan. 3 1933. Due Jan. 1 as
follows: $4,000 in 1934, and $5,000 from 1935 to 1938 incl.
-Charles W. Smith, City Clerk, also
ADDITIONAL BONDS SOLD.
issue f
u
the Oneida Valley National Bank has purchased
o
wizts
Bids for the issue of $24,000 bonds were as follows:
Rate Bid.
Int. Rate.
Bidder
100.189
M.&T. Trust Co. (successful bidder)
100.14
4.
477557e
A. C. Allyn & Co., New York
100.419
5.00%
Marine Trust Co., Buffalo
0. Warrensville), Cuyahoga County,
ORANGE TOWNSHIP
-Tae issue of 81.200 6% refunding bonds
-BONDS NOT SOLD.
Ohio.
offered on Nov.2-V. 135. p. 2861-was not sold, as no bids were received.
Dated Oct.1 1932. Due $100 on April and Oct. 1 from 1934 to 1939,incl.
-An $8.000
-LOAN GRANTED.
1r OREGON, State of (P. 0. Salem).
relief loan was granted to this State on Dec. 16 by the Reconstruction
(p.
Dec. 24 1932
Finance Corporation for aid purposes in Wasco County. The announcement of the loan reads as Policing:
"The it. F. C., upon application of the Governor of Oregon, made available $8,000 to meet current emergency relief needs in Wasco County for.
the month of December.
"These funds are made available under Title I, Section 1, subsection (c)
of the Emergency Relief and Construction Act of 1932 with the understanding that every effort must be maintained and developed in order
that Wasco County and the State of Oregon may meet this emergency
problem as soon as it is possible for them to do so.
"in support of his application the Governor certified that the resources
of the State of Oregon, including moneys now available or which can be
made available by the State, its political subdivisions and private contributors, are inadequate to meet relief needs.
"The R. F. C. heretofore has made available $230.538 to meet current
emergency relief needs in various political subdivisions of the State of Oregon."
-LOAN APPLICATION.PAHOKEE, Palm Beach County, Fla.
It is stated that an application has been made to the Reconstruction
Finance Corporation for a loan based on the $100,000 water works bonds
voted on Dec. 6-V. 135, p. 4249.
-BOND RENETVAL
PALISADES PARK, Bergen County, N. J.
-Resolutions were recently adopted by the Mayor and
AUTHORIZED.
borough council providing for the renewal of 8145,000 tax revenue bonds,
at 6% interest, to mature on June 10 1933. The obligations are held by
the Rutherford and Palisades Park National Banks, it was said.
PARADISE IRRIGATION DISTRICT (P. 0. Zurich), Blaine
-We are advised by the District
County, Mont.
-BONDS EXCHANGED.
Secretary that the 8100,000 4% semi-ann. refunding bonds authorized
-have been exchanged for outstanding
in November-V. 135, p. 3389
bonds of the District.
-TAX RATE FOR 1933 UNCHANGED.
PHILADELPHIA. Pa.
The failure of the City Council to fix the tax rate for 1933 by Dec. 15,the
last day on which such action was permissible under the city charter, automatically continued in effect the 1932 levy of 81.825. on each $100 of assessed valuation, according to the "Wall Street Journal" of Dec. 17. With
the school tax fixed at 95 cents, the total levy of $2.775 for 1933 remains
unchanged, the report stated.
-The group of local banks that has been
83,000,000 LOAN OBTAINED.
advancing funds to the city in recent months for various purposes on Dec.
19 made available a sum of $3.000.000 at 4% interest to meet the Nov. 30
and Dec. 15 salaries of the 21.000 city and county employees. Joseph
Wayne Jr., President of the Philadelphia National Bank and spokesman
for the group,stated that despite estimated economies, the 1933 city-county
budget would be only nominally balanced, adding, however, that the efforts
being put forth by the municipal officials warranted granting the loan
requested. Coincident with announcement of the loan, it was reported
that the directors of the Philadelphia Rapid Trarsit Commission had approved the proposal of the city to use $4.500,000 in the transit sinking fund
to aid in balancing the budget for 19:33. The proposal must now be approved by the Public Service Commission at Harrisburg.
-BONDS AUTHORIZED.
PIERCE COUNTY (P.O. Tacoma), Wash.
-At a meeting held on Dec. 6 the County Commissioners are reported to
have authorized the issuance of a $500,000 bond issue to be used for the
redemption of outstanding current expense warrants.
-BOND ELECTION.
PINE ISLAND, Goodhue County. Minn.
It is reported that an election will be held on Dec. 27 in order to vote on a
proposal to issue 81.000 in 4% refunding bonds.
-BOND EXCHANGE MADE.
-Ashton
PLEASANT RIDGE, Mich.
J. Berst, City Manager, reports that the $21,000 water works refunding
bonds recently approved by the State Public Debt Commission have
been disposed of through exchange for maturing obligations. During
August the Municipal Advisory Council, of Michigan, authorized the
City Commission to refund 820.000 bonds of an issue of $30,000 maturing
on Oct. 1 1932. At the time it was said that the sinking fund contained
$10.300 in cash and $78,000 in bond securities. It was decided that
rather than sustain a loss through the sale of part of the security holders,
the city would pay off 810,000 of the maturing Issue and refund the balance.
-V. 135, p. 1360.
-LOAN AUTHORIZED.
POMPTON LAKES,Passaic County, N..1.
The borough council voted on Dec. 15 to borrow $25,000 on tax anticipation notes in order to pay taxes due to the school system, the county and
the State. Necessity for the borrowing was brought about as a result
of the failure of the borough to collect more than $110.000 in due taxes.
of which 875,703.34 is delinquent on the current year's levy, it was said.
PONY CREEK DRAINAGE DISTRICT NO. 23 (P. 0. Council
-BONDS NOT SOLD.
-The
Bluffs), Pottawattomie County, Iowa.
$13,150 issue of 5% semi-annual drainage bonds offered at public sale OD
Dec. 14-V. 135. p. 3891-was not sold as there were no bids received,
according to the Attorney for the Board of Trustees. Due in seven annual
instalments, beginning on June 11933.
-The
PORTLAND, Multnomah County, Ore.
-BOND SALE.
-were awarded
$705,000 bonds offered for sale on Dec. 21-V. 135, p.4070
as follows:
8135,000 public works bonds to a syndicate composed of the 13ancamericaBlair Corp. and Phelps. Fenn & Co. of New York, Jaxtheimer
& Co., the First National Dank, Geo. II, Burr, Conrad & Broom
Smith, Camp & Riley and Atkinson, Jones & Co., all of Portland
as 5s. at a price of 100.25, a basis of about 5.48%. Due on
Dec. 1 as follows: 811,000, 1947; 823,000, 1948 and 1949, and
826.000 in 1950 to 1952.
165,000 public works bonds to William Adams, City Treasurer, as SS
at par. Due on Dec. 1 as follows: $14,000. 1938 to 1940:
$17,000. 1941 to 1943;820,000, 1944 to 1946, and 812,000 In 1947.
210,000 5% new crematory bonds to the City Treasurer at par. Dated
Nov. 1 1932. Due from Nov. 1 1935 to 1947.
195.000 Fourth Street arterial highway bonds, as 5s at par, to the city
Treasurer. Dated Dec. 11932. Due from Dec. 1 1938 to 1952.
-We are informed that in addition to the above
BONDS OFFERED.
bonds. sealed bids were also received by R. E. Riley, Commissioner of
of Finance, until 11 A. M., on Dec. 21, for the purchase of a $35,586.77
issue of 6% street lighting system impt. bonds. Dated, Oct. 1 1932.
Due on Oct. 1 1937 and optional on or after Oct. 1 1935. Prin. and Mt.
(A. 3z 0.) payable in gold at the office of the City Treasurer.
We have not been advised as to the disposition of these bonds.
PORTSMOUTH, Scioto County, °Mo.-BOND REFUNDING
-In connection with announcement of the plan to refund
PLANNED.
$154,050 bonds maturing in January and February 1133, it was straw
that within the past four years the bonded indebtedness of the city has beecl
reduced in amount of 81.045.000. of which 8412,000 constituted refunding
operations. The transcript for the proposed issue of $154,050 refunding
bonds has been submitted for approval of Squire, Sanders & Dempsey of
Cleveland. it was said.
-BOND OFFERING.POUNDRIDGE, Westchester County, N. Y.
Benjamin K. Smith, Town Supervisor, will receive sealed bids at the law
P. Barrett, Katonah, New York, until 2:30 p. m. on
offices of Edward
Dec. 29 for the purchase of $38,000 not to exceed 6% interest coupon or
registered highway bonds. Dated Dec. 15 1932. Denom. $1,000. Due
$2,000 on Dec. 15 from 1933 to 1951 incl. Principal and interest (June and
KISCO National Bank & Trust Co..
Dec 15) are payable at the Mountexpressed in a
multiple of % or 1-10th
Mount Kisco. Rate of interest to be
check for
of I% and must be the same for all of the bonds. A certified each propayable to the order of the Supervisor, must accompany
$800.
of Clay. Dillon & Vandewater,of New York.
posal. The approving opinion bidder.
will be furnished the successful
-Sealed bids
-BOND OFFERING.
PUERTO RICO (Government of).
of the Bureau
J. Parker,
will be received by Brigadier General F. Le at Room Chief the Munitions
3040 in
until 2 p.rn. on Dec. 27,
of Insular Affairs,
Building. Washington, D. C., for the purchase of an issue of $100.000 5%
bonds. Denom. $1,000. Dated
coupon series T to U, Isabela Irrigation and
1972.
Jan. 11933. Due 850.000 on July 1 1971the United Prin. and int.(J. &
States in Washington,
payable in gold coin at the Treasury of these bonds do not begin to bear
invited to the fact that
D.C. Attention is
30 1932 of the full
Interest until Jan. 1 1933 and that payment on Dec.the par value of the
check
2% of
bid price is required. A certified Bureaufor Insular Affairs, Is required.
of
Chief,
bonds bid for, payable to the
Volume 13.5
Financial Chronicle
Authorization, Purpose and Method of Payment.
By Joint Resolution No. 12, approved July 3 1929, the Legislature of
Puerto Rico authorized the issue of $1,250,000 face value of bonds, the proceeds of which shall be devoted to the payment of the principal of, and
Interest on, the bonds heretofore issued and sold for the construction of the
Isabela Irrigation System and for the operation and maintenance of said
system until the funds necessary for these purposes are produced by such
assessment as may be levied, as provided by law. Bonds with a par value
of $750,000 dated Oct. 1 1929 and $150,000 dated Jan. 1 1931. have already
been issued under this authority.
The good faith of the people of Puerto Rico is irrevocably pledged for
payment of the principal of, and interest on, the aforesaid bonds; andthe
all
such funds as may be collected by reason of taxes levied under Section 29 of
the Isabela Irrigation Act, approved June 19 1919, as amended by Joint
Resolution No. 12, approved July 3 1929, shall be devoted,and,are irrevocably pledged to secure the payment of the principal of, and interest on,
the aforesaid bonds. Any deficit is to be included each year in the regular
budget and paid out of general revenues.
(These bonds are part of the $150.000 issue unsuccessfully offered on
Dec. 19 1931.-V. 133 p. 4358.)
Puerto Rican Statisti s.
Net insular Government receipts for the year ending June
30 1932
$12,662,359.76
Net disbursements for the year ending June 30 1932
12.305,597.09
Cash on hand June 30 1932
874,422.06
Due from municipalities and school boards on short time
loans. June 30 1932
1,300.00
Assessed valuation of property. Oct. 24 1932
305,436,236.00
Imports for the year ending June 30 1932
61.281.101.00
Exports for the year ending June 30 1932
86,416,938.00
* Total bonded indebtedness Nov 30 1932
30.786,994.54
Balance in redemption funds Sept. 30 1932
* This includes municipal bonds of Puerto Rico aggregating 958,787.17
$1,299,500.
issued since March 4 1927, to the payment of which the good faith
of the
people of Puerto Rico is pledged, and outstanding temporary
loans amounting to $529,494.54.
QUINCY, Norfolk County, Mass.
-LOAN RENEWED AT LOW
INTEREST COST.
-The Shawmut National Bank of Boston has renewed
a $100.000 loan to mature March 14 1933 at 3% discount basis, the
lowest
rate at which the city has been able to borrow during the
current year, it
was reported on Dec. 19.
RENSSELAER, Rensselaer County, N. Y.
liatherir e B.Sanderson, City Treasurer,inforn -CERTIFICATE SALE.fl us that
5 yi% certificates of indebtedness offered on Dec. 20 wasthe issue of$20,000
of par to the Rensselaer County Bank & Trust Co. of awarded at a price
Dec. 20 1932. Due $4,000 on Jan. 1 from 1934 to 1937,Rensselaer. Dated
and $4.0000n Dec.
20 1937, with the right reserved to
upon 15 days' notice to the
registered holder to redeem any one orthe city the
more of
unmatured certificates on
any interest day upon payment of the principal
interest to the date fixed for the redemption. amount thereof and accrued
payable at the Ito sselaer County Bank & TrustPrin. and irt. (J. & J.) are
Co.. Rensselaer. Legality
approved by Clay, Dillon & Vardewater of New
York.
RENSSELAER COUNTY (P. 0. Troy), N.
Y.
-BOND SALE.
-The
$250.000 coupon or registered, 19th series, highway
improvement bonds
offered on Dec. 20-V. 135, p. 4250
-were awarded as 4.20s to Edward
Lowber Stokes & Co., of New York, at a price
of
4.17%. Dated Dec. 11932. Due Dec. 1 as 100.8408, a basis of about
to 1952 incl., and $9.000 from 1953 to 1962follows: $8.000 from 1933
incl. Public reoffering of
bonds is being made at prices to yield
the
3.50% for the 1933 maturity:
1934 and 1935, 3.75%; 1936 to 1939. 3.90%;
for the maturities from 1951 to 1962 incl. 1940 to 1950. 4%, and 4.05%
banks and trust funds in New York State, Legal investment for savings
according to the bankers.
RICH VALLEY SCHOOL DISTRICT
(P.O. Marion)
Va.-BONDS SOLD.
-We are now informed that the Smyth County,
State Board of
Education has purchased the
$15,000
for sale without success on Nov. 1-V.refunding bonds that were offered
Due $1,000 from Jan. 1 1934 to 1948, 135. p. 3558. Dated Jan. 11933.
inclusive.
RICHMOND. Henrico County,
Va.-LIST OF BIDS.
-The following
Is an official list of the bids received
on
issues of 4% bonds, aggregating $640,000, Dec. 15 for the sale of the four
that were awarded to a syndicate
headed by the Guaranty Co. of New
York, at 101.4299. a basis of about
3.92%
135. P. 4250:
Name ofBidderPrice Bid.
First & Merchants National Bank, Richmond;
Guaranty Company of New York; G. M.
-P. Murphy & Co., New York;
Davenport & Co., Richmond, and
Alex Brown & Sons, Balt.$649,151.36
Mason-liagan, Inc.. Richmond;
Phelps,
York; Mercantile Commerce Co., New Fenn & Co., New
York, and Richmond
Corp. Richmond
Bancamerica-Blair Corp., New York;
646,208.00
Kean, Taylor & Co.,
New York, and Salomon Bros. di Hutzler, New
York
644.360.00
The Central National Bank of Richmond
&hamburg, Rebhann & Osborne, New York,
and F. S. Moseley 644.031.36
& Co., New York
643.392.00
American Bank & Trust Co. of Richmond
642,880.00
Chemical Bank & Trust Co., New York; Wallace
Sanderson St
Co., New York;Noyes & Co..
New York, and
Foster & Co., ew York
642.617.60
Virginia Trust do.. Richmond
640,000.00
State Planters Bank & Trust Co.Richmond;
First of Boston
Corp., New York, and Dewey,'Bacon
& Co.. New York-.637,439.36
Bankers Trust Co. New York; N
W. Harris Co., New York,
Scott & Stringfedow, Richmond
Roosevelt & Son, New York; Geo.
637,375.36
York, and Darby & Co., New B. Gibbons & Co., Inc., New
Estabrook & Co., New York; York
636,953.60
First Detroit Co., Inc., New
York; Stone & Webster and Blodget,
Inc., New York.;
Strother, Brogden & Co., Baltimore;
Mercantile Trust Co.,
Baltimore, and Frederick E.
Nolting, Inc., Richmond
632,064.00
The following bid on $100,000 street
Savings Bank & Trust Co., Richmond paving bonds only:
100,830.00
The Life Insurance Co. of Virginia,
Richmond
100,163.91
Bonds awarded to
First & Me" aants National Bank, Richmond;
Guaranty Company of New York; Davenport &
Co., Richmond, and Alex
Brown & Sons, Baltimore for
649,151.36
(101.4299 or approximately
3.92 basis).
ROCK COUNTY (P. 0. Janesville)
, Wis.-BONDS NOT SOLD.We are informed that the $400000
of
offered on Dec. 20-V. 135. p. 4250 Issuenot4% semi-ann. relief bonds
-was
sold as the only bid received.
an offer of 96.51, was rejected. Dated Nov.
1 1932. Due from Nov. 1
1935 to 1941 incl.
ROC KVILLE CENTRE, Nassau County, N. Y.
-BOND OFFERING.
-George S. Utter, Village Clerk,
will receive
Jan. 4 for the purchase of 3125,000 series E,sealed bids until 8 p. m. on
not to exceed 6% interest,
coupon or registered sewer bonds. Dated
Due $5,000 on Jan.1 from 1938 to 1962 incl. Jan. 1 1933. Denom. $LOW.
Rate of interest to be expressed
in a multiple of g or 1-10th of 1% and must be the
same for all of the
bonds. Principal and interest (January
and July) are payable at the Bank
of Rockville Centre Trust Co. Rockville
$2.500. payable to the order oethe Village. Centre. A certified check for
must accompany each proposal.
The approving opinion of Clay, Dillon & Vandewater
, of New York, will
be furnished the successful bidder.
ROME, Oneida County, N. y.
-BOND OFFERING.-Lynn C. Butts,
City Treasurer, will receive sealed bids until 11 a. m. on
Jan. 6 for the
purchase of $100.000 not to exceed 6% interest coupon
or
city bonds. Dated Dec. 11932, Denom. 31,000. Due registered g_eneral
$25,000 on Dec. 1
from 1933 to 1936 incl. Rate of interest to be expressed in
a multiple of
g or 1-10th of 1% and must be the same for all of the
bonds. Principal
and interest(June and December)are payable at the Chase National
Bank.
New York. A certified check for $2,000, payable to the order
of the City
must accompany each proposal. The approving opinion of
Clay, Dillon &
Vandewater, of New York, will be furnished
the successful bidder.
ROSS COUNTY (P. 0. Chillicothe), Ohio.
-BOND SALE.
-The
$110,844.88 bonds offered on 1)ec. 19-V. 135, p. 3891the BancOhlo Securities Corp. of Columbus. as 4 Sis andwere awarded to
Vis. at
a premium of $265.50, equal to 100.239, a basis of about 4.49%. par plus
Award
was made as follows:
4419
$60,814.88 bridge ilium buds sold as 4,s. Due Oct. 1 as follows:
$3,344.88 in 1934; $3,500. 1935; and $3,000 from 1936 to 1953
incl.
25,000.00 emergency poor relief bonds sold as 434s. Due March
1
follows: $4.500 in 1934; $4,700, 1935; $5.006). 1936; $5,300 as
in
1937 and $5,500 in 1938.
25,000.00 poor relief bonds sold as 430. Due Sept. 1 as follows:
$7,000
in 19:34. and $6,000 from 1935 to 1937 incl.
Each issue is dated Dec. 1 1932.
ST. ALBANS, Franklin County, Vt.-BOND SALE.
$15.000
4% coupon water bonds offered on Dec. 19-V. 135, p.4250 -The awarded
at a price of par to the Peoples Trust Co. of St. Albans.-were
Dated Dec.
1932. Due $1,000 on Dec. 1 from 1937 to 1951 incl. Bids received 1
at
the sale were as follows:
BidderRate Bid.
Peoples Trust Co.,St. Albans (successful bidder)
Par.
Vermont Securities,Inc., Brattleboro
98.11
E H Rollins & Sons
95.00
Note.
-In addition to the above, bids of par and accrued interest submitted by the Franklin County Savings Bank & Trust Co. and the Welden
National Bank of St. Albans, were rejected for non-compliance with circular
instructions.
ST. FRANCIS LEVEE DISTRICT (P.0.St. Francis), Clay County,
-BOND PURCHASE AGREEMENT.
Ark.
-The Reconstruction Finance
Corporation on Dec. 20 agreed to purchase at par $500,000 5% bonds.
The Corporation's agreement to buy the bonds is predicated on the following conditions:
-Enactment by the State Legislature of measures authorizing
First.
the District to increase the annual assessments up to 8% of the benefits.
-Assurance from the War Department that levee construction
Second.
will be gin as soon as the District provides the rights of way.
SALEM, Essex County, Mass.
-TEMPORARY LOAN.
-Charles G. F.
Coker, City Treasurer, reports that the $200,000 revenue anticipation
loan offered on Dec. 20 was awarded to the Chase Harris Forbes Corp. of
Boston, at 1.08% discount basis. Dated Dec. 22 1932 and payable on
June 15 1933. Denoms. $25,000. $10.000 and $5,000. Payable at the
First National Bank of Boston, or at the office of the First of Boston International Corp., N. Y. City. Legality to be approved by Storey, Thorndike, Palmer & Dodge of Boston. Bids received at the sale were as follows:
BidderDiscount Basis.
Chase Harris Forbes Corp.(successful bidder)
1.08%
F. S. Moseley &
1.37%
Jackson & Curtis
1.73
Merchants National Bank of Salem (plus $0.97 premium)
1.83
Faxon, Gade & Co
1.91
Naumkeag Trust Co
1.91i
Official Tax Collection Report.
1931 levy, $1,769.97‘; uncollected Dec. 15 1931, $511,545; 1932 levy,
$1,906,131; uncollected Dec. 15 1932, $670.129.
Uncollected 1931 taxes as of Dec. 15 1932 amounted to $31,000.
ADDITIONAL LOAN OFFERED.
-Mr. Coker has announced his
tention to receive sealed bids until 11 a.m. on Dec. 27 for the purchaseinat
discount basis of a further revenue anticipation loan in amount of $300,000
to be dated Dec. 27 1932 and due on Sept. 28 1933. Denoms. 350.000,
$25,000, $10,000 and $5,000. The notes will be authenticated as to genuineness and validity by tne First National Bank of Boston, under advice
of Storey, Thorndike, Palmer & Dodge of Boston.
SEATTLE, King County, Wash.
-BONDS AND COUPONS CALLED
-It is reported that H. L. Collier, City Treasurer, is calling for payment
at his office from Dec. 16 to Dec. 28 various local impt. district bonds
and coupons.
SHADYSIDE VILLAGE SCHOOL DISTRICT, Belmont County,
Ohio.
-BOND OFFERING.
-Clyde Sutton, Clerk of the Board of Education, will receive sealed bids until 12 M. on Jan. 6 for the purchase of
$8,000 6% refunding bonds. Dated Sept. 1 1932. Due $1.000 on Sept. 1
from 1934 to 1941 incl. Int. is payable in March and September. Bids
for the bonds to bear int. at a rate other than 6%,
cexpressed in a multiple
of
of 1%. will also be considered. A certified heck for $100. payable
to the order of the Board of Education, must accompany each proposal.
SHELBYVILLE, Bedford County, Tenn.
-BONDS EXCHANGED.The $10,000 issue of 5Si% refunding bonds offered on Nov. 20-V. 135,
P. 3201-was taken over by the American National Co. of Nashville.
representing the holders of the bonds. for exchange with the outstanding
bonds par for par. Due on Nov. 1 1945 and 1946. There was no other
bidder for the bonds.
SHREVEPORT, Caddo Parish, La.
-BONDS NOT SOLD.
-We are
informed by the Commissioner of Accounts and Finance that the $950,000
issue of 5% coupon semi-ann. liquidation bonds offered on Dec. 12-V.
135, p. 4071- was not sold at that time, there being no legally acceptable
bids received for the bonds. The statutes require that municipal bonds
shall not be sold for less than par and accrued interest. The above Commissioner states that he is now endeavoring to arrange a local sale of the
bonds and hopes that they will be disposedof during the month. Dated
Jan. 1 1933. Due serially from Jan. 1 934 to 1963.
SLATINGTON, Lehigh County, Pa.
-BOND SALE.
-An issue of
$17,000 43i% coupon bonds was sold on Nov. 22 to Leach Bros. Inc., of
Philadelphia at a price of 100.13, a basis of about 4.725%. Dated Nov.
1
1932. Denom. $1,000. Due Nov. 1 as follows: $1,500 from 1933 to
1938, incl.. and $2,000 from 1939 to 1942, incl. Interest is payable in
May and November.
SMITHLAND, Woodbury County, Iowa.
-BOND OFFERING.-It
is reported that bids will be received until 2 p. m. on Dec. 26 by Mayor
John H. Bale, for the purchase of a $4,500 issue of 5% semi-ann. refunding
bonds. Dated Nov. 11932. Sealed bids may be filed with the Town Clerk
on or before said date.
SOUTH CAROLINA,State of (P.O. Columbia).
-LOAN GRANTED.
-The following is the text of the loan report made on Dec. 21 by
Reconstruction Finance Corporation, regarding an advance of $57,500 the
for
aid that was granted on that day:
The Corporation, upon application of the Governor of South Carolina,
made available $57.500 to meet current emergency relief needs
in 12 counties
of that State for the month of December.
These funds are made available under Title I, Section 1,
sub-section (c) of
the Emergency Relief and Construction Act of 1932, with
the understanding that the responsibility of the political subdivisions
and the State
of South Carolina to develop their own
resources to provide relief is not
in any way diminished.
In support of the Governor's application it
is estimated that the total
relief need of the 12 counties for December calls
$90,255.57, to meet which $32.755.57, or 36.2%. for an expenditure of
is reported as available
from local resources.
The R. F. C. heretofore has made available
emergency relief needs in political subdivision $77.700 to meet current
s of the State of South
Carolina.
SOUTH DAKOTA, State of (P. 0. Pierre).
-BONDS SOLD.
-The
following report on the disposition of an issue of
$150,000 5% "baby bonds,'
part of those authorized in July to refund
outstanding issues of rural credit
bonds
-V. 135. P. 331-is taken from a Pierre news
dispatch to the"tinited
States Daily" of Dec. 20:
The first $150,000 offering of"baby"
bonds by the State of South Dakota.
as an experiment In the issuance of that
type of obligation, was oversubscribed, according to a report which has
just been filed with Governor
Warren E. Green by W. M. Willy,
Director of the Rural Credit Bureau.
The bonds were sold to purchasers in
90 towns in South Dakota, 2 in
North Dakota, 2 in Minnesota. and
The sales plan was to place display 1 in Iowa, according to the report.
advertising in South Dakota daily,
weekly and farm papers to secure inquiries.
Direct-mail material was then
used to sell the bonds. No personal
salesmen or brokers were employed.
Many South Dakota bankers
co-operated in making sales, Mr. Willy
reported.
SPOKANE, Spokane County, Wash.
-ADDITIONAL INFORMATION.
-Pursuant to the sale on Dec. 6 of the
funding or refunding bonds to a syndicate $500,000 coupon or registered
headed by Murphy. Favre &
Co. of Spokane
-V. 135, p.
we are now
agreed to purchase the bonds4251-a stipulation advised that this group
with
that before the transaction is completed a test suit should
be taken to the Supreme Court to
determine the effect of the 40
-mill
levy taxes for bond redemption. tax limit bill upon the city's power to
The 40
-mill tax limit bill was voted
4420
Financial Chronicle
in at the last election. The said bond issue is to refund bridge bonds
which mature on Jan. 1. The test suit would be to determine if the new
bond issue would be construed to be a debt outstanding at the time of
the enactment of the authorization.
-The
F SPRINGFIELD, Greene County, Mo.-BOND DETAILS.
1275,000 issue of 43.4 % sewer bonds that was purchased by Stix & Co. of
St. Louis, subject to an election on Jan. 12-V. 135, P. 4071-Is due in
from 5 to 20 years and is not optional before maturity.
-The entire issue
• SUTTON, Clay County, Neb.-BONDS CALLED.
of 534% funding bonds, Nos. 1 to 30 aggregating 324,867.19, are called for
payment at par, at the office of Eugene C. Dinsmore, 312 Paterson Building, on or before Feb. 1 1933. Due on Feb. 1 1943.
-The four issues
-BOND SALE.
TRENTON, Mercer County, N. J.
of coupon or registered bonds aggregating $605,000 offered on Dec. 20as follows:
V. 135 p. 4071-were awarded
To Et:group composed of the Guaranty Co. of New York, R. W. Press
& Co., of New York, and J. S. Rippel & Co., of Nevrark, the following
pr
$368,000 series A371 general impt. bonds, sold as 434s, at par plus a
premium of $73.23, equal to 100.019, a basis of about 4.49%.
Due Dec. 1 as follows: 112,000 from 1934 to 1946 incl.; 116,000
from 1947 to 1957 incl., and $18,000 in 1958 and 1959.
To the National City Co., of New York, was sold the following issues:
$105,000 aeries A369 public works funding bonds of 1932, as 4.3413, at a
price of 100.529, a basis of about 4.38%. Due $15,000 on
Dec. 1 from 1934 to 1940 incl.
100,000 aeries A370 emergency relief bonds of 1932, as 434s, at a price
of 100.279, a basis of about 4.16%. Due $20,000 on Dec. 1
from 1934 to 1938 incl.
32,000 series A372 street assessment bonds, as 45(s, at a price of 100.109,
a basis of about 4.74%. Due Dec. 1 as follows: 13,000 from
1933 to 1936 incl., and $4,000 from 1937 to 1941 incl.
Each issue is dated Dec. 1 1932.
-Graham, Parsons & Co., of PhilaADDITIONAL BONDS SOLD.
delphia, have purchased 3435.000 tax revenue bonds, due 3270,000 on
and $165,000 Dec. 1 1934.
Dec. 1 1933
-The Village
-BONDS AUTHORIZED.
UPPER ARLINGTON, Ohio.
Council has adopted an ordinance providing for the sale of $5,600 6% sewer
construction bonds to be dated not later than Dec. 6 1932 and mature
Sept. 1 as follows: $500 from 1934 to 1937, incl. and $600 from 1938 to
'
1943. incl. Prin. and int. (March and Sept.) are payable at the office of
the Village Treasurer.
-The
-LOAN GRANTED.
VIRGINIA, State of (P. 0. Richmond).
following is the text of an additional announcement made on Dec. 19 by
the Reconstruction Finance Corporation regarding an $8,154 loan made
on that day:
"The Corporation, upon application of the Governor of Virginia, Dec.
19. made available 18,154 to meet current emergency relief needs in the
City of Portsmouth for the month of December.
"Supporting data state that funds now available or which can be made
available from State and local resources are inadequate to meet the need."
-The
-LOAN GRANTED.
Ile VIRGINIA, State of (P. O. Richmond).
Reconstruction Finance Corporation granted on Dec. 17 a relief loan of
$7,297 to this State, for aid purposes in two counties and one town during
December. The following is the text of the loan announcement:
"The Corporation, upon application of the Governor of Virginia Dec. 17,
made available $7,297 to meet current emergency relief needs in Culpeper
and Prince William counties and the Town of Narrows for the month of
December.
"In support of the Governor's application it is certified that funds available or which can be made available are inadequate to meet the relief needs.
'The It. F. C. heretofore has made available $1,475,436 to meet current
emergency relief needs in various political subdivisions of the State of
Virginia.''
-BONDS AUTHORIZED.
COUNTY (P. 0. Raleigh) N. C.
At a meeting of the Board of County Commissioners held on Dec. 14 a
resolution was passed authorizing the issuance of $100,000 road refunding
bonds. It is not necessary to submit this order to the voters.
-BONDS REWAKULLA COUNTY (P. 0. Crawfordsville), Fla.
-It is stated that the county has retired $15,000 of its bonds
TIRED.
and has purchased 145,000 of other Florida municipals with funds obtained
from the State as its share of the 7c. gasoline tax.
:711WALWORTH COUNTY(P.O. Elkhorn) Wis.-BONDS NOT SOLD.
The $250,000 issue of 5% semi-ann. county relief bonds offered on Dec.16bids received were rejected,accordV. 135, p. 4071-was not sold as all the
ing to the County Clerk. Due on Jan. 1 from 1936 to 1942 incl.
the three tendensfreceived the highest was an offer of 99.00. The
County Clerk states that he expects to reoffer the bonds in a few weeks.
-LOAN GRANTED.
=WASHINGTON, State of (P. 0. Olympia).
The following is the text of an announcement made by the Reconstruction
on Dec. 20 regarding a loan of $350,000 granted to
Finance Corporation
this State on that day for aid purposes in King County:
upon application of the Governor of Washington, to-day
illaThe R. F.
C..
made available $350,000 to meet current emergency relief needs in the
County of King (Seattle) for the month of December.
(c)
-These funds are made available under Title I, Section 1, subsection
.
underof the Emergency Relief and Construction Act of 1932 with the
order that
that every effort must be maintained and developed in emergency
standing
the County of King and the State of Washington may meet this
situation as soon as it is possible for them to do so. 1675,000 to the County
rilinder date of Sept. 10 the It. F. C. made available
needs for
of King under subsection (e) to meet current emergency relief
addithe period Sept. 1 to Nov. 30. At that time it was pointed out that Domight be necessary for the month of
tional aupplemetary relief funds
were
Supporting data point out that at the Nov. 8 election bond issues
refund
approved by the voters of King County as follows: 11,000,000 to care of
$2,000,000 to take
county warrants issued prior to July 1 1932;
bonds can
warrants to be Issued for relief after Jan. 1 1933, and as soon as as much
be sold. The county has had warrants outstanding aggregating
as 31.401.808.
to meet
The It. F. C. heretofore has made available a total of 31.075,000 of the
current emergency relief needs in various political subdivisions
State of Washington.
WENATCHEE RECLAMATION DISTRICT (P. 0. Wenatchee)
-At the election held on
-BONDS VOTED.
Chelan County, Wash.
-the voters approved the issuance of 1192,500
Dec. 13-V. 135, p. 4072
count of 293 "for" to 7 "against." Interest rate
in refunding bonds by a
is not to exceed 6%. Due on Jan. 1 as follows: $2,500 in 1934, and $10,000
1935 to 1953 incl.
WEST BROWNSVILLE SCHOOL DISTRICT, Washington County
-The issue of 311,000 4 % coupon refunding
-BONDS NOT SOLD.
Pa.
-was not sold, as no bids were
bonds offered on Dec. 20-V. 135, p. 4072
received. Private sale of the issue is now contemplated. Dated Jan. 1
1933. Due July 1 1947, optional after July 1 1933.
-BOND
',WESTCHESTER COUNTY (P. 0. White Plains) N. Y. 15 an
-The Pelham National Bank, of Pelham, purchased on Dec.
SALE.
of $19.
issue of 3100,0003.60% work relief bonds at par plus a premium
Due $20,000
The bonds are dated Dec. 20 1932. Denom. $5.000.
are payable at the
on Nov. 15 from 1933 to 1937 incl. Prin, and int. Hawkins. Delafield
Legality approved by
office of the County Treasurer.
&ILongfellow, of New York.
-LOAN GRANTED.
ZWEST VIRGINIA, State of (P. 0. Charleston). the Reconstruction
granted to this State
-A relief loan of $12,840 was17 for aid purposes in by
Boone County during
Corporation on Dec.
Finance
December. The loan announcement reads as follows: of West Virginia,
Corporation, upon application of the Governor
"The
emergency relief needs
Dec. 17. made available 112.840 to meet current
In the County of Boone during the month of December. to meet current
heretofore has made available $2157,334
"The R. F. C.
of the State of West
emergencx relief needs in various political subdivisions
Virginia.
-The two issues
-BOND SALE.
P WICHITA, Sedgewick County, Kan.
"
aggregating $162,239.68, offered for sale
,
'of 11(% coupon semi-ann. bonds awarded as follows:
ov. 28-V. 135. p. 3560-were
•on
p'WAKE
Of
Dec. 24 1932
$149,215.87 refunding bonds jointly to the Harris Trust & Savings Bank
of Chicago, and the Central Trust Co. of Topeka, at a price
of 101.29. a basis of about 3.99%. Dated Dec. 1 1932. Due
in from 1 to 10 years.
13,023.78 paving bonds to the State School Fund Commission at Par.
Dated Nov. 11932. Due in from 1 to 10 years.
(The above sale report supersedes that given in V. 135. ro• 3892
.)
3115,000 4% park and sewage bonds were also purchased by the Harris
Trust & Savings Bank of Chicago. Denom. 31.000. Dated
incl. Prin. and
Nov. 1 1932. Due from Nov. 1 1933 to 1952,
int. (M. & N.) payable at the office of the State Treasurer.
Legality to be approved by Chapman & Cutler of Chicago.
-The issue of
WINDSOR, Windsor County, Vt.-BOND SALE.
150,000 434% coupon refunding bonds offered on Dec. 16-V. 135, p. 4072
was awarded to the Chase Harris Forbes Corp. of Boston at a price of 100.65,
a basis of about 4.41%. Dated Dec. 1 1932. Due Dec. 1 as follows:
$4,000 from 1935 to 1945, incl.. and $3,000 in 1946 and 1947. Bids received at the sale were as follows:
Rate Bid.
Bidder100.65
Chase Harris Forbes Corp. (purchaser)
E. H. Rollins & Sons
98.28
96.00
Vermont Securities, Inc
-The
WISCONSIN, State of (P. 0. Madison).
-LOAN GRANTED.
following is the text of the loan report made on Dec. 21 by the Reconstruction Finance Corporation:
The R. F. C., upon application of the Governor of Wisconsin, made
available $3,342,487 to meet current emergency relief needs in 51 counties
of that State for the period Jan. 1 to Feb. 28 1933.
Supporting data state that there are no funds in the State treasury above
the minimum required by the Constitution and the laws of the State which
could be made available for relief purposes, and that no State revenues of
any kind will be received before June next. Until the Legislature meets in
January. therefore, it is claimed the State cannot afford relief for its political
subdivisions.
The Governor-elect of Wisconsin has filed a communication with the
Corporation stating that he joins with the present Governor in his application for funds for the purpose of relief and work relief during the months
of January and February. "In doing so." he states, "I pledge myself to
to stress in my first message to the Legislature, which convenes on Jan. 11
1933. that first consideration be given to the raising of additional revenue
for relief purposes."
The R. F. C. heretofore has made available 34.962,283 to meet current
emergency relief needs in political subdivisions of the State of Wisconsin.
WOODBURY COUNTY (P. 0. Sioux City), lowa.-ISIOND OFFERING-Bids will be received until 2 p. m. on Dec. 27, according to report,
by Norman H. Nelson, County Treasurer, for the purchase of two issues of
5% drainage bonds aggregating 128,903.37, divided as follows:
116.903.37 Monona Drainage District No. 2 bonds. Due on Dec. 1 as
follows: 12.414.80 in 1933; 12.414.79, 1934: 32,414.80, 1935:
12.414.79, 1936:32,414.80, 1937:32,414.79, 1938,and $2,414.80
in 1939.
12,000.00 Garretson Drainage District No. 1 bonds. Due 33,000 from
Dec. 1 1933 to 1936 inclusive.
Dated Aug. 22 1932. It is said that after the receipt of sealed bids and
the consideration of open bids, the bonds will be sold to the highest bidder
for cash. Prin. and int. (J. & D.) payable in lawful money at the office
of the County Treasurer. A certified chock for 5% of the bid, payable to
the County Treasurer, is required.
-Cor-BOND OFFERING.
WOOD-RIDGE, Bergen County, N. J.
nelius J. Gwinn, Borough Clerk, will receive sealed bids until 8:15 p. in. on
534. 55( or 6% coupon or
Jan. 11 for the purchase of $76.000 5,
registered general improvement bonds. Dated Oct. 1 1930. Denom. $1,000.
Due Oct. 1 as follows: $3,000 from 1933 to 1940 incl., and 14,000 from 1941
to 1953 incl. Principal and interest (April and October) are payable at the
Wood-Ridge National Bank, Wood-Ridge. No more bonds are to be
awarded than will produce a premium of 11,000 over $76,000. A certified
check for 2% of the bonds bid for, payable to the order of the Borough,
must accompany each proposal. The approving opinion of Reed, Hoyt &
Washburn, of New York, will be furnished the successful bidder.
51,
CANADA, its Provinces and Municipalities
-$2.609,000 BOND MATURITY TO BE MET
CALGARY, Alta.
-Because the Dominion Government has
WITH CANADIAN FUNDS.
refused the city a loan in gold with which to meet 12,609,000 bonds due in
New York on Jan. 1 1933, the city council has voted to Ignore the exchange
charge and make payment of the obligations in Canadian currency, according to a dispatch from Calgary to the "Herald Tribune" of Dec.20. J. G.
Weir. of Toronto, Pres. of the Investment Bankers Association of Canada,in
commenting on the decision of the city council,stated that such action would
be harmful to the credit of Canada, pointing out that "Calgary's obligation is due in New York funds as specified in the wording of the bond
on which individual purchasers of the city's obligations relied."
CANADA (Dominion of).
-$10.873.000 PROVINCIAL DOLLAR
MATURITIES PAID OFF IN DECEMBER.
-Provinces of the Dominion
paid off a total of 110,873,000 of funded indebtedness in United States gold
coin at maturity at intervals during the month of December, of which
32.500,000 constituted refunding of maturing bonds, resulting in a net
reduction of about 38.673,000 in the American.dollar obligations of these
Provinces, according to the Dominion Securities Corp., of New York.
The bulk of the payments, it was said, consisted of $6,158,000 Province of
Manitoba 4% bonds and $1,015,000 British Columbia 4% notes. both
retired on Dec. 15. The investment bankers further commented on the
r
_ beuring tl iw
matter as folhos s:
year the financial requirements of Canadian governments
and corporations have been taken care of to a large extent through the
sale of internal issues in contrast with the large amounts borrowed in the
New York market in previous years. The total amount of Canadian
financing this year has been 3376.503.408, as compared with 3613.649.311
in 1931. This latter figure is exclusive of $638,609,300 long-term 434%
loans issued in exchange for 534% bonds maturing in 1931-34.
"Not only has the total contracted 38% as a result of curtailment in
capital expenditures,_ but all but four issues were successfully floated
outside of the New York market. The four American dollar loans were
$60,000,000 Dominion of Canada 4s due Oct. 1 1933; 315.000,000 Province
of Ontario 334% notes, due Nov. 1 1933 and two issues of two and threeyear British Columbia 5% bonds totaling about $3,600,000. For the first
time in many years the London market absorbed a sizable amount of
Canadian bonds. Alberta. British Columbia and New Brunswick selling
sterling issues totaling in excess of $14,500.000.
-1I"The fact that the major portion of Canadian loans have been absorbed
internally and in London has resulted in a reduction of both interest and
maturities payable in United States gold coin. During 1932 total maturities
payable in American dollars amounted to about $105,000,000, of which
about $25.000,000 were refunded by internal or London issues. This year.
the total New York maturities amount to $105,165,916. It is reasonable to
expect the 160,000,000 short-term Dominion of Canada and the $15,000,000
Ontario loans will be refunded in the United States and that the balance
_
can again be taken care of internally."_
.
"
MANITOBA [(Province of).
-ADDITIONAL INFORMATION.Fundsfor the payment in New York on Dec. 15 of bond and interset Charges
in amount of 16.281.160-V. 135. D. 4252-were obtained through the sale
by the Province last September of $4,000,000 refunding bonds and the issuance of short-term Treasury bills, which were purchased by the Dominion
Government and the Royal Bank of Canada. The Dominion contributed
60% and the bank the remaining 40% of the funds needed to meet the maturity. The Treasury bills will be pald off through the sale of a further
AA
Issue of provincial bonds, it was said.
VANCOUVER, B. C.-BOND:r7EWATED.-A.
Financial Adviser, reports that the proposed issues of improvement bonds
aggregating $440,000 submitted for consideration of the voters of the
city at an election on Dec. 11-V. 135, P. 4072-were rejected.
-J, A. CharlatretarY""VILLEROY, Que.-BONDS NOT SOLD.
Treasurer, reports that the issue of 13.500 6% bonds offered on Dec. 11-has not been sold. Dated Dec. 1 1932. Due serially
V. 135, D. 3892
on Dec. 1 from 1938 to 1947, inclusive.
@FedFRASER