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Mee
Volume 135
financial
Ijrnnirle
New York, Saturday, December 31 1932.
Number 3523
The Financial Situation
HE December number of the Federal Reserve
"Bulletin," just issued, contains an elaborate
study of "Seasonal Variations in Money in Circulation." Incidentally it furnishes information regarding the composition of the item of "money in circulation" which should always be kept in mind for proper
interpretation of the figures as published from week
to week and from month to month. Decidedly erroneous views prevail as to what is meant by the phrase
"money in circulation," and the official definition
now given of the term should serve to correct such
erroneous views and should also induce caution
againstlaying undue stress on the changes from week
to week and prevent strained deductions and inferences which are all too common with reference to
such changes, though the Reserve Board's study of
the seasonal variations are not of course presented
with any such purpose in mind.
The Board points out that the volume of money in
circulation is computed by the Board in three principal ways--monthly averages of daily figures,
weekly averages of figures for weeks ending Saturday, and single-date figures for each Wednesday.
The monthly figures, it says, are the most stable of
the three, and are best adapted to analysis of longtime changes, because the influence of occasional
erratic variations which are inevitable from day to
day or week to week is reduced by the process of
averaging. Weekly figures, on the other hand, have
the advantage, we are told,of greater promptness and
measure more accurately the extreme movements
accompanying holiday requirements and similar
seasonal demands. Of the two weekly series, weekly
averages of daily figures—which become available on
the Tuesday following the calendar week to which
they relate—are more stable than the Wednesday
series, because erratic single day fluctuations are
smoothed out by the process of averaging. The figures for Wednesday—which are issued on Thursday
as part of the statement of condition of the Federal
Reserve banks, and are published in the Friday daily
papers—are available to the public more promptly
than the weekly averages, and for that reason are
more widely used. Notwithstanding occasional
erratic movements, Wednesday figures, it is averred,
ordinarily reflect with fair accuracy the direction
of week-to-week changes.
Now,whatis the exact meaning of the term "money
in circulation"? "As officially defined," we are
informed, "'money in circulation' comprises all
United States money issued and outstanding outside the Treasury and the Federal Reserve banks,
except United States coin known to have been ex-
T
ported to foreign countries. It includes, therefore,
not only money in active use in hand-to-hand transactions and money held by individuals and business
houses for ordinary use, but in addition money in
the vaults of banks, money in. hoards, United States
paper currency held abroad, money lost or destroyed,
etc."
To the ordinary student there is nothing new in
this "official" definition. He well understands
that money in circulation does not signify what the
words appear to imply; it does not mean money
actually in circulation in the sense of being in the
hands or the pockets of the people, or actively being
used in business and in the ordinary course of daily
affairs. By far the greater portion of it represents
money in bank vaults and when that is said the
changes from week to week and from month to month,
which are given such great prominence in the discussions in the daily papers, are deprived of the greater
part of the significance with which they are ordinarily invested.
To the casual reader, however, and to the general
public this is not known. To the ordinary observer
the term money in circulation means just what
the words seem to imply, namely money actually
in circulation in the course of daily trade. And
erroneous conclusions inevitably follow, not infrequently with harmful results. In other words,
an increase in the figures of money in circulation
does not necessarily mean an expansion in the ordinary use of money, and vice versa a decrease in the
figures of circulation does not necessarily imply
a contraction in the use of money for current business purposes. Yet in general comment that is
precisely what the changes are taken to signify.
Nor do the changes in circulation always reflect
some very important movements relating to money.
Just now gold is flowing into this country in enormous amounts from abroad. To those not acquainted with the subject and not familiar with
the preparation of the statistics, it is natural to
think that the result must be a huge expansion in
the volume of money in circulation. Not so, however. The influx of this gold adds to the stock of
money in the country, but not to the volume of the
circulation. This is so because the gold in the ordinary course reaches the Federal Reserve banks, and
gold in the vaults of the Reserve banks does not, as
noted above, count as money in circulation, though
gold and other money in ordinary bank vaults does
count as part of the volume of money in circulation.
We say this, not for the purpose of criticizing the
figures of money in circulation, nor to take exception
4424
Financial Chronicle
thereto, but simply with the view to correcting
erroneous impressions and conclusions. The present
method of compiling the statistics has long been in
vogue, and we want to caution, as already stated,
against laying undue stress on the changes as reported from week to week.
This word of caution seems called for in view of
the fact that in the various statistics given out from
week to week the item of money in circulation is
always singled out for special comment, and it is
important to bear in mind that for the reasons enumerated the changes do not possess the significance
ordinarily attached to them—that even when they
do not lead to false inferences they are far from
representing the whole case. This last is a matter of
great importance. In its study of the seasonal variations in money in circulation the Reserve Board has
collected and compiled a vast mass of statistics bearing on a subject of great interest and value, made
all the more serviceable by the Board's illuminating
comments thereon. Now that the Board has given
us the official definition of money in circulation,
it could be wished that the Board would also undertake to explain what "Treasury currency adjusted,"
as given in the weekly returns for Wednesday night,
means, and how it is arrived at. This item has
always been a puzzle, and it would tend toward
general enlightenment to have the veil of mystery
about it removed.
HE report prepared by Judge Samuel Seabury, as
counsel to the Hofstadter Committee, which
for nearly two years has been investigating financial
and political conditions in New York City, possesses
a degree of interest and value which extends far
beyond the confines of this city. Mr. Seabury, in the
course of his investigations, unearthed conditions
here which are a great discredit to the city. These
same conditions, however, are duplicated in many
other cities, where one political party holds overwhelming control and where as a consequence bossism rules, and it seems almost impossible to dislodge
the bosses. The report covers 105 printed pages, and
Mr. Seabury has drawn the outlines of a new city
charter which he asks the New York State Legislature to submit for approval of the people at a referendum election to be held the coming spring. We need
not concern ourselves here with the details of the
charter, but some of his recommendations have a wide
bearing and should find ready acceptance. Describing the rule of Tammany Hall and how it holds control of the city government, Mr. Seabury declares the
political machine maintained its power through the
"horde of exempt and so-called temporary positions,"
places which "are in innumerable instances created
only to provide revenue to faithful party workers as
a recompense for services rendered not to the city but
to the organization, while over their heads is kept the
threat of dismissal if party loyalty should wane."
Enlarging on that point, he says:
"A comparison of the budgets of 1922 and 1932 will
give some idea of the extent to which this practice
is increasing and what it costs the taxpayers. In
1922 the personal service charge in the budget, exclusive of the Board of Education, courts and quasipublic institutions, was $198,369,437.89. Of this
amount only $71,829,007.40 was for the salary and
wages of regular salaried employees, the balance was
appropriated to cover the salaries of additional employees whose number and rate of compensation was
not disclosed and the character of whose service was
not specified except in general terms.
T
Dec. 31 1932
"By 1932 the personal service charge in the budget
had mounted to $365,534,298.87, of which $233,558,559.85, or about 60%, was appropriated for these
casual and indefinite employees. Obviously, the taxpayers pay dearly for the maintenance of this subsidized political army.
"The selfish and unsocial motives of the group in
control of our city government, coupled with the
incentive to insure the continuance of their power
by the creation of a large class of dependent employees, who will, by their own votes and the votes
of those dependent upon them or interested in them,
strive to continue the existing order, results not only
in inefficiency but in reckless spending of the city's
money.
"It has brought what should be the strongest city
in the world, financially speaking, to the verge of
default with a public debt of $2,500,000,000 on which
the interest alone is $200,000,000 a year and an
annual budget so great that it was impossible to meet
it, and a general financial situation so unbalanced
that the public has refused to buy any more of its
obligations."
Mr. Seabury's remedy is a new charter and proportional representation for the minority party. This
is a feature that might well be copied in other cities
suffering under the dominance of a political machine.
On that point he observes:
"I labor under no delusion that minority representation will be the panacea of all our governmental
ills. I am convinced,
that there is every
reasonable ground to believe
however,
it will result in a tremendous improvement.
"As a result of opposition, protest and difference
of opinion, the light of publicity should flood a vast
realm of city administration which is now concealed
or inadequately exposed; it should tend to diminish
the appropriation of large sums of money, ostensibly
for city improvement but in truth for the creation of
excuses for hiring hordes of party workers; it should
tend to the reduction in the number of unnecessary
boards, bureaus departments and commissions now
existing only for the purposes of patronage and
of the politically appointed and controlled heads
thereof; it should tend to a more critical attitude
toward the functioning of all the city departments
and the elimination of a great deal of favoritism,
graft and inefficiency therein."
Mr. Seabury believes in the home rule principle,
but obviously where John F. Curry is in undisputed
control of the Borough of Manhattan and John H.
McCooey in control of the Brooklyn machine,.and
the political party which they dominate holds an
overwhelming proportion of the popular vote, the
home rule principle cannot be effectively applied.
Therefore, he is moved to say:
"The City of New York stands in immediate need
of reform in its governmental structure and methods
of carrying on municipal business. Under the Home
Rule Amendment and the city home rule law the
city itself, through the Municipal Assembly, has the
power, upon a referendum of the people, to bring
about most if not all of the reforms that I propose.
"The present city government can scarcely be relied
upon to act to this purpose, more especially since I
propose that the Board of Estimate and the Board of
Aldermen be legislated out of existence. Governing
boards rarely commit political suicide. Reform by
action of the city government under the city home
rule law will arrive, if at all, only by a slow and
tedious process. Such a process is excellent in theory
provided there is no emergency demand. But there
is such a demand at present.
"I believe in home rule, but I also believe in good
government. The government of the city under its
present form and with its present personnel has
Volume 135
Financial Chronicle
clearly demonstrated its insufficiency and incompetence. It will not initiate reforms that are imperative.
In my judgment it was to meet just such a situation as this that those who drafted and adopted the
home rule amendment wisely provided that the Legislature should, despite the home rule grant, still have
power, upon an emergency message from the Governor and by two-thirds vote of each house, to enact
special city laws.
"I urge the Governor and the Legislature to exercise this power by enacting into law an amendment
to the present charter which will embody the basic
principles set forth in the charter which I submit
herewith. But I would preserve the principle of
home rule by providing that such action by the State
Legislature shall not be effective unless approved
by the voters of the city at a special election called
for that single purpose."
A large part of Mr. Seabury's report is devoted
to a detailed analysis of the reasons for his recommendations. His analysis of the city's financial condition is keen and he does not mince words. He indicates that if the ruling powers had not constantly
indulged in raising assessed values the debt limit
as provided by the Constitution would long since
have been reached. He points out that the increase
in the total funded debt of the city has been more
than $1,000,000,000 in the last 11 years, and that the
increase in assessments against real estate had, during that time, been above $9,000,000,000. Some of
the increases in assessments he described as "fantastic." He recalled the testimony of more than 30
real estate experts called from all parts of the city,
the consensus of them being that land within the
city was over-assessed about 30%.
The authorities of other cities suffering in a similar way cannot do better than to study Mr. Seabury's report, which will always remain a model,
and apply his observations and recommendations to
their own city affairs so far as they can be made
available. Corruption in municipal affairs is one
of the unfortunate features in municipal government
in many of our large cities, and it is a feature that
should be speedily eradicated in the interest not only
of good government but in the interest of good morals
and the probity of municipal administration.
HE condition statements of the Federal Reserve
banks show no very striking changes the presAfter last week's increase in the amount
week.
ent
Federal
Reserve
notes in circulation from $2,713,of
935,000 to $2,756,363,000, there is the present week
a decrease again to $2,735,458,000. This is a falling
off, roughly, of $25,000,000. At the same time a decrease of $43,000,000 is reported in the total amount
of money in circulation. We have explained above
how changes in money in circulation are apt to be
misleading, and it may be that the changes in amount
of Federal Reserve notes in circulation are a better
indication of current conditions than those based on
money of all kinds in circulation under the method
of compiling the figures. Last week the holiday
demand for currency evidently added to the amount
of Federal Reserve notes in circulation, but already
the present week this is returning, the necessary contraction being in the amount of Federal Reserve notes
outstanding.
• Reserve credit outstanding, as measured by the
volume of securities held, has again been further reduced,though only in very small measure,the amount
the present week being $2,157,075,000, as against
T
4425
$2,159,806,000 the previous week. The shrinkage is
almost entirely in the discount holdings, reflecting member bank borrowing, which each week is
beingS further reduced. The discount holdings this
week stand at $267,382,000 as against $270,315,000
last week. The holdings of acceptances purchased in
the open market and now composed almost entirely of
foreign bills, largely in the nature of frozen assets,
stand at $33,307,000 Dec. 28 as against $33,221,000
Dec. 21. The holdings of United States Government
securities also continue without change, at least as
far as the grand total is concerned, though there are
some changes in the separate items composing the
total. For Dec. 28 the amount is reported at $1,850,737,000,in comparison with $1,850,699,000 on Dec.21.
Gold held abroad has been reduced during the week
from $95,550,000 to $72,638,000, indicating shipment
of $22,912,000 of the metal from England out of the
debt payment to the United States made by Great
Britain on Dec. 15. This shipment of $22,912,000,
along with other importations, served to swell gold
reserves of the Federal Reserve institutions from
$3,111,621,000 to $3,148,531,000 during the week.
Notwithstanding this large augmentation in gold
reserves and a reduction in the outstanding volume
of Federal Reserve notes, as already indicated, the
ratio of total reserves to deposit and Federal Reserve
note liabilities combined has risen only from 62.2%
to 62.7%. This small rise in ratio is explained by
the fact that deposit liabilities during the week increased from $2,521,398,000 to $2,563,238,000, the
greater part of the augmentation being due to the
increase in member bank reserves from r2,446,056,000
to $2,481,674,000.
The amount of United States Government securities used as part collateral for Federal Reserve notes
outstanding decreased during the week from $471,600,000 to $428,500,000. Holdings of bankers'acceptances for foreign central banks record very little
change, the amount this week being reported at $36,338,000 as against $36,171,000 last week. Foreign
bank deposits held by the Federal Reserve institutions also show only a very slight change, with the
figure this week at $19,053,000 as against $19,221,000
last week.
OME further dividend reductions and omissions
have the present week been added to the long list
of those that have marked the record during the period
since the autumn of 1929. The Puget Sound Power
& Light Co. omitted the quarterly dividend on both
the$5 cumul.prior pref.stock and the $6 cumul. pref.
stock. McCrory Stores Corp. deferred the quarterly
dividend payments on the6% cumul. cony. pref.stock
until more definite results as to the year's operations are known. The Hershey Chocolate Co. declared a quarterly dividend of only $1.25 a share on
the common stock and the regular quarterly dividend
of $1 a share and an extra dividend of $1 a share on
the cony. pref. stock. Quarterly dividends of $1.50
a share were paid on the common shares during 1932,
besides which an extra dividend of $1 a share was
also paid on Feb.15 1930,1931 and 1932. The Horn &
Hardart Co. of New York reduced the quarterly dividend on common from 621/
2c. a share to 50c. a share.
The American Light & Traction Co.likewise reduced
the quarterly dividend on common from 621/
2c. a
share to 50c. a share. The Montreal Tramways Co.
reduced the quarterly dividend on common from
$2.50 a share to $2.25 a share. The Bucyrus-Moni-
S
4426
Financial Chronicle
Dec. 31 1932
ghan Co. reduced the dividend on class B stock to 3.3014s@3.311/
4 yesterday as against a range of 3.32%
60c. a share as compared with $1.10 a share paid the @3.3•0/
1
2 on Friday of last week. Wheat prices
previous year.
showpd a sagging tendency, but later recovered, and
As a welcome deviation,the directors of the North- the December option for wheat at Chicago closed
western Improvement Co.,a wholly owned subsidiary yesterday at 43%c. as against 431/
4c. on Friday of
of the Northern Pacific Railway Co., declared the last week. Cotton developed an improving tendency,
regular annual dividend of 4%, amounting to and the spot pricefor cotton here in New York yester$992,000, and also a special dividend of $5,600,000. day was 6.10c. as against 5.95c. on Friday of last
Declaration of this special dividend, however, it is week. Of the stocks on the New York Stock Exstated, will not involve any transfer of cash from change, 59 fell to new low figures for 1932 during
,the Northwestern Co. to the parent railroad, since the present week and 20 stocks established new high
it serves merely to cancel an indebtedness incurred records for the year. The Stock Exchange call loan
by the carrier during the year for coal and other rate again remained unaltered at 1%.
items. Last year the Northwestern Improvement Co.
Trading has been on a somewhat larger scale the
declared a special dividend of $5,000,000. The com- present week. At the half-day session on Saturday
pany was organized in 1897 to acquire certain assets last the sales on the New York Stock Exchange were
of the Northern Pacific Co., including land, coal only 329,699 shares; Monday was Christmas Day
mines and iron ore properties.
and a holiday; on Tuesday the sales were 801,578
shares; on Wednesday, 1,581,670 shares; on ThursHE New York stock market, while somewhat day, 1,607,289 shares, and on Friday, 1,045,224
irregular on Saturday last, showed a dispo- shares. On the New York Curb Exchange the sales last
sition to rally on Tuesday after the Christmas holi- Saturday were 85,310 shares; on Tuesday, 198,943
day on Monday, and this rallying tendency has con- shares; on Wednesday,317,890 shares; on Thursday,
tinued the rest of the week,though it was interrupted 447,962 shares, and on Friday, 190,937 shares.
on Wednesday by heavy selling of General Motors
As compared with Friday of last week, prices are
stock in which liquidation of,a large block of stock irregularly changed, but moderately higher as a rule.
was in progress. There appears to have been exten- General Electric closed yesterday at 151/
4 against
sive selling of stocks throughout the list in order to 14% on Friday of last week; Brooklyn Union Gas at
establish losses in income tax returns before the close 79 against 76; North American at 29/
1
4 against 265
/
8;
of the year, but at the same time there seems also Standard Gas & Elec. at 13 ex-div. against 13; Conto have been extensive covering of outstanding short solidated Gas of N. Y. at 59% against 57%; Pacific
commitments. As a result the market at times had Gas & Electric at 301/
2 ex-div. against 293%;Columbia
a confused appearance. Bonds gave a good account Gas & Elec. at 16% against 151/8; Electric Power &
of themselves,and this had a strengthening influence Light at 6% against 5%; Public Service of N. J. at
on the share list, and many foreign government 531/
8 against 507
/
8; International Harvester at 21/
1
2
issues, in particular German bonds, established sub- against 20; J. I. Case Threshing Machine at 4214
stantial gains. The railway list, while not giving against 37½; Sears, Roebuck & Co. at 19% against
any particular evidence of strength, and New York 18; Montgomery Ward & Co. at 131/
4 against 12%;
Central stock at times being distinctly weak, yet Woolworth at 36 against 35; Safeway Stores at 41
showed a rising tendency on the whole, this being due against 38%;Western Union Telegraph at 28 against
to the fact that the November returns of earnings 25; American Tel. & Tel. at 105 against 101%; Interas they have been coming in registered in many cases national Tel. & Tel. at 67
/
8 against 5/8; American
increases in net earnings as compared with a year Can at 557
1
2; United States Industrial
/8 against 52/
ago in the face of continued heavy shrinkage in gross Alcohol at 25% against 231/
2; Commercial Solvents
revenues, indicating sharp contraction in operating at 101/
4 against 9%;Shattuck & Co. at 87
/
8 against 9,
expenses.
4 against 50.
and Corn Products at 541/
The "Iron Age," while describing 1932 as a disasAllied Chemical & Dye closed yesterday at 83/
1
2
trous year in the steel industry, nevertheless took against 76/
1
2on Friday of last week; Associated Dry
occasion to say that the year ended with "better pro- Goods at 3% against 3%;E. I. du Pont de Nemours
duction than expected," this statement being based at 37% against 35%; National Cash Register "A"
on the fact that the steel mills of the country dropped at8 against 7%;International Nickel at 81/
4 against
to only 13% of capacity, which, though being 1% 7½; Timken Roller Bearing at 141/
2 against 14;
smaller than the 14% of capacity of the previous Johns-Manville at 20/
1
2against 181%; Gillette Safety
week, nevertheless did not fall quite so low as 12%, Razor at 181/
8 against 17%;National Dairy Products
the low point reached during the holiday period of at 17 against 17; Texas Gulf Sulphur at 22/
1
4 against
the Fourth of July. The holiday suspensions were 211%;Freeport Texas at 25/
1
4against 22%;American
given as a reason for the further decline to 13%. & Foreign Power at 61% against 61/
8; United Gas
Copper showed greater firmness, some of the metal Improvement at 20 against 19; National Biscuit at
selling at 5/
1
2c. a pound c.i.f. European ports; the 39% against 38½; Coca-Cola at 74 against 701%;
volume, however, was said to have been small and Continental Can at 39% against 37%; Eastman
the offerings light, while the domestic market held Kodak at 55/
1
2against 521%;Gold Dust Corp. at 15%
firm at Sc. for delivery to the end of March, with against 14/
1
2; Standard Brands at 15 against 133%;
4c. ruling for second quarter shipments. Paramount Publix Corp.at 17
51/
8 and 51/
/8 against 17/s ;Kreuger
In the oil trade there appeared to be fears of a fur- & Toll at /
1 8 against /
1
2; Westinghouse Electric &
ther reduction in crude petroleum. Silver dropped Manufacturing at 281/
4 against 25%; Drug, Inc., at
to new low records in all time, the London price 36/
1
4 against 341
/
4; Columbian Carbon at 29 against
on Dec. 29 touching 16% pence per ounce and the 26½;Reynolds Tobacco class B at 28/
8;
1
2against 291/
New York price to 24%c. per ounce. The sterling Liggett & Myers class B at 52 against 541%; Lorillard
rate of exchange also weakened somewhat, cable at 121/
4 against 12/
1
2,and Yellow Truck & Coach at 3
transfers on London being effected at a range of against 23%.
T
Volume 135
Financial Chronicle
The steel shares have fluctuated with the general
market. United States Steel closed yesterday at
4 on Friday of last week; United
4 against 261/
273
2; BethleStates Steel preferred at 601/2 against 561/
2, and Vanadium at
hem Steel at 141/2 against 121/
121/2 against 10%. In the auto group Auburn Auto
/8 against 4534 on Friday of
closed yesterday at 507
8 against 127
/8;
last week; General Motors at 131/
Motors at 13%
Nash
8;
/
151
2 against
Chrysler at 161/
4 against 2;
against 12%; Packard Motors at 21/
Motor
Hudson
and
2%,
against
4
1
/
2
at
Motors
Hupp
Goodgroup
rubber
the
In
.
2
1
/
4
against
2
4Y
at
Car
year Tire & Rubber closed yesterday at 15Y8 against
14 on Friday of last week; B. F. Goodrich at 4y2
8; United States Rubber at 4 against 4,
against 41/
8 against 7%.
and the preferred at 81/
The railroad shares have displayed growing firm4
ness. Pennsylvania RR. closed yesterday at 141/
Toweek;
Atchison
8 on Friday of last
against 131/
8 against 36½; Atlantic Coast
peka & Santa Fe at 411/
Line at 18 against 16; Chicago Rock Island & Pacific
/8 against
at 3% against 3; New York Central at 177
15; Baltimore & Ohio at 9 against 7%; New Haven
at 14% against 113%;Union Pacific at 71% against
8; Southern
4; Missouri Pacific at 2y2 against 21/
651/
Pacific at 16% against 137/8; Missouri-Kansas-Texas
at 5% against 5; Southern Railway at 4% against
414; Chesapeake & Ohio at 27/
4 against 24½;
1
Northern Pacific at 13 against 123%, and Great
Northern at 81/
8 against 6/
4.
1
The oil shares have moved with the general list.
Standard Oil of N.J.closed yesterday at 30% against
291/2 on Friday of last week; Standard Oil of Calif.
8
at 24% against 23%; Atlantic Refining at 161/
against 153%, and Texas Corp. at 13% against 13.
The copper group has improved with the rest of the
8
list. Anaconda Copper closed yesterday at 71/
/4 on Friday of last week; Kennecott Copagainst 53
/8 against VA ; American Smelting & Refinper at 87
ing at 12778 against 11; Phelps Dodge at 5 against
4%; Cerro de Pasco Copper at 6Y2 against 5%, and
Calumet & Hecla at 2y2 against 2.
4427
with a firm tone in almost all sections. British funds
were quiet but slightly higher. What trading there
was centered largely in industrial stocks, which advanced as a group. Keen interest was aroused by
the monetary developments in South Africa, but
Kaffir gold mining stocks were mostly lower owing
to a profit-taking by speculators who anticipated the
lapse from the gold standard. A sharp upswing in
German bonds featured the international list. Business expanded to a degree on the London Exchange,
Thursday. British funds were a shade easier, in line
with sterling exchange. Industrial stocks resumed
their upward movement, and good features also appeared in communications stocks. South African
mining shares were mixed, while most of the international stocks reflected better sentiment. Turnover
was modest at London yesterday. Kaffir gold mining issues improved sharply, as a result of the definite suspension of the South African gold standard.
British funds were steady, while industrial stocks
gained.
The Paris Bourse was steady in the first business
session of the week, Tuesday. Bank stocks were
stimulated by the declaration of a Bank of France
dividend of 100 francs for the second half-year, making the total dividend 200 francs for 1932. This compares with aggregate dividends of 384 francs last
year, but the market considered the return a favorable one and shares of the French banking institutions were in demand. Industrial issues were mostly
unchanged, but international securities were improved. The session Wednesday was exceptionally
quiet, but there were no great changes in quotations.
German bonds were marked up in accordance with
the universal trend. Most French securities closed
with small losses. Trading was almost at a standstill, Thursday. The tendency was firm in all sections, with gains especially pronounced in German
bonds. A firm tone prevailed in yesterday's session
at Paris.
The Berlin Boerse was fairly active in the initial
trading session of the week, with the tendency good.
Reichsbank shares were in excellent demand, and a
substantial part of the aggregate market turnover
occurred in this issue. Mining stocks also were
favored, while some sizable advances appeared in
electrical issues as well. Chemical and shipping
issues were relatively quiet. An irregular session
followed, Wednesday, partly because of unsatisfactory overnight reports from New York. Profittaking affected the mining and electrical stocks, but
Reichsbank shares were well maintained. Most industrial issues were somewhat softer, as attention
was turned to fixed interest securities, which were
very firm. The tendency in Thursday's dealings
again was uncertain, with the volume of trading
declining. Bonds were materially better, but equity
issues moved diversely. Lower prices were registered in stocks at the opening, but improvement
toward the close wiped out most of the losses. The
trend toward improvement was maintained yesterday.
RICE movements were generally favorable this
week on stock exchanges in the leading European
financial centers. The London Stock Exchange was
closed until Wednesday, in observance of the Christmas holidays, but the Paris and Berlin markets reopened Tuesday. The volume of business transacted
was very small in all markets, but the tone was cheerful. Christmas trade far exceeded expectations in
Great Britain and Germany, department stores in
the larger cities reporting striking gains over last
year notwithstanding the lower values now prevalent.
Impressive improvement in the heavy industries of
these countries also is reported. Money rates remain
low in all important markets, no changes of note
having been occasioned by the gold movement to
New York now in progress. Securities markets were
again stimulated this week by these favorable aspects
of the European situation, which are considered more
significant than the unfavorable items. Foremost
—4-among the latter must be listed the unemployment
AR debt discussions between European nations
in all countries, which does not reflect the trade and
and the United States Government were
industrial improvement reported. National budgets
constitute a second problem that crops up persis- brought to a temporary end, this week, pending the
tently, despite the efforts of all legislatures to achieve change in the Washington administration on Mar.4,
next. It has been made clear in Washington reports
a balance of income and expenditures.
- Trading on the London Stock Exchange was re- that this sound procedure will be followed, unless
• sumed Wednesday,after the long holiday suspension, some unforeseen developments occur. President
p
W
4428
Financial Chronicle
Dec. 31 1932
Hoover having been unsuccessful in his attempt to
HE impending change in the Administration at
secure the co-operation of President-elect Roosevelt
Washington made necessary some unusual
for an immediate survey, the problem will be handed measures, this week, to insure continuance of propover to the President-elect on Mar. 4 in its present erly qualified American representation at the Gencondition, it is stated. Governor Roosevelt,it is said, eral Disarmament Conference in Geneva, and at the
will continue in the meanwhile to study the war conference called to prepare an agenda for the World
debt situation, in preparation for the negotiations Economic Conference. President Hoover has virwhich now seem inevitable. What form such dis- tually relinquished the conduct of foreign affairs
cussions will take will, no doubt, be the subject of a that do not require immediate attention and on
great deal of conjecture during the next two months. which his policy might differ from that of his sucNo definite suggestions have been made as yet, and cessor. A method for giving due weight to Presidentit is unlikely that any authoritative information will elect Roosevelt's views was found this week, when
be available until after Mr.Roosevelt's inauguration. Norman H. Davis, American representative at
The default by France on the interest payment of Geneva, exchanged views both with Mr. Hoover and
$19,261,432 due Dec. 15 apparently is causing an with Governor Roosevelt. Mr.Davis, who is a Demounderstandable and continuing concern in Paris. crat, served first as Under-Secretary of the Treasury
Former Premier Edouard Herriot, who fell when and then as Under-Secretary of State in the Wilson
the Chamber of Deputies refused to vote funds for Administration. He spent three months in Geneva
the payment, argued almost every day in the Cham- and other European centers as the special representaber, this week, that the payment must be made and tive of the United States Government on disarmaFrance's word thus honored. Joseph Paul-Boncour, ment and economic matters, returning Dec. 22. He
as the present President of the Council, indicated conferred the following day with President Hoover
his concern with the problem when he called on and Secretary of State Stimson in Washington. A
United States Ambassador Walter E. Edge late last further talk on the problems which have been his
week. Premier Paul-Boncour's course of action, as peculiar province lately was held by Mr. Davis with
he stated in his Ministerial declaration, is "traced Governor Roosevelt at Albany, Monday.
out by the Chamber's vote" against payment. His
Mr. Davis returned to this city the following day,
call on Mr. Edge was evidently little more than a and discussed the agenda for the World Economic
diplomatic courtesy, as the entire diplomatic corps Conference with Professors Edmund E. Day and
in Paris was similarly honored. The Premier made John H. Williams, who sailed Wednesday to attend
it plain, however, that his Government is anxious the preparatory meeting of experts in Geneva, Jan.
to continue negotiations with the United States, 9, for the World Economic Conference. It is now
while respecting the wishes of the Chamber. But believed that progress can be made on the disarmathe attitude of the Washington Government also is ment and economic questions along lines that will
unchanged. Authoritative statements were made, not embarrass the President-elect when he takes up
Tuesday, that payment of the sum now overdue is the problems more definitely after Mar. 4. The
an indispensable preliminary to any negotiations suggestion was made in Albany reports, this week,
with France for debt revision. The unfounded rumors that tariffs may constitute a more important part
circulated after the Premier's visit to Mr. Edge have of the World Economic Conference than was confound a reflection in elaborate precautions against templated originally by President Hoover. This
similar misunderstandings when Mr. Edge makes meeting probably will not take place, however, until
the traditional return call today. The Ambassador, next summer. Disarmament was discussed in genit is stated, will merely shake hands with M. Paul- eral terms by Mr. Davis in New York, Wednesday.
Boncour in the presence of the entire diplomatic He predicted reduction in armaments by the nations
corps when these representatives assemble at the of the world in the comparatively near future "unless
Elysee Palace this morning.
something happens."
The French debt default already is proving embarrassing to that country in other connections. A
OUTH AFRICA was forced off the gold standard,
Government proposal to guarantee a loan to Austria
Tuesday, as the result, it is understood of the reof approximately $14,000,000 was placed before the entry into politics of Judge Tielman Roos, who advoFinance Commission of the Chamber of Deputies, cated the formation of a coalition Government and
Tuesday, in accordance with the agreement reached the depreciation of the South African pound sterling.
last summer for an international loan aggregating Eric H. Louw, South African Minister to Washingabout $42,000,000. Pointed comment on this pro- ton, stated Thursday that the strained political
posal was made in a number of French journals to situation and the feeling of insecurity caused by
the effect that the sum really owing to the United the demands of Judge Roos led to abnormally heavy
States was refused, while an almost equal amount purchases of foreign exchange and the withdrawal
is now to be turned over to Austria, to whom France of gold coins from circulation. Judge Roos, as the
"owes nothing except the shells she fired at us." leader of the Nationalist party in the Union, gained
When the bill was placed before the Chamber itself, popularity through his advocacy of currency devaluThursday, determined opposition was expressed by • ation, a Cape Town dispatch to the New York
Louis Mann,leader of the Nationalists. "How could "Times" states, as maintenance of the gold standard
we lend to Austria after our gesture toward the was generally unpopular. Prime Minister J. B. M.
United States, our ally who fought on our side?" he Hertzog called a Cabinet meeting, Monday, and deasked. Approval of the loan was voted late the same bated the question of resignation with his Ministers,
day, however, by 352 to 188, after Premier Paul- but no action to this end was taken. There was a
Boncour 'bade the question a matter of confidence good deal of confusion early this week, as to whether
in his regime. The bill was sent to the Senate for the Union was on or off the gold standard. Measures
consideration by the upper house of the Parliament, actually taken appeared to indicate abandonment of
which voted its approval yesterday.
the gold standard, but the Goverhment was said to
T
S
Financial Chronicle
Volume 135
have decided to remain on the standard. All doubts
on the point were removed Thursday, when it was
announced officially that the gold standard had been
abandoned. The incident is especially interesting,
since the Union produces more than half the gold
mined in the world.
In order to ease the strain caused by the demand
for foreign exchange and the hoarding of gold, official announcement was made, Tuesday, that the
Reserve Bank had been relieved from responsibility
for redeeming notes in gold. "Although the Government protests its adherence to the gold standard, the
effect of this regulation is much the same as if it had
been abandoned," a report to the New York "Times"
remarked. "The export of gold by South African
banks will be controlled, gold sovereigns will be
withdrawn from circulation, and exchange quotations must be made by banks on this basis," it was
added. Reports of Wednesday indicated that an
attempt might be made to keep South Africa on the
gold, standard externally, and off it internally.
Johannes Postmus, Governor of the Reserve Bank,
and a firm advocate of the gold standard, was said
to be determined to maintain the international value
of the currency by paying externally in gold. Late
the same day, however, the Chamber of Mines at
Johannesburg informed Finance Minister Havenga
that the Reserve Bank had refused to honor its notes
in gold, and that the agreement for the sale of gold
to the Reserve Bank had thereby been abrogated. The
Chamber reserved the right to sell its gold to the
highest bidder. Finance Minister Havenga declared
thereafter that South Africa is "virtually off the
gold standard." The Reserve Bank issued a statement Thursday that "exchange rates are canceled;
the Bank is not quoting to-day." Quotations on
London again were made by the South African banks
yesterday, with the rate per £100 British at £91 South
African, as against the former level of £70 South
African.
-4--.
EPRESENTATIVES of the British Government
and of various groups of the Indian peoples
completed last Saturday the third of the Round
Table Conferences regarding the Constitution under
which a measure of autonomy is to be granted India.
Many important points were settled at the third conference, which began Nov. 17, with representatives
of almost all groups excepting the Indian Nationalists present. The followers of Mahatma Gandhi, who
is still in jail at Poona, refused to participate, and
there is considerable doubt, for this reason, regarding the acceptability of the Round Table Conference
findings to the Indian people as a whole. The final
conference was concerned chiefly with the financial
and defense safeguards upon which the British
authorities insisted. During the final session of the
last conference, a week ago, it was indicated that
the conclusions will now be incorporated in a Government White Paper, which will become the basis for
legislation to be placed before the British Parliament during 1933. London dispatches indicate,
however, that it may be some years before the proposed constitutional changes are placed in full
effect.
The new Constitution will provide, essentially,for
a vast Federation of the Provinces of British India
and the States ruled by the Indian Princes. It will
become effective only if more than half the ruling
Princes agree to enter the Federation. Provisions
R
4429
will be made for a Cabinet on the British model and
a bi-cameral legislature. The question of representation in the legislature was settled by the British Government award of last summer, made after the
Hindus and Moslems failed to compose their differences on this point. In the third Round Table gathering favorable consideration was given a report by
the Marquess of Lothian recommending broadening
of voting powers in India and the enfranchisement
of millions of Indian women. The final sessions
of the third conference were concerned chiefly with
the financial safeguards. A report submitted
Dec. 23 recommended that the Governor-General of
India should keep, regarding budgetary arrangements and borrowing powers,"such essential powers
as would enable him to intervene if methods were
being pursued which would, in his opinion, seriously
prejudice the credit of India in the money markets
of the world." A financial adviser, presumably
British, is to assist the Governor-General in these
duties, a London dispatch to the New York "Times"
remarks. It is also provided that an Indian Reserve
Bank is to be established before the Federation is
formed under the new Constitution. A delay of five
years Or more'is considered likely on this basis, the
dispatch states, owing to present economic conditions. The safeguards which, in effect, place the
control of Indian fiscal affairs in the hands of a
British administrator, are unpalatable to the Indians, who are greatly concerned over the prospect
of delay.
The political differences which resulted in the imprisonment of Mahatma Gandhi were prominent in
the closing sessions of the gathering. Sir Tej Bahadur Sapru, leader of the Indian Moderates, made
an appeal to the British representatives for the
release of Mr. Gandhi in order to placate sentiment
in India and make possible a wider discussion of
political questions than is feasible under present
conditions. "So far as Mr. Gandhi is concerned, he
will simply refuse to discuss any political question
with me or anyone else inside jail," Sir Tej declared. "He is far too honorable to break any rule
of the jail. I do not agree with the estimates which
have been supplied to the British public on political
sentiment in India. The situation there has been
very serious and the amount of dissatisfaction, discontent and bitterness is far greater than at any previous time in my experience. I ask people to wake up
to realities. I am not an alarmist and I am not a
National Cangress man, but I suggest that the Congress is still a power. We want to discuss these Constitutional questions among ourselves and with men
of the Congress party, and it is impossible to do so
as long as Mr. Gandhi is in jail."
Sir Samuel Hoare, Secretary of State for India,
closed the final plenary session with a speech in
which he promised to consider the question of Mr.
Gandhi's release carefully and without prejudice.
Referring to the "eloquent appeal of Sir Taj Badahur
Sapru for a chapter of renewed co-operation between
every section of Indian opinion and ourselves," Sir
Samuel remarked: "There is nothing I should desire
more myself." Whatever the decision may be, he
added, "the thing we wish above all others is that
he and his friends shall go back to India and tell
every section of Indian opinion that there is an
opportunity for their help and that we need their
help." Sir Samuel indicated, at the same time, his
belief that a scheme will be produced which will
4430
Financial Chronicle
Dec. 31 1932
be a credit both to British and to Indian statesman- area, augmenting the forces on this side to 60,000
ship. He refused, however, to fix any date for estab- men. The German General, Hans Kundt, who
lishment of the Federation, merely pledging that this trained the Bolivian forces and directed their operawill be accomplished "at the earliest possible mo- tions from La Paz, assumed personal command in
ment." Chief results of the conference, as summed the battle area, Monday. There are no recent
up by Sir Samuel, are: "First, we have clearly official reports of the number of Paraguayans in
delimited the field upon which the future Constitu- the field, but they are estimated by observers at
tion is going to be built in a much more detailed 20,000 to 30,000. A truce of 48 hours was observed
manner than in the last two years; we have delimited by the two armies over the Christmas holidays at
the spheres of activity of various parts of the Con- the request of the Pope, but hostilities were resumed
stitution; secondly, we have created an esprit de Monday by Bolivian bombing planes, which swept
corps among all of us that is determined to see the over a wide area. The Bolivian troops resumed the
building that is going to be reared upon this field offensive at the same time, with a drive that is obviboth complete in itself and completed at the earliest ously designed to recapture Fort Boqueron and other
possible date. My advice to the Indian people is to points lost to the Paraguayans in September. It is
strive for the ideally perfect, but to accept as an believed in Buenos Aires, dispatches state, that
General Kundt will attempt to push on to the railinstallment the practically possible."
heads of two narrow-gauge roads running from the
IPLOMATIC efforts by neutral nations to Chaco to Puerto Casado and Concepcion on the
arrange a truce in the undeclared war between Paraguay River, and thus carry the operations into
Bolivia and Paraguay remain unsuccessful, and hos- acknowledged Paraguayan territory.
tilities are now raging on a larger scale than at any
previous time since fighting started last June. The
UMEROUS recent developments in Latin AmerCommission of neutrals in Washington, composed of
ica reflect the political unrest which has prerepresentatives of the United States, Colombia,Cuba, vailed ever since the business
depression became
Mexico and Uruguay, suggested Dec. 15 that the acute more than three years
ago. There is an unfortwo countries agree to suspend hostilities and submit tunate prospect of an informal
war between Colomtheir dispute regarding the boundaries of the Gran bia and Peru over the possession
of the tiny port
Chaco area to arbitration. The proposal called for of Leticia on the Amazon River.
seized
Peruvians
the withdrawal of Paraguayan troops to the Para- the village on Sept. 1, although
it was for many
guay River, and the withdrawal of Bolivian forces years under the Colombian flag.
Efforts by neutrals
to a line running from Fort Ballivian on the Pilco- to adjust this conflict peacefully
have been unavailmayo River to Fort Vitriones. The juridical position ing. Colombian authorities are
treating the inciof either party would remain unimpaired, and nego- dent as a matter of internal
violence,
calling for
tiations would be started promptly regarding a police action, but it is generally
expected
that Peru
basis for arbitration, the proposal stated. Bolivia will interfere. Both countries
are making extensive
promptly indicated that it regarded this suggestion preparations for war.
with favor, but Paraguay rejected the proposal as
In the Central American republic of Honduras
"unsatisfactory and unjust," since Bolivian forces revolutionary activities have
been in progress for
would be left in occupation of half the Gran Chaco, some weeks, and a battle is now
considered immiwhile Paraguayan troops would be withdrawn from nent. General Jose Maria Reins,
heads the insurthe area entirely. Juan Soler, Paraguayan delegate gent forces, while the Nationalist
are under
troops
at the Commission meetings in Washington, was the command of his brother, General Camillo
Reina.
ordered to return to Ascuncion and he started on Minor engagements already
have occurred in this
the journey Tuesday. It was indicated in Buenos conflict. Preparations have been
made in Nicaragua
Aires dispatches of last Saturday that the Argen- for the withdrawal of the last
contingents
of United
tine Government is considering a further offer of States marines,in accordance with
the arrangements
its services in behalf of the re-establishment of peace. made earlier this year. The
withdrawal will be comDiplomatic "feelers" put out made it appear that pleted by Jan. 2 1933. Malcontents in
that country
Paraguay might agree to such endeavors, but Bolivia gave emphatic evidence of their
warlike intentions,
would object. In view of this situation, considera- Tuesday, when an insurgent band
attacked a detachtion was given in Washington for a time to a proposal ment of 70 Nicaraguan
guardsmen. Three guardsfor an embargo on arms shipments to countries at men and 22 rebels were killed in
this engagement.
war, but no action has been taken.
The tide of this war has now turned with some
HERE have been no changes the present week
difiniteness in favor of the Bolivians. The Parain the discount rates of any of the foreign cenguayan armies were successful for several months
tral
banks.
Present rates at the leading centers are
in their endeavor to drive their opponents back. A
the
following table:
shown
in
number of the tiny "forts" occupied in peace times
RATES OF FOREIGN CENTRAL BANKS.
DISCOUNT
by the Bolivians fell into Paraguayan hands during
autumn
the
months. It was generally believed that
PreRate in
Rate in
PreWW1 Country. Effect
Date
Country. Effect
the advent of the rainy season would force a cessaDate
dons
Dec.23 Established. Rate.
Dec.23 Established. Rate.
tion of hostilities, chiefly because of the difficulty Austria-- 6 Aug. 23 1932 7 Holland_ .._ 2)4
Apt. 18 1932 3
314 Jan. 13 1932 24 IltingarY--- 4)4 Oct 17 1932 5
of transporting troops from the relatively distant Belgium._
Bulgaria-- 84 May 17 1932 9)4 India
4
July 7 1932 5
Odle
4)4 Aug. 23 1932 51-4 Ireland__ 3
June 30 1932 315
Bolivian centers of population. The Bolivians con- Colombia_
Italy
5
Sept. 19 1932 8
5
May 2 1932 6
Japan
4.38 Aug. 18 1932 15.11
structed a new 75-mile road, however, along the dry Czechosiovakla
Lithuania_ 7
434 Sept.24 1932 5
May 5 1032 714
July 12 1932 5
Danzig
4
Norway__ _ 4
Sept. 1 1932 414
Platanillos-Ballivian route, and they were able to DenmarkPoland_ _ .
- 31-4 Oct. 12 1932 4
_
6
Oct. 20 1932 71-4
June 30 1932 234 Portugal-- 63.4 Apr. 4 1932 7
England.— 2
continue the struggle with augmented forces. Estonia
534 Jan. 29 1932 634 Rumania_
7
Mar. 3 1932 8
Finland
Sigtin
634 Apr. 19 1932 7
6
Oct. 22 1932 Of
Buenos Aires dispatches stated, early this week, that France
Sweden..
234 Oct. 9 1931 2
334 Sept. 1 1932 4
Germany _ _ 4
Sept.21 1932 5
Switzerland 2
Jan. 22 1931 234
a new army of 20,000 Bolivians had been sent to the Greece_ 9
Dec. 3 1932 10
D
N
T
Volume 135
Financial Chronicle
In London open market discounts for short bills
8%, as against 1y8@
on Friday were 1 1/16@11/
and 1 1/16@1y8%
week,
last
of
Friday
1 3/16% on
4@1 5/16% on
11/
against
as
bills,
months'
three
for
Friday of last week. Money on call in London on
4%. At Paris the open market rate
3
Friday was /
remains at 1%,and in Switzerland at 1y2%.
HE Bank of England statement for the week
ended Dec. 28 shows a loss of £34,359 in gold
holdings and this, together with an expansion of
£1,095,000 in circulation, brought about a decline of
£1,130,000 in reserves. Gold holdings now aggregate £120,593,672, in comparison with £121,348,721
a year ago. Public deposits increased £1,040,000
and other deposits £3,282,690. The latter consists
of bankers accounts which rose £3,511,314 and
other accounts, which fell off £228,624. The reserve
ratio dropped further to 16.82% from 18.14% a
week ago, and compares with 18.45% last year.
Loans on Government securities increased £2,695,000
and those on other securities £2,840,948. The latter
consists of discounts and advances which rose £6,676,435, and securities which decreased £3,835,487.
The rate of discount is the same at 2%. Below we
furnish a comparison of the different items for five
years:
T
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1928.
1929.
1930.
1932.
1931.
Jan. 2.
Dec. 31.
Dec. 31.
Dec. 28.
Dec. 30.
Circulation
a371.183,000 364,150,042 368,801,566 369,782,000 378.294.483
8,865.000
Public deposits
7,732,655 6,580,599 12,350,000 22,336,385
136,169,713 166,738,813 168,608,558 147.819,829 122,046,438
Other deposits
Bankers' accounts102,409,590 126,397,730 132,449,330 110,297,026 84,016,042
Other accounts... 33.760,123 40,341.083 36,159,228 37,522,803 38,030,396
Government scours_ 102,371,011 95,340,906 81,021.247 81,658,855 62,636,855
36,247,828 64,903.466 72,652,624 60,184,105 64,707,716
Other securities
Disct. & advances 18,509,400 27,290,602 48,962,458 42,170,602 47,745,162
Securities
17,738,428 37.612,864 23,690,166 18,013,503 16,962,554
Reserve notes & coin 24,400,000 32,198,679 39,469,805 36,332,000 35,035,050
Coin and bullion_120,593,672 121,348,721 148,271,371 146,115,746 153,329,533
Proportion of reserve
16.82%
to liabilities
24%
22.52%
22.68%
18.45%
2%
5%
Bank rate
3%
6%
414%
4431
HE Bank of Germany statement for the third
quarter of December shows an increase in gold
and bullion of 1,539,000 marks. The total of bullion
is now 800,076,000 marks, which compares with
984,886,000 marks a year ago and 2,215,597,000
marks two years ago. Increases appear in silver and
other coin of 27,831,000 marks, in notes on other
German banks of 62,000 marks, in investments of
554,000 marks, in other assets of 57,674,000 marks
and in other daily maturing obligations of 32,231,000
marks. Notes in circulation reveal a decline 29,200,000 Marks, reducing the total of the item to 3,371,244,000 marks. The total of circulation last year
was 4,512,131,000 marks and the previous year it
was 4,275,312,000 marks. Reserve in foreign currency, bills of exchange and checks, advances and
other liabilities record decreases of 83,000 marks,
95,827,000 marks, 7,287,000 marks and 18,568,000
marks respectively. The proportion of gold and
foreign currency to note circulation, at 27.2% compares with 25.6% last year and 64.4% the previous
year. A comparison of the various items for three
years appears below:
T
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
Dec. 23 1932. Dec. 23 1931. Dec. 23 1930.
for 'Week.
Retchsmarks. Reich:marks. Retchonsozka.
Retchsmarks.
Assets—
1,539,000 800,076,000 984,888,0002,215,597,000
Inc.
Gold and bullion
40,435.000 112,553.000 222,017,000
Unchanged.
Of which depos.abed.
83,000 117,504,000 169,816,000 536,148,000
Res've in for'n Cum_ Dec.
Bills of exch.& checks.Dec. 95,827,000 2,688,539,000 3,795,297,000 2,008,460,000
£3llver and other coin_Lac. 27,831,000 262,165,000 167,799,000 152,509,000
15,784,000
6,922.000
9,722,000
62,000
Notes on oth.Ger.bks_ Inc.
91,284,000
Dec. 7,287,000 103,126,000 176,316,000
Advances
554,000 397,060,000 102,900,000 102,474,000
Inc.
Investments
Inc. 57,674,000 814,313,000 861,277,000 479,532,000
Other assets
LfabilUies—
Notes in circulati—Dee. 29,200,000 3,371,244,000 4,512,131,000 4,275,312,000
Oth.dally matur.oblIg.Ine. 32,231,000 386,270,000 406,640,000 451,279,000
Dec. 18,568,000 733,259,000 859,111.000 381,270,000
Other liabilities
Propor.of gold & for'n
64.4%
25.8%
27.2%
0.3%
cum to note eircul_Ine.
HERE has been no change of any importance
in the New York money market this week. Funds
remained available in huge amounts, and even the
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
heavy requirements of the year-end failed to make
notes outstanding.
so much as a dent in the market. Call loans on the
HE Bank of France statement for the week New York Stock Exchange prevailed at 1% for all
ended Dec. 23 reveals a decrease in gold hold- transactions, whether renewals or new loans. In
ings of 148,364,459 francs. The Bank's gold now the unofficial "Street" market, call loans were
stands at 83,119,500,173 francs, in comparison with arranged at Y2% Tuesday, 34% Wednesday, 3
8%
/
68,481,174,225 francs last year and 53,577,608,974 Thursday, and 3
4% yesterday. Time loans were
/
francs the previous year. Increases are shown in unchanged at their former range of 1/
2 to 1%. Brokcredit balances abroad of 49,000,000 francs and in ers' loans against stock and bond collateral declined
French commercial bills discounted of 610,000,000 $1,000,000, according to the usual tabulation by the
while bills bought abroad, advances against securities Federal Reserve Bank of New York, which covered
and creditor current accounts record decreases of the week to Wednesday night. Gold movements for
23,000,000 francs, 42,000,000 francs and 120,000,000 the same period reflected a net gain in United States
francs respectively. Notes in circulation rose 530,- stocks of $15,728,000. Imports of the metal at New
000,000 francs, raising the total of notes outstanding York amounted to $39,057,000, but this sum included
to 82,565,068,350 francs. Circulation a year ago $22,912,000 from England which had previously been
was 83,546,911,580 francs and two years ago 76,436,- earmarked by the Bank of England for account of
267,485 francs. The proportion of gold on hand to the New York Federal Reserve Bank. There was a
sight liabilities is now at 77.72%, last year it was net increase of $885,000 in gold earmarked here for
60.57%. Below we furnish a comparison of the foreign account. Arrivals at San Francisco in the
various items for three years:
period amounted to $468,000. There were no exports.
T
T
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
for Week.
Dec. 23 1932. Dec. 24 1931. Dec. 26 1930,
Francs.
Francs,
Francs.
Francs.
Gold holdings____Dec. 148,364,459 83,119.500.173 68,481,174,225 53.577.608,974
3,153,090,942
13,039,982,778
abr'd_Inc.
6,791,969,446
bals.
49,000,000
Credit
French commercial
bills discounted eine. 610,000,000 3,146,895,999 7.070.407,364 8,428,824,458
Bills bought abedbDee. 23.000.000 1,581,552,498 8.460.811,871 19,384,400,248
Adv. agst. secure_ Dec. 42,000,000 2,529,558,159 2,717.477,344 2,900,671,985
Note circulation_ _Inc. 530.000.000 82,565,068,350 83,546,911,580 76.436,267,485
Cred. cur?. accts__Dec. 120,000,000 24,385,618,432 29,512,682,961 24,322,301,402
Proportion of gold
on hand to sight
77.72%
60.57%
53.17%
Dec.
0.44%
liabilities
a Includes bills purchased in France. b Includes bill discounted abroad.
nEALING in detail with call loan rates on the
,Stock Exchange from day to day, 1% was the
L.
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
4% for
nominally at 1/
2% for 30 to 90 days, /
1 2@3
four months and 34@1% for five and six months.
There has been some improvement in the demand
for commercial paper this week. The market has
4432
Financial Chronicle
been brisk and more paper is available. Quotations
for choice names of four to six months' maturity are
1/
1
2@134%. Names less well known are 2%. On
some very high-class paper occasional transactions
at 114% are noted.
Dec. 31 1932
all-time low of 3.14, quoted in New York on Tuesday, Nov. 29.
London looks for a period of firmness, in undertone
at least, from now on until toward autumn. The
present firmness which began just before the holidays is attributed in some measure to speculative
HE demand for prime bankers' acceptances has buying for the rise, which was expected as a result of
been fairly good this week, but there is little the Dec. 15 war debt payment to the United States
paper available. Rates are unchanged. The quota- Treasury. In the initial stages of the recovery from
tions of the American Acceptance Council for bills the low of 3.143/i the rise was welcomed as a sign of
up to and including three months are/
1
2% bid, %%. termination of a minor crisis. Then the speed of
asked;for four months,%70 bid and/
1
2% asked; for the upturn gave alarm and the Exchange Equalizafive and six months, /
78% bid and 34% asked. The tion Fund was brought into play. It now looks as if
bill buying rate of the New York Reserve Bank is 1% sterling may be held reasonably stable around 3.30
for 1 to 90 days; 1/
1
2% for 91 to 120 days, and 1/
1
2% @3.33 for some time. London generally believes,
for maturities from 121 to 180 days. The Federal and bankers on this side seem to share the same
Reserve banks show a trifling increase in their hold- opinion, that from now on unless the Exchange Equalings of acceptances, the total having moved up from ization Fund is used vigorously some rise in sterling
$33,221,000 last week to $33,307,000 this week. Their is bound to follow as a seasonal matter after midholdings of acceptances for foreign correspondents January. Speculative interests have been counting
increased during the week from $36,171,000 to $36,- on such an advance. It is pointed out that between
338,000. Open market rates for acceptances are as January and March last year the pound
rose more
follows:
than 40 cents, which provoked strong protests from
the industrial interests of Great Britain. At that
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days—
time when the rate touched 3.833/b the official view
Bid.
Asked.
Bid.
Asked.
Bid.
Asked.
Prime eligible bills
seemed to indicate a stand at around 3.50. It is
—90Days— —60Days— —30Days-now thought in well informed circles that a rate much
Bid.
Asked.
Bid.
Asked.
Bid.
Asked.
Prime eligible bills
higher than 3.33 will be unwelcome.
34
34
34
34
34
34
FOR DELIVERY WITHIN THIRTY DAYS.
The close relation existing between the Union of
Eligible member banks
1,4% bid
Eligible non-member banks
South Africa and Great Britain lends especial inSi% bid
—4
-terest to the abandonment of the gold standard by
HERE have been no changes this week in the South Africa on Thursday, Dec. 29. Full reports of
rediscount rates of the Federal Reserve banks. this important step are given in
other columns. In
The following is the schedule of rates now in effect passing, however, it may be noted
that there is
for the various classes of paper at the different neither economic nor financial
reason for this deReserve banks:
cision and it is largely due to political maneuvers.
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
The
par of the South African pound is $4.8665. A
AND MATURITIES OF ELIGIBLE PAPER.
branch of the Royal Mint at Pretoria was authorized
Rate in
by the Union Act of 1919. A Royal proclamation of
Federal Retelltd Bank.
Effect on
Dale
Precious
Dec. 30.
Established.
Role.
Dec. 14 1922, declared the Pretoria mint to be a
Boston
334
Oct. 17 1931
234
branch of the Royal Mint of London for the purpose
New York
234
June 24 1932
a
Philadelphia
334
Oct. 22 1931
a
of minting British sovereigns and half-sovereigns.
Cleveland
Oct. 24 1931
334
3
Richmond
334
Jan. 25 1932
4
The coins bear on the reverse side "S-A" as a dis334
Nov. 14 1931
Atlanta
3
234
June 25 1932
Chicago
334
tinguishing
334
mark. South Africa's export surplus is
St. Louis
Oct. 22 1931
234
334
Minneapolis
Sept. 12 1930
4
334
estimated at around £10,000,000. The report of
Oct. 23 1931
Kansas City
3
Jan. 28 1932
334
Dallas
4
Oct. 21 1931
Ban Francisco
334
the Reserve Bank of South Africa, as of Nov. 19,
234
showed a strong position with gold coin and bullion
TERLING exchange has tended slightly lower. at £7,498,000, against notes of £6,159,000, a ratio of
Trading since just before Christmas has been cover in excess of 100%. The ratio of reserves to all
largely confined to actual needs pending the turn of liabilities stood at 63.8%, compared with 55.6% a
the year, hence the market is dull. Another reason year earlier.
Gold of course continues at a premium in the Lonfor the inactivity is the great lack of commercial
bills due to the shrinkage in international trade. don open market and sold this week at around
The London market was closed from Saturday, Dec. 123s, 11d. It is generally believed that the Bank of
24 to Tuesday, Dec. 27, inclusive, and is also closed England will make no further efforts, for the time
5
being at least, to build up its gold reserves from the
to-day. The range this week has been from 3.33%
to 3.30 for bankers' sight bills, compared with a open market supplies, but will trust more to the comrange of from 3.31 to 3.343/i last week. The range ing seasonal factors to support the pound. Money
for cable transfers has been from 3.339 to 3.303/8, is in abundance in Lombard Street and present open
compared with a range of from 3.31 to 3.34Y4. a market rates are attractive to idle short-term funds.
week ago. There can be no decided change in the Two months' bills are 1 3-16% to 13.4%,three months'
trend of sterling now for a few days at least. Last 131%,four months' 131% to 1 5-16%, six months'
week when the rate for cable transfers ran up to 3.343i lYeo.
The Bank of England statement for the week
the market had evidence that the London authorities
were active, operating to hold the rate down. Ac- ended Dec. 28, shows a decrease in gold holdings of
cording to the best informed London opinion, British £34,359, the total bullion standing at £120,593,672,
industrial interests are opposed to a higher rate, while which compares with £121,348,721 a year ago.
of course, all extreme fluctuations in either direc- Owing to an increase in circulation and to increases
tion are harmful. Present ranges and the high of in deposits as well as to loss of gold shipped to the
Wednesday a week ago, 3.343j, compare with the United States the Bank's reserve ratio is down to
T
T
S
Volume 135
Financial Chronicle
16.82%. Last week the ratio was 18.14% and a
year ago it was 18.45%. Two weeks ago it was
33.31%. This year's highest ratio was 43.66% on
Feb. 24. The present ratio is the lowest of 1932 and
also the lowest since Jan. 6 1926. On Dec. 29 1920,
the reserve ratio fell to 7.25%, the low record of this
century.
At the port of New York the gold movementfor the
week ended Dec. 28, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$39,057,000, of which $24,808,000 came from England, $9,032,000 from France, $2,653,000 from Holland, $1,393,000 from India, $996,000 from Canada,
$114,000 from Peru,and $61,000,chiefly from LatinAmerican countries. There were no gold exports.
The Reserve bank reported an increase of $885,000
in gold earmarked for foreign account. The Federal
Reserve Bank also reported a loss in gold by a decrease in gold held abroad for the Federal Reserve
Bank of $22,912,000. In tabular form the gold movement at the port of New York for the week ended
Dec. 28, as reported by the Federal Reserve Bank of
New York, was as follows:
4433
was 3.30 (4) 3.313' for bankers' sight and 3.303
'®
,
3.3134 for cable transfers. Closing quotations on
Friday were 3.31 1-16 for demand and 3.313/i for
cable transfers. Commercial sight bills finished at
2; 60-day bills at 3.30 1-16; 90-day bills at
3.303/
3.29 9-16; documents for payment (60 days) at 3.30
4. Cotton and
and seven-day grain bills at 3.303
2.
grain for payment closed at 3.303/
XCHANGE on the Continental countries is
quite lifeless, due to the year-end holidays.
There is nothing essentially new in the situation as
affecting any of the European countries. Early in
January, however, due to seasonal influences these
exchanges normally turn firmer. On the other hand
under present somewhat abnormal conditions of international trade these favoring factors may prove less
operative. French francs are easy and ruling below
the export point for gold from Paris to New York.
A gold movement from France to this side has been
in prospect for some time. It has now finally begun.
As noted above the Federal Reserve Bank reports
the receipt of $9,032,000 gold from France this week.
GOLD MOVEMENT AT NEW YORK, DEC. 22 DEC. 28, INCL. Word has been received that $9,000,000 is coming on
Imports
Exports
the S. S. Bremen. Paris bankers seem to think that
$24,808,000 from England
9,032,000 from France
the movement may come to an end shortly. On
2,653,000 from Holland
the other hand New York bankers believe that con1,393,000 from India
996,000 from Canada
None
ditions favor an extended movement of the metal in
114,000 from Peru
chiefly
from
61,000
this direction. Paris bankers, in some instances at
LatinAmerican countries
least, look favorably on the gold export movement.
839,057,000 total
The private banks have long been complaining of
Net Change in Gold Earmarked for Foreign Account.
plethora of credit supplies on the existing money
the
Increase 8885,000.
Loss through decrease in gold held earmarked abroad, $22,912,000.
market as a consequence of the abnormally high
The above figures are for the week ended Wednes- figure reached for the gold reserve of the Bank of
day evening. On Thursday $5,545,700 in gold was France. The outward flow of gold could reach conreceived as additional for Wednesday, $3,422,500 siderable proportions without affecting the position
coming from France, $1,223,800 from India and of the Bank of France or in any way threatening the
1899,400 from England. There were no exports of solidity of the franc. For such a thing to happen
the metal, but gold held earmarked for foreign something else than the present international balance
account decreased $100,000. Yesterday $1,345,900 against France would be necessary. The Bank of
of gold was received. $1,215,800 coming from Canada France statement for the week ended Dec. 23 shows
and $130,100 from England. There were no exports a decrease of 148,364,459 francs in gold holdings,
of gold yesterday but gold held earmarked for foreign the total standing at 83,119,500,173 francs, compared with 68,481,174,225 francs a year ago and with
account increased $135,000.
For the week ended Wednesday evening approxi- 28,935,000,000 in June 1928 following the stabilizamately $468,000 of gold was received at San Fran- tion of the unit. The Bank's ratio stands at 77.72%.
cisco from China. Yesterday $844,000 more of gold It was at record high a week earlier, 78.16%. A
year ago the ratio was 60.57%. Legal requirement
was received from China at San Francisco.
Canadian exchange continues at a severe discount is 35%.
German marks are firm, but of course quotations
although slightly less unfavorable to Montreal than
was
rate
at
the
nominal
are largely nominal as all foreign exchange transaclast week. On Saturday
legal
of
Monday,
observance
tions
are under the control of the Reichsbank operatOn
123/8% discount.
On Tuesday, ing through governmental decrees. According to reChristmas, there was no market.
/%, on cent dispatches from Vienna economic circles are
Montreal funds were at a discount of 117
Wednesday at 11%%, on Thursday at 12%, and on generally demanding a reduction in the rediscount
rate of the Austrian National Bank from the present
4% discount.
Friday at 113
Referring to day-to-day rates, sterling exchange on 6%. The ratio of reserve cover is 23%. Note cirSaturday last was largely nominal. London was culation is at the lowest figure in many years, standclosed. Bankers' sight was 3.32 11-16 ® 3.32 8; ing at 859,000,000 schillings, as against 1,104,779,000
3.33. On Monday, legal schillings a year ago, and 997,161,000 in 1930.
cable transfers 3.32%
The London check rate on Paris closed at 84.75 on
celebration of Christmas, markets were closed. On
of this week, against 85.37 on Friday of last
was
lifeless.
Friday
London
Tuesday the market was
s
5
/
In New York sight bills on the French centre
for
week.
bamkers'
3.33
closed. The range was 3.3314 ®
finished
on Friday at 3.9034, against 3.909/i on FriOn
cable
transfers.
for
4
sight and 3.33% ® 3.333
%, against
Banklast
of
day
dullness
continued.
week; cable transfers at 3.903
the
Holiday
Wednesday
3.9034,
against
and
903/2,
4
3.
at
3.323
transfers
bills
cable
sight
commercial
%
3.33;
3.325
was
ers' sight
@
for
bankers'
13.85
3.90.
and
was
at
inactive
market
belgas
Antwerp
finished
the
Thursday
On
3.333/8.
4 sight bills and at 13.853/
2 for cable transfers, against
the pound easier. The range was 3.313' ® 3.317
quotations for Berlin
13.85
and
Final
transfor
13.851
cable
.
%
3.32
®
3.31Vi
and
sight
bankers'
for
fers. On Friday the pound was still easier; the range marks were 23.803/2 for bankers' sight bills and 23.81
E
4434
Financial Chronicle
for table transfers;in comparison with 23.803 and
23.81. Italian lire closed at 5.115
/i for bankers' sight
bills and at 5.123/i for cable transfers, against 5.113'
and 5.12. Austrian schillings closed at 14.08,
against 14.103/
2; exchange on Czechoslovakia at
2.963, against 2.96/
38; on Bucharest at 0.60, against
0.603; on Poland at 11.20, against 11.243/
2, and on
Finland at 1.473/
2, against 1.473/
2. Greek exchange
closed at 0.529/i for bankers' sight bills and at 0.525
/i
fot cable transfers, against 0.533
4 and 0.54.
•
XCHANGE on the countries neutral during the
war is, of course, dull as a result of the in-between season. Only the most necessary transactions
connected with year-end operations have taken
place since before Christmas. No important developments or trends are expected until well after New
Year's when the course of sterling will be the dominating factor. Swiss francs are easy, as they have
been for several weeks past, but trading is largely
nominal. The gold moving from Amsterdam to
London and New York over the past few weeks
represents private transactions and is hardly as yet
related to the exchange position of the guilder.
Dutch banking interests, it would seem, began to
build up balances here and in London some weeks
ago so as to be prepared for activity in both markets
on further signs of business upturn. The opportunities for profitable employment of funds in Holland are extremely limited. The Scandinavian
currencies follow closely every trend of sterling
exchange with which they are affiliated. Spanish
pesetas are steady as they have been for many
months. At present, owing to the holiday interuptions, there is very little trading in pesetas.
Bankers' sight on Amsterdam finished on Friday
at 40.18, against 40.163' on Friday of last week;
cable transfers at 40.183', against 40.17, and commercial sight bills at 40.173', against 40.12. Swiss
francs closed at 19.24 for checks and at 19.243. for
cable transfers, against 19.253 and 19.25%. Copenhagen checks finished at 17.14 and cable transfers
at 17.15, against 17.293/ and 17.30. Checks on
Sweden closed at 18.11 and cable transfers at 18.12,
against 18.243/ and 18.25; while checks on Norway
finished at 17.10 and cable transfers at 17.11, against
17.243 and 17.25. Spanish pesetas closed at 8.16
for bankers' sight bills and at 8.163' for cable transfers, against 8.153' and 8.16.
E
XCHANGE on the South American countries is
entirely featureless. Under normal conditions
the South American exchanges would be lifeless at
this season as the Christmas and New Year holidays
are always prolonged in the Latin countries. There
has been no essential alteration in the foreign exchange
situation of these countries since the Autumn of
1931. All are laboring under difficulties arising
from the unsatisfactory condition of world trade and
financial uncertainties, of course aggravated, more
or less differently in each country, by political unrest
and changes as well as by governmental control of
foreign trade and exchange, and by the imposition
of moratoriums.
Argentine paper pesos closed on Friday nominally
at 25% 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
E
Dec. 31 1932
quoted 63', against 63/g. Peru is nominal at 18.00
against 18.00.
—4-XCHANGE on the• Far Eastern countries is
featured this week because of the ease and
fluctuations in Japanese yen and the sharp drop in
silver to record low which, of course, affected the
Chinese units adversely. The market has been extremely dull however as trading in New York, London and all the Occidental centres is largely interrupted by the Christmas and New Year's holidays.
As frequently pointed out, buying or selling exchange
on China is practically a transaction in silver. On
Tuesday silver was quoted in New York at the low of
24% cents a fine ounce. On Thursday the price
broke to a new record low of 243j cents. Indian
bazaars and China were sellers in London. Exchange
on Bombay and Calcutta is dull and quotations
follow closely the fluctuations in sterling to which
the rupee is attached at the rate of is. 6d. per rupee.
Indian foreign trade, contrary to the trend in all
other countries, is keeping up in rather good shape,
due to the exports of gold. Exports of goods are
about normal, perhaps a little less than normal, but
imports have increased so that the customs revenue
is nearly three times that estimated by the finance
department. This is due almost altogether to the
heavy exports of gold since Great Britain went off
the gold standard in September 1931. Had the
rupee not been anchored to the pound at the fixed
rate (one shilling and six pence per rupee) there
would have been no premium on gold with respect
to the rupee. The premium of course induced the
exports of the metal from the ancient hoards of India.
Over $400,000,000 has been shipped out since September 1931. The yen is weak owing to Japan's many
financial difficulties. The 64th session of the Japanese Diet convened on Saturday, Dec. 24 and then
recessed until after the New Year's holidays,to reconvene on Jan. 21 to consider the budget. The fiscal
year begins in April. Army and Navy costs have
increased from 405,000,000 yen in 1930-31 to 821,000,000. Expenditures for all purposes have risen
from 1,600,000,000 yen to 2,239,000,000. Despite
a prospective deficit of 897,000,000 yen, about $190,000,000, the Minister of Finance has declined to levy
new taxes and proposes to depend upon borrowing.
The most important item in Japan's export trade,
silk, has fallen 70% in value in the last three years.
Boycotts still continue to cut off profitable markets
in China. The farm-mortgage problem is acute and
in order to solve it one political party, the Seiyukai,
is insisting on a four-fifths devaluation of the yen.
The Proletarian Party demands a moratorium. The
yen continues to hover close to the lowest levels ever
quoted for the currency. It closed yesterday at 20%
in dull trading. Par of the yen is 49.85.
Closing quotations for yen checks yesterday were
20%, against 21% on Friday of last week. Hong
Kong closed at 213@,213', against 21%@21 15-16;
Shanghai at 273(@27%
8 , against 273/
2@27 11-16;
Manila at 493
4, against 49%; Singapore at 38%)
against 38%; Bombay at 25 1-16, against 25 3-16,
and Calcutta at 25 1-16, against 25 3-16.
E
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
Volume 135
Financial Chronicle
4435
not be committed in advance regarding international
issues has called a halt in Mr. Hoover's program of
encouraging Europe to expect a general revision of
Noon BuyOw Rate for Cable Transfers Is New York,
Value in Untied States Money.
the 'war debt agreements, and until after March 4
Country and Monetary
_
Dec.
30.
1
29.
Dec.
28.
Dec.
27.
Dec. 24. Dec. 26. Dec.
that issue, as far as the United States is concerned,
*
8
3
3
$
S
EUROPEwill probably remain about where it is. The most
.139670 .139670 .139650 .140050
.139670
Austria,schilling
.138453
.138617
.138658
.138469
.138438
belga
Belgium.
that can be. gathered from Mr. Roosevelt's utter.007200 .007200 .007160 .007233
007200
Bulgaria, ley
.029611 .029608 .029603 .029607
Czechoslovakia. kron .029610
ances is that he appears to favor a fact-finding study
.172646 .172438 .172009 .171315
.172483
Denmark, krone
England. pound
of the debt question, and the institution of such an
3.333250 3.329333 3.314416 3.304291
3 327946
sterling
014371 .014485 .014442 .014433
.014350
Finland, markka
would suggest that he has an open mind on
inquiry
.039020
.039020
.039021 .039020
.039019
France, franc
.238146 .238142 .238075 .238039
Germany, reichsmark .238200
.005330
of revision. It is for the new Adminis.005331
question
the
.005332
.005351
.005227
Greece, drachma
.401680 .401750 .401746 .401725
.401664
Holland, guilder
.174400
.174250
y, that Europe is waiting. There
.174250
.174250
tration,
accordingl
.174250
_.
_
.
Hungary. Peng°.
.051185 .051190 .051197 .051194
.051188
Italy, lira
disposition to abandon the united
a
.171861 .171738 .171061 .170615
of
as
yet
no
sign
is
.171576
Norway, krone.
.111850 .111850 .111850 .111870
111850
Poland, zloty
governments assumed at Lau.030175 .030240 .030200 .030280
the
debtor
which
030200
front
Portugal, escudo
005973 HOLI- .005971 .005975 .005975 .005971
Rumania. leu
.081542
.031532
.061521
081482 DAY. .081496
sanne, although' there have been indications that
Spain. peseta
.181915 .181784 .181276 .180707
181653
Sweden, krona
.192391
.192403
.192394
.192480
Switzerland,franc__ .192483
Great Britain would like to dissociate itself, formally
.013520 .013560 .013620 .013540
013480
Yugoslavia. dinar
ASIAat least, from the expressed obligation of the LauChina.283958 .280625 .278958 .280416
.283958
Chefoo tael
sanne agreement. The new French Ministry of Paul.279375 .277708 .276041 .277E00
.278541
Hankow teal
.272031 .270781 .269531 .270312
272343
Shanghai tael
Boncour is hardly in a position to oppose the pro.288958 .287291 .285625 .287083
. .288958
Tientsin tael _ ..
.212500 .211875 .210625 .210312
..212812
Hong Kong dollar„
nounced unwillingness of the French people to make
.193437 .192187 .191250 .191250
Mexican dollar -----103750
Tientsin or Pelyang
.191250
.190833
any
further debt payments save on their own terms.
.192916 .191666
.192916
dollar
.192083 .191250 .190000 .190833
.192083
Yuan dollar
.250425
.251100
.252005
European attitude may not at once change,
The
.251860
.251700
India, rupee
.210180 .208950 .207250 .206110
Japan, yen
I .212500
but it is with Mr. Roosevelt, and not with Mr.
.386250 .386875 .385000 .382500
.385625
Singapore (S.S.)d
NORTH AMER..877916 .885833 .878177 .877083
Hoover, that Europe will have to deal.
Canada, dollar
I 878020
.999237 .999237 .999237 .999237
Cuba. Peso
I .999237
.314000 .316833 .315500 .310500
The same is true of the disarmament question and
Mexico, peso (silver). .305350
.875625 .883375 .875875 .874875
Newfoundland. dollar .875375
SOUTH AMER.
the World Economic Conference. Norman H. Davis,
.585835 .585835 .585835 .586194
Argentina, peso (gold) .585835
.076400
.076400
.076400
.076400
milrels
.076400
Brazil,
head of the American delegation to the Disarmament
.060250 .060250 .060250 .060250
060250
Chile. peso
.475000
.473333
.473333
.473333
.473333
Peso
Uruguay.
Conference, is reported to have impressed upon Mr.
.952400 .952400 .952400 .952400
952400
Colombia. peso
Roosevelt the necessity of continuing without abatement the American pressure for substantial reduction
HE following table indicates the amount of gold
limitation of armaments, and to have urged the
and
bullion in the principal European banks as of
of going ahead with preparations for the Econeed
Dec. 29 1932, together with comparisons as of the nomic Conference. We have more than once excorresponding dates in the four previous years
pressed the opinion that the hope of success for either
1928.
1929.
1932.
1930.
1931.
Banks ofof these undertakings is extremely slight. Not only
£
£
£
£
£
is France unwilling to accept any disarmament proEngland_ __ 120,593,672 121.348,721 148,271,371 146,115,748 153,329.533
Francea_ _ _ 664.956,001 547,849,394 428,620,871 333,347,362 255.816,274
gram that is not accompanied by a joint guarantee
37,982,050
99,679,000 106,666,400 132,185,250
Germanyb.
42,914,300
97,494,000 102,596,000 102,362,000
90.336,000
89,877,000
Spain
of French security, but the formal concession already
54,638,000
56,120,000
57,275,000
62,947,000
Italy
60,848,000
36,214,000
37.290,000
86,053,000
35,516,000
Netherlands
75,583,000
made to the German demand for arms equality has
25,553,000
32,750,000
37,653,000
74,217,000
Nat.Belg'm
72,935,000
19,258,000
22,449,000
25,611,000
88,963,000
Switzerland
61,049,000
aroused a fear, especially in Eastern Europe, that a
13,122,000
13,331,000
13,401,000
11.443,000
Sweden__
11,433,000
9,600,000
9,581,000
9,560,000
7,399,000
8,015,000
Denmark
8,160,000
8,148,000
disarmament agreement which accorded equal treat8,136,000
8.014,000
6.559,000
Norway...
810,238,057
961,217,242
868,394,508
ment to Germany would strengthen the demand for
Total week 1,252,903,723 1,098,411,415
Prev. week 1.252.854.598 1.095 MR ARA 091 5211 857 3414 474 Agg 5115 717 272
wholesale revision of the peace treaties. As for the
a These are the gold ho dings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
Economic Conference, it is hard to see what useful
abroad, the amount of which the present year is £2,021,750.
results can follow from a parley in which high protective tariffs, preferential duties and quota systems
The Political and Economic Outlook Abroad.
issues.
One would have to be a good deal of an optimist are unlikely to be discussed except as academic
rather
pressure,
official
American
for
not
it
Were
of
many
signs
to see in the world events of 1932
nt
disarmame
that
n
assumptio
the
on
e
save
inexplicabl
conThe
progress.
assured political or economic
an
interin
on
servative German Institute for Business Research might be a good thing and participati
dishas, indeed, offered the encouraging opinion that the national conference always a friendly gesture,
presthe
for
dropped
world crisis has been passed and that the movement armament, we think, would be
from now on will be one of recovery, but it sees for ent as impracticable and the World Economic Con1933 only a year of slow emergence from the depres- ference would be indefinitely postponed. If either
sion. None of the major problems with which gov- undertaking is proceeded with, it will be because the
ernments and peoples were faced a year ago or which Roosevelt Administration desires it rather than behave developed since-domestic and international cause Europe is specially interested.
The United States, fortunately, is not a member
debts, unbalanced budgets, return to the gold standof
the League of Nations, but it has injected itself
solved
been
nt-have
ard, unemployment, disarmame
A
the Manchurian controversy, and the Stimson
into
solution.
toward
or even been carried very far
of non-recognition of political or territorial
acdoctrine
the
moment,
at
situation
survey of the general
s carried through by force has been seized
of
gove
settlement
continuanc
a
main
in
the
shows
cordingly,
ernmental activities on lines already laid down, but upon by the League as making the United States virtuwith the prospect that at one or two important points ally a League ally in dealing with Japan. Regarding
contempt.
new influences, or old influences intensified, will be- Manchuria,the League is at the moment in
to
Nineteen
of
Japan has snubbed the Committee
fore long begin to make themselves felt.
ion
reconciliat
possible
the
a
which
Lytton report and
For one thing, it is already apparent that the international influence of the United States is to assume between Japan and China was referred, and the Comthe
a new and perhaps an increased importance. Mr. mittee has found itself powerless to act. Within
m
the
antagonis
intensified
has
the
incident
should
League,
tion
Administra
Roosevelt's insistance that his
RESERVE
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
DEC. 24 1932 TO DEC.30 1932, INCLUSIVE.
T
4436
Financial Chronicle
Dec. 31 1932
between the small Powers, which have insisted that 500,000,000 marks, out of an
eventual total of
the League should act in accordance with the recom- 2,700,000,000 marks, in aid of
work for Germany's
mendations of the Lytton report, and the great 5,600,000 unemployed. Of this first credit,
50,000Powers, especially Great Britain and France, which 000 marks is to be advanced for housing
repairs, supare anxious to avoid irritating Japan and dread a plementing a similar credit granted in
September,
war that might involve China, Japan and Russia. the loan being limited to 20% of the
cost of the reIf the political and legal advisers upon whom Mr. pairs. The remainder is to go for
public works such
Roosevelt appears to rely can show him how to as streets, roads and bridges. It was announce
d that
extricate the United States from connection with the work, all of which must be of an essential nature,
Manchuria and League policy, they will have ren- is to be done through private enterprise, that human
dered an important public service, for until the hands labor will be given preference over machines
, and that
of the United States are free the Administration will foreign materials will be used only where
German macontinue to be involved in a dangerous controversy terials are not available. A forty-hour
week and unwhich is not primarily of American concern.
ion wages are also decreed. All the work, moreover,
There are interesting indications that the center must be completed in 1933, but the
grants are reof political interest in Europe, aside from the ques- payable at various terms with interest
varying actions of disarmament and war debts, is shifting from cording to the length of time for which the
loan runs.
France to Germany and the States of the East, Extensive grants have also been made for
food and
Southeast and South. The annual conference of the clothing for the unemployed.
Little Entente which met at Belgrade on Dec. 18 had
In Italy and Great Britain the necessities of relief
before it not only the issue of peace treaty revision, have also heavily mortgaged the financial
future.
regarded as specially important because of strong Italy, which faces an estimated deficit of 3,087,000
,agitation for revision in Bulgaria and Hungary, but 000 lire, or about $163,000,000, for the fiscal year
bealso questions arising out of treaty relations between ginning July 11933, or more than twice the estimate
d
Italy and Rumania and strained political relations deficit for the present fiscal year, plans
to expend
between Italy and Yugoslavia. For Eastern Europe, about $130,000,000 for public works half
of which,
treaty revision involves complicated questions of it is expected, will be completed by next spring,
and
territory and the rights of racial and religious minori- to employ in the undertaking 300,000
of the nearly
ties, but the agitation for revision has been strength- 1,000,000 now unemployed. The remainin
g half of
ened by Germany's demand for equality in armament, the creditis to be used to electrify 2,730 miles
ofrailway
and by the action of the League in pledging Austria now operated by steam. Great Britain, addition
in
to refrain from pressing for a customs union with to organizing a National Council of Social Service
to
Germany as a condition of the loan the French coordinate and extend various relief
agencies and
share of which has just been voted by the French similar services, has voted an additiona
l £19,000,000
Parliament. The alarm which was shown at Bel- for public relief and unemployment
benefits, bringing
grade was intensified by the realization that the the total for the year to upwards
of £120,000,000.
financial provisions of the peace treaties are no
It would be idle to see in such grants in aid, howlonger of consequence now that Germany has re- ever necessary because of immediat
e distress, any
fused further reparations, and by the belief that thing more than temporary relief,
of a very limited
Premier Mussolini and influential public men in Eng- kind, to either workers or
employers. Sooner or
land favored territorial revision. The Conference, later the debt which unemplo
yment relief has piled
as was to be expected, declared strongly against revi- up, and the crushing burden of
taxation which it
sion, but the spectre of disruption loomed in the re- represents, will have to be dealt
with. Neither in
quest of Italy for the insertion in a renewed treaty of Europe nor in this country has
more than a beginning
friendship with Rumania (the present treaty expires been made in the reduction of
governmental costs
Jan. 15) of a guarantee of Rumanian neutrality in which must be carried through if
government itself
case Italy were attacked by a third Power. A further is to survive. When Premier Azana
told the Spanish
cause of anxiety has been afforded by the publica- Cortes on Dec. 23 that, with "an
entire world" under
tion on Dec. 23 of the findings of a British group which arms, "we must keep not only a
standing army of
lately visited Yugoslavia, and which reported a con- eight divisions but must create
machinery that can
dition of general official espionage and "virtually be doubled on the day of general mobilizat
ion," he
unanimous opposition in the western provinces to the undoubtedly took a realistic view of the
world situdictatorship of Belgrade." The report recommended ation, but by as much as Spain goes
in for further
joint pressure by Great Britain, France, Czechoslo- armament, by so much it adds to
the difficulty of
vakia and Rumania to secure radical changes in the keeping a balanced budget. The maintena
nce of
Yugoslav Constitution, a suggestion of outside inter- peace may well occupy the attention
of statesmen
ference which seems likely to widen the breach be- during the coming year, but the
people who pay the
tween the Belgrade Government and its opponents. taxes will not need to be told that one
of the soundest
The German Government, on the other hand, contributions that could be made
to world peace
closes the year with a sweeping abolition of political would be a thoroughgoing
demobilization of governand other restrictions, the grant of amnesty to thous- mental expenditure.
ands of political offenders, and a large program of
unemployment relief. An emergency decree made
A New Year's Resolution.
public on Dec. 20 revoked various repressive measures
of the von Papen Government relating to public meetThere is one resolution everyone might adopt to
ings, censorship of the press, and the punishment of his own great advantage and to the profit of society:
political offenses, and the grant of amnesty released From this hour I will be an individualist and rely
some 15,000 persons, most of them National Social- upon myself for the accomplishment of all my purists or Communists. The unemployment program, poses, extending to all others and receiving from
announced on Dec. 22, provides an initial credit of them such voluntary non-coercive co-operation as
Volume 135
Financial Chronicle
common tastes, interests, and inclination of mind
may require.
Individual courage, industry, and free association
of effort built up this continent in a few generations
to such an extent that nowhere else are material
wealth,comfort,education,art, and culture so widely
distributed. Now for more than a generation we
have been departing more and more from the political and social ideals upon which our national life
was based. We have imported from across the water
false gods of governmental paternalism, socialism,
and government control of industry—things foreign
to the genius of a free, self-reliant democracy. Personal initiative and our prized liberties are menaced
by bureaucracies, Federal, State and local, which we
have ourselves created and fastened upon ourselves.
The burdens of taxation grow continuously heavier,
and as they increase the life-blood is drained from
industry, with the result that unemployment threatens to become a huge, abiding curse. The New Year
is a propitious time to retrace our steps and turn
back to the principles of the founders.
The business depression is now lifting. The first
signs of improvement became discernible around
midsummer. There are still many frightfully bad
spots and many maladjustments, but on the whole
the trend is definitely upward and will gradually
improve. Before 1933 comes to a close the business
depression will have become a painful, if instructive,
recollection. The era which is now at hand will have
none of the hectic glamor of the decade ending in
1929, but will be a period of solid prosperity. But
in order to effect a permanent recovery in our
national life, we must withdraw from government,
whether Federal, State, or local, many of the powers
which have been all too blindly accorded, especially
powers of control and regulation of business affairs.
For business and industry have never prospered except in free association. The crimes of history are
summed up in the phrase "abuse of power." It is a
matter of universal experience that power, above all
governmental power, is constantly abused. No plan
of government, no system of society can reconcile
authority and equity, political power and social justice. The ripest message of genius and intellect to
the world to-day is that a high and worthy civilization can be cultivated only through the complete
freedom of the individual.
At present at least about one out of every 12 or 14
persons is in government employ. In President
Cleveland's time the ratio was about one in 150, and
in Lincoln's day it was one in 300. Now, not content,
we seek doles, Government assistance, and Government paternalistic control of every variety. The
State, instead of being the guardian of the weak,
the dispenser of justice, on close investigation proves
to be the instrument by which strong, crafty and
ambitious men further their own interests. The
glorification of the State as a kind of all-wise Providence has neither historic nor logical fundation.
Our own farmers have been ruined by State aid and
bureaucratic interference and suggestions. Crop
loans and debt adjustments sponsored by Congressmen have only spurred the decline in prices. Our
railroad systems, the first in the world, made the
greatest and most efficient in all the world through
the voluntary efforts of associated individuals, are
now nearly crushed by the control of Government
commissions. Political authority can only seize and
control but can never initiate Or manage successfully.
4437
Efficient management proceeds only from genius,
and genius flourishes only in an atmosphere of free
individualism working through voluntary co-operation with others.
It is the socialist dogma that the State can be
captured by the proletariat and used first to expropriate the capitalists and then to carry on all individual functions of society on collectivist principles.
Such schemes are economically unsound and chimerical. With the gigantic European failure before
our eyes, we should return at once to the fundamental
principles of individual liberty and enterprise to
which we owe our national existence. The pages of
the press are to-day spread with the news from Moscow: The Soviet Five-Year Plan ends officially on
Dec.31,four years and three months after its inauguration. It has succeeded in some directions and
failed in others. The conclusion of the plan coincides
with an acute food shortage, widespread peasant discontent,abandonment of some industrial enterprises,
currency inflation, and an increase of dictatorial
political pressure. "Unemployment," we are told,
"has been abolished, and all grown-up members of
every family are at work. Their aggregate income
recorded in rubles should make them well-to-do. Recorded in purchasing power, it loses its allure. Recorded in purchasing possibilities, it is even less,
since shortage and total disappearance of various
goods have turned money into a symbol at times."
We shall hear more of this in a few months.
It is an age-old custom to make resolutions at
this season. Let us begin with ourselves and our
private interests, but resolve, too, that our governmental authorities shall be brought to a realization
that the individual only is sacred. He must not be
hampered in the expression of his nature through
the exercise of his individual initiative on the materials with which he finds himself surrounded.
Three principles should and do govern in the affairs
of men. To Destiny we owe the past. Individual
power, or the will of man, controls the future by
acting upon the objects with which men are confronted by birth and the circumstances of the age in
which they live. There is a Divine Providence governing the present from which a man's destiny and
his power, or will, are both derived. Love and wisdom, or Providence, act powerfully to aid the one
who applies his will truly and manfully upon his
material surroundings to the enrichment of his
nature. Where this power of the individual is
thwarted, the people perish. Man needs no paternalism other than that of Providence. All our resolutions should be directed toward enhancing the conjunction of our wills with the munificence which
springs from freedom.
Roads Forced to Prune Stocks of Materials and
Supplies as Depression Continues.
The railroads of the United States had approximately 380 million dollars tied up in unapplied materials at the close of the year 1931. This figure
represents the materials and supplies of all the railroads in the country with the exception of the switching and terminal companies, which only account for
2.9% of the total railway mileage. It is $57,383,074
less than the quantity on hand at the close of 1930,
and $97,058,997 below the amount shown for 1929.
Figures for the nine months ended Sept.30 1932 indicate that stocks on hand at that time were 13% less
than for the year 1931 and 30% below the volume of
4438
Financial Chronicle
the stocks shown for 1929, and there is left a balance
which is less than at any time since 1916.
It will be seen from the table at the end of this
article that the supply balance at the end of September 1932, although exceedingly low, was more than
five times what it was 40 years ago, and higher than
that reported for any year previous to 1916, in
spite of the fact that the railroads are now bearing the severe brunt of the prolonged business
depression.
Between 1890 and 1893 railway inventories show
a gradual increase, but as a result of the panic which
then ensued they tapered off sharply until 1896. Following 1897 a rapid increase was recorded each year
down to and including 1913, with the possible exception of the years 1901 and 1905. During the years
1914 and 1915 the depletion of stocks of materials
on hand was most marked,the decline in 1915 as compared with 1913 amounted to approximately 17%.
Between 1915 and 1920 a meteoric advance took
place; however, during the unsettled business conditions which immediately followed, the volume of
supplies on hand at the end of 1922 had fallen off
27% as compared with that reported for 1920. For
the five years 1922 to 1926, materials and supplies
averaged approximately $583,000,000.
The aggregate reduction of inventories reflects a
continued trend downward since 1920. This trend
downward is both absolute and relative. It represents a reduction of more than $387,000,000 in the
value of the materials carried since 1920, that is, up
to the end of the year 1931, and also represents a
noteworthy reduction in terms of railway business to
be protected, as reflected by the amount of material
carried in stock for each 1,000 car-miles.
Statistics received thus far for the first nine
months of 1932 are apparently sufficiently complete
to determine definitely the trend of purchases during this year. They showed reductions as compared
with the purchases made in the corresponding
months of 1931, amounting to 15%, and considered
in the light of carloading trends and other business
factors,they offer very little hope for a larger volume
of purchases by the railways than were made in 1931,
but they do suggest that the low point of railway
purchasing of the present period may have been
passed in 1930.
These reductions in purchases also reflect in part
the economies resulting from greater efficiency of
the railway plant (particularly noteworthy in the
utilization of fuel) and substantial declines in material prices, but, for the most part, have resulted
from the lower consumption of materials attendant
upon business depression and the corresponding
shrinkage in railway business. The loss of business
which the railways have experienced from competing
form of transportation has also been a factor.
It is expected that in spite of the long-drawn-out
business recession, and the corresponding reduction
in the use of supplies, that the volume of unapplied
material may therefore be swelled, by reason of the
exhaustion of the accumulations of materials contracted for when normal consumption prevailed.
The inventories as set out from 1890 to Sept. 30
1932 comprise the book values of materials and supplies filed with the Inter-State Commerce Commission by the Class I, II and III railroads under general balance sheet account 716, subject to the general
exception that beginning with 1908, the returns for
switching and terminal companies have been ex-
Dec. 31 1932
chided, while before that year they were included
where applicable.
They do not necessarily embrace certain quantities
of unapplied materials belonging to the railroads
which may be in the possession of contractors or
specially bought and segregated for large construction projects carried on independently of railway
operations; also comprising a financial, rather than
physical statement, they may embrace book values
of such material as scrap of retired equipment not
having any value for operating purposes.
The different ways in which the various railways
interpret the rules governing the preparation of these
statistics also impair their value somewhat as an
absolutely accurate and uniform measure of the
volume of the material awaiting use on the railways,
but comprising as they do the reports prepared by
all the roads in obedience to a common rule and sworn
to, they are the most authoritative statement of railway stores available.
Year Ended
June 30.
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
TJNAPPLIED MATERIALS-1890-1932.
Year Ended
Year Ended
June 30.
Amount,
Dec. 31.
Amount
1906
3185,228,347 1919
3608,527,225
1907
226.704,556 1920
767,226,510
1908
226,250,462 1921
676,124,750
1909
206,849.619 1922
556,259,712
1910
1923
693,077.706
1911
244,931,724 1924
1912
246,789,871 1925
1913
300,601,135 1926
Egi:134911)
1914
278,940,460 1927
532,063,111
1915
248.887.957 1928
478.624.677
1916
303,826,984 1929
477,050.997
Year Ended
1930
437.375,074
Dec. 31.
1931
379,992,000
1916
333,360.679
9 jos.
1917
514,050,807 Sept.30'32-331.600.716
1918
691.758,870
Amount.
363,785,950
64,651,495
75,016,897
75,755,170
62,713,719
60.123,916
68,744.042
63,605,455
67.431.264
72,446.051
106,875,385
103,145,952
115,286,050
148.178.206
158,726,068
149.371,001
Utopian Plans of Toilers.
Many thoughtful citizens have reached a stage
where they are beginning to think of the possibility
of some good coming out of the severe ordeal of the
depression, looking upon a period of hard times as
a crucible which tries men's souls, discards superfluous elements, and brings forth new and more useful products for the benefit of mankind.
By reason of this attitude a spontaneous movement is arising in Philadelphia which if encouraged
will be apt to yield, it is thought, desirable results.
Like New York City and other large communities,
a substantial portion of the population of the Quaker
City is employed in the needle and garment trades,
being wholly dependent for employment upon consumers' demand for apparel. These workers have
been among the worst sufferers during the past two
years, and many of their number have endured privation silently rather than to resort to aid through
charitable channels.
Discussing among themselves the possibility of
freeing members of their families from the uncertainties of employment and the hardships of daily toil
in sweatshops or in factories where the demand for
increased individual output may be incessant, heads
of families conceived the idea that it might be possible for a number of them to combine in the purchase of tracts of land which they could till and
obtain a livelihood for themselves and the members
of their families by work in the open with fresh air
and sunshine.
From this nucleus the idea was expanded to a
socialistic organization which would conduct cooperation for mutual benefit. They have laid their
plans before an attorney, Bernard Cohn, who was
raised upon a New Jersey farm and sympathizes
with the people who have long been out of work and
are anxious to earn a living for themselves and their
dependents.
Volume 135
Among his friends Mr. Cohn has found sympathetic citizens who are willing to give the project
of these earnest people financial support. He has
accordingly applied for a charter for the "Pioneer
American Agricultural Colony." Judge MacNellie,
of Philadelphia, to whom the application was made,
is in full sympathy with the project, and has suggested a number of practical changes in the provisions of the application which shortly will be
acted upon.
It is desired to purchase 5,000 acres near the
National Farm School, which has been conducted
near Doylestown successfully for a number of years,
and the students of the school have volunteered to
give a portion of their time towards instructing the
members of the colony how best to cultivate the soil
and to select crops which will give the best results.
The products will not belong to the individual
worker, but all grain, fruits, vegetables, eggs, butter
and livestock will be turned in to a committee who
will distribute supplies according to the needs and
number of members of each family. Surplus above
the requirements for new planting will be marketed
by the committee to provide money for the purchase
of things needed, to pay for improvements, and to
make partial payments upon the cost of land.
• Thus far 250 families with 1,200 members are
anxious to enter upon the undertaking. Nine-tenths
of the applicants are citizens of the United States.
As the work progresses schools, churches and theatres will be built. "The plan," said Mr. Cohn, "as
conceived by these people is not communistic but
rather socialistic. Success of the Farm School leads
us to believe that this new non-sectarian enterprise
can be made equally beneficial and in a comparatively short time be made self-sustaining. It has
been figured that the cost of food per week for the
average family will not average more than four
dollars.
"Pure food, sanitary conditions, healthful work
out of doors, with fresh air, sunshine and pure water
in abundance we feel sure will make a strong appeal
to others as soon as practical operation demonstrates
the feasibility of the plans.
"At the beginning the families will be housed in
tents. The work of constructing buildings will be
divided according to the abilities of the members,
many of whom belong to the construction trades.
It is the design that members of this community
shall have the power of taxing themselves for such
common purposes as police protection and maintenance of schools. It is anticipated that in times
of depression the colonists will at least have sufficient food and comfortable homes, advantages
which other farmers now enjoy while many city
people are homeless."
World-Wide Efforts to Regulate Motor
Transportation.
There is a great deal of discussion at the present
time in regard to the regulation of motor transportation, and it certainly is interesting to see what several of the more important countries of the world
are doing in regard to this matter. C. E. R. Sherrington, who is the Secretary of the Railway Research Service of the Institute of Transport in England, has collected some rather illuminating facts
on the subject, and he deals with the situation, first
from the standpoint of passenger services, and then
goes on to consider the restrictions in the various
4439
Financial Chronicle
countries with regard to the transportation of freight
by motor trucks.
At the outset he deprecates any loose usage of the
terms co-operation and co-ordination, and suggests
that correlation is a much more applicable term. He
also dwells upon the necessity for ascertaining the
total cost of any service, not only the amount paid
by the consignee or consignor, but also the hidden
costs such as, in the case of highway transportation,
the cost of policing or track signaling. A transportation system to be of maximum social utility must be
designed so as to deflect to each component whatever traffic that it carries most efficiently, having
due regard to cost, speed and service.
Because of the complete transformation of the
highways into arteries of commerce, that are used
as a source of profit, the need for Government regulation has been brought about. In practically every
country of the world that need has had to be met,
and Mr. Sherrington has very ably summarized the
ways in which different governments have tackled
the problem.
PASSENGER SERVICES.
In France restrictions apply only to safety requirements, the eight-hour day, and the liability to maintain regular services, but there is a call for legislation
to place highway and rail competition on a more
equitable basis. In Germany,since November of last
year, licenses have only been granted in the public
interest after the viewpoints of the German railway,
Chambers of Commerce, highway authorities, the
Post Office and existing highway services have been
considered. Since March the restrictions in Belgium
have been very severe, each license being judged by
its public utility and the most suitable operator is
chosen by arbitration. There are also rigid regulations regarding safety and the servicable condition
of vehicles employed, employee conditions, number
of vehicles employed, rates and routes, while licenses
are restricted to a period of 20 years. Unauthorized
operators are liable to imprisonment.
In Italy each service has to be licensed by the
Minister of Communications; competition with the
State railways is not regarded with favor, but when
obtained, a license carries a monopoly of the route
concerned. Austria has a licensing system, but the
railway and postal systems have the right to intimate
within two months of any application that they will
operate the service applied for. In Holland the
provincial authorities who do the licensing have to
take into consideration the existing highway and
railway facilities. Hungary grants licenses only
when it is proved that existing services will not suffer
thereby and if there is a public need. In Switzerland most of the passenger highway services are
operated by the Post Office, and as a consequence
there is a high degree of correlation with the Federally-owned railways. Where private buses are
licensed, it is on the condition that a proportion of
the bus fare is handed over to the railway of the
postal department with which the route competes.
In South Africa a law of 1930 requires all passenger services to be licensed, but they are permitted
only when the requirements of the public demand
them and provided that the social need is not met by
existing services, the effect upon whose finances
must be considered. Canadian regulations so far
have not been as stringent as in some of the other
British Dominions, but it is likely that further regulation of a more rigorous nature will be enacted early
•
4440
Financial Chronicle
next year. New Zealand has a new licensing act
under which the two islands are divided into licensing areas, and where a license is refused the applicant has the right of appeal to a board of three
appointed by the Governor-General. Railways and
municipalities enjoy a preference in applications.
The financial stability of the operator, public needs,
fares, highway conditions and frequency of service
have to be considered. The number of vehicles is
limited to that in use in March 1931, and, in general,
only one vehicle is allowed to operate per scheduled
journey. Seasonal services are deprecated.
The Australian States have either passed or are
considering laws under which licensing boards have
to take into consideration suitability of route, standing of the applicant, fitness of the vehicle, condition
of the highways, and the services of other forms of
transport. In India little progress has been made,
but in Kenya regulation is quite strict.
With regard to the United States, Mr. Sherrington
says that each individual State has its own laws, and
it was rather difficult to summarize the situation
there, but he mentioned one or two interesting things
and noted that the number of rules with which a bus
driver had to comply varied from 15 in Vermont to
66 in Virginia. With the exception of Delaware,
virtually all States require an operator to obtain a
certificate of convenience and necessity for public
services to be offered by rail or highway. The American regulations have hinged largely upon the dimensions of the vehicles and the insurance policies which
have to be taken out to cover passenger, property and
third party risks. Mr. Sherrington points out that,
on the whole, therefore, the regulation of passenger
services does not differ greatly from that which has
been in force in England since the 1930 Road Traffic
Act became effective.
FREIGHT SERVICES.
With regard to the operation of the truck services
Mr. Sherrington points out that their regulation is
far more complex, owing to the variety of uses, such
as local delivery in cities, the ancillary usage of large
producing and shipping organizations, the contract
carrier and the common carrier. In France, practically nothing has been done in the way of regulation, but he says that is not for lack of suggestion.
In Scandinavian countries and Austria,licenses have
to be secured for all regular services, with the result
that most of the services tend to become irregular.
In Hungary, all regular freight services, outside of
municipal areas, must be licensed, and they will
only be granted in such cases where existing transport undertakings will not suffer loss. The Minister
of Commerce has also been empowered to design regulations imposing the same obligations upon the motor
truck operator as apply to the State-owned and
operated railways.
He says that Germany took a strong line in the
emergency decree of a year ago which necessitates
licenses being secured for all highway truck services
which operate for profit, with routes exceeding 31
miles in length. Licenses are only granted on condition that the rates charged are in accordance with
scales fixed by the German Minister of Transport.
These scales are virtually the same as the standard
less-than-carload rates of the German State Railway
and the carload rates in the three higher classes of
the German railway classification. Owing to the
disorganized industrial conditions in that country,
some difficulty has been found in enforcing this law.
Dec. 31 1932
Italy seems to have done little, but in view of the
serious effect of highway competition on the railways
some action is expected in the near future. In Yugoslavia licenses are required for regular services and
new services are not permitted to interfere with the
activities of existing operators. Insurance policies
must be taken out to cover loss and damage to property. Switzerland and other European countries
have endeavored to solve the problem by the alternative means of assisting the railway to become the
main freight traffic agency itself.
Mr. Sherrington points out that highway competition in Continental European countries only became
formidable in 1926-27, and that in Great Britain it
was the reliance which the British railways placed
upon home-produced fuel which primarily rendered
them vulnerable in 1926 to the competition of a rival
using imported fuel, when industrial troubles in
the coal fields in England rendered the supply of
coal unreliable.
In Canada very little has been done, but the recent
report of the Royal Commission has recommended
much stricter regulation, with higher taxation of the
heavier vehicles. South Africa requires that all public highway freight services must be licensed except
those operating between railway freight stations, and
licenses are not granted if transport facilities exist,
thus virtually prohibiting competition with the Government railways. This, he says, has brought about
a tendency for the motor truck operator to convert
his service to an ancillary or private owner basis,
and it is clear that any licensing system which neglects these phases will not bring about the desired
degree of correlation.
In Victoria the railways have been granted the
power to charge higher rates to shippers who do not
send all their traffic by rail, where rail service is
available—a principle which has been adopted more
recently in Norway. The reason for this policy is
that shippers have formed the habit of sending their
high-class traffic, by trucks, and the lower classes,
upon which very low developmental rates are
charged, by rail. The New South Wales Transport
Act aimed at limiting truck traffic to distances of
20 miles or to the nearest railway station. South
Australia has also passed restrictive legislation. In
New Zealand, truck services will, from next month,
be under practically the same obligations as those
which apply to passenger services, as already mentioned, the enforcement of the new regulations being
partly due to the findings of the Slater Committee.
Argentina has a bill before Congress which will
impose licensing on all motor truck services except
in provincial and municipal areas, and the license
will only be issued after due safeguard of existing
means of transport; trucking concerns will practically become common carriers, with rate regulated
by the National Railway Board.
In the United States motor trucks operating on
public highways are regulated and taxed in accordance with State laws. In the majority of the States,
common carriers are required to obtain certificates
of convenience and necessity,they must be adequately
covered against claims,and must file rates and schedules with State Commissions.
By way of conclusion, Mr. Sherrington points out
that the present financial condition of the railways
throughout the world is not entirely, or even mainly,
due to road competition. But that if international
trade had been permitted to flow through the chan-
Volume 135
Financial Chronicle
nels at one time considered as "normal," there would
probably be enough traffic to maintain the financial
stability of all concerns engaged in transportation.
Leadership of Militant Type Needed in Present Emergency, According to Alfred P. Sloan, Jr., of General
Motors Corp.—In New Year's Statement Says
Constructive Action Is of Vital Concern.
A "real leadership of a militant type" is needed badly "In
this very great emergency," according to Alfred P. Sloan Jr.,
President of General Motors Corp., who, in a New Year's
statement, states that "our incoming Administration has
received a mandate from the people which should not only
make it possible to recommend essential policies in accordance with fundamental principles, but . . . to demand
that those policies be put into action." In full, the statement follows'
It is difficult, under any circumstances, to make any statement as to a
forward business trend with any feeling of security that it will be justified
by the facts. This is particularly true as we stand to-day looking forward
Into 1933. It seems to me that in every sense of the word we are at the
cross-roads, and the position that we now take will not only have an important influence on the answer to our question, but will likewise have a
tremendous influence on the answer to the same question as it may apply
to the many years beyond.
Irrespective of how helpful such measures as have already been taken may
be—and they have been helpful in the way of cushioning the shock of
the economic readjustment through which we are passing—we must frankly
admit that they have in fact been largely in the nature of palliatives. It
does not seem to me that we have yet tackled our problem from a fundamental standpoint. Are we to continue that policy or are we to aggressively
and courageously go forward and deal with our situation as it actually
exists? It is hard to conceive how any substantial foundation can be
built for a snore effective national economy until we adjust ourselves in
harmony with our present national position. A nation, like a business, can
carry on through a certain state of its development with little regard for
fundamental principles, but the point finally arrives in that development
when those principles can no longer be disregarded. Upon their constructive
Interpretation depends the success of the whole enterprise. That is our
position to-day as I see the picture.
In a broad sense we have done practically nothing with respect to the
Important question of governmental expenditures which are exacting an
Impossible burden on constructive enterprise. The budget of our National
Government, as well as those of many of our other governmental units,
are far from being balanced. We have done nothing with respect to the
question of intergovernmental debts, tariffs and other international problems
which have throttled the world's commerce. We must not fail to recognize
that the purchasing power of large groups within our own midst, which
for years has been out of adjustment with those of other groups, is vitally
Involved in this great question. We not only need, but we must have, the
purchasing power of every individual to maintain our productive enterprises
and to insure the employment of our labor. In many ways we are still
resisting the adjustments essential to the bringing of our national economy
into proper balance—an absolutely vital step before the next forward
movement can take place.
Our hope for the future rests upon these and many other factors. They
must be courageously and effectively dealt with, not from the standpoint
of provincial prejudice, local selfish interest and political expediency, but
In harmony with the economic necessities of the case. That is why I feel
we are to-day at the cross-roads.
On the constructive side it seems to me that there is a real and unusual
opportunity for accomplishment. Our incoming administration has received
a mandate from the people which should not only make it possible to
recommend essential policies in accordance with fundamental principles,
but what is of very great importance—to demand that those policies be
put into action. Those policies should be formulated having in mind the
Interests of the great majority—the rule of the organized minority, should
no longer be tolerated. What we need to accomplish all this, and need
badly in this very great emergency, is real leadership of a militant type.
If that be forthcoming—and I certainly hope it will be—the nation should
rally around and support that leadership from a patriotic standpoint and
In the interests of all the people. The depression has lasted so long and has
become so acute that constructive action now becomes of vital concern.
The Course of the Bond Market.
A rising bond market -this week carried the averages up
from the recent lows made last Friday and Saturday. Improved sentiment after a certain amount of "tax selling"
was out of the way, or perhaps a technical reaction from
several days of declining prices, might account for the better
tone. The rise during Wednesday, Thursday and Friday
was quite general throughout the domestic list. The volume of transactions increased considerably on the upward
movement. The Aaa bond averages broke last week's
record high for the year. High grade obligations and U. S.
Governments continued in demand. The price index of
120 domestic bonds was 79.68 on Friday compared with
78.10 a week ago and 79.56 two weeks ago.
United States Government bonds forged ahead still further,
making a new high since Sept., 1931. The demand for unquestionably safe investments continues as a factor in this
movement, and there is, too, the fact that no immediate
Government financing is in prospect. Short term issues
maturing within six months have now moved up to a point
where they offer a minus yield. That is, the interest received
during the period of their life is less than the premium
4441
which will have to be written off when these issues are repaid
at par. Moody's index of long term Government bond
prices stood at 102.99 on Friday, compared with 102.71 a
week ago and 102.05 two weeks ago.
Trading in railroad bonds was heavy in the past week,
particularly in speculative issues, there being evidence of
considerable switching from one bond to another for the purpose of establishing tax losses. As a whole, the movement
in railroad bonds was favorable in that price advances greatly
outnumbered declines. High grade bonds in the railroad
list continued or exhibited strength, with Atchison Topeka
& Santa Fe gen. 4s, 1995; Union Pacific 1st 4s, 1947; Pennsylvania cons. 4s,1960, and Norfolk & Western 1st 4s, 1996,
within fractions of or at the highest prices recorded during
1932. Among the more speculative issues gains were
recorded by New York Central ref. & imp. 4s, 2013, from
363-i to 39; Southern Railway dev. & gen. 4s, 1956, from
15 to 193; Baltimore & Ohio ref. & gen. 5s, 1995, from
31M to 363.4; Erie Railroad ref. & imp. 5s, 1967, from 21
to 27; Chicago Milwaukee St. Paul & Pacific mtge. 55,
1975, from 14 to 19. The price movement for the more
speculative railroad issues was possibly caused in part by the
reasonably good railroad earnings reported for November,
which were only moderately below those for the same month
last year, and by the apparent realization that rumors regarding numerous and early railroad receiverships had been
exaggerated. The reassuring statement to the effect that
there would be no unexpected interest defaults on Jan. 1
1933, presumably also had an effect. The price index of
40 railroad bonds ended the week at 69.40, compared with
67.07 a week ago and 70.15 two weeks ago.
The divergent trends in the several classes of utility bonds
so apparent in past weeks was continued in the last few days.
High grade issues were in good demand and maintained a
firm tone. Indexes for Aaa, An and A utility issues again
made new highs for the year. Lower grade issues were
irregular. A thin market in many issues was indicated by
the wide spreads and few sales. On Friday the general
tone of all utilities was good and many lower grade issues
showed recoveries of some proportions. Brooklyn Manhattan Transit 6s, 1968, were firm. The Interborough
Rapid Transit 5s, 6s and 7s advanced five points or more,
for no known reason. The utility bond index closed the week
at 86.25, was 85.23 a week ago and 85.48 two weeks ago.
After indecisive movements in the industrial bond market
early in the week a firmer tone with much broader and heavier
year-end trading featured the list. This group followed
other sections of the bond list in a general advance, and there
were several strong features. Steels showed no rallying
tendencies, some issues in fact declining. Oils gained little
but were firm in the better class issues. Strong features
included isolated situations like National Dairy 53.is, 1948,
which were up 3 points, and United Drug 5s, 1953, which
rallied six points to 65; Wilson & Co. 6s, 1941, and other
packing issues remained essentially unchanged. A 43,
4
point climb by Cigar Stores Realty Holding 53.s, 1949,
on reports of a strong position in the United Cigar mixup,
was a Curb feature. The price index of 40 industrial bonds
closed at 85.48 on Friday, compared with 84.35 a week ago
and 84.60 two weeks ago.
The outstanding feature of the foreign bond market was
pronounced strength in all classes of German bonds. New
highs for the year were made, many issues doubling or
tripling their low prices reached in June this year. The purchase of German dollar bonds has no doubt been stimulated
by the ruling of the Reichbank to allow exporters to utilize
part of their proceeds from sales of merchandise in this
country to buy German bonds, as an incentive to exports.
Danish and Norwegian issues gave evidence of strength
during the week. South American bonds changed but
fractionally, with the exception of Argentine issues, which
rose several points. Australians remained relatively stationary and Japanese obligations continued their slow
downward movement. Moody's average of yields on 40
foreign bonds stood at 10.28% on Friday, while a week ago
it was 10.39% and two weeks ago, 10.42%.
The best municipal issues continued strong. Offerings
of the week were in moderate amount, but were well taken.
A small issue of Minnesota bonds was disposed of on about
a 3.60% basis with a general offering. Prime municipal
issues were offered on a 3.75% basis and less. Weaker
situations still command little active interest. Detroit
bonds continued to show weakness. Bids for Cleveland
issues were at lower levels.
Dec. 31 1932
Financial Chronicle
4442
Moody's computed bond prices and bond yield averages tre shown in the tables below:
MOODY'S BOND YIELD AVERAGES.t
(Based on Individual Closing Prices.)
MOODY'S BOND PRICES...
(Based on Average Yields.)
00000
WWWW
000c000
fan. 29_ _
22..
15_ _
"-0w 1932
ugh 1932
-0w 1931
Ugh 1931
Yr. Ago)e0.30.31
; Yrs.Ago
3ec.31'30
mowomoommwomoommwmwmo
WWWWWWW.W.WkWW4 i0i0 WWWW
C$C00
Feb. 26..
19._
11_
5.38
6.45
4.47
4.81
5.70
5.74
5.74
5.75
ed.
5.76
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
5.76
5.82
5.83
5.86
10.28
10.38
10.34
10.45
5.84
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
5.89
5.89
10.44
10.39
10.45
10.34
10.34
10.41
10.52
10.42
10.39
10.37
10.34
10.38
10.46
10.46
10.40
10.44
10.54
10.56
10.52
10.54
10.57
5.87
5.80
5.83
5.89
5.78
5.71
6.75
5.67
5.61
5.66
5.75
5.68
5.74
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
7.08
6.87
6.72
6.58
6.50
6.67
6.98
8.43
6.15
6.12
5.93
6.09
6.24
6.25
6.47
6.44
6.42
6.20
6.08
5.59
7.66
4.95
6.81
5.86
5.85
5.92
5.98
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
7.67
7.88
7.95
7.71
7.55
7.24
7.08
7.02
7.07
7.03
6.80
6.71
6.67
6.56
6.81
6.69
6.92
7.11
7.10
7.09
7.02
7.05
5.76
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
13.75
13.92
14.30
14.75
15.29
15.28
14.82
14.03
14.10
13.70
13.31
13.39
13.23
12.77
12.68
12.62
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
7.76
16.30
5.58
7.32
10.16
6.36
6.72
tl
Cl
CD
.-4.q,..4,v-4-4,..I.4
0C..4.4..4J..A0-J-4-4-00o0M........mMMm..4.q.q,v0-4M-4M,-.3-4,0
5m=02
.
ct.NO.MwN000.NWOWw.-4M..4.000,0,000CWMFWJMN..
L4i.DiakONA.kb0.00.C4.:-.0MCN.L.1.64.0600Cok:406:-CDCo:qb
toMC;p..;-.O.0L4
v -4 wwwcoww -4.qcoo.ccowwwm..ww&000.aoowwwwww.P.wwcn*w,ww
1..
1War.24__
18..
11--
40
for.
P. U. Indus. ague.
CO
o
(pr. 19..
22..
15._
000000NNN 0000000000000..0000.004nvCNVN.0NM00N..0001000.
lune 24_ _
17..
10..
3.
1Way 28_ _
21..
14__
8.31
8.16
8.16
8.34
8.02
7.87
7.91
7.75
7.59
7.53
7.76
7.49
7.57
7.65
7.68
8.24
9.20
9.67
10.48
10.94
11.39
11.53
11.38
11.23
11.53
12.05
12.67
11.94
11.56
10.95
10.52
10.16
10.46
11.02
9.86
9.07
8.89
8.42
8.58
8.74
8.63
9.05
9.02
8.98
8.80
8.78
7.41
12.96
6.34
11.64
.V.I.,NSMONCNOOtltlls,tlVt-1,00M=0000
July 29..
22..
15._
8--
6
87.83
Aug.26-10._
12._
5.57
5.55
5.57
5.60
5.55
5.50
5.52
5.52
5.46
5.50
5.5.8
5.56
5.61
5.57
5.69
5.89
6.15
6.26
6.40
6.63
6.70
6.69
6.59
6.50
6.54
6.82
8.81
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
8.12
5.96
5.97
5.44
7.03
4.65
6.57
8.36
8.56
8.53
8.57
Excha
8.59
8.56
8.50
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
RR.
0
N
92.25
C
Cl
CO
w
0
74.46
64.88
Sept.30._
23..
IS..
4.62
4.82
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
5.38
5.41
5.40
5.38
5.41
5.49
5.67
5.46
5.27
5.19
5.15
5.10
5.22
5.23
5.10
4.96
4.96
4.90
5.03
5.12
5.16
5.30
5.29
5.26
5.18
5.16
4.53
5.75
4.34
5.57
Baa.
M
61.94
Oct. 28-_
21__
14--
5.70
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
460c06. to
49.22
1.
Weekly
Nov.25_ _
18-11--
4.57
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
00.N0C.VM.
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
68.04
66.21
65.62
83.90
63.35
65.29
66.64
79.40
70.90
71.48
71.00
71.38
73.65
74.57
74.98
78.14
73.55
72.75
72.45
70.62
70.71
70.81
71.48
71.19
85.48
62.09
90.55
83.74
3.
5.53
5.61
5.64
5.71
46=.0666
06m666,
06oi661
666,066,
6,066666.
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
56.32
55.61
52.47
49.53
52.24
54.55
57.64
59.94
62.56
60.82
59.29
84.80
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
8._
4.53
4.55
4.56
4.57
A.
N 0.,,
M=CM000.Nc0NN000N-c0CNN0.0,
60.60
61.71
81.71
60.38
62.79
63.98
63.66
64.96
66.30
66.81
64.88
67.16
66.47
65.70
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
56.66
57.57
58.32
55.55
55.73
55.99
57.17
57.30
67.88
37.94
78.55
42.58
84.47
84.35
84.47
84.60
84.72
84.85
84.85
84.60
84.60
84.60
84.47
84.35
83.83
83.97
83.85
83.72
83.72
83.60
83.72
83.85
83.85
Dec. 30_ _
29._
28__
27__
26._
24__
23.._
22_
21..
20..
19...
17._
16__
15_
14__
13._
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84.60
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102.14
102.14
101.97
101.64
101.64
101.81
101.64
101.81
102.30
101.47
100.49
100.33
99.68
90.36
98.73
96.70
05.18
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
96.70
97.62
95.63
94.29
93.70
91.67
91.81
92.25
93.40
93.70
103.65
85.61
108.96
87.96
RR.
69.40
67.60
67.33
66.90
sell.
66.81
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
120 Domestics
by Grouns.
120 Domestics by Ratings.
Baa.
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103.6560.23
58.80
103.32
59.01
103.15
58.73
102.98
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58.59
102.98
58.80
102.98
59.22
102.98
59.58
103.15
59.94
102.98
60.74
103.15
60.82
103.32
60.67
103.32
60.74
102.81
60.67
102.64
60.67
102.47
60.74
102.47
60.31
102.47
60.38
102.30
59.80
102.30
59.58
101.97
59.36
101.64
59.15
101.81
59.29
101.97
59.80
101.81
60.01
101.64
AU
1932
120
Daily Domes
tic.
Averages.
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1
June 24
17
10
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May 28
21
14
7
for- 29
22
15
8
1
Liar. 24
18
11
4
Nib. 28
19
11
5
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22
15
ligh 1932
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Digh 1931
-0w 1931
Year AgoJee. 30 1931_ _ _
Two Years Ago3ee. 31 1930._
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23
16
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19
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Dec. 30
29
28
27
26
24
23
22
21
20
19
17
16
15
14
13
12
10
AU
120
Domes
tic.
0
M
Co
1932
Daily
Averages.
5.19
and do not purport to show eitl er the
• Note.-These prices are computed from average yields on the basis of one "Ideal" bond (4% % coupon, maturing In 31 Years)
levels and the relative moveaverage level or the average movement of actual price quotations. They merely serve to Illustrate In a more comprehensive way the relative
the
market.
of
bond
picture
truer
the
the
being
latter
averages,
ment of yield
page
Index of bond prices
2228.
1932,
For
Moody's
1
Oct.
on
t The last complete list of bonds used In computing these indexes was published In the "Chronicle"
by months back to 1928, refer to the "Chronicle" of Feb.6 1932, page 907.
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME.
Friday Night, Dec. 30, 1932.
Retail trade reports from different parts of the United
States have been of much the same sort as recently. The
evidence is cumulative that a fair holiday trade has been
done, though evidently somewhat smaller than that of last
year, and that in many cases the dollar return by reason of
lowered prices is well below that of a year ago. On this
point the testimony is still sufficiently convincing that it
will be 20 to 25 per cent less. As usual, wholesale trade is
quiet at this time of the year. Meanwhile it is an interesting
fact that of late the trading in stocks has been increasing
partly under the stimulus of an active and rising bond market.
London, Paris and Berlin have all been firm, especially
Berlin. The exhibit of car loadings in the United States
has been in some respects encouraging. Some of the railroads show an increase in net earnings even if others show
the reverse. If the stock and bond markets should continue
to broaden under the influence of rising prices, it will naturally attract more attention and have a corresponding effect
on business sentiment. In steel there is some demand from
the automobile and tin plate industries and the output of
automobiles is holding up well. The etimated output of
110,000 cars and trucks for October may very possibly be
exceeded in January. The Ford company plans to offer a
new Ford eight in January and to turn out not less than
20,000 cars in that month. The Chevrolet reports larger
dealers' commitments on hand than at any time since
April 1930.
Retail trade at Chicago finally brightened up a bit and
some department stores did better than in the same week
last year, but still it was confined largely to cheap articles of
dress, accessories, hosiery, toys and a certain class of novelties with a slightly better demand for radios. Some wholesalers reported a better fill-in trade. Orders for cotton
goods for January delivery were larger. But the fact was
stressed that at both wholesale and retail the sales in December did not equal those of December last year either in quantity or dollar value. Larger railroad specifications and automobile orders have led to the starting up of steel mills in the
Chicago area which had been closed since last summer. In
St. Louis the expectations of a better holiday retail trade
Volume 135
Financial Chronicle
4113
were disappointed. The purchases too were mostly of the general steady and cotton noticeably higher. Railroal
cheaper goods. Unemployment continues to be acute there. traffic is making an unexpectedly good showing and apparIn Cleveland there was a slight increase in the retail trade and ently much of the buying of stocks has latterly been for
the output of steel mills was somewhat larger, one concern investment. London and Paris were cheerful and Berlin
operating four shifts a day and another running at capacity was higher, especially for bonds.
Today security markets had a brisk rally in spite of the
in contrast with the dullness at most steel centers. Building
operations fell off sharply. At Kansas City there was a large amount of cash sales made for the purpose of registering
brisk retail trade after a late start for the season but with tax losses. This selling was well absorbed and the best
prices so much below those of a year ago dollar values as a prices came in the last hour. The strength of such issues as
rule make a poor showing. In Minneapolis holiday trade New York Central, U.S. Steel common and Pfd, Auburn and
was not so encouraging, being estimated at only about 60% other speculative favorites indicated short covering over the
of that of 1931 in dollar volume. Northwestern car loadings holiday. Commodities were generally higher with the excepare stated at 17% below those of 1931. For the 48 weeks tion of cotton. Farm equipment shares were strong on the
ending Dec. 3 they were 30% smaller than in the same time prospect that the incoming administration will sponsor the
last year. In Boston the holiday sales were about as large Domestic Allotment plan. The weakness of tobacco stocks
as last year. Woolen and worsted mills were fairly busy and was attributed in part to the persistent rumors that severe
inventories of goods are reported to be low. In Philadelpha price cuts in the more popular brands of cigarettes were
holiday trade was better than expected but the total was pending. Sterling declined because of South Africa's departbelow that of a year ago.
ure from the gold standard and silver rallied after a three-day
Wheat has been firm without much change in price. It decline. Year-end trade news took a more cheerful outlook
has been sustained by a good cash position and the very fact for 1933 while deploring the admittedly disappointing
that prices are already so low. Corn has been relatively Christmas season. Total sales while only two-thirds of
stronger than wheat while oats and rye have had little change Thursday's were still over the 1,000,000 share mark. Bonds
of any consequence. Cotton has had quite a substantial provided a really encouraging session. With tax selling
advance as Southern offerings have decreased, hedge selling virtually out of the way, more favorable business is looked
has slackened and trade buying has persisted. A very in- for next week and the speculative issues reflected this theory.
teresting condition has arisen in wheat and corn as well as German bonds were again strong as were Argentines and
in cotton to some extent. Primary offerings have declined to foreign bonds generally. U. S. governments were about the
a point which indicates practically a seller's strike on the only exception to the rule of strength. Transactions were
part of the farmer. This has been particularly true in the slightly over $9,600,000.
case of corn, but wheat and cotton are now beginning to feel
Providence, R. I., reported that in spite of the recent
its effects. It has been compared in some quarters to the curtailment of buying of textile equipment there, plants
"buyers' strike" of 1920-22 and has undoubtedly been manufacturing such machinery are the only bright spot in
instrumental recently in decreasing the quick supply of the local metal trade. When cloth manufacturing in that
several farm commodities. The idea is encouraged by the district had its spurt in August and September there was
belief that the Domestic Allotment Plan or some similar at the same time a revival of activity in the manufacture
legislation, whose aim is to help agriculture, will soon be of textile equipment, which has since been falling off steadily.
passed and the farmers' plight will be bettered almost im- With a revival of activity in the textile industry itself,
mediately thereby. This belief may be fallacious, but at however, it is believed that the need for equipment machinleast it is one of the causes of a tighter cash grain and cotton ery will be such that a marked increase in activity will
market for the time being. Coffee has declined owing to result from the deferred demand. Huntsville, Ala., wired
the probability of another reduction in the coffee tax by that the Dallas Manufacturing Co. is giving its employees
Sao Paulo, this time of 67 cents a bag. Spot prices and cost this week as a holiday vacation. Boston wired that a 15
and freight coffee quotations have dropped. Raw sugar per cent. increase in wages, effective Jan. 2 will be granted
has declined in a dull market. Hides have declined on the to more than 300 employees of Columbian Mills of Otis &
spot but futures have latterly raffled. In spite of the dis- Co., at Greenville, N. H., according to an announcement
appointing holiday trade, retail inventories are notoriously made in that town to-day. Workers accepted a 35 per
very low and sentiment is more cheerful. The psychology of cent. cut last August when it was feared operations at
American business is far different generally than it was Greenville would cease entirely.
at the end of 1930 and 1931.
Chicago wired that the mid-winter "flyer" catalogue of
Stocks on the 24th advanced a fraction on transactions of Sears, Roebuck & Co., which has just been issued reflects
only 329,700 shares. Railroad, industrial and public utility slackening in the pace of price declines for manufactured
bonds of the second grade also advanced after having declined goods and in some instances indicates that prices will have
for most of the week. Saturday's bond transactions were to be raised after the end of February, when the catalogue
$4,600,000 and a number of U.S. Government issues reached expires. The average reduction for all lines of merchandise
new highs on advances of 2-32 to 13-32 points. Sterling shown in the book is 9.2% under the fall and winter general
and francs declined slightly. Reports of railroad earnings catalogue. The company states that this is the smallest
for November as they were published, continued to show average sales catalogue decrease under a preceding general
improvement, the latest instances being Erie, 0. & W. and catalogue shown in about three years.
Wabash. On the 27th stocks were dull at an irregular decline
Christmas Day in New York was the warmest in 39 years,
within very narrow limits. The sales were little over800,000 with a maximum temperature of 56 degrees and a minimum
shares. Bonds were irregular but seven issues of U. S. of 46. A drizzling rain set in on Christmas Eve and continued
Government bonds reached the highest prices of 1932. until the next morning. Many ferries suspended service on asOn the 28th stocks moved up one to two points in the largest count of the fog and other shipping was delayed. It was 46 to
trading in three months, 1,580,000 shares changing hands. 56 in Boston, 44 to 46 in Chicago and 2 to 14 in Winnipeg.
Later came a reaction which left the closing prices irregularly
After fair weather in New York on Monday, it rained all
lower but the net decline very slight. Bonds were active day on Tuesday, the 27th, as well as in the other middle
and higher. Not for four months has the bond trading, Atlantic States, southern New England, the Middle and
$16,111,300, been as large as it was on Wednesday. Foreign East Gulf States and the South Atlantic region. Atlanta
bonds were conspicuously strong. German Government had a rainfall of nearly 23 inches while quite heavy precipi534s reached another new high and German municipal and tation occurred in Philadelphia, Baltimore and Washington.
corporation isiue, advanced one to four points. Argentine The temperatures were New York, 38 to 46; Baltimore, 38
and Brazilian bonds were also noticeably strong. One issue to 42; Boston, 32 to 44; Chicago, 30 to 42; Cleveland, 30 to
of U. S. Government bonds reached a new high.
38; Detroit, 30 to 42; Omaha, 30 to 38; San Francisco, 40
On the 29th stocks advanced 1 to 3 points on trading which to 48, and Winnipeg reported zero weather.
again showed a wider reach and a larger total of 1,607,700
On the 28th the New York temperatures were 38 to 47
shares. The rise was led by bonds, especially German with a forecast of colder weather for the next day. Chicago
Government issues of which the 7s and 534s reached new had 32 to 38; Cleveland, 26 to 38; Detroit, 28 to 42; Milwauhigh levels. United States Government bonds were lower kee, 30 to 32; St. Paul-Minneapolis, 4 to 36; Kansas City,
but domestic corporation issues were in general higher, the 28 to 40; Omaha, 24 to 32; Philadelphia, 40 to 46; St. Louis,
industrials alone lagging. The total sales of bonds were 36 to 54; Winnipeg, 4 below to 20 above. For the second
$15,461,000, or well over $30,000,000 in two days. The time in history the Rio Grande River was blocked by an ice
gains in stocks which were emphasized in the last hour were jam and was threatening to change its course at San Mareeal
in the face of more or less tax selling. Commodities were in 185 miles north of El Paso.
Financial Chronicle
On the 29th it was 34 to 50 in New York City with a
light rainfall. Chicago had 34 to 40; St. Louis, 34 to 54;
Cleveland, 32 to 52; Cincinnati, 20 to 38; Milwaukee, 32 to
46;Minneapolis,20 to 30; Kansas City,32 to 54;Philadelphia,
38 to 52; Detroit, 38 to 52; Boston, 34 to 46; Seattle, 38 to
44; Winnipeg, 14 below to 16 above zero.
To-day it rained with temperatures 41 to 51. Overnight
Boston had 38 to 46; Pittsburgh, 36 to 54; Portland, Me.,
32 to 44; Chicago, 40 to 46; Cincinnati, 38 to 42; Cleveland,
36 to 52; Detroit, 32 to 52; Milwaukee, 36 to 46; Savannah,
60 to 80; Kansas City,32 to 54;Denver,10 to 26; Los Angeles,
48 to 62; Portland, Ore., 42 to 52; San Francisco, 44 to 58.
Montreal, 30 to 36, and Winnipeg, 2 to 30.
Business Prospects at Year-End Better than at Close
of 1932 Says Guaranty Trust Company of New
York-Prompt Recovery from World Depression
Dependent on Political Action.
Business approaches the year-end with some encouraging
features in the situation, but with the outlook for the early
future more than usually clouded with uncertainty, states
the Guaranty Trust Co. of New York in the issue of "The
Guaranty Survey," its review of business and financial conditions in the United States and abroad, published Dee. 27.
"Re-adjustment has proceeded swiftly throughout the year,
and the prospects are undoubtedly better than they were at
the end of 1931," says "The Survey", which continues:
However, it has become increasingly clear that the likelihood of any
reasonably prompt recovery from the world-wide depression depends largely
on political action at home and abroad. War debts, trade barriers, monetary restoration, budget balancing, and political stability represent probleins that have become more vital than ever to the world's economic welfare
andithat depend for their solution on the action of public officials.
Outlook Hinges on Political Factors.
Any attempt to appraise the significance of the present situation must,
therefore, be predicated on certain assumptions regarding the policies to be
pursued by the governments of the principal industrial nations. If the
existing problems are handled with an adequate appreciation of the economic
principles involved.It is reasonable to expect that the coming year will witness
a continuation of the progress that was begun in the latter half of 1932.
However, there must inevitably be a period of uncertainty and hesitation
until decisive steps are taken to remove the polltico-economic obstacles that
now stand in the way of recovery, and until enough time has clasped to give
some indication whether the decisions reached represent adequate solutions.
Significance of War-Debt Default.
The default by several nations on their war-debt payments to the United
States due on Dec. 15 cannot be regarded otherwise than as a blow to confidence and, consequently, as a setback to trade revival throughout the
world. It is to be feared, moreover, that the default will tend to retard,
rather than promote, the final solution of the debt problem. How serious
the adverse effects may be will depend on the extent to which the American
attitude in the face of this unfortunate development is tempered with a
broad-minded appreciation of the debtor's point of view. The principal
need of the moment is a settlement of the question that will end the present
uncertainty, and the achievement of a satisfactory solution will require as
much good will and mutual toleration as can be summoned to the aid of the
negotiators.
Comparison of 1932 and 1931.
Measured by almost any of the accepted standards of economic welfare,
the year 1932, taken as a whole, was a period of deeper depression than
1931. The production and distribution of commodities were at lower
levels; unemployment was greater; the earnings of business enterprises
were smaller and losses larger, and commercial failures were more numerous.
Prices in general continued to decline,although the downward trend was interrupted by a sharp advance during the third quarter of the year. Distress
among the farming population was increased by the further drastic decline
in prices of agricultural commodities.
A conspicuous and significant exception to the general trend must be
noted in the case of bank failures, which, while very numerous, were less so
than in the preceding year. This favorable comparison was made possible
by the marked improvement In financial conditions that began in the summer. In four of the first seven months of 1932. bank suspension outnumbered those in the corresponding months of 1931; and the total for the
current year through July was 22% above that a year earlier. In the following three months, failures reached 25% of the 1931 figures, with the result
that the total for the first ten months of the year was equivalent to only
about two-thirds of that for the similar period a year ago. It is likely that
the figures for the closing weeks of the year will make an oven more favorable
showing, Inasmuch as the latter part of 1931 was a period of deep financial
distress, whereas the financial system in the last two months appears to
have retained a large measure of the improvement recorded in the third
quarter of the year.
The liquidation of bank credit proceeded rapidly through the first halt
of the year. Since the low point was reached in July, loans and investments have increased 8506.000,000. The gain undoubtedly indicates a
marked improvement in the position of the banks, reflecting, as it does, a
return of money formerly hoarded and a corresponding Increase In bank
deposits. It is important to note, however, that the money thus received
by the banks has been employed not in extending short-term credit to
business enterprises but in increasing the investments of the banks in
securities. Loans have decreased since July by 8697,000.000, while Investments have increased by 81.203,000.000. The upward trend In bank
credit, therefore, encouraging as it is in some respects, will be more significant as an indication of improved trade conditions when it rell'ects an
expansion in commercial credit, rather than an increase in investments alone.
Another important respect in which 1932 compares favorably with 1931 is
that the earlier year was one of almost uninterrupted recession and closed
with the general level of trade at a new low point, while 1932 may be divided,
roughly, into two parts, with the first half characterized by a continuation
of the recession and the second by numerous indications of revival. As far
as future possibilities are concerned, this contrast is probably more significant than a comparision of actual levels of production and distribution.
Dec. 31 1932
At the end of 1931. the downward movement was still definitely under way
at present, it appears to have been checked.
Remaining Difficulties.
The principal sources of unsettlement that remained were the American
political campaign, the persistent parliamentary crisis in Germany, the
strangulation of international trade by excessive tariffs and other barriers.
monetary Instability, the obvious fact that the one-year moratorium had
been far from sufficient to bring about a solution of the war-debt problem,
and the apparent necessity for further deflation in certain directions In this
country in order to restore price equilibrium and stability in public finance.
The American election removed one of these sources of uncertainty and at
the same time brought assurance of an overwhelmingly party majority in
Congress, with an end to the divided responsibility that had been held
partly accountable for the lack of co-ordination in the formulation and execution of governmental policies.
Most of the other uncertainties remain, and it is universally agreed that
concerted International action will be necessary to remove them. For the
most part, they are mutually interrelated. The German political situation.
for example, could be strengthened by international agreement on armaments and reparations, which, in turn, both depend upon and must help to
determine any decision reached with respect to the war debts. The debt
question is intimately related to that of trade barriers, as is that of monetary
stabilization.
The urgency of these problems and the fact that each of them is dependent
to a greater or less extent on the others explain the eagerness with which the
world awaits the outcome of the international economic conference that is
expected to meet early next year. Many international conferences have
been held in recent years. but none with such a wealth of opportunities for
direct benefit to the whole world. It Is probably no exaggeration to say
that the actions taken by the conference will become the chief influences
hastening or retarding the recovery of the world from the economic collapse
of the last three years.
Loading of Railroad Revenue Freight Continues Small.
Loading of revenue freight for the week ended on Dec. 17
totaled 516,796 cars, according to reports filed on Dec. 23
by the railroads with the car service division of the American
Railway Association. This was a decrease of 4,420 ears
under the preceding week and a reduction of 64,374 cars
under the same week last year. It also was a reduction of
197,069 cars under the same week two years ago. Details
are outlined as follows:
Miscellaneous freight loading for the week ended Dec. 17 totaled 148,382
cars, a decrease of 19,216 cars below the preceding week, 43,680 cars under
the corresponding week in 1931 and 89,349 cars under the same week in
1930.
Coal loading totaled 144,758 cars, an increase of 25,343 cars above the
preceding week, and 24,939 cars above the corresponding week last year,
but 16,745 cars below the same week in 1930.
Coke loading amounted to 6,671 cars, an increase of 1,607 cars above
the preceding week, and 1,225 cars above the same week last year, but
1,821 cars under the same week two years ago.
Loading of merchandise less than carload lot freight totaled 160,112
cars, a decrease of 5,955 cars under the preceding week, 31,812 cars under
the corresponding week last year and 50,166 cars below the same week
two years ago.
Livestock loading amounted to 17.173 cars, a decrease of 928 below preceding week, 3,960 cars under the same week last year and 5,574 cars below
the same week two years ago. In the Western districts alone, loading
of live stock for the week ended on Doc. 17 totaled 13,175, a decrease of
3,354 cars, compared with the same week last year.
Grain and grain products loading totaled 25,589 cars, 2,163 cars below
the preceding week. 2.823 cars below the corresponding week last year
and 10,464 cars under the same week in 1930. In the Western districts
alone, grain and grain products loading for the week ended on Dec. 17
totaled 15.736 cars, a decrease of 2,279 cars below the same week in 1931.
Forest products loading totaled 11,989 cars, a decrease of 3,397 cars
below the preceding week. 6.162 cars under the same week in 1931 and
19,329 cars below the corresponding week two years ago.
Ore loading amounted to 2,122 cars, an increase of 289 cars above the
week before, but 2.101 cars below the corresponding week last year and
3,621 cars under the same week in 1930.
All districts except the Pocahontas, which showed an increase, reported
reductions in the total loading of all commodities compared with the same
week in 1931, but all districts reported reductions compared with the same
week in 1930.
Loading of revenue freight in 1932 compared with the two previous
years follows:
Four weeks in January
Four weeks in February
Four weeks in March
Five weeks in April
Four weeks in May
Four weeks in JUDO
Five weeks in July
Four weeks in August
Four weeks in September
Five weeks in October
Four weeks in November
Week ended Dee,3
Week ended Dec. 10
Week ended Dec. 17
Total
1932.
1931.
2,269,875
2,245.325
2,280,672
2,772,888
2,087,756
1,966,355
2,422,134
2,0135,079
2,244,599
3,158,104
2,195,209
547,461
521,216
516,796
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
581,170
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
713,865
27,293,469
30.207.623
4466& 927
1930.
The foregoing, as noted, covers total loadings by the railroads of the United States for the week ended Dec. 17. 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. 10.
During the latter period a total of 18 roads showed increases
over the corresponding week last year, the most important
of which were the Virginian Ry., the Wheeling & Lake Erie
Ry., the New York Ontario & Western Ry. and the International-Great Northern RR.
4445
Financial Chronicle
Volume 135
OF CARS1-WEEK ENDED DEC. 10.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
Railroads.
Eastern DistrictGroup A:
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York N. H. & Hartford
Rutland
Total
Group B:
y Buff. Rochester & Pittsburgh
Delaware & Hudson
Delaware Lackawanna & West_
Erie
Lehigh dr Hudson River
Lehigh ds New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western
Pittsburgh & Shawmut
Pitts. Elhawmut & Northern...
a Ulster & Delaware
Total
Group C:
Ann Arbor
Chicago Ind. & Louisville
Cleve. Cln. Chic. & St. Louis
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line._ _
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. LouIs_
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh dr West Virginia_
Wabash
Wheeling & Lake Erie
Total
Grand total Eastern District_ _
Allegheny DistrictBaltimore & Ohio
Bessemer & Lake Erie
y Buffalo & Susquehanna
Buffalo Creek & Gnuley
Central RR. of New Jersey
Cornwall
Cumberland & Pennsylvania_
Ligonier Valley
Long Island
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas DistrictChesapeake & Ohio
Norfolk dr Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern DistrictGroup 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_
1932.
1931.
1930.
1932.
1931.
1,129
*2.857
7.321
610
2,509
9,676
607
1.699
3,290
8,513
683
2,867
11,906
633
1,768
3,821
9,998
888
3,499
13,066
633
213
4,208
8.941
2,349
1.915
10.471
908
238
5,190
10,361
2,569
2,291
12,134
1,010
24,709
29,591
33,673
29,005
33,793
4:651
6:6E6
6:777
10,006
11,672
155
1,730
8,367
1,733
20,140
2,100
465
377
7-,155
11,071
12,941
173
1,790
8,781
2,120
25,177
1,259
634
511
6:E51
7,582
10,479
146
1,274
7.458
1,677
16,837
2,228
493
294
4.379
11,494
1,804
871
5,630
20
22,218
1,934
31
214
5,468
12,821
2,044
991
6,898
57
26,723
1,947
29
245
53,272
62,804
71,607
54,446
64,000
427
1,428
7,440
17
229
•183
984
2.206
4,580
2,937
3,612
4,127
2,646
918
4,832
2.712
563
1.699
8,545
38
237
210
1,153
2,611
5,624
3.806
4,292
4,563
3,008
1,112
5,561
2,471
496
2,107
9,616
57
315
194
1,839
3,278
6,537
5,061
5,044
4,763
4,576
1,017
6,014
2,941
715
1,522
9,141
42
72
2,221
858
5,320
7,096
213
7,046
3,804
3,545
510
6,121
1,398
1,082
1,903
10,858
65
107
2,638
1,396
6,544
8.952
190
8,043
4,339
4,743
609
6,831
2,067
39,278
45.493
53,855
49,624
60,367
117,259
137,888
159,135
133.075
168,160
22,646
733
27,332
974
z33,511
1,357
10,42S
704
12.921
1,064
235
4,026
312
205
1,000
48,759
10,966
3,287
75
2,924
132
6,852
45
410
181
1,231
60,773
13.749
5.578
74
3,059
244
8,410
94
541
151
1,538
74,596
16,582
7,905
79
3,478
8
9,256
57
27
9
2,613
27,785
13,166
668
7
10,755
66
16
21
3.315
33.474
16.167
1,401
3:175
4:825
96,068
120,390
148,486
68,294
84,036
18.690
13,963
662
3,271
18,718
15,014
679
3,208
21.803
17,820
970
3,496
5,544
3.244
911
483
5,022
3,338
1,137
370
36,586
37,619
44.089
10,182
9,867
7,827
852
331
158
58
1,316
.487
331
6,543
17,921
168
8,982
989
361
171
48
1,687
513
406
7,130 1
19,926
178
12,874
1,319
627
179
112
2,188
594
409
10,254
24,241
214
3,705
1,231
716
227
61
895
675
3,203
3,052
9,794
612
4.270
1,147
679
313
65
1,211
821
3,386
3,344
10,904
796
Group B:
Alabama Tenn.& Northern.....
Atlanta Birmingham & CoastAtl.& W.P.-West.RR.of Ala
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah
MIsstssippi Central
Mobile & Ohio
Nashville Chatt. & Bt. Louis
New Orleans-Great Northern..
TennesseeCentral
Federal Reserve Board's Summary of Business Conditions-More Than Seasonal Decline in Industrial
Activity-Falling Off Also in Employment.
In its monthly summary of business conditions in the
United States, issued Dec. 24, the Federal Reserve Board
states that "industrial activity declined in November by
somewhat more than the usual seasonal amount." The
Board also states that "changes in factory employment and
pay rolls, reported for the middle of the month, were largely
seasonal in character." It further says that "prices in
wholesale commodity markets were somewhat lower, on the
average, In November than in October, and declined further
during the first three weeks of December." The Board's
summary continues:
Production and Employment.
Volume of industrial production, as measured by the Board's seasonally
adjusted index, declined from 66% of the 1923-1925 average in October
to 05% in November, compared with a low level of 58% in July. Output
in November from
at woolen mills, silk mills, and shoe factories declined
the relatively high levels of the autumn, while cotton mills continued
active.
Lumber production declined by considerably more than the usual seasonal
amount. Steel production decreased during November and the first three
weeks of December, while automobile output increased considerably in
connection with the introduction of new models.
1932.
1931.
1930.
130
551
527
3,018
255
748
941
294
652
19,381
15,375
117
•127
1,663
2.596
382
319
222
644
678
3,184
328
1,106
774
308
780
20,093
17,341
131
130
2,051
2,629
636
484
229
797
782
4,012
426
1,039
1,206
512
1,072
25,147
21,849
131
248
2,629
3.195
777
579
1932.
153
552
888
1,860
154
330
1.035
247
591
7.175
2,955
323
218
921
1.835
385
728
1931.
152
725
921
2,158
237
516
1,160
358
601
8,189
3,568
317
225
984
1.982
224
639
47,076
51,517
64,670
20,130
22,858
Grand total Southern District
83,046
91,908
117,641
44.301
49,792
Northwestern DistrictBelt 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 & St. Louis
Minn. St. Paul & S. S. Marie...
Northern Pacific
Spokane Portland dv Seattle_
681
12,096
2,151
15,473
2,950
351
422
2,532
207
7,160
454
1,492
3,742
8,125
859
986
14,762
2,647
19,238
3,752
455
391
3,377
280
8,574
505
1,807
4,814
9,303
783
1,253
17,371
3,076
22,525
4,772
618
969
5,330
324
10,890
560
2,604
5,767
11.759
1,006
1.229
6,618
1.942
5,033
2,380
79
332
2,984
127
1,191
300
1,229
1,399
1,549
862
1,275
8,448
2,327
8.699
2,700
84
290
4,415
128
1,758
343
1,418
1.657
1,978
891
58.695
71,674
88,824
27.252
84.407
18,680
2,821
233
13,200
10,799
2,685
1,010
3,127
477
1,347
399
137
11,641
221
240
11,250
789
1.054
21,677
3,348
207
17,161
13,879
2,873
1,675
3,568
555
1,721
427
102
13,746
272
270
15.192
1,117
1,522
26,903
3,792
249
22,328
15,503
3,116
2,248
4,498
476
1,585
721
91
18,782
304
261
17,371
1,078
1,753
3.684
1,442
33
4,949
5,033
1,594
703
1,539
7
952
214
41
2,606
188
659
5,605
9
1,072
4,053
1,794
39
5,611
6.358
1,939
977
2,030
12
993
207
90
3,607
261
616
6,794
10
1,191
80,110
99,312
121,079
30,330
36,582
103
*173
234
1,823
77
1,818
104
1.563
*1,231
248
634
67
4.711
13,154
38
198
8,067
2,214
540
6,364
4,676
1,372
43
163
130
305
2,062
333
1,471
226
1,870
1.310
315
964
75
5,038
15,814
47
105
8.830
2,359
386
6,450
5.084
1,472
21
168
272
293
2,572
116
1,931
337
2,065
1,416
215
790
117
5,978
17,731
59
84
10,214
2,479
627
8,847
6,797
1,962
29
2,509
629
149
898
40
2.032
724
1.202
677
457
185
269
2,098
5.993
13
129
2,534
1.151
293
2,370
2,947
1,867
47
2,158
486
102
1,035
158
1,615
876
1,462
1,067
, 385
251
T'452
2,350
6.530
53
119
2.832
1,053
1124
i 2.566
2,907
2,358
k i37
49,452
54,830
65,099
29.213
30.876
Total
Total
Central Western DistrictAtch. Top.& Santa Fe System_
Alton
Bingham dr Garfield
Chicago Burlington & Quincy
Chicago Rock Island & Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City....
NorthwesternPacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern DistrictAlton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
Houston & Brazos Valley
International-Great Northern
Kansas Oklahoma & 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. Louis Southwestern
San Antonio Uvalde & Gulf _
Southern Pacific in Texas & La_
Texas & Pacific
Terminal RR.Assn. of St. Louis
Weatherford Min. Wells & N.W
Total
26,936
53.011
24,171
40,391
35,970
a Included in New York Central. y Included in Baltimore & Ohio RR. z Estimated. • Prev1ous week.
Total
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
Ratiroad,s.
The number employed at factories declined somewhat from October to
November, reflecting in large part developments of a seasonal character.
Working forces in the woolen, silk, shoe, and canning industries were
reduced, while at car-building shops and at factories producing•automobiles
and agricultural implements there were increases in employment.
Construction contracts awarded up to Dec. 15, as reported by the F. W.
Dodge Corp., indicate for the last three months of the year a decline from
the third quarter of somewhat more than the usual seasonal amount,
following a non-seasonal Increase from the second to the third quarter.
Estimates of the Department of Agriculture, based on Dec. 1 reports,
Indicate a cotton crop of 12,727,000 bales, about 800,000 bales larger
than the estimate a month earlier, but 4,400,000 bales smaller than last
year's unusually large crop. Wheat, tobacco, flaxseed, and other leading
cash crops are also considerably smaller than a year ago, while feed crops
are substantially larger. Acreage of winter wheat planted this fall was
slightly smaller than a year ago, and condition of the crop on Dec. 1 was
unusually poor, according to the Department of Agriculture.
Distribution.
Distribution of commodities by rail decreased seasonally from October
to November, while the dollar volume of department store sales, which
ordinarily expands at this season, showed a decline.
Wholesale Prices.
During early November the general level of wholesale commodity prices
advanced somewhat, reflecting chiefly increases in prices of domestic agricultural products; in the latter part of the month, however, prices of livestock, cotton, and grains declined considerably; and, during the first
three weeks of December, further declines in livestock prices were reported.
By the third week of December prices of textiles, copper, and silver, as
well as of livestock, were substantially lower than in the middle of
November, and the general average of wholesale prices was at a level
4446
Financial Chronicle
slightly below ast prevailing before the advance that occurred last
summer.
Bank Credit.
During the four weeks ended Nov. 14 there was an addition of $85,000,000
to the country's stock of monetary gold. The funds derived from this
source were utilized in meeting an increase in the demand for currency,
which was smaller than usual at this season, in further reducing by
$23,000,000 the indebtedness of member banks to the Reserve banks,
and in increasing by $25,000,000 the volume of member bank reserve
balances.
On Dec. 15 there was a further increase of $95,500,000 in the stock
of monetary gold in connection with the current payment by Great
Britain on the war debt. This amount of gold was earmarked in London
for account of the Federal Reserve Bank of New York, and an equivalent
credit was given by that Bank to the United States Treasury.
This transaction, together with other fiscal operations on Dec. 15,
resulted in a temporary addition of $100,000,000 to the reserves of member
banks, which were subsequently reduced by Christmas currency demands,
and an increase in Treasury deposits with the Reserve banks.
Loans and investments of reporting member banks declined by more than
$100,000,000 between Nov. 16 and Dec. 14, reflecting reductions in the
banks' holdings of United States Government securities, and in loans other
than security loans. Loans on securities increased, both at New York
City and at other reporting member banks.
Money rates in the open market declined further, rates on 90-day bankers'
acceptances declining from /
1
2 of 1% to /
1
2 of 1%, and rates on prime
commercial paper from a range of 1%% to 114% to a rang eof 114%
to 1%%.
Business Outlook in California As Viewed by Wells
Fargo Bank & Union Trust Co. of San Francisco—
Seasonal Recovery Noted in Retail Trade—Industrial Employment Declined 8% from October
to November.
"Rainfall in California for the season to date is far below
normal, excepting in the extreme south," according to "The
Business Outlook" of Dec. 20, published by the Wells Fargo
Bank & Union Trust Co. of San Francisco. "In early December," says the publication, "snow fell over many parts of
the State which rarely see snow. However, the total snowpack in the high Sierra on Dec. 15 was only about half of
normal, and one-quarter as deep as at this time last year."
We also quote the following from the "Outlook":
Recent freezing temperatures over the greater part of the State caused
damage to citrus fruits and winter vegetables. Lemons and oranges still
on the tree in the Sacramento Valley and north were severely damaged;
this, however, affects only 70,000 boxes of lemons out of a total State crop
of 6,500,000 boxes, and 58,000 boxes of oranges out of a total of 15,000,000
boxes. Celery, lettuce, cauliflower and artichokes are the vegetables
most affected.
Trade.
In retail trade a recovery of about seasonal proportions has followed the
lull of midsummer. For the first 11 months of the year, dollar-volume
sales of department stores recorded a 23% decrease as compared with 1931.
Seasonal purchases, until recently, have been unfavorably influenced by
unusually warm weather. Wholesale trade shows a 25% decrease for the
first 10-month period, as compared with 1931.
Sales of 67,128 passenger automobiles during the first 11 months showed
a decrease of 48% below the same period of 1931, but October sales were
only 28% below those of October of last year.
November building permits in leading California cities, omitting permits
for $4,043,412 in preliminary structures for the San Francisco Golden Gate
bridge project, totaled $3,393,924 as against $7,165,489 in November 1931.
Permits for January to November totaled $50,077,145 as against $117,902,968 in the same period of 1931. Bank debits at 14 principal cities in
the State from January to November showed a 29% decrease below 1931.
Later.
Industrial employment in California during November declined 8% as
compared
against October, and 7.8% as
with November 1931. According
to reports of 1,257 factories summarized in the California Labor Market
Bulletin, all classifications of industry reported declines excepting petroleum,
explosives, chemicals, paints, paper products, textiles and "miscellaneous,"
all of which showed small increases. The only industries with more employees this November as compared with November 1931 were tanning,
petroleum, canning and preserving, beverages, knit goods, men's clothing,
and motion picture production. The total payroll in November was 22%
less than last year, there being fewer employees, lower wages, and shorter
working hours.
Continued progress in providing employment for additional workers
Is reported in the "spread-the-work" campaign carried on during the
past four months. In San Francisco, about one-half of the city's firms
are said to have adopted the "spread-the-work" idea.
Livestock.
Cattle in general are in "fair to good" condition. Pastures are only
fair, rain and warm weather being needed to stimulate the growth of new
grass. Although hay and other supplementary feeds for livestock are
plentiful, few stockmen are said to be in a position to purchase, financial
returns to livestock growers during the past two years having been greatly
reduced. During the past year cattle prices have dropped 20% to 25%,
and are now 55% below the peak of 1929. As a result of falling prices
and lack of funds, only 170,000 feeder cattle have been brought here
from other States for fattening during the 22 months ending Nov. 1, as
compared with 300,000 imported in an average normal year.
Sheep in the main are said to be in good condition. The recent cold
weather has affected lambs adversely, hence they will have to be given
supplementary feed for some time. Prices of sheep dropped 12.5% in
1932, to a point 60% below the 1929 peak.
Conditions in Northwest Reviewed by Northwestern
National Bank of Minneapolis—Large Decline
Reported in Volume of Freight Movement—
Department Store Trade Also Off.
The "Northwestern Bancorporation Review," published by
the Northwestern National Bank of Minneapolis, of Dec. 20,
Dec. 31 1932
notes that the Northwest has sustained a greater decline
from 1931 in the volume of freight movement than the United
States at large, this being in greatest evidence in summer
months when shipments of ore and lumber are seasonally
at their high point. The "Review" also reports:
In the 14 weeks ending Sept. 3, for example, Northwestern rail shipments of all revenue freight (Pacific Northwest included) were 41.4% less
than in the corresponding weeks of 1931 as against a decline of 32.8% in
all regions of the United States. With shipments of ore and forest products
now practically completed for the season, Northwestern carloadings, four
weeks ending Dec. 3, were 17.5% less than in 1931, whereas the national
falling off was 15.1%. Taking the year to date, 49 weeks ending Dec. 3,
freight movement in this territory is 30% less than a year ago, and in the
country at large 25% less; if ore and forest products are eliminated from
Northwestern totals the decline in this territory is reduced to 2296, or
better than the national average.
Another broad index of activity is volume of electric power produced
by public utility plants, and in this the Northwest, without qualification,
comes nearer to the national record. Latest figures are for October, and
results in that month indicate a Northwestern decline greater than in all
States by but a fraction of 1%; for the full 10 months, up to Nov. 1, the
decrease was 14.3% in the Northwest and 13.1% in the United States.
The State of Montana, where utilization of electric power by copper
Interests is extensive, is responsible to a considerable degree for the relatively unfavorable regional position; excluding Montana, the falling off in
Northwestern production of electric energy, year to Nov. 1, was 9.5%,
whereas in the whole United States it was 13.1%.
Holiday trade in the country at large Is showing a drop in dollar amount
from last year fairly comparable to recession in general business. On
Dec. 16 the "Wall Street Journal" reported business transacted by department stores during the first half of December in several leading cities as
follows: Declines in sales from a year ago in New York and Chicago, 50%;
Philadelphia, 25 to 30%; Boston, about 25%; Detroit, 20 to 25%; San
Francisco, 20%. A composite record of department store trade in
several Northwestern cities (not sweepingly inclusive but sufficiently complete to give the trend) shows that the falling off from last year, dollar
volume, during the first half of December was about 23%. The Northwestern record for miscellaneous retail stores (including department) transacting a typical holiday business indicates a decline slightly greater than
that of department stores considered by themselves—about 24%. This
falling off, first half of December, is greater than that reported a year
ago, when a similar survey was made and a drop of 17%, 1931 as compared with 1930, was indicated. Rather odd to state, in view of much
being heard concerning the trend of purchases to necessities, December
turnover of retail merchants dealing principally in wearing apparel presents
the least satisfactory showing of the Northwestern group ; on the other
hand, furniture and jewelry establishments are considerably above average.
These variations, of course, may be offset by facts not apparent on the
surface—for example, clearance sales at extra-special prices may be more
prevalent in some groups than in others; also, in respect to apparel and
jewelry, general decline in dollar volume may have been more severe a
year ago than in other lines, which would make their 1932 comparison with
1931 seem less extensive.
Measured in dollars, current volume of business transacted in this region
is running a little behind the country at large in comparison with 1931.
Check payments made through banks in 33 leading cities of 10 Northwestern
States, five weeks ending Dec. 7, were 29% less than in the same period
last year; corresponding decline in 140 leading cities of the United States,
New York not included, was 27%—including New York City, 31%. For
the year to date, up to Dec. 7, the decline in business turnover measured
in current valuations is precisely the same in this region as elsewhere,
New York City not included—a falling off in dollar volume of 28.7% in 33
Northwestern cities and 28.7% in 140 large cities of all States. During
the past month demand deposits of reporting city member banks of the
Reserve System have increased to some extent but time deposits have
fallen off in about the same amount; compared with two months ago,
there has been a substantial increase in demand, with time deposits holding
at about the former level. In two months' time, total loans and investments
have declined slightly (the falling off in loans being about offset by
holdings of United States Government securities), reserves have increased,
amounts held on deposit with correspondent banks have gained, and
borrowings from Federal Reserve banks have declined. In the Minneapolis
Reserve District there has been a small net gain in deposits of reporting
city banks, October to December, a decline of about 5% in aggregate
loans and investments, and a rather large relative gain in "due from
banks."
Larger Than Usual Declines for November Reported
in Industrial and Trade Activity in San Francisco
Federal Reserve District—Employment Decreased
About Seasonally, According to Isaac B. Newton.
"Declines in Twelfth (San Francisco) District industrial
and trade activity during November were greater this year
than has been customary during November of other recent
years," said Isaac B. Newton, Chairman of the Board and
Federal Reserve Agent of the Federal Reserve Bank of San
Francisco, under date of Dec. 22 1932. According to Mr.
Newton, "the condition of reporting city member banks improved somewhat during the month, although pressure continued evident in country areas. Demand for currency decreased, contrary to the seasonal tendency, during the second
half of November and the first two weeks of December." Mr.
Newton also said as follows:
Rainfall had approached the normal seasonal total in the Pacific Northwest in mid-December, but was less than normal in California and the
Intermountain States at that time. Snowfall and unusually cold weather
in California during early December damaged winter vegetables and citrus
fruits, particularly in northern and central California, and retarded the
growth of forage on ranges. Winter wheat was damaged considerably by
the cold weather in the Pacific Northwest. Volume of crops marketed
was seasonally smaller in November than in October, but approximated
the movement in November 1931. Agricultural prices receded further in
November and the first half of December.
Petroleum production in California changed little in the six-week period
ending Dec. 17, remaining considerably in excess of proration schedules.
Refinery runs to stills decreased slightly, and crude oil stocks continued
seasonally from October
-to rise. Output of lumber decreased more than
in cement production, after
to November. Same decline was recorded
engineering contracts
allowance for seasonal factors. The value of both
as a result
awarded and building permits issued was considerably enlarged
contracts. About the seasonal
of the letting of Golden Gate Bridge
reductions were reported
decreases in employment were reported. Few wage
in November.
in November than in
smaller
Department store sales were markedly
months.
October, although some increase is usually recorded between these
less than
Freight carloadings declined snore, and automobile registrations
an advance
seasonally. There was a decline in intercoastal traffic, following
in the three preceding months.
conReserve bank credit employed in the Twelfth District decreased
an inflow
siderably in the five weeks ending Dec. 21, reflecting principally
Treasury expenditures
of funds from other parts of the United States and
Federal
in excess of collections in the District. Reserve balances at the
Reserve Bank of San Francisco were further increased during this period
and
loans
Both
moderately.
increased
banks
28 time deposits of member
mInvestments of reporting member banks increased slightly from mid-Nove
ber to Dec. 21.
Holiday Trade in Department Stores in New York
Federal Reserve District Less During First 24
Days in December Than in Same Period Year AgoDollar Value of Sales During November Lower.
"Reports from the leading department stores in New York
City and vicinity on the holiday trade during the first 24
days in December showed a decline of 22% in comparison
with the same period in 1931," which is, according to the
Federal Reserve Bank of New York: "a slightly smaller
decline than was indicated by sales during the first half of
the month. Assuming that this decrease will prevail for
the entire month of December," continued the Bank, "the
total dollar sales of the reporting stores in this district for
the year 1932 will be about 21% below the level of 1931."
In its Jan. 1 "Monthly Review," the Bank alto said:
The total dollar value of sales of the reporting department stores in
this district in November was 19% below a year ago, a slightly smaller
decline than in October, but after making allowance for one more shopping
day this year than in 1931, average daily sales showed a somewhat larger
decline than in the two preceding months. On an average daily basis.
department store business in New York City, Buffalo, Syracuse, Bridgeport, Newark, Hudson River Valley District and Westchester District
compared less favorably with a year ago than in October. On the other
band, average daily sales of stores in Northern New York State, Southern
New York State and the Capita) District showed smaller declines than
In a number of months. November sales of the reporting apparel stores
decreased by about the same amount compared with a year ago as department store sales, and the decline in average daily sales was somewhat
larger for the apparel stores also than in the past two months.
Department store stocks of merchandise on hand Nov. 30, at retail
valuation, continued to show a substantial decrease from a year ago. Collections of accounts outstanding at the end of the prey ous month were
About the same in Nov., 1932, as in 1931, in most localities.
Percentage Changefrom
a Year Ago.
Locality.
Stock
on Hand
End of
Jan. to
November. Month.
Net Sales.
November.
--18.9
New York
--17.7
Iluftalo
--16.5
Itoehester
--23.5
Syraeuse
--17.8
Newark
--23.1
Bridgeport
--15.3
Elsewhere
Northern New York State_ --16.4
Southern New York State_ --12.4
Hudson River Valley Dirt. --14.5
--15.4
CapitalDistrict
Westchester District
--19.8
--18.6
All department stores
--18.1
Apparel stores
Men's furnishings
Toilet articles and drugs
Woolen goods
Shoes
Cotton goods
Women's ready-to-wear accessoriea-----Hosiery
Toys and sporting goods
Men's and boys' wear
Books and stationery
Linens and handkerchiefs
Women's and Misses' ready-to-wear
Luggage and other leather goods
Silks and velvets
Home furnishings
Silverware and Jewelry
Furniture
Musical instruments and radio
Miscellaneous
were reduced less than in any other month for more than a year. Moreover, machine tool orders, reported by the National Machine Tool Builders
Association, and grocery and shoe sales showed the smallest declines in a
number of months. In addition, hardware, paper and cotton goods firms
reported somewhat smaller decreases in sales than in October. Drug concerns, on the other hand, showed a large year to year decline, compared
with only small decreases in the two previous months.
Stories of merchandise on hand at the end of November continued to be
considerably below a year previous to all reporting lines except groceries
which for the second consecutive month showed only a small reduction
from a year previous.
The November ratio of collections to accounts outstanding averaged
slightly higher than in 1931, as there were more lines reporting increases
than there were reporting decreases from a year ago.
Commodity,
Net
Sales.
Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
Drugs
Hardware
Machine tooLs_x
Stationery
Paper
Diamonds
Jewelry
1932.
--20.8
-22.6
-23.3
-28.0
-19.1
-24.6
-21.9
--26.8
--29.8
--24.9
--25.2
--23.1
--13.3
-17.2
47.1
42.2
44.1
27.4
40.5
36.5
31.6
47.2
41.2
42.9
25.4
40.3
34.3
32.2
-21.0
-22.9
-25.7
-29.4
42.8
44.1
42.5
44.6
Net Sales
Percentage Change
November 1932
Compared with
November 1931.
Stock on Hand
Percentage Change
Nov. 30 1032
Compared with
Nov. 30 1931.
--4.5
--6.7
--6.9
-8.3
--13.9
--14.0
--14.9
--15.0
--15.8
--17.0
--20.7
--2I.2
--21.4
--21.8
--23.0
--23.7
--27.1
--48.4
--16.9
--21.3
--9.9
34.2
-20.3
21.5
-27.0
-26.9
-16.9
--28.1
--23.6
--24.9
--27.9
--26.4
Stock
End of
Month.
Net
Sales.
+2.1
-4.0
____
-48.9
____
-6.5
--0.4* +4.7*
-9.3 -14.1
-3.5
-49.3
-2.8
-13.4
____
+16.8
____
+10.9
____
-8.8
+5.6
-33.5
-3.0
-8.2
-10.9
-11.7
-27.5
+12.5*
-19.5
-36.9
-26.5
-37.0
-11.9
-25.9
-27.4
-16.6
Stock
End of
Month.
P. C. of Accounts
Outstanding
Oct 31
Collected in
November.
1932.
1931.
76.3
70.8
-3.9
32.8
____
27.2
28.7
29.5
____
60.8
--20.3* 61.3
37.2
42.9
-35.2
20.9
42.6
-21.7
44.4
41.6
-16.4
-------53.i
63.8
____
41.3
47.5
_-15.7
-22.2 1 13.8
-23.5 f
48.4
46.8
____
____ -15.9
-16.4
Wel•thted average
• Quantity not value. Reported by Silk Association of America.
Association.
Builders
Tool
x Reported by the National Machine
Decline of 10% Reported in Chain Store Sales During
November As Compared With 1931 By New York
Federal Reserve Bank.
The Federal Reserve Bank of New York, in its Jan. 1
"Monthly Review" of Credit and Business Conditions in
the New York Federal Reserve District, said as follows
regarding chain store trade:
Per Cent of
Accounts
Outstanding
Oct. 31 Collected
in November.
1931.
Percentage
Change
November 1932
Compared with
November 1931.
Percentage
Change
November 1932
Compared with
October 1932.
--23.3
--14.9
--32.4
-37.0
-25.4
Wholesale Trade During November 16% Below Year
Ago-Smallest Reduction Reported in 1932 According to Federal Reserve Bank of New York.
"November sales of the reporting wholesale firms in the
Second (New York) District averaged 16% below a year
previous, the smallest reduction to be reported in 1932,"
according to the Federal Reserve Bank of New York in its
Jan. 1 "Monthly Review," which also says:
by the Silk Association
Sales of silk goods, reported on a yardage basis
year for the fourth consecutive
of America. increased over the previous
Jewelry and diamonds
clothing,
telonth) and sales of stationery, men's
4447
Financial Chronicle
Volume 135
less
Total November sales of the reporting chain stores were only 10%
more business day than
than in 1931, but after allowance is made for one
sales
was
daily
in
average
in November, 1931, the year to year decline
in average
slightly larger than in the two previous months. The reductions
were the largest
daily sales of the grocery, dry, shoe, and variety chains
hand, reported a conin several months. Ten cent stores, on the other
the case of the
siderably smaller decrease in sales than in October. and in
ago than in any
candy chains sales compared more favorably with a year
month since July.
a
The change between the total number of stores operated this year and
year ago was so slight that sales per store of the reporting chains showed
sales.
total
their
virtually the same percentage change as did
Percentage Change November 1932
Compared with November 1931.
Type of Store.
Number of
Store.
Total
Sales.
Sales per
Store.
Grocery
Ten Cent
Drug
Shoe
Variety
Candy
-1.9
+1.3
-0.4
---5.4
+3.3
-0.5
-10.5
-10.1
--19.3
--29.9
--7.0
+2.3
-8.7
-11.3
-19.0
-25.9
-10.0
+2.9
Total
-0.2
-10.1
-9.9
Monthly Indexes of Federal Reserve Board-Decrease
Reported in Industrial Production from October
to November.
Under date of Dec. 24 the Federal Reserve Board issued
as follows its monthly indexes of industrial production,
factory employment, &c.:
BUSINESS INDEXES.
(Index numbers of the Federal Reserve Board 1923-2100)•
Adjusted for
Seasonal Variation.
1931.
1932.
Nov.
Industrial production, total
Manufactures
Minerals
Building contracts, value z-Total._ _
Residential
All other
Factory employment
Factory payrolls
Freight-car loadings
Department store sales
Oct.
Nov.
p65
D63
p74
p28
pll
p41
61.2
66
65
74
29
12
43
61.1
73
71
81
49
27
67
69.3
57
p64
57
71
68
83
Without
Seasonal Adjustment.
1932.
1931.
Nov.
Oct.
p65
p63
p77
p24
p10
p35
60.9
41.8
58
P73
68
66
so
28
12
41
62.0
43.5
65
77
72
70
83
43
26
57
88.7
56.2
70
95
INDUSTRIAL PRODUCTION-INDEXES BY GROUPS AND INDUSTRIES.*
(Adjusted for seasonal variation.)
Manufactures.
Group and
Industry.
1932.
1931.
Industry.
Iron and steel
Textiles
Food products
Paper and printing...
Lumber cut
Automobiles
Leather and shoes_ _ _
Cement
Petroleum refining_ _
Rubber tires
Tobacco manutao's
31
992
983
22
P29
989
53
104
31
99
89
990
26
17
994
55
137
68
104
51
89
91
99
27
36
77
67
155
84
113
1932.
1931.
Nov. Oct. No.
Nov. Oct. Nov.
Bituminous coal
Anthracite coal
Petroleum
Iron ore
Zinc
Silver
Lead
966
965
D104
7
35
37
45
67
61
103
13
33
38
38
67
66
123
12
45
38
4448
Financial Chronicle
FACTORY EMPLOYMENT AND PAYROLLS-INDEXES BY GROUPS
AND INDUSTRIES.
(Underlying figures are for Payroll period ending nearest middle of month.)
Employment.
Group and Industry.
been a decline of 21 points during the last month. A year
ago the index stood at 65.1. (The three-year average, 19261928, equals 100.) The Association also noted the following
under date of Dec. 27:
Payrolls.
Adjusted for Sea- Without Seasonal Without Seasonal
tonal Variations. Adjustment.
Adjustment.
1932.
1931.
1932.
1931.
1932.
1931.
Nog. Oct. Nov. Nov. Oct. Nov. Noe. Oct. Nov.
Iron and steel
machinery
Textiles, group
Fabrics
Wearing apparel
Food
Paper and printing
Lumber
Transportation equipment
Automobiles
Leather
Cement, clay & glass
Nonferrous metals
Chemicals, group
Petroleum
Rubber products
Tnivu•rn
53.2 65.3 53.6 53.3 65.0 25.6 26.2 41.2
46.1 64.6 46.0 45.8 63.8 27.4 27.7 48.3
74.3 73.6 73.1 75.7 74.3 49.4 55.6 69.3
75.5 73.7 75.2 76.2 74.9 51.9 55.2 60.1
71.2 73.4 67.8 74.4 72.8 44.2 56.3 57.8
81.3 85.9 82.9 85.0 88.0 67.0 70.9 83.2
82.0 89.7 82.2 82.3 91.0 70.2 71.7 90.6
37.6 47.4 38.1 39.0 48.4 20.9 22.4 34.4
41.4 53.4 43.3 41.3 50.6 31.9 29.1 45.2
37.3 56.1 40.5 37.3 49.9 27.6 23.3 42.3
76.1 70.1 72.7 79.0 69.6 43.8 55.0 47.0
43.8 55.9 44.6 44.9 56.3 25.7 26.4 40.9
47.8 61.4 48.4 47.1 60.8 31.9 32.2 48.8
74.9 83.1 75.5 75.1 83.5 60.9 60.7 78.4
74.7 82.2 74.3 74.6 81.4 63.1 83.3 77.9
60.7 73.3 61.2 60.5 70.7 38.6 38.9 50.1
88.3 74.8 72.7 71.9 79.3 52.4 52.6 64.5
* Indexes of production, car loadings, and department store sales based on daily
averages. p Preliminary. z Based on three month moving averages, centered at
2nd month.
53.8
46.6
72.3
73.9
68.9
80.7
81.1
37.3
45.6
45.6
73.2
44.3
48.9
75.2
75.0
63.7
age
Stating that "general business activity in November fell
off by an approximately seasonal amount under the level
in October," the Conference of Statisticians in Industry
under the auspices of the National Industrial Conference
Board, adds that "the net tendency during the month was
toward the maintenance of gains accrued since the end
of the summer." The Board, in its survey of current
business conditions under date of Dec. 20, also had the
following to say:
Per Cent
Each Group
Bears to the
Total Index.
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
Miscellaneows commodities
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
MLxed fertilizer
Agricultural implements_ --
100.0
All aroune combined
Latest
West
Dec. 24
1932.
Pr4ceding
Week.
58.6
58.6
35.3
42.4
60.6
86.6
70.7
67.6
77.4
45.7
87.3
61.7
67.9
91.8
ice 1
co S
nolc-oopot,
.mvamrcom
Tendency in November Toward Maintenance of
Gains Accruing in Recent Months.
Of the 14 groups listed in the index, six declined and eight showed no
change during the latest week. The most heavily weighted groups declined
sharply. Fuel, including petroleum and its products, foods, grains, feeds
and livestock, textiles, miscellaneous commodities and fats and oils were
the declining groups. None of the groups advanced.
During the latest week 82 commodities showed price losses, while 16
showed price gains. During the preceding week there were 32 declines and
21 advances. Two weeks ago there were 40 declines and only eight
advances. Important commodities that declined during the latest week
were petroleum, gasoline, coffee, calf skins, hides, butter, silk, cotton,
cottonseed meal, eggs, raw sugar, pork, apples, corn, wheat, heavy hogs,
and feed stuffs. In a few instances the price declines were rather large.
This was particularly true of petroleum, hides, eggs, and butter. Advancing
prices were shown for lard, linseed oil, wool, potatoes, cattle, rubber,
tankage, rye and barley. The upturns in the advancing commodity prices
were comparatively small.
WEEKLY WHOLESALE PRIG E INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100).
cotomvcoconconvcocco
Current Business Conditions, According to Statisticians
of National Industrial Conference Board-Net
Dec. 31 1932
Month
Ago.
Year
Ago.
60.9
63.7
37.4
44.4
61.5
86.6
70.6
68.1
77.4
48.2
87.3
61.8
67.9
91.9
an.,
68.1
58.7
50.8
49.5
66.6
89.1
73.4
74.4
84.3
55.8
88.9
70.4
79.6
92.7
Ae I
•
Weekly Electric Production Declined During Week
Ended Dec. 24 1932.
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 ended Dee 24
1932 was 1,554,473,000 kwh. No comparisons can be made
with the corresponding week of last year because in 1931
the week included Christmas Day, while this year the holiday
came a week later, the association states.
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 fol ows:
Productive activity on the whole showed an increaee during the month.
The automotive industry showed Its first monthly increase In output since
July. Building and engineering construction fell off slightly but not so
much as Is ordinarily the case at this time of the year. Steel ingot output
per day of operation declined by less than a normal seasonal amount,
while pig iron production actually increased by a small margin between
October and November. Bituminous coal mined fell off by a slightly
greater than seasonal amount. Anthracite shipments fell off during
the month, but nevertheless showed slight improvement over shipments
a year ago. Electric power produced declined slightly with losses in the
industrial regions overcoming gains in other sections. Textile production
showed an approximately seasonal gain during November.
The distribution of commodities by rail freight declined by an approximately seasonal amount in November. Total carloadings, averaging
548,700 cars per week, were 13.4% under the average in October and
at a level 16% under what they were in November 1931. Shipments of
193211
Weeks
1932.
1931.
1930,
1929.
Under]
of merchandise and miscellaneous items averaged 354,800 cars per week
Ended.
1931.1
and also declined 13.4% under the October level. These latter carloadings
Jan. 2 __ 1,523,652,000 1,597,454.000 1.680.289.000 1,542,000,000
were at a level 19% under those of November a year ago.
4.6%
Feb. 6 ____ 1,588,8,53,000 1,679,016,000 1,781,583,000 1,726,161,000 5.4%
• Department store sales in dollar values in November were 20% below
Mar. 5 ___ 1,519,679,000 1,664,125,000 1,750,070,000 1,702,570,000
8.7%
their level of November 1931. with sales per day of trading 23% below.
Apr. 2 ___- 1,480,208,000 1,670,764,000 1,708,228,000 1,663,291,000
11.9%
May 7....
Corrected for seasonal and for days. November trading declined below
- 1,429,032,000 1.637,296,000 1.689,034,000 1,608,492,000 12.7%
June 4 ____
- x1.381,452,000 1,593,822.000 1,657,084,000 1,689,925,000
trading in October and reached a new low level for the depression. .The
13.3%
July
2
x1,607.238,000
__
1,456,961,000
1,594324,000
1.592,075,000 9.3%
volume of transactions continued to fall below expectations, and present
Aug. 6 ____ 1,426,986,000 1.642,858,000 1,691,750,000 1,729,687,000
13.1%
indications for active Christmas purchasing are not assuring. The dollar
Sept. 3 ____ 1,464,700,000 1,635.623,000 1.630,081,000 1,774,588,000
Oct. 1
1,499.459,000 1,645.587,000 1.711,123,000 1,819,276,000 10.4%
value of five and ten-cent store sales declined by 9% in November as
Oct. 8 _-__ 1,506,210,000 1,653,369,000 1.723,876.000 1,806,403,000 8.9%
compared with October, registering at a level 10% below that of a year
8.9%
Oct. 15 _-_-- 1,507.503,000 1,656,051.000 1.729,377.000 1.798.633,000
9.0%
ago. The decline in retail prices In the past year accounts for a large
Oct. 22 -_-- 1,528,145,000 1,646,531,000 1,747,353,000 1,824,160,000
7.2%
Oct. 20 __-- 1,533,028,000 1,651,792,000 1,741,295,000 1,815,749,000
share of the decline in dollar values.
Nov. 5- 1,525,410,000 1,628,147,000 1,728,210,000 1,798,164,000 7.2%
Commercial failures reported by Dun's to total 2.073 In number, de0.3%
Nov. 12 _-___ 1,520,730,000 1,623,151,000 1,712,727,000 1.793,584,000
clined in November by 9% under the October total, while the seasonal
Nov. 19 __-_ 1,531,584,000 1,655,051,000 1,721,501,000 1,818169,000 6.3%
7.5%
decrease in number in recent years was but 2%. Aggregate liabilities of
Nov. 26 ____ 1,475,268,000 1,599,900,000 1,871,787,0
001.718:002,000 7.8%
Dec. 3
1,810,337,000 1,671,466,000 1,746,934.000
$53.621.127 increased by 1.5%, whlle the in.a•ease in liabilities in recent
Dec. 10
1,518,922,000 1.671,717.000 1,748,109.000 1.806,225.000 9.6%
years was 19%. The favorable November report follows close upon
Dec. 17
1.563.384,000 1,675.653.000 1.769,994,000 1,840,863,000 9.1%
the easing of failures in number and extent in September and October.
Dec. 24
1,654,473,000 •1,564,652,000 1,617.212.000 1,860.021,000 6.7%
---..
Prices of commodities at wholesale declined by roughly 1% in November
Dee. 31
1,523,652,000 1,597.454,000 1,637,683,000
1.680,289.000
Monthsas compared with October to a level 9% under the general level of Novem7,014,066,000
January.7.439,888,000
7,585,
334
.
8,021,749,090
iss%
ber 1931. The decline In November, the second successive monthly drop
000
February
6,518,245,000
7,066,788,000
6.781.3.47.000 6,705.564,000
since the recent upturn, was followed by continuing falls during the first
March
7.381,004,000 7,580,335,000 13,850,855,000 y6.1%
7,380,263.000 8.2%
A pill
6,303,425,000
two weeks of December. Declines In the prices of hides and leather
7,193,691.000
7.416,191,000
6,212.090.000 7,183,341.000 7,494,807,000 7,285,350,000 12.4%
May
Products. textile products, metals and metal products, and miscellaneous
June
6.130,077,000 7.070,729,000 7,239,697,000 7,486,635,000 13.5%
commodities outweighed the advances in prices of farm products and
July
6,112,175,000 7,286,576,000 7,363,730,090 7,220,279,000 13.3%
foods. Little or no change from October levels was observed in November
August
6,310,667,000 7,166,088,000 7,391,196,000 7,484,727,000 18.1%
3eptember ._ 6.317.733,000 7,099.421,000 7.337.106,000 7,772,878,000 11.9%
In the prices of fuels, building materials, chemicals and drugs, and houseDctober
6,633.865,000 7,331,380.000 7,718,787,000 7,523,395,000 11.0%
furnishing goods.
9.5%
November _ _
6.971.644,000 7,270,112,000 8,133,485,000
Employment in manufacturing industries showed an increase of more
7,681.822,000
December
7.288.025.000 7,566,601.000 7.871,121,000
than 1% In November as compared with October. according to a preTotal--liminary estimate. Hourly earnings fell off during the month as did
86,063.969,000 89.487,099.000 90•277 tax Ann
the cost of living.
x Including Memorial Day 3' Change computed on basis of
Altogether, the month of November saw a maintenance in general
z Including July 4 holiday. •Includes Christmas Day. average daily reports.
Note.-The monthly figures shown above are based on
productive activity, due in large part to the year-end revival In the autocovering OPPrOxlmately 92% of the electric)light and power Industry and thereports
mobile industry, and a receseion In distribution and trade. The gain
weekly figures arc based
on
about 70%.
In business during the fall months have been consolidated in recent weeks.
Largest Loss in Many Months Noted in Wholesale
Prices During Week Ended Dec. 24 by National
Fertilizer Association.
Wholesale commodity prices declined more sharply during
the latest week (Dec. 24) than for several months, according
to the index of the National Fertilizer Association. The
Index declined 12 points during the latest week ended Dec.
24, dropping from 59.3 to 58.1. The latest index number
is 15 points below the low point shown during June. A
month ago the index stood at 60.2. There has, therefore,
"Annalist" Weekly Wholesale Price Index Fell to New
Low Level During Week of Dec. 27-Monthly Average for December Also at Lowest Point.
A sharp decline carried the "Annalist" Weekly Index of
Wholesale Commodity Prices down to a new low of 84.4
on Dec. 27 from 85.6 the week before, and 95.9 a year ago.
Continuing, the "Annalist" said as follows:
The monthly average for December fell to 85.7 from
88.4 in November.
a new post-war low that reflected the steady decline of the
weekly figures.
Most of the loss In the weekly index reflected the collapse of
the petroleum
price structure. but lower wheat, corn, cotton, butter and
eggs also contributed.
Financial Chronicle
Volume 135
COMMODITY
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE
PRICES (191100).
Variation.)
Seasonal
for
(Unadjusted
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
•,. -.......,-,1•1‘..•
Dec.27 1932. Dec.20 1932. Dee.29 1931.
82.2
64.9
64.0
100.8
94.0
93.0
79.7
868.2
a68.1
123.8
125.5
118.4
98.2
94.7
94.7
109.4
106.5
106.5
96.8
95.5
95.5
87.0
72.7
71.8
95.9
55.5
AA 4
a Provisional. b Revised.
COMMODITY
THE "ANNALIST" MONTHLY INDEX OF WHOLESALE
PRICES (1913=100)•
Variation.)
Seasonal
for
UnadJusted
Figures:
(Monthly Averages of Weekly
Dec. 1932.
65.5
Farm products
ts93.7
Food produc
.
68.2
•
Textile products
125.4
Fuels
94.8
Metals
106.3
Building materials
95.5
Chemicals
72.8
Miscellaneous
85.7
All enmmodltles
Nov. 1932.
Dec. 1931.
68.9
95.3
71.6
130.9
95.1
106.5
95.3
73.3
88.4
83.7
103.3
81.3
126.9
98.7
110.1
96.8
87.3
97.6
Wholesale Prices for Week Ended Dec. 24 1932-Index
of United States Department of Labor Lower.
The Bureau of Labor Statistics of the U. S. Department
of Labor announces that its index number of wholesale
prices for the week ended Dec. 24 stands at 62.5 as compared with 63.0 for the week ended Dec. 17 showing a de3 of 1%. The Bureau also said:
crease of approximately 4
These Index numbers are derived from price quotations of784 commodities
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 ended Nov.28 and Dec. 3. 10. 17 and 24*
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF NOV. 26
AND DEC. 3. 10, 17 AND 24.
(1926=100.0.)
Week Ended-
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
Nov. 26. Dec. 3. Dec. 10. Dec. 17. Dec. 24.
62.5
63.0
63.1
83.6
64.0
44.3
44.7
44.7
46.8
47.3
58.4
58.8
58.7
60.7
61.6
69.1
69.3
70.8
71.1
71.4
52.8
53.0
52.8
53.0
53.4
69.5
71.5
71.6
71.9
72.1
79.3
79.3
79.4
79.5
79.5
70.9
70.6
70.6
70.5
70.7
72.3
72.3
72.3
72.5
72.7
73.5
73.5
73.5
72.5
72.5
63.2
63.2
63.3
63.5
63.5
•
President Butler of Columbia University Holds Responsibility Rests Upon Universities to Find Way
Out of Economic and Social Dilemmas-Poverty
in Midst of Plenty Most Urgent of SolutionProposes Study of Existing Price and Credit System-Criticizes Functioning of Elementary and
Secondary Schools-Comments on Technocracy.
The fact that "the years through which we are passing
have brought into new and unexampled prominence a series
of difficult problems whose solution affects the happiness
and satisfaction of the whole world" is commented upon by
Dr. Nicholas Murray Butler, President of Columbia University, in his annual report to the trustees, made public on
Dec. 26. "To find a way out of these economic and social
dilemmas, with their serious and often distressing consequences, is a responsibility," says Dr. Butler, "which rests
peculiarly on the universities of the world, and in high degree
upon Columbia University." Dr. Butler points out that "no
one of these problems is more urgent than that which is
usually summed up in the phrase: 'Poverty in the midst of
plenty.'" Dr. Butler observes that "in this regard our own
time reveals a contrast truly ironic and of a kind and extent
never before witnessed in the world." He continues: "This
is the contrast between a technological and industrial development which offers for the first time in human history a
universal standard of economic well-being and on the other
band an economic mechanism of exchange which seems to
defeat, or at least to be unable to make good, that promise
of satisfaction and prosperity." According to Dr. Butler,
"the essential point is that two parts of our economic mechanism, the technique of production and the technique of exchange, have evolved, not in interdependence but in semiindependence each of the other, with the result that they do
not function in harmony for the service of society." Dr. Butler
refers to the fact that a group of engineers has urged "the desirability of an entirely new system of control which they
term Technocracy." "Without accepting their inferences," he
Alays, "the data which they are accumulating regarding the
efficiency of modern production and its methods will have
4449
to be taken into account in any serious study of this whole
question." Dr. Butler suggests the formation of a group by
Columbia which would be called upon "to examine into and
to report upon the adequacy of the existing price and credit
system to serve the needs of the twentieth-century community under the conditions which modern technological
methods and their application to modern industry have created." Dr. Butler also, in his report, takes occasion to voice
his views on the functioning of elementary and secondary
schools. Before the university can do much more than it is
now doing, these schools, Dr. Butler declares, "must bestir
themselves really to educate the great mass of the populations and to leave off their dabbling in the muddy waters
of the anti-philosophies and the pseudo-psychologies. .
The true task of the elementary and the secondary school is
not to fuss with experimental psychologies at the cost of
childhood's training and future usefulness, but to bring to
bear all the resources of historic and well-tested civilization
in simple and understandable form, to offer that body of
ordered information that guidance and that kindly discipline
which will really prepare youth for an independent, a selfcontrolled and a well-understood life." We quote more fully
from the report as follows:
Scholarship and Public Service.
Each year the annual report records, even without completeness, not a
few but literally scores of instances of distinguished and helpful public
service rendered in various parts of the world by members of Columbia
University. The accompanying report of the Dean of the Graduate Faculties
enumerates a new and strikingly long list of examples of contacts which
the Uinversity has established with the public life of the world during
the year under review. The University's scholars carry their knowledge,
their training, their insight, and their spirit of service across each one of
the seven seas. Governments and public bodies everywhere and of every
kind turn to these scholars for sympathetic study, for interpretation of
difficult and perplexing economic and political conditions„ and for guidance
In framing future public policies. In each one of these fortunate instances
the triumph of scholarship is complete. No longer is it confined to the
remote hilltop or the secluded valley, but everywhere it is made available
in all its richness and understanding to satisfy the needs and to fulfill
the aspirations of mankind. The university has come into its own. As
one of the fundamental institutions of civilized man, it has now definitely
established itself, not at all as any form or type of traditional school but
as a society of scholars free and eager to conserve knowledge, to advance
knowledge, and to interpret knowledge. The man who tries to do has
learned how needful it is to turn for help and guidance to the man who
really knows.
But the university cannot accomplish the impossible. On every hand
our democratic societies in various lands are calling upon the universities
to give answer to the question: Why is it that democracies are not more
intelligent, more competent, more abundant in understanding, and more
high-minded? It is repeated again and again that the universities of the
world should have made the Great War impossible, that they should have
prevented many of the self-seeking and gain-seeking abuses which privilege
and power have in so many cases engrafted upon popular government, and
that they should have either made impossible the world-wide economic and
financial depression or at least have greatly diminished its ill effects
among men. Unfortunate as it may be, the university as a human institution and a human agency cannot achieve perfection, certainly not at a
single bound across a few centuries. Ideas travel quickly enough in the
upper and rarefied air of scholarship and highly trained minds, but they
move with the sluggish slowness of a glacier over and among the great
masses of population whose habits and whose prejudices are deeply ingrained
and whose outlook on life is limited by the walls of their own gardens.
Before the university can do much more than it is now doing, the
elementary and the secondary school must bestir themselves really to
educate the great mass of the populations and to leave off their dabbling
In the muddy waters of the anti-philosophies and the pseudo-psychologies
In which too many of these schools, in this land at least, are just now
immersed. The true task of the elementary and the secondary school is
not to fuss with experimental psychologies at the cost of childhood's training and future usefulness, but to bring to bear all the resources of historic
and well-tested civilization in simple and understandable form, to offer
that body of ordered information, that guidance, and that kindly discipline
which will really prepare youth for an independent, a self-controlled, and
a well-understood life. It the task of raising the level of democracy's intelligence and capacity is to be thrust upon the university alone, then the day
of accomplishment will be remote indeed. On the other hand, the elementary and the secondary school may well achieve a revolution upward within
a short generation, just as so many of them have managed to achieve a
revolution downward within that period of time.
There is always temptation, particularly on the part of those who are
historically minded, to overpraise the past, to underestimate the present,
and to overfear the future. This temper and tendency are by all means
to be shunned The present is merely the invisible bridge over which the
historic past marches to the shaping of the undetermined future. The
use which we make of the past will always be the chief influence in determining what the future shall be. That future may be either ordered progress
or chaos, according as we understand the past or are ignorant of it. The
question always presses for answer whether or not men will really begin to
learn from experience, whether they will really avoid the old time-worn
mistakes and errors, and whether they will strengthen the ancient and
well-established advances and successes which men have made, and improve
upon them. The elementary and the secondary school are in position to
play the largest part and to exercise the greatest influence in determining
the answer to this question.
Perhaps the classic discussion of the seven liberal arts is that contained
In the "English Historical Review" for July 1890. The liberal arts of
the Middle Ages were grammar, rhetoric, logic, arithmetic,• geometry,
astronomy, and music. A liberal education was interpreted to be one
which included a knowledge of these seven subjects, and all our modern
thought regarding education has been colored by this definition and
description. Any catalog of the liberal arts made in the twentieth century
would be quite different from that which played so greet a part in the
Intellectual life of the Middle Ages, but it would certainly include the
substance of each one of the seven names upon the list which Paris and
4450
Financial Chronicle
Oxford and Cambridge knew so well in their earliest days. To it, of course,
would now be added history, scientific method, and a knowledge of more
spoken languages than one. Unhappily, the decline and fall of the ancient
classics, instruments essential to any education that is truly liberal, have
emptied many of the conventional subjects of study of a large part of their
content, left them without known origin or understood growth, and thereby
greatly lessened their own value as instruments of liberal training.
It is part of the public service of the university constantly to point
to these facts and to the reasons for their existence, but the university alone
cannot remedy them. It is the elementary and the secondary schools which
touch immediately the lives and the minds of the great masses of the world's
population. For the future of democracy itself it is of vital importance
that those sources of power, of discipline, and of direction be kept pure and
undefiled by false doctrine, heresy or schism.
New Opportunity for University Service.
The years through which we are passing have brought into new and
unexampled prominence a series of difficult problems whose solution affects
the happiness and satisfaction of the whole world. These problems demand
with the utmost urgency study by the very best intelligence which our
time can provide. They summon this University to a high task of interpretation and exposition on a scale that has perhaps never been reached. So
rapid, so incessant, and so cumulative have been the changes going on in
the economic, political and social structure of our modern civilization that
they find us not only wholly unprepared to deal with the grave emergencies
which they so constantly present to us, but even unable clearly and fully
to understand their essential character. To find a way out of these
economic and social dilemmas, with their serious and often distressing
consequences, is a responsibility which rests peculiarly on the universities
of the world, and in high degree upon Columbia University. It is pathetic
that with problems of this kind confronting and perplexing men, some of
the great funds which have been established by private benefaction for the
service of the public are literally wasting the BUMS at their disposal by
scattering them in relatively small amounts over 50, over 100, different and
usually unimportant fields of endeavor. These same sums, concentrated in
large amounts on one, two or three of the commanding problems of our
time, might well justify in the public mind any fortune, however great,
which our economic and industrial system has made possible in past years.
However this may be, the duty and the opportunity of this University
are obvious.
No one of these problems is more urgent than that which is usually
summed up in the phrase: "Poverty in the midst of plenty." In this
regard our own time reveals a contrast truly ironic and of a kind and
extent never before witnessed in the world. This is the contrast between
a technological and industrial development which offers for the first time
in human history a universal standard of economic well-being and on the
other hand an economic mechanism of exchange which seems to defeat,
or at least to be unable to make good, that promise of satisfaction and
prosperity. The question as to the relation of the consumer's demand to
productive capacity is one which has gained increasing attention in late
years, particularly since the end of the Great War, and to-day it is
paramount in the economic situation which confronts us on every hand.
Overflowing barns and impoverished farmers, surplus of raw materials
and idle plants, new triunrphs of technological skill and new multitudes
of unemployed workers, all these point to some fundamental failure of that
plan which seeks to adjust demand with supply through the ordinary
medium of prices. This is itself a technical problem, since on the one
hand all the elements of productive efficiency are present and anxious to
co-operate, while on the other hand the human need for the products of
this co-operative efficiency is imperative and universal.
The nature of the problem will be better understood if one recalls the
elementary fact that all exchange is mediated barter. By progressive stages,
as society increased in complexity and in specialized activity, the world
passed from what may be called a simple barter economy, through commodity money, the direct use of the precious metals, and standardized
metallic currencies, to the elaborate and varied systems of credit or
fiduciary money which, with whatever reserves of a precious metal, are
controlled by governments and by banks all over the world. In past years
these developments went forward through gradual adaptation to conditions
which changed relatively slowly. To-day, however, the process of change
is so rapid that such farther adaptations as are quickly necessary can only
be proposed, explained and brought about by the deliberate concentration
upon them of the best constructive thought of the world. How absolutely
necessary this has become may be judged from the fact that in the present
economic blockade return has even been made, in some parts of the world,
back to the ancient and once obsolete system of direct barter.
The problem which presses upon us can be more simply stated through
separation from a multitude of complications, some national and some
International, which have certainly worked together to create the disasters
and maladjustments from which the world now suffers. This problem is
not, for example, to be in any way identified with that of the so-called
business cycle, though we may confidently expect that to solve it would
help mightily in the control of the ordinary fluctuations of economic prosperity. Nor is the problem one which can be met by direct recourse to
any of the competing economic philosophies of society, whether those which
are based on that liberty which has made possible the accumulation of
capital or those which are in whole or in part the outgrowth of the tenets
of socialism. The essential point is that two parts of our economic
mechanism, the technique of production and the technique of exchange,
have evolved, not in interdependence but in semi-independence each of the
other, with the result that they do not function in harmony for the service
of society. This is a fundamental problem which did not conic into being
with the present world-wide depression, and it is not one which will be
solved by the passing of that depression. One espect of it has been
strongly emphasized by a group of engineers who, impressed by the recent
quickening of productivity and the enormous new possibilities which still
lie ahead of us in this field, urge the desirability of an entirely new system
of control which they term Technocracy. Without accepting their inferences, the data which they are accumulating regarding the efficiency of
modern production and its methods will have to be taken into account in
any serionv study of this whole question.
Columbia University, so far as its resources will permit, should lead
in an attack upon this problem. The trained competence and the high
imagination of our wisest scholars should be given opportunity to fix their
attention on these matters and the challenges of our changing civilization
which accompany them. They now occupy the center point of the field
of human interest.
The subjects to be attacked are not so much material for meticulous
research of the traditional kind as for rigorous philosophic and economic
analysis and for the wise and constructive formulation of policy. It
would be an act worthy of Columbia University, and one with the greatest
potentiality of public service, were it now possible to form a group, composed in part of members of the University staff and in part of others
outside our ranks. to attack this problem without delay, in the confident
Dec. 31 1932
expectation that they would be able, in co-operation, to think this question
through and to offer some firm and sound ground on which its solution
could be built. The specific task to be entrusted to such a group, which
in its conferences would naturally desire to establish fruitful contacts with
leaders of finance and industry in this and other lands, would be to
examine into and to report upon the adequacy of the existing price and
credit system to serve the needs of the twentieth-century community
under the conditions which modern technological methods and their application to modern industry have created. This may truly be said to be the
fundamental question before the world to-day. Columbia University, with
its high prestige and its great and many-sided company of scholars, should
be put in position to attack it without a moment's unnecessary delay.
Material things can wait; men cannot, and sometimes will not.
George B. Cortelyou Reviews Electric Light and
Power Industry in 1932—Generation of Electricity
Estimated at 78,000,000,000 Kwh., Compared With
85,575,000,000 in Previous Year.
For the year 1932 the total generation of electricity is
estimated at 78,000,000,000 kilowatt hours, ds compared with
a total generation of 85,575,000,000 kilowatt hours for the
previous year, a decrease of 9%, according to George B.
Cortelyou, President of the National Electric Light Association and President of the Consolidated Gas Co.
Total sales of electric current for residential purposes
showed a gain of 3% for 1932 as compared with 1931, says
Mr. Cortelyou, whose consumption of electricity for commercial lighting (retail) purposes showed a decrease of 4%;
current for traction purposes, a decrease of 9%, and the use
of industrial (wholesale) power, a decrease of 18% from
1931. Mr. Cortelyou added:
Total revenues from consumers of electricity are estimated at. $1,849,000,000 for 1932, a decrease of about $135,000,000, or 7%, from the
preceding year.
A further decline of 3% took place in 1932 in the average price of
electricity for domestic use, or from 5.78c. per kilowatt hour to 5.60e. per
kilowatt hour. At the same time, utilization of electricity by the average
domestic consumer grew by 3%, or from 584 kilowatt hours at the end of
1931 to 600 kilowatt hours at the end of 1932. Thus, the net result was
to give the consumer more service for the same amount of money. The
total number of domestic customers decreased during the year by 250,000,
a decrease of 1%%.
With the falling off in gross revenues, there has not been a corresponding
reduction in taxes, and it is estimated that taxes for 1932 will represent
11% of gross revenues as compared with 10.7% in 1931.
Several long-range power projects were carried through to completion
in 1932. This resulted in bringing into service nearly 1,000,000 horsepower
of additional generating equipment. Of this new capacity, 150,000 horsepower is hydro-electric plant and 850,000 horsepower is steam plant. This
increase brings the total capacity in the electric light and power industry
to approximately 46,400,000 horsepower. Prominent among these installations were 320,000 kilowatts (430,000 horsepower) in steam turbine equipment by the Brooklyn Edison Co., bringing the capacity of its Hudson
Avenue powerhouse to more than 1,000,000 horsepower and making it the
largest power plant in the world, steam or hydro-electric. In the Middle
West, a steam power installation with a capacity of 67,000 horsepower
was completed by the Public Service Co. of Indiana, and a
18,000 horsepower hydro plant was built by the Central Power & Light Co. of Texas.
New developments were made in the field of mercury turbines. In New
Jersey the Public Service Electric & Gas Co. began the construction of a
plant with a turbo-generator to produce 20,000 kilowatts by means of
mercury, and also to make steam which will generate 35,000 additional
kilowatts in the usual steam turbine. At Schenectady, the General Electric Co. commenced the installation of the first outdoor steam plant.
This plant also employs mercury. The electric output of the plan will
be sold to the local electric utility while the steam produced will be
used by the General Electric Co. for industrial purposes.
Further extensions of transmission lines were made during the year, and
two notable interconnections were undertaken. The first of these will tie
the combined hydro-electric and steam power network of "Upstate" New
York with the steam plants of New York City. The second links together
the hydro-electric stations of the middle Susquehanna River with the steam
plant at Washington, D. C.
From the foregoing statement it is apparent that the electric industry
is bearing its burdens resulting from the economic situation. Because
such a large percentage of industry is electrified, the depressed condition
of general business reacts upon the electrical industry and the course it
will take during the year 1933 will follow closely that of business generally.
A. C. Ernst of Ernst & Ernst on Business Outlook—
With Passing of 1932, Regarded as Most Critical
Year of Depression Gives Encouragement—Hopes
for Co-Operative Effort Between Business and
Political Worlds.
Improvement in business psychology in 1933 despite continuation of severe difficulties is emphasized by A. C.
Ernst, head of the accounting firm, Ernst & Ernst, in a
year-end statement. Regulation of destructive cut-throat
competition is cited as one of the principal needs in the
coming year. Mr. Ernst says:
The panic spirit of a year ago is past. This has been replaced by an
attitude of resignation to and acceptance of hard facts of the depression.
The-resignation is now being replaced by a new courage for the future and'
a fighting spirit in all walks of life. This should augur well for the future,
for it indicates returning confidence. The year 1932 looks to me like the
most critical year of the depression period, and a certain amount of
encouragement may be gathered from the fact that it is past.
Regarding business results for 1932, Mr. Ernst states that
"conditions will vary as to individual companies, but
shrinkages in gross income of 20% to 50% will not be
unusual."
Volume 135
Looking forward to 1933 Mr. Ernst has the following to
say:
It is apparent that there are many cloudy situations, but there are also
some fundamental certainties. We must face the extraordinary adjustments resulting from the past three years of extreme deflation. Fixed
charges, whether they be for debt service, taxes or the results of overexpansion must be dealt with on sound business principles. Debt installments must be refunded upon a conservative basis if payments can not be
met.
The preparation of budgets for 1933 deserves the most serious thought
of executives. Budgets represent the first order of business now more than
ever before. No organization which hopes to be successful should adopt
a program for 1933 which does not calculate definitely for vastly improved
results in all departments of the business.
For each corporation to set its own house in order is the prime requirement of the present time. This may involve further trimming,further contraction and further liquidation. This in itself is painful, but in the long
run it is good. It is the normal course of events toward the tail end of
every depression in our history. The first year or two always represent a
period of hope and of resistance to the inevitable. Then comes a spirit
of new determination, and we are now entering upon this period. It is
not merely the forerunner of the dawn; it is largely the cause of the dawn.
More co-operation to regulate destructive competition
within every industry is characterized as a major required
development for 1933. As to this Mr. Ernst says:
Individual struggle and effort on the part of each business executive is
essential, but it is not enough. Individualism means competition. Competition has its wholesome aspects, but when carried too far it is destructive of the whole business and social order. Competition has long passed
the point at which its maximum benefits are achieved. It is now at the
stage where it is eating up the institutions which are needed to produce
the goods and services required for our population, to furnish the employment, to produce the profit which makes for incentive. It is the profit,
also, which supplies the taxes which support the government.
Competition, therefore, has become an evil with which we must deal
rationally, though tardily, as we have dealt with all other evils. My
greatest hope for 1933 is that this will be done by a co-operative effort as
between the business world and the political world. If this is done, there
is no reason why we can not come out of the depression stronger and better
organized than ever before.
Report of U. S. Tariff Commission on Chain Stores—
Smaller Chains Show Greater Proportion of Large
Stores in Some Lines—Study of Sizes of Stores of
Retail Chains.
The smaller chain store systems show larger proportions of
large stores than do the larger chains in grocery, grocery
and meat, men's and women's ready-to-wear, men's and
women's shoes, and men's shoes. This is brought out in
the Federal Trade Commission's latest report on its chain
store investigation, and is based on figures for the latest
year for which information is available. The report is
entitled "Sizes of Stores of Retail Chains." It was sent to
the Senate on Dec. 21. The following summary represents
the tenth of a series of reports on chain store practices:
As an illustration of the smaller chains showing larger proportions of
large stores than the larger chains, the Commission points out that in the
grocery field such systems as Albrecht Grocery Co., Cloverdale Co., Continental Grocery Co., Ltd., Great Eastern Stores, Gristede Bros. Co.,
Larkin Co., Inc., Nicholson Thackray Co., and Safeway Stores, Inc., of
California (Piggly Wiggly Southern Division), operating from 101 to 500
stores,show larger proportions of stores selling less than $25,000 a year than
do the smaller chains, and about the same proportion sell between $25,000
and $50,000 a year.
These same systems show smaller proportions of larger stores with sales
of $50,000 a year and up,
Similarly. In the grocery and meat chains, none of the systems reporting
in the 101 to 500 store groups(H. G. Hill Stores, Inc.. Mutual Stores, Inc.,
Red Owl Stores, Inc., and Southern Grocery Co.) and none of those with
1.001 stores and up (Kroger Grocery & Baking Co., First National Stores,
and American Stores) reported appreciable proportions of their establishment with annual sales of $500.000 and up, although some such stores are
found to be operated by each of the three smallest sizes of chains in the
same line of business.
It is different in the chains handling dollar-limit variety, drug and musical
instruments. The larger chains appear to operate greater proportions
of stores with large sales than do the smaller chains. Louis K. Liggett and
Walgreen (each with between 101 and 500 stores) in the drug business, W.
T. Grant, S. H. Kress Co. and McCrory Stores (101 to 500 stores), S. S.
Kresge (501 to 1,000 stores) and F. W. Woolworth (more than 1,000 stores)
in the dollar-limit variety business, appear to operate larger proportions of
large stores than do their smaller competitors.
Stores with between $25,000 and $50,000 sales, and between $50,000 and
$100,000 sales, account for more than half of the total number of stores
reported.
More stores with sales between $10,000 and $25,000 are found in confectionery and raillery than in any other size group. The only line in which
the largest number of stores is reported in any store size group above $250.000 is the department store business.
Among the different types of stores reported on, besides those mentioned.
are the following: Women's accessories, hats and caps, dry goods, general
merchandise, hardware, furniture, unlimited price variety, five-dollarlimit variety, and tobacco. The report contains 15 illustrative tables.
The full text of the Commission's letter of submittal to
the Senate is as follows:
To the Senate of the United States:
The accompanying report on the sizes of stores in retail chains is submitted pursuant to Senate Resolution 224, 70th Congress, 1st Session,
which directed the Commission to ascertain and report the advantages or
disadvantages of chain-store distribution.
The importance of this study lies primarily in the consideration of the
retail advantage of large and small chains,in the distribution of commodities.
It has sometimes been asserted that the success of a chain is more or less
dependent on the question of the size of its retail store units. If it be true,
4451
Financial Chronicle
as has been suggested, that the larger store units of retail chains are able
to sell and distribute goods at a lower cost than the smaller units of the
same or other chains, the proportions of such units operated have an important bearing on proposals for regulation and attempts to check the
growth of chains by taxation or otherwise.
Nature and Scope of the Report.
In order to ascertain the relative importance of different sizes of stores.
information for the years 1922, 1926. and 1928 concerning the number of
stores and the aggregate net sales of storm in specified sales volume groups
was requested by the Commission in its original chain-store schedule. The
data tabulated by the Commission regarding this distribution of chain
stores and sales by sales volume groups cover 949 chains reporting 21,026
stores and $2,545,012,643 aggregate sales for 1928. Out of this number,
667 with 12.306 stores and $1,828,446,932 sales reported for 1926 and 342
with 4,595 stores and $673,918.445 sales for 1922. Stores which were in
operation less than the entire 12 months in each specified year were not
included.
Size of Store by Size of Chain.
•
Based on the figures for the latest year for which the information is
available, the smaller chains show larger proportions of large stores than
do the larger chains in grocery, grocery and meat, men's and women's
/
ready-to-wear, men's and women's shoes, and men's shoes In the grocer,
field, for example, Albrecht Grocery Co., Cloverdale Co., Continental
Grocery Co., Ltd , Great Eastern Stores, Gristede Bros. Co., Larkin Co.,
Inc., Nicholson Thackray Co., and Safeway Stores, Inc., of California
(Piggly Wiggly Southern Division), operating from 101 to 500 stores, show
larger proportions of stores selling less than $25.000 per annum than do
the smaller chains and about the same proportions of stores selling between
$25.000 and $50,000 yearly. On the other hand, they show smaller proportions of larger stores with saes of $50,000 per annum and up. Similarly.
In the grocery and meat chains, none of the chains reporting in the 101 to
500 store groups (H. G. Hill Stores, Inc., Mutual Stores, Inc., Red Owl
Stores, Inc., and Southern Grocery Co.) and none of those with 1.001 stores
and up (Kroger Grocery and Baking Co., First National Stores and American Stores) reported any appreciable proportions of their establishments
with annual sales of $500,000 and up, although some such stores are found
in operat on by each of the three smallest sizes of chains in the same line of
business.
On the other hand,in dollar-limit variety, drug, and musical instruments.
the larger chains appear to operate greater proportions of stores with large
sales than do the smaller chains. Louis K. Liggett and Walgreen (each with
between 101 and 500 stores) in the drug business, W.T. Grant. S. 11. Kress
Co. and McCrory Stores (101 to 500 stores), S. S. Kresge (501 to 1,000
stores) and F. W. Woolworth (over 1,000 stores) in the dollar-limit variety
business appear to operate larger proportions of large stores than do their
smaller competitors.
Most Important Store Sizes.
As stated, the largest number of stores for which a distribution by size
of full-time stores is shown in any year is 21,026. More than one-third of
these stores (7,353) in that year had an average sales volume of between
$25,000 and $50.000 and more than one-quarter of them (5.758 stores),
sales of between $50.000 and $100.000. Together, therefore, these two
sizes of stores account for more than half of the total number of stores
reported. From the standpoint of total sales volume, however, the $25,000
—$50,000 group accounts for only 270 millions of sales or a little over
one-tenth of the total of $2,545,000,000 reported by the 21,026 stores for the
year in question. Between one-fourth and one-third (720 million) of the
total sales were made by 163 establishments (chiefly department stores)
reporting annual sales of over $1,000,000 and slightly more than one-fifth
(545 million) were made by stores which had an annual volume of between
$100.000 and $250,000.
Nearly ono-half (48.3%) of the 21.026 stores sold less than $50,000 per
annum and a full three-quarters of them (75.7%) reported sales of less
than $100,000. Exactly 93% of them were below $250,000. Over 13% of
the total stores reported showed sales of less than $25,000 Per year.
More stores with sales between $10,000 and $25,000 are found in confectionery (28.7%) and millinery (35.5%) than in any other size group.
In 12 other kinds of business. the $25,000-250,000 stores are the outstanding group from the point of view of showing the largest number of stores
belonging in any single store size group (grocery, 37.5%; grocery and meat,
50.2%; tobacco. 45.6%; $5 limit variety. 37.5%: unlimited price variety,
42.9%; men's and women's ready- to-wear, 36.3%; women's accessories.
47.4%; hats and caps, 42.9%; men's shoes, 39.2%; dry goods, 48.2%;
general merchandise. 34.1%, and hardware. 21.1%).
In the drug business (32.6%). $1-limit variety (34.7%), men's readyto-wear (29.2%). women's ready-to-wear (33.7%), women's shoes (37.3%).
dry goods and apparel (54.5%), furniture (30.7%) and musical instruments
(31.8%), the largest number of stores is found in the store size group reporting an annual sales volume of between $100,000 and $250.000. The
only line in which the largest number of stores is reported in any store
size group above $250,000 is the department store business.
For most of the kinds of business studied, there is a tendency for the
number of establishments to concentrate in or around the size of store for
which the largest number of units is reported. As a result, over 50% of
the total stores are found in the store sales volume group containing the
highest proportion of stores combined with the next larger or smaller sales
volume groups in 22 of the 26 kinds of chains.
Trend of Store Sizes.
The proportion of total stores included in the three smaller sales groups,
with less than $25,000 of annual sales per store, and also the proportion
of total sales accounted for by these stores, apparently increased from
1922 to 1928 in six lines; tobacco, $5 limit variety, hats and caps, millinery,
men's and women's shoes, and dry goods and apparel. In drug, unlimited
price variety, Ell-limit variety, women's accessories, and hardware, the
reverse is true. In grocery and meat, men's furnishings, and general
merchandise chains, the proportion of total stores tends downward, and
in women's ready-to-wear the proportion of total sales accounted for by
the small stores tends upward. Both medium sized stores, selling between
$25,000 and $250.000 per annum and their sales increased relatively in grocery, grocery and meat, unlimited price variety, women's ready-to-wear, and
women's accessories, while the store proportion also increased for $1-limit
variety, men's furnishings, and hardware chains. Conversely, both stores
of this size and their sales, decreased relatively in tobacco. $5-limit variety;
millinery, and furniture chains, while in hats and caps, men's and women's
shoes, and dry goods and apparel a downward trend appears in the stores
proportions.
There appears to be a downward trend from 1922 to 1928 both in the
numerical importance of stores doing from $250.000 to $1.000,000 and over,
and in their sales, in five kinds of business; grocery, grocery and meat,
women's ready-to-wear, men's and women's ready-to-wear, and millinery.
Only in furniture chains, for both stores and sales; in hardware chains, for
stores; and in men's ready-to-wear chains, for sales, does there appear to
Financial Chronicle
Dec. 31 1932
EXPORTS AND IMPORTS OF GOLD AND SILVER. BY MONTHS.
be any tendency to an increase in the proportion of establishments belonging to this size group.
WM. E. HUMPHREY, Chairman.
Country's Foreign Trade in November-Imports and
Exports.
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES
(Preliminary figures for 1932 corrected to Dec. 17 1932.)
MERCHANDISE.
November.
Exports
Imports
Excess of exports............. est InIn.nr.ta
11 Months End. Nov.
1932.
1931.
1932.
1931.
Increase(+)
Decrease(-)
1.000
Dollars.
139,000
104,000
1.000
Dollars.
193,540
149,480
1,000
Dollars.
1,481,379
1,225,199
1,000
Dollars.
2,240,220
1.938,862
1,000
Dollars.
-758,841
-711,663
35,000
44,060
256,180
303,358
EXPORTS AND IMPORTS OF MERCHANDISE, BY MONTHS.
1932.
Exports.-January
February
March
April
May
June
Aus
AugUit
Serdember
October
November
December
1931.
1,000
Dollars.
150.022
153,972
155,250
135,359
132.065
114,259
108,880
109.133
132.025
153,470
139,000
1930.
1,000
1,000
Dollars. Dollars.
249.598 410,849
224,346 348.852
235,899 369,549
215,077 331,732
203,970 320.034
187,077 294,701
180.772 266.761
164,808 297.765
180,228 312.207
204,905 326,896
193,540 288,978
184,070 274,856
1929.
1928.
1927.
1.000
Dollars.
488,023
441,751
489,851
425,264
385,013
393.186
402,861
380,564
437,183
528.514
442,254
426,551
1,000
Dollars.
410.778
371,448
420,617
363,928
422.557
388,661
378,984
379,006
421,607
550,014
544,912
475,845
1.000
Dollars.
419,402
372,438
408.973
415,374
393.140
356.968
341,809
374,751
425,267
488,675
460,940
407,641
Exportslanuary
February
Warch
knit
day
rune
luly
kugust
leptember
)ctober
qovember
Jecember
/tripodsJanuary
February
March
April
May
June
July
August
September
October
November
December
11 months end. Nov__ 1,225,199
19 nInnfhe anti Tlea•
183,148
174,946
210,202
185.706
179.894
173,455
174,460
168.679
170,384
168,708
149,480
153,773
810.968
281,707
300,460
307,824
284.683
250,348
220.558
218,417
226,352
247,367
203,993
208,636
368,897 .337,916
389,442 351.035
383,818 380.437
410,666 345,314
400.149 353,981
353,403 317.249
352,980 317,848
369,358 346,715
351,304 319,618
391,063 355,358
338,472 326,565
309,809 339,408
882 2.852,272 4.089,552
036
858.841
310.877
378,331
375,733
348.501
354.892
319.298
368.*75
342,154
355,739
344,269
331,234
509
...n....
1.938,
".....,.... .,•-••• ..• •...••.•A
3.752.
.•.......
3,853,
GOLD AND SILVER.
November.
1932.
1931.
1932.
1931.
Inerease(+)
Decrease(-)
1,000
Dollars.
1,000
Dollars.
1,000
Dollars.
1.000
Dollars.
1,000
Dollars.
12
21,756
4,994
94,430
809,507
262,443
Excess of exports --------- 21,744
89,T136
Excess of Imports
547,064
GoldExports
Imports
SlicerExports
[moons
Excess of exports
Excess of Imnorts
434,134
522,610
+375,364
-260,167
88,467
875
1,494
872
2,138
12,590
18,447
24,318
25,448
_ _ -619
__ _1.266
5.857
1.130
-11,728
-7,001
1932.
darch
pril
4ay
une
uly
,ugust
eptember
Ictober
Tovember
iecember
34,326
16,156
25,671
49,543
50,258
63,887
20.512
57.539
49.269
60,919
94,430
89,509
12,908
60.198
55,768
65.835
23,552
13.938
21,889
19.714
13,880
35,635
40,159
32,778
48.577
26,913
28,470
24.687
24,098
30.762
35.525
19,271
18.781
21,321
7,123
8.121
t4b2
34,913
37.644
19,238
19,271
18,715
20,070
20,037
24,170
27.957
20.674
21,756
.-"-.10
Importsarmory
Pebruary
1931.
1930.
1929.
2,896
1.877
1.821
2,439
2,636
2,364
1,663
2.685
2,355
2,573
2.138
3,215
4,756
3,923
4,831
3.570
3,486
2,707
3,953
3,492
3,481
3.270
2,652
2,880
8,260
4,458
6,435
3,957
4,602
5,022
4,723
7,345
4,101
5.403
5,144
4,479
1 mos.end.Nov. 262,443 522,610 363,275 283,528 18,447 25.448 40,101 59,461
2 mos.end.Deo. -- 612,119 396,054 291,649
____ 28,664 42,761 63.940
Employment and Payrolls in Chicago Federal Reserve
District During Period from Oct. 15 to Nov. 15
Increased Moderately-First Upward Movement of
Employment in Eight Months.
"Moderate increases wore recorded in both aggregate
employment and payrolls of reporting Seventh (Chicago)
District establishments for the period Oct. 15 to Nov. 15,"
according to the Dec. 31 "Business Conditions Report" of
the Federal Reserve Bank of Chicago. "The gain in
number employed," continued the "Report," "followed
consecutive declines in the preceding eight months, which
brought the total to a record low point on Oct. 15." We
also quote from the "Report" as follows:
The trend In both items compared favorably with previous years. OS
November has shown a reduction In both employment and payrolls In
each of the preceding three years.
Manufacturing industry, and In particular the automobile Industry,
established the trend of the totals. In comparison with a year ago, the
total of the ten manufacturing groups showed the smallest recession since
February of this year. Among individual groups, wide variations occurred.
Increased activity at auto mobile plants and at railway car shops, both included in the vehicles group, offset the declines which took place in most
of the other groups. The expansion in this group compares with smaller
increases in both employment and wage payments for November 1931
and for employment only In 1930, while in November of most other years
the trend has been downward. The chemicals group gained moderately
in both number of men and their earnings, contrary to seasonal trend,
and leather products increased employment fractionally but suffered a
sharp contraction in wage payments. The remaining seven groups recorded
losses in both items. Greatest reductions were noted in the stone-clayglass, food, rubber, and textile groups.
Non-manufacturing aggregate showed little change during the period.
as against slight declines in November 1931 and somewhat larger losses
in 1930. Gains were shown in coal mining, in merchandising employment, and in payrolls of the utilities group. Construction continued the
losses of a month previous with a greater than seasonal decline, and the
utilities employed somewhat fewer men.
EMPLOYMENT AND EARNINGS-SEVENTII FEDERAL RESERVE
DISTRICT.
Week of Nov. 15 1932.
industrial Groups.
Metals and produots_a
Vehicles
Textiles and products
Food and products
Stone, clay and glass
Wood products
Chemical products
Leather products
Rubber products_b
Paper and printing
No.of Number
of
ReportWage
ing
Firms. Earners.
Earnings.
Change
from Oct. 15.
EarnWage
Earners. ings.
710
150
139
331
133
261
101
72
7
288
107,553
135,463
29,511
56,878
6,048
19,544
12,560
15,702
5,117
36.977
81.715,000
2,850,000
380,000
1,055,000
109,000
238,000
279,000
217,000
87,000
835,000
-0.4
Total manure. 10 groups_ _ _ _ 2,192
Merchandlsing_c
175
Public utilities
75
Coal mining
14
Construction
326
425,441
29,531
78,684
2,211
9,085
87,765,000
607,000
2,223,000
46,000
176,000
+1.1
+2.8
--1.1
+34.8
-9.1
+3.2
-0.2
+0.6
+58.3
-12.8
119,491
3,052,000
-0.3
+0.1
Total non-manufg.4 groups._
11 Months End. Nov.
1929.
1,000 1,000 1,000 1,000 1,000 1.000 1.000 1.000
Dollars. Dollars. Dollars. Dollars Dollars. Dollars. Dollars Dollars.
107.883
54 8,948 1,378 1.611 3,571 5,892 8.264
128,211
14
207 1,425
942 1,638 5,331 6,593
48.909
26
290 1,635
967 2,323 5,818 7,814
49,509
27
110 1,594 1,617 3,249 4,646 5,752
212,229
628
82
467 1,865 2,099 4,978 7.485
226,117
40
28
550 1,268 1.895 3,336 5.445
23,474 1,009 41,529
807
828 2,305 3,709 6,795
18,087
89 89.332
881
433 2,024 4.544 8,522
80 28.708 11,183 1,205
868 2,183 3,903 4,374
57396.604 9.266 3,805 1,316 2,158 4,424 7.814
12 4,994 5,008 30,289
872 4,103 8,678
875
32,651
36 72,547
____ 2,168 3,472 6,369
2,424,289 3,843.181 5,240,995 5.128.356 4,865,375
135,520
180,978
131.189
126.522
112,278
110.280
79,421
91,102
98,411
105,500
104,000
1930.
1 mos.end.Nov. 809.507434,143 115,931 44,036 12,590 24,317 50,684 77,038
2 mos.end. Dec.
____ 466,794 115,967 116,583
____ 26,485 54,157 83,407
11 months end. Nov.- 1,481,379 2,240,220 3,568,324 4,814,444 4,652,512 4,457.735
12 months ending Dec.
1931.
e0001CnOovid.83
.
:
Ot
•-•
..11
The Bureau of Statistics of the Department of Commerce
at Washington on Dec. 20 issued its statement on the
foreign trade of the United States for November and the 11
months ended with November. The value of merchandise
exported in November 1932 was estimated at $139,000,000,
as compared with $193,540,000 in November 1931. The
imports of merchandise are provisionally computed at
$104,000,000 in November the present year, as against
$149,480,000 in November the previous year, leaving a
favorable balance in the merchandise movement for the
month of November of approximately $35,000,000. Last
year in November there was a favorable trade balance in
the merchandise movement of $44,060,000. Imports for
the 11 months ended November 1932 have been $1,225,199,000, as against $1,936,862,000 for the corresponding 11
months of 1931. The merchandise exports for the 11 months
ended November 1932 have been $1,481,379,000, against
$2,240,220,000, giving a favorable trade balance of $256,180,000 for the 11 months, against $303,358,000 in the
same period a year ago.
Gold imports totaled $21,756,000 in November 1932
against $94,430,000 in the corresponding month of the
previous year, and for the 11 months ended November 1932
were $262,443,000, as against $809,507,000 in the same
period a year ago. Gold exports in November were only
$12,000, against $4,994,000 in November 1931. For the
11 months ended November 1932, the exports of the metal
foot up $809,507,000, against $434,143,000 in the corresponding 11 months of 1931. Silver imports for the 11
months ended November 1932, have been $18,447,000, as
against $25,448,000 in the 11 months ended November 1931,
and silver exports were $12,590,000, compared with $24,318,000.
Silver.
Gold.
1982.
P4
592
+7.8
--3.5
-4.7
-8.4
+1.0
+0.8
+23.0
-14.8
-9.1
-9.8
-6.8
+2.1
-10.7
-18.0
Total 14 groups
2.784 544.932 810,817,000
+2.8
+0.8
a Other than vehicles. b Michigan and mammals. c Illinois and Wisconsin.
Wholesale and Retail Trade Conditions in Chicago
Federal Reserve District During November-Declines of Smaller Than Usual Nature Reported in
Wholesale Grocery, Dry Goods and Drug TradesDepartment Store Trade 6% Below Previous Month.
"Smaller than usual declines were recorded in November
from the preceding month in the wholesale grocery, dry
goods, and drug trades, while the recession in the hardware
Financial Chronicle
Volume 135
trade was about average for the period, and the gains shown
in wholesale shoes and in electrical supply sales were contrary to trend for the period." The Federal Reserve Bank
of Chicago, in noting this in its Dec.31 "Business Conditions
Report," also said:
Grocery sales declined only 2% from the preceding month, dry goods
sales were 7% smaller, drugs 2% less, and hardware sales decreased 16%,
as against declines in the 1923-31 average for the month of 9. 15, 10%.
and 17%. respectively. The expansion of 10% in the shoe trade and
of 2;4% in electrical supplies compared with average declines of 19M
and 10%. Furthermore, the spread between the current period and
November last year was smaller in all groups except hardware than in the
year-ago comparison for October and in the majority of lines was narrower
than in many months, the decllne in groceries totaling only 5y6%. In
the 11 months of 1932, grocery sales totaled 20% smaller than in the same
period of 1931, hardware 26%. dry goods 31%. drugs 22%, shoes 39%,
and electrical supplies 43% less. Stocks have failed to gain and so are
well below the 1931 level. November price trends for commodities at
wholesale were fairly steady to downward.
WHOLESALE TRADE IN NOVEMBER 1932.
Per Cent Change
From Same Month Last Year.
Commodity.
Groceries
Hardware
Dry goods
Drugs
Shoes
Electrical supplies
Net
Sales,
Stocks,
-5.5
-23.6
-17.0
-20.0
-9.0
-37.8
-19.8
-17.5
-30.8
-25.4
-21.1
-30.2
Ratio of
A eds. OutAccts. Outstanding to
Cotstanding. lections. Net Sale,
+4.8
-13.1
--25.5
-7.7
--47.3
--18.7
--27.2
--27.7
-23.2
-28.4
-40.0
124.4
324.7
307.7
249.3
274.4
224.9
Department store trade in the Seventh District declined 6% in November
from the preceding month, which compares with an 8% recession in the
same period last year. Daily average sales were approximately the same
as in October. In Detroit sales totaled only 3% less than a month previous, in Milwaukee they were 4% smaller, in Chicago 63. % lower, in
Indianapolis 14% less, while the total for stores in other cities showed a
decline of 6%. The decrease of 21% from a year ago in the district total
was slightly smaller than the 223 % shown in a similar comparison for
October; daily average sales were 24% below last November. Other comparisons with a year ago may be noted in the table. Stocks expanded 5%%
at the end of November over Oct. 31, which gain Is somewhat more than
seasonal and in contrast to a slight decline over the same period last year;
stock turnover continued to be greater than in the corresponding month
a year ago.
DEPARTMENT STORE TRADE IN NOVEMBER 1932.
Locality.
Chicago
Detroit
Indianapolis
Milwaukee
Other cities
Per Cent Change
November 1932
from
November 1931.
P.C.Chanoe
11 Months
1932from
Same
Period 1931
Ratio of October
Collections
to Accounts
Outstanding
Oct. 31.
Net
Sales.
Stocks End
of Month.
Net
Sales.
1932.
1931.
--19.1
--22.8
--17.6
--19.4
--23.6
-31.6
-25.8
-27.5
-23.9
-24.5
--25.5
--24.9
--20.4
--25.5
--26.7
23.8
30.8
38.7
31.6
29.2
27.4
30.7
40.1
36.0
32.1
Seventh District
-25.2
-20.6
-28.3
29.7
31.8
The increase of 6% over October in November sales of shoes by reporting
dealers and department stores, though seasonal in nature, contrasted with
a substantial decline in the same period last year. Despite this favorable
trend, the volume sold totaled 18% under that of a year ago, and for the
year through November was 25% below the same period of 1931. Stocks
showed little change between the end of October and Nov. 30, and remain
considerably smaller than In 1931.
Sales of furniture and house furnishings in November declined 13%
from the preceding month, which recession is average for the period.
Instalment sales by dealers were 25% smaller than in October. In the
comparison with last November, the dollar volume sold by dealers and
department stores was 31% less this year, and dealer instalment sales were
33% smaller. Inventories totaled about the same at the end of November
as a month previous.
Most reporting groups of chain store trade had smaller sales in November
than in the preceding month, grocery chains furnishing the one exception.
As a result, aggregate sales of firms operating 2,594 stores in November
dropped 5% from a month previous and were 12% smaller than in November 1931. In addition to grocery chains, other groups included were
five-and-ten-cent stores, drugs, shoes, men's clothing, cigars, and musical
instruments.
Holiday Depression in Lumber Industry.
The lumber mills of the country are in the period of
holiday shutdowns and reported production was the lowest
of the year during the week ended Dec. 24, according to
telegraphic reports to the National Lumber Manufacturers
Association from regional associations covering the operations
of 805 leading softwood and hardwood mills. New business
during the same week totaled 84,840,000 feet; the previous
low, that of the week ended Dec. 10, was 102,556,000 feet
as reported by 706 mills.
Production, 80,224,000 feet, was only 16% of capacity; new business
was 17% of capacity. These figures compare with 17 and 22% respectively
for the previous week.
Softwood orders were 1% anove the output of the week ended Dec. 24;
nardwood orders were 52% above. 'All associations except Southern pine
reported orders above or nearly equal to cut. Southern pine orders were
32% below production.
All regions showed material decline in new business as compared with
corresponding week of last year. Soutnern pine and West Coast mills
reported gain in production over last year's low output.
Stocks on hand at the mills on Dec. 24 were the equivalent of 75 days'
average production of the reporting mills, compared with 107 days' average
production on Dec. 26 1931.
Forest products loadings during the week ended Dec. II were the lowest
on record except for the week ended July 9 1932. They were only 29%
4453
of the corresponding week of the first year of record, 1919. and 66% of
similar week of 1931.
Lumber orders reported for the week ended Dec. 24 1932, by 441 softwood mills totaled 72,686,000 feet. or 1% above the production of the
same mills. Shipments as reported for the same week were 77,414,000
feet, or 7% above production. Production was 72,245,000 feet.
Reports from 382 hardwood mills give new business as 12,154,000 feet,
or 52% above production. Shipments as reported for the same week were
12,214,000 feet, or 53% above production. Production was 7,979,000 feet.
Unfilled Orders.
Reports from 373 softwood mills give unfilled orders of 327,235,000
feet on Dec. 24 1932, or the equivalent of 9 days' production. The 346
identical softwood mills report unfilled orders as 321,369,000 feet on Dec.
24 1932, or the equivalent of 9 days' average production, as compared
with 365.396,000 feet, or the equivalent of 11 days' average production on
similar date a year ago.
Identical Mill Reports.
Last week's production of 402 identical softwood mills was 69,613.000
feet, and a year ago it was 60,268,000 feet, shipments were respectively
74,887,000 feet and 83,805,000; and orders received 70,566,000 feet and
85,503,000. In the case of hardwoods, 202 Identical mills reported production last week and a year ago 6,065,000 feet and 12,100,000; shipments
9,242,000 feet and 15,629,000; and orders 8,850,000 feet and 15,716,000 feet.
SOFTWOOD REPORTS.
West Coast.
The West Coast Lumbermen's Association wired from Seattle toe following new business, shipments and unfilled orders for 217 mills reporting for
the week ended Dec. 24:
SHIPMENTS.
UNSHIPPED ORDERS.
NEW BUSINESS.
Feet.
Feet.
Feet.
Coastwise and
Domestic cargo
Domestic cargo
delivery__ __ 94,617,000 intercoastal_ 19,678,000
delivery._ 20,825,000
14,360,000
90,529,000 Export
Export
13,338,000 Foreign
12,004,000
43,574,000 Rail
Rail
12,375,000 Rail
Local
3,354,000
3,354,000
Local
'228,721,000
Total
Total
49,397,000
49,892,000
Total
Production for the week was 49,965,000 feet. Production was 19%
and new business 19% of capacity, compared with 17% and 25% for the
previous week.
Southern Pine.
The Southern Pine Association reported from New Orleans that for
103 mills reporting, snip ments were 3% above production, and orders 32%
oelow production and 34% oelow shipments. New business taken during
the week amounted to 10,031,000 feet (previous week 14,200.000 at 95
mills); shipments 15,154,000 feet (previous week 14,328,000); and production 14,777,000 feet (previous week 18,453,000). Production was 24%
and orders 16% of capacity. compared with 33% and 25% for the previous
week. Orders on hand at the end of the week at 90 mills were 43,958,000
feet. The 90 identical mills reported an increase in production of 44%,
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. Oregon, that for
96 mills reporting, shipments were 57% above production, and orders 57%
aoove production and lets than 1% above shipments. New business taken
during tne week amounted to 11.335,000 feet (previous week 19,907,000 at
116 mills); snipments 11,338,000 feet, (previous week 19,736.000); and production 7.231,000 feet, (previous week 13,285,000). Production was 7%
and orders 11% of capacity, compared with 11% and 17% for the previous
week. Orders on hand at the end of the week at 96 mills were 75,277,000
feet. The 87 identical mills reported a decrease in production of 9%, and
in new businws a decrease of 43%, as compared with the same week a year
ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minnesota, reported
no production from 7 mills, shipments 1.309,000 feet and new business
1.140,000 feet. The same number of mills reported new business 16% less
than for the same week last year.
Northern Hemlock
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wisconsin, reported production from 18 mills as 272,000 feet,
shipments 216,000 and orders 288,000 feet. Orders were 3% of capacity
compared with 2% the previous week. The 17 identical mills reported a
decrease of 24% in production and a decrease of 11% in new business, corn
pared with the same week a year ago.
Hardwood Reports
The Hardwood Manufacturers Institute, of Memphis, Tennessee, re
ported production from 364 mills as 7,979,000 feet, shipments 11,426,000
and new business 11,505,000 Production was 13% and orders 19% of
capacity, compared with 17% and 20% the previous week. Toe 185
identical mills reported production 48% less and new business 41% less
than for the same week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wisconsin, reported no production from lb mills; sh.pments
788,000 feet and orders 649,000 feet. Orders were 11% of capacity, compared with 7% the previous week. The 17 identical mills reported a decrease
of 64% in orders, compared with the same week last year.
1932 Lumber Production Lowest in Over 60 Years.
Lumber production in 1932 will be less than 10,000,000,000
feet, lower than for more than 60 years, according to the
National Lumber Manufacturers Association, basing this
figure upon reports from the representative larger saw mills
of the country which indicate a production drop of 42% as
compared with 1931. The Association's statement continues:
United States Census figures for 1931, just released, give production of
16,522,643,000 feet, lowest in 50 years. Preliminary report of large mills
last July comparing 1931 with 1930,showed a decline of 33.5% which was
within 1% of the National Lumber Trade Barometer relation for the two
years. Final figures for 1931 show decline of 36.6%, the loss in small mill
production being greater than in the large mills. Doubtless this loss will
be repeated in 1932.
The Census Bureau shows decrease of 1931 lumber production as compared with 1929 of 55.2% and the value of the output at the mills of timber
products and lumber in 1931 as only 35% of what it was in 1929. The 1931
total is $441,587,203. Wage earners in 1931 in the industry averaged 53%
fewer than in 1929 and wages paid suffered decline of 63%•
4454
Financial Chronicle
The year 1931 was the first in which Douglas fir production exceeded
that of Southern pine. In 1930 six species each cut more than a billion
feet; in 1931, only three-Douglas fir, 4,648.455,000 feet; Southern pine.
4,429,643,000 feet and Ponderosa pine, 1,822,460,000 feet. The decline in
production in these three species as compared with 1930 was respectively
28%, 40% and 30%. Output in 1931 of the three other species, each of
which produced more than a billion feet of lumber in 1930, fell to the following in 1931: hemlock 960,431,000 feet or 37% below 1930; oak, 953.559,000
feet, 43% below 1931; white pine, 715,504,000 feet or 35% below the previous year. No more than 350,000,000 feet was produced of any other
species in 1931.
Washington and Oregon are still the leading States in lumbetr producton
with output of 3,907.997,000 feet in Washington and 2,628.035,000 feet
In Oregon. The output of five States, each of which produced more than a
billion feet of lumber in 1930 was as follows in 1931: California. 957,740,000
feet; Louisiana, 949,232.000 feet; Mississippi, 863.221,000 feet; Alabama,
732.020.000 feet; Texas, 555,814.000 feet.
Florida in 1931 produced 576,626,000 feet; Arkansas, 507.715.000 feet;
North Carolina, 500,802.000 feet.
States whose output was between
250.000,000 and 500.000.000 feet in 1931 were Georgia, Idaho, South
Carolina, Wisconsin, Virginia, Tennessee and Michigan.
Mid-West Distribution of Automobiles During November
Gained Over October Due to Introduction of New
Models-Orders Booked by Furniture Manufacturers 36% Smaller as Compared With a Usual
Seasonal Decline of Only 5%.
The Chicago Federal Reserve Bank states that "although
total sales of reporting wholesale distributors in the Middle
West recorded a gain in November over October, owing to
the distribution of certain new models to dealers, the majority of firms had much smaller sales in the comparison,
and sales by retail dealers were moderately smaller than a
month previous." The Bank in its "Business Conditions
Report" dated Dec. 31 also reported the following:
Dealers' stocks of new cars, affected by the receipt of new models,
showed an expansion in the aggregate of more than 10% over the end
of October, but only one-third of the firms reported a gain. The value
of new cars sold on the deferred payment plan constituted 58% of all retail
sales by dealers reporting the item, as against a ratio of 53% in October
and 55% less a year ago.
MID-WEST DISTRIBUTION OF AUTOMOBILES.
[Changes In November 1932 from Previous Months.]
Per Cent Change from
New carsWholesale:
Number sold
Value
Retail:
Number sold
Value
On hand Nov. 30:
Number
Value
Used earsNumber sold
Salable on hand:
Number
Value
Companies
Included
On. 1932.
Nov. 1931.
+39.9
+2.5
-8.8
-7.3
13
13
-13.0
-13.1
-37.8
-44.5
34
34
+10.6
+10.3
-48.2
-52.9
34
34
-20.0
-23.8
34
+0.8
-3.1
-40.7
-55.7
34
34
The following was reported by the Bank regarding orders
booked by furniture manufacturers:
Seventh District furniture manufacturers reporting to this Bank booked
38% less orders in November than in the preceding month, the heavy
decline, which compares with a seasonal recession of only 5%, being due
to continued gains in bookings from July through September and only
a small decline in October. Shipments, however, moved in accordance
with seasonal trend, falling off 27%, and continued in excess of current
orders, the differential increasing from 10% in October to approximately
25%. The -volume of unfilled orders outstanding was, therefore, materially reduced during the month. Declines from a year ago were somewhat
greater in orders and shipments than a month previous, amounting respectively to 42 and 33%. The ratio of operations to capacity moved
down seven points, currently, comparing with 41% in October and 42%
In November a year ago.
Mid-West Grain Groups Ask Inter-State Commerce
Commission to Dismiss Hearing on Grain Freight
Rates.
The Chicago Board of Trade announced on Dec. 29 that
it had filed by mail with the Inter-State Commerce Commission at Washington a petition asking on behalf of twelve
Mid-West organizations the dismissal of the Commission's
investigation of grain freight rates. Associated Press dispatches from Chicago Dec. 29 further reported:
Agricultural Interests have demanded reductions in transportation rates
on grain, and the commission has been holding hearings on the matter since
last February.
In addition to the Chicago Board of Trade the organizations asking dismissal of the investigation are Duluth, Minn.. Board of Trade, Fort Worth,
Tex., Board of Trade, Grain and Trust Exchange, of St. Louis; Milwaukee
Grain and Stock Exchange; Minneapolis Traffic Association; Omaha Grain
Exchange, St. Joseph. Mo., Grain Exchange, St. Paul Association of Commerce, Board of Trade of Kansas City, American Feed Manufactuers'
Association and Quaker Oats Company.
The petition stated that the investigation into the rates had brought an
unfavorable Influence on business and resulted in lower grain prices.
Similar hearings were held by the commission previously, the petition
said, but when the commission ordered lower rates the United States Supreme Court held the pro,:edure Illegal
The petitioners pointed out that the Supreme Court enjoined the commission's earlier order from becoming effective chiefly because of changed conditions between 1928 and 1931. The depression has become more acute
since the court's action, the petition said, and there would be even more
Dec. 31 1932
reason for the court to enjoin any order from the:commission for rate reductions.
New Pontiac and De Soto Models Announced.
The new Pontiac straight eight line for 1933, which went
on display Dec. 28 in all Pontiac showrooms, is priced at
$585 and up, f.o.b. factory. The cars are new in appearance
and in mechanical design. Factory list prices are as follows:
ModelRoadster
Two-door sedan_
Standard coupe
lport coupe
Touring sedan
Four-door sedan
Convertible coupe
1933 Eight.
$585
635
635
670
675
695
695
1932 Six.
No model
$645
635
715
No model
725
765
Decrease.
$10
-45
30
70
The new De Soto Six for 1933 was also formally introduced
this week and ranges in price from $695 to $975. Prices on
comparable, models are the same as previously with the
exception of the standard four-door sedan which has been
reduced $10 to $765. There are nine body styles in the new
line, the standard business coupe listing at $695; standard
rumble seat coupe $735; standard brougham $695; standard
four-door sedan $765; custom coupe $790; custom fivepassenger sedan $835; custom convertible coupe $845; custom convertible sedan $975 and special brougham $725.
President Carey of Chicago Board of Trade Lays Low
Wheat Prices to Federal Farm Board and Tax on
Future Sales.
Noting that wheat on Dec. 27 reached the lowest price at
which May delivery has ever sold on the Chicago Board of
Trade,-43U cents a bushel. Associated Press advices
on that date from Chicago said
Grain experts reported this was little more than half the cost of production.
Dealings in future deliveries of all grains were announced as having totaled only 5.700.000 bushels in Chicago on Saturday, a new low record,
contrasting with a daily volume of 54,930.000 for the entire year of 1928.
Peter B. Carey, President of the Chicago Board of Trade, said to-night•
"The market has been subjected to a gradual restriction of trade throughout the life of the Federal Farm Board. Records show also that our volume
declined precipitately after the last Congress passed a prohibitive tax of
Scents on every $100 commodity future sale, a tax boot of 400%.
From the Chicago "Journal of Commerce" of Dec. 28 we
take the following:
A new low price for May wheat was made yesterday when that contract
sold at 43,%c per bushel on the Chicago Board of Trade. It was the lowest
price for the May future ever recorded on Ms exchange, and little more than
half of cost of production as claimed by many farm spokesmen. At the
same time, figures released by the Federal Grain Futures Administration
substantiated the contention of the grain trade that light volume and low
values go hand in hand. The Government Department announced that
on last Saturday the total volume of trading in contracts for future delivery
In all grains was 5,700.000 busheis on the Chicago Board of Trade. This
is also a new low record in volume.
Montreal Grain Traders Oppose British Rule Denying
Preference to American Routed Grain.
The New York "Herald Tribune" reports the following
from Montreal Dec. 27:
There is no elation in the Montreal Corn Exchange because Americanrouted grain is not to get the British preference, although internationallyminded grain men will not say, for publication, what they think because IL
Is the style to be patriotic right now.
Kenneth Ayer, President of the Montreal Corn Exchange, has issued the
negative statement that the British ruling, which forbids special tariff concession to any Canadian grain routed by United States ports, would probably help Canadian rail and steamship companies. He also stated. "It
won't do us any harm."
Those left in the trade after government intervention and the wheat pool
has decimated the grain trading ranks declare they have had all they want
of Government intervention and regulation. This new dictation they consider another unwarranted piece of government intervention.
The ruling was referred to in our issue of Dec. 24, page
4287.
Canadian Atlantic Ports Reported Aided by Grain
Preference Ruling.
Canadian Press advices from Toronto Dec. 24 are taken as
follows from the New York "Herald Tribune":
The ruling of the British Treasury Department that the six-cent preference
on Canadian wheat will not be applied to shipments not directly consigned
from Canada to a British port has turned a large volume of business to
Canadian transportation lines and to Canadian Atlantic ports.
The decision comes as a blow to Buffalo elevator and shipping interests
which handled about 45,000,000 bushels of Canadian wheat in the last
season, a quantity constituting about 40% of the port's wheat business.
Hundreds of dock workers are already in employment at St. John and
Halifax as a result of the ruling. In all probability also a larger portion of
Canadian wheat exports will find their way out of the country In future by
way of Vancouver.
Canada is still marketing her wheat in large volume, despite the entry of
Argentina and Australia Into the world markets, and a welcome development
of the week was the price recovery at Winnipeg of about two cents a bushel.
Part of this recovery was due to the improvement in sterling to $3.79% from
$3.77, but the marketing program also seems to be working better. The
prediction is heard in Toronto financial circles that both wheat and sterling
will see much better levels shortly.
Volume 135
Financial Chronicle
January Release of Brazi Ian Coffee Held by Grain
Stabilization Corporation—Bids to be Opened
Jan. 4.
Bids for the fifth monthly sale of Brazilian coffee held
by the Grain Stabilization Corporation will be opened at
noon Jan. 4. The allotment comprises 62,500 bags. It
will reduce the Corporation's holdings to 737,500 bags if
it is all sold. The Corporation refused last month to accept
less than 10 cents a pound, but it is noted in the "Times"
of Dec. 29 that coffee now is available at about 9% cents.
Supply of Coffee in United States 519,186 Bags on
' Dec. 28 as Compared with 1,437,091 Bags Year
Ago According to New York Coffee & Sugar Exchange.
The available supply of all kinds of coffee in the United
States on Dec. 28 was 519,186 bags, an amount equivalent
to approximately three weeks consumption, according to
the statistics of the New York Coffee and Sugar Exchange.
In announcing this on Dec. 29, the Exchange noted that
this compares with 1,437,091 bags a year ago. Of the
existing stocks here 252,282 bags are Brazils compared with
1,103,796 bags of Brazils a year ago. The stocks of "Mild"
coffees are 266,614 bags compared with 333,295 bags a year
ago. It is added that these statistics do not include 800,000 bags of coffee held by the Grain Stabilization Corporation for distribution at the rate of 62,500 bags a month.
United States Shipping Board Approves Coffee Rate
Accord—Eight Other Agreements for Co-operative
Handling of Freight Ratified.
The arrangement of the New York & Porto Rico steamship Co. with the Luckenbach Steamship Co. covering
through shipments of green coffee from Dominican Republic
to United States Pacific Coast ports, with transshipment
at New York, received Shipping Board approval on Dec. 29,
along with eight other agreements for the co-operative
'handling of freight. Transfer costs at New York are to
be divided between the two lines. According to a Washington dispatch Dec. 29 to the New York "Journal of
Commerce" which said in part:
Other important arrangements covering commodity shipments were the
agreements of the New York & Porto Rico Steamship Co. with AmericanHawaiian Line on canned goods from San Juan and other Puerto Rican
ports to United States Pacific Coast ports, and the Bull Insular Line with
American-Hawaiian on cocoa beans from Dominican Republic to West
Coast ports of the United States. Both agreements provide for transshipment atiNew York.
Insurgent Sugar-Cane Growers of Cuba Form New
Organization to Oppose Chadbourne Plan.
In Associated Press advices from Havana, Dec. 27 it was
stated that, headed by Walfredo Rodriguez Blanca, who
recently resigned as a member of the Cuban National Sugar
Institute and the Sugar Export Corporation, insurgent cane
growers of Cuba on Dec. 27 were laying plans for concerted
attack on the Chadbourne plan. The dispatch, as given in
the New York "Times," continued:
They blame Thomas L. Chadbourne's scheme to regulate world sugar
production in an effort to better prices for the misery in rural Cuba and
their own economic predicament.
By-laws for the new organization were drawn up at a meeting yesterday
and turned over to the government to be approved. The election of officers
and the working out of details of organization will come in the next few
days. Senor Rodriguez Blanca said.
To obtain support for the movement, the organizers issued invitations to
Industrial, commercial and agricultural groups to join.
Sugar Stabilization Bonds.
In its issue of Dec. 21 the "Wall Street Journal" carried
the following item from Havana:
The amount of Sugar Stabilization 534% sinking fund bonds offered and
accepted in New York was $1,394,840 at prices ranging from 78( to 80.
at a cost of $1,114,119 and interest.
The amount offered and accepted in Havana aggregated $207,280, at
prices ranging from 75 to 80, at a cost of 8163,537 and interest. Average
price of amount accepted in both instances was 79,74795.
Decline in Puerto Rican Sugar Crop.
Associated Press advices from San Juan, Puerto Rico,
Dec.28 stated:
The Sugar Producers' Association to-day announced a 1933 crop estimate
of 816.295 short tons, as compared with actual production of 992.432 tons
In 1932. The statement said the hurricane of last September had reduced
the crop by 101,600 tons.
Dutch East Indies Votes Single Sugar Seller.
The following from Amsterdam is from the "Wall Street
Journal" of Dec. 27:
The House of Representatives of the Dutch East Indies has voted a new
program for establishment of a single sugar seller with considerable amendments to the original proposal.
4455
Colorado Beet Growers Get $1,850,000 Holly Sugar
Corporation—Total for Season is $5,500,000.
Under date of Dec. 14 Associated Press accounts from
Colorado Springs were published in the Denver "Rocky
Mountain News":
The Holly Sugar Coporation will pay $1,850,000 to sugar beet growers
to-morrow, making $5,500,000 paid for beets this season, offices here
announced to-day.
Freight expenditures, including that on beets, sugar and other materials,
amount to $2,500,000, and purchases of materials and supplies total
several million dollars more, it was announced.
Netherland Temporary Import Duty and Sugar Excise
Tax Increases Effective.
The Netherland bill temporarily imposing a surtax of
three-tenths on certain import duties and increasing certain
other import duties, as well as the excise tax on domestic
sugar, has been passed by both houses of parliament, it is
stated in a cablegram received in the Department of Commerce from Assistant Commercial Attache Paul S. Guinn,
The Hague. The Department on Dec.28 further announced:
Import Duty Surtax.
The surtax of three-tenths of import duties, which is understood to have
become retroactively effective on Sept. 29 1932, and which is to remain in
effect until Dec. 31 1933. applies only to specified products of kinds not
produced in the Netherlands, most of which were dutiable at 10%
ad valorem (now 13%). and among which are: Petroleum and liquid
products thereof; barometers; certain optical goods; phonograph and
similar records; projection apparatus (including cinematographic), typewriters, calculating machines; tobacco in rolls or leaves, uncut and unrolled
tobacco stems; watches, chronometers, and certain parts of these; salmon
and sardines, in cans containing not over 1,200 grams; various dried and
fresh fruits, nuts, and spices (except apples, pears, grapes, hazelnuts and
walnuts); and oatmeal.
Import Duty Imposted on Tractors and Certain Automotive Parts.
The above measure imposes ri fixity of 15% ad valorem on internal combustion engines weighing not over 200 kilos per liter of effective cylinder
capacity (if for use in the propulsion of vehicles), automobile chassis frames,
motorcycle frames, and tractors, all formerly duty free. This duty, which
is also understood to be retroactively effective as of Sept. 29 1932. is to
remain in effect until Dec. 31 1933, and is to become 12% ad valorem
thereafter. Other duties on automotive products remain unchanged.
Domestic Sugar Excise Tax and Import Duties on Sugar and Goods Containing
Sugar Temporarily Increased.
The excise tax on domestic sugar is increased by one-fifth, and specific
import duties on imported sugar and goods containing sugar are correspondingly increased, during the year 1933, by the same measure. This increase
applies to all sugar stocks, exceeding 500 kilos, on hand in the Netherlands
on Jan. 1 1933.
Annual Review of New York Coffee and Sugar Exchange
—Year of "Devastatingly Low" Sugar Prices—
Chadbourne Plan Fails of Success—Falling Off in
Coffee Consumption—Production of Coffee in
Excess of World Requirements.
According to H. H. Pike, Jr., President of the New
York Coffee and Sugar Exchange, "the year 1932 will long
be remembered by the coffee and sugar trades as a year of
devastatingly low sugar prices, hurricane, revolution,
blockades and the phenomenon of a Government deliberately
destroying millions of bags of its chief export commodity."
Mr. Pike also says:
It would seem that both man and nature combined in a program of
destruction, which would have staggered predepression imagination. The
ability of the coffee and sugar trades to weather such a succession of impacts speaks worlds for tenacity and endurance. This is the one encouraging feature of the year.
In his review Mr. Pike alludes to the Chadbourne sugar
restriction plan, as to which he says:
The Chadbourne Plan, the most comprehensive and ambitious scheme
for international control of sugar which has ever been tried, continued
on its course. Obviously, success did not attend it. Whether it would
be successful had it controlled all sugars instead of only a part of those
offered in the world market is a question. Inasmuch as it did not control
any of the world's tariff protected home industries it so far has failed
to right the situation. Statistically, the world is better off through heavy
curtailments in certain International producing countries, but that improvement has been negatived by those unaffected by the Plan.
Combined with this, the falling off of the world's consumption has had
a serious effect. After 109 years of continuous increase in consumption.
averaging nearly 5% per annum, the year 1932 has become the third
successive year in which consumption has decreased.
In his review Mr. Pike also has the following to say:
With regard to the situation in the coffee market, the year 1930-31
saw a record consumption of 25,147.175 bags. This year we have seen
a falling off of about 6% to 23,728,003 bags for the crop year ended June
30 1932, since which time consumption apparently has been falling off but
n a leaer degree. World production for the similar crop years has increased from 24,797,400 bags in 1930-31 to 34,390,100 bags, which large
Increase, however, does not establish a record as the total production two
years ago was even larger.
Generally speaking, that for Santos coffees this year has been a rising
one; while the market for Milds has been a declining market. These
opposite tendencies are probably accounted for by the additional taxation
pur on the Brazilian product, while the decline in Mllds is due to the fact
that the Mild producing countries are liquidating their crops as made
and are not carrying over any appreciable surplus from one crop to the other.
Brazil has continued her policy of applying a part of the taxation raised
on coffee to the destruction of surplus stocks. This destruction has not
continued at quite as high a rate as anticipated, but during the last 16
4456
Financial Chronicle
months some 11.000,000 bags have been burned or dumped at sea as
compared with the program of 1,000,000 bags a month. The falling off
is due in part to the dislocation of shipments during the revolution and
the consequent falling off in tax collections.
The novelty of this destruction of a commodity—an entirely new program in the world's economic history—must be followed by
everybody,
whether engaged in the coffee business or otherwise, with exceeding interest.
This might have been Interest enough but the coffee world is a glutton
for excitement.
During the months of July, August and September a revolution occurred
in Brazil which for more than 90 days completely closed the port of Santos
and tightened the market situation to such a degree that prices advanced
about 50%. followed by a similar but sharper decline upon cessation of
hostilities. During this period of revolution-inflated prices, the Farm
Board sold the first quota of its 1,050.000 bags of Santos coffee, which it
had arranged a year previously to exchange with the Brazilian Government
for the Farm Board wheat. Naturally, the first sale was very successful
and at a very profitable price to the Farm Board. Succeeding sales are
being made according to the original agreement monthly of 62,500 bags.
Like any other Government intervention in the ordinary course of marketing a product, the trade finds this Government coffee overhanging the
market somewhat of an impediment to the smooth course of business.
Perhaps the most interesting new development in the situation is the
agitation in Brazil for a reduction in taxes. Possibly, the point of the
agitation Is to enable Brazil to compete better with other coffees.
The principal difficulty in the distribution of coffee seems to be—first.
a normal difficulty that coffee crops vary tremendously from year to
year, and second, the immediate difficulty that world production has
reached a point where It is in excess of world requirements.
Should there be a lessening of the restrictions in Brazil, such action
would tend to normalize the distribution of coffee and would undoubtedly
lead to a larger business in coffee on the New York Coffee and Sugar
Exchange and give that agency the opportunity to carry through its machinery a larger share of the burden of the world's excess supply.
The sugar market has gone to new depths of despair. During the
depression years of 1930 and 1931 a low on Cubas C. & f. of 1.03 was established. During the year 1932 for more than half of the year that
Previous low was the high, and at the end of May the fantastic price of
57 cents c. & f. Cubes was established. When one considers that the
pre-war all-time low was three times that figure, the complete dislocation
of values can be appreciated. The irony of the situation is that despite
this price condition, certain sugar producers were able to increase their
production profitably as beneficiaries of nationalistic tariffs.
During these trying times, the New York Coffee and Sugar Exchange,
which this year celebrated its fiftieth anniversary of trading, has continued to function. Trading, as in all exchanges, has been lighter than
Previous years, but it continues to offer to the world a contract in coffee
and sugar through the medium of which market risks can be insured.
Annual Review of New York Cocoa Exchange—Volume
of Trading in 1931 Almost Equaled World Production of Cocoa During Year.
In his annual review and forecast Howard T. McKee,
President of the N. Y. Cocoa Exchange, states that the
year 1932 oponed on the Exchange with supply and demand
fairly well balanced and the outlook very favorable providing there was any betterment at all in general business.
"Cocoa," he notes, "was then selling at 4 cents a pound.
As the year comes to a close we find the situation not very
different from what it was at the start of the year. Cocoa
is now selling at 33. cents a pound." Mr. McKee adds:
The balance between supply and demand has not changed materially
although there has been a small decline in consumption and a correspondingly small increase in production. World stocks of cocoa at the end of
the 1931-32 crop year (Oct. 1 1932) were about 60,000 tons compared with
about 44,000 tons on Oct. 1 1931.
The past year saw a bull movement start late in the summer when the
economic picture appeared to be clearing somewhat. In September spot
cocoa sold at 5.10 cents a pound.
The volume of business transacted on the Exchange was very satisfactory. Trading volume this year almost equals the entire world production of cocoa for the year of about 500.000 tons. The volume for
1932 is better than 1931 or 1930 and is only a few thousand tons under the
record volume of 1929.
It can accurately be stated that the world cocoa trade used the Exchange
to facilitate the marketing of the world's production. Merchants in Europe
bought actual cocoa in West Africa and then hedged themselves by selling
futures on the N. Y. Cocoa Exchange. When they disposed of their cocoa
they covered their hedges on the Exchange. A fair volume of actual
cocoa never came to this country but it was bought and sold on the N. Y.
Cocoa Exchange. Such examples Illustrate the manner in which the
Exchange acts as an invaluable adjunct in the orderly marketing of the
world's cocoa production.
Cotton Trade Review and Outlook by President Dowdell of New York Cotton Exchange—Restoration
of Foreign Buying Power Prime Requisite for
Permanent Recovery of Cotton Growing Industry
—Looks for Such Revision of War Debts as Will
Permit Reopening of Channels of International
Trade.
In the view of William S. Dowdell, President of the
New York Cotton Exchange, the most encouraging fact,
from the standpoint of the cotton trade outlook for the
coming year, is that the war debt problem has at last reached
a crisis. The entire debt question is to be reviewed without
delay. "If such review is thoroughgoing and frank," says
Mr. Dowdell, "it will disclose the momentous and tragic
part played by foreign government obligations in strangling
our export trade and intensifying the world depression.
This is clearly the first step to such revision of the debts as
will permit a reopening of the channels of international
trade. A restoration of foreign buying power is the prime
Dec. 31 1932
essential, the prerequisite, for a permanent recovery of the
cotton-growing industry of this country." Mr. Dowdell,
in his "Cotton Trade Review and Outlook" goes on to say:
It has been truly said that, in the last analysis, this depression was
caused by a lack of understanding of, and a lack of respect for, economic
laws. The United States is so largely self-contained from the standpoint
of trade, and it was so long in the position of debtor to the rest of the
world..
that our people have largely failed to realize how economic laws apply to
international trade and particularly to the foreign trade of a creditor
nation. But it has been gradually driven home upon us
that we cannot,
all at the same time, retain a large export trade, cut off import
trade, and
collect foreign debts. We cannot follow the slogan of Buy American and
at the same time Sell Foreign and Collect Foreign.
American cotton growers have been among the chief sufferers from the
failure of this country to apply this elementary principle.
Over 10 million
people in the United States are directly dependent on the growing and
manufacture of cotton, and over half of our annual cotton
crop is normally
sold abroad. Europe is our best foreign cutomer. But Europe consumed
only 4,822,000 bales of American cotton last season compared with an
average of 6,570,000 in the five seasons ending with 1929-30. And last
season American cotton sold so far below usual relationships
with Indian
and other foreign growths that under normal conditions Europe would
have been expected to consume far more of our staple than
average, probably 7,000,000 or 8,000,000 bales. This restriction of buying
by Europe
has been a most important factor contributing to the decline in the
price
of American cotton this past year to the lowest level on record.
Restricted buying by Europe did not have its full effect on the price of
American cotton this year, drastic though the decline was, since
it was
offset in large measure by phenomenal buying by the Orient, I. e., by
Japan,
China and India. But this heavy Oriental buying must be regarded largely
as of a temporary character. It resulted chiefly from the short crops in
India and China, and anticipatory buying accompanying the rise in prices
In yen and taels, consequent on the depreciation of those currencies, A
substantial part of the Oriental buying was doubtless the
result of a Permanent expansion of cotton spinning in the Orient, much
of it at the expense of European yarn and cloth trade, but this is of doubtful benefit to
the American cotton trade, since Oriental mills readily change over from
American to Indian or Chinese cotton when those growths are cheaper.
It Is not to be assumed that the contraction of export trade
has restricted
the demand for only that portion of the domestic crop which is regularly
sold abroad. To the extent that reduced exports of
other agricultural
commodities and of industrial products have resulted in
low prices, Unemployment and stagnation of industries in this
country, the domestic
demand for cotton has been curtailed. Domestic consumption of American
cotton fell from a pre-depression five-year average of
6,457,000 bales to
only 4,744,000 bales last season. Low prices failed to
have the usual
effect of expanding consumption. Industrial workers without
work,
manufacturers with Idle plants, and farmers selling wheat
for 30 cents a
bushel wore not interested in the fact that cotton prices
were the lowest
in over a century.
The financial status of foreign countries affects the American cotton trade
not simply from the demand side, but from the supply side as well. When
England went off gold, the Indian rupee and the Egyptian
tailed, the currencies of two of the most important cotton-growing countries, dropped
in dollar value with the pound sterling. The currencies of practically all
other countries growing cotton in volume are likewise depreciated—the
Shanghai tael, the Brazilian nifireis, the Peruvian sol, the Argentine peso
and the Mexican peso. Cotton prices in the depreciated currencies are
relatively higher by an amount which counterbalances the depreciation.
While cotton is now selling in this country at about 40% below the levee
of two years ago, it is selling from 15 to 30% higher for different varieties
in India. The ultimate effect of such increased prices abroad will doubtless
be increased production in foreign countries, entailing increased competition with American cotton.
It is not necessary to go further to see that the welfare of the America])
cotton grower is inescapably linked with international trade realtions and
foreign currency values. The crying need of the American cotton trade is
a larger demand for and an increased consumption of American cotton,
particularly in foreign countries—only in that way can the present excessive
stocks be liquidated and prices restored to a remunerative basis. From the
standpoint of the American cotton grower, it is Imperative that the debt
problem be approached and solved with that in view.
Less Than Seasonal Decline in Production of Texas
Cotton Mills in November.
Production at Texas cotton mills made less than the usual
seasonal decline during November, with total output of
4,047,000 yards, according to reports submitted direct to
the University of Texas Bureau of Business Research by
21 Texas cotton mills. The Bureau on Dec. 27 said:
This total is 2.6% under that for October, although the usual season&
decline from October to November amounts to 5%. Bales of cotton used
totaled 4,704., as against 4,738 in October. a decline of only 0.7%, instead
of the usual 2.6% drop from October to November. Shipments dwindled
as compared with October and also November last year, amounting to
only 2,670.000 yards. Unfilled orders, though 19% under those at the
close of October, were still well above the 5,000,000 mark and were 24%
greater than those reported at the close of November a year ago.
Decline in World Consumption of American Cotton
During November.
World consumption of American cotton during November
totaled approximately 1,159,000 bales compared with
1,168,000 (revised) in October, 1,022,000 in November last
year and 929,000 in November two years ago, according to
the New York Cotton Exchange Service. During the
four months from Aug. 1 to Nov. 30 world consumption
totaled about 4,473,000 bales, against 4,018,000 in the
corresponding months last season and 3,555,000 two seasons
ago, says the Exchange Service, which on Dec.27 also stated:
The decline in total consumption of 0.8% from October to November
this year compares with an average decline of 2.3% in the seven years
from 1925 to 1931 inclusive. However, this should not be construed as
indicating, necessarily, that world consumption declined loss than seasonally
from October to November, since the number of working days in October
this year was less than usual, while the number in November was more
Volume 135
Financial Chronicle
4457
than usual. It may be calculated roughly that the daily rate of world
consumption declined from October to November this year by about 2%,
whereas in the past seven years on an average it has increased about 3%.
On this basis it would appear that the world consumption rate, in its
decline from October to November, moved contrary to the seasonal trend.
•
Coupled with this action came reverses to the enforcement
of the production rulings in Texas. The Supreme Court
ruled against the use of State militia in enforcing rulings,and
Governor Sterling was forced to withdraw his troops from
the field. Then various court rulings provided injunctions
Compulsory Cut in Cotton Acreage Urged at Governors' against the State Commission's
regulations, and production
Conference Held at Memphis-Conference Also again threatened to run
unhindered, to the great detriment
Asks Federal Loans For Distressed Farmers.
of the industry of the entire country. The State Railroad
A compulsory cotton acreage reduction patterned on the Commission then took the drastic step of completely shutlaw passed last year by Texas, Arkansas and Mississippi, ting down all wells in East Texas for a 15-day period. This
which lapsed because of the provision that other cotton had an immediate beneficial effect, and it is hoped throughout
growing States must do likewise, was urged upon all the States the industry that during this period of non-productivity
the
of the South by the Governors' conference on cotton control producers will be able to arrive at a uniform and orderly
at Memphis, Tenn. on Dec. 29. Memphis advices Dec. 29 means of so curtailing output that the price structure
will
to the New York "Journal of Commerce" reporting this not be further endangered, and might instead start on
an
pointed out that the Texas, Mississippi and Arkansas laws, upward trend which will return the crude price basis
to a
which died, all contemplated an acreage reduction of 50%. higher level.
The account also said:
The Commission on Thursday of this week, in a general
The resolution finally adopted to night places, the responsibility for
statement, pointed out that the regulation of East Texas
getting such a law passed in at least three fourths of the cotton States this
output has stabilized the industry to a marked degree, and
year upon the shoulders of Governor Conner of Mississippi, who is urged
if he LEI unable to do so, soon to call another conference of Governors to
deplored the action of State and Federal courts in susput the matter over.
pending orders of the Commission by injunction. The
Tne conference tnus ended with the Governors ignoring the recommendaCommission further stated that consideration of pipe line
tions of their own steering committee, which ns,a urged eitner the allotment
plan of Dr. Tait Butler or the "cotton holiday in 1934." It also ignored
regulations and rates will be postponed, subject to call,
half a dozen other plans presented during the day, including excise tax
so that the companies affected may prepare data to be
bounty schemes, price fixing sly law, export debentures and allotment of
only the domestic consumption.
presented on this subject.
Regarding the conference the dispatch in the paper
No further price changes were posted in the various fields
quoted also had the following to say:
during the week, with the exception of a new basis for
The conference also urged the States to memorialize Congress and the
purchasing announced by the H. F. Wilcox Oil & Gas Co.,
President "as a matter of immediate relief for tne distressed farmers of the
Tulsa, to be effective in the State of Oklahoma and in the
nation promptly to provide Federal loans to the owners of occupied farms
Gray County area of Panhandle field, northwest Texas, as
for the purpose of paying taxes for at least two years on sucn farms in
cases where the farm owners are unable to obtain money for such tax purof Jan. 1 1933. The Wilcox statement follows: "The
poses from other sources."
price of crude oil will be based upon the daily low quotations
Six States Favor Plan.
for U. S. motor gasoline below 57 octane as shown by the
The majority report of the conference, which was attended by only two
Governors in person, Gov. Sennett Conner of Mississippi and Gov. Ibra
Chicago "Journal of Commerce." For each one-eighth of
Blackwood of South Carolina, received the votes of the representatives of
one
cent so quoted in this publication for such gasoline we
Mississippi, Louisiana, Alabama, Texas, Oklahoma and South Carolina.
will pay 23 cents per barrel for oil having the gravity of
Tom Linder and Herman de la Perriere, the Georgia representatives, dissented from the majority report and stuck to the last to tne plea for a
40 and above. All oil having the gravity of below 40 will
"cotton holiday" in 1934, urging that the South produce no cotton at all in
be paid for at the rate of two cents less for each lesser degree."
that year in order to get a reasonable price for the 1933 crop.
By this method Wilcox will be paying 60 cents a barrel for
The Arkansas delegation, headed by Charles T. Coleman, also dissented
and read a minority report, urging abolition of the Federal Farm cloud,
above 40 oil, and two cents less a degree down to 36 cents
restriction of seed loans and condemning attempts to
regulate acreage
for below 29 gravity. Officials of the company declare this
by law.
Both of these minority reports were rejected by tne Governors' conference
new procedure of establishing a price "the scientific way of
and then State Senator Carroll Nance of South Carolina made a scathing
purchasing crude oil, based on what they can sell its deattack on the majority report, declaring it offered no solution, and only
rivitives for."
would add to the existing 13,000,000 bale carryover.
Hits Loan Proposal.
He bitterling assailed the proposal to memorlahze Congress to provide
loans
for
tax
the South.
"You talk about reducing cotton production and then ask Congress to
lend us money to grow more cotton,'he shouted. "I can't Lee anything
to It, and I want to record my vote against the whole ow iness."
From the Memphis dispatch, Dec. 29, to the New York
"Times," we take the following:
Tne majority report received the votes of Governors Conner of Mississippi and Blackwood of South Carolina and representatives of the Governors of Louisiana. Alabama, Texas, Oklahoma and South Carolina. .. .
Tne report was drafted after a day devoted to hearing plans to raise
the price of cotton ranging from the "holiday" to allotment excise tax
bounty projects.
At the outset, Governor Conner opposed any plan "passing the buck"
to the Federal Government, insisting that the responsibility be placed
upon the Southern Governors and warning the assemblage of planters
and agricultural experts that without the support of the Governors no plan
would have "a ghost of a chance for success."
Petroleum and Its Products-East Texas Curb Brings
Sharp Reduction in Crude Output-Railroad
Commission Urges Support of Rulings to Maintain
Industry on Firmer Basis.
The ban on crude production in East Texas, running from
December until Jan. 1, has already resulted in a drop of
approximately 300,000 barrels a day in the country's output.
Coupled with the enforcement of this complete shut-down
is a statement from the Texas Railroad Commission urging
all operators to observe all its rulings "for the good of the
industry."
As the petroleum industry sees the end of 1932, it looks
back on a series of events which builded steadily throughout
the first 11 months, and then came to an abrupt stop and
sudden decline in the twelfth month. The drastic cut in
crude prices early in December resulted from the efforts of
a group to force prices up beyond what was generally considered a normal level.
The major companies protested against this step by refusing to meet the higher postings, and as refined prices
failed to show any signs of maintaining a firm basis, the
larger companies took the initiative in cutting crude prices
lower than they had been before the Oct. 15 advance.
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
80.75
Corning, Pa
.85 Rusk, Tex., 40 and over
.77
Illinois
.87 Salt Creek, Wyo .40 and over__ _ - .77
Western Kentucky
1.05 Darst Creek
.60
Mld-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, Tex
.50 Petrolla, Canada
1.00
Smackover. Ark.. 24 and over
.75
REFINED PRODUCTS-COLONIAL BEACON REDUCES BULK
GASOLINE PRICES-IMPROVEMENT NOTED IN FUEL OIL
SALES-CHICAGO MARKETS WEAK.
Bringing their price schedule into line with those of other
major companies, Colonial Beacon Oil Co., New York and
New England marketing subsidiary of Standard of New
Jersey, on Wednesday posted a reduction of Xc. a gallon
in tank car gasoline, making the new price Oic. at New
York, Boston and Providence, and 83
4c. at Portland, Me.
The gasoline market here has been easy this week, with
jobbers marking time on new business. It is reported that
some bulk sales were made at 53c. for below 65 octane,
and at 60. for above 65 octane. Some little distress selling
of above 65 octane at 53
4c, was noted, but not in volume
sufficient to influence the general market.
Chicago reports the bulk gasoline market there as very
soft, despite the beneficial affects of the East Texas shut
down. Jobbing activity has come practically to a standstill, forcing "distress" holders to offer the lower grade
stocks as cheap as 23/20. a gallon, as against ruling prices
of 24
3 -3c. No definite trend of improvement is expected
in that market until after the turn of the year.
Locally the fuel oil situation has shown some development,
with the demand serving to maintain present prices on a
firm level. Both industrial and domestic heating oils are
moving in good volume. Marine Oils also show continued
steadiness, with grade C bunker fuel oil strong and fairly
active at 75o. a barrel, and Diesel at $1.65, both quotations
for bulk shipments, at refinery.
Demand for kerosene has followed a routine schedule,
with the price now firmly established at 534c. a gallon for
41-43 water white, in bulk at refineries. Consumption
4458
Financial Chronicle
statistics have shown that for the first ten months of 1932
a 6% increase was affected, and this has served to strengthen
the general market tone.
Price changes follow:
Dec. 31 1932
The report for the week ended Dec. 24 1932 follows ha
detail:
DAILY AVERAGE PRODUCTION OF CRUDE OIL.
(Figures in Barrels 01 42 Gallons.)
Dec.28. Colonial Beacon Oil Co. posts Xc. reduction in gasoline tank
car prices, new prices being as follows: 63ic. a gallon at New York, Boston,
and Providence; 83(c. a gallon at Portland, Me.
Gasoline, Service Station, Tax Included.
New York
8 145 Cleveland
5.175 New Orleans
$ 128
Atlanta
13
19 Denver
.18 Philadelphia
Baltimore
187 Detroit
135 San Francisco:
Boston
.139
155 Houston
18
Third grade
Buffalo
155 Jacksonville
195
Above 65 octane__ .180
214
Chicago
155
Premium
15 Kansas City
14
Cincinnati
175 Minneapolis
147 St. Louis
Kerosene, 41-43 Water White, Tank Car Lots, F.O.B. Refinery.
N.Y.(Bayonne) _8.0534 Chicago
$.02%-.03)1 New Orleans, ex _50.0334
.0434-.0334
North Texas
Tulsa
.03
Los Ang.. cc. .04X-.06
Fuel Oil, F.O.B. Refinery or Terminal.
Gulf Coast C
5.60
N. Y.(Bayonne)California 27 plus D
5.75-1.00 Chicago 18-22 D-4234-.50
Bunker C
5.75
.60 Philadelphia C
.70
Diesel 28-30 D
1.65 New Orleans C ____
Gas 0 I. F.O.B. Refinery or Terminal.
5.0134
Tulsa
N.Y.(Bayonne)Chicago32-36 G 0
5.0134
28 plus G 0.. _$.0314-.04
U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
Chicago
$ 04-,0434
N. Y.(Bayonne)N. Y.(Bayonne)
New Orleans.ex. .05-.0534
Pan-Am,Pet. Co.S.06
Standard Oil, N.J.Shell Eastern Pet_ .0634 Arkansas
.04-.0434
Motor, 60 ocCalifornia
.05-.07
New Yorktane
5 06
Los Angeles, ex_ .0434-.07
Colonial-Beacon _ .07
Motor, 65 ocGulf ports
.05-.0531
.07
Crew Leiria
0634
tane
06-.0534
z Texas
0614 'Tulsa
Motor,standard .063.4
.0514
Pennsylvania_07
Gulf
Stand. Oil, N. Y.- .06X
Continental
07
Tide Wat. Oil Co._ .0634
.06
Republic 011
Richfield Oil (Cal.)_ .0 X
Warner-Quin. Co_ .07
•Below 65 octane. z "Fire Chief".07.
Oil Restriction Upheld in Colorado-Federal Court
Rules Proration Agreements Not a Violation of
Trade Restraint Laws.
From the "Wall Street Journal" of Dec. 27 we take the
following from Denver:
The legality of restricting oil production and drilling operations under
proration agreements was upheld in the Federal District Court at Roswell
by the jury in a directed verdict by Judge Colin Neblett in the case of
Hobbs (N. M.) Townsite Co. against Midwest Refining Co. (now Stano
llnd Oil & Gas Co.). The Townsite company,owning a roy alty interest
in lease upon which Midwest drilled a well early in 1931, sued for $14,936
damages for royalties it would have received if the well had been produced
at capacity and oil marketed, and $25,000 damages for drainage of lease
by other wells.
The case was important as the issues apply to practically all fields operated under proration agreements, the court holding, in effect, that prora
Mon agreements are not in violation of Federal laws prohibiting restraint
of trade.
Major Oil Concerns Win Price War at St. Louis-Independent Gasoline Stations Cut to 25 from 113.
The following is from the New York "Herald Tribune"
of Dec. 28:
Oil marketing interests In the St. Louis area nave virtually ceased hostilities in the price war waged by them for the last three months, according to Associated Press dispatches. Major oil companies are apparently
victorious.
Of the 113 independent oil stations operating in St. Louis city in September only about 25 still are doing business as independents, according
to the news agency. Many of the stations have closed altogether, others
announce "temporary suspension" and others have signed up to handle
products of the large companies.
Current prices on gasoline in St. Louis are 10 cents a gallon for third
grade, 11 cents for ordinary grade and 14 cents for high test at service
stations, including the 4-cent State tax. During the price-cutting period
many companies made a practice of giving substantial premiums to customers in connection with purchases of motor fuel and lubricants.
Daily Crude Oil Output Off 34,400 Barrels During
Week Ended Dec. 24 1932-Gasoline Stocks Again
Increased.
The daily average crude oil production in the United
States fell off 34,400 barrels during the week ended Dec. 24
1932, the daily average rate for that period being 2,025,700
barrels, compared with 2,060,100 barrels a day in the preceding week, 2,292,900 barrels daily in the corresponding
period last year and an average of 2,084,300 barrels per day
during the four weeks ended Dec. 24 1932.
Stocks of motor fuel at all points increased from 49,935,000
barrels at Dec. 17 last to 51,070,000 barrels at Dec.24, or an
increase of 100,000 barrels during the week.
Reports received during the week ended Dec. 24 1932
from refining companies controlling 91.6% of the 3,856,300
barrel estimated daily potential refining capacity of the
United States indicate that 2,085,000 barrels of crude oil
daily were run to the stills operated by those companies,
and that they had in storage at refineries at the end of the
week 33,695,000 barrels of gasoline and 128,370,000 barrels
of gas and fuel oil. Gasoline at bulk terminals amounted
to 11,735,000 barrels and 1,120,000 barrels were in waterborne transit in or between districts. Cracked gasoline
production by companies owning 95.4% of the potential
charging capacity of all cracking units averaged 397,000
barrels daily during the week.
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
New Mexico
California
TotaL
Week
Ended
Dec. 24
1932.
Week
Ended
Dec. 17
1932,
Average
4 Weeks
Ended
Dec. 24
1932.
Week
Ended
Dec. 26
1931.
397,450
92,800
44,100
47,400
24.400
156,550
49,600
283.450
51,200
28,550
33.200
132,400
34,100
91,450
17,250
32,300
5,450
2.500
27,850
473,700
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
383,200
92,450
47,200
47,550
24,700
161,800
50,200
332,950
52,600
28,600
33,350
138,400
34,150
96,900
18,250
32,750
5,600
2,650
28,750
472,250
534,950
105,5130
51,750
54,350
26,250
175,600
50,300
316,000
55,200
27,550
33,050
116,700
29,700
108,250
16,250
37,800
7,800
4,000
43,250
499,600
2.025.700 2.060 100 2 ng4 son 2_292.900
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS AND GAS AND FUEL
OIL STOCKS, WEEK ENDED DEC. 24 1932.
(Figures in Barrels of 42 Gallons Each.)
Daily Refining Capacity
of Plante.
Crude Runs
to Stills.
District.
Reporting.
Potential
Rate.
East Coast
Appalachian
Ind., III., Ky. _
Okla., Kan., Mo.
Inland Texas_
Texas Gulf
Louisiana Gulf
No. La.-Ark
Rocky Mountain
California
644,700
144,700
434,900
459,300
315,300
555,000
146,000
89,300
152,000
915,100
Total.
%
Day OPer%. Average. ated.
638,700
135,000
424,000
390,000
177,700
542,000
142,000
79,000
138,000
868,100
99.1 436,000
95.0
79,000
97.5 279,000
84.9 199,000
56.4
83,000
97.7 415,000
97.3
84,000
88.5
43,000
90.8
26,000
94.6 441,000
a Motor
Fuel
Stocks.
Gas and
Fuel Oil
Stocks.
68.3 12,249,000 8,244,000
793,000
58.5 1,772.000
65.8 6,766,000 3,428,000
51.1) 4,783,001) 2,708,000
48.7 1,491,000 2,066,000
76.6 6,228,000 8,083,000
59.2 1,277,000 2,697.000
54.4
308,000
475.000
461,000
18.8 1,135,000
50.9 15,083,000 99,417,000
Totals weeks:
Dec. 24 1932._ 3,856,300 3,532,500 91.6 2,085,000 59.0 c51070000 128,370,000
Dec. 17 1932 3.858.300 3.532.500 91.6 2.090.000 59.2 46 gas non 129 013.000
a Below is set out an estimate of total motor fuel stocks on U. S. Bureau of Mines
basis for week of Dec. 24 1932, compared with certain December 1931 Bureau
figures:
A. P. I. estimate B.& M. basis, week Dec. 24 1932_6
52,160.000 barrels
U. S. B. of M. motor fuel stocks, Dec. 1 1931
51,995,000 barrels
U.S. B. of M. motor fuel stocks, Dec. 31 1931
56,171.000 barrels
b Estimated to permit comparison with A. P. I. Economics reports, which Is of
Bureau of Mines basis.
c Includes 33,695,000 barrels at refineries, 11,735,000 at bulk terminals, 1,120,000
barrels in transit, and 4,520,000 barrels of other motor fuel stocks.
Humble Pipe Line Co. to Buy 20% of East Texas Storage
Oil.
The following from Houston (Texas) Dec. 30 is from the
New York "Sun":
The Humble Oil dc Refining Co. to-day announced that beginning tomorrow it will purchase 20% of all East Texas crude oil in storage with the
Humble Pipe Line Co. The announcement was made at about the time
that the Texas Railroad Commission, sitting at Austin, made public figures
showing that takings of East Texas oil during the first quarter of the new
year would fall below recent purchases.
The oil will be purchased for the account of producers and royalty owners.
The price will be 75c. a barrel. For that portion of oil so purchased the
Humble also will pay 10c. a barrel gathering charge heretofore assessed
by the Humble Pipe Line Co.
Nominations to purchase crude oil received by the Texas Railroad Commission amount to 304,123 barrels a day of East Texas oil for January.
305,732 barrels for February and 306,326 barrels for March, compared
with the Commission's last daily allowable of 310,000 barrels a day.
Nominations for the entire State call for 829.557 barrels a day for January, 833,609 barrels for February and 834,838 barrels for March, compared
with nominations made in November of 1.044,000 barrels a day for each
of those months and a daily allowable fixed by the Railroad Commission
of 789,745 barrels a day.
Earnings of Texas'Oil Pipe Line Companies Three
Times Larger Than Permitted by Law.
Ernest 0. Thompson, a member of the Texas Railroad
Commission, in releasing a report compiled by the Commission, stated at Amarillo, Texas, on Dec. 26 that net earnings
of oil pipe line companies in Texas in 1931 averaged 29.67%,
or about three times the return allowed by law. An adjustment of the rates, he said, would be taken up by the Commission at its meeting in Austin on Dec. 28. Associated
Press advices from Amarillo in stating this also said:
The report, covering 37 companies, was made up by the Commission
from statistics gathered by its auditors and appraisal engineers in the
last three months. Figures of capitalization and earnings, for the most
part, Mr. Thompson said, had been furnished by the companies, the
Commission allowing 4% for depreciation. Of the 36 companies reporting,
10 showed net earnings greater than 40%; 15, greater than 25%; 30, above
10%. and six, below 10%.
For 1930, with 18 companies reporting, the average rate of net earnings
was shown to have been 27.34%. or approximately 2% less than 1931.
Mr. Thompson said the Commission would act to fix rates which "would
come within the law" to provide net earnings which would not exceed 10%.
"The figures," he said, "in some instances are sensational and almost
unbelievsble. The intent of the law is to allow for 8% net earnings."
Volume 13$
According to the Commission's information, rate reductions running
as high as 68% on 1931 income and 76% on 1930 figures will be necessary
to bring earnings down to 8%•
The Gulf Coast Pipeline Co. had the highest earnings for both years.
Texas Oil Buyers Give Quarter Needs-Specifications
in Excess of Recent Output-Humble Storage Is
Large.
Under date of Dee. 29 the New York "Journal of Commerce" reported the following from Austin, Texas:
Purchasers' nominations for takings of crude oil in Texas, announced
to-day at the hearings before the State Railroad Commission preliminary
to the posting of new proration orders under the market demand law.
showed that 827,557 barrels daily will be needed in January, 833,609
barrels daily in February and 834,838 barrels daily in March.
This compares with an average flow of 789,100 barrels daily in Texas
for the week ended Dec. 24. The production for that week was sharply
lower than previously because the East Texas field is closed for an estimate
of bottom hole well pressure. Output is expected to be lower still for
the current week.
Humble Oil Position.
In the course of the hearings to-day, W. S. Farish. President of the
Humble Oil St Refining Co., stated that his company would require 217,000
barrels of oil daily for the first three months of 1933, and would buy 65,000
barrels of the total daily under cbntracts. East Texas will supply 43,500 barrels daily, West Texas 65,600 barrels daily, the Gulf Coast 33.800 barrels
daily, and Reagan County 30,000 barrels daily, while the rest of the oil
will be taken from different areas.
Mr. Park h stated that the company has about 14,000,000 barrels of
oil in storage and has 7,000,000 barrels of empty storage in Texas. He
said the company would make connections with 300 more wells in East
Texas if the oil could be sold, but added that the Humble company is
now buying all the oil it can sell. It owns 900 wells in East Texas and is
drilling 25 more.
Indicating that purchasers' nominations for the first three
months of 1933 on Texas oil production were being filed on
Dec. 28 during a hearing by the Texas Railroad Commission
on fixing new field allowables for the entire State, including
an order to permit reopening of the giant East Texas field,
shut down to gauge bottomhole pressures, the Austin advices, Dec. 28, to the same paper said, in part:
The shutdown, effective to Jan. 1 at 7 a. m., was modified by the Commission to allow transportation a legally produced oil out of storage. . . .
President W. S. Parish of the Humble company was on the stand and
cross examined about a statement that his company would continue ratable
takings, "assuming the Commission will issue a valld and reasonable order."
Chairman Terrell read a statement, signed by all members of the Commission, containing a frank arraignment of Federal and State court injunction attacks on enforcement. Mr. Terrell read:
"We know of no calamity that could befall our State more disastrously
than the failure of our courts to enforce our orders of proration and to
destroy them by the route of injunction or by restraining writs without tne
opportunity of a fair and public hearing. Either, by our State courts or
Federal, is in no way conducive to good government. It is unfair, unwise,
non democratic, and was never intended by those great patriots who so
wisely founded our Government and established our judiciary in both State
and nation
Mr. Farish testified that his company has about 14.000,000 barrels of
oil in storage in Texas now and about 7.000,000 barrels of empty storage;
his company, with 900 wells in East Texas, is drilling 25 more; and with
something over 100 at Conroe, is drilling about 20 more, he said.
Texas Injunction Bans Shutting Down of West Panhandle Gas Field.
The following from Fort Worth, Texas, Dec. 28, is from
the New York "Journal of Commerce":
A three-judge Federal Court at Austin to-day issued an injunction
restraining the Texas Railroad Commission from shutting down the West
Panhandle gas field.
Plaintiffs were Texoma Natural Gas Co. and Cities Service Gas Co.,
both of which supply Middle Western and Eastern markets with Texas
natural gas.
The court, presided over by Circuit Judge Joseph C. Hutchison, said in
its opinion that the shutdown order was an attempt to force Terme and
Cities Service to share its markets with others who had no outlet. The
opinion recited that the Commission had acted in a confiscatory manner
and that it had "run into the ground" the idea of public necessity.
Oklahoma Oil Field Produces 73,516 Barrels Daily.
From Tulsa, Okla., the New York "Journal of Commerce"
reported the following under date of Dec. 23:
The Oklahoma City field has a "potential" of 4,531,347 barrels a day,
the Corporation Commission stated to-day, from its 948 wells, but it is
making but 73,516 a day now, and pipe lines have indicated they want but
74,333 a day in January, but the Commission is yet to fix January allowables.
To-day the Commission received nominations on a base of what the four
producing areas in the capital field could do and the pipe lines asked for
48,171 a day from Wilcox, 25.161 a day from Simpson Sand, 126 a day from
Fault Line Zone and 875 a day from Arbuckle Lime, or the Discovery
Horizon. The Champlin Refining Co. and the H. F. Wilcox 011 & Gas
Co. admitted they want4 to run more oil, but don't want to pay posted
prices for it.
Quiet Week in Copper, Lead and Tin-Zinc Sales
Larger-Silver Declines.
With the exception of a little improvement in the demand
for zinc, the market for non-ferrous metals passed through
a rather dull period in the week ended Dec. 28, says "Metal
and .Mineral Markets" in its issue of Dee. 29. Both buyers
and sellers seemed more than willing to have the year pass
out of existence with as little notice as possible. Some
4459
Financial Chronicle
in the industry had hoped for higher prices for inventory
purposes, but, under the circumstances, most operators
wore pleased that they were able to maintain prices at current
levels. Copper wavered a little abroad, but continued
fairly steady in the domestic market. Lead was unchanged.
Zinc held well until some favored business came along for
which sellers were willing to name special terms. Tin was
featureless. Silver attracted attention in that the price
fell to 243
4cents per ounce, an all-time low. The following
comes from the same publication:
Copper Holds at 5 Cents.
There was some inquiry for copper for shipment over the second and
third quarters of 1933, out bids at around 5% cents on far off material
failed to interest sellers. Prompt and near by copper was almost neglected
in the domestic market, and the meager business placed was at the un
changed basis of 5 cents per pound, delivered Connecticut. The reason
that producers are not anxious to take on forward material at current
prices is quite evident-further curtailment in production is being considered.
Foreign business in copper was restricted chiefly because of the holidays.
European consumers bought a fair tonnage of copper on the days open to
trading. Tne undertone was a shade easier, prices ranging from 4.975 cents
to 5.10 cents, c.i.f. usual ports. Traders look for the British tariff dis
cussions to be resumed after the turn of the year, and the feeling is strong
that some kind of an agreement among foreign producers is in prospect.
The International Nickel Co. is to increase operations in the near future,
according to advices from Canada,so that the company will be in a position
to maintain adequate stocks of refined metal abroad. The proposed British
preference tariff is not responsloie for the action of Ince.
Stocks of copper in Britisa official warehouses on Dec. 15 totaled 36,t38
tons, against 36,050 tons a month previous.
The deliveries of copper for consumption during 1932 in the several
countries outside of the United States and Canada, computed according
to the conventional formula of production, plus imports minus exports,
plus or minus changes in stocks so far as published, are summarized by
the American Bureau of Metal Statistics, in metric tons, as follows:
Average
per
Month.
Great Britain
France
Germany
Italy
Japan
Austria
Czechoslovakia
13ungary
Netherlands
Poland
Sweden
Switzerland
Other Europe
All other countries except U.S. and Canada
Local productions omitted above
Totals, metric tons
x Conjectural.
10,230
7,098
11,161
3,801
5,852
401
1,049
401
227
349
1,043
1,007
x9,000
x1,200
x1,000
53,819
No. of Average
Months Last 3
Reported Months.
11
9
10
9
10
10
10
9
11
10
10
11
__
__
.._
11,090
6,368
14,366
2,332
5,974
251
1,387
522
234
338
599
1,269
x9,000
x1.200
x1,000
55,928
Average monthly consumption of copper in the countries named during
1931 was 59,658 metric tons; in 1930 the monthly total was 67,041 metric
tons, the statistics of the Bureau show.
Lead Unchanged.
The holiday season, rather than any real busine3s activity, seemed to
prevail in the lead market last week. Sales volume totaled only several
hundred tons. Prices, however, were maintained at recently existing levels
-that is, at 3c., New York, the contract settling basis of the American
Smelting & Refining Co., and 2.87%c., St. Louis. The bulk of what
business was booked originated with corroders, chiefly battery manufacturers.
Leading producers, although apparently not viewing the current status
of national affairs with unalloyed satisfaction. intimated that tney look for
an improved demand for the metal soon after the first of the year. This
favorable element in the outlook for the near future gains support from the
low total of sales of virgin lead for January shipment, which now stands
at about 7,100 tons. Sales for December shipment total about 19,900 tons,
or about 6,300 tons below the monthly average for the preceding eleven
months of the year.
Zinc Sales Improve.
Demand for zinc was not what might be termed active, but the fact
that some large consumers are showing more interest in this commodity
was regarded as a favorable development. Most of the moderate tonnage
that changed hands during the week was sold on Tuesday, and prices
realized on that day showed a range of 3.09 to 3.125c., St. Louis, for Prime
Western. The low on that day applied against some favored business.
Yesterday, all sellers again quoted 3.125c.
The International Zinc Cartel is expected to complete within a few days
Its curtailment plan for the first half of next year. The Belgian producers
have been holding out for a larger quota. Production of zinc abroad,
under the revised plan, will probably show a moderate increase over toe
existing rate of operations. Stocks abroad are still tending downward.
Tin Inactive.
The recent inactivity of the domestic tin market continued through the
last week, business being limited to a few small sized lots of Chinese metal.
Prices, although exhibiting a slightly downward trend, were only nominal.
Statistics issued oy too International Tin Committee during the week show
that shipments in September, October and November were above the allotment total by 45.365, and 201 tons, respectively. This condition resulted
chiefly from excessive exports on the part of Bolivia and Malaya. It is
understood, however, that in succeeding months Bolivia will lower its
shipments to a compensating degree, and that liquidation of stocks by a
leading operator in Malaya has now been completed.
Chinese 99% tin, prompt shipment, closed as follows: Dec. 22, 21.75c.;
Ded, 23, 21.70c.; Dec. 24, 21.65c.; Dec. 26, holiday; Dec. 27, 21-60c.;
Dec. 28, 21.65c.
Steel Output Declines Only 1%, Bettering Year-End
Hopes-Prices Remain Unchanged.
The steel industry is ending a disastrous year with better
production than was expected, says the "Iron Age" of Dec.
29. Although some rolling mills are shut down for the entire
4460
Financial Chronicle
holiday period, the steel-making rate has declined only to
13% of the country's capacity from 14% last week, add is
slightly above the low point of the depression, reached in
the holiday week last July, adds the "Age." Raw steel
output is sustained chiefly by the automobile industry's
requirements and advance rollings of tin plate, continues
the "Age," which further reports as follows:
In districts where automobile steels are the principal products there
haa been no suspension except that occasioned by the week-end holidays.
A Detroit steel plant is running five of its six open-hearth furnaces, one
being idle for repairs, and at Cleveland the current rate is 26%. the same
as last week. The Pittsburgh district, however, is not above 12%, while
production in the Valleys has declined to about 10%. The eastern Pennsylvania district is also down to about 10%. Chicago district output has
not gained from its extremely low point of last week, but orders there have
Increased moderately, indicating a somewhat better operation In the first
week of January.
Steel mills will start out the new year with no important backlog tonnages
and with very indefinite prospects, but there is naturally an expectation
that business will improve moderately after the year-end pause. A few
orders have filtered in for January shipment and billing. At Chicago
there was a sudden spurt in orders from the railroads for track supplies
that are needed immediately, recent cold weather and snow having made
track repairs necessary. In no other particular, however, has railroad
buying shown signs of betterment, although the settlement of the wage
controversy with the unions removes one of the obstacles to the carrying
out of 1933 maintenance and equipment programs, restricted though they
may be. Another objective of the carriers is the continuance of emergency
freight surcharges after March 31. Hearings on this subject are to be
begun this week.
An increase in automobile output In January over the 110,000 cars
estimated as this month's output is now ferny certain. Ford's schedule
for next month is said to be 20.000. Chevrolet's production, whizh Is the
largest in the industry, will be expanded somewhat next month because
the schedule of assemblies set for December has not been quite attained.
Ford's recent orders for sheets have given work to some mills that would
otherwise have little to do. One bar mill unit worked through the Christmas
holidays to rush shipments to an automobile manufacturer. Further
steel purchases by some of the automobile companies will be made within
a week or two, as schedules of production have been set for the next six
weeks.
Tin plate contracting, usually an important feature of steel trade at this
time of year is still backward, though a few large contracts have been
closed. Some belated specifications for January shipment have been received. Tin plate mills are operating this week at 25% to 30%, with
betterment next month reasonably certain.
Building construction, as represented by structural steel lettings of
only 11,250 tons, with inquiries for 3,900 tons, Is seasonally dull. Normally the trend of structural steel awards is upward In the early months
of a year, but the outlook for 1933 is dimmed by the dearth of private
construction and uncertainty with respect to Federal projects under
economy influences at Washington. The formal contract for 60,000
tons of steel for the bridge to be built over the Mississippi River at
New Orleans probably will be placed this week.
The year ends with virtually no further price changes on finished steel,
pig iron or s=ap. Foundry coke has eased off 25 cents a ton. Although
open market quotations on finished steel are unchanged, signs of weakness
are cropping up here and there. Reinforcing bars have been sold at mill
quotations ranging from 1.30 cents to 1.40 cents, Cleveland, for use in
that city. Full finished sheets have been sold at concessions, and prices
on galvanized material have been shaded in the South and Southwest.
The $2 a ton advance on No. 24 gauge annealed sheets, scheduled to go
Into effect on first-quarter contracts, has not been established, as consumers are apparently of the opinion that higher prices cannot be put
Into effect at this time,and hence they are delaying In making commitments.
Competition for structural steel business in Chicago has brought quotations on fabricated material almost to the level of the open market prices
on shapes, while In the East the plate market is still subject to wide variations in prices.
The "Iron Age" composite prices are unchanged at 1.948 cents a pound
for finished steel, $13.56 a gross ton for pig iron and $6.92 a gross ton
for heavy melting scrap.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
Based on steel bars, beams, tank plates,
Dec. 27 1932, 1.9480. a Lb.
One week ago
19480. wire, rails, black pipe and sheets.
One month ago
1 9480. These products make 85% of the
One year ago
1.945c. United States output.
Low.
High.
1932
1.926e. Feb. 2
1 977e. Oct. 4
1931
1.9450. Dec. 29
20370. Jan. 13
1930
2.0180. Dec. 9
2 273o. Jan. 7
1929
2.2830. Oct. 29
23170. Apr. 2
1928
2.2170. July 17
2 2860. Dec. 11
1927
2.212c. Nov. 1
2 402c, Jan. 4
Pi, Iron.
Dec. 27 1932, 813.56 a Gross Ton. Based on average of basic Iron at Valley
One week ago
$13,561 furnace foundry irons at Chicago,
One month ago
13.59 Philadelphia, Buffalo, Valley and IlirOne year ago
14.791 mingham.
Low.
High.
1932
$14.81 Jan. 5
813.56 Dec. 6
1931
15.90 Jan. 6
15.79 Dee 15
1930
18.21 Jan. 7
15.90 Dec. 16
1929
18.71 May 14
18.21 Dec. 17
1928
18.59 Nov.27
17.04 July 24
1927
19.71 Jan. 4
17.54 Nov. 1
Steel Scrap.
Dec. 27 1932. $8.92 a Gross Ton. Based on No. 1 heavy melting steel
One week ago
$6.92 quotations at Pittsburgh, Philadelphia
7.37 and Chicago.
One month ago
8.50
One year ago
High.
Low.
1932
88.50 Jan. 12
86.42 July 5
11.33 Jan. 6
1931
7.02 Dee. 29
15.00 Feb. 18
1930
11.25 Dec. 9
17.58 Jan. 29
1929
14.08 Dec. 3
15.50 Dec. 31
1928
13.08 July 2
15.25 Jan, 11
1927
13.08 Nov.22
Severely as steel production has been pruned back over
the holidays, to about 12% in the week ended Dec. 24 and
possibly to a point lower in the week ended Dec. 31, it
is not believed that the average daily rate for December
will decline to the level of the all time low of August, stated
Dec. 31 1932
"Steel" of Cleveland in its issue of Dec. 26 1932. "Steel"
continues:
Shutdowns scheduled for Dec. 23 to 27 were the most sweeping In the
history of the industry, but the fear that they would carry tnrough the
week will not be realized, inasmuch as automotive releases, especially for
sheets and strip, will restore some capacity Dec. 27 that was expected
to stay down.
As usual, consumers have permitted their inventories to run down, and
while many have signed contracts for the first quarter, they have not
specified. Producers, however, expect that with the turn of the Year
specifying will be resumed, and they look to January to bring some measure
of improvement.
Structural steel awards approach the year-end with the second highest
total for any week this year-70,513 tons-due largerly to the Placing
of the steel for the Federal-aid Belt Line RR. bridge at New Orleans.
On Wednesday the American Bridge Co. Is scheduled to receive a formal
order for 20,000 tons for the main span, and the McCllntio-Marshall Corp.
40,000 tons for approaches. The 3,020 tons for a viaduct at Newark,
N. J., has been closed by the Phoenix Bridge Co.
Revival of the New York Central RR. St. John's Park terminal warehouse in New York brings 20,000 tons of structural material up for bids
Dec. 27. Inquiry for sheet piling Is broader at New York, while bids are
in on 5,690 tons for a sea wall at Seattle. Public work is going ahead
faster in the Pacific Northwest. Buffalo understands that the Reconstruction Finance Corporation views more favorably the Grand Island
Bridge project, requiring over 12,000 tons.
In the distribution of steel sheets for bodies for new models, Ford has
Included a Chicago mill. Excepting Plymouth and Buick, first of the
large-scale producers to start, automobile manufacturers are maintaining
high rates of assembly on new models, and December output will approximate the 111,141 units of July. For January the outlook is equally good.
Many railroads are generous buyers of rivets, indicating an early start
on car repair programs. Many roads also are in the market for miscellaneous steel requirements for the first quarter, usually 2,500 tons or under.
The Santa Fe. which has just distributed 26,484 tons of rails, is inquiring
for about 3,000 tons of fastenings. With the rail wage matter settled
until Oct. 31, one more impediment to placing of rails for 1933 laying is
removed.
Bids are in at Seattle on 5,800 tons of cast iron pipe, while Chicago will
lay 5.000 ton as a result of Reconstruction Finance Corporation assistance.
Of finished steel products, sheets are the most active, due to automotive releases, and strip second. Because tin plate is so firmly held on
the new basis of $4.25, consumers are under no incentive to commit.
An exception to easy demand for pig iron is the situation at
Chicago.
where the decline in December shipments is less than anticipated and an
upturn is expected In January. An Inquiry for basic iron at Pittsburgh
probably will lead to an order for 5,000 tons. Foundry and domestic coke
Is moving well, and the inventories of some ovens have been reduced
gratifyingly.
Scrap is in no demand and prices are nominal. leaving "Steel's" composite of steelworks scrap unchanged at $6.29. Concrete billet bars are
being stabilized. Ferrosillcon has been reduced $3 per ton, to $74.50.
with corresponding adjustments In silicon and chrome briquets and allied
products. But these do not affect that iron and steel composite of "Steel,"
which holds at $28.91, or the finished steel index at $46.70.
Steel ingot production for the week ended Monday (Dec.
26), is estimated at 123/2%, according to the "Wall Street
Journal" of Dec. 28. This compares with a shade over
143/2% in the preceding week and 153/2% two weeks ago.
The "Journal" adds:
The decline is due to the holiday shut-downs. Some of the mills reopened
Tuesday morning, but several probably will remain closed during the whole
week. As a result it is probable that the late this week will be about the
same as in the previous seven days.
U. S. Steel is credited with a rate of slightly below 12%, against 15%
In the week before and 15li% two weeks ago. Leading independents
are at about 13%,compared with 143.6% a week ago and 1536% two weeks
ago. One reason for the higher rate among independents is the fact that
some of these companies have been kept going to supply the demands from
the automotive industry.
In the Christmas holiday week a year ago the average for the industry
went down nearly 4% to a little above 20%. U. S. Steel was off 3% to
22% and independents
% to 1855%. In the like week of 1930 the industry ran at 24%, a drop of more than 10%, U. S. Steel declined 11%
to 30%, and independents were off 10% to 20%. In the 1929 week the
average was between 39% and 40%. a reduction of a shade over 13%•
U. S. Steel showed a loss of 14% to 50%, and independents were down
13% to 30%. Reductions In the Christmas week of 1928 ranged from 22%
to 28%, and the various companies were operating between 55% and 60%
of capacity
Foundry Operations in Philadelphia Federal Reserve
District During November as Reported by University of Pennsylvania-Larger Production of Gray
Iron and Steel Castings Noted During Month.
The production of gray iron and steel castings during
November was larger than in the previous month according
to reports from foundries in the Philadelphia Federal Reserve
District compiled by the Industrial Research Department
of the University of Pennsylvania. Even the slight increase
of 2% in the output of gray iron castings is significant because there is usually a decline in November. The experience
of this year was probably caused by the delayed appearance
of the seasonal factors usually found in October. The output
of steel castings was more than twice as much as in October
but the prospects are that this increased activity of November
will not continue although nearly all of the steel foundries
had at least a slight increase in production. The compilation
of the University also said:
Shipments of steel castings also doubled those of October, but deliveries
of Iron castings decllned 5%. The average prices per pound of both Iron
and steel castings were less than those of a month ago and a year ago. The
decline in the average price of steel castings was so severe that the price of
steel castings was below that of Iron castings. The tonnage of orders unfilled
at the close of November showed an increase over those of last month in the
4461
Financial Chronicle
The steel plants reported
steel foundries but declined In the iron foundries.
foundries had a
declines in the amount of raw stocks on hand while the iron
raw materials remaining
other
stock,
decrease only in the tonnage of coke in
about the same as last month.
IRON FOUNDRIES.
No. of
Firms
Reportins.
Per Cent. Per Cent.
Change
Change
From
From
Oct. 1932. Nov. 1931.
Nov.
1932.
Short Tons.
12,572
32
CalmCRY
1,394
32
Production
1,182
GrayIroni
90
1 31
6
Jobbing
222
For further manufacture
212
4
Malleable iron
1,517
31
f
Shipments
1 5161,958
Value
447
19 f
Unfilled orders
1 $64,685
Value
Raw stock:
1.813
23
Pig Iron
1,847
27
Scrap
426
27
r.m. _
-3.9
+2.2
-0.1
+12.9
-27.9
-5.2
-11.4
-9.0
-12.6
---38-.5
-0.6
-0.1
-7.3
-51.6
-14.3
-257
-37.1
-39.4
-25.1
-47.2
-33.0
-38.6
-45.4
-44.2
Gray Iron Foundries.
The output of gray iron castings in 31 foundries during November was 2%
more than in October. This increase Is of special interest since production
and in the same
In the corresponding months of 1631 declined slightly
period of the other years since 1926 decreased from seven to nearly 20%•
Considering the fact, however, that in October of this year there was a
decline in output instead of the usual seasonal increase, it seems probably
that at least part of this month's activity can be attributed to the delayed
operation of those seasonal factors.
An increase of 13% in the tonnage of castings produced for further manufacture within plants operating a machine shop in conjunction with their
foundry caused the increase in total output. The volume of castings produced for jobbing work was practically the same in October and November.
Foundries located in Philadelphia had a general increase in activity with
only two plants reporting a decrease in production. In spite of the increases
the total output of the Philadelphia foundries was less than in September.
The plants operating outside of Philadelphia but within this Federal Reserve
District had a decline in activity which brought their output down almost
to the low point of last June and July. Only four of these foundries had an
increase in production.
Shipments of iron castings during November were 5% less in tonnage and
11% less in value than in the previous month. The average price per pound
ago.
for the castings delivered was less than that of a month ago and a year
At the end of November the volume of unfilled orders on hand was 9%
less.
less than at the beginning of the month and their value was nearly 13%
was
The tonnage of pig iron and scrap on hand at the close of the month
stock
in
coke
approximately the same as a month ago, but the amount of
was less.
Malleable Iron Foundries.
The production of malleable iron castings in four foundries during Novemactivity
ber was 28% less than in October. In spite of this severe decline,
increase in
was at a higher level than in September. When the unusual
from
increase
monthly
October is omitted, there appears to be a persistent
the low point of last July.
Sharp Gain Reported in Weekly Bituminous Coal and
Anthracite Production-November Output Higher
Than in Corresponding Period in 1931.
According to the United States Bureau of Mines, Department of Commerce, estimated production of bituminous coal
amounted to 7,800,000 net tons during the week ended
Dee. 17 1932, as against 6,828,000 tons in the preceding week
and 7,056,000 tons in the corresponding period last year,
while anthracite output amounted to 1,237,000 net tons as
compared with 936,000 tons during the week ended Dec. 10
1932 and 894,000 tons during the week ended Dec. 19 1931.
Production during the month of November 1932 was
estimated at 30,632,000 net tons of bituminous coal and
4,271,000 tons of anthracite as compared with 30,110,000
tons of bituminous coal and 4,149,000 tons of anthracite in
November 1931 and 32,677,000 tons of bituminous coal and
5,234,000 tons of anthracite in October 1932.
During the calendar year to Dec. 17 1932 there were
produced, according to estimates, 292,058,000 net tons of
bituminous coal and 47,006,000 tons of anthracite as against
366,445,000 tons of bituminous coal and 58,061,000 tons of
anthracite during the calendar year to Dec. 19 1931. The
Bureau's statement follows:
STEEL FOUNDRIES.
rer Urn,
ITT eeni.
Change
Change
Firms
From
From
Report- Nov. 1932.
Oet. 1932. Nov. 1931.
frig.
NO. Of
Capacity
Production
Jobbing
For further manufacture
Shipments
Value
Unfilled orders
Value
Raw stock:
Pig iron
Scrap
Coke
s
. 8
8
7
Short Tons.
8,630
1,813 +1-015
+133.8
1,631
-6.4
182
1,753 +136.8
+73.0
$168,928
+3.0
1,076
-1.5
5113,442
6
6
157
3,240
6
225
-27.2
-17.8
-10.9
the week ended
Production of bituminous coal Increased sharply in
three times in the
Dec. 17 1932, reaching a total that has been exceeded but
net tons, a gain
7,800.000
at
estimated
is
present year. The total output
This is also well above
of 972,000 tons, or 14.2% over the preceding week.
production amounted
the figure for the corresponding week in 1631, when
to 7.056,000 tons.
the week ended
during
anthracite
a
The total production of Pennsylvani
This. too, shows a large
Dec. 17 1632 is estimated at 1,237,000 net tons.
preceding week, and exceeds
increase-301.000 tons, or 32.2%-over the
approximately 38%.
the output in the corresponding week of 1931 by
Dec. 17 1932 is estimated
of
Beehive coke production during the week
at 19,700 net tons.
ESTIMATED UNITED STATES PRODUCTION OF COAL
AND BEEHIVE COKE (NET TONS).
-28.5
-35.2
-34.6
was
The tonnage of steel castings produced in eight foundries in November
major part of this
twice as large as the output in October. Although the
increase was caused by unusual conditions which will not hold in December,
The innearly all of the plants had at least a slight increase in activity.
133.8% more
creased production was in castings for jobbing work which was
used
castings
of
tonnage
the
than in October. There was a decline of 6% in
work is done by the steel
in further manufacture. Very little of this type of
foundries.
Shipments of steel castings increased 136.8% in tonnage but only 73.0%
that of iron castings,
In value. The average price per pound, which was below
castings sold at the low
was largely caused by an increase in the amount of
price level.
shipments, there was a
In spite of the Increased output and the increased
the end
slight increase of 3% In the tonnage of unfilled orders on hand at
unfilled at the beorders
of
volume
of the month in comparison with the
there has
ginning of November. This Is the first time since last July that
orders. The total value of the
been any increase in the tonnage of unfilled
on
hand were less
unfilled orders, however. declined 1.5%. All raw stocks
than those of a month ago and a year ago.
Dec. 10
1932.d
Dec. 17
1932.c
Dec. 19
1931.
1932.
1931.
1929.
Bituminous Coal
66.445,000517,203.000
Weekly total__ 7,800,0006,828.0007,056.000292,058,0003
985,000 1,233,000 1,738.000
Daily average_ 1,300,000 1.138,000 1.176,000
AnThracite b
58,061,000 71,307.000
Weekly total- 1,237,000 936.000 894.000 47,006.000
197,809
243,000
160,200
Daily average_ 206,200 156,000 149,000
Beehive Coke6.318,300
1,241.6001
731,700
13,600
20.700
19,700
Weekly total__
20.991
4,125,
2.431
3.100
3,450
3.283
Daily average_
fuel. b Includes
a Includes lignite, coal made into coke, local sales, and colliery
fuel. c Subject
Sullivan county. washery and dredge coal, local sales, and colliery
to revision. d Revised.
ESTIMATED WEEKLY AND MONTHLY PRODUCTION
OF COAL BY STATES (NET TONS).
(Three Ciphers Omitted).
State.
--13:1
-2.8
-27.8
+5.4
-14.2
-58.8
-62.5
Calendar Year to Date.
Week Ended.
Monthly Output.
Week
Nov.
Oct.
Ended Nov.
Dec. 10 1932. 1932. 1931.
a®
000cta0
c4n0t.:...bD owaw
.....40,...mw wmow
,.0.
wm.w
.--v.m.-w,xcDooclo..00vuoow000v,
Volume 135
834
308
627
3,615
1,045
287
537
2,344
696
164
36
246
132
195
1,677
7,365
308
68
420
770
201
5,754
1,974
499
8
Cal. Year to Nov. 30.a
1932.
1931.
1929.
7.663 10,796 16.285
2,163 2,812 4,862
4,794 5,671 8.819
28,132 39,883 54,049
10,342 12,080 16,434
3,316 2.957 3,777
4.938 4,655 6,277
23,882 29.395 42.164
8,229 7.535 13,036
1,216 1,775 2,406
736
348
326
1,669 1,941 3.089
1,094 1,365 2.399
1,587 1,402 1,611
11,683 19,732 21,336
68.703 90.206 132.039
2,694 3,866 4.936
784 1.006
599
2.466 2.824 4.636
7.571 8.924 11,685
1.292 1,605 2.282
58,093 69.793 94,015
18,142 22,919 33.765
3.711 4.522 6,092
252
60
207
Alabama
Arkansas and Oklahoma_
Colorado
Illinois
Indiana
Iowa
Kansas and Missouri
Kentucky-Eastern
Western
Maryland
Michigan
Montana
New Mexico
North Dakota
Ohio
Pennsylvania (bitum.)
Tennessee
Texas
Utah
Virginia
Washington
W. Virginia-Southern b
Northern c
Wyoming
Other States d
830
189
403
71
593
130
950 3,760
265 1,200
350
88
635
174
524 2,691
823
222
114
35
45
11
240
56
130
25
256
61
362 1,620
1,582 7,225
278
67
56
11
307
92
832
176
135
34
1,235 6,105
315 1,564
410
97
30
6
Total bituminous coal_
Pennsylvania anthracite.
6.828 30,632 32,677 30,110 274,557 347,850 487,943
936 4.271 5.234 4,149 44,261 54,967 66,451
7 7,4
24 001
17 011
Rd 910 11515111,1,1119 1.11, SKA qrs..
for 1929 and 1931
a Bituminous figures for 1929 only are final' anthracite igures
Virginian, K.& M.. and
are final. b Includes operations on the N.& W., C. dr 0..
is not strictly
d
This
group
Panhandle.
Including
State,
of
B. C. & G. c Rest
comparable in the several years.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ending Doc. 28, as reported
,000, a deby the Federal Reserve banks, was $2,189,000
week and
preceding
the
with
compared
0
of
$3,000,00
crease
with the correspondan increase of $170,000,000 compared
the Federal
ing week in 1931. After noting those facts,
Reserve Board proceeds as follows:
credit amounted to $2.168,000,000, a
On Dec. 28 total reserve bank
This decrease corresponds with a
decrease of $12,000,000 for the week.
decrease of 843.000.000 in money in circulation and an increase of $17.000,000 in monetary gold stock, offset in part by an Increase of $36.000.000
in member bank reserve balances and a decrease of 512.000,000 in Treasury
currency, adjusted.
Holdings of discounted bills increased $5,000.000 at the Federal Reserve
Bank of Atlanta. and declined $4.000.000 at New York and $3,000.000
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 United States Treasury notes increased
by the
$9.000.000 and those of Treasury certificates and bills decreased
same amount.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
4462
Financial Chronicle
Dec. 31 1932
Reserve banks was changed to show the amount of Reserve Complete Returns of
the Member Banks of the Federal
bank credit outstanding and certain other items not included
Reserve System for the Preceding Week.
in the condition statement, such as monetary gold stocks and
As explained above, the statements for the New York
money in circulation. The Federal Reserve Board's explanaand Chicago member banks are now given out on Thursda
y,
tion of the changes, together with the definition of the difsimultaneously with the figures for the Reserve banks themferent items, was published in the May 31 1930 issue of
selves and covering the same week, instead
of being held
the "Chronicle," on page 3797.
until the following Monday, before which time the statistics
The statement in full for the week ended Dec. 28, in comcovering the entire body of reporting member banks
in 101
parison with the preceding week and with the corresponding cities
cannot be got ready.
date last year, will be found on subsequent pages, namely,
In the following will be found the comments of
the Federal
4518 and 4519.
Reserve Board respecting the returns of the entire
body of
Changes in the amount of reserve bank credit outstanding reportin
g member banks of the Federal Reserve System
for
and in related items during the week and the year ended the
week ended with the close of business on Dec.
21:
Dec. 28 1932, were as follows:
The Federal Reserve Board's condition
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
Increase (+) or Decrease (—)
Since
Dec. 28 1932. Dec. 21 1932. Dec. 30 1931.
s
s
3
267,000,000 —3,000,000 —757.000,000
33,000.000
—294.000.000
1 851.000,000
+1,048.000.000
17,000.000 —8,000,000
—31.000,000
TOTAL RES'VE BANK CREDIT 2.168.000.000
Monetary gold stock
4,505,000.000
Treasury currency adjusted
1 898.000.000
Money In circulation
5,687,000.000
Member bank reserve balances
2 482,000.000
Unexpended capital funds, non-member deposits. &et
402,000,000
Returns
—12,000,000
+17.000.000
—12,000,000
—43.000.000
+36,000.000
—34,000.000
+47.000.000
+137.000.000
+54.000,000
+159,000.000
+1,000,000
—83,000,000
of Member Banks in New York
City and
Chicage—Brokers' Loans.
statement of reporting member
banks in leading cities on Dec.21 shows
increases for the week of $35.000,000
In loans and investments. $13.000,000 in net
demand deposits, $78.000,000
in government deposits and $22,000,000 in
reserve balances with Federal
Reserve banks, and decreases of $12,000,000
in
000,000 in borrowings from Federal Reserve banks.time deposits and $15.Loans on securities declined $9,000.000
at all reporting banks, while
"all other" loans increased $53.000.000 in
the New York district and
$28.000.000 at all reporting banks, and declined
$9,000,000 in the Chicago
district.
Following the Treasury's quarterly financial
operations, holdings of
United States government securities increased
$12 000.000 in the Philadelphia district. $10.000,000 in the Boston
district, $9.000.000 in the San
Francisco district and $27,000.000 at all
reporting banks, and declined
$18.000.000 in the New York district and
district. Holdings of other bonds,stocks and $10,000.000 In the Chicago
securities declined $32,000,000
In the New York district and $29.000.000 at all
reporting banks.
Borrowings of weekly reporting member banks
from Federal Reserve
banks aggregated $84.000,000 on Dec. 21
the principal change for the
week being a decrease of $7,000,000 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 ending
Dec. 21 1932, follows;
Increase (+1 or Decrease (—)
Since
Dec. 211032. Dec. 14 1932,
Dec. 23 193).
$
Loans and investments—total-18,874,000,000
+35,000.000 —1.860.000,000
Loans—total
10,368,000,000
+37,000.000 —2,751.000.000
On securities
4,331,000.000
+9.000.000 —1,402.000,000
other
6.037.000,000
+28,000.000 —1,349,000,000
Investments—total
8,506.000,000
—2.000.000 +831.000.000
U.S. Government securities...-. 5,236.000,000
+27.000.000 +1.028.000,000
Other securities
3,270,000,000
—29,000.000 —137,000.000
Reserve with F. R. Nuke
2.014,000,000
+22.000,000 +488.000.000
Cash In vault
242,000.000
+13,000,000
—50.000,000
Net demand deposits
11.727,000,000
+13,000.0
00
—44,000,0
Time deposits
00
5,641,000,000
—12,000,000 —306.000,000
Government deposits
426.01)0.000
+78.000.000
+74.000,000
Due from banks
1.691.000.000
—23,000,000 +752.000,000
Due to banks
3.309.000.000
—21,000,000 +924.000,000
Borrowings from F. R. banks.—
84,000.000
—15,000.000 —503,000.000
-
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 decrease of $1,000,000, the total of these
loans on Dec.28 1932 standing at $394,000,000,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" remain unchanged at $379,000,000,
and loans "for account of out-of-town banks" remain unchanged at $12,000,000 while loans "for account of others"
South Africa Abandons Gold Standard—Ban
decreased from $4,000,000 to $3,000,000.
ks Cease
Quotations—Reserve Bank Relieved
from ResponCONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
sibility of Redeeming Notes in Gold.
RESERVE CITIES.
The South African Government was
New York.
reported on Dec. 29
as definitely off the gold standard. This
Dec. 28 1932. Dec. 21 1932. Dec. 30 1931.
followed emergency
$
$
measure
s
taken during the week to maintain the gold
DIMS and investments—total
7 020,000,000 7,055,000,000 7.147,000,000
standard, action having been taken to prevent
Loans—total
3,450,000,000 3,486,000.000 4.492,000.000
the export of gold
its
or
purchas
e
with
a view to hoarding. As to the develop
On securities
1,612.000.000 1,620.000,000 2.295.000.000
All other
ments on Dec. 29 we quote the following
1,838,000,000 1,866,000.000 2,197,000.000
message on that
Investments—total
date to the New York "Times" from
3,570,000,000 3.569,000.000 2,655.000,000
Cape Town (South
Africa):
U.
S. Government securities
2,481,000,000 2,502,000.000 1,712,000.000
Other securities
1,089,000,000 1,067.000,000 943,000.000
Reserve with Federal Reserve Bank
1.103.000,000 1,066,000.000 941,000,000
Cash In vault
44,000,000
52,000,000
58,000.000
Net demand deposits
5 728,000,000 5.674,000,000 5,217.000.000
Time deposits
883,000.000 880,000,000 779.000.000
Government deposits
163,000,000 176,1300,000 166,000,000
Due from banks
81,000,000
87,000,000
71,000.000
Due to banks
1,457,000.000 1,450,000,000 900.000.000
Borrowings from Federal Reserve Bank_
289.000.000
Losns on 'emir. to brokers & dealers
For own account
379.000.00
379.000.00
0
544.000.00
0
0
For account of out-of-town banks_ __. 12.000,000
12,000,000
41,000.000
For account of others
3,000.000
4,000,000
6.000,000
Total
394.000.000 395,000.000 591,000,000
On demand
234.000.000 234,000.000 442.000.000
On time
160,000,000 161,000,000 149,000.000
Chicago.
Loans and investments—total
1,088.000,000 1.092,000,000 1.584,000.000
Loans—total
639,000,000 640.000.000 1,076,000.000
On securities
362,000.000 361.000,000 633.000.000
AU other
277.000.000 279.000.000 443.000 000
Investments—total
449,000.000 452,000,000 508,000.000
U.S. Government securities
253,000,000 257,000.000 293.000.000
Other securities
196,000,000 195,000,000 215.000.000
Reserve with Federal Reserve Bank
296.000.000 289.000,000 154,000.000
Cash In vault
20,000,000
19.000,000
19,000,000
Nettlemand deposits
915,000.000 910,000,000 1,034.000.000
Time deposits
316,000,000 313,000,000 417,000.00
0
Government deposits
19.000.000
21,000.000
16,000.000
Due from banks
262.000.000 260,000,000 133,000,00
Due to banks
295,000,000 300,000,000 265.000,000
0
Borrowings from Federal Reserve Bank.
9,000.000
The South African Government was
to-day. Its efforts to keep the currencydefinitely off the gold standard
on gold parity externally failed
and after a day of chaotic movements In
overseas business the banks
canceled all exchange rates. Even the post
office refused to-day to sell small
money orders for abroad.
The Government is greatly blamed for the
said that the only thing remaining for Premiersituation and it Is being freely
J. B. M. Hertzog is a prompt
resignation. Politically local opinion is sadly
made by Tielman J. Roos at Johannesburg disappointed with the speech
last night. Mr. Roos alone
has a chance of forcing the Government out
if it refuses to resign. but
until he does so his prospects of reaching
a working arrangement with
General Jan Christian Smuts, leader of the
South African party, are misty.
.1.1aoemla Blames Roos.
N.0. Havenga, Minister of Finance, in
a speech at Pretoria this afternoon
declared that despite 12 months of agitation
by General Smuts the present
Government had been able to protect the
stability
appearance of Mr. Roos's devaluation manifesto of its currency until the
and the expectation that
his step would place the advocates of
devaluation in office in the early
future. That increased the attraction for
speculation, he said.
He estimated that between £2,000.000 and
$14355.000 at par) had left the country in 53.000.000 189,570,000 and
continued the banks would have been forced three days and had the run
to close yesterday and other
financial institutions would have been
shaken. The only way to prevent
a major disaster, he said, was to release the
Reserve Bank from its liability
to redeem notes in gold, ipso facto detaching
the currowy from the gold
standard.
"The Government took the same step
Great Britain did no Sept. 21
last year," he went on. "Throughout the
controversy the Government
adhered to the principle of the Macmillan report
that for a country situated
like the Union the voluntary abandonment
of gold, and the consequent
depreciation, was an act no Government
could take with credit or honor.
Like Britain the Government's hands have
been forced by uncontrollable
circumstances, but unlike Britain the crisis in
South Africa has been produced
by its own people encouraged by politicians.
Volume 135
Not on Bullion Standard.
bullion
"South Africa is not on the bullion standard. Neither specie nor
the gold exchange
is obtainable at any bank. Nor is South Africa on
exchange
standard because the Government had taken no steps to regulate
transactions nor used its powers to control gold output or influence exchange
rates.
the best advan"The Chamber of Mines is free to dispose of its output to
exchange rates
tage of the producers. The banks have a free hand in fixing
in any respect.
influencing
of
which the Government has no present intention
course
leaving them to find their own level in trade conditions. The future
by Parliament
of the country's financial policy will have to be dealt with
in the next month."
Government may adopt a gold bullion standard under an emergency act
Which authorizes the withdrawal of sovereigns from circulation.
In the "Times" advices from Cape Town Dec. 28 it was
stated:
Yesterday (Dee. 30) Associated Press cablegrams from
Cape Town stated:
Commercial banks to-day opened South Africa's "nongold standard"
exchange dealings with the quotation 91 pounds (South African) per 100
pounds (British sterling).
Dealings showed much hesitation, some houses considering the rate too
high to bring money to South Africa from London.
This was the first quotation since South Africa went off the gold standard
and obviously was a feeler for the value of South African pounds.
London Associated Press advices yesterday Dec. 30, said:
The exchange market quoted 90 South African pounds per 100 British
pounds to-day, compared with 69 pounds 12 shillings and sixpense in South
African currency to 100 British pounds last Wednesday.
A week ago (Dec. 23) a wireless message from Cape Town
to the "Times" had the following to say regarding the action
taken on that date by the Government to curb the flight of
currency:
With money pouring out of this country in millions and the banks refusing
to-day to sell more than E1,000 in exchange to any individual, a rumor was
current to-day that South Africa would go off the gold standard Monday.
At any rate there are sure to be more drastic restrictions soon.
Members of the Cabinet are hurrying to Pretoria for a meeting Monday to
consider the situation created by the action of Judge Tielman Roos in reentering politics with the aim of forming a coalition ministry. In this connection a rumor is current that the government will not resign, as is predicted
In some circles, but will continue in office after dropping the gold standard,
to which South Africa has clung throughout the depression.
Stating that the decision of the Government to retain the
gold standard and to stop the export of gold from the Union
was reached at a special session of Premier Hertzog's Cabinet
on Dec. 27, Associated Press advices on that date from
Pretoria (South Africa) to the New York "Herald Tribune"
added:
Following the flight of more than £1,000,000 because of the unlimited
sale of currency across the exchange recently, the Cabinet resolved to withdraw soverigns from circulation and prevent the export of hoarded gold.
In an official statement given out to-night, the Treasury Department reHayed the Reserve Bank of responsibility in redeeming notes in gold and declared that banks must make exchange quotations on this basis.
The statement added that as a consequence of the uncertain political
situation there has been an abnormal scale, with the result that abnormally
large purchase on the exchange and withdrawals of gold for hoarding. These
are likely to continue on an abnormal scale, with the result that credit and
the banking position, which Is sound, will be greatly endangered, the statement continued.
Note Redemption Suspended.
The government was advised that in order to avoid a crisis it was essential
that immediate steps be taken to protect the country's gold and exchange
resources. In the cir unistances, the Government agreed to relieve the
Reserve Bank of obligation in redeeming notes in gold and the section of the
currency and banking act applicable to such a measure accordingly was suspended.
The action of the Cabinet looking towards prevention of circulation of
sovereigns was taken under powers given in the financial emergency regulations of 1931. These also were invoked to relieve the Reserve Bank of
responsibility.
Earlier. Premier Hartzog declared that abandonment of the gold standard
would depreciate gold to its commodity value and would harm the country
without benefiting the mines.
Meanwhile the political situation arising from the financial contingency
became more serious because of the increasing influence of the Labor party
and the avowed intention of Judge Tielman Roos, former Minister of Justice, to form a new coalition party whose principal objective is devaluation
of the South African pound.
It was learned that the present government will face Parliament and
declare opposition to Judge Roos.
In a cablegram Dee. 27 from Pretoria to the New York
"Times" it was stated that "Although the Government
protests its adherence to the gold standard, the effect of
these regulations is much the same as if it had been abandoned." The "Times" cablegram also said in part:
The export of gold by South African banks will be controlled, gold sovereigns will be withdrawn from circulation and exchange quotations must be
made by banks on this basis.
Gold Purchases Abnormal.
The official statement says that because of the political situation there
have been abnormal purchases of foreign exchange and withdrawals of gold
coin for hoarding. These purchases and withdrawals are likely to continue,
it says, on an abnormal scale with the result that credit and the banking
position, which is sound, would be greatly endangered.
"It has been represented to the government." the statement proceeds,
"that In order to avoid a crises it is essential that immediate steps be taken
to protect the country's gold and exchange resources. The government in
the circumstances agreed to relieve the Reserve Bank of its obligation under
the currency and banking act of redeeming notes in gold. The section of
the act applicable is suspended."
Prime Minister Hertzog and his chief lieutenant. Finance Minister Havencrisis
ga have decided to remain on the gold standard and fight against the
created by the demands of Judge Tielman Roos, former Nationalist leader,
for a devaluation of the South African pound.
The Christmas holidays have opportunely stemmed speculation and the
withdrawals of gold from banks for hoarding or export, which began to
develop last week. While declaring adherence to the gold standard, the
4463
Financial Chronicle
Restrict Exchange Purchases.
The apparent results of yesterday's action are chaotic. The banks to-day
restricted purchases of exchange to £50 per individual unless special sanction
for a larger purchase has been given by their head offices. The exchange
rates with sterling quoted by the Reserve Bank to-day were the same as
yesterday, and inquiries from local banks about exchange possibilities are
referred to Pretoria.
Thus all overseas business is almost at a standstill and would-be purchasers
of sterling are being branded as "speculators," however legitimate their need
for sterling may be.
Governor Postmus and Treasury officials seem convinced that the Reserve Bank can fix and maintain the e.x liange rate of South African currency
abroad, although the South African pound is no longer convertible.
Their critics maintain that this is impossible and that the South African
pound will be valued abroad irrespective of what the Reserve Bank may do
here, according to what gold-standard countries are prepared to pay for it
from day to day.
General opinion is that the government's attempt to end exchange speculation will fail to deter the speculators while damming up legitimate business.
The following is from the same cablegram:
The South African Government, in relieving the Reserve Bank from responsibility for redeeming notes in gold, has attempted to get off the gold
standard internally and be on it externally.
As to whether it will succeed in either or both of these courses there is a
great division of opinion,some experts saying that it is impossible and others
that it is undesirable.
The fact remains that by placing the country on a "regulated gold basis"
by suspending the convertibility of the South African pound and severely
restricting exchange facilities the government has thrown the markets into
the greatest confusion.
Johannes Postmue, Governor of the Reserve Bank, is determined to keep
South African currency on a gold parity by paying externally in gold. He
can compel the gold mines to sell their whole output, amounting to E500,000
[about 32,392,5001 worth weekly, to the bank, which would meet all South
Africa's normal exchange requirements, but the question is whether he
would not invite international bear operations in South African currency
with disastrous results.
Mr. Postmus is a strong believer in the gold standard and a skeptic concerning the ability of sterling to maintain its position relative to gold.
From a London cablegram Dec. 27 to the New York
"Journal of Commerce" the following is taken:
Effects of Action.
For South Africa to quit the gold standard altogether and to prohibit the
export of newly mined gold would mean the Practical halting of activity in
the open gold market here. Approximately one-half of the new gold comes
from the Cape and is sold in London. At the present time, because of the
high price of gold, most of it goes into central banking reserves and little
into industrial uses.
In addition to exports of new gold it is estimated that during the past
few months South Africa lost about £20,000,000 gold. This was a flight of
capital largely to London. It is to prevent the movement of domestic
funds to foreign countries that restrictions on exports are being considered.
The movement recently was accelerated in fear of absolute abandonment of
the gold standard or restrictions on gold shipments.
Complete abandonment of the gold standard by South Africa and the
halting of shipments of newly mined gold would have far reaching effects.
The gold is paid for in sterling and resold for gold currencies. If these
transactions are ended a further fall in sterling would be likely. It is felt
that this will mean a rise in internal prices and in wage scales here.
Dispatchesfrom South Africa to-day indicated that a preliminary decision
had been made to adhere to the gold standard. During the past few days.
it is said, around L1.000.000 South African currency was taken out of circulation and shipped to London.
Currency Not Quoted.
Foreign exchange experts yesterday had no late information as to the
extend to which gold shipments from South Africa would be restricted.
Because of the uncertainty as to whether the gold standard would be maintained there were no quotations on the currency. Quotations last week
were 4.83k. The South African pound had the same gold value as the
British pound.
Johannesburg (South Africa) advices Dec. 28 to the New
York "Times" said:
The Chamber of Mines has informed Minister of Finance Havenga that
the Reserve Bank has refused to honor its notes in gold and has thereby
abrogated the agreement between the chamber and the bank, leaving the
chamber free to sell its gold output to the highest bidder.
This accentuates the difficulty of the Union's remaining on gold, and it
is contended that the Union is now actually off gold.
It is understood that the government is considering devaluation and will
submit the necessary legislation at the approaching session of Parliament.
American Investments in South Africa.
On Dec. 27 Associated Press accounts from Washington
stated:
Americans at the end of 1929 had investments of approximately $40,000.000 in the Union of South Africa and this amount is believed to have been
increased in the last three years.
The Department of Commerce, in disclosing the figures to-day,said that
except for this investment Americans did not hold any commercial obligations of the Union of South Africa and that the country had not sold any
of its own securities in the United States.
In 1931 the United States exported $28,305,910 worth of goods to the
Union of South Africa, a decrease of 310,000,000 compared with the preceding year. It imported $4,403,952 from the union, a decrease of 61,600,000 under the preceding year.
The Federal Reserve Board in its December bulletin reported that South
Africa held 655,000,000 in gold, an amount which had varied little since
July 1931.
The board reported that a large part of the gold purchased by France and
other nations on the London market in recent months had come from South
Africa and that shipments from South Africa continued to be disposed of
In the London market in large volume.
4464
Financial Chronicle
0-
N
V
I
In Circulation.t
MONEY OUTSIDE OF THE TREASURY.
Dec. 31 1932
Stock of Money in the Country.
e Includes money held by the Cuban agency
of the Federal Reserve Bank of
The Treasury Department at Washington has issued the Atlanta.
f The money in circulation includes any
paper
currency held outside the concustomary monthly statement showing the stock of money tinental limits of the United States.
-Gold certificates are secured dollar for dollar by
In the country and the amount in circulation after deducting forNote.
gold held in the Treasury
their redemption; silver certificates are secured
dollar for dollar by standard
silver dollars held In the Treasury for their
the moneys held in the United States Treasury and by Fed- secured
redemption: United States notes are
by a gold reserve
$156,039,088 held In the Treasury. This reserve fund
eral Reserve banks and agents. It is important to note may also be used for theofredemptio
n of Treasury notes of 1890, which are also
dollar for dollar by standard silver dollars held
that, beginning with the statement of Dec. 311927, several secured
are being cancelled and retired on receipt. Federal In the Treasury; these notes
Reserve notes are obligations
of
the
United
States
and
very important changes have been made. They are as bank. Federal Reserve a first lien on all the assets of the issuing
Federal Reserve
notes are secured by the deposit with
Federal Reserve
follows: (1) The statement is dated for the end of the agents of a like amount of gold or of gold and
such discounted or purchased paper
as Is eligible under the terms of the Federal Reserve
Act, or, until March 3 1933. of
month instead of for the first of the month; (2) gold held
direct obligations of the United States If so authorised
by Federal
Reserve Hoard. Federal Reserve banks must by a majority vote of the
Federal Reserve banks under earmark for foreign account at
least 40%. Including the gold redemption fund which maintain a gold reserve of
must be deposited with the
United States Treasurer. against Federal Reserve
is now excluded, and gold held abroad for Federal Reserve Lawful
money has been deposited with the Treasurer notes In actual circulation.
of
United States for rebanks is now included; and (3) minor coin (nickels and tlrement of all outstanding Federal Reserve bank notes. the
National bank notes are
Secured by United States bonds except where lawful
money has been deposited with
cents) has been added. On this basis the figures this time, the Treasurer
of the United States for their
. A 5% fund is also maintained in lawful money with the Treasurer ofretirement
the United States for the redemption
which are for Nov. 30 1932, show that the money in cir- of
National bank notes secured by Government bonds.
culation at that date (including, of course, what is held inbank vaults of member banks of the Federal Reserve System) Use of Silver in War Debt Payments Urged by Senator
Hayden-Proposes Acceptance by United States
was $5,647,569,816, as against $5,627,581,274 on Oct. 31
of 100,000,000 Ounces from Great Britain.
1932 and 85,536,142,677 on Nov. 30 1931, and comparing
with $5,698,214,612 on Oct. 31 1920. Just before the outAcceptance of silver in payment of a part of the
British
break of the World War, that is on June 30 1914, the total debt as a prelude to a wider and more permanent
monetary
was only $3,459,434,174. The following is the full statement: use of the white metal was urged by Senator
Hayden of
Arizona, man address broadcast from Washington on
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Revised figures.
a Does not Include gold bullion or foreign coin other than that held
by the Treasury. Federal Reserve banks. and Federal Reserve agents. Gold held
by Federal
Reserve banks under earmark for foreign account is excluded, and
gold held abroad
for Federal Reserve banks Is included.
b These amounts are not Included In the total since the money
against gold and silver certificates and Treasury notes of 1890 Is held In trust
included under
gold coln and bullion and standard silver dollars, respectively.
c The amount of money held in trust against gold and silver
certificate
Treasury notes of 1800 should be deducted from this total before combining s and
total money outside of the Treasury to arrive at the stock of money In the it with
United
States.
d This total includes $39 825 496 gold deposited for the redemption
of
Federal
Reserve notes ($1,194.210 In process of redemption). $36,714,851 lawful money
deposited for the redemption of National bank notes ($15.988.387 In process
demption, including notes chargeable to the retirement fund), $1.350 lawful of remoney
deposited for the retirement of additional circulation (Act of May 30
1908). and
$23,036,077 lawful money deposited as a reserve for postal savings deposits.
The New York "Herald Tribune" reported Senator
Hayden as saying:
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Contending that the demonetization of sliver had reduced
the purchasing
power of many peoples, particularly those of the Far
East, and that anything done to raise the price of silver would improve
foreign trade and be
reflected In improved commodity prices at home,
Senator Hayden declared that Great Britain, "which started silver on the
downward path,
and India, which sold silver down to half its former
price, should lead the
way back to recovery."
"Let the United States, Great Britain and India,"
be said, "make their
inter-governmental debts a reason for the transfer
of 200,000,000 ounces
of silver to show that powerful governments still
have use
Let the self-governing dominions of the British Empire for that metal.
join in a greater
utilization of silver as money. When the world economic
conference meets
there will then be no groping about for a plan. A
plan will be made."
Senator Hayden recalled that both the Democrat
ic and Republican
National platforms pledged American co-operat
ion in an international
effort to restore the use of silver as money, and
added:
"The quickest and most effective International
co-operation that the
American Government can extend toward the
rehabilitation of sliver Is
to accept 100.000,000 ounces of silver in full
settlement of $100,000,000
due from great Britain, upon two conditions: First,
that the British Government acquire an equal number of ounces of silver
to restore its coinage
to its former silver content. Second. that satisfacto
ry assurances be obtained from the British Government for India that
no
will be sold except to other governments for coinage silver owned by it
purposes.
"This transaction will take off the market
200,000.000 ounces of silver
and utilize the same for coinage. Certainly there
should be some favorable
effect on the price of silver If an amount equivalen
t to a whole year's world
production is thus legitimately disposed of and
the fear of future governmental dumping by Great Britain and India is
ended."
This, he admitted, would mean "a mild Inflation,
" but he contended that
"the United States could now absorb over a
billion dollars of silver into
its monetary system and still have less silver
In proportion to gold than
we had in 1900."
Senator Wheeler Urges 16 to 1 Silver to Fight Depres
sion-Sees Chaos in United States Should Congress
Fail to Act.
Complete collapse of the Nation's financial sotup, followed
by a more severe shakeup of the political institutions "than
anyone has ever dared think of," was predicted on Dec. 28
by Senator Burton K. Wheeler (Dem.) of Montana, unless
Congress acts immediately to restore commodity prices and
care for the unemployed. The foregoing is from a Washington dispatch to the New York "Journal of Commerce,"
which continued:
Speaking over a Nation-wide radio hook-up, Senator
Wheeler said that
the United States has reached the crossroads, and the country
Is confronted with the choice of either solving our financial
and economic problems In the near future or facing chaos.
Tells of Hangar Marchers.
"The few hundred hunger marchers who came to Washingt
on to lay their
grievances before Congress," he said, "will
be but an advance guard of
many thousands who will come, unless speedy
relief Is found for the 11.000,000 unemployed in this country, and some provision made
to save the
farmers from land banks and mortgage companie
s which are now foreclosing on their farms and taking possession of them
at bargain prices.
"The bankrupt farmers and the millions of unemploy
ed men who are
tramping our atreeta looking in vain for work,
88 well as many business
and professional men, have lost faith in our financial and
political leaders.
Not only that, but they are growing impatient and bitter."
Take Stand for Silver.
Senator Wheeler said that there are several ways in which
the country
could be lifted out of the depression in a very short time. It could
either
Volume 135
Financial Chronicle
abandon the gold standard or revaluate the gold dollar and re-establish
silver. He said that he was "wholeheartedly in favor of the latter as being the most conservative and at the same time the most effective method."
He has already introduced a bill in the Senate providing for the remonetization of silver at the ratio of 16 to 1, which, he asserted, would quadruple
the purchasing power of untold millions of people throughout the world
and at the same time quadruple the value of their money if passed.
Dr. Julius Klein, Assistant Secretary of Commerce on
World Economic Conference—Sees Close Connection Between Satisfactory Adjustment of War
Debt Situation and Outcome of Conference.
In a recent discussion of the world economic conference
Dr. Julius Klein,Assistant Secretary of Commerce said that
"since the whole question of trade revival is so intimately connected with that of public as well as private indebtedness
between nations, it is evident that there will be a close connect!on between a satisfactory adjustment of the war debt
situation and the success or failure of the world economic
conference. This connection was acknowledged by Secretary
Stimson, in his recent note to the British government," said
Dr. Klein, who continued:
Debt payments said our Secretary of State."have a very definite relationship to the problem of recovery" He declared, accordingly, that he
welcomed the British suggestion "of close examination between the United
States and Great Britain of the whole subject in preparation for the International Economic Conference, for I believe that there are important
avenues of mutual advantage which should be thoroughly explored."
Let us note well, it is proposed that the question of war debts be examined
in preparation for the Economic Conference. If it is possible to settle this
question, once and for all, in a manner that may be acceptable to the debtor
nations while at the same time protecting to the full the intcrests of the
American people, a great step toward world recovery will have been taken
and it would be assured in advance that the conference would meet with
real success. I hope that this may be the case, yet we must recognize that
it is by no means certain that this knotty problem can be disposed of before
next summer. We can be certain, however, that every available effort of
the United States Government during the rest of this present administration and under the incoming one will be devoted toward solving this question to the best interests of the American people.
It is to be earnestly hoped that progress will be made at the coming
conference to obtain international monetary stability. You do not have to
be actively engaged in the export trade to appreciate the difficulties involved
in doing any sort of business with nations with fluctuating currencies. In
order to deal in world markets with any sense of security, one must be
able to rely upon a certain standard of currency values. In fact, the
matter of monetary policies has a very direst bearing upon world price
levels. It is obvious that the reasonable stability of currencies—the
assurance of a firm "yard stick"—is essential to a durable price structure,
to make trade and industry less speculative. Until September 1931, gold
was the universal international measure of money values. But since that
date. 28 countries have officially abandoned the gold standard; 10 more
have practically done so by means of exchange restrictions, and 24 have
imposed foreign exchange restrictions that have impeded the free flow of
gold across their borders,
Undoubtedly, a majority of the representatives at the conference—and
it is to be literally a world conference, too—will agree in principle that a
general return to the gold standard is desirable. There is, of course, room
for honest differences of opinion among competent financial experts as to
the proper time for a country to return to that standard. Onc school of
thought may be that prices will not rise until the gold standard is restored;
another may have powerful arguments to show that a nation can not go
back to a gold basis until prices have risen. Certainly, the question is
involved with many others—as is, in fact, every point that is likely to be
on the agenda of the meeting.
Intimately connected with the question of international debts and with
that of currency stabilization is a third major field for exploration by the
Economic Conference—the lowering of existing trade barriers. Here, too,
the delegates will have need for all the tact and ingenuity at their disposal
if they are going to agree upon any constructive recommendations. Sometimes it is hard enough for nations to decide themselves as to what sort of
tariff policy best suits their needs. Even in this country, It seems to me
that tariff discussions in the course of our own national family parties are
not invariably conducive to the most perfect harmony of views. But
when a nation has made up its mind about a tariff, it is not particularly
anxious to accept the suggestions of its neighbors as to how it should be
modified.
Dr. Klein's remarks, as above, were contained in a radio
address delivered over the coast-to-coast network of the
Columbia Broadcasting System, from Washington, D. C.,
Sunday, Dec. 18.
Premier Bennett Says Canada Will Pay Her Debts—
Prime Minister of Dominion Honored by Canadian
Club at London Dinner.
Prime Minister R. B. Bennett of Canada was a guest of
the Canada Club in London on Dec. 16 at a dinner that was
attended by Stanley Baldwin, Lord President of the Council;
Viscount Hailsham, War Secretary; Sir John Gilmour,
Home Secretary; J. H. Thomas, Dominions Secretary, who
went to the Imperial Conference at Ottawa, and many other
members of the Government. A cablegram from London
to the New York "Times" also said:
Prime Minister MacDonald was prevented by a cold from attending.
Among other distinguished absentees were Neville Chamberlain, Chancelof the Board of Trade,
lor of the Exchequer; Walter Runciman, President
and Sir Philip Cunliffe-Lister, Colonial Secretary.
Mr. Bennett was loudly cheered when he declared that no advances
Britain ever made for the development of Canada would fail to be honored
as they fall due.
"I shall return to my task Wednesday." he said, "with more courage
than I ever had, with more determination that Canada shall do its part
greatness of our common empire.
in maintaining the prestige and
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"I don't blame England for going off the gold standard. Britain didn't
go off gold. She could not keep on it. It is a matter of some satisfaction
that the metal behind Canada's currency issue was greater this year than
last by something over 1%."
Mr. Thomas said the bankers present "should take a tip from the horse's
mouth that Canada is not going off the gold standard just yet."
"However great the difficulties the Government of Canada might provide," he continued, "we can multiply them here a hundredfold. We
live and thrive on them. Baldwin gains weight by them."
Prime Minister Bennett returned from London on the
Majestic of the White Star Line, which reached New York
Dec. 28. He was silent as to his mission abroad.
Scottish Members of Parliament Propose Curbs on
Foreign Shipping—Urge Limiting the Coastal
Trade of Vessels from Countries That Have Restrictions.
Under date of Dec. 26 a London cablegram to the New
York "Times" said:
Proposals amounting to reprisal against foreign countries that restrict
the operation of British shipping are being pressed on the Government
by Scottish Members of Parliament in whose territory hundred sof ships
are tied up.
Captain H. J. Moss, a Lanarkshire Commoner, said to-day the aim
was that the same restrictions operating against British shipping in other
countries be imposed by the Government on foreign shipping and ports
of call should be designated. Certain foreign Governments, he said,
insist that British ships shall land cargoes only in certain ports and not
convey cargoes from port to port. Britain. however, allows foreign
ships to land cargoes in one British port, then loan for another, to the
disadvantage of British coastal lines
Great Britain Notifies New Zealand She Will Not
Qualify Moratorium Offer Made at Time of Hoover
Suspension of War Debt Payments.
The following (Canadian Press) from Wellington, N. Z.,
Dec. 23, is from the New York "Times":
New Zealand's voluntary offer to resume payments on its war debt to
the United Kingdom was met to-day with a statement from the British
Government that it would not withdraw or qualify its offer of suspension
made to New Zealand and other dominions which owe her war debt
accounts at the time of the general Hoover moratorium.
This decision has no effect on Canada, which was able to carry on in
the war without incurring any indebtedness to the United Kingdom.
But New Zealand and Australia particularly, and other portions of the
empire to a lesser extent,still owe the United Kingdom on war debt account.
New Zealand's offer to resume payments to the United Kingdom came
only four days after Great Britain had met her payment to the United
States.
Talks Between Premier Paul-Boncour of France and
Ambassador Edge Termed General in Washington
—United States to Insist on Payment of War Debt
Instalment Before Review.
Nothing that requires immediate action by the U. S.
Government developed in the debt conversations on Dec. 23
between Joseph Paul-Boncour, the French Premier, and
Ambassador Edge, it was said at the State Department at
Washington on Dec. 24, it was indicated in a Washington
dispatch (Dec. 24) to the New York "Times," from which
we also quote:
The official discussion in Paris. according to what was learned to-day,
concerned possible inducements for France to pay the debt instalment of
$19.261,432, which was due on Dec. 15, but no definite progress was made.
Officials again made clear that the door for French payment would be
left open, but that unless the instalment was received from Paris,President
Hoover did not intend to accept any overtures for negotiations as to debt
revision with France.
The conversation between the French Premier and the United States
Ambassador was described as general in the extreme. M.Paul-Boncour,it
was suggested, evidently wants to prepare himself for an appearance before
his Parliament soon after Christmas and is taking steps to get in touch with
various phases of the debt problem through conversations with Ambassador
Edge,
A reference to the talk between Premier Paul-Boncour
and Ambassador Edge appeared in our issue of Dec. 21,
page 4308.
We also quote from the New York "Journal of Commerce"
the following from Washington Dec. 27:
The Administration maintains there has been no change in the country's
debt policy since the exchange of telegrams between President Hoover and
President-elect Roosevelt. Failure of the Hoover-Roosevelt negotiation*
to reach a joint debt plan has deferred any effective action until after
March 4. It is stressed that as regards France's debt, nothing can be
done until that country meets the defaulted payment.
At the same time it was learned that the State Department has not
instructed Ambassador Walter E. Edge to reply to the views expressed to
him last week in Paris by Premier Paul-Boncour.
Reply Not Required.
Officials held that the report of Ambassador Edge did not require a
formal answer, but that it doubtless would be acknowledged and a restatement made of the position of this Government that the Dec. 15 payment
should precede new negotiations.
Officials of the Hoover Administration, it appeared to-day, have not yet
been informed as to the outcome of conversations between Norman H.
Davis and President-elect Roosevelt at Albany and are anticipating early
return here of Mr. Davis in order that they may be enlightened with regard
to Mr. Roosevelt's position on the debt question.
Secretary of State Stiroson revealed that he expects to talk again with
Mr. Davis about economic affairs before the experts meet at Geneva to
arrange the agenda for the world economic conference.
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Financial Chronicle
With the European economic situation having been placed before Governor Roosevelt, in a milder form, by Mr: Davis, Washington officials indicated a desire to await the reaction of the President-elect before advancing
any further ideas concerning procedure on war debts.
Former Premier Herriot of France Regrets War Debt
Default by France.
Former Premier Herriot, expressing regret at the recent
vote of the Chamber of Deputies to defer the French war
debt payment to the United States, asserted in a speech at
Lyons, France, on Dec. 24, that he would "continue the
fight." Associated Press advices further reported:
He explained the fall of his Cabinet in an address to the Radical Socialist
Federation of the Rhone, of which he is President. and said he could have
remained Premier but for his "conscience." "There is only one kind of
honesty—to pay when one owes," he asserted.
Referring to the Mellon-Berenger accord, M. Herriot maintained that
"it is a great sorrow to the Republic of France that for the first time she
disregarded her signature." "I am afraid the consequences may be grave."
he added, asking:
"Would France, too, adopt the theory of 'a scrap of paper'?"
Recalling the aid of the United States during the last two years of the
war, M. Herriot said:
It must not be forgotten that 75,000 Americans fell on top of our soil.
Where would we now find such aid if we should need it? I am astonished
that some opponents of payment to America did not consider this."
M.Herriot went on to say that it was a mistake to think that debt adjust,ment was going to be obtained while one American President "was without
power and another had not yet been invested."
He protested against the risk of "compromising our good relations with
America for 480,000,000 francs, while those who voted against payment
would wantonly give 300.000.000 francs to Hungary and 2,000,000,000
francs to refloat some weak banks."
From copyright advices from Paris Dec. 24 to the New
York "Herald Tribune" we take the following:
"It was not I who fell; it was the Chamber of Deputies." With these
words Edouard Herriot, while a guest at a luncheon of the Anglo-American
Press Association on Wednesday, described the Chamber vote which overthrew his government the week before and rendered impossible the payment
on the date due of France's December debt installment.
"I believe France's first duty was to pay," Herriot continued. "I have
not changed and I will not change." With an appreciative twinkle, the
man who is still determined to fight for restitution of France's signature
cited one of the thousands of messages of congratulation which for days
have been pouring in upon him for the rare courage of his defeat. A message
from a French woman read: "Your fall is greater than Niagara's."
Return to Power Expected.
This incident gives some measure perhaps of the increased stature and
mounting moral and international influence as well as domestic which
has come to Herriot within ten days because he refused to compromise
upon what he was convinced was a moral principle.
Former Premier Herriot's close associates know, as he does himself, that
in the present Chamber his return to the Premiership before many months
Is inevitable and essential, for in the Chamber's Left majority Herriot
stands as one unquestioned leader—more so to-day than ever. The
exPremier's associates say significantly that when the moment comes, when
Herriot's return is indispensable, he will again make his first condition
of
the re-acceptance of the Premiership that the Government pay her December debt installment to the United States, and that he will make that payment his first project before the Chamber.
French Favor Study of War Debts by Experts—Believe
Solution Would Be Advanced by Survey by NonPolitical Agents.
According to Associated Press cablegrams from Paris
Dec. 24, authoritative French opinion continued to favor an
examination of the American debt question by experts as
the most feasible and practicable way of approaching the
matter. The cablegram, as given in the New York "Times"
went on to say:
Dispatches from America indicating that President Hoover was disposed
to take no pronounced initiative served to confirm the view previously
held by many highly placed Frenchmen that no final solution of the debts
could be hoped for until the Roosevelt Administration assumed the responsibilities of office
Still, the belief is held that the problem can be advanced toward solution
by Franco-American experts tackling it from the standpoint of practical
economics, thus removing much that the French now believe obscures
and complicates the question. The impression prevailed that if Washington could agree to this kind of study France would welcome it.
Says Call Was for Data.
An official French spokesman said that Premier Joseph Paul-Boncour's
surprise visit yesterday to the United States Embassy would be more
exactly understood if it were interpreted as a "visit for information."
Ambassador Walter E. Edge will not return the call until he has heard
from Washington and is able to give the Premier general debt information.
The question as to when and under what circumstances M.Paul-Boncour
could ask the Chamber of Deputies to amend its action and vote to
pay
the United States without further delay is regarded as delicate. There
is a considerable opinion that this should be done before Mr. Roosevelt
become President. Apparently the matter will be allowed
to drift pending
developments in conversations between Washington and
Paris.
Jurists now seem agreed that the Chamber's ratification of the
MellonBerenger accord carried with it governmental authority to pay the
December interest without special sanction from Parliament. This situation,
however, was changed by M. Herriot's asking
the Chamber's approval.
M. Paul-Boncour, who is both Premier and Foreign Minister, moved
into the Foreign Office on the Qual d'Orsay to-day, selecting as his living
quarters, the newspaper "Le Matin" said, the famous royal suite on the
second floor. Hitherto this has been reserved for crowned heads and
chiefs of State on official visits in France. The suite was occupied by
Queen Marie and the late King Ferdinand of Rumania, President Masaryk
of Czechoslovakia and King George and Queen Mary of Great Britain.
The Premier's office will be Just above the old one and is richly hung
With tapestries, valued at $480.000.
Dec. 31 1932
$198,000,000 in Bonds Voted by French Chamber of
Deputies to Meet Minister Cheron's Request for
Funds Until New Budget Is Passed.
Under date of Dec. 27 the New York "Times" reported
the following from Paris:
The Finance Minister, Henry Cheron, stoutly refusing to accept a son
less than a 5,000,000.000 francs (about $198.000.000) emission of treasury
bonds which he needs to help him through the first months of the new
year until the budget is passed, with necessary measures of economy, to-day
easily obtained the confidence of the Chamber of Deputies, the nearest
vote being 348 to 235.
He obtained also necessary permission to open provisional credits for
January and authorization to collect taxes and public revenues.
At the end of January he will need to ask at least another month's extension, but he refused to do so now on the ground that the Chamber, feeling
It had time on hand, would show its usual dilitoriness in passing the budget.
For the future, the Finance Minister promised, in various speeches
during the Chamber discussion, that he would temporarily suspend
employing new civil servants and would drop those uselessly employed. In addition he promised to be extremely severe in pursuing tax dodgers.
"There are some frauds," he declared, while the whole Chamber applauded, "that I certainly am going to put an end to."
The French railroads, which had asked permission to
make a 2.000.000,000 franc bond issue (about $98.000,000) were restricted by Chamber
vote to 1.300.000,000. During 1933, M. Cheron said, they would have
to
raise 6,000.000,000 francs.
Associated Press accounts from Paris on Dec. 27 stated:
The Government got two votes of confidence from the Chamber of
Deputies to-day during debate on provisional credits for January.
The Government asked power to issue 5,000,000,000 francs
in Treasury
bonds if necessary. On a motion to reduce the amount to
2,000.000.000 the
Government won by a vote of 400 to 190. On another
motion to cut the
amount to 4.000,000.000 francs the vote was 349 to 235.
Subsequently the Chamber voted approval of the Government's provisional credit project by 524 to 53. The total of
provisional credits for
next month thus approved is 5,150,000,000 francs.
$752,732,000 Decline in French Funds Cited—Finance
Minister Would Issue Treasury Bonds Up to
$195,000,000 Until Budget Is Voted.
Wireless advices as follows from Paris Dec. 23 are taken
from the New York "Times":
In place of the 19,000,000,000 francs ($761.000.000)
which had accumulated in the French Treasury during his last tenure of
office (1928-29).
Finance Minister Henry Oberon to-day informed the Chamber
of Deputies'
finance committee he had found only 212.000,000 francs
($8.268,000) when
he reassumed possession of the office in the Rue de Rivoll.
By recovering some outstanding loans and issuing Treasury bonds for
1.700,000,000 francs, which he is authorized to do, he would be able to
make the year-end payments, he said. But he said he must
have permission
to issue Treasury bonds up to 5,000,000,000 francs during
the first months
of the year if he was to be able to survive the period
during which the
budget must be voted. That amount is the same as Raymond Poincare
asked and obtained in August 1926.
For the future M. Cheron declared his firm intention
of presenting a
really balanced budget by the middle of next month and of pressing with
all his force for its passage. He considered, he said, that his personal
honor was engaged in the restoration of the finances of
the country. The
committee approved, in general the Minister's proposals, which will be
discussed next week in the Chamber.
1932 Dividends for Bank of France Cut to New Record
Low.
From its Paris bureau the "Wall Street Journal" reported
the following in its Dec. 27 issue:
Bank of France has declared a dividend for the second half of 1932 of
100 francs net.
This is the same as was paid in the first six months
and makes a total of
200 francs for the year, compared with 385 francs in
1931 and 620 franca
in 1930. The dividend for 1932 is the smallest declared
in the history of the
bank.
Since the Franco-Prussian War, the smallest
dividend declared by the
Bank of France was 95 francs, equivalent to 475
modern francs. Previous
to that war, the smallest disbursement was 60 francs
in 1814, or the equivalent to 300 modern francs.
Ivar Kreuger's French Bank Cuts Capital.
Paris advices to the "Wall 'Street Journal" of Dec. 29
stated:
Banque de Suede et de Paris, Ivar Kreuger's French bank, has decided
to reduce its capital to 25,000,000 franca from 100,000,000 francs by
reducing the par value of its shares to 125 francs from 500
francs.
French Banks Lend to Belgium.
In the "Wall Street Journal" of Dec. 29 it was stated that
Belgium has sold one-year treasury bills to French banks
to cover year-end maturities. Amount involved is 500,000,000 French francs of 43% bills, which were sold at 963%.
Participation by France in International Loan to
Austria Approved by French Chamber of Deputies
and Senate—Grants $13,850,000 Aid Pledged at
Lausanne.
The French Chamber of Deputies approved on Dec. 29
participation by France in the international loan promised
to Austria by the Lausanne protocal of July 15 last. The
Finance Committee of the Chamber on Dec. 27 signified its
approval of the proposed advance to Austria, which likewise
has the approval of the League of Nations. Yesterday
(Dec. 30) the Senate approved the Govenunent's stand by
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Financial Chronicle
a vote of 144 to 68. According to Associated Press advices
from Paris yesterday a decree of cloture then was read in
the Senate and Chamber of Deputies and parliament adjourned. Regarding the action of the Chamber of wireless
message from Paris, Dec. 29, to the New York "Times" said:
a per.
In what seemed to many a spirit of contradiction and to others
fectly logical step continuing a creative policy, the Chamber of Deputies,
States,
which had refused two weeks ago to pay $19,000,000 to the United
consented today by a vote of 852 to 188 to the flotation by Austria of a
of a
loan of 850,000,000 francs [$18,650,000] in France in fulfillment
promise given at Lausanne.
Those who found a contradiction between the two actions were those
like Louis Mann who had been most firmly opposed to payment of the
debt to the United States. It would be monstrous, said M. Mann, within
a few days of having refused to pay the United States to grant this favor
to a former enemy country which would profit only the banks and be of
no real use to Austria. Former Finance Minister Pierre-Etienne Flandin
developed the same theme, insisting especially that this loan would serve
only to refloat the Creditanstalt and thaw out some credits of other countries
In Austria.
He regarded the whole operation as another "concession" by France
without an counterpart and advocated a different policy. Instead of throwing good money after bad, he said, why should not France take over the
Austrian customs and the tobacco monopoly in repayment of arrears on
the 1922 loan?
flerriot Makes Reply
The acuteness of the division of opinion and policy between the two
sides of the Chamber in such international matters was shown when exPremier Edouard Herriot replied in the afternoon. His answer to M.
Flandin was that only last year he who was now defending the so-called
Interests of the French investor had loaned 454,000,000 francs to Hungary
without authorization of Parliament and through the intermediary of a
private bank.
When 31. Flandin interrupted the former Premier's statement that France
could not seize the Austrian customs and tobacco revenue, M. Herriot replied:
"Even if we could, how could we treat this Central European country
like Turkey and China in other times?"
There are only two remedies for the Austrian situation, he said; either
Austria must be incorporated into Germany or maintained as an independent
unit in Europe organized under the protection of the League of Nations.
Again M. Flandin interrupted to protest it was only new foreign credits
that had permitted Austria to pay the interest on past loans.
Likens Situations to Reteh's
This reasoning could also have been applied to Germany in the past,
M. Herriot replied. She had paid reparations by borrowing. The alternative, he said, was to tell Austria that an economic union with Germany was
the only good solution. If anything real was to be done for the reconstruction of Central Europe a beginning must be made with Austria, he added.
Premier Joseph Paul-Boncour, confident of his majority and of Socialist
support, but convinced of the need to protect %coverers who might be reproached in their constituencies with having given French money away,
attached to the vote a question of confidence. Like M. Herriot, he saw no
contradiction between this loan and the refusal to pay the American debt.
They were separate questions. The Chamber had refused to pay the United
States. Would it also refuse to help Austria and permit that unfortunate
country to be exposed to all kinds of temptations? Both Austria's independence and the whole reconstruction policy of the League were involved.
Tomorrow the Senate will debate the question.
From Paris, Dec. 27, Associated Press advices stated:
The war debt question for the moment has entered a diplomatic lull but
It doubtless will be raised again tomorrow and Thursday when the Chamber
of Deputies will debate the issue of French participation in a reconstruction
loan to Austria.
At the Lausanne conference last July, the powers decided to lend Austria
800,000,000 schillings. There has been some criticism of the government's
lending money to Austria when it has just refused to pay the December war
debt interest of $19,261,432 to the United States. In the opinion of the
radical socialist newspaper "L'Oeuvre." "It is hardly logical, having refused
to pay the debt, to consent to the loan."
Because of this opposition, animated debate is expected in the Chamber.
The Finance Committee of the Chamber voted 10 to 5 in favor of the loan;
with many abstentions.
Austrian Note Issue Low—Present Circulation
$34,000,000 Below That of a Year Ago.
From Vienna advices, Dec. 23,to New York "Times" stated:
Note circulation of the Austrian national bank has reached the lowest
figure in many years, standing now at 859,000,000 schillings, as against
1,104,779,000 at the same date in 1981 and 997,161,000 in 1930.
The ratio of reserve cover amounts to 23%. Economic circles are generally demanding reduction of the bank's 6% interest rate.
Communique of Hungarian Government on State
Loan of Kingdom of Hungary 1924
Speyer & Co. are advised that the following Communique
of the Hungarian Government was published on December
20th in London by the League Loans Committee:
In connection with the notice which the Trustees of the above-named
Loan are issuing to-day. the Hungarian Government recalls the attention
of the Bondholders to the communique published on the 4th August last.
The Government fully maintains the attitude which It then stated towards
this Loan, and, in spite of the exchange difficulties in Hungary having
Increased, will continue to use every endeavor to carry out the programme
therein outlined.
Cuts Stock—Par Value to Be Reduced—
Holders Get 50% Subscription Right.
Mercurbank
From the "Wall Street Journal" of yesterday (Dee, 30)
we take the following:
A reduction In the capital of Mercurbank, Vienna, is under way, to be
accomplished by a reduction of the par value of its shares from 20 schillings
to 10 schillings each. Outstanding stock c.rtificates should be presented for
stamping at Hallgarten & Co. after January 3 1933.
The bank also advises that subscription rights. expiring December 31 1932.
have been given to shareholders entitling them to purchase 500,000 shares
4467
of additional stock of 10 schillings par value each, at a price of 12 schillings
a share, in the ratio of one new share for each two present shares held. At
current quotations these subscription rights have no present market value.
Financial Berlin Opposed to Demand of Dr. Hugenberg
for Cut in Interest on Bonds.
From Berlin advices Dec. 23 to the New York "Times
reported:
The German financial press critizes severely the demand of Hugenberg,
the German Nationalist party leader, for reduction of interest on German
foreign bonds to IA %. The "Vossische Zeitung" declares that neither
the Government, nor the Reichsbank, nor industry, supports the Hugenberg idea. The "Boersen Courier" writes that profits of municipal public
utilities must be unconditionally appropriated for prior service of these debts.
The net profits from this source have been 760.000,000 marks, whereas
the service of the home and foreign municipal debt requires only 600,000,000.
German dollar bonds were predominantly firm on this week's Berlin market,
though with some declines. The recent considerable advance in Wall
Street is ascribed here to international buying, due to the improved German
political situation, but not to buying for German account, which has reccently been small.
Dr. Hugenberg's views were indicated in our issue of
Dec. 24, page 4309.
City of Heidelberg (Germany) Seeks Reduction in
Interest Rate on Dollar Loan and Postponement
of July Payment.
A cablegram, Dec. 27 from Heidelberg to the New York
"Times" stated:
The City of Heidelberg is negotiating for a reduction in interest on its
7% dollar loan and postponement of the amortization instalment of 70.000
marks[about 816,800], due July 1 1933.
The financial status of the city, which, like all German municipalities.
Is burdened with heavy dole payments, would be considettably Improved if
the interest rate could be scaled down below 5%,it is said. The total payment due July 1 amounts to 270.000 marks [about $64.8001. The sinking
fund payment due in January will be paid punctually, It is announced.
German Cities Accept Bonds from Debtors—Cologne
Reported Opposing Creditor's Request to Adopt
Practice Due to Income Loss.
Copyright advices Dec. 14 from Berlin to the New York
"Herald Tribune" said:
Beginning with Koenigsburg and followed by Magdeburg and Essen,
German cities unable otherwise to reduce their indebtedness in treasury
bonds through normal repayment at maturity have developed the procedure of disposing of such bonds by accepting them in fulfillment of obligations owing to the municipality.
The practice has acquired a certain significance since it is known that
Cologne, one of the two biggest insolvent communal debtors up to now,
has been considering extending to its creditors the same privileges, at the
Instance of the creditors themselves.
Representatives of Cologne have stated, in opposition to the wishes expressed by the creditors' protective body, that they have serious objections
to following such a course, which, they assert, would represent a preferential
treatment of certain of their creditors. In particular would this be the case,
according to the Cologne spokesman, were another aspect of the proposals
to be adopted, namely, extending the privilege only to those bondholders
who have been holding their securities since before a certain piedetermined
date, a form of favoritism would certainly be introduced.
On the other hand, were strict consistency to be observed and the opportunity of such realization to be extended to all bondholders, regardless of
length of possession, the city's finances would be exposed to such loss of
income that the proposal must be declared out of the question.
This objection by the city's representatives refers particularly to that
portion of the proposal which foresees the possibility of paying taxes with
the treasury certificates.
In the City of Koenigsburg, where the practice has been in effect since
the latter part of last summer, the outstanding bonds are accepted at 90%
of par in payment on mortgage obligations to the city. The possibility
of tax payment in this fashion represents another and an additions. step.
Oldest Member of German Reichstag Resigns—Gen.
Litzmann Will Be Succeeded by Wilhelm Krueger.
On Dec. 28 Associated Press accounts from Berlin said:
General Karl Litzmann, the oldest member of the Reichstag. resigned today to permit appointment of Wilhelm Krueger as his successor.
The General, who is 82, was elected to the House by the National Socialist
party to Insure the choice of a Nazi as temporary Chairman of the Reichstag
opening. By custom, the oldest member is elected to that post. In the
last Reichstag, it went to Clara Zetkin, a Communist. General Litzmann
remains a member of the Prussian Diet.
Germany Finances Soviet Russian Trade Bills by
Consortiums.
Financing of Soviet trade bills in Germany is done by
means of banking consortiums,says a report to the Commerce
Department from the Berlin office. The Department on
Dec. 27 added:
The consortiums are formed from time to time with the object of discounting a definite amount of Soviet bills guaranteed by the German
Government.
The last "Consortium Russland X"formed last summer offered facilities
for discounting of Soviet bills to the amount of 110.000,000 marks. This
contingent was exhausted sometime ago and a new "Consortium Russland
XI" is now in the course of formation.
In view, however, of the reduced volume of Soviet orders now being
placed in Germany and the fact that many banks are reported overloaded
with Soviet bills, the amount available for rediscount with the new Consortium will be reduced to 50,000,000 marks. Nevertheless, this will
permit a good many industrial corporations to offer the banks Soviet bills
now "frozen" in their portfolios. (Mark equals about 24 cents, U. S.)
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Financial Chronicle
Berlin City Electric Redeems $105,000 Bonds.
The following is from the New York "Sun" of last night
(Dec. 30):
Dillon, Read & Co., as fiscal agents for Berlin City Electric Co., announce that $105,000. principal amount of the company's 30-year 6
%
sinking fund debentures, due Feb. 1 1959. have been drawn for redemption
at par in New York Feb. 1 out of money to be paid for sinking fund. At
the option of holders principal and interest may be collected in London,
Amsterdam, Zurich, Basle or Stockholm in the currencies of the respective
countries at the exchange rate prevailing on the date of presentation.
Increase in Unemployment in Germany—Re-employment Premiums of Papen Plans.
The United States Department of Commerce, in the
review of conditions abroad under date of Dec. 25 has the
following to say in part regarding Germany:
Unemployment increased from 5309,000 on Oct. 31 to 5,265,000 on
Nov. 30, due chiefly to the usual seasonal cessation of outdoor work.
While other activities remained practically unaffected. There was a
tendency on the part of manufacturers rather to extend working time
rather than re-employ new men. This Interpretation of current unemployment statistics is confirmed by a marked increase in employers'
and employees' contributions to the various social insurance service during
the last two months, the first time since the financial crisis of 1931. This
is considered as an indicator of higher payrolls in industry, since these contributions are levied In proportion to wages paid. While the "re-employment premiums" of the Papen plan do not seem to have attained their
objective, since llttle use has been made of the fund (700,000,000 marks
to provide a premium of 100 marks for each additional man employed per
quarter after Oct. 1 1932). another feature of this plan has proved a thorough success and has offered a powerful incentive to increase employment
In the building trade and affiliated industries. The appropriation of
50,000,000 marks for the refund to landlords of 20% of amounts they
spend on house repairs is practically exhausted. This means that total
contracts to the amount of 250,000,000 marks will be awarded to the building trade withirf a relatively short time. The expansion of industrial
production during the past few months has thus far been financed mainly
from liquid reserves, as the demand for credit did not show any increase
recently. Bills discounted by the Reichsbank declined from 2,857,000,000
marks on Oct. 31 to 2,731,000,000 marks on Nov. 30 1932, while the note
circulation declined by 88.892,000 marks to 3,631,157,000 marks.
Dec. 31 1932
000, or 70%, received unemployment insurance benefits.
In October 1932, out of the total of 5,109,000 unemployed
workers, only 582,000, or 11%, were taken care of by the
unemployment insurance fund. In other words, by October
1932, unemployment insurance became a relatively insignificant factor in unemployment relief. In that month 22%
of all unemployed workers received emergency relief, fourfifths of which is paid by the Federal Government and onefifth by the communes; 42% received welfare relief, paid
entirely by the communes, and 25% received no relief of
any kind. The Board likewise reports:
Germany's experience with unemployment Insurance shows conclusively
that no insurance system can be devised to take
care of depresslonal unemployment and that the cost of this unemployment falls
largely on the
State. There is no reason to believe that the
experience of the United
States would be different. If unemployment
insurance is kept on a sound
financial basis—that is, if the amount of expenditure
is not allowed to exceed the income from contributions—the amount
of relief will be inadequate
to provide for more than a small proportion
of the unemployed and for a
very short time or the burden of contribution
will be economically unsupportable. In either event the major part of the
cost will fall on the
State. That being the case, the best informed opinion
In Germany advocates the establishment of a system that will be
based on the following
principles:
(1) Unemployment is not an insurable risk.
(2) Unemployment relief should be paid by the nation as a whole.
(3) Relief should be given not as a legal right but
only to persons who
are In need and in proportion to the degree of that
need.
Report on Swiss Trade and Industry in 1931 Published
by Swiss Federation of Commerce and Industry.
The "Swiss Federation of Commerce and Industry" announces the publication of its annual report on Swiss trade
and industry during the year 1931. The abundance of
economic facts and figures will enable the foreign reader to
obtain an insight into Swiss economic conditions. As
formerly, the general part of the report contains a succinct
statement about certain important questions concerning
Collapse of Unemployment Insurance in Germany— prices, credit, currency, commercial policy and the crisis.
Report By National Industrial Conference Board.
There is also incorporated a statistical part containing all
Unemployment insurance in Germany has completely the more important dates bearing on the different fields of
collapsed as a system of mass unemployment relief, accord- Swiss economic conditions such as population, agriculture,
ing to a report completed and soon to be published by the water power, factories, labor questions, cost of living,
National Industrial Conference Board. The report is the banking, foreign trade, finance and taxation.
The most important part of the volume is devoted to
result of a three-months investigation and survey made
in Germany during the past summer by a member of the special reports in the individual branches of trade and
Conference Board's staff of experts. The Board states industry, on traffic, insurance and banking, on production
that after six years of unremitting effort on the part of and distribution of electric energy and on technical and comGermany's leaders to make a success of their carefully mercial education. There are this year again new chapters
planned unemployment insurance scheme, its complete concerning some industries which have so far not been dealt
breakdown comes at a time when similar plans for com- with. The report, of some 270 pages, appears in a French
batting the effects of unemployment are being advocated and in a German edition, and may be obtained at the price
widely in this country. The Conference Board, therefore, of 8 Swiss francs (plus postage) from the Secretariat of the
feels that its report on Germany's plan, presenting as it Swiss Federation of Commerce and Industry, Zurich, Boerdoes all the salient facts, will be of value to the American senstrasse 17.
public and to legislators in passing upon the various plans
Russia Offers Canada Oil for 100,000 Cattle—$7,000,000
now under consideration. Some of the more important feaDeal Awaits Premier Bennett's Return—Rail
tures of the report were made public on Dec. 24.
Material May Be Bartered.
During the first three-and-one-half years of its existence,
Under date of Dec. 27 Canadian Press accounts from
October 1927 to March 1931, states the report, the German
Ottawa to the New York "Herald Tribune" said:
unemployment insurance fund showed a total excess of
A gigantic barter scheme, by which 100.000 head of Canadian dairy cattle
expenditure over income of $364.9 million. This deficit would be traded to Soviet Russia for their equivalent value In Russian oil.
awaits
was made up by loans from the Federal Government, which returns a final decision by Prime Minister Richard B. Bennett when he
from England this week, it was revealed to-day. The sum inwill never be repaid. In 1931, the drain on the financial volved, according to the
Toronto "Star," Is $7,000,000. The Russian
resources of the Federal Government became unbearable, authorities already have approved the plan, this newspaper adds.
Although official confirmation of the progress already made is being withand the Government requested the directors of the insurance held, Robert Weir,
Minister of Agriculture, admitted
that he had
fund to balance its accounts by any measures that they been working for several weeks on the project and had to-day
hopes that it would
be of benefit to the farmers of Canada.
found necessasy.
New York Negotiations Held.
Notwithstanding the drastic measures of economy adopted
The actual negotiations, it is understood from other sources, are being
in 1931 and 1932, states the report, the collapse of the un- conducted
between a company which Is in course of organization in Winniemployment insurance plan came in June of this year, thus peg and the Soviet authorities. Much of the negotiations
have been conducted
In
New
York. but a representative of the company recently visited
practically ending the greatest experiment in social insurance
Russia to get first-hand information as to the situation there.
that the world has seen. The reason for this collapse is
Russia is sorely in need of cows to provide milk and milk products for
found in the fact that depressional unemployment is not an her population. The Soviet Government is anxious to trade
oil for cows.
With
the exceptions of some small imports from the Island of Trinidad.
actuarial risk and that unemployment insurance cannot be
all the crude oil now brought into Canada comes from outside the British
placed on a sound financial basis. The Board further says: Empire.
In theory, the cost of unemployment Insurance in Germany was to
be
borne by contributions of workers and employers to the unemployment
insurance fund. When the law was adopted in 1927, it was estimated
that 3% of the standard wage, 1%% paid by the employers and
135%
by the workers, would be adequate to cover the cost of unemployment
insurance. This estimate, however, proved to be incorrect. The
contributions were raised from 3% in 1927 to 3.5% in December 1929,
to 4.5%
in July 1930 and to 6.5% in October 1931. At the same time, while the
rates of contributions were being increased, the rates of benefit and the
duration of benefit periods were being decreased. In this manner the unemployment insurance fund succeeded in eliminating the large deficits
Which it incurred in the years 1927 to 1931, but it was able to balance its
accounts only by throwing an enormous majority of the unemployed out
of the unemployment scheme at the expense of the public treasury.
According to the Board, in January 1928, the number
of unemployed workers was 1,896,000. Of this total, 1,333,-
Canada has a great number of dairy heifers and young cows of good grade
breedings. Russia also would buy 5% pure breds, which, of course, bring
much higher prices. This would not interfere with the live cattle trade
to the British Isles. The United Kingdom trade has been beef cattle.
mostly finished steers, whereas, the Russian trade would be mostly dairy
heifers, cows and bulls. There would be some demand for cows of beef
variety.
Oil To Be Split on This Side.
Under the proposed arrangement the Canadian company would assume
ownership of the oil shipments as soon as they leave the Black Sea ports and
the Soviet would assume ownership of the cattle at the Canadian ports.
Considerable details, it is understood, have to be worked out. The price;
to be paid would be as high as those prevailing in the Canadian livestock
markets.
The Winnipeg company is arranging with a leading Canadian oil company
to take over the oil as it arrives in Canadian ports, to be split into gasoline,
fuel oil and other commodities.
Volume 135
4469
Financial Chronicle
and in addiCanadian dairy cattle rank very high in world competition,
of Russia.
tion are accustomed to a climate similar to that
vested in the Minister of Economy make it possible for him to allot the
for
entire quota for any given article to any one country as compensation
Its purchases in Turkey.
railroad material may
The "Gazette" to-morrow will say that Canadian
1933 in exchange for Soviet oil,
be shipped in large quantities to Russia in
continued importaproviding the Canadian Government will permit the
agreements between manufaction of oil and the negotiation of commercial
turers in the Dominion and Soviet authorities.
Montreal during the past
"Some 40.000 tons of Soviet oil was brought to
petroleum at Batoum in
season in four Danish tankers, which loaded the
"Payment was made by barter,
the Black Sea," the newspaper will say.
Ltd.. at Arvida,
Canada,
of
quantities of goods from the Aluminum Co.
being shiliPed to Russia in exchange.
aluminum completed
"The Canadian importers of oil and exporters of
is understood that a high
the transaction between themselves, though it
the oil, considerable
on
figure
price was placed on the aluminum and a low
allowed to continue,
profit according to this country. If this business is
made to an extension of the
it is maintained that no objections should be
barter plan."
Greek Funds Held Up—British Refuse to Release
Money Until 30% Is Paid to United States.
From the New York "Times" we take the following from
Athens, Dec. 24 (Associated Press):
From Montreal Dec. 26 Associated Press advices said:
The British Minister informed the Greek Government to-day that unless
It pays 30% to the United States on the 812,000,000 American loan of 1929
Great Britain cannot allow the International Commission of Financial
Control to hand the Greek Government surpluses of earmarked revenues
now in the Commission's possession.
The Greek Premier stated that, before deciding, he would await the
United States Government's reply to his proposal for arbitration on the
nature of the 1929 loan. Meanwhile the 30% is being kept earmarked.
The American answer to the Greek note on the 1929 loan was received
this afternoon. It pointed out that Greece must pay the 30% without
any reservations. The Greek reply will be sent after the holidays.
America Reported as Likely to Lose Through Diversion
of Canadian Purchases of Foreign Oil.
Any diversion of Canadian purchases of foreign petroleum
from their present channels would be largely at the expense
of the United States, it was said in some Government circles
on Dec. 27 in connection with the agreement reported to
have been reached between Prime Minister Bennett and
Soviet representatives under which Canadian producers of
railway materials would barter with Russia in exchange for
petroleum products. A Washington dispatch Dec. 27 to
the New York "Times" went on to say:
Officials were generally cautious in their interpretations of the reported
agreement in the absence of any official information, but they pointed out
that the United States last year exported to Canada $29,786,179 worth of
crude and refined petroleum products.
It was believed likely that even if such an agreement has been concluded
between the two countries, Canadian consumers would not long be satisfied
with the Russian product because of its inferior quality as compared with
the American.
British Will Buy More Soviet Wood—Importers and
Two Russian Export Units Draft Contract for
1933—Canada Assails Plan As Violating Spirit
of Ottawa Agreement.
From London a wireless message Dec. 29 to the New
York "Times" said:
Britain
FA new agreement for the bulk supply of Russian timber to Great
in progress
during 1933 is virtually complete. Negotiations have been
formed to
for some time between Timber Distributors, Ltd., a company
underwrite the present year's supplies, and the Soviet exporting organizations, Exportless and the White Sea Timber Trust.
It is understood a provision has been made for supplies in the coming
year totaling 395,000 to 430,000 standards. The maximum quantity
cost,
in the 1932 contract was 450,000 standards, and the approximate
according to figures published last March, was £4,500,000 (about $14,940.000 at the current exchange) freight paid.
Timber Distributors, Ltd., which represents about 90% of the British
importers of Russian softwoods, is said to have made substantial profits
for its shareholders under that contract, which, it is asserted, enabled
timber to be marketed at steady prices.
There is an ad valorem duty of 10% against Russian timber. The
problem of Russian timber aroused considerable controversy at the Ottawa
conference, and under the pact between the Canadian and United Kingdom
Governments, London agreed to guarantee to Canada the maintenance of
any preference granted to Canadian lumber.
Canadian Company Bartered Shoes for Turkeys.
Employees of a large Canadian shoe company were provided with turkeys for Christmas dinners considerably
below the prevailing market price under a barter plan
whereby the company exchanged the shoes'it manufactures
for the turkeys, according to a report to the Commerce
Department from Trade Commissioner L. A. France,
Toronto. The Department on Dec. 22 said that recently
officials of the company evolved a plan to exchange its own
products for turkeys which would be made available at a
low price to approximately 200 employees of the shoe
company.
New Turkish Quotas to Permit Bargaining—Economy
Minister Has Power to Reward Countries That
Make Compensating Purchases.
From the New York "Times" we take the following from
Istanbul, Dec. 10 (by mail):
Turkish import quotas for the first three months of 1933, while generally
place
less restrictive than former quotas from the Turkish viewpoint,
increased restrictions on imports from a number of countries. including
the United States.
is believed
Anew feature, putting certain articles on a compensation basis,
ground that the resulting
likely to bring protests from many nations, on the
clauses in
-favored-nation
most
the
restrictions and prohibitions violate
existing conventions.
exports as
The new quotas are more restrictive for such United States
Another
automobile spare parts, batteries, radios, and motion-picture films.
coal.
except
minerals,
all
of
feature of the new quota law is the addition
of roses, rugs, lumber and
The list already Includes wool, mohair, attar
cross-ties.
not be proThere is also a new list of articles of which importation will
of finance, economy
Whited, but which must be approved by the ministers
The widely discretionary powers
and agriculture before orders are placed.
Poland to Pay Instalment to Dillon, Read on 1924 Loan.
Associated Press advices from Warsaw (Poland) Dec. 30
said:
Co. to repay
The Polish Government has arranged with Dillon, Read &
$1.490,000 due Jan. 1, in six monthly instalments against the 1924 loan
of $45,000,000.
This agreement gave rise to reports abroad that Poland was preparing
this,
to pay the December war debt instalment but the Government denied
explaining that negotiations for settlement of that obligation will continue
when the new Polish Minister reaches Washington.
Fines Imposed on American Owned Packing Houses in
Argentina for Refusing to Open Books for Govern
ment Inspection.
A cablegram from Buenos Aires Dec. 27 to the New
York "Times" said:
seven which toThree packing houses owned by Americans were among
the Geyernment
day paid fines of 5,000 pesos each for refusals to permit
appTal to the
will
and
protest
under
paid
to inspect their books. They
unconstitutional.
Supreme Court, arguing that the meat control law is
Reference to the Government order appeared in our
issue of Nov. 5, page 3072.
Locusts Ruin
Crops in Argentina—Farmers
Government.
Appeal to
A cablegram from Formosa, Argentina, Dec. 26 to the
Chicago "Tribune" said:
to be 350 miles long
The advance of a dense swarm of locusts, estimated
caused a
and five miles wide, down the banks of the Barmej RIVET has
are completely cleanPanic of desperation among the farmers. The insects
to stem
ing up the cotton, maize and tobacco crops, despite frantic efforts
the living avalanche of destruction.
products are
Available supplies of arsenic dust and other locust-killing
to authorities
exhausted, and the farmers have directed a desperate appeal
for assistance.
Penalty Duties on Argentine Corn,
Tallow, &c.
A German Government decree effective Jan. 10 1933,
subjects imports of maize, premier just and other tallow,
and animal casings from Argentina, to the rates of the
German super-tariff, according to a cablegram from Commercial Attache H. Lawrence Groves, Berlin. The Department of Commerce in announcing this on Dec. 23 said:
Germany Imposes
It is stated that the action was taken because Argentina had not extended
concluded
to Germany the concessions granted to Chile by the modus vivendi
between Argentina and Chile on Nov. 12 1932.
(The German super-tariff consists of a category of special maximum
duties which the Government is authorized to impose by decree, either
wholly or in part, on imports from non-treaty countries, or from countries
discriminating against German goods. On the products mentioned above.
the rates of the super-tariff are many times higher than the regular Import
duties.)
Germany Increases Import Duty on Hoop Staves—
Present Import Duties on Hogs, Meat, and Sugar
Indefinitely Prolonged.
On Dec. 21 an announcement by the Department of Commerce at Washington said:
Effective Dec 22 1932, the German import duties on hoop staves (tariff
item 85) have been increased from 1.25 and 6 reichsmarks to 1.60 and 8.00
reichsmarks per 100 kilos, respectively, according to a cablegram to the
Department of Commerce from Commercial Attache H. Lawrence Groves,
Berlin.
At the same time, the present import duties on live hogs and fresh and
prepared frozen meats which were originally put into effect on May 10
1931, and on refined sugar, effective since March 29 1930, all of which were
to expire on Dec. 31 1932, have been indefinitely prolonged.
Wheat Credits Voted — Deputies Approve
300,000,000 Francs for Farm Loans.
A credit of 300,000,000 francs to be used as loans for
wheat farmers has been approved by the Chamber of
Deputies, according to United Press advices from Paris to
to the Wall Street "Journal" of Dec. 28, which also said:
"The credit also will enable the national wheat office to support the wheat market."
French
4470
Financial Chronicle
Chinese Import Duty on Leaf Tobacco Modified.
Under date of Dec. 27 the Department of Commerce at
Washington said:
The Chinese Minister of Finance has issued an order combining two
leaf
tobacco classifications with a resultant single duty of four customs
gold
units (of $0.40 each) per picul (of 133 1 3 pounds) for leaf
tobacco of a value
not exceeding 105 gold units per picul, according to a radiogram
received
In the Department of Commerce from Commercial Attache Julean
Arnold,
Shanghai.
Previously leaf tobacco, valued at not exceeding 35 gold units per
picul
had been dutiable at 2.90 gold units per picul; leaf tobacco valued
over 35
gold units but not exceeding 105 gold units per picul had been subject
to a
duty of 6.90 gold units per picul. The duty on leaf tobacco valued
over
105 gold units per picul continues unchanged at 14 gold units per picul.
Wage Cut by Southern Railway in Argentina.
Buenos Aires (Argentina) Associated Press advices report
that the Southern Ry. announced on Dec. 24 an 8% wage
reduction, effective Jan. 1, despite a decision by the railway
unions that the cuts are unacceptable. The road also announced it was reducing personnel.
Argentina Cuts Floating Debt by $83,000,000 During
1932.
Under date of Dec. 24 United Press advices from Buenos
Aires said:
A reduction of 382,000.000 pesos ($95.550,000) in the country's floating
debt plus 19.900 pesos ($4,975) paid to State railways has been effected since
1931, the Finance Ministry has announced.
On Nov. 3 the floating debt totaled 885.600,000 pesos ($221,400,
000)
compared to 1.267.800,000 pesos ($316,950,000) on the same date last
year. The Ministry estimated that the debt would be increased by 50,000,000 pesos ($12.500.000) by Jan. 1 1933, because of theburrent budget
deficit.
_
Province of Buenos Aires (Argentina) Gets Debt Extemion—Arranges With British and French to
Stop Sinking Fund Payments for Three Years.
In a Buenos Aires cablegram it is made known that the
Province of Buenos Aires announced on Dec. 23 a debt
arrangement with British and French bankers by which it
will save 27,000,000 pesos ($6,939,000) annually for three
years. The plan has not been yet accepted by New York
bankers. The cablegram went on to say:
According to the arrangement. the Province will suspend sinking
fund
payments for three years and pay interest at the par rate of exchange,
giving promissory notes for the difference between par and the
official
rate on the day the interest is paid. When the sinking fund payments
are
resumed at the end of three years they will go first toward taking
up the
promissory notes covering the difference in exchange in interest
payments.
The Provincial Minister of Finance declares that the scheme merely
means prolonging the debt for a few years. He expressed hope that
eventually the New York bankers will accept.
The Legislature of Mendoza Province authorized the Governor to negotiate with American bankers for more favorable terms on the 1927 loan
of
20,000.000 pesos, diverting the amount saved to salaries and administrat
ive
expenses.
The Governor's message to the Legislature charges grave irregularities
In connection with the loan, not only among legislators when the law was
enacted but also among State authorities who placed the loan with bankers.
The law authorizing the negotiations states that they are not to be taken as
ratification of the loan contracts.
Bolivia Decree Authorizes Seizure of Gold—To Take
$1,551,000 from Banks and Mines for Foreign
Purchases.
The New York "Times" reported the following from
La Paz, Bolivia, Dec. 23:
President Salamanca has signed a decree providing for the expropriation
to foreign money and gold belonging to the three main banking institution
s
The decree is isseud under the constitutional provision for
drastic action when required by a public necessity.
The money and gold will be used to purchase foreign products needed by
Bolivia. The decree sets a quota of $792,000 for the Central Bank, $198,000 for the National Bank and $165,000 for the Mercantile Bank. Mining
nterests also must provide foreign money up to $396,000 through taxes
on shipments.
The banks and mines will be reimbursed by bills issued
by the Central
Bank at exchange rates fixed by the bank. The
decree follows conferences between bankers and government officials.
in Bolivia.
State Department at Washington Asked by Former
Senator Owen to Inquire into Condition of
Colombian Departments and Municipalities with
Defaulted Bonds.
A request for a public report on the condition of Columbian
departments and municipalities with defaulted bonds was
made to Secretary of State Stimson at Washington, on Dec.
27, by former Senator Robert L. Owen (Dem., Okla.), who
urged an adjustment to protect United States holders of
Colombian internal securities. According to Associated
Press accounts from Washington, the former Senator Owen
refers back to a Colombian decree of September 1931 establishing the Exchange Control Commission in Colombia, an
emergency measure of President Olaya to stop the flow of
Dec. 31 1932
the national gold reserve from the country. The Associated
Press adds:
While interest payment on the national indebtedness was not affected,
service on bond issues of departments and municipalities totaling
about
$100,000,000, all held by United States investors, came under the
regulatory
control of the Commission.
Interest default on these bonds began in December 1931, when
the municipal authorities of Medellin were unable to gain permission of
the Commission to remit payment of interest due on the city's securities.
Since that
time all issues of this category have been in default, despite
the fact that
charges are being met on national debentures.
Senator Owen's complaint has its origin in the Control Commission's
concession to individual debtors, who have been allowed to
export a monthly
total of $150,000 for payment of debts abroad and to pay
up to 50% of
indebtedness in defaulted bonds at Colombian banks.
Colombian national bonds have been bought through
banks in New York
by private debtors. These, it was said, are accepted
at face value by
United States creditors.
In his letter to Secretary Stimson Mr. Owen said:
May I not request that you cause a report to be
made of the present
condition of the Departments and municipalities of the Republic
of Colombia
which are now in default to American bondholders and a
record of which
Is in the Department? If not, I shall immediately send
you a copy of
these defaults.
It is very important to have a thorough knowledge of the resources,
revenues and expenditures being made by the departments
and municipalities
In default, so as to lay proper foundation for an adjustment
of this matter.
For that reason there should be a thorough investigation
by the Department
of these conditions and of the reasons why there is default.
Permit me to urge upon your attention the importance
of having this
information fully obtained—so that the American
bondholders may be
advised and so that a foundation may be laid for an
adjustment of this
matter as speedily as possible.
President Machado of Cuba Accepts $1,835,000 Advance
From Oil Companies.
Havana advices, Dec. 27 to the New York "Times" said:
President Machado to-day signed a decree legalizing
the $1.835.000
advance made by the Standard. Mexican Shell and
Sinclair oil companies
for payment of foreign obligations due Dec. 31. The
companies will obtain
repayment by charging taxes and import duties against
the advance.
With the loan of $3.100,000 recently made by the
Chase National Dank
and approximately $500,000 in United States currency
purchased by the
Cuban Treasury with gold and revenues now available
it is
will be able to pay $8,106,250 amortization and interest expected Cuba
on public works
bonds which must be met Dec. 31.
It is understood treasury officials have been
forced to divert revenues
from many departments into the public works funds
to accumulate sufficient money to meet the heavy exterior obligations,
Earlier advices in the matter (Associated Press) from
Havana, Dec. 2 stated:
Newspapers to-day said that representatives of three
oil companies
operating in Cuba had agreed in principle with the
Treasury Department
for the anticipation of taxes on gasoline imports to enable
the government to
receive $5.000.000 this month to apply on the $8,250,000
due the Chase
National Bank Dec. 31.
The newspapers differed as to how the anticipation was
to be effected,
some suggesting the oil companies might advance the money
to the Treasury
against taxes on 1933 imports, while others believed gasoline
supplies for
1933 might be brought in this month.
Cuban Bonds for Salaries.
From the "Wall Street Journal" of Dec. 24 we take the
following from Havana:
The Secretary of the Treasury is studying projects for issuance bonds or
of
certificates
of internal debt in order to pay salaries due public employees.
He will not state what interest would be paid on the
issue, but they would
be retired by yearly drawings of $500,000 to be included in
the budget. The
Secretary reiterated that there will not be any issue or coining
of new money.
Cuban House Passes An Eight-Hour Law—Wage.
Cutting Penalized.
Under date of Dec. 14 the New York "Times" reported the
following from Havana:
An eight-hour law for all employees of commercial establishm
ents in
Cuba has been approved by the House of Representat
ives. President
Machado is said to favor the measure.
The bill provides that commercial firms shall open
for business at 8
a.
m.,close from 12 until 2 p. in. for lunch hour and remain open
from 2 until
6 p. m. This does not include pharmacies, barber shops,
hotels, cafes and
public amusements.
The law also provides that employees of cafes, hotels,
bars and cabarets
shall work only eight hours, instead of 14 to 16 hours a
day as at present.
Corner grocery stores, known in Cuba as "bodegas," which
sell both groceries
and liquor, will be permitted to open at 7a. m.and close at
7 p. m.
Commercial houses must have written contracts with
employees duly
legalized and stamped, and penalties are provided for reduction
of wages
owing to shortened hours of labor.
Survey of Situation Respecting Latin American
Bonds—Expectation of Resumption of Dollar
Loans in United States.
Fred Lavis, President of the Latin American Bondholders'
Association, has the following to say respecting Latin
American bonds:
A year ago at this time external dollar bonds of the
Latin American
Republics seemed to be drifting towards a morass of moratorium
and
default. Almost every coupon date brought a new
default and there
seemed no way to stem the tide. Hearings before the Senate
Finance
Committee were spreading headlines across the newspapers.
There was
much agitation, but only sporadic and unrelated efforts
towards constructive action. . . .
Volume 135
Financial Chronicle
Salvador Committee Formed.
constructive
On March 18 1932 the first definite steps were taken towards
of the
action with organization ot a protective committee for bondholders
formed
Republic of El Salvador. This was the first protective committee
American
for the express purpose of inviting the deposit of defaulted Latin
formed on
bonds. Events followed rapidly. A second committee was
of
the same situation, the two committees joined forces, a representative
was signed
the Republic came to New York to negotiate and an agreement
after
the
with him the latter part of July, or approximately four months
first announcement of the committee.
Remittances from El Salvador for the benefit of bondholders under the
agreement commenced as of Aug. 1 1932. and the committee recently
announced that the Jan. 1 1933 coupon on the first lien bonds would be paid
third lien
In full, with satisfactory scrip arrangements for the second and
bonds. The temporary arrangement affects in no wise the permanent loan
contract, but makes only temporary concessions to meet temporary conditions, not to exceed a period of thirty months.
New Committees Organized.
The slleCeSS of the Salvador committee was followed by the announcement of Peruvian committees and Colombian committees, with other
committees in the process of organization.
There are thus to-day definite constructive forces at work under the
direction of competent auspices, looking toward temporary readjustment
of many of these external dollar bonds of the Latin American Republics,
and it now seems certain that a large part of the investment which a year
ago seemed irremediably lost may be salvaged.
To close observers the Latin American bond picture to-day presents an
aspect as different from that of a year ago as day from night. There is
still a long way to travel, but it may be said at this time that the arrows
are pointing along the right road.
Summary.
The cycle may be expected to run its complete course. Too many
dollars were loaned in Latin America in too short a time by the American
Investors; the bubble broke and for a time it looked as if most of the dollars
had been lost; constructive forces during 1932 have ben at work devising
the best program for recovery, and to-day the more sanguine look forward
to the actual resumption of Latin American dollar loans in this country.
All this has been accomplished within a period of time so short as to seem
utterly impossible—a brief twelve months—and in the midst of the worldwide depression.
Institute of International Finance Advises Acceptance
of Costa Rica Funding Plan.
The Institute of International Finance, conducted by the
Investment Bankers' Association of America in co-operation
with New York University, on Dec.28 issued a special bulletin
which advises holders of defaulted Costa Rica bonds to
accept the funding plan of that Government as the best
solution possible under existing conditions.
The Costa Rica plan of payment, which was offered to
bondholders prior to actual default on the bonds, called for
the surrender of coupons in exchange for funding bonds, the
coupons to remain unpaid and alive until the Government
may be in receipt of funds making payment possible.
"The fact that the plan was offered to the bondholders
prior to the occurrence of actual default on their bonds,"
stated the bulletin, prepared by Dr. John T. Madden, Director of the Institute and Dean of the New York University
School of Commerce, Accounts and Finance, and Dr. Marcus
Nadler, Assistant Director of the Institute, "would seem to
indicate the desire of the present Government to do the best
it can for bondholders under existing conditions." The
bulletin further says:
The funding plan provides that coupons surrendered in exchange for
funding bonds are not to be deemed paid but are to remain alive until
funds are received sufficient to pay such coupons in order that the funding
bonds may benefit equally and ratably from payments made on the
coupons maturing during the period of suspension.
The plan further provides a means of obtaining payment of interest on
arrears of interest and of realizing in cash at least a part of such arrears
Immediately in the event that the bondholder shall elect to sell the funding
bonds which he receives under the plan. Therefore the Institute feels
that the acceptance by the bondholders of the funding plan appears
advisable.
The bulletin explained the cause of the financial difficulty
of the Republic of Costa Rica was the failure to scale governmental expenditures to falling revenues. It says:
As a result of the decreased purchasing power of the Costa Rican people,
governmental revenues, which are derived chiefly from import duties and
from the monopoly of alcohol and liquors, declined substantially. As
Government expenditures were not reduced as rapidly as revenues declined
during 1931, the Government was forced to borrow funds from the banks
in Costa Rica practically every month throughout the year in order to
pay salaries and other necessary administrative expenses. Finally, in
January 1932, when it became apparent that the banks were in danger of
becoming overloaded with promissory notes of the Government, Congress
authorized the payment of arrears of salaries by means of a new issue
of unsecured paper currency and the liquidation of certain credits against
the Treasury by means of internal bonds.
Analyzing the predicament in which the present Government of the Republic of Costa Rica found itself, the bulletin
explained:
The present Government, which took office in May 1932, felt that it had
no choice but to suspend temporarily external debt payments. The Government promptly prepared a law, which was passed by Congress in August,
providing for the funding of interest due during a period of three and
one-half years on its principal outstanding external dollar and sterling
bonds and for the resumption of full service payments on such bonds
thereafter.
Among other things, the briv provides that during this period the
Republic is to continue to include in its annual budgets the amounts
4471
necessary to pay in full the service charges on its external bonds and is to
devote those amounts exclusively to the retirement of floating indebtedness
incurred prior to Dec. 31 1932.
Although the external funded debt will be increased by the issuance of
funding bonds to the extent of approximately three and one-fourth million
dollars, or by about 17%, the retirement of an equal amount of floating
debt as a result of the above-mentioned provision would leave the total
debt position of the country substantially unchanged. Furthermore, to
the extant that Costa Rican banks may be placed in a more liquid position
by the repayment of their loans to the Government, the internal financial
situation should be strengtheed.
Recurring to the chief sources of governmental revenues,
the bulletin says:
The principal revenues are import and export duties and the tax on
liquor, which, combined, normally represent an aggregate of approximately
75% of total revenues. Import duties usually represent about 50% of
total revenues. During recent years, however, due to the decline in imports,
revenue from this source has steadily decreased, amounting to $3,087,536
in 1931 as compared with $4,537,250 in 1928, $4,800,378 in 1929, and
$3,144,831 in 1930. Customs receipts in 1930 were $2,164,662, or 24%
less than the estimated receipts for that year. Collections during the
current year are about 10% less than the estimates.
The Government also owns and operates the Pacific Railway, gross
revenue from which is included among the general revenues of the
Government.
The total public debt of Costa Rica as of Dec. 31 1931 is
listed in the bulletin as "$25,455,809, of which $18,601,523,
or 77%, represented external debt and $6,854,286, or 23%,
represented internal debt. The total debt has increased by
$5,698,863, or by about 29%, from the end of 1927 to the
end of 1931."
From the New York "Times" of Dec. 29 we take the following:
Accepted by a Majority.
The American dollar bonds aggregating $7,284,000, which are included
the remaining bonds of the issue of $8,000,000
in the funding plan, consist of'
marketed here in December 1926 by a syndicate headed by J. & W. Seligman & Co. The issue is due on Nov. 1 1951. Holders of $4,813,500, or
about 67%, have already accepted the funding offer. It is understood
that funding offers with respect to interest due on July 1 1933 to 1936
on the 5% sterling bonds of 1911 and to the interest due on March 1 1933
to 1938 on the 7%% Pacific Railway dollar bonds of 1927 will be announced
soon. It is understood also that the interest due on Jan. 1 on the sterling
bonds will be paid out of a reserve fund.
Chinese Have Balanced Budget First Time in 21. Years
Finance Minister States.
For the first time in 21 years the National Government
has succeeded in balancing its budget, despite world-wide
depression, decline in silver exchange, Sino-Japanese dispute,
flood relief operations and anti-bandit campaigns in the
interior, states the Finance Minister in his annual report
brought up to Dec. 15 of this year, according to a radiogram to the Commerce Department from Commercial
Attache Julean Arnold, Shanghai. The Department in
reporting this on Dec. 23 added:
Other notable achievements of the Nationalist Government, the Minis'.
tar's report pointed out, were the developments of a consolidated internal
revenue system, the conversion of the domestic debt, and reduction of
military expenditures, saving some 100.000 yuan in each case.
Significant also are the advances made in a more effective and produetive
administration of the salt tax, and in the abolition of internal taxes on trade
except the interport duties, these latter at present being temporarily continued because of the urgent need for revenue
That an end has been put to borrowing for current operating expenses
Is the belief of the Finance Minister, a practice which had been followed
since the beginning of the Republic. Because of the improved conditions
In the national finances, states Mr. Soong, there has been a continuous rise
in the quotations of domestic bonds and Chinese credit abroad has been
considerably enhanced.
Regarding obligations other than budget expenses, considerable progress
Is being made in making up arrears on interest and principal of defaulted
payments on loans stcured by the salt revenues. In this category are the
Hukwang railway bonds. Further progress in making up arrears is anticipated. As for other outstanding railway obligations in arrears, the
Tientsin-Pukow Ry's. revenues are now sufficient to partially meet arrears,
Earnings of the Peiping-Hankow and Peiping-Suiyuan railways are not
sufficient to provide for back payments on their outstanding overdue
obligations.
Foreign Concerns Are Pressing Manchukuo Government for Settlement of Claims Incurred by Former
Regime in Manchuria.
From Changchun, Manchuria, Nov. 26, the New York
"Times" published the following special correspondence in
its issue of Dec. 25:
Foreign concerns have been pressing the Manchukuo Government for
settlement of claims incurred by the former regime in Manchuria. Although several small claims have been liquidated by the new government,
the bulk of the debt, amounting to more than 10,000,000 Mexican dollars,
remains unpaid.
A committee for the liquidation of claims will be appointed by the State
Council of the Manchukuo Government for the purpose of considering the
obligations left by the old regime and of recommending a basis of payment.
The greater part of the claims are held by Japanese interests. German
concerns are also strongly represented and United States business interests
have a small stake in the unpaid debt.
A considerable portion of the claims is owing for machinery and supplies
ordered for the huge arsenal at Mukden. Much of the material ordered
had been shipped to Mukden, at great expense, before the outbreak of
Chino-Japanese hostilities, but has never been delivered. Inasmuch as
the arsenal—except for one department—has been closed down, the new
4472
Financial Chronicle
Dec. 31 1932
Government contends that it has no use for the goods ordered by the
previous regime.
As to the further information contained in the Year Book,
the Exchange states:
Bank of Japan Shifts Representatives in New York
and Europe.
The following from Los Angeles Doc. 27 (United Press)
is from the New York "Herald Tribune":
As of Oct. 1 there were 1,375 members of the Exchange, compared with
1,354 a year ago, but only 609 firms, compared with 642 on Oct. 1 1931.
Branch offices of member firms also declined in number during the past
year, the present number being 1,178 as compared with 1,492 on Oct. 1 1931
and 1,658 on Jan. 1 1930. The distribution of these branch offices as
of Oct. 1, according to tables contained in the Year Book, was in 348
separate cities in 44 States and territories and in six foreign countries.
There were 2,328 employees of the Stock Exchange and its affiliated
companies as of Oct. 1. Bernard Smith, veteran superintendent of the
Stock Exchange Building, retains the distinction of being the oldest active
Stock Exchange employee, not only in age, but in years of service. He Ii
76 years old, and has been continuously employed by the Exchange for
more than 58 years.
Seven representatives of the Bank of Japan were in Los Angeles to-day,
en route to New York and European capitals, where they will take over
new posts as branch officers. Kiyoka Shlrane goes to Paris, H.Yad zue
to London, S. Kubota and I. lhara to New York, It, Kanog to Berlin and
C. Fukushima and K. Alchi to London.
Plea for Dismissal of Suit Against New York Stock
Exchange Denied-Pirnie, Simons & Co., Inc.,
Win Point in Action for Damages on "Package
Trusts" Ruling.
A motion by Richard Whitney, President of the New York
Stock Exchange, and forty Governors of the Exchange,
asking Federal Judge John C. Knox to dismiss a suit by
Pirnie, Simons & Co., Inc., against the Exchange for $21,000,000 damages under the Sherman and Clayton AntiTrust laws, and for an injunction, was denied on Dec. 20,
said the New York "Herald Tribune" of Dec. 21, from
which we quote:
Federal Judge Knox's decision holds Mr. Whitney and Governors personally responsible for their actions in their official capacities. The suit
Was the outcome of rules adopted by the Stock Exchange prohibiting
members In the distribution of so-called "package trusts" unless they met
Certain requirements of the Exchange.
Pirnie, Ssmons & Co. in their suit alleged that the prohibition was accomplished by a rule requiring the inclusion of not less thn a prescribed number
of shares in each individual block or package. The plaintiff, through
David L. rode11, its attorney, set forth that it had sustained and would
continue to sustain great damage as a result of this rule, which the plaintiff
alleged to be an act of unfair competition aimed at the plaintiff.
In their motion asking for the dismissal of the suit and for an injunction
the defendants moved on two grounds: First, on the theory that in adopting
the rule they were performing their proper function as members of the
governing committee in good faith and for the best interests of the Exchange;
second, that a person having a grievance against an unincorporated association might sue its officers as such or the members of its governing body
individually, but might not seek relief by suing both.
Items bearing on the action appeared in our issue of
Sept. 24, pages 2082-2083.
Depreciation Data Given by Reo Motor Car Co. in
Listing Application to New York Stock Exchange.
From the New York "Journal of Commerce" of Dec. 29
we take the following:
Further progress in the efforts of the New York Stock Exchange to secure
complete publicity for holders of listed securities was indicated in a listing
application of the Reo Motor Car Co., approved yesterday. As an integral
part of the application to have listed 2.000,000 shares of the company's
new $5 par stock, there was submitted a completely detailed statement
of fixed assets and the depreciation rates therefor, together with the amounts
charged under the several schedules.
The company plans to write down its fixed assets $4,479,766 and to set
up a reserve of $405,545 from the $9.000,000 to be freed for capital surplus
by the reduction of the stock from $10 to $5 par. Reo sales for nine months
were 5,805 units, against 13,837 for the year 1931.
Year Book of New York Stock Exchange-609 Firm
Members Oct. 1 1932, Compared With 642 on
Oct. 1 1931-List of Those Holding Membership
for Longest Period Includes Name of J. P. Morgan.
The 1931-1932 edition of the New York Stock Exchange
Year Book, containing statistical and historical data and
other information concerning the activities of the Stock Exchange, was made available on Nov. 29. The new edition,
which is printed for the information of officers, members
and employees of the Exchange, contains practically all of
the information included in previous editions, with the
statistics and other material brought up to date. The announcement issued by the Exchange says:
Statistics of the Stock Exchange Building, membership sales, interest
rates, brokers' loans, number of shares listed, market value of listed stocks
and bonds, and volume of trading are among the tables included in the
Year Book, together with lists of the officers and committees of the
Exchange, number of committee meetings held, and other general information. A chronology of the Stock Exchange, from its organization in 1792,
Ii a feature of the publication.
The only high record made during the past year was in the number of
quotations furnished to members by the Quotation Department, 71,402, on
Sept. 13. During the entire month of September a total of nearly 1,200,000
quotations was given out over the direct wire service to members.
A list of the 25 members of the Exchange who have held their memberships for the longest period of time includes, for the first time, the name
of J. Pierpont Morgan, who was admitted to membership on April 25
1895.
William D. Wadsworth continues to head the list of members in point of
seniority, having been elected to membership on May 3 1869. Henry
G. S.
Noble, a former President of the Exchange, is No. 5 on the list,
and
John D. Rockefeller (Sr.) No. 6.
Illustrations of different parts of the machinery of the Exchange and an
unusual photograph of the floor of the Stock Exchange during an active
market session, taken from an educational picture produced by the Exchange,
are included.
From the Year Book we take the following:
NEW YORK STOCK EXCHANGE MEMBERSHIP.
(As of Oct. 1 1932.)
Number of members in New York
1,285
Number of members out of town
90
Total number of members of Exchange
1,375
Number of firms in New York
521
Number of firms out of town
88
Total number of Stock Exchange firms
609
Number of member partners New York firms in New York
800
Number of non member partners New York firms In New York_
1,618
Total partners in New York
2,418
Number of member partners out of town firms
89
Number of non member partners out of town firms
316
Number of non member partners New York firms with out of town
addresses
687
Total partners out of town
1,092
Total partners Stock Exchange firms
3,510
The following compilation, comparing the number of members and the
number of firms in New York City and out of town, over the
period since
1880, shows the constant growth in the number of out-of-town members
and firms. The figures are as of Jan. 1 of each year:
New York City.
Year.
Members.
1880
1890
1900
1910
1920
1925
1926
1927
1928
1929
1930
1930
1931
1932
1932.
•As of Oct. 1.
1,034
1,030
975
1,004
979
968
968
970
967
973
1,200
1,235
1,237
1,264
1,285
Firms.
358
377
421
489
447
423
456
466
475
487
541
545
540
530
521
Out of Town.
Members.
16
70
125
96
121
132
132
130
133
'127
130
113
112
93
90
Total.
Firms.
Members.
Firms.
16
60
100
92
116
128
131
127
131
124
124
109
109
91
88
1,100
1,100
1,100
1.100
1,100
1,100
1,100
1,100
1,100
1,100
1,330
1,348
1,349
1,357
1,375
374
437
521
581
563
551
587
593
606
611
665
654
649
621
609
New York Stock Exchange Imposes More Stringent
Regulations Governing Speculative Accounts of
Employees of Stock Exchange and Those Employed
by Members-New Rules Also Affect Gratuities
by Members to Employees of Newspapers or Those
Publishing News Service.
The Governing Committee of the New York Stock Exchange, at a special meeting on Nov. 30, approved several
amendments to the "Rules Adopted by the Governing Committee Pursuant to the Constitution." One of these consists
of a new paragraph added to Section 3 of Chapter XIV of
the Rules, as follows:
No member of the Exchange or firm registered
thereon or partner thereof
shall, directly or indirectly, give any compensation or
gratuity for services
rendered or to be rendered or for any other purpose to any employee
of a
bank, trust company, insurance company, or of any
corporation, association, firm or individual engaged in the business of publishing
any newspaper, news service or statistics or information in
regard to securities,
or engaged in the business of dealing, either as broker
or as principal, in
stocks, bonds, or other securities in any form, bills of exchange,
acceptances
or other forms of commercial paper, without first obtaining
the written
consent of the employer to the giving of such compensation
or gratuity
and filing written notice of such consent with
the Committee of
Arrangements.
With reference to the above the New York "Times" of
Dec. 1 said:
The foregoing is believed to have been adopted in response
to agitation
that arose from the hearings before the Senate Banking
and Currency Committee in Washington last spring.
The same paper notes:
Members were forbidden also by the revised rules to carry accounts
for
any employee of the Exchange or its subsidiaries without
first obtaining
the written consent of his employer. They were forbidden, also, to carry an
account for any employee of a bank, insurance company or other organization
dealing in securities without obtaining the employer's consent.
The adoption of these rulings by the Governing Committee
on Nov. 30 was announced, as follows, by the Exchange:
Section 7 of Chapter XII of the Rules was amended to
read as follows:
Sec. 7. (a) No member of the Exchange or firm registered thereon or
partner thereof shall take or carry an account or make a transaction in
which an employee of the Exchange, or of any corporation of which the
Exchange owns a majority of the capital stock, or of a member of the
Exchange, or of a firm registered thereon, is directly or indirectly interested,
unless the written consent of the employer has first been obtained.
Financial Chronicle
Volume 135
or partner
(b) No mctnber of the Exchange or firm registered thereon
speculative
theeof shall take or carry a speculative account or make a
transaction in which an employee of a bank, trust company, insurance comin
pany, or of any corporation, association, firm or individual engaged
stocks, bonds,
the business of dealing, either as broker or as principal, in
other
or
acceptances,
exchange,
of
bills
form,
or other securities in any
unless the
forms of commercial paper, is directly or indirectly interested,
written consent of the employer has first been obtained.
Section 8 of Chapter XII of the Rules was amended to
read as follows:
thereon or
Sec. 8. No member of the Exchange, or firm registered
partner thereof shall make any transaction in securities with or for any
clerk entttled to access to the floor of the Exchange, whether said• clerk
for the
be his own employee or an employee of a fellow member, either
account of said clerk or for the account of any other person, without first
such
No
Arrangements.
of
obtaining the written consent of the Committee
clerk shall make any such transaction until this consent has been granted.
New York Stock Exchange to Have Railroads Issue
Reports 15 Days Before Annual Meetings.
The following is from the New York "Times" of Nov. 23:
The New York Stock Exchange is taking steps to have railroads comply
with the rule that companies issue annual reports 15 days before their
annual meetings. Because their accountings are regulated by the Inter.
State Commerce Commission, the carriers had more leeway in this respect
than have other companies.
The Exchange does not contemplate any general canvass of railroad managements to have them change the time of issuance of their reports, but,
Instead, will call the regulation to their attention when they apply for
listings of new securities. Many roads already report in compliance with
the regulation. The Baltimore & Ohio, which is not under the Exchange's
regulation as to time of annual reports, held its annual meeting on Monday,
many months after its annual report was issued.
Among the roads not now subject to the 15-day ruling are the Delaware
Lackawanna & Western, Erie, St. Louis-San Francisco, New York Central,
Atchison Topeka & Santa Fe, St. Louis Southwestern, and Southern Pacific.
Until June, when it was acquired by the Southern Pacific, the St. Louis
Southwestern was under the agreement. Among the roads that conform
with the agreement are the Great Northern, Atlantic Coast Line and Louisville & Nashville.
Federal Stamp Tax Ruling on Transfers of Stock in
Merger—Ruling Given in Prairie Pipe Line Co.—
Announcement by New York Stock Exchange.
On Nov. 24 the New York Stock Exchange has made public
a copy of a letter from the Department of Internal Revenue
to a trust company in this city in which it is indicated that
where shares of stock are exchangeable for other shares In a
different company, and no facilities exist for transfer of the
original shares, taxes must be paid on the basis of the
number of shares and their par value, of the stock into which
the shares in question are exchangeable. We quote from
the New York "Journal of Commerce," which also observed:
The stocks to which the letter referred are those of the Prairie Oil & Gas
Co., the Prairie Pipe Line Co., and the Consolidated Oil Corp. The Prairie
issues are of $25 and the Consolidated stock is of no par, making the tax
different, but since the Prairie transfer offices were closed on the sale of
the company's assets to the Consolidated company for Consolidated stock,
taxes must be paid on the number of Consolidated shares into which the
Prairie stock is exchangeable.
The announcement by the Stock Exchange follows:
NEW YORK STOCK EXCHANGE.
Office of the Secretary.
Nov. 23 1932.
To the Members:
The Exchange is advised of the following letter, dated Nov. 16 1932,
from R. M. Estes, Deputy Commissioner of Internal Revenue, forwarded
to a trust company, copy of which was delivered to this office:
"Receipt is acknowledged of your letter of Aug. 81 1932, wherein you
request to be advised in regard to the stamp tax incurred on the transfer
of the stock of the Prairie Pipe Line Co. and the Prairie Oil & Gas Co.
"It is stated that the stock of the Prairie Pipe Line Co. and the Prairie
Oil & Gas Co. has been since 1928 listed on the New York Stock Exchange,
and that such stock is of the par value of $25 per share. During the
month of March 1932 both of these companies sold and transferred all of
their assets to Consolidated 011 Corp. in consideration of shares of stock
In that company issued to and in the name of stockholders of the two selling
companies in proportion to their respective holdings in the two Prairie
companies. This transfer was accomplished March 25 1932, and the transfer
offices of the two selling companies permanently closed as of that date.
The stock of Consolidated Oil Corp. is without par value, and, according
to the contract of sale between the two Prairie companies and Consolidated
Oil Corp. the only right which holders of outstanding stock of either of the
Prairie companies has subsequent to March 25 1932 is the right to have
their stock exchanged for a pro rata number of shares of Consolidated Oil
Corp. stock. There is no way in which the shares of either of the Prairie
companies, as such, can be transferred to the name of a purchaser thereof
and new Prairie certificates issued therefor.
"You state that the question has arisen as to what amount of stack
transfer stamps should be affixed to the certificates of Prairie stock which
are transferred subsequent to March 25 1932 and offered by the purchasers
in exchange for shares of Consolidated Oil Corp.
"From the above statement of facts it is clear that after March 25 1932
stock of the Prairie Pipe Line Co. and the Prairie Oil & Gas Co. really
represents stock of the Consolidated 011 Corp. Therefore the transfer of
certificates of stock of these two companies is equivalent to the transfer
of a certain number of shares of no par value Consolidated Oil Corp. stock.
The tax on the transfer of the two Prairie companies' stock after March 25
1932 should be computed at the rate of 4c. per share on the number of shares
the holder may receive upon surrender of the old certificate."
ASRBEL GREEN, Secretary.
4473
Amendments to By-Laws of New York Produce
Exchange—One Would Permit Use of Capital
Funds to Retire Memberships.
Four amendments to the by-laws of the New York Produce Exchange, approved by the Board of Managers and
submitted to the members of the Exchange for ratification
at a vote by ballot on Dec. 20, were approved by a large
majority vote. The announcement by the Exchange says:
The first amendment creates a special transfer fee of $100 instead of
$300 as heretofore:
(1) Where a member desiring to become an associate member acquires
an associate membership certificate, and simultaneously with his application
for associate membership thereon submits his resignation as a member,
without surrendering his certificate of membership ; and
(2) Where an associate member desiring to become a member acquires a
membership certificate, and simultaneously with his application for membership thereon submits his resignation as an associate member, without
surrendering his certificate of associate membership.
For all other transfers the fee remains as formerly, $300.
The second amendment gives the Board of Managers power to use capital
funds for the purchase and retirement of memberships, while formerly the
authority to use funds for that purpose was limited to surplus funds.
The third amendment states that when a broker who is a member of the
Exchange discloses information as to actual or prospective sellers or
buyers, it shall be deemed unjust and inequitable dealing for the member
receiving such information to use same to negotiate directly and thereby
interfere with the earning or payment of a commission to the broker, and
that any member guilty of such inequitable dealing, in addition to penalties
prescribed by the Board of Managers, shall be 'liable to the broker for the
commission involved.
The fourth amendment removes from the by-laws a provision under
which one-half of the surplus income in the Exchange general account was
devoted to gratuity purposes.
Members of the four New York commodity exchanges involved in the proposed merger into one large exchange expressed approval of the plan at meetings held last week.
New York Hide Exchange members met on Dec. 23 after
the close of the market and, informally, voted unanimously
In favor of the merger. Members of the National Metal
Exchange met Dec. 22, the National Raw Silk Exchange
Dec. 21, and the Rubber Exchange of New York on Dec. 20,
and were practically unanimous for the plan. It was announced that the Board of Governors of the four exchanges
would meet later to decide upon the dates at which the
formal vote will be taken by the members of each exchange
on the merger. These meetings probably will be held around
the first of February of next year, in order that foreign
members of the exchanges may have ample time to send in
proxies. The announcement, Dec. 23, also said:
After the members of all the exchanges vote their approval of the plan,
the next step will be the mechanical consolidation into a single operating
unit on one floor. Tentative plans, already under way, insure the speedy
accomplishment of this, once the merger has been officially approved.
The proposed name of the consolidated exchange is Commodities Exchange, Inc., and its combined membership will be around 1,000. There
will be four trading rings at which futures in six commodities will be
purchased and sold—rubber, silk and hides at three rings, respectively,
and silver, copper and tin at the fourth ring.
Numerous requests for memberships in the Exchange, in the event that
the merger is approved, have already been filed by Stock Exchange and
commodity brokerage houses, which are not members of any of the four
exchanges involved in the consolidation, it was stated at yesterday's meeting
of the Hide Exchange.
The proposed merger was referred to in our issue of
Dec. 17, page 4148.
Trading on New York Curb Exchange in 1932—Year's
Operations in Stocks Smallest Since 1923—Curb
Market Proved Ability to Cope with Unfavorable
News—Bond Department Better Balanced Than
Ever Before.
"The New York Curb Exchange has put the year 1932
behind it with few regrets whatever of it having passed,"
says the "Annual Review" of the Curb Exchange, which
states that "the period was another, since 1929, in which
great anxiety prevailed over the existing unfavorable economic situation and it was but natural that the mental
uncertainties and business inertia should have its resu ltant
effect upon stock market operation." The "Review" continues:
Yet, bad as financial and business conditions were, and notwithstanding
the making of many new low prices for stocks and bonds, the technical
position of the curb market last year exhibited a degree of stability on the
decline which contrasted noticeably with the abrupt and drastic movements accompanying the hectic dealings in the three years preceding.
While not entirely shock proof, it met adversity with courage, confronting,
as It did, additional bank failures, real estate and municipal defaults, weakness in commodity prices, further reductions in wages, continued severe
unemployment and persistent hoarding of money. Added to these unfavorable factors was the traditional hesitancy attending upon the outcome of a presidential election and an uncertain foreign debt situation.
In short, the curb market proved its ability In 1932 to contend with unfavorable news In better fashion than during any period of the depression
and by so doing solidified its technical position to respond to an expected
improvement in economic conditions which the whole Nation Is striving
to bring about In the year ahead.
Evidence of the inactivity which prevailed In stock markets generally
during 1932 may be gathered from the volume of dealings on the Curb
4474
Financial Chronicle
Exchange that year. Total transactions approximated 56,000.000 shares
as against more than 110.000.000 shares in 1931 and an absolute peak level
of over 476.000.000 shares In 1929. In fact, last year's operations in
stocks were the smallest since 1923 when they totalled approximately 51,000.000 shares. When the curb market moved Indoors in 1921, transactions amounted to 15.500,000 shares in round numbers. The smaller
total had nothing to do with the number of issues traded In as they totaled
2,200 issues or practically unchanged from the previous year. The months
this year in which dealings assumed normal proportions were August and
September, when dealings in stocks ranged over 10,000,000 and 8.000.000
shares respectively.
It was in these two months—August and September— that bond dealings
also showed large totals. Had the summer ratio been maintained, the
Curb Exchange would have set up a new record In bond transactions and
although dealings may not reach the high total of $981.297.000 made in
1931—the absolute record—operations in this department this year should
exceed the previous record made in 1930 when $863.541.000 were dealt in,
thereby being the second best year the Curb Exchange has ever experienced.
From January to the end of August. total transactions this year were
running ahead of those of the high record year of 1931. but since have
dropped off. However, during the month of August this year, the heaviest
monthly trading in bonds ever to be experienced on the Exchange occurred
When $147,339,000 worth were dealt in. And on Aug.23 1932, $9.715.000
changed hands, which was the record for a single session since the Exchange
became an indoor institution.
There are 826 domestic and foreign bonds admitted to trading privileges,
a new high record and representing an increase of about 50 bonds over
the previous year. Taking the bond department by and large, it is better
balanced than ever before, what with dealings in individual obligations
being heavier and covering a variety of issues prominent in the investment
field, whereas a few years ago the aggregate daily total was more or lees
bolstered by a handful of bonds.
The largest bond trading for any one day in the history of the Exchange
occurred on Aug. 23 1932 when $9,715,000 worth changed hands. The
largest day in 1931 was on May 12 when $6,028,000 were dealt in and the
smallest day. May 23, when $1,970,000 sold. The daily average dealings
In bonds approximated slightly more than $2.300.000. The month of
August with 8147.339,000 had the largest monthly volume. Domestic
bonds admitted to trading privileges in 1932 numbered 760 against 559 In
1931 and 433 for the same period in 1930. Foreign bonds numbered 68
against 70 in 1931 and 95 in 1930. When the curb market moved Indoors
in 1921 it had 84 domestic and 29 foreign Issues. Bond listings had a par
value of $9,750.000,000, as against 37.118.884,000 for the corresponding
period a year ago, of which approximately $8,525,000,000 were domestic
and $1.233.468,000 were foreign. The 1932 figures established a new
high record.
The heavy shrinkage in the price of securities and in corporate earning
power naturally caused a reduction of dividend rates and the passing of
some dividends. However, considering such adverse conditions, the number of dividend-paying stocks on the Curb Exchange held up very well,
there being 1,226 dividend-paying issues out of a total of 2,201 stocks
admitted to trading privileges. At the end of 1931, the total of dividend
payers was 1.488 issues. Demand for collateral loans at the money post
was in small volume as a result of the trading inactivity. Low rates for
call and time money in the outside market also operated against the post,
which charges a slightly higher differential. Since it opened in April 1930,
approximately 5110.000.000 has been loaned to date.
The Curb Exchange has approximately 130 Issues of foreign origin on
Its trading list and these stocks, in common with the business in domestic
securities, were only moderately active. They are in the form of certificates of deposit issued by American banking institutions. The facilities
offered by the Curb Exchange for dealings In foreign capital Issues is an
important development both for American capital and for international
finance and it is worthy to record that the experience in handling such
business on the floor of the Curb Exchange and its special technique and
machinery provided for periodic settlement through its clearing corporation
has proved highly important in the development of international stock
market operations.
The price of memberships on the Exchange has fluctuated on the down
side. At the beginning of 1931. they were selling at $40.000 but by June 1.
a low level of $16.500 was established. As a result of the increased trading
activity which developed during August, the price of seats rose to $55,000
on Sept. 2, which level proved to be the high for the year. At the end of
1932. seats were quoted around $30,000. Since the Curb Exchange mime
Indoors in 1921, seats have fluctuated in price from a low of $3,750 to a
high of $254,000 made in 1929.
Gurnett & Co. Failure—Firm's Composition Offer
Confirmed by Federal Judge James A. Lowell.
Further referring to the affairs of the failed brokerage firm
of Gurnett & Co. (mail office in New York and branches in
Boston and other places in New England), the suspension of
which from the New York Stock Exchange on Jan.5 last was
noted in our issue of Jan. 9, page 227, a composition offer of
50% in cash and 50% in notes to creditors of the firm was
confirmed by Federal Judge James A. Lowell on Dec. 20,
according to a Boston dispatch by the Associated Press on
that date, which furthermore said:
AO involuntary petition In bankruptcy was filed in Boston last Jan. 5,
but a statement of the offer showed that the composition was made without
any adjudication of bankruptcy against the firm or its memoers. The clerk
of the Federal District Court expects to mail the checks and notes within a
day or two.
Our last previous reference to the firm's affairs appeared
in the "Chronicle" of Nov. 19 last, page 3454.
Trends of Bond Markets As Viewed by Halsey, Stuart
& Co.—Volume of Bonds in 11 Months of 1932
Approximately $1,543,000,000 About 43% of Volume
of Same Period in 1931—Large Reserves of Liquid
Capital May Eventually Seek More Profitable
Employment.
Discussing "Present Trends in the Bond Market," T. E.
Hough, Vice-President of Halsey, Stuart & Co., says that
"in view of the low volume of bond financing during the
past year it might be assumed that a substantial volume of
Dec. 31 1932
offerings could be expected in the near future," but, it is
added, "such a conclusion does not seem altogether warranted. The firm's review of the bond market goes on
to say:
There does not appear to be any immediate heavy financing in sight for
industrial .expansion with many plants operating at very small percentages
of their capacities. The utilities, moreover, do not appear in need of new
capital in any such amounts as characterized their development during the
past three decades. Refunding of existing loans, of course, awaits a return
of confidence and an upturn in the market.
So far as demand is concerned, the large reserves of liquid capital now
lying idle, or put to work at starvation wages, may eventually be expected
to grow restless and seek more profitable employment. Banks, for example,
can hardly be expected to retain so large a part of their funds in cash, low
interest-bearing Government securities, and commercial paper. Institutional,
corporate and individual investors should likewise eventually tire of main'
taming themselves in an excessively liquid condition. These liquid resources
should grow increasingly restless once the atmosphere has become cleared of
the disturbing factors which have caused such widespread lack of confidence
with its resultant struggle for liquidity.
When that time comes, it appears likely that high-grade, so-called "gilt'
edge" bonds will first feel the stimulus, and that gradually the demand
should seep down and improve the position of other sound but less widely
known issues. For despite the unusual conditions prevailing throughout
the year and the fact that some bonds encountered difficulties, bonds as a
class clearly demonstrated their strength and suitability for conservative
investors.
In part, the review also says:
A struggle for liquidity and continued deflation in commodity and
security values, even greater than in 1931 and not confined to the
United
States alone but world-wide, were the basic factors dominating
the bond
market of 1932.
At bottom, this struggle for liquidity was a natural consequence of
widespread lack of confidence so strong at times as to approach panic proportions.
The public mind was swayed by vague fears for the future.
Although such
lack of confidence probably cannot be justified, it can easily
be understood
when one considers the events and conditions that engendered
It.
In part, it arose from the uncertainties attending the possibilities of
unwise Congressional action early in the year, the agitation for
cash payment
of the bonus, the drain upon our gold reserves and the ungrounded fears
expressed in some quarters that we might be forced off the gold standard,
the economic hesitation attending an unusually strenuous Presidential
campaign, and finally the uncertainty surrounding the war
debt situation.
Confidence is the very foundation of our system of money and credit,
and
its disappearance set in motion a succession of forces which simply accentuated the existing difficulties and created still greater lack of
confidence.
Band Demand Restricted by Struggle for Liquidity.
The struggle for liquidity was reflected in the panicky hoarding of money,
and even gold, to an estimated amount of $1,600,000,000 at the peak of the
crisis last June. This meant a restriction of credit from five to 10 times
as great, since one dollar in currency is usually credited with supporting
from five to 10 dollars in credit The mad scramble to convert a vast
aggregate of assets into a relatively small amount of cash available could
only be done at an enormous sacrifice in values. Consequently prices declined, which caused still less confidence and aggravated the entire
situation.
The increased momentum of the hoarding movement was arrested by a
nation-wide educational campaign coupled with the offering of 2% "baby
bonds" by the United States Treasury to satisfy the public demand for
unquestioned safety. Although the reported $28,000,000 subscribed for
these "baby bonds" may seem small as compared with the total volume of
hoarding, the amount was encouragingly large since decidedly less emphasis
was placed upon their sale than upon halting the hoarding movement.
Closely allied to the hoarding mania were the runs made upon banks.
Banks were forced to keep a large part of their assets highly liquid in order
to meet the possibility of unreasoning demands tram depositors. This
demand for liquidity on the part of banks quite naturally set in motion
other forces which depressed the spiral of deflation down through still
lower levels. Security portfolios were liquidated to provide cash or shortterm United States Government obligations. In much of 1932, banks were
practically out of the market so far as most corporate bonds were concerned.
Insurance companies, which usually absorb substantial amounts of bonds,
also practically withdrew from the bond market in 1932, since they were
required to divert a large part of their current funds into policy loans. It
seems altogether reasonable to assume that when the abnormal demands
subside for policy loans and surrender of policies against cash values,
the
demand for bonds by insurance companies should make itself felt
upon
the market.
Bonds were also bought in mailer amounts by corporations for
reserve
purposes. Here, too, the aim was to keep surplus funds as liquid
as possible
in order to provide working capital in the event of business
revival, or for
any contingencies or foreseeable demands that might arise.
In short, the usual sources of demand for bonds—individua
l investors,
insurance companies, banks and corporations—were primarily
concerned with
keeping themselves liquid. Liberal rates of return upon
less marketable
securities generally failed to attract investors.
Lao Money Rates and Good Demand for
Governments.
This situation was reflected in very low money rates
The volume of prime commercial paper was restricted throughout the year.
in view of the small
amount of business being done, and with a heavy demand
for such paper
generally, and more particularly by the Federal
Reserve banks until the
Glass-Steagall Act eased the situation, the rate of
return on such investments reached ridiculously low and virtually artificial
levels.
Although this credit situation would ordinarily have
provided a solid foundation for a rise in the general bond market, it
influenced only such "ultrahigh-grade" issues as very strong bonds of operating
public utilities with
no early maturing debt and with earnings covering
interest charges by wide
margins, some of the strong underlying railroad
bonds, certain industrial
Issues fortified by exceedingly large cash and liquid
reserves, and highgrade municipal obligations.
The struggle for liquidity, of course, was partly
responsible for the ease
with which the United States Treasury could do Its
large volume of financing throughout the year. The open market and easy
money policies of
the Federal Reserve banks also lifted some of the weight
from the market
not only on Treasury issues but also on high-grade
corporate and municipal
bonds as well.
The demand factors lust outlined explain in large
measure the low
volume of corporate and municipal offerings throughout
the year as contrasted with the large volume of new financing by the Treasury.
During the first 11 months of 1932 new Treasury financing aggregated
over three billion dollars. This colossal figure does not include funds
Volume 135
Financial Chronicle
raised for retiring maturing debt, but represents additional capital needed
for meeting fiscal deficits and the requirements of the Reconstruction
Finance Corporation. It was about twice the volume of all other bond
financing done during the same period, more than five times the volume of
corporate bonds offered, and over four times the volume of municipal
financing.
Offerings 43% of 1931 Volume.
The total volume of all bonds other than Treasury issues offered during
the first 11 months of 1932 was approximately $1,543,000,000, which is
about 43% of the volume during the corresponding period of 1931 and
compares with a reported total of $3,672,000,000 for the full year 1931 and
years.
an average of about $5,795,000,000 for the five preceding calendar
The volume of municipal bonds offered during 1932 compares more
of the
months
11
for
first
total
the
The
favorably with the preceding year.
year was reported as $723,000,000, or about 60% of the corresponding
period in 1931. The 1932 total does not include advances made by the
Reconstruction Finance Corporation. The total volume of municipal offerings during 1931 was approximately $1,250,000,000, and the five-year
average $1,418,000,000.
The municipal market was stimulated somewhat since last March by higher
surtax rates on incomes. Adverse factors included the low rate of tax
collections and excessive Governmental expenditures in some localities.
Buyers of municipal bonds were more than usually inclined to scrutinize
closely the rate of tax collections and cost of government in appraising
value. The widespread demand for economy in government should eventually
improve the position of many municipalities, and it is a move in the
right direction, but much still remains to be done in substantially decreasing
the cost of government, stimulating tax collections, and easing the tax burden.
Corporate bond offerings during the first 11 months of 1932 amounted
to only about $596,000,000, and of this total approximately $297,000,000
represented refunding of existing indebtedness. The 1932 volume of corporate bonds was only about 27% of the previous year and 17% of the
average volume for the five previous years.
Public utility bonds accounted for almost 90% of all the corporate
bonds offered during the year. The 11 months' total was reported as
$529,000,000, of which approximately $267,000,000 represented new capital. The 1932 volume of public utility senior financing was about 43% of
the volume in 1931 and 38% of the average during the five-year period
1927-31.
By and large, the record of the public utility operating companies during
the past three years has been such as to merit them the confidence of conservative investors. Earnings were more stable than in most other major
industries. Kilowatt hour consumption, for example, has been only about
10% under 1931. More widespread recognition among investors of the
strength and stability of well managed utility properties accounts in part
for the large proportion of utility bonds offered during the year as compared with any other corporate classification, and the relatively better
market performance of this class of securities.
Railroad bonds were offered in 1932 in about 9% of the 1931 volume
and 7% of the 1927-31 five-year average. The total for 11 months was
reported as $48,000,000, of which only about $13,000,000 represented new
capital. Many railroads, however, were aided by the Reconstruction Finance Corporation, and also by the Railroad Credit Corporation, which
handled the revenues derived from the moderate increase in freight rates
permitted by the Inter-State Commerce Commission.
Th volume of new industrial bonds in 1932 almost declined to the vanishing point, running less than 2% of the 1931 volume. Real estate bonds
offered during the year were only about 8% of the previous year's volume,
and less than 2% of the 1927-31 average. There were no foreign corporate
or Government issues with the exception of Canadian Government issues
aggregating about $66,000,000 during the first 11 months.
The struggle for liquidity not only curtailed the demand and supply of
new offerings, but also seriously affected many issues which had previously
been distributed. With net earnings reduced to very low levels, and in some
cases disappearing entirely, an unusually large number of companies encountered difficulties in their efforts to meet payments on interest and principal
as they fell due. Usual sources of credit, including banks and investors,
were loathe to supply their needs in view of the reduced rates of earnings,
the struggle to maintain excessive liquidity, and the low market quotations
for the securities of such companies.
Most corporations quite rightfully depend in part upon credit to finance
their fixed investments and current operations, and when such credit was
denied them they not infrequently found it necessary to default. The
repercussions from these defaults simply added to the existing difficulties
and intensified the struggle for liquidity. Such defaults, it should be added,
do not reflect upon the merits of bonds as a class, nor do they necessarily
indicate that the issue that encounters difficulties was not inherently sound
and a good investment at the time it was originally offered. In many cases
they were simply the consequence of a depression the depth and duration of
which nobody could foresee.
Dawes Bank Retiring Loan of $88,000,000--Interest
Charges It is Said Have Been Promptly Met By
Central Republic Bank & Trust of Chicago and
$18,000,000 of Principal Returned.
The following (United Press) from Chicago, yesterday
(Dec. 30) is from the New York "World-Telegram":
The Central Republic Bank & Trust Co., known as the Dawes Bank,
because of the association of Brigadier General Charles G. Dawes, is repaying the Reconstruction Finance Corporation loan of $86,000.000 as
liquidation progresses, it was learned to-day.
The Bank has met all interest charges and in addition has retired "be-.
tween $15,000,000 and $18.000.000" of the principal, so far.
The money was loaned by the R. F. C.. of which Dawes was formerly
Chairman, to help the Bank meet a crisis. This done, the officers, decided
to wind up the institution's affairs and liquidate. Dawes now is head of
the City National Bank, organized since then.
Jerome J. Hanauer Retires from Kuhn, Loeb & Co.—
Elisha Walker and Hugh Knowlton New Partners.
Hugh Knowlton, formerly a Vice-President of the International Acceptance Bank, on Jan. 1 will become a member
of the banking firm of Kuhn, Loeb & Co., it was announced
on Dec. 29. The announcement (says the New York
"Journal of Commerce") gives official confirmation to the
admission into the firm of Elisha Walker and the resignation
of Jerome J. Hanauer.
4475
The statement reads as follows:
Kuhn, Loeb & Co. announce that on Jan. 1 1933. Elisha Walker and
Hugh Knowlton will be admitted to partnership in the firm.
At the end of this year, Jerome J. Hanauer will retire as general partner.
He will continue to make his offices with the firm.
The "Journal of Commerce" also said:
Mr. Knowlton graduated from Harvard Law School in 1921. after which
he practiced law in New York City with the firm of Appleton, Butler &
Rice, now Appleton, Rice & Perrin, of which he became a partner in 1924.
In 1926 he left that firm to become Vice-President of the International
Acceptance Bank, formed in 1921 by Paul M. Warburg. and later VicePresident of the International Manhattan Co., the securities affiliate of
the Manhattan Co. group. During this period he was also Vice-President
and director of the American & Continental Corp. and a director of Union
American Investing Corp. and Canadian International Light & Power
Investments, Ltd.
From the New York "Times" of yesterday (Dec. 30) we
quote:
1111The retirement of Mr.Hanauer, one of the senior partners of the banking
house, leaves Felix M. Warburg and Otto H. Kahn as its oldest members
from the point of view of service. Mr.Hanauer entered the firm in 1912,
and Mr. Warburg and Mr. Kahn in 1897.
Rumors that Mr. Kahn planned to retire from the firm were again
vehemently denied yesterday. It was said he intended to sail soon for a
vacation in Europe and that it was expected that he would be back at
his desk in a month or two in the best of health.
Mr. Walker's banking career dates from 1904, when he entered the
employ of William Salomon & Co., subsequently becoming a partner in
1909. In 1920, when the firm was merged with Blair & Co., Inc., he became President and Chairman of the board. In 1929, when Blair & Co.,
Inc., became an integral part of the Bancamerica-Blair Corp., the security
affiliate of the then Bank of America, Mr. Walker headed the corporation.
Later he headed the Transamerica Corp., which controlled the bank, and
remained in that post until control of Transamerica was regained by its
founder, A. P. Giannini. . . .
Members of the firm, in the order of their admission, are as follows:
Felix M. Warburg, Otto H. Kahn. George W.Bovenizer, Lewis L. Strauss,
Sir William Wiseman, John M. Schiff. Gilbert W. Kahn, Frederick M.
Warburg, Benjamin J. Buttenwieser, Elisha Walker and Hugh Knowlton.
The proposed year-end changes were referred to in these
columns Nov. 19, page 3440.
Governor-elect Lehman of New York to Quit Bank
Connection.
In its issue of last night (Dec. 30) the New York "Sun"
said:
Governor-elect Herbert H. Lehman will terminate a 24-year connection
with the banking firm of Lehman Brothers on Jan. 1 as he takes over the
Governorship. He became a member of the firm in 1908 and at present
holds a special partnership which he took over when he became LieutenantGovernor in 1929. Prior to that he had been a general partner. He resigned from a number of directors' boards when he took office.
The Lehman firm was founded by his uncles and his father, Mayer
Lehman, in 1852. Prior to joining the organization. Mr. Lehman was
Vice-President and Treasurer of the J. Spencer Turner Co., textile manufacturers. He never was a director of the Lehman Corp., an offshoot of
Lehman Brothers, since he was in public office when it was incorporated
in 1929.
Mr. Lehman served as a member of the committee appointed in 1913
to revise the banking laws of the State. Under his Chairmanship,a finance,
budget and revenue committee appointed by Mayor Walker surveyed the
city's finances from 1926 to 1928. In 1926 he managed Alfred E. Smith's
campaign for the Governorship.
American Banks and Industrial Corporations Would
Greatly Benefit by Closer Contacts with British
Markets, According to Rudolph Guenther.
The suggestion that American banks and industrial corporations can greatly benefit by closer contact with British
markets is made by Rudolph Guenther, Chairman of the
Board of Albert Frank-Guenther Law, Inc., one of the country's largest advertising agencies. "There is a vast opportunity for our American financial and industrial enterprises
to obtain the investment support of Britishers," Mr. Guenther said. "This thought has been impressed upon me in
various interviews which I have had in London banking
and publishing circles. England knows relatively little
concerning our American investments, and even in the boom
years the list of American securities in which the British
investors took an active interest was limited to a comparative few of our leading corporations. It is largely up to us
in America to see that this interest is created, and, of
course, one of the ways in which this can best be done
is by truly informative advertising in Great Brittdn." Mr.
Guenther further observes:
"The growth of New York as a leading world financial center has been
extraordinarily rapid, but we are still lacking in the vast experience
possessed by the much older nation. Great advantage could be gained by a
combination of the modern American spirit of progress with the traditional
British conservatism and stability in times of crisis. I believe that if
there were a larger British interest in American securities, the influence
of this in our own markets would be of great value as a stabilizing factor.
"During the past few years the British attitude toward world conditions, based on the perspective given by the lessons of the past, has
proved its accuracy unmistakably.
"I have observed this accuracy of British perspective as regards world
conditions and their causes with much interest. For example, many knowing British corporations and investors were getting out of American securities before most Americans were fully cognizant of what was happening
in 1929.
4476
Financial Chronicle
"The more foresighted of British investors are showing a revival of
Interest in a few of our leading investment issues. This interest is limited
as yet, but it is capable of further stimulation if the attraction of many
of our present high yielding securities can be properly put before the
British investing public. In Great Britain, now, money is cheap and there
is an undoubted shortage of sound investments offering really attractive
yields.
"We can learn and profit by closer contact with the British market;
particularly can we broaden our markets and thus make progress towards
eliminating the violent and extreme movements which have characterized
our securities markets in the past."
New York Bank Stock Prices Rose 14% During 1932.
New York City bank stocks, on the average, are now 14%
higher than on Jan. 2 1932, according to Hornblower &
Weeks, who, in a review of the bank stock market of 1932,
state:
Between Jan. 2 and March 9 there was an advancing bank stock market.
The "American Banker" index for 17 stocks moved up from 38.6 to 45.6—a
gain of 18.1%; in the same period the Dow-Jones averages moved up 14%.
The "run" on the United States by certain European countries then started,
and between March and June our monetary gold stock declined from $4,390
millions to $3,919 millions. Coincident with this "run" on our gold
supply there was an abrupt decline in the market. Between March 9 and
the all-time record low of May 31 there was a drop of 47.5% in the bank
stock averages; the low for the industrials was on July 7 when the averages
were down 53% from March levels.
Beginning July 6, there was recovery in the bank stock market, and
between that date and Sept. 7 the "Ameriatn Banker" averages had advanced
exactly 100%. An intermediate decline then set in, caused largely by the
war debts uncertainty, and there was a loss of 27% of the advance. On
Dec. 19 the bank stock averages were approximately 73% above the July
lows, 3.6% below the March high, and about 14% above the prices of
Jan. 2 1932. Nothing would seem to be more certain than that the advance
which was beginning to get under way last spring, and was interrupted
by the financial panic, will be resumed now that the period of banking
uncertainty is over.
Important bankers, the firm points out, believe that the middle of June
will prove to have been the historic date of the end of the great Bear
Market of the 1930's. The "run" on the United States was met by the
New York banks, which bore the brunt of the attack, and in June it was
broken. In July the return flow of gold had begun and has continued, with
varying intensity, since then until to-day our monetary gold stock is back
where it was before the outflow started. The outward flow last spring caused
the greatest financial panic in our history; bank stock prices fell to alltime lows; the importance of the return flow should not therefore be
minimized. If the New York banking structure proved itself impregnable
last spring, it is doubly so now. The credit structure is proportionately
strengthened and greater confidence has developed.
Representative McFadden Deposed as Secretary of the
House Delegation of Republican Members—
Banned from Meetings—Action Due to Attacks on
President Hoover.
Representative McFadden, of Pennsylvania, was read out
of the Republican Party on Dec. 21, so far as that procedure
is within the power of his fellow Republican members from
his home State (Pennsylvania). We quote from the Philadelphia "Public Ledger," which in a Washington account
Dec. 21 also said:
Meeting behind closed doors this morning, the Pennsylvani
a Republican
delegation determined to exclude Representative McFadden
from their
future meetings and to refuse to recognize him as a
Republican in such
matters as Committee assignments and party here.
This action was taken because Representative McFadden Dec.
13, introduced a resolution to impeach President Hoover. and was rebuked
when the
House voted immediately and overwhelmingly to lay his
resolution on the
table.
By the action of his Pennsylvania colleagues to-day, Representati
ve
McFadden faces the loss of his position as ranking minority
member of the
powerful Committee on Banking and Currency, of which he was
Chairman
during the period of Republican control of the House.
By declaring that he is not a Republican, the Pennsylvania delegation
will refuse to put forward his claims to party Committee assignments when
they are being made at the outset of the next session. Such assignments
are seldom made without the approval of the member's own delegation.
In addition to stripping him of this influential post, which entitles him
to membership on conference committees considering banking legislation,
the ban put upon him to-day will prevent the delegation from recommending
him for any other Committee assignments.
Before reading Representative McFadden out of the party the delegation
deposed him as Its Secretary, a post he has held for several years. His resignation had been demanded by the delegation the day he offered his impeachment resolution, but the demand had not been complied with. To-day the
delegation, by unanimous vote, declared the office of Secretary vacant and
elected Representative Swick of the 26th District to fill it.
The disciplinary measure resorted to in declaring Representative McFadden no longer a member of the Republican I'arty Is the most drastic action
within the power of the delegation. No further step could be taken short of
a:motion In the House calling for censure or expulsion.
First Step Since 1924.
Depriving a member of his party status is a procedure rarely resorted to.
The last notable instance was in 1924, when Senator Brookhart of Iowa,
and the late Senators La Follette, of Wisconsin. and Ladd, of North Dakota,
were deprived of thier Committee assignments by Senate Republicans.
Brookhart, Ladd and La Follette had refused to support the CoolidgeDawes ticket In the campaign of that year and La Follette had headed a
third party ticket in opposition.
The exigencies of a dwindling Republican majority in tho Senate later
resulted in restoring those Senators to their party status, but In the case of
Representative McFadden no such contingency Is in prospect. The Republicans are in such a hopeless minority In the next Congress that It will
make no difference from a party standpoint whether he is included or not.
Consequently, it is regarded as unlikely that the Republican organization
in the House would feel Impelled to seek a change in the decree of the
delegation to-day.
Dec. 31 1932
It is understood the action of the Pennsylvania delegation to-day was
unanimous. Representative McFadden did not attend the meeting,
although notified that it would be held.
Directors of Federal Reserve Bank of St. Louis Announce Election of Branch Directors.
According to announcement Dec. 22 of John S. Wood,
Chairman of the Board of the Federal Reserve Bank of St.
Louis, the directors of the parent bank have elected the
following branch directors to succeed those appointed by it
whose terms expire at the end of this year:
For Lousiville Branch—Wm. It. Cobb, Louisville, Ky.,
for three years.
and John T. Moore, Louisville, for one year.
For Memphis Branch—Willis Popo, Columbus, Miss., for
three years,
and W. H. Glasgow, Memphis, for one year.
For Little Rock Branch—Stuart Wilson, Texarkana, Ark.,
for three
years, and A. F. Bailey, Little Rock, for one year.
The Federal Reserve Board has appointed the following
branch directors to succeed its appointees whose terms expire
at the end of this year:
For Louisville Branch—W. R. Cole, Louisville, Ky.,
For Memphis Branch—Wm. Orgill, Memphis, Tenn.
For Little Rock Branch—G. H. Campbell, Little Rock, Ark.
Each was appointed for a three-year term.
The Board of Directors of each branch consists of seven
members, four of whom are appointed by the Federal Reserve Bank in St. Louis, and three by the Federal Reserve
Board in Washington. The Managing Director is elected
annually, while the other six directors serve for terms of
three years each.
Federal Reserve Board's Review of Banking Conditions—Recent Price Movements—Loss of Income
of Industries Reflected in Price Declines and
Decrease in Activity.
Recent price movements are dealt with in the December
number of the Federal Reserve Bulletin incident to the
Board review of banking conditions. In surveying prico
fluctuations the Board states that "loss of income as between
different industries has reflected in varying degrees the
decline in prices and the decrease in the volume of activity."
The Board notes that "in agriculture the price decline has
been the major cause of loss of income, while in the ralroad
industry . . . the drastic decrease in the volume of operations has been the most important factor." The Board's
review for the month follows:
Current Banking Developments.
During November there was a continued growth In the stock
of monetary
gold, which at the end of the month totaled $4,340,000.0
00, showing an
Increase of $430.000,000 from the low point In the middle of
last June.
Changes In currency demand have been In relatively small
volume and
seasonal in character. Funds arising from accessions to the gold
supply
were utilized in part in meeting the seasonal demand for currency,
and
In part in a further reduction of member bank indebtedness to the Reserve
banks. There was also a further growth of member bank reserve balances
and the excess reserves of member banks fluctuated around the $500,000,00
0
level. There was no change in Federal Reserve Bank holdings of United
States Government securities. Loans and Investments of reporting
member banks in New York City continued to increase, while at reporting
banks outside New York City there were declines both in loans and in
investments. Money rates in the open market declined further in November or early December, the rate on bankers' acceptances being reduced
to the lowest level on record.
Recent Price Movements,
In October there was a further recession in wholesale commodity prices.
and in November the general level of prices fluctuated at about the low
levels of early summer, approximately one-third below the average level
of 1923-29. Price advances in July and August, as well as the subsequent
decline, reflected largely movements in the prices of farm products,
foods,
textiles, hides, and leather products. Prices of metals and metal
products.
building materials, chemicals and drugs, and fuel and
lighting showed
relatively little change. while prices of house furnishings declined
throughout
the period.
Reviewing the course of commodity prices at wholosaie during the
first
10 months of 1932 as a whole, it appears that declines during the
current
year have been smaller than in either of the two preceding
years. This
Is illustrated by the chart (this we omit—Ed.] which compares
recent
changes in the monthly index of wholesale commodity prices
computed by
the Bureau of Labor Statistics with those that occurred during
each
the
three preceding years. The sharp price decline after Septemberof
1029
was in marked contrast to the relatively smaller fluctuations
which characterized the preceding six years, and the latest year. 1932,
has also witnessed relatively less change In the price level. The greater
part of the
price decline of the last decade, therefore, was concentrated
In the two
years 1930 and 1931.
Price Declines by Groups of Commodities.
All the major groups of commodities distinguished In the
classification
of the Bureau of Labor Statistics have shared In the price
decline of recent
years. but there has been little uniformity in the extent
of the decline.
This is shown In the table, which compares the average
level of the Bureau
of Labor Statistics index during the first 10 months of 1932
with its average
for 1929, and also shows the extent to which prices of the
different major
groups of commodities which compose the index have
shared In the general
decline. The table brings out the fact that prices of
commodities which
enter the fuel and lighting group have declined since
1929 by loss than
one-sixth, whereas prices of commodities in the farm
-products group have
declined by more than one-half. Prices of commodities In
the three groups
of foods, textiles, and hides and leather products have also declined
moro
than the general average, while prices of commodities In the
other fivo
greups--metals and metal products, house furnishings, chemicals
and
Financial Chronicle
Volume 135
drugs, miscellaneous products, and building materials-have shown smaller
declines than the general average.
WHOLESALE COMMODITY PRICES (1926=1001.
Average of
Average of
Year 1929. 10 Moe.1932.
Fuel and lighting
Metals and metal products
House furnishing goods
Chemicals and drugs
Miscellaneous
Building materials
All commodities
Hides and leather products
Textiles
Foods
0
warm nrett1ttrts1
83.0
100.5
94.3
94.2
82.6
95.4
95.3
109.1
90.4
99.9
104.9
70.3
80.4
75.3
74.0
64.6
71.7
65.3
73.7
56.4
61.4
48.8
Percentage
Change.
-15.3
-20.0
-20.1
-21.4
-21.8
-24.8
-31.5
-32.4
-37.6
-38.5
-53.5
There have been large differences in price changes, furthermore, between
Individual commodities within the major groups. In the farm-products
group the average level has declined by over 50%. while prices of cotton
and many other commodities have declined by greater amounts. In the
fuel and lighting group, on the other hand, the average level of the group
as a whole has declined less than for other groups, and prices of coal.
coke, electricity, and gas have shown an even smaller change than the
group as a whole. The greater part of the price movement in this group
has reflected wide movements in the prices of products of the petroleum
industry.
Prices of Raw Materials and of Finished Goods.
Price declines, especially when they are characterized by wide variations
between different commodities and classes of commodities, are reflected
In large changes in the competitive position of different industries and
in the income or purchasing power of different classes of the community.
The marked weakness in prices of farm products and most other raw
materials, which has characterized the price situation since the beginning
of the depression, has been reflected directly in a sharp reduction in the
Income of producers of these commodities and in the purchasing power of
these producers in world markets.
Declines in prices of finished products have followed the decline in prices
of raw materials in some industries, thus exerting an influence toward
sustaining the market for these commodities by making them available
to consumers at lower prices. The degree to which prices of finished
products have declined has depended in part on market conditions and in
part on the extent to which the cost of raw materials has entered into
the cost of the finished product, as compared with labor, overhead, and
other costs.
In general. wholesale prices of finished products have fluctuated less
widely than prices of the raw materials from which they are made. This
relationship Is illustrated on the chart which compares, for four different
groups of commodities, changes in the prices of raw materials with changes
In the prices of finished products produced mainly or largely from these
materials. The four groups are selected foods. textiles. leather, and iron
and steel products. In each case the comparison Is made in terms of
Index numbers with the average for 1929 as 100. The chart shows that
changes in prices of foods, textiles, and leather products, which have been
relatively large, have all accompanied even greater changes in the prices
of the raw materials from which they are manufactured. In the case of
the selected foods, comparing October 1932 with the average for 1929,
there has been a decline of about 42% in the prices of the finished products
as compared with a decline of 60% In raw foodstuffs. Textile products
have declined about 37%, as compared with a decline of 64% in the price
of raw textile materials, and in the case of leather products the corresponding declines have been 27% and 56%. respectively. The only raw
material whose price is shown in the iron and steel group is scrap steel,
since coke and iron ore, the other important raw materials entering into
the production of iron and steel products, are not purchased extensively
In the market, being produced largely by the manufacturers of iron and
steel products themselves. Prices of finished iron and steel products
Included in the index have declined by about 16% since 1929, while steel
&rap, which is ordinarily subject to wide fluctuations, has declined by
about 60%.
Price Decline in Relation to Income.
Loss of income as between different industries has reflected in varying
degrees the decline in prices and the decrease in the volume of activity.
In agriculture the price decline has been the major cause of loss of income,
while in the railroad industry, for example, the drastic decrease in the
volume of operations has been the most important factor. It is not possible,
on the basis of existing information, to present a comprehensive analysis of
changes In incomes of different classes of the community. The left-hand
section o the chart [this we omit-Ed.] however, compares changes in
gross income of three of our largest industries-construction, agriculture,
and railroads; while the right-hand section compares changes in the aggregate payrolls of wage earners In the production of two classes of manufactures-durable goods and non durable goods. The figures relate to the
period 1928-32 and are on an annual basis. with 1929 taken as 100. The
chart shows that declines in Income since 1929 for these groups have ranged
from 47 to 76%. The decline In gross income of railroads, amounting to
50%. has reflected a decrease in the volume of freight carried rather than
changes In rates. The decline in the gross income of agriculture, on the
other hand, amounting to 58%, has reflected almost wholly price recessions,
the aggregate physical volume of agricultural output having shown little
change over the period. In the case of the construction industry, gross
income, as measured by changes in contracts awarded as compiled by
the F. W. Dodge Corp., has declined by 76% since 1929. This decline
reflects In some part lower construction costs but is predominantly due to
the present inactive state of building.
Decrease in income of wage earners since 1929 has been as severe In
many manufacturing industries in which changes in the price of the product
have been small as In industries in which price readjustment has been
large. Wage earners' income Is affected both by changes In wage rates
and in the volume of factory operations, which, in turn, is determined by
the volume of goods that can be sold at prevailing prices. The chart shows
a decline of 47% in the aggregate factory payroll of workers engaged in
the manufacture of non-durable goods, largely foodstuffs, textiles, and
leather, rubber and paper products, and of 70% in the aggregate factory
payroll of workers engaged in the manufacture of durable goods, such as
iron and steel products, building materials, automobiles, &c. Price
adjustments have not been uniform in these two groups of industries. On
the whole, price declines have been more drastic in goods for immediate
consumption, but volume of output and consequently wage earners' Income
has been better maintained in these lines than in the durable goods industries.
Summary.
Wholesale prices In the first 10 months of 1932 have been relatively
more stable at the low level to which they had declined during the preceding two years. The general average of wholesale prices at the present
time Is about one-third below the average of 1923-29, but the extent of
4477
decline varies considerably for different groups of commodities and for different commodities in the groups. In general, prices of finished products
have declined less than prices of raw materials.
Loss of income by persons connected with the different industries has
been due to S varying extent to declines in prices and to recession in activity.
In agriculture, for example, the loss of income has been due almost entirely
to the decline in prices of farm products, while in the construction industry, among others, reduced activity has been a more important cause of
reduction of income than the decline in prices.
Insurance on Time Deposits in Federal Reserve Member
Banks Advocated by Senator Vandenberg.
Legislation to regulate and insure "time deposits" in banks
in the Federal Reserve System is advocated by Senator
Arthur H. Vandenberg (Rep.) of Michigan, as a means of
preventing hoarding, creating confidence and relaxing credit.
In a statement issued on Dec. 26, Senator Vandenberg declared he is "irrevocably opposed to a general Federal
guaranty of bank deposits." The Senator proposed to create
a gigantic fund for the protection of time deposits and to
distinguish from demand deposits. Associated Press accounts from Washington on Dec. 26 also said:
The Michigan Senator would define time deposits as those turned over to
a bank for at least 90 days and insure them up to 75% through a Federal
"time deposit insurance fund."
"Such a system, if practicable, would end 95% of the threat of'runs."'
he said. "By properly classifying 'time deposits' it would make an enormous but unestimated further contribution to the loanable resources of the
banks. By creating a new measure of security it would invite $1,000,000.000 out of hoarding. There are countless other profound advantages."
Mr. Vandenberg said a Federal guarantee of bank deposits would "reduce
all banking to a dead level where reckless bankers could bid for confidence
on a parity with sound bankers," and asserted the mass of individual
deposits is in savings and certificates.
"It is In this group that mass hysteria generates the 'runs' which may
wreck perfectly solvent institutions," he added. "It is here that mass
tragedy occurs, with attendant social as well as economic wrench, when
banks close."
Under the Vandenberg proposal the fund would be created by an appropriation of $125,000,000from the Treasury;the addition of one-fourth of the
annual surplus of the Federal Reserve system, and an annual tax of oneeighth of 1% on all time deposits in member banks.
Senator Vandenberg's statement is taken as follows from
the "United States Daily":
I favor the earliest possible adoption of the pending Glees bill, properly
safeguarded, and its corrective principles as applied to certain phases of
banking.
Thereafter, another fundamental problem remains for attention; Namely
the conslusive safeguarding of time deposits. Related to this problem
is the need to protect banking itself against so-called "time deposits"
which are, in fact,"demand deposits."
Claimed to Prevent Hoarding.
As a successful answer to this joint problem would do more to prevent
hoarding, and to create confidence, and to relax credit than any other
possible contribution to our banking structure.
I have introduced a tentative measure which addresses this purpose. I
claim nothing for it except that it may show the way to a practical philosophy
of action which avoids the demonstrated vice of a general bank deposit
guaranty law and yet achieves a sound, stabilizing purpose. In other
words, I offer a text for argument and a formula which Invites improvement.
I am irrevocably opposed to a general Federal guaranty of bank deposits.
It would reduce all banking to a dead level where reckless bankers could
bid for confidence on a parity with sound bankers, and the resultant mortality would be charged either to the survivors or to the Treasury of the
United States. Various States have tried this scheme to their costly
sorrow.
Need for Protection.
But the need for more conclusive deposit protection persists and I raise
the question whether it can not be met without any such infirmity.
The mass of individual deposits Is in savings and certificates. It is in
this group that mass hysteria generates the "runs" which may wreck perfectly solvent institutions. It is here that mass tragedy ()Muni, with attendant social as well as economic wrench, when banks close. These
are the so called "time deposits." If "time deposits" are safeguarded,
the balance of the banking problem will take care of itself.
So I propose a study of a "time deposit insurance fund" in the Federal
Reserve system which will reimburse 75% of any "time deposit" in a closed
member bank within 90 days after closing, and which will be continuously
financed by an annual tax of one eighth of 1% on all "time deposits."
Defines "Time Deposit."
Meanwhile, I would define a "time deposit" as one which is under con
tract to remain, without privilege of waiver, on deposit for at least 90 days
or perhaps six months. Much of to day's frozen credit is due to the fact
that "time deposits" are misnomers. They are all actually "demand
deposits." Therefore the bank has no dependable deposits at all and it
must be ready to most a demand for all of its deposits. To this anomaly
may be traced much of our present credit inliquidity.
So I propose to stabilize the "time deposits" for the banker, and then
for the depositor. Yet we have avoided the fundamental vice of s general
guaranty; first, by leaving the bank responsible for all of its real "demand
deposits" and for the final 25% of its "time deposits"; second, by putting
the depositor himself upon notice, in respect to this final 25%. to choose
his bank wisely. It is my belief that such a system, if practicable, would
end 95% of the threat of "runs." It is my further belief that unwarranted
"runs," or the existence of their possibility, has closed more banks needlessly than any other factor, and that it is the chief element in tightening
bank credits and bank loans to an unsufferable degree.
Solvency Question.
FP Upon such a premise the key question arises-is it practicable? Can
such a "fund" be dependably solvent over the years?
Total deposits of member banks in the Federal Reserye System suspended
from November, 1914, to June. 1932. were 51,800,000.000. According to
the report of the Comptroller of the Currency, the "time deposits" should
not exceed 42% of the total. This means a loss of 5750.000.000 in "time
deposits" in 17% years. If we insured 75% of this sum,our gross hazard
would have been approximately $560,000.000. I am advised that the
4478
Financial Chronicle
average recovery on liquidation has been 55%,which would be $410,000.000
n the case before us. Thus we should have had a final net loss of $150.
000.000 in 173 years, or an average of less than 59.000,000 a year. Offsetting this loss, an annual tax of one eighth of 1% on all "time deposits"
In member banks would yield in the neighborhood of $14,000.000 a year.
This takes no account of an increase in "time deposits" and a decrease in
losses which would result from an insurance regime. Furthermore, if
the fund be capitalized, as is proposed for the Liquidation Corporation in
the pending Glass bill, and if one fourth of the annual surplus of the Federal Reserve System be paid into the fund from year to year, the annual
fund income would exceed $22.000.000 a year, which is nearly 2% times
the average annual loss. Stated differently, the fund would have received
during these 17% years $385,000.000 with which to meet a loss of $150.000,000. Not even the losses since June, 1932, would drive the fund into
a deficit.
Would Add to Resources.
This would indicate that insurance can be made actuarily sound. It
would be sold, at higher premium, to banks not in the Federal System.
It would eliminate the need for 75% of the requirement for Government
bonds as collateral for the redeposit of postal savings. This 75% release
alone would add $650.000,000 at once to the liquid banking resources of
the country. By properly classifying "time deposits" it would make an
enormous but unestimated further contribution to the loanable resources
of the banks. By creating a new measure of security it would invite
$1,000,000.000 out of hoarding. There are countless other profound
advantages.
I have submitted the proposal to the Committee on Banking and Currency with no pride of opinion and with no notion that it is conclusive,
either in its terms or in its supporting mathematics but with a feeling that
it points a new possibility of profound advantage which need not be shunned
on the basis of our proven sad experience with general deposit guaranty
laws.
House Ways and Means Committee to Pass on Sales
Tax Next Week.
Despite the reported opposition of President-elect Roosevelt to a general sales tax, Chairman Collier said yesterday
(Dec. 30) he would give the House Ways and Means Committee an opportunity to pass on it next Wednesday. Associated Press advices from Washington yesterday also said:
The Mississippi Democrat told newspaper men that he was going to give
the group "full opportunity to consider all proposed taxes, including the
manufacturers' sales taxes." when it undertakes to formulate legislation
designed to balance the budget.
The specific sales tax bill to be considered is that proposed by Representative McLeod. Republican of Michigan, providing a 1 % levy on manufactured products, exclusive of necessities of life.
Mr. Collier personally is opposed to the sales tax. He said he doubted
whether it would have much chance of being reported to the House.
Other Proposals.
In addition. Mr. Collier said, a system of stamp taxes estimated to raise
about $75.000.000 annually is to be considered, along with a 1% gross income levy on individuals and corporations, proposed by Representative
Griffin, Democrat of New York.
An increase in the tobacco tax as recommended last year by the Treasury
butlrejected by the Committee, also is to be considered.
Charles R. Crisp Resigns As Member of United States
Tariff Commission-Action Follows Failure of
Senate to Confirm Nomination.
After 30 years in public office, Charles R. Crisp of Georgia,
on Dec. 22, submitted to President Hoover his resgina.tion
as a member of the Tariff Commission. He said he would
become a "special attorney here for the Savannah Sugar
Corp. and some of their associates." From Associated Press
accounts from Washington on Dec. 22, we take the following:
"Since the Senate has decided it is not going to confirm me and several
others, I have had some attractive offers," Mr. Crisp told newspapermen.
"I decided I ought to take this."
He referred to the Senate's action in holding up confirmation of appointmenta made by President Hoover. If not confirmed, the nomination would
expire March 4, and the appointments would be placed in the hands of the
incoming President. Franklin D. Roosevelt.
Mr. Crisp was named to the Tariff Commission after he had resigned his
seat in Congress to run against Governor Richard B. Russell Jr., of Georgia,
for the Democratic Senatorial nomination. He was defeated and has
served as a Tariff Commissioner since Oct. 7.
Indicating that he had not fared well financially by his long service in
public office. Mr. Crisp said he had "decided to go out and try to make a
living" in private employment.
In the House, Mr. Crisp was an influential member of the Ways and
Means Committee and was acting Chairman during the framing of the last
tax bill. Ills father before him was a distinguished member of the House,
serving as Speaker.
Mr. Crisp said his resignation was made effective Dec. 30. adding that
he was "going home to Americus, Ga., to pass Christmas with the grandbabies."
Federal Tax Refunds for 1932 Total $80,583,504Largest Sum, $2,906,297, Paid to United FruitOsage Indians Got $395,000.
Tax refunds, for the fiscal year 1932, as reported by the
Treasury Department at Washington to the Committee on
Expenditures in the Executive Departments of the House of
Representatives, which made them public on Dec. 28,
totaled 0,583,504, including $19,063,730 in interest. The
figure compared with $69,476,930, of which $17,311,567
was interest, in the fiscal year 1931, according to Washington accounts Dec. 28 to the New York "Times," from which
the following is also taken:
The 1932 aggregate, however, was considerably below the totals for
other recent years, during whicn especial efforts had been made by the
Dec. 31 1932
Government to settle old cases, some of which dated back to the World
War and early post war periods, when the excess profits taxes on business
were still in force
The record for refunds was in 1929, when the total reached $190,164,359,
of which $40,905.057 was in interest. The Government under the law is
compelled to pay interest over the period cases are pending. It is for this
reason tnat the Treasury has made every effort to get old cases settled,
and, so far as is possible, to place its consideration of income tax claims on
a current Oasis.
The refunds made public to-day brought the total since 1922, when the
law providing for publicity became effective, to $1,351,850,026. of which
$249,876,213 was interest.
Largely on Income Taxes.
Income tax refunds play the major part in the refunds and represented
$72,112,874 of the 1932 total, $63,127,955 in 1931 4118,203,000 in 1930
(when total refunds were $126.836.333), and $165,363,000 in 1929.
The low mark in refunds was for the year 1922, when the total was
$49,500.000. During the period from 1922 to 1927, the Treasury was
required to report all refunds, but this proved an arduous task because of
the many very small settlements. The law was then amended so that only
refunds over $500 were required in tne reports to Congress. . . .
More Re-Auditing in 1932.
The Internal Revenue Bureau stated that during the fiscal year 1932,
131,795 tax returns were re audited, as compared witn 73,475 for 1931.
This increase the Bureau said, was attributable to court decisions which
affected a large number of taxpayers, collectively, including the Osage
Indians. members of the Five Civilized Tribes, taxpayers residing in
States having community property laws. insurance companies and railroads.
More than 30,000 returns, the Bureau said, were involved in the Indian
cases alone and more than 15,000 in connection with community property
laws.
Officials also called attention to the fact that, while $80.583,504 in
refunds were made to all classes of taxpayers, additional alisessmenta
during the fiscal year 1932, practically all of which, It was believed, would
be collected, totaled $332,363,707, or more than four times the total of
the refunds. .
The largest tax refund in the fiscal year was $2,960,297 to the United
Fruit Co. of Boston, and next in line was $1,466,027 to the Botany Worsted
Mills in New Jersey.
Other refunds over $1,000,000 were to National Aniline it Chemical Co..
New York, $1,455,693; Reading Co., Pennsylvania, $1,288,130; Unite
Staten Cartridge Co. of Massachusetts, with offices at 111 Broadway, New
York. $1,221,096.
The United States Steel Corp. got a refund of $6,606. The Aluminum
Co. of America, owned by the Mellon interests, received $91 495 and the
General Motors Corp. $91,728. The Interborough Rapid Transit Co.
received $32,449.
The Sinclair Oil & Gas Co. of Tulsa received $192,913, the Sinclair 011 &
Refining Co. $30,806, the Sinclair Gulf Corp. 31.837, and the Sinclair
Navigation Co. $1,384.
The New York "Evening Post" (in Associated Press
advices from Washington Dec. 29 indicating that the largest
refund [$1,455,693] for a corporation doing business in the
State went to the National Aniline & Chemical Corp. of
New York City), added:
The Union Pacific RR.. taxable within the New York District by virtue
of business there, received the next largest amount, $569,949.
A credit of $462.778 was ordered for the Equitable Trust, of which the
Chase National Bank became the successor.
The Diamond Matcn Co. was granted a $334,456 refund; the American
Radiator Co., $257.901.
One of New York City's transit systems, the Interborough, was allowed
$32.449.
Some of the tax refunds for New York State corporations follow:
iS
ch
afoeltsy&Rc
azor Corp..- 212,078 National AnilinB
B
e a&nCkkhemical Co.1,455.693
AAtutmettleeNle
ll
13629:443171
4107:659431
All American Cables, Inc
National City
Allied Chemical & Dye Corp.__ 169,285 Newberry Co
14,078
Allied Chemical & Dye Corp.__ 130,622 New Jersey Zinc Co
71,567
American
25,354 New York Life Insurance Co.__ 143.478
Co
American
Co
36,477 Ocean Accident & Guarantee Co 21,880
American Util.& General Corp_ 18,122 Ocean Accident & Guarantee Co 23,688
B
Ao
moebr.
rigW
Water
hat & Wks. & Elec. Co. 126,348 Ocean Accident Ac Guarantee Co 78,943
10,232 Oklahoma Producing & Refining
Co
Canadian Pacific Ry
Co.(now Pure Oil Co.)
43,000
56,788
F. L. Carlisle & Co
12,469 Oxford l'aper Co., 200 5th Ave. 167,580
Cerro de Pasco Copper Corp.__ 10,510 Oxford Paper Co., 200 5th Ave_ 14,946
Clusebrough Mfg.Co
10,418 Remington Typewriter Co
Childs Co
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23,509 Columbia Mills, Inc
Fajardo Sugar Co
116,510 Continental Can Co
30
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First National Bank
63,868 Doeiger Brewing Co., 407 East
First Russian Insurance Co____ 62,410 55th St., New York
13,366
Fox Theatres Corp
13,697 Hahn Department Stores,Inc__ 72,244
Gans Steamship Line
218.122 McCrory Stores Corp
24
81:253
996
Interborough Rapid Transit__ 32.449 Rutland RR. Co
International Utilities Corp.__ 13,126 Texas Corp
34.024
11,145
Mutual Life Ins. Co.of N. Y... 59,962 Tiffany & Co
Senate and House Adopt Conference Report on Bill
Granting Independence to Philippines in Ten
Years,
On Dec. 29 the House of Representatives, by a vote of
171 to 16, approved the conference report on the bill granting independence to the Philippine Islands in 10 years.
The report was adopted by the U. S. Senate on Dec. 22
without a roll call. In reporting the House action on Dec.
29, a dispatch on that date to the New York "Times"
said in part:
Final action on the ball, as far as Congress is concerned, marks theend
of a fight for freedom which began soon after the islands were ceded by Spain
in 1898 and which was revitalized with the passage of the organic act in
1916.
Volume
135
Financial Chronicle
President Hoover must now decide what,he wished to do with the measure,
which is expected to reach his desk tomorrow, but to remain untouched
.
until the Executive returns from his Florida fishing trip.
Although Congress has approved the plan for independence, full freedom
Filipinos
themselves
for the Islands cannot be accomplished until after the
have decided that they wish to establish a separate government. This
would be followed by a ten-year probationary period during which the
Islands would be self-governing, subject to certain administrative, financial
and commercial restrictions.
Action on the conference report was concluded by the House in one hour,
In spite of pleas for more time by opponents of the bill. Representative
Hare of North Carolina, chairman of the Insular Committee, moved the
previous question on the report and all amendments, thereby shutting off
any chance of alterations.
Vote Is Applauded.
Applause rang out when the vote was taken, and the Philippine commissioners both expressed fervent thanks in speeches.
Only five speeches were made in the debate, one of these an explanation
of the report by Chairman Hare. Representative Snell, Republican leader,
asked what protection the 8150,000,000 American investment in the Philippines would have during the transitional period, while Representative
Underhill of Massachusetts, another critic of the bill, predicted that it
would "bring more woes to this world than any one can now conceive."
The 10-year period is a compromise between the bill
passed by the Senate on Dec. 17, granting independence in
12 years, and the Hare bill, passed by the House on April 4
1932, providing for independence in eight years. Associated
Press advices from Washington Dec. 22 said:
Both Senate and HOUS0 groups receded on important points of difference
under the proposed compromise.
The higher House quotas of duty-free imports of sugar and coconut oil
from the Islands were accepted.
The House provision putting the Islands on an immigration quota basis
of 50 a year also was accepted in place of the Senate amendment barring all
Immigration by placing the Filipinos in the same category as Japanese.
Chinese and persons from India.
However, a new provision was inserted to apply Asiatic exclusion to the
Islands after the 10-year transition period preceding complete independence.
The House group also accepted the important Senate amendment denying independence until the Philippine Legislature approves the bill Passed
by the American Congress.
'Another important Senate amendment approved was that allowing the
Islands to levy export taxes the last five years of the transition period to
help pay off the Island's bonded indebtedness.
Two other Senate amendments agreed upon would permit the United
States to retain in perpetuity all military and naval reservations in the
Islands and request the President to negotiate treaties with foreign governments for the "perpetual neutralization" of the Islands when independence
Is achieved.
The House import quotas accepted include 850,000 long tons of sugar,
including 800,000 tons of raw. The Senate had lowered these to 615,000
tons, including 585,000 tons of raw.
Two hundred thousand long tons of coconut oil would be allowed to come
In duty free as against 150,000 in the Senate bill.
Differences between the Senate and House over when
and under what conditions the Philippine Islands should be
freed were handed over on Dec. 19 to a conference committee
for settlement.
From the "Times" Washington dispatch Dec. 22 we quote:
As was reported unofficially yesterday, the conference report and its
accompanying compromise bill contained the more liberal provisions of the
House measure regarding Philippine produce that may be imported free of
tariffs during the ten-year trial period. The conferees rejected Senate
amendments cutting by about 25% the quotas set by the House.
Immigration Limit Set.
Under the compromise bill the Philippines, prior to actual achievement
of independence, which will place them wholly outside American tariff
walls, may send to the United States annually free of duty 850,000 long tons
of sugar, 200,000 long tons of cocoanut oil and 3,000.000 pounds of cordage
and similar fibers.
On the other hand, the islands will have two strictures on them, in addition to those of a political nature, both of which were introduced in the form
of Senate amendments.
The first of these, proposed by Senator Johnson, will limit emigration of
Filipinos to the United States and its Turneries during the trial period of
fifty per year, except that the Secretary of the Interior may permit larger
infiltration of Filipinos into Hawaii, according to the need for labor there.
The second requirement is that,from the sixth to the tenth year,inclusive,
of the trial period the Philippine Government must assess an export tax on
products sent to the United States, beginning with 5% of the normal American tariff in the sixth year and increasing by 5% each succeeding year until
a maximum of 25% is assessed in the tenth year.
Islands to Vote on Constitution.
If approved by the President, the act must be accepted by the Philippine
Legislature, which will have the option either of rejecting the whole proposition or of proceeding with steps incident to framing a Constitution.
The Philippine Constitution must be drafted either by the Philippine
Legislature or a special constitutional convention called within one year.
The Constitution must provide for substantially the same powers being
held by the United States during the trial period as this country now exercised in the islands.
1: Within two years from enactment of the independence law. this Constituti
tion must be submitted to the President for approval and, if so approved,
must be laid before the Philippine people tor a popular vote within four
months after the President has approved the Constitution.
It Adoption of the Constitution by the Filipinos would mark the actual
beginning of the ten-year trial period. Thereafter, the United States would
rule in the islands for ten years through a high commissioner instead of a
Governor-General.
Should the popular vote go against the Constitution, the present scheme
of government would be continued. If approved, the Governor-General
would be required to call a general election for the choosing of a Filipino
government.
The Philippine independence bill was passed on Dec. 17
by the Senate without a roll call, after the opponents of the
proposed plebiscite at the end of the trial period had won
their point and stricken it from the measure. The New
4479
York "Herald Tribune" in a Washington dispatch Dec. 17,
reporting this action by the Senate also said in part:
Veto Is Predicted.
While the bill as it was put through is nominally the Hawes-Cutting
measure, it is much changed from that plan as it came from the Territories
Committee. That plan proposed independence in about 18 years, provided
the Filipinos, after a 15-year trial period, voted for independence. As the
bill now stands, the Islands will be alienated in 12 years without opportunity
to vote on independence except at the time they adopt their constitution.
Features of 13thl As Passed.
Before the end of the session it is believed both Houses will agree to a
conference report and pass a bill, but that President Hoover will veto it.
Senator Charles L. McNary, Assistant Republican leader of the Senate,
indicated to-night that he expects a veto. It is pointed out that both
Henry L. Stimson, Secretary of State. and Patrick J. Hurley, Secretary of
War, are opposed to the House and Senate bills.
Senator Hiram Bingham, Republican of Connecticut. Chairman of the
Committee on Territories, also has made it known that he expects a veto.
In such case the whole Philippine question would be thrown into the Roosevelt administration for an indefinite period.
Exports Rates Increased.
The essential feature of the Senate bill, as it went through to-day, has
relation to the fact that after a period of seven years there will begin and
continue for five years a series of "step-ups" in export rates on products
now sent to the United States free of duty, The bills also contained limitations on the amount of the importations to the United States offree products.
In the case ofsugar this is 615.000 long tons a year, and in the case of cocoanut oil. 150,000 tons.
The bill includes the following features:
Provision for a convention to frame a constitution for the Philippines,
to meet within a year after enactment of the bill.
Certain requirements as to the constitution, which must contemplate a
republican form of government.
Gives the United States the right to coaling and naval stations.
Requires the Philippine Government to assume the debts of the Philippine
Islands, its provinces, cities, municipalities and instrumentalities.
Provides, in the period before complete independence, for a United
States High Commissioner, to be appointed by the President. and to
represent this Government in its relations with the proposed Commonwealth
of the Philippine Islands. Also provides for a resident commissioner to
the United States from the Philippines.
In addition to limitations on free importations of the products of the
Islands into the United States in the trial period, limits are imposed on
Immigration. ...
Plebiscite Plan Changed.
Progress on the Philippine bill was advanced to-day when the Senate
agreed on an amendment by Senator James F. Byrnes (Dem.). of South
Carolina, virtually doing away with the pleniscite plan proposed by the
advocates of the Hawes-Cutting bill.
The Byrnes plan provided in effect that the election of the adoption of
a constitution should be a plebiscite. Its purpose is to have the Filipinos
say, when they act on the proposed new constitution, whether they want
Independence. Under the Hawes-Cutting plan a plebiscite was to have
been held at the end of the trial period of 12 years.
By reason of the presentation of the Byrnes plan and its adoption the
one-man filibuster, begun yesterday by Senator Huey P. Long (Dem.), of
Louisiana, was dropped. Senator Joseph T. Robinson, of Arkansas. a
Democratic leader, spoke for the Byrnes amendment. Senator William
F. Borah, insurgent Republican, of Idaho, also advocated it.
Senator Bingham criticized the plan, declaring that, while it was called a
"compromise" between the views of those who wanted no plebiscite at all
and those who wanted a plebiscite at the end of the trial period, it was
really no compromise at all. He said it was practically the same thing
Senator Byrnes proposed yesterday when he was defeated in trying to
knock out the plebiscite at the end of the trial period.
Senator Robert M. La Follette, insurgent Republican, of Wisconsin,
vigorously denounced the Byrnes amendment. He declared that it was
worse than no plebiscite at all and that the effect would be to force Filipinos who wanted independence to accept any sort of constitution that
might be put up to them for fear rejection of the constitution would mean
rejection of independence.
In spite of objections, however,the amendment was adopted 44 to 29...
After adopting the Byrnes plan the Senate turned to other aspects of
the bill.
lotion to Recommit Lost. 54 to 19.
Senator Arthur H. Vandenberg (Rep.).of Michigan,Ins speech,strongly
urged his substitute for the Hawes-Cutting measure. He dwelt on the
danger to the United States, in view of conditions in the Islands and the
Orient, in having this nation over a long term of years bear responsibility
for the Philippines while exercising but the shadow of sovereignty.
The Senate, however, turned a deaf ear to the plea of the Michigan
Senator and defeated a motion which he made to recommit the bill, by 54
to 19.
Senator L. J. Dickinson (Rep.), of Iowa, then stirred up a long controversy by seeking to have duties imposed on pearl buttons and like
products from the Philippines. He contended they were harmful to the
industry in his State and elsewhere. His proposition led to sharp debate,
in which Senator Wiliam H. King (Dem.), of Utah, denounced the imposition of tariffs on the products of a subject people. In the end, after
parliamentary wrangling, Senator Dickinson's amendment was voted
down, and he was defeated in attempts to effect additional restrictions on
cocoanut oil and sugar imports. He sought to cut the free imports of these
products still further than they are in the bill by a scale of year by Year
reductions.
Senator Pat Harrison (Dem.), of Mississippi, stirred up a tariff debate
with Senator Samuel M. Shortridge (Rep.), of California, by criticizing
the action of "this dying Administration" in approving a series of tariff
increases recommended by the Tariff Commission and disapproving reductions. Senator Shortridge took occasion to say a few things in reply on
the subject of duties on long staple cotton, for which he said he and Senator
Harrison "fought as brothers." Senator Shortridge pointed out that
New England manufacturers recently had demanded reduction of that
duty, which is 7 cents a pound, but the Tariff Commission denied their
petition.
Senator Huey Long (Dem.), of Louisiana, remarked that "where your
treasure is, there your heart shall be also" and that this was as true of
the Senator from Mississippi on long staple cotton as it was of himself
in regard to sugar from Louisiana.
Neely Objects to Wasting Time.
Senator M. M. Neely (Dem.), of West Virginia, in an impassioned
speech, took the Senate to task severely for wasting time on the Philippine
4480
Financial Chronicle
bill when between 12,000,000 and 20,000,000 persons were "faced with
not merely destitution, but utter starvation." He declared for Government
aid to the cold and starving and said if the Government "continued to fiddle
a little while longer" while millions went cold and hungry, it would not be
a matter of much importance what this Government did or the Philippines,
either.
He expressed hope the Senate would rush the Philippine bill to a conclusion and take up unemployment next week. In an exchange with Senator
Edward P. Costigan, insurgent Republican, of Colorado, he indorsed the
La Follette-Costigan bill to give employment through public works.
The Hawes-Cutting bill, which was reported out of Committee at the last session, and put over at that time until the
December session was taken up by the Senate on Dec. 8.
During the 9-day consideration of the bill (to Dec. 17) in
that body freedom for the Philippine Elands from American
jurisdiction in eight years and without a plebiscite was tentatively made a part of the independence legilsation by the
Senate, Dec. 14, as new efforts were made to reach an understanding on other phases of the independence code.
The "United States Daily" of Dec. 15 in reporting this,
also said:
By a record vote of 40 to 38, the Senate adopted an amendment by
Senator Broussard (Dem.), of Louisiana. fixing the expiration of American
authority for the end of the eight years, but moves were made at once
to overthrow the action thus taken. The Senate continued to debate
until it recessed whether it would reconsider the Proussard amendment.
Prior to the vote on the amendment which, in effect, restores the provision enacted in this respect by the House. there were expressions from
several Senators that the shorter time would not permit the Philippine
Government to pay its outstanding bonded debts. The Broussard plan
affords insufficient protection to holders of Philippine securities, most of
whom, it was declared, are Americans, it was suggested.
Before the Senate voted, it considered and rejected an amendment by
Senator Dickinson (Rep.),of Iowa,to fix the time for expiration of American
control at five years. The vote against this proposal was 37 to 38.
lioditted Proposal.
In the meantime, a modified time limit proposal had been offered by
Senator Cutting (Rep.), of New Mexico, one of the sponsors of the legislation, which reduced the transition period from 15 to 12 years. It also
would provide for a plebiscite within one year after the transition period,
and provide for withdrawal of this country from the Island within one
year thereafter by delegating authority to the President.
The motion to reconsider the Broussard amendment was offered by
Senator Bulow (Dem.), of South Dakota, after such a motion by Senator
Robinson (Dem.). of Arkansas, Minority Leader, had been ruled out of
order by the presiding officer,since the Arkansas Senator had voted against
adoption of the amendment.
The adoption of the Hare bill by the House on April 4,
last, by a vote of 306 to 47 was noted in our issue of April 9,
page 2645.
Philippine Legislature Approves Conference Report
of United States Congress Granting Independence
to Islands—Legislature, Won by Plebiscite Plan,
Cables Plea for Presidential Approval—Philippine
Body Had Previously Demanded Immediate Independence.
According to a copyright cablegram from Manila to the
New York "Herald Tribune" the Philippine Legislature,
sitting as an Independence Commission, after meeting twice
on Dec. 29, acceded to the petition of the independence
mission at Washington to urge Presidential approval of the
compromise bill adopted by the Senate a week ago [and the
House on Dec. 29], granting freedom to the Islands after 10
years. The "Herald Tribune" cablegram went on to say:
Manuel Quezon, President of the insular Senate, concurred in the resolution, which was adopted at the session this evening, but the Commission
saved his face by recording approval of his early stand against the mission's
action.
The Commission to-night cabled to Sergio Osmena and Manuel Roam,
Speaker of the insular House of Representatives, who are the leaders of the
mission at Washington. saying:
"The Independence Commission believes that the presiding officers of the
Legislature acted properly in refusing to recommend Presidential approval
of the measure regarding the Philippines. pending final action by the House
of Representatives. The Commission also believes it is its duty to declare
the bill recommended by the conference committees of Congress to be not
In full accord with the statements and instructions by the Legislature or the
Commission.
"The Commission would be willing, however, that the President should
sign the bill for the purpose of giving the Legislature or the Filipino people
an opportunity to express their opinion on the bill, if it is approved, The
Commission believes this will facilitate approval of the measure, while
reserving to the Legislature full liberty of action to accept or reject it when
it is submitted for its consideration after the mission has been heard."
Following the passage of the bill Dec. 27 by the United
States Senate, Associated Press advices from Manila Dec. 18
stated:
Passage by the United States Senate of the Hawes-Cutting Philippine
Independence bill, news of which reached here to-day, caused even less stir
In Manila than did approval by the House last April of the Hare independence bill.
Only one Sunday paper which carried the announcement employed large
headlines. The bill has been under a fire of unfavorable comment here since
the Senate began consideration of it.
Senator Manuel Quezon, President of the insular Senate, left for the
mountain resort of Baguio, high in the hills, early to day. and could not be
reached for comment.
Meeting here as the Independence Commission, the Philippine legislators
yesterday demanded "immediate independence or nothing." Senor Quezon
had organized the gathering. It adopted a resolution supporting his protest
Dec. 31 1932
against the limitations on immigration and imports from the Philippines
which are provided in amendments to the Hawes-Cutting bull.
From the "Times" we take the following (Associated Press)
froin Manila Dec. 26:
Manuel Quezon, President of the Philippine Senate,in a statement to-day
discouraged the plan of the Philippine Independence Mission at Washington
that Filipinos unite and ask President Hoover to sign the pending compromise bill giving the Islands their independence after a 10-year period.
Senator Quezon, however, called nearby legislators to meet Thursday
[Dec. 281 as an independence commission to consider the proposal.
"Why should we be asked, before knowing the details and provisions of
the bill and before knowing the stand of the mission at Washington,knowing
as we do the measure positively does not correspond to the ideas of the
Filipino people, to urge the President to sign it?" Senator Quezon asked.
"To dose would place ourselves on record as having endorsed the bill when
we cannot foresee whether or not our people will accept it.
"If, however, we could send a cablegram to the President in which we
could state clearly our interventions in favor of the bill—if this is decided
by the Commission—and this would not be considered by any 111138115 an
acceptance of the bill. I personally would have no objection to such action."
Senator Quezon has told supporters he particularly objected to Presidential powers over the Islands retained by the measure and the proposed retention by the United States of military and naval bases. He was quoted
as saying that should the United States retain these factors a situation
similar to that in Haiti and Nicaragua might result.
From Manila Dec. 29 Associated Press accounts said:
The pending Philippine independence bill was branded as a "joke" to-day
by Manuel Quezon, President of the Senate, in a stromy 4-hour session of
Island legsilators meeting as the Independence Commission, Senator
Quezon, who previosuly had declined to comment on the Congressional
compromise measure, declared the bill would provide a "fictitious independence."
"If my opposition to the bill causes a division of the Nacionalista party."
he said,"let there be a division."
New York Trust Co-Views Independence of Philippines
As Probability Meaning Abolution of Free Trade
Between Two Countries.
In dependence for the Philippines would probably mean the
abolition of the free trade now prevailing between the two
countries and would undoubtedly reduce our commerce, according to "The Index" published by the New York Trust
Co., which states that "trade with other Oriental nations
would be expected to suffer through the loss of direct commercial and political interests in the Far East." According
to "The Index" while American trade with the Far East
shared the general decline during the current year, "of the
total of $1,015,748,699 in imports for the three-quarters, this
country purchased $273,335,104 in goods from the Far East,
as compared with $287,812,256 from Europe. During the
same period, total exports amounted to $1,188,920,041, of
which the Far East accounted for $239,549,148, as compared
with $564,623,225 for Europe. It is notable that during the
year 1931, for which complete statistics are available, the
shrinkage in our Far Eastern trade was proportionately less
than that in our total foreign trade." "The Index" adds:
The importance of Far Eastern markets for American cotton producers
was further emphasized last year, when Japan, China and India, together,
bought 2,760,000 bales of American raw cotton or double the amount purchased in 1930. The Department of Commerce estimates that American
private long-term investments in Asia and Oceania, exclusive of such investments in missionary and educational institutions, amounted in 1931
to no less than $1,456,000,000.
It seems reasonable to expect, the article concludes, "that
improvement in world conditions will be accompanied by
renewed progress in the conomie expansion so conspicuously
characterizing the Pacific area in recent years."
Farm Relief Bill Ready by Jan. 6—House Agricultural
Committee Adopts Pre-War Price Instead of Tariff
as Basis of Bounty—Secretary Hyde Presses Substitute Plan to Have the Government Retire Acreage.
The domestic allotment program for farm relief, second of
the major measures which President-elect Roosevelt wishes
to have enacted at this session to avert a special session, will
be completed by the House Agriculture Committee for introduction by Jan. 6,said a dispatch from Washington Dee,28
to the New York "Times" which likewise stated:
The committee, of which Representative Jones of Texas Is chairman, has
been working during the holidays.
While the draft of the bill has not been made, the principles have been
agreed upon by the dominant members of the committee in consultation
with representatives of the farm organizations.
The original plan of using the tariff duty as a basis of reckoning the allowance to be added to the price of that share of farm commodities sold on the
domestic market has been abandoned in favor of the pre-war price parity
system.
Under the original plan, wheat sold on the domestic market would receive
a bounty of 42 cents, the tariff duty. Under the pre-war price parity plan
the county would be the difference between prevailing price and the pre-war
price level.
Holds Bases to be Too High.
Some Republicans, led by Representative Hope of Kansas, are opposed
to making pre-war prices the index and would fix the basis of parity at a
lower level. If the pre-war-price level index is adopted, Representative
Hope contends, the price of farm products would be raised higher than the
Volume 135
Financial Chronicle
price of other commodities and manufactured goods, and the bill would fall
by its own weight.
The new farm-relief program, which is said to enjoy the favor of Mr.
Roosevelt, utilizes the principle of control of individual production, with a
bonus only to those who join in the plan. It is estimated the consumer, who
ultimately would pay the bonus, would contribute about $750,000.000 a
year to the stabilization of farm prices. The price of bread probably would
be raised a cent a loaf and that of manufactured products, of which cotton
is the basis, apparently would be increased.
The bill now being framed proposes that the domestic allotment plan
shall be in operation one year, with authority for the President to continue
year by proclamation.
another
it
Hyde Would Retire Acreage.
Secretary Hyde has advanced an alternate program which has the reduction of acreage as its sole aim. A fund of $150,000,000 to $200,000,000
would be created with which the government would lease lands now producing surplus crops and remove them from cultivation.
"With this fund at its disposal," Mr. Hyde said, "enough land could be
leased by the government to bring about a balanced production. The plan
is direct, positive, and reaches the real disease, and is not a bandage on a
symptom. The effect on farm commodity prices would be felt the instant
the commodity markets knew that a part of the land now producing the surpluses IS to be taken out of cultivation."
Mr. Hyde said that he favored a levy of about 8 cents a bushel on wheat
to carry out the land-leasing program.
The government would take a ten-year lease of marginal lands to be removed from production, with an option to purchase. This would fit into
a general land-utilization program, whereby the government eventually
would take over much of the poor land now being used for raising crops and
plant it to trees or convert it into public parks.
"There are several objections to this plan," Mr. Hyde admitted, "but it
is defensible in the present emergency, as it would permit a holding off the
markets until the surpluses now depressing prices were consumed."
The farm allotment bill was referred to in our issue of
Dec. 24, page 4321.
Fear of Philippine Independence Affects Mining Stock
—Shares of Mine Concern that Pay 60% Dividends
Sold Under Market Quotation.
According to a wireless message Dec. 29 from Manila to
the New York "Times" the first evidence of economic
troubles expected to be the result of independence of the
Philippines was offered on that day when stockholders began
unloading Benguet Consolidated mining stock at 50 centavos
below the quotation, fearing the effects of independence.
The cablegram continued:
The Philippine "Herald," radical Nationalist newspaper, announced
the sale of a block of 2,00 shares below the market price, calling the transaction the first such in the history of the mining company and admitting
openly that it was caused by fear of independence.
Benguet has just paid a 50% dividend and is regarded as the best mining
value in the Islands.
With reference thereto a Washington account Dec. 29 to
the "Timess" said:
Dispatches recounting the sale of Philippine mining shares at less than their
market value were interpreted here by responsible officials, who declined to
be quoted until the situation becomes clearer, as bearing out the fears of
economists concerning independence.
They saw in those transactions the first evidence that independence might
lead to a "flight from the peso."
Georgia Textile Interests Oppose Farm Allotment Plan
The Cotton Manufacturers' Association of Georgia has
sent letters to Georgia's Congressional delegation expressing
opposition to the domestic allotment plan of farm relief, according to Atlanta, Ga., advices Dec. 26 to the New York
"Journal of Commerce," which reports that the letter said
in part:
We have been properly authorized to advise you that the more than 200
Georgia cotton textile mill executives represented by our association are
vigorously opposed to the proposed domestic allotment plan of farm relief
because we believe that this plan will discriminate against the farmers of the
Southeast in favor of the farmers of the Southwest.
It will produce a large net loss in income to the States of the Southeast
to the great gain of the States of the Southwest. It will increase the cost of
some of the necessities of life for the great mass of the consuming public
whose buying power is already at a low ebo. It will react to the detriment
of the cotton textile mills of the Southeast and the approximately 250.000
worker employed therein.
It will decrease the use of cotton and place it at a great disadvantage with
competitive fibers and will create another large army of governmental
bureaus and employes to be supported by the already overburdened taxpayers of the nation.
la Belief was expressed that the legislation is "unfair to the cotton farmers
of the Southeast because they are not responsible for the great overproduction of cotton."
Criticism of Federal Home Loan Board and Reconstruction Finance Corporation in House—Representatives Howard and Garber Demand Report on
Latter's Loans for First Five Months—Interest
Rate Criticised—Representative La Guardia Presents Measure to Lower Federal Return Figure
by 29%.
Criticism of the Reconstruction Finance Corporation and
the Home Loan Bank Board figured in the House proceedings on Dec. 27, with Representative La Guardia of New
York, Representative Garber of Oklahoma and Representative Howard of Nebraska leading the attack. The New
4481
York "Times," reporting from Washington on that day,
said:
Mr. Howard introduced a resolution calling on the Finance Corporation
to submit to the House a report of the loans made in the first five months
of its existence, from February to June, inclusive.
Sabotage of the law and deliberate frustration of the intent of Congress
were ascribed to the directors of the Home Loan Bank Board by Mr. La
Guardia, who spoke in explanation of a resolution he introduced to-day
lowering the interest rate on all Government obligations by 29%. He
asserted that economic recovery was being delayed by failure to lower
interest rates.
The Reconstruction Finance Corporation, he maintained, had adopted a
policy of currying favor in financial circles by continuing high interest
rates, although every new enterprise should have the benefit of low rates
to "usher in the new era when capital will not put such a burden on
industry."
"Every refinancing proposition, every loan made in the midst of this
depression, based upon lower wages and lower commodity prices, still
maintains an unreasonable and unconscionable high rate of interest," he
continued. "There is nothing sacred or permanent about a 6% interest
rate or an 8% interest rate. Present interest rates were artificially created
at a time when entirely different agricultural and industrial conditions
existed.
Attacks R. P. C. Polley.
"The policy of the Reconstruction Finance Corporation has been to
maintain high rates of interest, as they frankly and boastfully stated,
in order not to make their institution attractive.
"When railroads and banks and financial institutions holding securities
are in need of finances to meet current interest or principal on outstanding
securities or must go under, here is an opportunity for the Reconstruction
Finance Corporation to use its tremendous power and compel a refinancing
of these securities on a 3% basis.
"Instead, we find the usual high and impossible rate of interest maintained.
"The folly of the present policy is that present interest rates cannot be
maintained. Railroads, industry, agriculture or even the Government itself
cannot continue to bear and pay existing high interest rates. The lowering
of interest for the present down to 3% per annum is only one of the first
and necessary changes in the economic readjustment which inevitably must
be brought about."
Mr. La Guardia stated that he and Representative McKeown of Oklahoma
had written an amendment to the bankruptcy law which would be introduced to-morrow.
"By providing a period of relief," he explained, "the holder of these
mortgages will be stayed and thereby have the incentive to accept a new
deal. We could use the agencies of the Federal Farm Loan Banks to take
up lapsed mortgages and issue a new mortgage, say at 2%%, and 1%
amortization on the principal. That could be secured or guaranteed by
the United States Government.
"We could thereby bring permanent relief as far as the fear of foreclosure and eviction is concerned to the farmers of the country, bring down
the rates of interest to a conscionable rate, with an amortization plan which
the farmer could meet, and with the prospect that his children at least
would see the time when the farm would be free and clear.
"Why, gentlemen, to give you an idea of how farcical the so-called relief
to the farmer through the medium of the R. F. C. has been, suffice it to say
that although this House believed that it was putting a provision into the
bill to aid the farmer, by the time the loan reaches the individual from
that source he must pay 7 to 8% interest.
Assails Home Loan Banks.
"We come now to the Home Loan Banks, and I say the administration
of that law has been cruel, and that the intent of Congress has been absolutely disregarded. When the Home Loan Bank bill was before this House
It was stated that it was the greatest piece of legislation that had ever
been passed by the American Congress at any time, for it was believed that
we were providing relief to save the home of the little American home
owner.
"Now, lest I be misunderstood as criticizing the directors of the Home
Loan Bank by innuendo, I am going to save them that trouble. I say
that the Board and the Home Loan Banks are purposely sabotaging this
law in order to continue the usurious rates of building and loan associations
and banks that exact usurious rates of interest. The Home Loan Banks
to date have not benefited the home owner."
Mr. La Guardia then read correspondence between George L. Bliss,
Executive Vice-President of the Federal Home Loan Bank of Newark, and
Representative Wolverton of New Jersey, in which, he said, the Home Loan
Bank official admitted that "no direct loans have as yet been made by this
bank." The letter was dated Dec. 21 1932, Mr. La Guardia said.
Representative Cavicchia of New Jersey asked Mr. La Guardia if he knew
that most of the people threatened with loss of their homes were behind
with their taxes and interest payments, and whether Mr. La Guardia
would have the Home Loan Bank take those risks and become the owner
of the property. Mr. La Guardia replied:
"I would have the Home Loan Bank carry out the intent of Congress by
making a direct loan at a low rate of interest. We only asked for 2%
return on the $125,000,000 that we gave to the Home Loan Bank. We
want them to make a direct loan to that man at a low rate of interest in
order to save that man his home. He can pay his taxes.
"The gentleman from New Jersey, Mr. Fort, is the last man in the
United States who should have been appointed to that position, because he
specialized in Home Loan Banks. His sympathy is with the usurious money
lenders. It is not with the home owners. It cannot be. He has been
connected with building and loan associations all his life."
Mr. Caviechia defended Mr. Fort, saying:
"I would like to have the gentleman know that Mr. Fort was never In
his life connected with any building and loan association. He was President of a bank, and he was President of the only bank in my neighborhood
that offered to help building and loan associations so that they could
borrow money from his institution, which in turn could give it to the people
who had saved money and wanted to withdraw and could not get it."
To this the New Yorker retorted:
"If there is one place I hope the new Administration will clean out, I
hope it will clean out that (the Home Loan Bank) administration, and
put men in office who are in sympathy with the purpose of the law, so
as to give effect to the intention of Congress. and bring direct relief to
millions of decent, law-abiding home owners of this country."
On Dec. 27 Associated Press advices had the following
to say:
A resolution calling upon the Reconstruction Finance Corporation to
report to the House loans it made during the first five months of its
existence was introduced to-day by Representative Howard (Dem., Neb.).
4482
Financial Chronicle
The Corporation was not required to submit a report of loans until
July 20, when the Relief Act was signed by President Hoover. It had lent
about $800,000,000 up to that time.
The Howard resolution calls for the Corporation to submit "a full and
complete report" of its operations "during the months of February,
March, April, May and June of the year 1932, showing in detail all loans
and commitments made by it during said months, the dates and amounts
thereof, the names and addresses of the respective borrowers and prospective
borrowers, the purpose of the respective borrowers and prospective borrowers, the purpose for which each loan or commitment was made or
intended to be made, the present status of each loan with respect to
any repayments effected, and the amount of public money and public credit
employed in said operations."
Reduction in Interest Rates on Loans and Discounts
by Reconstruction Finance Corporation-3% Rate
in Case of Relief Loans Unchanged—$6,000,000
Saving Seen—Reduction Follows Proposal by Jesse
Jones, Holding High Interest Deters Borrowers.
A reduction of 34 of 1% per annum on interest on loans
and discounts by the Reconstruction Finance Corporation
was announced by the Corporation on Dec. 24, to become
effective Jan. 1. The reduced rates will apply to new loans
authorized in the period from Jan. 1 to June 30 1933, and
maturing on or before Dec. 31 1933, and also will apply to
the outstanding balances of existing loans for the period
from Jan. 1 to June 30 1933.
Summarizing the changes, the Associated Press advices
from Washington Dec. 24 said:
The Interest on loans to banks, trust companies, building and loan
associations. insurance companies, mortgage loan companies, credit unions,
joint-stock land banks, livestock credit corporations and agricultural
credit corporations, will be reduced from 534% to 5%. Rate on loans to
closed banks will be reduced from 5% to 434%, Railroad loans will be
reduced from 6% to 534%.
Interest charged by the regional credit corporations will be reduced from
7%, including the cost of inspection and appraisal, to 534%, exclusive of
these costs.
The borrower will bear the cost of inspection or appraisal, but the charge
therefor will not exceed an amount equivalent to 1% of the amount of the
loan. The rate of interest on the outstanding balances of existing loans by
the credit corporations will be reduced one half of 1% for the period from
Jan. 1 to June 30 1933. The Reconstruction Finance Corporation will
rediscount paper for the credit corporations at the rate of 5%, which is the
same rate charged other agricultural credit corporations, livestock credit
corporations, banks and similar institutions.
These reductions were adopted by the Corporation "in view of the prevailing low rates of money."
From the Washington account Dec. 24 to the New York
"Times" we take the following:
In the case of relief loans, the rate is already at 3% and the Corporation
holds it should not be made lower. There is no fixed interest charge on
loans for self-sustaining construction projects, and the practice will be
continued of establishing rates as individual applictaions come up for consideration. Under the new ruling, however, the latter class of borrowers
receives the opportunity of refinancing the Corporation's loan through disposition of collateral deposited with it in private channels, the cost of such
refinancing to establish the interest charged by the Corporation. In such
cases the refinancing must be accomplished within two years of the date of
the loan and the return to the Corporation for use of its money must not
be less than 4%.
$1,000.000,000 Loans Outstanding.
More than $1,000,000,000 of loans already outstanding will be affected
by the interest reduction, and although the Corporation declined to give
an official estimate of the results of the ruling, one director said it probably
would save between $5,000,000 and $6,000,000 annually to borrowers of
loans already made. On Nov. 30 there were $574,192,444 of loans outstanding to banks and trust companies alone,and an additional $249,951,634
had been advanced to railroad companies.
The reduction in interest rates was first proposed to the Corporation's
board of directors by Jesse Jones, on the ground that many otherwise
anxious borrowers were withholding applications through unwillingness
to Day the high interest charge. Whether the reduction ordered to-day
II expected to bring in new borrowers could not be learned at the Corporation's headquarters to-day. The argument also was advanced by proponents of the reduction that, since the Corporation was paying only 3Si%
for Its funds from the Treasury Department, it was not justified in charging
a much higher rate.
The Corporation's announcement follows:
In view of the prevailing low rates for money, the board of directors of the
Reconstruction Finance Corporation has reduced the rates of interest or
discount on loans of the Corporation one-half of 1% per annum. effective
Jan. 11933. The reduced rates will apply to new loans authorized during
the period from Jan. 1 to June 30 1933, and maturing on or before Dec. 31
1933; and also to the outstanding balances of existing loans for the period
from Jan. 1 to June 30 1933.
The rate of interest on loans to banks, trust companies, building and loan
associations, insurance companies, mortgage loan companies, credit unions,
Joint stock land banks, livestock credit corporations and agricultural credit
corporations will be reduced from 534% to 5% per annum. The rate on
loans to receivers or liquidating agents of closed banks will be reduced from
5% to 434% per annum.
During the same period the rate of interest charged by the regional
agricultural credit corporations to farmers and stockmen will be reduced from
7% per annum, including the cost of inspection and appraisal, to 534%
Per
annum, exclusive of the cost of inspection and appraisal. The borrower
will bear the cost of inspection or appraisal of the security for his loan, but
the charge therefor will not exceed an amount equivalent to I% per annum
of the amount of his loan.
The rate of interest on the outstanding balances of existing loans by the
regional agricultural credit corporations also will be reduced one-half of
1% per annum for the period from Jan. I to June 30 1933. The Reconstruction Finance Corporation will rediscount paper for the regional agricultural credit corporations at the rate of 5% per annum, which is the same
rate charged other agricultural credit corporations, livestock credit corporations, banks and similar institutions.
Dec. 31 1932
The rate of interest on loans under Section 201 (d) of the Emergency
Relief and Construction Act of 1932, for the purpose of enabling bona fide
Institutions to finance the carrying and orderly marketing of agricultural
products and livestock, will be reduced from 534% to 5% per annum, and
the rate on loans under Section 201 (c) of the Emergency Relief and Construction Act of 1932. for the purpose of financing the sale of surpluses of
agricultural products in the markets of foreign countries, will be 5% Per
annum.
For the period mentioned above the rate of interest on loans to railroads
will be reduced from 6% to 534%.
The rate of Interest on loans or contracts to aid in the financing of selfliquidating projects under Section 201 (a) of the Emergency Relief and Construction Act of 1932 will be established in connection with each loan application.
However, if a borrower under this section of the law refinances all its
loans or contracts, or sells all its obligations held by the Corporation in
connection therewith, during a period of two years from the date its loan
or contract is authorized by the Corporation, on such a basis that the cost
of the money to the borrower is lower than the cost of the money received
from the Corporation,the borrower will be permitted, during such two years,
to repay the Corporation on the same basis as to yield as that upon which
the borrower refinances such loan or contract or sells such obligations, provided the return to the Corporation for the use of its money will not be less
than the rate of 4% per annum.
Investigation Into Activities of Reconstruction Finance
Corporation Suggested by Senator Norris.
The Reconstruction Finance Corporation's report to
Congress detailing loans advanced in November to financial
institutions, railroads, business concerns and States was
greeted in the Senate on Dec. 22 by a suggestion from
Senator George W. Norris of Nebraska for investigation into
the activities of the Corporation. Washington advices,
Dec. 22 to the New York "Journal of Commerce" from
which we quote, also said:
The report listed loans aggregating $107,653,587 made by the Corporation during the month.
Senator Norris, leader of the insurgent Republicans, told the Senate that
such an inquiry should be made to let the country know what was being
done with the millions of dollars of taxpayers' money. His suggestion was
made after he had read a magazine article in the Senate dealing with the
Corporation's work. He gave no indication whether he intends to offer a
resolution for the investigation.
Three Groups Listed.
The article from which Norris read said of $264,000.000 loaned to railroads, 8156.000,000 went to three groups--"the Morgan, Van Sweringen
and Pennsylvania RR.Interests." Quoting from the article to the effect that
"hundreds of millions had been passed around" without Congress knowing
who received it, the Senator added that those favoring complete publicity
of the Corporation's activities had been defeated in that purpose.
Report for November of Reconstruction Finance Corporation—Loans Authorized Totaled $107,653,587—
Authorizations to Banks and Trust Companies
$22,258,996—To Railroads $38,226,000.
Total loans authorized of $107,653,587 during November
are indicated in the report for that month of the Reconstruction Finance Corporation filed on Dec. 22 with South
Trimble, Clerk of the House. Of the authorizations, the
largest amount—$38,226,000--was apportioned to the railroads, of which the Baltimore & Ohio received $31,625,000.
Loans to banks and trust companies totaled $22,258,996.
The summary of loans authorized under Section 5 follows:
SUMMARY OF TABLE I.
Banks and trust companies (including receivers)
Building and loan associations
Insurance companies
Mortgage loan companies
Credit unions
Joint stock land banks
A$ricultural credit corporations
Livestock credit corporations
Railroads (including receivers)
Total
$22,258,996.00
3,376.199.13
2.151,000.00
2,730.800.00
(16,746.(10
2,126,000.00
132,547.65
473,565.58
38,226,000.00
871.541.845.33
Applications for loans totaling $5,747,008, approved
during and prior to November, were withdrawn or canceled
by the applicants during the month. Noting this the
Washington account Dec. 22 to the New York "Times" said
in part:
Railroad loans other than that to the Baltimore & Ohio were $2,000,000
to the Lehigh Valley; 82,500,000 to the New York Central: $1,500,000 to
the receivers for the Wabash; $301,000 to the Chicago Milwaukee St. Paul
& Pacific and $300,000 to the Puget Sound & Cascade Ry.
Decline in Number Continues.
The decline in the number and amounts of individual loans as compared
with those made earlier in the corporation's existence continued through
November, and there were but few authorizations in excess of $500.000.,
apart from the loans to railroads and subscriptions of capital stock in the
corporation's regional agricultural credit agencies.
Included in the total authorizations of $107,653,587 in November, was
$4.774,744 for emergency relief; $129,616 in one new loan and one increase
to a previous loan for the orderly marketing of agricultural commodities:
$6.000.000 of capital stock subscriptions to two new regional agricultural
credit corporations; $4.000.000 of increases in subscriptions to capital of
two other such corporations already operating; $2,500,000 of Nada allocated to the Secretary of Agriculture and $20,000 of subscriptions to stock
of Federal Home Loan banks.
The $6,000.000 of capital paid into the new Agriculture Credit Corporations was for those established during the month at Albany, N. Y., and
Jackson, Miss.
$2,500.000 More for Farmers.
The additional $2.500,000 allocated to the Secretary of Agriculture
brought to $120,000.000 the amount set aside for that purpose. At the
end of November. $75,000,000 had actually been paid out to him, and the
Volume 135
Financial Chronicle
rest was held by the Corporation, but earmarked for his use. While the
Corporation is required by law to allocate a definite amount of its funds
to the use of the Secretary of Agriculture, the money is being applied
In loans to farmers for feeder cattle and similar purposes.
Chairman Atlee Pomerene stated in his letter transmitting the report
to Congress that of the $5,747,008 of loan cancellations and withdrawals
during November, 31.038.980 represented applications approved during
the month. An additional $2.333,836 was withdrawn or canceled during
the month on applications approved from July 21 to the end of October.
while $2,374,191 of cancellations and withdrawals was on loans approved
prior to July 21.
During the month, the Corporation sold $25.000.000 of its 334% notes
to the Secretary of the Treasury and increased to $700.000.000 the amount
of such notes held by him at the end of November. The notes. together
with the $500.000.000 of capital originaily authorized, brings to $1,120.000.000 the amount that has been made available to the Corporatoin
entirety through the Treasury. Although authorized to dispose of its
debentures to the public. the Corporation has consistently financed itself
through the Treasury Department.
Following in full is the monthly report of the Reconstruction Finance Corporation, showing loans authorized in
November (exclusive of amounts withdrawn or canceled
during November):
The rate of interest is 5%% save where 5% is shown in
parentheses. Stars signify that no part of the amount
indicated had been disbursed up to Nov. 30 inclusive.
TABLE I.
loans •Lut&rriz
oertre
irt/
itgaMer
tiber 1.N2 under section 5 of the
Reggebzgoonf
and rate
of interest in each case, exclusive of amounts withdrawn oracanzeted
November 1932.
BANKS AND TRUST COMPANIES.
•
ALABAMA.
Amount
City and Name—
Authorized.
Alabama City—Alabama City Bank
$15.000.00
Birmingham—West End Savings Bank
10.000.00
Brewton—Bank of Brewton
10.000.00
Geneva—The Farmers National Bank of Geneva
10,000.00
Goodwater—Peoples Trust & Savings Bank
10.000.00
Marion—Marion Central Park Bank
10,000.00
Roanoke—City Bank & Trust Co. of Roanoke
12,000.00
ARKANSAS.
Ashdown—First National Bank
12,000.00
McNeil—Bank of McNeil
8.000.00
Mount Ida—Bank of Montgomery County
14.993.00
Tyronza—Bank of Tyronza (receiver)
(5%)
*36,000.00
Waldron—Bank of Waldron
40.000.00
CALIFORNIA.
Beverly Hills—First National Bank of Beverly Hills (receiver)(5%)
*515,000.00
Colton—Citizens National Bank of Colton
25,000.00
Corona—Citizens Bank
25.000.00
Fullerton—First National Trust & Savings Bank
85,000.00
Laguna Beach—Citizens Bank of Laguna Beach
17,500.00
Los Angeles—West Hollywood First Nat. Bank (rec.) (5%)
35.000.00
Los Angeles—Wilshire National Bank of Los
10.000.00
Angeles
Marysville—Decker-Jewett Bank
49.467.65
Ontario—Citizens National Bank of Ontario
30.000.00
Rio Vista—The Delta Bank
35,000.00
Vista—First National Bank of Vista
*4.000.00
Waterford—Commercial & Savings Bank
9,134.02
COLORADO.
Fort Collins—First National Bank of Fort Collins
'100,000.00
Rye—The Bank of Rye
8,500.00
CONNECTICUT.
Milford—The Milford Trust Co
75,000.00
FLORIDA.
Apalachicola—Apalachicola State Bank
75,000.00
Cedar Key—Cedar Key State Bank
*7,000.00
Pahokee--Bank of Pahokee (repaid in full)
2,500.00
Palatka—The Putnam State Bank of Palatka
30.000.00
Starke—Bank of Starke
7.000.00
GEORGIA.
Bainbridge--Citizens Bank & Trust Co
9,152.99
Bexley—Bexley State Bank
5,000.00
Cornella--Cornella Bank
10.000.00
Hapevllle—Bank of Hapeville
10,389.05
Statesboro—Bank of Statesboro
8,572.00
Waycross—First National Bank of
60,000.00
WaYeeee8
Waynesboro—Bank of Waynesboro
6.452.59
IDAHO.
Grangeville—Bank of Camas Prairie
8.155.00
Mullan—First National Bank of Mullan
1.400.00
Parma—First National Bank of Parma
6,000.00
Plummer—State Bank of Plummer
2,350.00
St. Manes—Lumbermen's State Bank & Trust Co
16,460.00
Sandpoint—Bonner County National Bank
40,000.00
ILLINOIS.
Anna—First National Bank of Anna
25,000.00
Bloomington—American State Bank
125.000.00
Bloomington—Corn Belt Bank
260,000.00
Bloomington—Liberty State Bank
23,000.00
Bradley—Bradley State and Savings Bank
*6,205.86
Braidwood—First National Bank
25.000.00
Cairo—Cairo-Alexander County Bank
50.000.00
Camp Point—Peoples Bank of Camp Point
*9.000.00
Carterville—Carterville State & Savings Bank
*17,000.00
Chicago—Jackson Park Nat. Bank of C%icago (receiver)(5%) *187,500.00
Chicago—Ravenswood National Bank (receiver)
*88,500.00
DeKalb—First Trust & Savings Bank of DeKalb(5%)
47,000.00
East Peoria—Fond Du Lac State Bank
18.00.000
Flat Rock—The Flat Rock Bank
5.000.00
Flat Rock—Peoples State Bank of Flat Rock
4,500.00
National Bank (receiver) (5%)- -*39,000.00
Harrisburg—City National Bank of Harrisburg_
65,000.00
Harrisburg—First National Bank
63,900.00
Henry—First Henry National Bank
*28,000.00
Hinckley—First National Bank of Hinckley
20,000.00
Kinderhook—Kinderhook State Bank
*9.000.00
Monticello—Moore State Bank
25,000.00
Mount Carmel—American-First Nat.Bank of Mount Carmel
26.000.00
Palatine—State Bank of Palatine
9,000.00
Raymond—First National Bank
80,000.00
Rockbridge--Rockbridge State Bank
18,000.00
Urbana—First National Bank
70,000 00
Villa Park—Villa Park Trust & Savings Bank
20.000.00
Wyoming—National Bank of Wyoming
13,500.00
INDIANA.
Bicknell—Bicknell Trust & Savings Bank
*20,000.00
Bremen—First Union State Bank
30,000.00
Chrisney—Chrisney State Bank
*15.000.00
East Chicago—First National Bank in East Chicago
*240,000.00
Chicago—Union
East
National Bank of Indiana Harbor at
East Chicago
*100,000.00
Evansville—Franklin Bank & Trust Co
25,000.00
4483
Amount
City and Name—
Authorized.
Fort Wayne—Old-First National Bank & Trust Co. of Fort
Wayne
*$600,000.00
Jasper—Du Bois County
Bank
*27,000.00
Milan—State Bank of
36.000.00
North Manchester—Indiana Lawrence Bank & Trust Co
115,000.00
•Whiting—American Trust & Savings Bank
*30.000.00
IOWA.
Albia—First Iowa State Bank
42,818.65
Ashton—First National Bank in Ashton
5,000.00
Charles City—First Security Bank & Trust Co
*161,000.00
Des Moines—Euclid Avenue State Bank
*65.000.00
Galva—Galva State Bank
7.500.00
Glenwood—Mills County National Bank
*45,000.00
Hubbard—First National Bank of Hubbard
'17,000.00
Le Mars—Le Mars Loan & Trust Co
19.000.00
Llnby—Linby Savings Bank of Linby
8,000.00
Little Rock—First National Bank
4,000.00
Madrid—Madrid State Bank
8,663.43
Malvern—Malvern Trust & Savings Bank
11,000.00
McCallsburg—Security Savings Bank
15.000.00
Monticello—Monticello State Bank
265,000.00
Mount Pleasant—State Trust & Savings Bank
*45.000.00
Nevada—Farmers' Trust & Savings Bank
33,500.00
New London—Iowa State Bank
*6.500.00
Panama—Panama Savings Bank
9,000.00
Sargeant Bluffs—Pioneer Valley Savings Bank
17,500.00
Tabor—First State Bank
16.000.00
Walcott—Walcott Trust & Savings Bank
90.000.00
Waterloo—Commercial National Bank
*280.000.00
KANSAS.
Atchison—American Savings State Bank
Coldwater—People's State Bank
Denton—Bank of Denton
Jarbalo--Jarbalo State Bank
Preston—State Bank of Preston
KENTUCKY.
Big Clifty—Big Clifty Banking Co
Bowling Green—Citizens' National Bank
Beuchel—Bank of Fern Creek
Corinth—Corinth Deposit Bank
Corinth—Farmers Bank
Dry Ridge—Farmers Bank & Trust Co
Elkton—Bank of Elkton
Elkton—Bank of Elkton
Germantown Bank of Germantown
Hardin—Hardin Bank
Harlan—Harlan National Bank
La Center—Bank of La Center
Morehead—Citizens' Bank
Murray—First National Bank
Russell—First & Peoples Bank
Russellville—Southern Deposit Bank
Smiths Grove—The Farmers Bank
LOUISIANA.
De Ridder—First National Bank
Hammond—Citizens National Bank
Harrisonburg—Harrisonburg-Catahoula State Bank
Independence—Independence Bank & Trust Co
Lutcher—St. James Bank & Trust Co
Oberlin—First National Bank
011a—011a State Bank
Ponchatoula—Ponchatoula Bank & Trust Co
Rayville—Richlands State Bank
MAINE.
Caribou—Aroostook 'I'rust CO
Houlton—Houlton Trust Co
Mars Hill—Mars Hill Trust Co
Van Buren—Van Buren Trust Co
York Village—York County Trust Co
MARYLAND.
Baltimore—Commercial Savings Bank
Centreville—Centreville National Bank
Cumberland—Cumberland Savings Bank
Frostburg—Citizens National Bank
Ocean City—Bank of Ocean City
Princess Anne—Bank of Somerset
Stevensville—Stevensville Bank of Maryland
Towson—Baltimore County Bank
MASSACHUSETTS.
Rockland—Rockland Trust Co
Stoneham—Stoneham Trust Co
MICHIGAN.
Bloomingdale—People's State Bank
Coldwater—Coldwater National Bank
Conklin—Conklin State Bank
Deerfield—Deerfield State Bank
East Detroit—Stephens State Bank (receiver) (5%)
Ewen—State Bank of Ewen
Ewen—State Bank of Ewen
Howell—First National Bank
Howell—First State & Savings Bank
Iron Mountain—Commercial Bank
Iron Mountain—First National Bank _
Lowell—City State Bank of Lowell
Manistique—First National Bank
Muskegon—People's State Bank for Savings
Ontonagon—First National Bank
Paw Paw—John W. Free State Bank
Richmond—First National Bank
Three Rivers—First National Bank
MINNESOTA.
Adrian—Adrian State Bank
Annandale—State Bank of Annandale
Bellechester Farmers' State Bank
Bricelyn—State Bank of Bricelyn
Brownsville—Brownsville State Bank
Cedar—Farmers State Bank
Clarks Grove—State Bank of Clarks Grove
Dover—First State Bank of Dover
Ellsworth—Ellsworth State Bank
Ely—First State Bank
Evansville—Farmers State Bank
Faribault—Citizens National Bank
Foley—First National Bank
Glenwood—Pope County State Bank
Grove City—First State Bank of Grove City
Hampton—State Bank of Hampton
Hutchinson—Citizens Bank
Ihlen—Ihlen State Bank
Jasper—Farmers State Bank
Lafayette—Farmers State Bank
Lorette—State Bank of Lorette
Mankato—American State Bank
Mazeppa—Peoples State Bank
Minnesota Lake—Farmers National Bank
Morris—Morris National Bank
New London—Farmers State Bank
New Richland—State Bank of New Richland
Oakland—State Bank of Oakland
Otisco—Otisco State Bank
Pine City—Farmers & Merchants State Bank
Princeton—Princeton State Bank
Randall—Randall State Bank
Raymond—Farmers State Bank
Raymond—Farmers State Bank
Rochester—Olmsted County Bank & Trust Co
*9,220.64
5.074.17
8,534.94
5,174.84
11,478.00
10,000.00
*125,000.00
9,000.00
5,000.00
5,000.00
34,000.00
9.500.00
10,000.00
3,500.00
28.000.00
43,000.00
*12,500.00
*5,500.00
29.000.00
*20,000.00
9,995.59
*9,096.76
*35,602.02
45,000.00
26,250.00
23.000.00
100.000.00
25,000.00
15.149.16
14,000.00
75.000.00
*39,000.00
*36,000.00
*9,000.00
9,000.00
292,000.00
*25.000.00
22,000.00
*40,000.00
50,000.00
15,000.00
25,000.00
36.500.00
45.000.00
300,000.00
*30,000.00
*4,000.00
13,000.00
10,000.00
25,000.00
*23,000.00
2,800.00
*7,200.00
*15,000.00
16,300.00
34,750.00
*60.000.00
40.110.00
30,000.00
*120,000.00
*33.500.00
22,500.00
*83,000.00
24,000.00
10.000.00
34,000.00
*15,000.00
19.750.00
15.000.00
2.000.00
*6,000.00
10.000.00
5,000.00
10.000.00
29,000.00
27,000.00
8.000.00
7.000.00
25,000.00
7,000.00
25.000.00
*5.000.00
1.700.00
10,000.00
*2.000.00
30.000.00
7,700.00
11.933.00
20.000.00
418.98
*24,000.00
22,000.00
14,000 00
20.000.00
12.880 00
4,200.00
9,00000
12,000.00
20,000.00
4484
Financial Chronicle
City and Name—
Rogers—State Bank of Rogers
Rushford—Rushford State Bank
Rushmore—First State Bank
Sacred Heart—Farmers & Merchants State Bank
Sacred Heart—Farmers & Merchants State Bank
St. Clair—St. Clair State Bank
Seaforth—Security State Bank
Sherburn—Farmers State Bank
Spicer—Green Lake State Bank
Springfield—Farmers & Merchants State Bank
Springfield—State Bank of Springfield
Spring Grove—State Bank ofSpring Grove
Swatara—First State Bank
Truman—People's State Bank
Twin Lakes—Twin Lakes State Bank
Wanamingo--Security State Bank
Watkins—Farmers State Bank
Welcome—Welcome State Bank
Welcome—Welcome State Bank
West Concord—First National Bank
Zumbreta—Farmers Security State Bank
MISSISSIPPI.
Beizoni—Citizens Bank & Trust Co
Greenville—Citizens Bank & Trust Co
Georgetown—Georgetown Bank
Granada—Granada Bank
Hattiesburg—Citizens Bank
McComb City—First National Bank
McComb—McComb Savings Bank & Trust Co
Natchez—Britton & Koontz National Bank
Ocean Springs—Farmers & Merchants State Bank
Starkville—Peoples Savings Bank
Weir—Peoples Bank
MISSOURI.
Clayton—First National Bank
Clinton—Brinkerhoff-Faris Trust & Savings Co
Elmo—Farmers & Merchants Bank
Kirksville—Kirksville Savings Bank
Meta—Bank of Meta
Old Monroe—Bank of Old Monroe
Republic—The Bank of Republic
Rosebud—Rosebud Bank
Unionville—National Bank of Unionville (receiver)(5%)
Washington—Bank of Washington
Washington—Pranidin County Bank
Webster Groves—First National Bank
Wellsville—Wellsville Bank
NEBRASKA.
Blair—Farmers State Bank
Brule—Farmers State Bank
Cedar Bluffs—Bank of Cedar Bluffs
Central City—Platte Valley State Bank
Chappell—Deuel County State Bank
Columbus—Farmers State Bank
Columbus—Farmers State Bank
Columbus—Farmers State Bank
Dewitt—Farmers and Merchants Bank
Dorchester—Bank of Dorchester
Dorchester—Bank of Dorchester
Eagle—Bank of Eagle
Garland—Germantown State Bank
Garland—Germantown State Bank
Greenwood—Greenwood State Bank
Hebron—Hebron State Bank
Hordville—First State Bank of Hordville
Lawrence—Security State Bank
Lodgepole--First State Bank of Lodgepole
Lyons—The Farmers Bank
Maskell—Security State Bank
Ord—Nebraska State Bank
Pilger—Farmers National Bank in Pilger
Ponca—Farmers State Bank
Potter—Potter State Bank
Schuyler—Banking House of F. Folda
Wausa—Commercial State Bank
NEVADA.
Elko—First National Bank
NEW JERSEY.
Atlantic City—Atlantic City National Bank
Atlantic City—Chelsea-Second Nat. Bk. & Tr. Co. of
Atlantic city
Atlantic City—Equitable Trust Co
Atlantic City—Guarantee Trust Co
Blackwood—First National Bank & Trust Co.of Blackwood _
Garfield—Garfield Trust Co
Kearny—First National Bank & Trust Co. of Kearny
Midland Park—First National Bank of Midland Park
New Brunswick—Middlesex Title Guarantee & Trust Co.__
Ocean City—First National Bank of Ocean City
Ocean City—First National Bank of Ocean City
Paterson—Labor National Bank of Paterson
Paterson—Merchants Trust Co. of Paterson
Perth Amboy—Raritan Trust Co. of Perth Amboy
Union City—National Bank of North Hudson at Union City
(receiver) 5%
Union City—Union City National Bank (receiver)5%
Wildwood—Fidelity Trust Co
Woodbridge—First National Bank & Trust Co. of Woodbridge (receiver) 5%
NEW MEXICO.
Clayton—Farmers & Stockmen's Bank of Clayton
Las Cruces—First National Bank of Las Cruces
NEW YORK.
Baldwinsville--Baldwinsville State Bank
Bolivar—First National Bank
Freeport—Citizens National Bank of Freeport
Lawrence—Lawrence--Cedarhurst Bank
Middleport—First Nat. Bank of Middleport (receiver)5% - North Tonawanda—Union Trust Co. of North Tonawanda _
South Glens Falls—First Nat. Bank of South Glens Falls
(receiver) 5%
NORTH CAROLINA.
Badin—Bank of Badin (receiver) 5%
Canton—Champion Bank & Trust Co
Conover—Citizens Bank
Elizabeth City—Savings Bank & Trust Co. (receiver) 5_9'7
Goldsboro—Wayne Nat. Bank of Goldsboro (receiver) 5'7o - Greensboro—North Carolina Bank & Trust o
Greensboro—United Bank & Trust Co
Kinston—Farmers' & Merchant's Bank (receiver) 5%
Mount Gilead—Bank of Mount Gilead
Newland—Avery County Bank
Pinehurst—Bank of Pinehurst
Southport—Peoples United Bark
Stony Point--Bank of Stony Point (receiver)5%
NORTH DAKOTA.
Colfax—First State Bank
Glenburn—Lincoln State Bank
Hazen—Union State Bank of Hazen
Mooreton—Farmers State Bank
Nome—Nome State Bank
Petersburg—Citizens State Bank of Petersburg
Silva—First State Bank
Thompson—First National Bank of Thompson
Tolna—Farmers & Merchants State Bank of Tolna
Turtle Lake—First State Bank
Williston—Commercial State Bank of Williston
Amount
Authorized.
$15,000.00
23,000.00
10.000.00
18,500.00
5,000.00
12,496.70
16,000.00
25,000.00
4,500.00
55.000.00
30,000.00
*19,000.00
*7,000.00
*10500.0
,
0
16,000.00
50,000.00
24,000.00
10,000.00
32,000.00
9,000.00
42,eoo.00
48,000.00
40,000.00
17,500.00
300.000.00
*15",000.00
*105,000.00
*105,000.00
150,000.00
20,000.00
*60,000.00
10,000 00
200,000.00
10,000.00
7,944.45
*46,500.00
*6,00,./.00
11.500 00
15,000.00
*13,000.00
*17,owoo
*85,000.00
49,700.00
*38 000.00
4.000.00
14.580.00
4.500.00
3,70000
10.000.00
3,500.00
15,000.00
4,920.00
10,632.00
6,500.00
3,000.00
6,500.00
7,000.00
2,500.00
2,300.00
*7,500.00
13,200.00
5.500.00
9,500.00
6,500.00
14,400.00
3,300.00
10,000.00
10,000.00
4,500.00
17,381.50
16,000.00
17,060.00
*200,000.00
100,000.00
75,000.00
150.000.00
250,000.00
90,000.00
175,000.00
290,000.00
*25,000.00
28,706.50
65.000.00
12,000.00
125,000.00
35,000.00
15,500.00
500,000.00
*70,000.00
7,500.00
*172,000.00
27,500.00
*30,000.00
*100,000.00
13,000.00
50,000.00
20,000.00
*19,000.00
25,000.00
*91,000.00
*310,000.00
*30,000.00
9,760.00
45,000.00
147,000.00
*525,000.00
250,000.00
*15,000.00
6,000.00
*2,000.00
10,000.00
*3,000.00
*5,000 00
4,300.00
13,000.00
9.000.00
4,300.00
*4,500.00
*12,200.00
*13,300.00
15.000.00
*20,000.00
*23,000.00
*5,000.00
Dec. 31 1932
OHIO.
City and Name—
Cleveland—Bank of Cleveland
Cleveland—Lorain Street Savings & Trust Co
Clyde—Peoples Banking Co
Elyria—Savings Deposit Bank & Trust
Genoa—Genoa Banking Co
Lima—Lima First American Trust Co
Massillon—First National Bank of Massillon
Perrysburg—Citizens Banking Co
Sandusky—Commercial Banking & Trust Co.of Sandusky
Amount
Authorized.
$100,000.00
188,000.00
25,000.00
100,000.00
9,000.00
100,000.00
82,000.00
48,000.00
*37,000.00
OKLAHOMA.
Kremlin—Bank of Kremlin
Quinlan—Quinlan State Bank
*1,468.00
1,650.00
OREGON.
Albany—First National Bank
Monmouth—First National Bank of Monmouth
Sllverton—Coolidge & McClaine Bank
7,500.00
10,000.00
28,100.00
PENNSYLVANIA.
Ambridge--Ambridge Savings & Trust Co
Beaver Falls—State Bank of Beaver Falls
Bellevue—Bellevue Savings & Trust Co
Bellwood—First National Bank of Bellwood
Braddock—First National Bank of Braddock
Duquesne—Duquesne Trust Co
Elwood City—First National Bank
Everett—First National Bank of Everett
Ford City—Peoples Bank of Ford City
Hanover—Peoples Bank of Hanover
Harrisburg—Keystone Trust Co
Harrisburg—Union Trust Co. of Pa
Hazleton—American Bank & Trust Co. of Hazleton
Hooversville—First National Bank
Houtzdale—First National Bank of Houtzdale (receiver)5%
Johnstown—Johnstown State Deposit Bank
Lancaster—Northern Trust & Savings Co
McKeesport—National Bank of McKeesport
McKeesport—Union National Bank
McKees Rocks—First National Bank of McKees Rocks
Mechanicsbur:g—Mechanicsburg Trust Co
Norristown—Norristown-Penn Trust Co
Norristown—Norristown-Penn Trust Co
Penbrook—Penbrook Trust Co
Philadelphia—Banca d'Italla & Trust Co
Philadelphia—Mitten Men & Management Bank & Trust Co.
Philadelphia—Mitten Men & Management Bank & Trust Co.
Pittsburgh—Allegheny Trust Co
Pittsburgh—Hazelwood Savings & Trust Co
Pittsburgh—Ohio Valley Bank
Pittsburgh—Pennsylvania Trust Co
Pittsburgh—St. Clair Savings & Trust Co
Pittsburgh—Western Savings & Deposit Bank
Pittston—Miners Savings Bank of Pittston
Rochester—Rochester Trust Co
Saltsburg—First National Bank
West Chester—Chester County Trust Co
SOUTH CAROLINA.
Andrews—Andrews Bank & Trust Co
Sumter—National Bank of South Carolina of Sumter
Winnsboro—Bank of Fairfield
57,000.00
3,000.00
150,000.00
5,000.00
*34,000.00
118,500.00
30,000.00
43,500.00
10,000.00
50,000.00
*15.000.00
66,000.00
75,000.00
18,500.00
*280,000.00
*4,000.00
70,000.00
28,900.00
*30,000.00
100,000.00
26,000.00
135,000.00
60,000.00
15,500.00
*45,000.00
*48.000.00
*72,000.00
80,000.00
66,500.00
*22,600.00
150,000.00
35,000.00
296,000.00
*675,000.00
50,000.00
*21,500.00
*75.000.00
1,926.15
22,480.00
10,000.00
SOUTH DAKOTA
Alpena=Banx of Alpena
Beardsley—Farmers State Bank
Elkton—Corn Exchange Bank
Esmond—Esmond State Bank
Franzburg—Farmers State Bank
Mansfield—Mansfield State Bank
McLaughlin—First State Bank of McLaughlin
Montrose--Montrcse Bank
Orient—Orient State Bank
Stickney—First State Bank
Tripp—Dakota State Bank
TENNESSEE.
Ashland City—Cheatham County Bank
Baxter—Baxter Bank & Trust Co
Dandridge—Jefferson County Bank
Dover—Dover Peoples' Bank & Trust Co
Fountain City—City Bank of Fountain City
Indian Mount—Bank of Indian Mound
Jamestown—Bank of Jamestown
Knoxville—East Tennessee National Bank
Lemoir City—Merchants & Farmers Bank
Maryville—Bank of Maryville
Milledgeville—Tri-County Bank
Morristown—First National Bank
Newport—Merchants & Planters Bank of Newport
Wartburg—Citizens Bank & Trust Co
40,000.00
3,500.00
13,000.00
20,000.00
9,100.00
5,000.00
*10.000.00
350,000.00
*10.000.00
101,000.00
4,250.00
40,000.00
100,000.00
18,000.00
TEXAS.
Brownsville—Merchants National Bank of Brownsville
(receiver) (5%)
Groveton First National Bank of Groveton
Itasca—Ithaca National Bank (receiver)(5%)
Lockhart—i,kat National Bank of Lockhart
Lott—First National Bank of Lott
Mercedes First National Bank
Pasadena—Pasadena State Bank
Presidio Presidio Valley Bank, Inc
Rio Grande—City First State Bank & Trust Co
Weimar—Hill Bank & Trust Co
White Deer—First National Bank of White Deer
Wildorado—Etate Bank of Wildorado
500,000.00
50,000.00
17,000.00
24,984.00
25,441.00
6,800.00
*5,000.00
*3,000.00
25,000.00
*21,200.00
12,500.00
6,000.00
UTAH.
Nephl—First National Bank of Nephi
Nephi—First National Bank of Nephi
10,500.00
2,800 00
20,000 00
4,300.00
3,500.00
5,000.00
*5,000.00
12,300.00
8,500.00
8,000.00
*19,000.00
22,500
7.000.00
VERMONT.
Hardwick—Hardwick Savings Bank & Granite Trust Co
Morrisville—Union Savings Bank 8z True& Co.of Morrisville
*2,000.00
*20,000.00
VIRGINIA.
Abingdon—First National Bank of Abingdon
Crewe—First National Ban: of Crewe
Exmore—Peoples Trust Co
Nokesviile—Bank of Nokesville, Inc
Onley—Farmers & Merchants National Bank
Pearisburg—Bank of Gill County
Pearisburg—Bank of Gill County
Salem, Bank of Salem
Wake—Packers State Bank, Inc
54,495.00
10,000.00
37,175 00
12,000.00
10,000.00
8,500.00
10,000.00
*20,204.00
5,000.00
WASHINGTON
Centralia—First Farmers-Merchants Bank & Trust Co
Chewelah—First National Bank—Chewelah
Colfax—Farmers National Bank
Colfax—First Savings & Trust Co
Colfax—First Savings & Trust Co
Dayton—Columbia National Bank
Goldendale--Pioneer State Bank
LaCrosse—First State Bank of LaCrosse
Montesano—First National Bank
Pine City—Pine City State Bank
Ritzville—Ritzville State Bank
Rosalla—Whitman County National Bank
Rosalia—Whitman County National Bank
Salim-Woolley—E. C. Bingham & Co
Walla Walla—First National Bank of Walla Walla
Walla Walla—Union Bank & Trust Co.of Walla Walla
Walla Walla—Union Bank & Trust Co. of Walla Walla__ —
24.000.00
*301.00
30.150.00
20,343.00
26,124.00
25,880.00
14,000.00
20,700.00
14,000.00
6,100.00
*9,935.00
8,330.00
13,645.00
21,000.00
28.300.00
34,000.00
25,000.00
Financial Chronicle
Volume 135
WEST VIRGINIA.
City and Name—
(receivers) (5%)
Bank
National
Bayard—Bayard
Kingwood—Kingwood National Bank (receivers) (5%)
Mount Hope—The First National Bank of Mount Hope
WISCONSIN.
Ableman—Farmers State Bank
Arena—Arena State Bank
Arlington—Arlington State Bank
Ashland—Ashland National Bank
Barron—First National Bank of Barron
Barron—The Normanna Savings Bank
Bayfieid—First National Bank of Bayfield
Bloomington—Bloomington State Bank
Caroline—Caroline State Bank
Cazenovia—State Bank of Cazenovia
Cecil—State Bank of Cecil
Cobb—Cobb State Bank
Columbus—Farmers & Merchants Union Bank
Cottage Grove—Cottage Grove State Bank
Cumberland—State Bank of Cumberland
De Pere—Bank of West De Pere
De Pere—State Bank of De Pere
Downsville—Farmers & Merchants State Bank
Durand—Bank of Durand
Elderon—Elderon State Bank
Elmwood—First State Bank of Elmwood
Elmwood—Peoples State Bank
Emerald—State Bank of Emerald
Galesville—Farmers & Merchants State Bank
Genesee Depot—State Bank of Genesee Depot
Glidden—American State Bank
Greenwood—Farmers & Merchants Bank
Independence—Farmers & Merchants Bank
Loganville—Loganville State Bank
Luxemburg—Bank of Luxemburg
Marytown—Farmers & Merchants Bank
Medford—State Bank of Medford
Medford—First National Bank
Menominee Falls—Citizens State Bank
Merrill—American State Bank of Merrill
Middleton—Bank of Middleton
Milwaukee—Commonwealth Mutual Savings Bank
Modena—Farmers State Bank
Mosinee—Farmers State Bank
Mount Horeb—State Bank of Mount Horeb
New Holstein—Peoples State Bank
North Freedom—Bank of North Freedom
Norwalk—Norwalk State Bank
Ogema—State Bank of Ogema
Phillips—First National 13ank of Phillips
Plymouth—State Bank of Plymouth
Racine—Farmers & Merchants Bank
River Falls—Farmers & Merchants State Bank
Saxon—Saxon State Bank
Spencer—Spencer State Bank
Spring Valley—Farmers State Bank
Star Prairie—Star Prairie State Bank
Stetsonville—Farmers State Bank of Stetsonville
Stockholm—Stockholin State Bank
Stoughton—Citizens National Bank of Stoughton
Tomah—Farmers & Merchants Bank
Wabeno—State Bank of Wabeno
Waunakee—Waunakee State Bank
Wausau—Citizens State Bank
Wautoma—Farmers Home Bank
West Allis—First National Bank of West Allis
West Milwaukee—Anchor State Bank of West Milwaukee
West Milwaukee—Anchor State Bank of West Milwaukee...
White Lake—White Lake State Bank
Amount
Authorized.
$10,500.00
*16,000.00
*4,500.00
*25.000.00
*15.000.00
*50,000.00
*35.000.00
19,000.00
24,000.00
8.000.00
*50.000.00
*35,000.00
25,000.00
*25,000.00
18,000.00
*23,757.00
*44,000.00
38,900.00
29.000.00
15,000.00
14.000.00
80,000.00
7,000.00
59,997.00
7,000.00
2,000.00
27,475.00
*25,000.00
10,000.00
*27,000.00
27,500.00
*29,000.00
155,000.00
*10,000.00
43,000.00
9,000.00
8,540.00
18,000.00
*15,000.00
100,000.00
8.000.00
16,000.00
*115.000.00
*8.390.00
16,000.00
25,000.00
13,000.00
*14,500.00
*47,000.00
*35,000.00
9,000.00
6.000.00
*28,000.00
22,500.00
2,500.00
'2200000
10,000.00
*80,000.00
*50,000.00
*29,000.00
10,500.00
125,000.00
25,000.00
*60,000.00
*11,000.00
70.000.00
*27,000.00
REINSTATEMENT OF LOAN AUTHORIZATION PREVIOUSLY
CANCELED.
ARKANSAS.
Gurden—Clark County Bank
$5,000.00
BUILDING AND LOAN ASSOCIATIONS.
ARKANSAS.
Little Rock—Guaranty Building & Loan Association
15,000.00
Little Rock—The Peoples' Building & Loan Association
74,308.90
ILLINOIS.
Chicago—Gateway Building & Loan Association
18,441.50
Granite City—Security Bldg. & Loan Assn. of Granite City_
31,021 97
Kankakee—Peoples' Building & Loan Assn. of Kankakee--.
2,300.00
INDIANA.
Washington—The Industrial Savings & Loan Assn. of Washington, Ind
*40,000.00
IOWA.
Des Moines—The State Building Loan & Savings Association
*40,000.00
KENTUCKY.
Princeton—Princeton Building & Loan Association
*30,000.00
LOUISIANA.
Amite—Amite Building & Loan Association
*25.000.00
MARYLAND.
Baltimore—The Mechanics Lexington Permanent Building
& Loan Association, No.6, of Baltimore City
*24,165.23
MICHIGAN.
Grand Rapids—The Grand Rapids Mutual Bldg. & L'n Assn. *100.000.00
MINNESOTA.
Marshall—Lyon County Building & Loan Association
*3,000.00
MONTANA.
Billings—Security Building & Lean Association
*175,000.00
NEW JERSEY.
Atlantic City—American Building & Loan Association of
Atlantic City. N. J
95.000.00
115,000.00
Atlantic City—Atlantic City Loan & Building Association
Atlantic Highlands Building & Loan Association
500,000.00
Barnegat--Bay Shore Building & Loan Association
18.0t0.00
Burlington—Farmers & Mechanics Building & Loan Association of Burlington, N. J
110,000.00
Camden—Diamond Building & Loan Association
*24,000.00
Camden—The Endowment Tiluilding & Loan Association of
*60.000.00
Camden, N. J
Cranford—The Cranford Mutual Building & Loan Association *60,000.00
28,795.33
Cranford—The Venice Building & Loan Assn. of Union Co
*101,000.00
East Orange—Brick Church Building & Loan Association
54,000 00
Gloucester City—Gloucester City Building & Loan Assn_
*50,000.00
Irvington—First Ward Building & Loan Assoc. of Irvington_
Jersey City—Columbia Building & Loan Association of the
66,852.00
City of Jersey City, N.J
*8,100.00
Jersey City—The John Brown Building & Loan Assn
*50,000.00
Newark—Beacon Building & Loan Assn. of Newark, N.J__ _
*58,000.00
Newark—Mohawk Building & Loan Association
48,891.00
Paterson—Colt Building & Loan Association
NEW YORK.
*44,900.00
Rochester-20th Ward 0o-operative Savings & Loan Assn
Sloatsburg—Ramapo Valley Savings & Loan Association of
*20,000.00
Sloatsburg, N. Y
NORTH CAROLINA.
High Point—High Point Perpetual Building & Loan Asso70,000.00
Point
High
of
ciation
4485
Amount
OHIO.
Authorized.
City and Name—
Cleveland—The Women's Savings & Loan Co. of Cleve$20,000.00
land,Ohio
.30.000.00
Hamilton—The People's Building & Loan Association
125,000.00
Hamilton—The West Side Building & Loan Association
4.000.00
Lorain-1he Lake Erie Savings & Loan Co
*20.000.00
Springfield—The Home City Building & Savings Co
*50,000.00
Tiffin—The Citizens Building Association Co
PENNSYLVANIA.
50.000.00
Ambridge—Ambridge Building & Loan Association
'25,000.00
Ambridge—Economy Savings & Loan Association
105.000.00
Coatesville—Coatesville Building & Loan Association
50,000.00
Coatesville—The Home Building & Loan Assn. of Coatesville
Etna—The Peoples Building & Loan Association of Etna
2o,000.00
and Sharpsburg
McKees Rocks—Charters Building & Loan Association
33.500.00
of McKees Rocks. Pa
New Castle—Pennsylvania Savings Fund Association of
*12,500.00
New Castle, Pa
Norristown—Excelsior Savings Fund & Loan Association
*75.000.00
of Norristown. Pa
Philadelphia—Equitable Building & Loan Association of
195.000.00
Germantown
*20.000.00
Pittsburgh—Columbus Building & Loan Association
10.000 00
Pittsburgh—Lower St. Clair Building & Loan Association—
25,000.00
Pittsburgh—Pleasant Valley Building & Loan Association...
150,000.00
Verona—The Verona Building & Loan Association
70,000.00
Wyndmoor--Wyndmoor Building & Loan Association
SOUTH CAROLINA.
8,500.00
Kingstree—Mutual Building & Loan Association
Spartanburg—American Perpetual Building & Loan Asso10.000.00
ciation of Spartanburg, S. C
35,532.00
York—Peoples Building & Loan Association of York. S.0
WISCONSIN.
42.361.20
Milwaukee—Northerr Building & Loan Association
*34,500.00
Milwaukee—Standard Building & Loan Association
25.000.00
Port Washington—Port Washington Building & Loan Assn15,000.00
West Allis—Liberty Building & Loan Association
INSURANCE.
FLORIDA.
Industrial Insurance CoJacksnvile—Pp
ILLINOIS.
Chicago—National Life Insurance Co. of the U. S. of A
KANSAS.
Ottawa—The Franklin Mutual Fire Insurance Co
Topeka—The Liberty Life Insurance Co
MICHIGAN.
Detroit—Detroit Fidelity & Surety Co
MISSOURI.
St. Joseph—American Union Life Insurance Co
St.La--American National Assurance Co
NEW YORK.
New York—National Surety Co
NORTH CAROLINA
Durham—North Carolina Mutual Life Insurance Co
OHIO.
Cincinnati—The Federal Union Life Insurance Co
*15.000.00
*310,000.00
*15.000.00
85.000.00
325,000.00
110.000.00
*130,000.00
1,000,000.00
11,000.00
250.000.00
MORTGAGE LOANS.
ILLINOIS.
*138.000.00
Chicago—Fort Dearborn Mortgage Co
LOUISIANA.
*1.000.000.00
New Orleans—Union Title Guarantee Co.. Inc
NEW JERSEY.
50,000.00
Rutherford—Central Guarantee Mortgage & Title Co
NEW YORK.
New York—Greater New York-Suffolk Title & Guantee Co- '840,000.00
500,000.00
New York—state Title & Mortgage Co
122.800.00
New York—Union Guarantee & Mortgage Co
PENNSYLVANIA.
Philadelphia—Delaware-Montgomery Counties for Guaran*60.000.00
teeing Mortgages
TENNESSEE.
20.000.00
Johnson City—Security Investment Co
CREDIT UNIONS.
RHODE ISLAND.
66,7-16.00
Central Falls—Credit Union, Central Falls
JOINT STOCK LAND BANKS.
CALIFORNIA.
San Francisco—Pacific Coast Joint Stock Land Bank of
125,000.00
San Francisco
IOWA.
Des Moines—Des Moines Joint Stock Land Bank of Des M.. *1,400,000.00
MINNESOTA.
*85.000.00
Minneapolis—Minneapolis—Trust Joint Stock Land BankSOUTH CAROLINA.
*70,000.00
Columbia—The First Carolinas Joint Stock Land Bank
TEXAS.
San Antonio—San Antonio Joint Stock Land Bank, of San
*446,000.00
Antonio
AGRICULTURAL CREDIT CORPORATIONS.
SOUTH CAROLINA.
*58,500.00
Meggett—South Carolina Produce Association
WASHINGTON.
7,900.00
Wenatchee--Columbia Agricultural Credit Corporation
e,833.95
Wenatchee—Wenatchee Fruit Credit Corporation
679.00
Wenatchee—Wenatchee Fruit Credit Corporation
10.000.00
Wenatchee—Wenatchee Fruit Credit Corporation
11,251.50
Wenatchee—Wenatchee Fruit Credit Corporation
9,411.50
Wenatchee—Wenatchee Fruit Credit Corporation
4,051.70
Yakima—American Agricultural Credit Corporation
*13,670.00
Yakima—Yakima Credit Corporation
6,900.00
Yakima—Yakima Credit Corporation
*1,350,00
Yakima—Yakima Credit Corporation
LIVESTOCK CREDIT CORPORATIONS.
MONTANA.
Dillon—Live Stock Industries, Inc
Dillon Live Stock Industries, Inc
Dillon—Live Stock Industries, Inc
Dillon—Live Stock Industries, Inc
Havre—Northern Live Stock Loan Co
Havre—Northern Live Stock Loan Co
NEW MEXICO.
Albuquerque—New Mexico Credit Corp
UTAH.
Salt Lake City—Bankers Live Stock Loan Co
*$50,700.00
6,900.00
41,400.00
38,500.00
17,200.00
14,800.00
$78,800.00
*$49,252.60
4486
Financial Chronicle
Amount
Authorized.
$63,772.00
112,240.95
WYOMING.
City and NameCasper-Wyoming Live Stock Credit Corp
Casper-Wyoming Live Stock Credit Corp
RAILROADS.
The Baltimore & Ohio RR. Co.(6%)
$31,625,000.00
Chicago, Milwaukee, St. Paul & Pacific RR.Co.(6%)---- *301,000.00
Lehigh Valley RR. Co.(6%)
2,000,000.00
The New York Central RR. Co.(5%)
*2,500,000.00
The Puget Sound & Cascade fly. Co.(6%)
300,000.00
Wabash By. Co.(receiver)(6%)
*1,500,000.00
SUMMARY OF TABLE 1.
Banks and trust companies (including receivers)
Building and loan associations
Insurance companies
Mortgage loan companies
Credit unions
Joint Stock Land banks
Agricultural Credit corporations
Live Stock Credit corporations
Railroads (including receiver)
$22,258,996.00
3.376.199.13
2,151,000.00
2,730,000.00
66,746.00
2,126,000.00
132,547.65
473,565.55
38,226,000.00
Total
871,541,845.33
EMERGENCY RELIEF LOANS.
TABLE 2.
Statement of amounts authorized during November 1932, for purposes of
relief, under Section 1, Title I, of the Emergency Relief and Construction Act
of 1932, upon applications of the Governors of the States mentioned, showing
names of the Slates, amounts and rates of interest:
Rate of
Rate of
StateAmount. Int.
StateAmount. Int.
Alabama
Montana
5123.774 3
6.125 3
Arizona
Montana
256.200
20.000 3
Arkansas
Nevada
287.268
4,167 3
Florida
New Hampshire-729.751
667.420 3
Georgia
North Dakota-5.000
*50.680 3
307
Georgia
Ohio
121.567
*19,000 3
*70000 3
Illinois
*4,936.078 307 Ohio
Indiana
Ohio
180,000 3
85.000
Indiana
Ohio
250.000
611,264 3
Iowa
Oregon
*34.000
7.000 3
Kansas
Pennsylvania
5,462.265 3e,
686.200
Kansas
South Dakota
*13,634
*mow 3 yo
Tennessee
163.850
Kentucky
*321,500 37
0
Mkhigan
Texas
129.272
*15.838 37
Michigan
Texas
*66.000
110,000 3
Texas
Michigan
*25.000
64.400 3
Texas
Michigan
*225.000
237,097 3
Michigan
Texas
162.525
795,369 3
Michigan
Utah
*19,450
23.539 3
Virginia
Michigan
*9,800
239,580 3
Virginia
Michigan
*17,000
72,423 3
Michigan
*21,800
Washington
*190.000 3
Washington
'9,500
Michigan
*105.000 3
Missouri
143.430 31 West Virginia
213.891 3
Missouri
0 West Virginia
*7.900
367.200 3 0
Missouri
*20,014 3
Total
Montana
15.413 3%
$18,687,373
TABLE 3.
Statement of loans or contracts authorized during November 1932 under Section 201(a), Title II, of the Emergency Relief and Construction Act of 1932,
showing the name,amount and rate of interest in each case (exclusive of amounts
withdrawn or canceled during Notember 1932).
Bridges.
Rate
PurYield
of
chase to MaState and NameAuthorized. Int. Price. turity:
Florida-Tampa--Clearwater Bridge Co_ $600,000
ar
Virginia-Richmond Bridge Corp
1,700,000 21% PPar
Drainage.
Arkansas-Poinsett Co.Drainage Dist.7
50.000 5 % Par 535%
Irrigation.
Colorado-Twin Lakes Reservoir and
Canal Co.(Olney Springs)
1,125.000 6%
Par 6%
Sewers.
Kentucky-City of Hopkinsville
305,000 607
Par 607
North Carolina-Town of Valdene
78,000 6%
Par 6%
Water.
Kentucky-Kenton Co. Water Dist. 1
34,244
Illinois-City of Columbia
52,500 sm% lc
al• dnVi.;
Louisiana-City of West Monroe
45,000 6%
Par f6
New Jersey-Danville Township
Par 6
80,000 6%
North Carolina-Town of Sanford
45,000 6%
Par f6
Texas-Tarrant Co. Water Control and
Impt. Dist. 1 - 450,000
Virginia-Town of Blackstone
10,000
a6%
21%
Total
al%
$4.774,744
Notes.-None of the amounts disbursed up to Nov. 30 1932. inclusive.
a Callable at ar y interest date. la Borrower has option to purchase prior
to Jan. 1 1935. c Prices to yield 5% to maturity. d Borrower has option to repurchase during life of bonds, option subject to cancellation on
60 days' notice. e As amended Dec. 12 1932. f Borrower has option to
repurchase until Jan. 1 1934.
TABLE IV.
Statement of loans authorized during November, 1932. under Section 201 (d)
Title II. of Emergency Relief and Construction Act of 1932, showing the name
and amount, the rate of interest In each case being 5J. %.
Amount
City and NameAuthorized.
FLORIDA.
Quincy-Shade Tobacco Credit Co
*$58,117.00
OHIO.
Cleveland-Canners Finance Corporation
71,499.60
Total
$129,616.80
TABLE V.
Statement of loans authorized during the
July 21 to Oct. 31 1932.
inclusive. which were withdraum or canceseriodifrom
d tn ull from
1932. inclusive, no part of the proceeds being disbursed. Nov. 15 to Nov. 30
BANKS AND TRUST COMPANIES.
Amount
Withdrawn
City and NameALABAMA.
or Cancelled.
Carrollton-Bank of Carrollton
$40,000.00
IDAHO.
Donnelly-The First State Bank of Donnelly
11,000.00
IOWA.
State
Bank
Nowell-The First
of Nowell
8,000.00
Traer-Farmers Savings Bank
15.000.00
NEBRASKA.
Valley-Valley State Bank
3,000.00
NEW MEXICO.
Tucumcari-The First National Bank
25,000.00
OHIO.
Hamilton-First National Bank & Trust Co
Dec. 31 1932
City and NameHappner- First National Bank
OREGON
Amount
Withdrawn
or Canceled.
$10,000.00
Total-Banks and trust companies
BUILDING AND LOAN ASSOCIATION.
NEW JERSEY.
Newark-The Aggressive Building and Loan Association
$151,000.00
LIVE STOCK CREDIT CORPORATION.
COLORADO.
Montrose-Montrose Agricultural and Livestock Loan Co-..
$177,500.00
8312,000.00
RAILROAD.
MISSOURI.
Kansas City-Texas Oklahoma & Eastern Railroad Co
$108,740.00
Under section 201 (a) Title II, Emergency Relief and Construction Act.
ILLINOIS.
Savanna-Savanna-Sabula Bridge Co
8190,000.00
Grand total
8939,240.00
TABLE VI.
Statement of loans authorized during the period from July 2110 Oct. 31 1932,
inclusive, which were withdrawn or canceled in part from Nov. 15 to Nov. 30
1932, inclusive.
BANKS AND TRUST COMPANIES.
ARKANSAS.
Hot Springs-Community Bank & Trust Co
$6,389.96
CONNECTICUT.
New Haven-The Community Bank & Trust Co
1.170.00
South Manchester-Manchester Trust Co
3.615.00
IDAHO.
Craigment-Craigment State Bank
500.00
ILLINOIS.
Bloomington Liberty State Bank
50.00
Crossville-First National Bank
3,155.00
Hamilton-First National Bank of Hamilton
5,900.00
Madison-First National Bank
9,500 00
Olney-First National Bank
19.00
Quincy-State Savings Loan & Trust Co
5,000.00
IOWA.
Boone-Boone State Bank
4,642.00
Maydon-Farmers' Savings Bank
80.00
Charlton-National Bank & Trust Co
2.000.00
Dumont-State Bank of Dumont
525.00
Fredericka-Farmers' Savings Bank
4,000.00
Mount Pleasant-Henry County Savings Bank
7.061.66
New Albin New Albin Savings Bank
1.000.00
Perry-Perry State Bank
501.62
Prairie City-State Bank
910.00
KANSAS.
Courtlandt-Swedish American State Bank
339.76
Lyons-Lyons Exchange Bank
303.11
KENTUCKY.
Lewisport-Bank of Lewisport
2,030.98
Walton-Walton Equitable Bank
2,210.00
MAINE.
Bangor-Merrill Trust Co
893.75
Bangor-Merrill Trust Co
583.88
Patton-Katandin Trust Co •
39.53
Portland-Casco Mercantile Trust Co
22,953.37
MARYLAND.
Oxford-Oxford Bank
5.040.20
MICHIGAN.
-Citizens'
Commercial & Savings Bank
Flint
2.000.00
Hills-Exchange State Bank of Hills
1,168.99
MISSOURI.
St. Louls--Hodiamonl Bank
500.00
St. Louis-Scruggs, Vandervoort and Barsay Bank
4,785.95
Thaytr-Bank of Thayer
750.00
NEBRASKA.
Bassett-Commercial Bank _ ____ ----------------------451.00
Davey-Farmers State Bank
39.84
Dorchester-Citizens State Bank of Dorchester
150.00
Harbino-State Bank of Harbin°
250.00
Murdock-Bank of Murdock
200 00
Schuyler-Banking House of F. Folda
900.00
NEW JERSEY.
Perth Amboy-Perth Amboy Trust Co
936.18
NEW YORK.
Genoa-First National Bank of Genoa
3.700.00
Waddington-Waddington Bank
186 13
NORTH CAROLINA.
Durham-Merchants Bank
30,092.36
Pinehurst-Bank of Pinehurst
4,900.00
OHIO.
Alliance-Peoples Bank Co
3,394.39
Calina-Citizens Banking Co
13.00
Deshler-Deshler State Bank
399.49
Freeport-Freeport State Bank
1,100.00
Hamilton-Hamilton Dime Savings Bank Co
200.00
Luckey-Exchange Bank of Luckey
850.00
OKLAHOMA.
Capron-Bank of Capron
OREGON.
Newburg-First Nations. Bank
PENNSYLVANIA.
Cambridge Springs-Springs-First National Bank
Coraopolis--Coraopolis National Bank
Jeanette-Glass City Bank-------------------------Meadville-Crawford County Trust Co
-- Pittsburgh-Allegheny Trust Co
Pittsburgh-Penna Trust Co.of Pittsburgh
Pittsburgh-Bank of America Trust Co
Plumvllie--First National Bank_
SOUTH CAROLINA.
Charleston-The South Carolina State Bank
Columbia-Central Union Bank of South Carolina
TENNESSEE.
Knoxville-East Tennessee National Bank
SOUTH DAKOTA.
Flatland-First State Bank of Reiland
TEXAS.
Edinburg-American State Bank & Trust Co
UTAH.
American Fork-Peoples State Bank
161.57
620.00
1,988.20
1,831.55
5,256.00
172.00
300.00
150.00
100.00
750.00
47,601.71
12,000.00
100,000.00
135.00
208.95
3,039.41
Amount
Withdrawn
or Canceled.
$1,000.00
VIRGINIA.
City and Name—
Bank
National
Gap—First
Stone
Big
WASHINGTON.
Walla Walla—Union Bank & Trust Co of Walla Walla
Fairfield—Bank of Fairfield
WISCONSIN.
Boyd—Citizens State Bank of Boyd
Kenosha—United States National Bank & Trust Co
Green Lake—Green Lake State Bank
Kiel—State Bank of Kiel
Mount Calvary—Mount Calvary State Bank
1,740.00
1,621.93
375.00
9,440.00
100.00
55.00
1,480.00
$337,507.47
Total—Banks and trust companies
BUILDING AND LOAN ASSOCIATIONS.
CALIFORNIA.
Los Angeles—Insurance Plan & Building & Loan Assn
Pasadena—California Security-Loan Corp
San Francisco—Standard Building & Loan Assn
Torrance—Torrance Mutual Building & Loan Assn
ILLINOIS.
Batavia—Batavia Mutual Building & Loan Assn
Chicago—Radnice Building & Loan Assn
Chicaco—Siovan Building & Loan Assn
Chicago—Western Building & Loan Assn.of Chicago
Danville—The Danville Benefit & Building Assn
KENTUCKY.
Frankfort—The Capital Building & Loan Assn
NEW JERSEY.
East Orange—Third Ward Building & Loan Assn
Matawan—Liberal Building & Loan Assn
Newark—The Casino Building & Loan Assn
Newark—Lincoln Building & Loan Assn. of Newark, N.J_ _ Paterson—Fortune Building & Loan Assn
Plainfield—Liberty Building & Loan Assn.of Plainfield
OHIO.
Cincinnati—Linwood Savings & Loan Co
Cleveland—The City Savings & Loan Co
Greenville—The Greenville Building Co
Hamilton—Central Building & Loan Assn. Co
Hamilton—Columbia Savings & Loan Co
South Euclid—The South Euclid Savings & Loan Co
Tiffin—The Benson County Building & Loan Co
PENNSYLVANIA.
Beaver Falls—The Peoples Building & Loan Assn
Carnegie—Eureka Savings & Loan Assn
Franklin—Franklin Home Building & Loan Assn
Oakdale—Oakdale Savings & Loan Assn
SOUTH CAROLINA.
Spartanburg—Mechanics Bldg.& Loan Assn.of Spartanburg
WEST VIRGINIA.
Wheeling—Wheeling Savings & Loan Assn
Total—Building and loan associations
$3,013.75
1,092.61
628.08
185.02
1,416.00
907.97
9,909.90
12,733.83
163,285.67
932.10
2,192.23
517.00
1,151.30
4,958.56
565.00
683.00
3,108,99
24,149.47
1,480.90
86.46
44.52
462.53
2,451.28
3,884.45
297.10
3,647.60
226.87
3,600.00
5,016.32
g257,274.16
INSURANCE COMPANIES.
PENNSYLVANIA.
Pittsburgh—Standard Life Insurance Co.of America
3,600.00
AGRICULTURAL CREDIT CORPORATIONS.
WASHINGTON.
Wenatchee—Columbia Agricultural Credit Corp
Wenatchee—Columbia Agricultural Credit Corp
Yakima—American Agricultural Credit Corp
3,500.00
3,475.00
413.65
Total—Agricultural credit corporations
$7,388.65
LIVESTOCK CREDIT CORPORATIONS.
UTAH.
Salt Lake City—Bankers Livestock Loan Co
Salt Lake City—Bankers Livestock Loan Co
•
$7,200.00
45,615.45
Total—Llv stock credit corporations
$52,815.45
Under Section 201 (a), Title II, Emergency Relief and Construction Act.
Amounts Canceled.*
KENTUCKY.
City of Covington
$1,620.00
NEW MEXICO.
Middle Rio Grande Conservancy District
$578,400.00
NEW YORK.
Wanakah Water Co
7,000.00
TEXAS.
Maverick County Water Control & Impt. District No. 1_ _
147,600.00
Total—Section 201 (a)
$734,620.00
* These loans previously were reported as authorized in the amount of
the par value of the securities to be purchased and the cancellations given
in this table represent adjustments in the amounts authorized due to the
fact that the securities are to be purchased at prices less than par.
TABLE 7.
Statement of cash receipts and expenditures of the Corporation during
November 1932 (Corporation's accounts with Treasurer of United States).
Cash balance at the close of business Oct. 31 1932. as Per
the books of the Treasurer of the Corporation
$4.146,492.70
Deduct: October disbursement reported to
the Treasurer of the Corporation subsequent to Oct. 31 1932
$19,500.00
Add: Correction of error in amount of October
deposit reported to the Treasurer of the
Corporation subsequent to Oct. 31 1932
.01
19,499.99
a
Adjusted cash balance at the close of business Oct. 31 1932- $4,126,992.71
RECEIPTS.
Sales of series A 33% notes
$25,000.000.00
Loan repayments: III
companies (incl. receivers) 20,831,776.25
s
,.. ggrita icilkl.nrus_t
Building and lOaliicsiE,Cialfaiii
Insurance companies
Jointstock landlbanks
' Live stock credit corporations
Mortgage loan companies
Agricultural credit corporations
Railroads
Institutions under Section 201-cl
Interest and discount collected
Reimbursable expense collected
Collections and collateral to rediscounts
Funds received from Secretary of Agriculture
Funds of regional agricultural credit corporal. Mons
Miscellaneous
Uncollected—pending advice
r
• PS
Total
4487
Financial Chronicle
Volume 135
1.520.94?.
.82
672,497.38
7,181.59
479,192.24
1,075,792.93
272.176.05
162,498.66
3,541.00
2,496,315.79
10,214.65
21.239.95
15,000,000.00
4,000,000.00
973.30
3.054,328.45
74,609.840.18
$78,736,832.89 •
EXPENDITURES.
Loan disbursements:
Banks and trust companies (incl. receivers)..$20.435,407.65
Credit unions
66,746.00
Building and loan associations
3,830,807.59
Insurance companies
1.665.828.78
Federal land banks
1,500.000.00
Joint stock land banks
447,215.54
Live stock credit corporations
452,663.65
Mortgage loan companies
2,002,729.34
Agricultural credit corporations
276,909.98
Railroads
8,682,808.00
For self-liquidating projects under Section
201-a (bonds purchased, par $400,000)360,000.00
To institutions under Section 201-d
830.276.97
Relief disbursements
20,463,441.62
Payment of subscriptions to capital of
regional agricultural credit corporations
6.000,000.00
Withdrawal by regional agricultural credit
corporations of funds held for them
5,000.000.00
67.399.41
Refund of amounts erroneously deposited_
4.604.10
Refund of interest on account of overpayments
Refund of unearned discount
291.21
19,931.18
Release of cash collateral to rediscounts
76.66
Interest paid on cash collateral to rediscounts
2,048.20
Release of funds held in suspense
Advances for expenses, regional agricultural
155,000.00
credit corporations
Allocated and paid to the Secretary of the
Treasury to purchase stock of Federal
20,000.00
home loan banks
Accrued interest on bonds received in connec1,111.66
tion with relief disbursements
Accrued interest on bonds purchased (self6,538.88
liquidating projects)
Deposit with bid for purchase of bonds (self2,500.00
liquidating projects)
1.700.00
Increase in petty cash funds
Disbursements erroneously charged to Corporation by Federal Reserve Bank—repaid
5,000.00
Dec:1 1932
29,920.86
Furniture and fixtures
226,513.18
Expense—general
216,722.00
Loan agency
88.269.72
Custodian
33,036.06
Regional agricultural credit corporations_
16.403.12
Reimbursable expense
72.911.901.36
$5.824,931.53
Cash balance at the close of business Nov. 30 1932
Note.—In addition to funds on deposit with the Treasurer of the United
States, custodian banks held in suspense funds which amounted to
$1.885.699.27 at the close of business Oct. 31 1932. and $2,133.400.20
at the close of business Nov. 30 1932.
Table 8.
Statement of condition of the Corporation as of close of business Nov. 30 1932.
ASSETS.
$5,824,931.53
Cash on deposit with Treasurer of United States
2,133,400.00
Funds held in suspense by custodian banks
3,750.00
Petty cash funds
2,500.00
Deposit with bid for purchase of bonds
5,000.00
Due from Federal Reserve Bank
Advances for expenses—regional agricultural credit
195,000.00
corporations
20,000.00
Allocated to Secretary of the Treasury
Allocated to Secretary of Agriculture--$120.000.000.00
Less—Reallocated as capital of regional
30,000.000.00
agricultural credit corporations
Total
Capital regional agricultural credit corporations subLscriptions
_
Capital regional agricultural credit corporations paid.. .
oans under Section Five—
Proceeds disbursed (less repayments):
$574,192,444.00
Banks and trust companies*
432,2 .00
Credit unions
81,255,057.00
Building and loan associations
58,891.053.00
Insurance companies
15,800,000.00
Federal Land banks
1,660,567.00
Joint Stock Land banks
„ .
Live Stock Credit corporations
77,597.705.00
Mortgage loan companies
2,527,518.00
Agricultural Credit corporations
249,951,634.00
Railroads (including receivers)
Total
Proceeds not yet disbursed:
Banks and trust companies*
Building and loan associations
Insurance companies
Joint Stock Land banks
Federal Land banks
Live Stock Credit corporations
Mortgage loan companies
Agricultural Credit corporations
Railroads (including receivers)
90,000.000.00
10.000,000.00
30,000,000.00
1,071,756.498.00
$41,984.968.00
2,298,844.00
13,233.489.00
2,860.803.00
10,450,000.00
213,073.00
3,737.620.00
112.743.00
66,594,265.00
141.485,809.00
Total
Loans and contracts self-liquidating projects:
Proceeds disbursed (by purchase bonds)
360,000.00
138,109,624.00
Not yet disbursed (bonds, notes)
Loans to institutions under Section 201-d:
1.276,281.00
Proceeds disbursed (less repayments)
Proceeds not yet disbursed
50,687,388.00
Relief authorizations:
51,441,257.00
Proceeds disbursed
25,336.048.00
Proceeds not yet disbursed
15,072,342.00
Accrued interest receivable
Reimbursable expense
87,820.00
Furniture and fixtures
313.869.00
Total
$1,634,111,321.53
CAPITAL.
$30, .AND
ijBAIgcTuTturSe
Payable to SecretaryoA
l
Subscriptions to capital regional agricultural credit corporations
10,000,000.00
Liability for funds held for regional agricultural credit
corporations
15,000,000.00
Liability for funds held as cash collateral
2,246,358.00
Proceeds not yet disbursed:
Loans under Section 5
141,485.809.00
Loans and contracts for self-liquidating Projects,
Section 201-a
138,109.624.00
235:53273356:.932704413811.
.
..2
0000
Loans to institutions under Section
50,687,388.00
201-dRelif
authorizations
Cash receipts not allocated Pending advices
Suspense
20.614.00
Unearned discount
Interest refunds payable
2,311,298.00
Interest accrued
15,314.652.53
Interest earned, leas interest and other expenses
Series A 3 % notes
700.000,000.00
500.000.000.00
Capital stock
$1,634.111,321.53
Total liabilities and capital
Notes.—* Loans to aid in the reorganization or liquidation of closed
banks have been authorized in the aggregate amount of 150.035.759. of
which $4,048,014 has been canceled. After taking into consideration
repayments of $19,894,154, items(5) on the balance sheet include the
balance of $26,093,590, representing proceeds disbursed (less repayments)
and proceeds not yet disbursed. In addition to loans shown on statement
of condition the corporation had outstanding on Nov. 30 1932. agreements
to make loans aggregating $214,896 upon the performance of specified
conditions.
4488
Financial Chronicle
Report for October of Reconstruction Finance Corporation-Loans Authorized to Banks and Trust
Companies $21,448,494-To Railroads $26,926,269Commitments to Finance Self-Liquidating Construction Increased to $81,614,600-Further Outlay
of $36,000,000 Representing Subscription to Capital
of Regional Agricultural Credit CorporationsNew Treasury Notes of Corporation.
South Trimble, Clerk of the House, made public on Nov.28
the report showing the loans authorized by the Reconstruction Finance Corporation during October. It is noted in
the "United States Daily" that the total of these loans
or allocations during the month approximated $170,000,000,
exclusive of the 836,000,000 of authorized subscriptions to
the system of regional agricultural credit corporations set
up in the Federal Land Bank Districts. The "Daily"
further noted:
This report, covering activities and expenditures of the Corporation
during October, showed loans aggregating $59,023,185 under Section 5 of
the Act:
$22,634,762 for relief of distress and unemployment in the States.
81,514,500 in self-liquidating loans, and
7,500,000 in allocations to the Department of Agriculture for financial
aid to farmers. . . .
During October, the Corporation completed a total of $675,000,000 of
notes
its 33,5%
as sales to the Secretary of the Treasury, and the Corporation during the month allocated $7,500,000 to the Secretary of Agriculture,
which runs up to $117,500.000 the amount allocated to agriculture from
Feb. 2 to Oct. 31. The Corporation also during October subscribed
$36,000,000 to the capital of its authorized 12 regional agricultural credit
corporations and of that amount actually paid in $24,000,000.
The loans authorized under Section 5 were as follows:
Banks and trust companies (including receivers)
Building and loan associations
Insurance companies
Mortgage loan companies
Joint stock land banks
Agricultural credit corporations
Livestock credit corporations
Railroads
Total
$21,448,494.57
3,701,907.76
1,209,000.00
4,392.500.00
594,930.10
1,272,978.89
477,105.00
25,926.269.00
$59.023,185.38
From the Washington advices Nov. 28 to the New York
"Times" we quote:
Loans to Banks Decrease.
Loans authorized during the month for banks and trust companies and
other financial institutions aggregated $33,096,916.38, compared with
$42,923.959.50 in the preceding month. Commitments to finance selfliquidating construction involved $81,514,500 against $53,105,000 in
September. An additional $25,926,269 was approved in loans to railroads
during October, compared with $21,293.541 in the preceding month.
Another large outlay by the Corporation during the month was the
$36,000,000 of capital, which it undertook to subscribe to its twelve regional agricultural credit corporations.
These and other less imposing totals involved in its October operations
brought the Corporation's aggregate commitments and authorizations for
the month to $206,923,447.38. Included were $22,634,762 of direct and
work relief loans to the various States and their political subdivisions.
$7.500,000 allocated to the Secretary of Agriculture to be distributed for
crop production purposes, and $251,000 of new loans to two "bona fide"
institutions to insure orderly marketing of agricultural commodities.
Out of the latter loan authorizations $175,000 went in two loans to the
Growers Fruit Exchange of Inwood, W. Va., and $76,000 to the Canner
Finance Corporation of Cleveland. Neither of the loans to the Fruit
Exchange had been advanced by the corporation up to Nov. 14, when the
report was closed. . . .
There was a marked decline during October in both the number and
size of loans authorized to banks and other financial institutions. Only
twenty-five of the total number of authorizations to banks and trust companies were for $200.000 or more.
Among other borrowers obtaining loans of $200.000 or more were two
building and loan associations, four insurance companies, two mortgage
loan companies, one Joint Stock Land Bank and one agricultural credit
corporation, other than the regional agencies established by the Reconstruction Finance Corporation. All but one of the railroad loans wore for
more than $200.000.
The Corporation offices in Washington received 768 applications for
new loans during October, of which 601 were from banks and other financial
institutions and the railroads; 88 from States and municipalities for relief
purposes; 76 from applicants seeking loans for financing self-liquidating
construction, and three from institutions seeking funds to assure carrying
an orderly marketing of agricultural commodities.
Among the 601 applications from eligible borrowers under Section 5 of
the Act were 484 from banks and trust companies, including 21 receivers
or liquidating agents for closed institutions; 62 from building and loan associations; 6 from insurance companies; 10 from mortgage loan Companies;
2 from credit unions; 3 from Joint Stock Land banks; 14 from private
agricultural credit corporations; 10 from live stock credit corporations,
and 10 from railroads.
In presenting the report to Mr. Trimble, Atlee Pomerene,
Chairman of the Reconstruction Finance Corporation,said:
Dear Sir-Pursuant to the provisions of Section 201 (b), Title II, of the
Emergency Relief and Construction Act of 1932,the Reconstruction Finance
Corporation submits this report of its activities and expenditures for
October, 1932, together with a statement of loans authorized during that
month, showing the name, amount, and rate of interest in each case.
Under the provisions of Section 5 of the Reconstruction Finance Corporation Act, the Corporation during this period authorized 553 loans aggregating $56,552,185.38. and authorized increases aggregating $2,471,000
in loans authorized prior to Oct. 1 1932, making a total of $59,023.185.38.
as shown in Table 1. These figures and the list of loans authorized, contained in Table 1. do not include amounts withdrawn or canceled from
Oct. 1 to Nov. 14 1932, inclusive, the date this report was closed.
Loans Sometimes (7aneetem
Of the $59,023,185.38 authorized under Section 5, $21.448,494.57 was
authorized to banks and trust companies [Including $1,940,250 to aid in
the reorganization or liquidation of closed banks): $3.701,907.76 to build-
Dec. 31 1932
ing and loan associations; $1,209,000 to insurance companies; $4,392,500 to
mortgage loan companies; $594,930.16 to Joint Stock Land banks; $1,272.978.89 to agricultural credit corporations; $477,105 to livestock credit
corporations; and $25,926,269 to railroads.
Loans authorized by the Corporation are sometimes withdrawn or canceled in full or in part, due to: The funds are not required by the borrowing
institution; part of the collateral is defective or not available for pledging
at the time; the borrowing institution closed after the loan was authorized.
and other reasons. Loans which were authorized under Section Sin October
and withdrawn or canceled in full during the period from Oct. 1 to Nov. 14.
Inclusive, no part of the proceeds being disbursed, are not included in the
loans authorized and listed in Table 1, but are summarized below.
Likewise, In cases where parts of loans authorized in October were withdrawn or canceled during the period from Oct. 1 to Nov. 14, inclusive, the
amounts withdrawn or canceled are not included in Table 1, the net amount
of the authorizations being given. These withdrawals or cancellations
under Section 5 also are summarized below.
Loans authorized during October which were withdrawn or canceled in
full during the period from Oct. 1 to Nov. 14. inclusive, no part of the proceeds being disbursed, were as follows: To 12 banks and trust companies,
aggregating $321,091.71, and one building and loan association in the
amount of $25.000.
Advances Withdrawn.
Parts of loans authorized during October which were withdrawn or can
celed during the period from Oct. 1 to Nov. 14, inclusive, were as follows:
To banks and trust companies, $154.490.61; to building and loan associations, $37,592.24; to a Joint Stock Land bank, $69.84; to agricultural
credit corporations, $10,434.95; and to a livestock credit corporation.
$1,200.
Loans authorized during September which were withdrawn or canceled
In full during the period from Oct. 1 to Nov. 14, inclusive, no part of the
proceeds being disbursed, aggregated $385,369.50. These withdrawals
and cancellations are listed in Table 2, because the loan authorizations were
Included in the Corporation's report for September.
Parts of loans authorized during September which were withdrawn or
canceled during the period from Oct. 1 to Nov. 14, inclusive, aggregated
$358.369.09. These withdrawals and cancellations are listed in Table 3
because the loans to which they relate were contained in the Corporation's
report for September.
Loans authorized during August which were withdrawn or canceled-in
full during the period from Oct. 1 to Nov. 14, inclusive, no part of the procoeds being disbursed, aggregated $467,000. These withdrawals and
cancellations are listed in Table 4, because the loan authorizations were
included in the Corporation's report for August.
Other Withdrawals.
Parts of loans authorized during August which were withdrawn or canceled during the period from Oct. 1 to Nov. 14, inclusive, aggregated
$3.554,883.17. These withdrawals and cancellations are listed in Table 5
because the loans to which they relate were contained in the Corporation's
report for August.
Loans authorized during the period from July 21 to 31, inclusive, which
were withdrawn or canceled in full during the period from Oct. 1 to Nov. 14.
inclusive, no part of the proceeds being disbursed, aggregated $101,500.
These withdrawals and cancellations are listed in Table 6 because the loan
authorizations were included in the Corporation's report for the period
from July 21 to 31, inclusive.
Further List.
Parts of loans authorized during the period from July 21 to 31 1932.
Inclusive, which were withdrawn or canceled during the period from Oct. 1
to Nov. 14, Inclusive, aggregated $168,307.19. These withdrawals and
cancellations are listed in Table 7 because the loans to which they relate
were contained in the Corporation's report for the period from July 21 to
31, inclusive.
In addition to the above, loans aggregating $671,000 which were authorized before July 21 1932 were withdrawn or canceled in full during the
period from Oct. 1 to Nov. 14, inclusive, and parts of loans which were
authorized before July 21 1932 aggregating $4,765,448.12 were withdrawn
or canceled during the period from Oct. 1 to Nov. 14, inclusive.
In cases where loans authorized prior to October 19:12 were increased
during the month of October, the amounts of such increases are listed In
Table 1 as loans authorized during October,
Applications Received.
Applications for loans received at the Washington office of the Corporation under Section 5 of the Act during October numbered 601, as follows:
484 from banks and trust companies (including 21 applications from receivers or liquidating agents of closed'banks); 62 from building and loan
associations; 6 from insurance companies; 10 from mortgage loan companies:
2 from credit unions; 3 from Joint Stock Land banks: 14 from agricultural
credit corporations; 10 from livestock credit corporations; and 10 from railroads.
Under the provisions of Section 1, Table 1, of the Emergency Relief and
Construction Act of 1932. the Corporation authorized during October
$22,634,762 for the purposes of relief, as shown in Table 8. Formal applications received under this section during October numbered 88.
Under the provisions of Section 201 (a), Title II, of the Emergency
Relief and Construction Act of 1932, the Corporation authorized during
October loans or contracts aggregating $81,514,500 as shown in Table 9.
Part of a contract which C
cod
eledUnder Section 201 (a) during
woas
niraalcitthCoarniz
October was canceled before the close of this report in the amount of
$14,000. The amount canceled is not shown in Table 9, the net amount
of the authorization being given.
Formal applications received under Section 201 (a) during October
numbered 76.
Under the provisions of Soction 201 (d), Title II, of the Emergency
Relief and Construction Act Of 1932, the Corporation authorized during
October three loans in the amount of $251,000, as shown in Table 10.1
Part of a loan which was authorized under Section 201 (d) during October was canceled before the close of this report in the amount of $135.111.94.
The amount canceled is not shown in Table 10, the net amount of the authorization being given.
Loans to Puerto Rico.
Formal applications received under Section 201 Id) during October
numbered three.
Under the Reconstruction Finance Corporation Act, as amended, and
the Emergency Relief and Construction Act of 1932, the Corporation is
authorized to make loans in Puerto Rico. During the month the Corporation established a custodian in that island.
During October $75,000,000 of the $250,000,000 "third series" 355%
notes authorized by the board of directors on July 23 1932, were sold to
the Secretary of the Treasury, making a total of $675.000,000 of 3%
Dues of three series issued by the Corporation and sold to the Secretary of
Volume
135
Financial Chronicle
the Treasury. The authorization for the remaining $75,000.000 of notes
of the "third series" which had not been issued was canceled. The three
series of notes in the aggregate amount of $675.000,000 matured on Oct. 27,
and the board of directors on that date authorized the issuance of notes in
the aggregate Principal amount of $1,000.000,000 designated as "Series A."
maturing April 30 1933. and bearing interest at the rate of 314% per annum.
Of this amount,$675,000,000 was accepted by the Secretary of the Treasury
in exchange for the corporation's outstanding notes in an equivalent principal
amount. The remaining $325,000,000 will be purchased by the Secretary
of the Treasury as the funds are required by the Corporation.
During the month the Corporation allocated $7,500,000 to the Secretary
of Agriculture in accordance with the provisions of Section 2 of the Reconstruction Finance Corporation Act, making a total of $117,500.000 allocated from Feb. 2 to Oct. 31, inclusive. Of this sum $75,000,000 had been
Paid over to the Secretary of Agriculture as of Oct. 31 1932.
Capital Subscriptions.
Section 201(e) of the Emergency Relief and Construction Act of 1932
provides that the Reconstruction Finance Corporation shall subscribe for
the capital of the regional agricultural credit corporations and pay for
such capital out of the unexpended balance of the amounts allocated and
made available to the Secretary of Agriculture under Section 2 of the
Reconstruction Corporation Act. During October the Corporation subscribed for the capital of 12 of the regional agricultural credit corporations
in the aggregate amount of $36,000,000. Of this sum, $24,000,000 was
paid in by the Reconstruction Finance Corporation during the month of
October from the unexpended balance of the amounts allocated and made
available to the Secretary of Agriculture under Section 2 of the Reconstruction Finance Corporation Act.
Under the authority conferred on it by the Provisions of Section 201(e), of
the Emergency Relief and Construction Act of 1932, the Corporation has
created the following two regional agricultural credit corporations to serve
the indicated Federal land bank districts, in addition to the 10 listed in
the Corporation's report for September:
District Number 1 (New York, New Jersey, Vermont, New Hampshire,
Maine. Massachusetts, Connecticut and Rhode Island); Regional Agricultural Credit Corporation of Albany. New York (with a branch office at
Bangor. Maine).
District Number 2 (Pennsylvania, Maryland, Delaware, Virginia and
West Virginia), Regional Agricultural Credit Corporation of Baltimore. Md.
Tables Attached.
The following tables are attached as a part of this report:
Table 1—Statement of loans authorized from Oct. 1 to Oct. 31 1932.
Inclusive, under Section 5 of the Reconstruction Finance Corporation Act,
showing the name,amount, and rate of interest in each case (exclusive of
amounts withdrawn or canceled from Oct. 1 to Nov. 14 1932. inclusive).
Table 2—Statement of loans authorized during September 1932, which
were withdrawn or canceled in full from Oct. 1 to Nov. 14 1932, inclusive.
no Part of the proceeds being disbursed.
Taole 3—Statement of loans authorized during September 1932. which
were withdrawn or canceled in part from Oct. 1 to Nov. 14 1932. inclusive.
Is Table 4—Statement of loans authorized during August 1932, which were
withdrawn or canceled in full from Oct. 1 to Nov. 14 1932, inclusive, no
part of the proceeds being diaoursed.
Is Table 5—Statement of loans authorized during August 1932. which were
withdrawn or canceled in part from Oct. 1 to Nov. 14 1932, Inclusive.
Taele 6—Statement of loans authorized from July 21 to July 31 1932.
Inclusive, which were withdrawn or canceled in full from Oct. 1 to Nov. 14
1932. inclusive, no part of the proceeds being disbursed.
Pa Table 7—Statement of loans authorized from July 21 to July 31 1932.
inclusive, which were withdrawn or canceled in part from Oct. 1 to Nov. 14
1932. inclusive.
Is Table 8—Statement of amounts authorized during Octlber 1932, for
purpose of relief, under Section 1. Title I,ofthe Emergency Relief and Construction Act of 1932. upon applications of the Governors of the States
mentioned, showing names of the States, amounts, and rate of interest.
p. Table 9—Statement ofloans or contracts authorized during October 1932,
under Section 201(a), Title II of the Emergency Relief and Construction Act
of 1932, showing the name, amount and rate of interest in each case exclusive of amounts withdrawn or cancelled from Oct. 1 to Nov. 14 1932.
inclusive.
Table 10—Statement of loans authorized during October 1932. under
Section 201(d), Title II of the Emergency Relief and Construction Act of
1932, showing the name, amount and rate of interest in each case (exclusive
of amounts withdrawn or canceled from Oct. 1 to Nov. 14 1932, inclusive).
Table 11—Statement of cash receipts and expenditures of the Corporation
during October 1932. (Corporation's accounts with the Treasurer of the
United States),
Table 12—Statement of condition of the Corporation as of the close of
business. Oct. 31 1932.
The following is the report, showing loans authorized in
October (exclusive of amounts withdrawn or canceled
from Oct. 1 to Nov. 14 inclusive). The rate of interest is
534% except where 5% is shown in parentheses. Stars
signify that no part of the amount indicated had been
disbursed up to Nov. 14.
TABLE 1.
Statement of loans authorized from Oct. 1 to Oct. 31 1932, inclusive, under
Section 5 of the Reconstruction Finance Corporation Act, showing the name,
amount, and rate of interest in each case, exclusive of amounts withdrawn or
canceled from Oct. 1 to Nov. 14 1932, inclusive.
BANKS AND TRUST COMPANIES.
ALABAMA.
Amount
City and Name—
Authorized.
Bessemer—First National Bank in Bessemer
$27,250.00
Boaz—Boaz Bank
13,500.00
ARIZONA.
Mesa—First National Bank
*45,000.00
ARKANSAS.
Hot Springs—Arkansas National Bank of Hot Springs
98.990.00
Hot Springs—Community Bank & Trust Co.(receiver)(5%)
*90.000.00
Judsonia—Bank of Judsonia
2,500.00
Bison—flank of Risen
23,000.00
CALIFORNIA.
Altura&—Alodoc County Bank
38,774.00
Anaheim—Southern County Bank
100,000.00
Brea—Oilfields National Bank of Brea
20.000.00
Coachella—First National Bank of Coachella
10.000.00
Holtville—First National Bank of Holtville
20,000.00
Kingsburg—Kingsburg Bank
29.960.00
Lincoln—Bank of Lincoln
21.905.00
Ontario First National Bank of Ontario
75,000.00
20,000.00
Rialto--First National Bank
15.000.00
San Gabriel—First National Bank of San Gabriel
Torrance—First National Bank of Torrance
5,000.00
4489
COLORADO.
Amount
City and Name—
Authorized.
Palisade—Palisade National Bank of Palisade
$47.500.00
Yuma—Farmers State Bank of Yuma
25.000.00
CONNECTICUT.
Bristol—Bristol Bank & Trust Co
100,000.00
New Haven—Community Bank & Trust Co
15,689.81
South Manchester—Manchester Trust Co
36,000.00
South Manchester—Manchester Trust Co
74,890.60
FLORIDA.
Milton—First National Bank of Milton
11.180.95
Sebring—Highlands County Bank
20,000.00
GEORGIA.
Carrollton—Peoples Bank
*225,000.00
Quitman—Peoples First National Bank
*23,000.00
Statesboro—Bank of Statesboro
20,000.00
Waycross—First National Bank of Waycross
4.500.00
IDAHO.
Cascade—Inter-Mountain State Bank (repaid in full)
2,000.00
Donnelly—First State Bank of Donnelly
*11,000.00
Grangoville—Bank of Camas Prairie
22,600.00
Hagerman—First National Bank of Hagerman
14.500.00
Hazeiton—Hazelton State Bank
6,300.00
Idaho Falls—Anderson Brothers Bank
275.000.00
Moscow—Moscow State Bank
*7.392.57
Mullan—First National Bank of Mullan
1,500.00
Shelley—Commercial Bank
5,000.00
Star—Farmers Bank of Star
10,750.00
Twin Fails—First National Bank of Twin Falls (receiver)(5%)
85,300.00
ILLINOIS.
Bensenville—First State Bank of Bensenville
19,454.68
Bloomington—First National Bank & Trust Co.of Bloom'ton
58,000.00
Chicago—East Side Trust & Savings Bank
10,000.00
Chicago—Norwood Park Trust & Savings Bank
*11.500.00
Chicago Heights—Citizens National Bank of Chicago Heights
18,000.00
Easton—Farmers State Bank of Easton
12,000.00
Farina—State Bank of Farina
14,000.00
Gibson City—First National Bank of Gibson
45,000.00
Henry—First Henry National Bank
12.000.00
Litchfield—Litchfield National Bank
5,800.00
Mount Sterling—Farmers State Bank of Mount Sterling
30,000.00
Oak Park—Oak Park Trust & Savings Bank
90.000.00
Peru—State National Bank of Peru
50,534.80
Quincy—State Savings Loan & Trust Co
42,000.00
Rockton—Rockton State Bank
16,000.00
Waukegan—Waukegan National Bank (receiver)(5%)
*300,000.00
West Chicago—State Trust & Savings Bank
34.261.11
INDIANA.
Arcola—Arcola State Bank
8,550.00
Cannelton—First Cannelton National Bank
55,000.00
Elwood—Elwood State Bank
20.000.00
Gary—First National Bank of Gary (receiver)(5%)
247.000.00
Gary—National Bank of America at Gary (receiver)(5%)
105,000.00
Greensburg—Greensburg National Bank
*40,000.00
Hamlet—hamlet State Bank
25.000.00
Knox—Farmers Bank & Trust Co
34.000.00
La Grange—La Grange State Bank
60.000.00
La Paz—Farmers State Bank
14,500.00
Noblesville—Citizens State Bank
20,000.00
North Judson—American State Bank
25.000.00
South Bend—St. Joseph Loan & Trust Co
*42,500.00
Union City—Union Trust Co
26,127.01)
Winchester—Farmers & Merchants Bank
*30,000.00
Winslow—First National Bank of Winslow
30.000.00
IOWA.
Alburnett,—Alburnett State Bank
6,500.00
Ankony—Farmers Savings Bank
6.392.00
Audubon—Farmers State Bank
*75,000.00
Bettendorf—Bettendorf Savings Bank
38.000.00
Boone—City Trust & Savings Bank
'105.00000
Boyden—Farmers Savings Bank
*15,000.00
Central City—Wapsie Valley State Bank
25.000.00
Chariton—National Bank & Trust Co
56,000.00
Chatsworth—Chatsworth Savings Bank
8.000.00
Des Moines—Home Savings Bank
50,000.00
Dike—Dike Savings Bank
23,000.00
Dunlap—Dunlap Savings Bank
13,000.00
Essex—First National Bank
21,000.00
Fairfield—Iowa State Savin s Bank of Fairfield
60.000.00
Farley—Farley State Bank
29,000.00
Farley—State Bank of Farley
16.000.00
Ftederika—Farmers Savings Bank
25.000.00
Humboldt—Humboldt Trust & Savings Bank
70.000.00
Lincoln—Lincoln Savings Bank
9,917.00
Marathon—First National Bank of Marathon
6,000.00
Milton—National Bank of Milton (receiver)(5%)
*17.500.00
Modale--Modale Savings Bank
10.000.00
Orange City—Northwestern State Bank of Orange City
29.000.00
Perry—Perry State Bank
75.000.00
Prairie City—State Bank
21,000.00
Protivin—Bohemian Savings Bank
25,000.00
Ralston—Ralston Savings Bank
14,000.00
Spencer—Clay County National Bank
*47,000.00
Stanhooe—Farmers State Bank
25,952.00
Thompson—First National Bank of Thompson (receiver)(5%)
14,000.00
Valley Junctlon—SecuritT Savings Bank
15.000.00
Ventura—Ventura State Bank
12,000.00
Wellsburg—First State Bank
40,000.00
Winterset—Madison County Savings Bank
100,000.00
KANSAS.
Andale--Andale State Bank
$15.006.16
Denton—Bank of Denton
10,038.93
Lyons—Lyons Exchange Bank
55,023.19
Potter—Farmers State Bank
8,638.23
Sylvia—State Bank of Sylvia
23,366.46
Winona—Winona State Bank
7,377.99
flank_
Cambellsburg—United Loan and Deposit
6,500.00
Carrollton—Carrollton National Bank
20,000.00
Glasgow—First National Bank of Glasgow (receiver)(5%)-*71,000.00
Harlan—First State Bank
*200.000.00
Harrodsburg—State Bank & Trust Co
15,532.94
Henderson—Ohio Valley Banking & Trust Co
306.000.00
Hindman—Bank of Hindman
13,500.00
Jenkins—First National Bank of Jenkins (receiver)(5%)--20,350.00
Jonesville—Jonesville Deposit Bank
12,500.00
Lewisport—Bank of Lewisport
7,500.00
Louisa—Louisa National Bank
25,000.00
Lynch—Lynch National Bank
20,00-.00
Morganfield—Morganfield National Bank
34,000.00
Paintsville—Paintsville National Bank
*63,500.00
Princeton—First National Bank
60.00 1.00
Shelbyville--Shelby County Trust & Banking Co
27,000.00
Sulphur—People's Bank
4,000.00
Verona—Verona Bank
18,000.00
Whitesburg—First Nat. Bank of Whitesburg (receiver)(5%)
71,500.00
Wilmore—First American Bank of Wilmore
7,500.00
Worthville—Worthville Deposit Bank
3,000.00
LOUISIANA.
Amite City—Amite Bank & Trust Co
*40,000.00
Denham Springs—Livingston Bank
45,000.00
Glenmora,—Bank of Glenmora
13,000.00
Gretna—Gretna Trust & Savings Bank
84,805.00
Gueydan—Bank of Gueydan
25,000.00
Hammond—Hammond State Bank & Trust Co
200,000.00
Jonesboro—Jonesboro State Bank
54,000.00
Lake Charles—Calcasieu National Bank in Lake Charles.
250,000.00
Oberlin—First National Bank of Oberlin
7,500.00
Winnfield—Bank of Winnfield
65,000.00
4490
MAINE.
City and Name—
Fort Fairfield—Frontier Trust Co
Houlton—Houlton Trust Co
Patten—Katandin Trust Co
Pittsfield—Pittsfield National Bank
Portland—Casco Mercantile Trust Co
Van Buren—First National Bank of Van Buren
MARYLAND.
Thurmont--Thurmont Bank
MASSACHUSETTS.
Belmont—Belmont Trust Co
MICHIGAN.
Almont—Almont Savings Bank
Cedar Springs—Cedar Springs State Bank
Detroit—Union Guardian Trust Co
Financial Chronicle
AMOUril
Authorized.
*18,000.1)0
29,978.50
*25,000.00
75,000.00
482,000.00
29,000.00
150,000.00
75,000.00
7,000.00
30,000.00
400,000.00
*250,000.00
*250,000.00
Grand Rapids—Grand Rapids Savings Bank
*250,000.00
469,975.00
Hamtramck—People's Wayne County Bank of Hamtramck
105,000.00
Highland Park—highland Park Trust Co
*325,000.00
Landing—Capital National Bank of Lansing
*17,000.00
Litchfield—Litchfield State Savings Bank
*72,500.00
Ludington—Ludington State Bank
*7.500.00
Mesick—Farmers & Merchants State Bank
10,000.00
Mollne—Mollne State Bank
20,000.00
Mount Clemens—Mount Clemens Savings Bank
1,000,000.00
Saginaw—People's American State Bank
*33,000.00
Sandusky—State Bank of Sandusky
67,500.00
Trenton—Trenton Guardian Bank of Trenton
MINNESOTA.
2,139.14
Bank
Alberta—Alberta State
25,000.00
Buffalo Lake—State Bank of Buffalo Lake
9,000.00
Clarks Grove—State Bank of Clarks Grove
25,000.00
Crosby—First National Bank of Crosby
27,500.00
Gibbon—Citizens State Bank.Inc
35,000.00
Hanska
of
Hanska—State Bank
2,500.00
Hardwick—Hardwick State Bank
7,500.00
Hills—Exchange State Bank of Hills
24,000.00
Kenyon—State Bank of Kenyon
3,500.00
London—London State Bank
2,927.81
Loretto—State Bank of Loretto
7.500.00
Lyle—Farmers State Bank
5,269.60
Mankato—National Bank of Commerce of Mankato
5,000.00
Morris—Morris National Bank
5,000.00
Onamia—First State Bank of Onamia
15,000.00
Island
Pine
of
Bank
State
Island—Security
Pine
5,000.00
Renville—Renville State Bank
8.000.00
Rushmore—First State Bank
6.500.00
Sargeant
Sargeant—State Bank of
24,000.00
SPringfleld—State Bank of Springfield
5,000.00
Swanville—First National Bank of Swanville
1,500.00
Wilmont--Farmers State Bank of Wilmont
5,000.00
New London—Farmers State Bank
MISSISSIPPI..
33,000.00
Ethel—Bank of Ethel
30,000.00
Greenville—Citizens Bank & Trust Co
*10,500.00
Hollandale
of
Hollandale—Bank
*100,000.00
Jackson—Citizens Savings Bank & Trust Co
28.244.00
Kosciusko—Kosciusko Bank
112,483.26
Laurel—Commercial National Bank & Trust Co .of Laurel
76,911.03
Lumberton—First National Bank
*7,500.00
Mathiston—Merchants & Farmers Bank
80.000.00
Moss Point—Pascagoula National Bank
*45,000.00
Pontotoc—Bank of Pontotoc
*63,500.00
Tupelo—Bank of Tupelo
MILMISSOURI.
10,000.00
Bolivar—First National Bank of Bolivar
*47,000.00
Chaffee—First National Bank of Chaffee (receiver)(5%)_ _ _
20,000.00
Festus—Citizens Bank of Festus
*20,090.00
Gilman City—Farmers& Merchants Bank
3,000.00
Noel—Bank of Noel
*95,000.00
St. Louis—Hodiamont Bank
13,000.00
150,000.00
St. Louis—Laclede Trust Co
130,000.00
St. Louis—Scruggs Van dervoort & Barney Bank
MONTANA.
Bynum
*9,000.00
of
Bynum—First State Bank
*10,000.00
Stanford—First National Bank of Stanford (receiver)(5%)
NEBRASKA.
3,250.00
Archer—Citizens State Bank
1,600.00
Avoca
of
Avoca—Bank
3,500.00
Blair—Citizens Savings Bank
4,500.00
Blair—Citizens State Bank
10,000.00
Blair—Farmers State Bank
4,100.00
Bloomfield—Farmers & Merchants State Bank
2,500.00
Bank
State
Brule—Farmers
13,343.45
Carroll—Carroll State Bank
7,500.00
Clarkson—Clarkson State Bank
7,195.68
Columbus—Farmers State Bank
4,000.00
Danbury—Bank of Danbury
7,882.54
Davey—Farmers State Bank
17.500.00
Dorchester—The Citizens State Bank of Dorchester
3,500.00
Friend—Friend State Bank
4,500.00
Harbine—The State Bank of Ilarbine
13.000.00
Hebron—Hebron State Bank
30,000.00
Hebron—Thayer County Bank
4,050.69
Hordville—First State Bank of Hordville
5,000.00
Lodgepole—The First State Bank of Lodgepole
12,500.00
Lyons—Farmers Bank
9,000.00
Madison—First National Bank
5,038.00
Maskell—Security State Bank
10,500.00
Ogallala—Farmers State Bank
12,000.00
Ohlowa—The Home Bank
8,000.00
Pilger—Pilger State Bank
22.500.00
3chuyler—Banking House of F.Folds
*6,500.00
of
Stapiehurst
Staplehurst—Bank
8,000.00
Sunol—The Farmers State Bank of Sunol
*19,400.00
Tilden—The First National Bank of Tolden (receiver)(5%)12,000.00
Valley—Farmers State Bank
*3,000.00
Valley—Valley State Bank
8,000.00
Wausa,--Commercial State Bank
*30,000.00
NEVADA.
32,000.00
Reno—Bank of Nevada Savings & Trust Co
63,000.00
Reno—Reno National Bank
34,290.89
Reno—United Nevada Bank
NEW JERSEY.
Atlantic City—Chelsea-Second National Bank & Trust Co.
400.000.00
of Atlantic City
125,000.00
Hoboken—Hoboken Trust Co.(repaid in full)
73,000.00
National
Bank
of
City—First
Ocean
City
103.000.00
Ocean
20,000.00
50.000.00
Paterson—Labor National Bank of Paterson
47,094.75
Perth Amboy—Perth Amboy Trust Co
85,000.00
15,000.00
Perth Amboy—Raritan Trust Co. of Perth Amboy
*195.000.00
West New York—First National Bank
*18.000.00
West Paterson—Westside National Bank of West Paterson....
NEW MEXICO.
2,500.00
Clovis—Citizens Bank of Clovis
NEW YORK,
40,000.00
Antwerp—Bank of Antwerp
44,950.00
Baldwin—Sunrise National Bank & Trust Co.of Baldwin
40,000.00
Fayetteville—Fayetteville Commercial Bank
*62,700.00
North Rose—First Nat. Bank of North Rose (receiver)(6%)
Dec. 31 1932
NORTH CAROLINA.
City and Name—
Durham—Merchants Bank (receiver)(5%)
Gastonia—First National Bank of Gastonia
Gastonia—Gaston Loan & Trust Co
Mount Gilead—Bank of Mount Gilead
NORTH DAKOTA.
Bremen—State Bank of Bremen
OHIO.
Akron—Commercial Bank & Trust Co
Deshlor—Corn City State Bank
Dillonvale—First National Bank of Dlllonvale
East Palestine—Union Commercial & Savings Bank
Edgerton—Farmers Commercial Bank
Elyria—Elyria Savings & Trust Co
Hamilton—First National Bank & Trust Co
Lorain—City Bank Co
Lorain—Lorain Banking Co
Marion—Marion Savings Bank Co.(receiver)(5%)
Massillon—Ohio-Merchants Trust Co. of Massillon
Middletown—American Tr. & Says. Bank of Middletown_
Orangeville--Orangeville Savings Bank Co.(receiver)(5%)
Plain City—First State Bank of Plain City (receiver)(5%)
Sandusky—Commercial Bank & Trust Co. of Sandusky_ _-_(
Springfield—Lagonda-Citizens National Bank
Tontogany—Tontogany Bank Co.(repaid in full)
Wellington—First Wellington Bank
West Lafayette—West Lafayette Bank Co
Woodville—Woodville Savings Bank Co
OKLAHOMA.
Arnett—Farmers & Merchants Bank
Lamont—Citizens Bank
Lovell—First State Bank
OREGON.
Albany—First National Bank
Dufur—Johnston Brothers. Bankers
Enterprise—Wallowa National Bank (repaid in full)
Forest Grove-First National Bank
Fossil, Stoiwer & Carpenter Bank
Hoppner—First National Bank
Ontario—Ontario National Bank
Pendleton—First Inland National Bank of Pendleton
The Dalles—First National Bank of the Dales
Tillamook—First National Bank
Troutdale—Troutdale State Bank
PENNSYLVANIA.
Avis—State Bank of Avis
Charleroi—First National Bank of Charleroi
Claysville—Farmers National Bank of Claysville
Elwood City—First National Bank
Emaus—Security Trust Co. of Emaus
Hanover—Farmers State Bank of Hanover
Jeannette—First Bank & Trust Co
Johnstown—First National Bank of Johnstown
Meadville—Merchants National Bank & Trust Co
Philadelphia—Kensington Security Bank & Trust Co
Phill bur —Moshannon National Bank of Phillpsburg (rece ver)(
Pittsburgh—Manchester Savings Bank & Trust Co
Pittsburgh—Ohio Valley Bank
South Fork—Union Deposit Bank
Wilkes-Barre—Hanover Bank & Trust Co.of Wilkes-Barre
SOUTH DAKOTA.
Baltic—Dakota State Bank of Baltic
Canova—Security State Bank of Canova
Centerville—Bank of Centerville
Dimock—Dimock State Bank
Esmond—Esmond State Bank
Freeman—First National Bank of Freeman
Houghton—Bank of Houghton
Iroquois—Farmers & Merchants State Bank
Kaylor--Farmers State Bank
McLaughlin—First State Bank of McLaughlin
Parker—Parker State Bank
Valley Springs—Minnehaha County Bank
Vermllion—Citizens Bank & Trust Co
Volga—First State Bank
TENNESSEE.
Erwin—Citizens Bank of Erwin
Greeneville—Citizens National Bank of Greeneville
Knoxville—East Tennessee National Bank
Knoxville—Fidelity Bankers Trust Co
Portland—Farmers Bank
Sevierville--Bank of Sevierville
Winchester—Home Bank & Trust Co
TEXAS.
Aransas Pass—First State Bank
Booker—First State Bank
Brownsville—Texas Bank & Trust Co
Cotulla--Stockman's National Bank of Cotulla
Edinburg—American State Bank & Trust Co
Jasper—Jasper State Bank
Johnson City—Johnson City State Bank
Pleasanton—First National Bank of Pleasanton
Presidio—Presidio Valley Bank, Inc
Raymondville—First National Bank of Raymondville
Rio Hondo—Arroyo State Bank
San Antonio—Commonwealth Bank & Trust Co
Taft—First State Bank_
UTAH.
Nephi—First National Bank of Nephl
Richfield--James M.Peterson Bank
VERMONT.
Bellows Falls—Bellows Falls Savings Institution
& Granite Trust Co--Bank
Savings
Hardwick—Hardwick
VIRGINIA.
Abingdon—First National Bank of Abingdon
Emporia—First National Bank of Emporia
Haymarket—Bank of Haymarket
Lawrenceville—Farmers & Merchants Bank of Lawrenceville
Petersburg—First National Bank & Trust Co.of Petersburg_
Phoebus—Bank of Phoebus
Salem—Bank of Salem
WEST VIRGINIA.
Charleston Security Bank & Trust Co
Clendenin—Farmers & Citizens State Bank
Danville--Bank of Danville
Elizabeth—Wirt County Bank
Fairview—Farmers & Merchants Bank of Fairview
Follansbee—Citizens Bank of Follansbee
Hamlln—Farmers & Merchants Bank of Hamlin
Harpers Ferry—Bank of Harpers Ferry
Hinton—National Bank of Summers of Hinton
Huntington—First Finance & Trust Co
Madison—Boone National Bank
Matewan—National Bank of Matewan
Middlebourne—United Bank of Middlebourne
Princeton—Princeton Bank & Trust Co
West Union—First National Bank
Whitesville—Bank of Whitesville
Amount
Authorized.
*150,000.00
50.000.00
1,844.88
10.000.00
*11,000.00
346,599.78
47,500 00
62.500.00
*7.500.00
23,50(1.00
144.000.00
*200.000.00
59.500.00
70.000.00
20.500 00
*210.000.00
69.000 00
*9.500.00
*16.500.00
53.500.00
8.500.00
200.000.00
1.350.00
*8.000.00
*34.000.00
*42.000.00
5,087.00
14,661.44
1.765.00
34.500.00
10.000.00
7.184.30
20.000.00
33.000.00
*10.000.00
130.000.00
50,000.00
40,000.00
*10.000.00
*15.000.00
2.670.00
30.000.00
43.5(10.00
15.500.00
15,000.00
50.000.00
50.048.28
63,500.00
26.000.00
*200.000.00
. •
186,000.00
249.500.00
63.634.89
10.000.00
19.000.00
12.000.00
8,803.96
9.000.00
9.0(10.00
13,000.00
23.000.00
2,500.00
*7,500.00
9,000,00
20,000.00
5,000.00
5,000.00
20.000.00
22.000.00
7,640.00
50.000.00
200.000.00
71.500.00
10.000.00
23.000.00
5.000.00
9.971.10
20,000.00
25.000.00
27.000.00
39.845.00
63.000.00
4.842 00
30.000.00
2.000.00
21,675.00
2.656.50
68.002.30
2.500.00
9.500.00
18400.00
226.0(10.00
53.000.00
47.000.00
40.000.00
11.0(10.00
30.000.00
24,836.33
30,000.00
10.000 00
50.000.00
110.000 00
18.000 00
13.000.00
50.000 00
64.500.00
5.000.00
20,000.00
116.000.00
21.0001.0
62,500.00
30,000.00
56.500 00
50,000.00
20,000.00
32,000.00
Volume 135
Financial Chronicle
WASHINGTON
Amount
Authorized.
City and Name—
Chelan—Miners & Merchants Bank
$26,750.00
Colfax—The Farmers National Bank
10.000.00
9,550.00
College Place—Citizens Bank of College Place
Dayton—Columbia National Bank
11.100.00
Elma—First National Bank of Elma
2,700.00
Fairfield—Bank of Fairfield
*19,000.00
Republic—Perry County State Bank
10,000.00
50,000.00
South Bend—Pacific State Bank
63,893.00
Walla Walla—First National Bank of Walla Walla
44,000 00
Walla Walla—Union Bank & Trust Co. of Walla Walla
WISCONSIN.
Allenton—Allenton State Bank
40,000.00
Alma Centre—Alma Centre State Bank
37.000.00
Amherst Junction—Security State Bank
6.000.00
Antigo--Fidelity Savings Bank
*68.000 00
Bay City—Bay City State Bank
9.000.00
Boyd—Citizens State Bank of Boyd
46.000.00
BrilIon—First National Bank of BriHon
6,000 00
Brooklyn—Brooklyn State Bank
22,000 00
East Troy—Farmers & Merchants Bank
33,415.00
Fond Du Lac—Commercial National Bank of Fond du Lac—
20,000.00
Friesland—Friesland State Bank
*20,000.00
Green Bay—The McCartney National Bank of Green Bay
(receiver) (5%)
127,000 00
Green Lake—Green Lake State Bank
25.000.00
Hartford—First National Bank
40,000.00
Hurley—Iron Exchange Bank of Hurley
72,000.00
Kenosha—United States National Bank & Trust Co. of
Kenosha
45,000.00
Lancaster—Union State Bank of Lancaster
*63,000.00
Lena—Farmers & Merchants Bank of Lena
*26,000.00
Leopolls--Leopolis State Bank
30.000.00
Marathon—State Bank of Marathon City
17,000.00
Milwaukee—North Avenue State Bank
*215.000.00
Milwaukee—State Bank of Milwaukee
*120.000.00
Necedah—Necedah Bank
45.000.00
Poplar—Poplar State Bank
*10,000.00
Rhinelander—Merchants State Bank
165.000.00
Rosendale--Rosendale State Bank
19.160.00
Rudolph—Farmers & Merchants Bank
9.000.00
St. Croix Falls—Bank of Bt. Croix Falls
11,000.00
Sheldon—Farmers Bank of Sheldon
15,000.00
Shullsburg—Farmers & Merchants Bank
39,000.00
Stockbridge—State Bank of Stockbridge
41,000.00
Sturtevant—Sturtevant State Bank
*11,000.00
Sullivan—Farmers State Bank
12.000.00
Three Lakes—Peoples State Bank
13.500.00
Tomahawk—Bank of Tomahawk
22,000.00
Turtle Lake—Bank of Turtle Lake
15.000.00
Wales—State Bank of Wales
*15,000.00
Wauwatosa—Blue Mound State Bank
13.674.00
Wayside—Wayside State Bank
25,000.00
Weyauwega—Farmers & Merchants Bank
*75,000.00
Withes—State Bank of Withes
*42.000.00
Wyocena—Wyocena State Bank
*30,000.00
Yuba—Yuba State Bank
13.000.00
PUERTO RICO.
Ponce—Banco de Ponce
393.000.00
BUILDING AND LOAN ASSOCIATIONS.
ARKANSAS.
Warren—Warren Building & Loan Association
85,361.95
ILLINOIS.
Chicago—Ben Franklin Building & Loan Association
*15.000.00
Chicago—Radnice Building & Loan Association
15,000.00
Ohicago—Skarb Polski Building & Loan Association
25.000.00
Chicago—Western Building & Loan Association
50,000.00
Kankakee—Kankakee Building & Loan Association
345,923.50
INDIANA.
Indianapolis—Indiana Savings & Investment Co
*230,000.00
IOWA.
Ames—Ames Building & Loan Association
96.990.23
KENTUCKY.
Dayton—Day-Boll Savings, Loan & Building Association
41,500.00
Murray—Murray Building & Loan Association, Inc
*4,000.00
Stanford—Lincoln County Building St Loan Association
5.000.00
MARYLAND.
Baltimore—Arundel Perpetual Loan & Savings Assn.. Inc-Baltimore—Kosciuszko Permanent Loan & Savings Assn. of
Baltimore City
MICHIGAN.
Three Rivers—Three Rivers Building & Loan Association_ _ _
MISSISSIPPI.
Indianola—Indianola Building & Loan Association
NEW JERSEY.
Camden—Penn Building & Loan Association
East Orange—Third Ward Building & Loan Association.._ _
Elizabeth—Rail & Harbor City Building & Loan Association
Hackensack—Citizens Building & Loan Association
. Irvington—Polish-American Building & Loan Association
Jersey City—Phoenix Loan & Building Association
Matawan—Liberal Building & Loan Association
j Mountain View—Pequannock & Wayne Building & L'n Assn.
r Newark—Aggressive Building & Loan Association
Newark—Eden Building & Loan Association
Newark—Hamburg Building & Loan Association
- Newark—Manhattan Building & Loan Association
Newark—Mercantile Building & Loan Association
Passaic—Main Building & Loan Association
Paterson—Cumulative Building & Loan Association
Paterson—Fortune Building & Loan Association
Paterson—Silk City Building & Loan Association
Plainfield—Liberty Building & Loan Association
Plainfield—Renascence Building & Loan Association
Pleasantville—Home Building & Loan Association
Point Pleasant Beach—Point Pleasant Bldg. & Loan Assn
Trenton—Stacy Building & Loan Association
Union City—Conservative Building & Loan Association of
Hudson County
NEW YORK.
Buffalo—Kasa Savings & Loan Association
Port Richmond—Port Richmond Co-operative Savings &
Loan Association
White Plains—White Plains Savings & Loan Association.-NORTH CAROLINA.
Madison—Madison Building & Loan Association
Oxford—Oxford Building & Loan Association
Wilmington—Progressive Building & Loan Association
OHIO.
• Akron—Industrians Savings & Loan Co
Cambridge—County Savings & Loan Co
Cincinnati—East End Invilitment & Loan Co
Columbus—North High Savings & Loan Co
Dayton—West Side Building & Loan Co
Sandusky—Peoples Loan & Savings Co
Warren—Warren Savings & Loan Association
Zanesvllie—Homestead Building & Savings Co
PENNSYLVANIA.
Carnegie—Carnegie Savings. Building & Loan Association_
Chester—Commercial Building & Loan Association
Monaca—Cammar Building & Loan Association
Philadelphia—Reliance Bldg.& Loan Assn. of Germantown..
SummitRill—Homestead Building & Loan Association
50.000.00
125,000.00
*25.000.00
*20,000.00
18,000.00
50,000.00
46.232 00
39.580.00
42,573.13
63,329.00
*30.000.00
59.346.00
*151.000.00
48.444.50
135.000.00
54,452.50
35,000.00
38.555.00
24,082.00
20.000.00
*154.000.00
35,000.00
*6,000.00
40,000.00
75,000.00
70,000 00
83.752.00
139,949.64
99,018.50
29.687.31
7,500.00
6,000.00
24,640.60
100,000.00
25,500.00
*2,500.00
30,000.00
150,000.00
100.000.00
25,000.00
*50,000.00
46,000.00
12,000.00
16,000.00
60,000.00
70,000.00
4491
SOUTH CAROLINA.
City and Name—
Spartanburg—American Perpetual Bldg. & Loan Assn
Spartanburg—Mechanics Building & Loan Association
Spartanburg—Mutual Building & Loan Association
TEXAS.
Greenville—Greenville Building & Loan Association
WISCONSIN.
Milwaukee—South Side Mutual Loan & Building Assn
INSURANCE COMPANIES.
ILLINOIS.
Chicago—Illinois Life
Chicago—National Life of U.S. A
IOWA.
Des Moines—Farmers Union Mutual Life
MICHIGAN.
Detroit—Michigan Life
NORTH CAROLINA.
Durham—North Carolina Mutual Life
Durham—Southern Fidelity & Surety
TENNESSEE.
Memphis--Columbian Mutual Life
TEXAS.
Dallas—Southland Life
Amount
Authorized.
*540.000.00
150.000.00
57,010.00
17,9S0.00
*70,000.00
200,000.00
225.000.00
10.000.00
50.000.00
39.000.00
*5.000.00
380,000.00
300,000.00
MORTGAGE LOAN COMPANIES.
IDAHO.
Boise—the Western Loan & Investment Co
1,900.000.00
NEW YORK
New York—New York Title & Mortgage Co
*1.000,000.00
OHIO.
Cleveland—Guarantee Title & Trust Co
*42,500.00
PENNSYLVANIA.
Philadelphia—Philadelphia Co. for Guaranteeing Mortgages
400,000.00
TENNESSEE.
Johnson City—Security Investment Company
50.000.00
TEXAS.
Galveston—United States Loan & Investment Co
50.000.00
Houston—Southtex Mortgage Loan Co
600.000.00
Muleshoe—West Texas Mortgage Loan Co
*350,000.00
JOINT STOCK LAND BANKS.
CALIFORNIA.
San Francisco—Pacific Coast Joint Stock Land Bank
*325.000.00
INDIANA.
Fort Wayne—First Joint Stock Land Bank
*100.000.00
MINNESOTA.
Minneapolis—Minneapolis-Trust Joint Stock Land Bank
*100,000.00
SOUTH CAROLINA.
Columbia—First Carolina Joint Stock Land Bank
69.930.16
AGRICULTURAL CREDIT CORPORATIONS.
ARIZONA.
Phoenix Agricultural Credit Finance Corp., Ltd
880,000.00
FLORIDA.
Quincy—Shade Tobacco Credit Co
88.628.69
Tampa—Growers Loan & Guaranty Co
*90,000.00
OREGON.
1.350.00
Hood River—Hood River Agricultural Credit Corporation..
1,062.50
29.387.25
WASHINGTON.
*7.192.00
*20,000.00
Wenatchee—Columbta Agricultural Credit Corporation11,841.50
35.604.60
23,252.23
Wenatchee—Wenatchee Fruit Credit Corporation
27.154.00
Yakima—American Agricultural Credit Corporation
7,108.37
Yakima—Yakima Credit Corporation
29.843.75
if
20,554.00
LIVESTOCK CREDIT CORPORATIONS.
COLORADO.
Monte Vista—San Luis Valley Agricultural & Livestock
Credit Corporation
*44.900.00
MONTANA.
35.000 00
Dillon—Livestock Industries, Inc
60.000.00
38.000.00
42.500.00
NEW MEXICO.
Albuquerque—New Mexico Credit Corporation
*35,270.00
69.370.00
UTAH.
28.965.00
Salt Lake City—Bankers Livestock Loan Co
86.050.00
37.050.00
RAILROADS.
Name—
Anti. Authorized.
The Baltimore & Ohio (5%)
*$3.000.000.00
Chicago & Eastern Illinois
338.000.00
Chicago & North Western
$12.461,350.00
Copper Range
53.500.00
Erie Railroad
6.170.000.00
Lehigh Valley
3.000,000.00
New York New Haven & Hartford (5%)
v700,000.00
The Pittsburgh & West Virginia
203.419.00
(Note.—Except where indicated the rate of interest is 6%.)
SUMMARY OF TABLE 1.
Banks and trust companies (Including receivers)
821,448.494.57
Building and Loan Associations
3.701.907.76
Insurance companies
1,209.000.00
Mortgage loan companies
4,392.500.00
Joint Stock Land Banks
594,930.16
Agricultural Credit Corporations
1,272,978.89
Livestock Credit Corporations
477,105.00
Railroads
25.926,269.00
Total
$59.023.185.38
1
TABLE 2.
Statement of loans authorized during September 1932, which were withdrawn
or canceled in full from Oct. 1 to Nov. 14 1932,inclusive, no part ofthe proceeds
being disbursed:
BANKS AND TRUST COMPANIES.
ILLINOIS.
City.
Name.
Newton—First National Bank of Newton
LOUISIANA.
Lake Charles—Calcasieu National Bank in Lake Charles....
Amount
Withdrawn
or Canceled.
$21,000.00
40,000.00
4492
Financial Chronicle
MICHIGAN.
City.
Name.
Republic-Republic State Bank
OHIO.
Zanesville-State Security Bank
OKLAHOMA.
Cache-Bank of Cache
WEST VIRGINIA.
Princeton-Princeton Bank & Trust
WISCONSIN.
Muscoda,-Muscoda State Bank
Total-Banks and trust cornpanies
BUILDING AND LOAN ASSOCIATIONS.
ILLINOIS.
Chicago-Triglav Building & Loan Association
NEW JERSEY.
Newark-John Marshall Building & Loan Assn. of Newark_ _
Total-Building and loan associations
MORTGAGE LOAN COMPANIES.
ALABAMA.
BIrmingham-Jernison & Co., Inc
Total mortgage loan companies
LIVE STOCK CREDIT CORPORATIONS.
OREGON.
Baker-Eastern Oregon Credit Co
Total live stock credit corporations
RAILROADS.
Columbus & Greenville Ry
Total railroads
Grand total
Amount
Withdrawn
or Canceled.
$9,000.00
20,000.00
7,469.50
20,000.00
27,000.00
$144,469.50
17,000.00
56,000.00
$73.000.00
$80,000.00
$80,000.00
$27,900.00
$27,900.00
NEW YORK.
Chittenango-State Bank of Chittenango
Bank
National
-First
Mamaroneck
Valley Stream-Bank of Valley Stream
NORTH CAROLINA.
Gatesville-Bank of Gates
Greensboro-United Bank & Trust Co
OHIO.
Fostoria-Unton National Bank
Bank
National
Franklin-Franklin
Greenville-Second National Bank
Amount
Withdrawn or
OREGON.
Canceled.
City.
Name.
$5,000.00
La Grande-First National Bank
PENNSYLVANIA.
Indiana-Farmers Bank & Trust Co
217.00
Sharpsburg-Farmers & Mechanics Bank
360.00
TENNESSEE.
Milan-Milan Banking Co
52.00
TEXAS.
Del Rio-Del Rio National Bank
991.27
Mercedes-First National Bank
930.00
VERMONT.
St. Johnsbury-Passumpsic Savings Bank
10,000.00
VIRGINIA.
Richmond-Broadway Bank & Trust Co
1,637.52
Winchester-Farmers & Merchants National Bank & Tr. Co_
3,600.00
WASIIINGTON.
Chelan-Miners & Merchants Bank
4,500.00
White Bluffs-First Bank of White Bluffs
450.00
WEST VIRGINIA.
Anawalt-First National Bank of Anawalt
13,300.00
McMechen-Bank of McMechen
3,000.00
WISCONSIN.
Alma-American Bank
470.00
Black River Falls-First National Bank
3,720.50
Chilton-Commercial Bank
3,440.00
De Forest-Bank of De Forest
80.77
Manawa-First National Bank
1,876.46
Markesan-Farmers State Bank
600.00
New I loistein-Peoples State Bank
33.00
Shawano-First National Bank
2,100.00
Sturgeon Bay-Bank of Sturgeon Bay
2,000.00
Viola-Farmers State Bank
800.00
Total-Banks and trust companies
360.000.00
$60,000.00
$385,369.50
TABLE 3.
Statement of loans authorized during September, 1932, which were withdrawn or canceled in partfrom Oct. I to Nov. 14 1932. Inclusive
BANKS AND TRUST COMPANIES.
ALABAMA.
$5,000.00
Decatur-Tennessee Valley Bank
ARKANSAS.
1,370.00
Ho:le-Bank of Hoxie
210.00
Mena-Farmers & Merchants Bank
CALIFORNIA.
25.00
Delano-Growers' Security Bank
64.10
Sebastopol-Analy Savings Bank
CONNECTICUT.
22,150.65
Bristol-Bristol Bank & Trust Co
FLORIDA.
West Palm Beach-Florida Bank & Trust Co
IDAHO.
Kendrick-Kendrick State Bank
ILLINOIS.
Jacksonville-Ayers National Bank
INDIANA.
Fort Wayne-Lincoln National Bank & Trust Co
Medora-Medora State Bank
New Albany-Mutual Trust & Deposit Co
Plymouth-First National Bank of Marshall County
Seymour-Seymour National Bank
IOWA.
Baldwin-Baldwin Savings Bank
Bussey
of
Bussey-State Bank
Calamus-Farmers Savings Bank
Dows-Farmers State Bank
Montour-First National Bank
Pisgah-Pisgah Savings Bank
St. Charles-St. Charles Savings Bank
KANSAS.
Kansas City-Fidelity State Bank
Scandia-Bank of Scandia
KENTUCKY.
Florence-Florence Deposit Bank
Owensboro-National Deposit Bank
LOUISIANA.
Bunkle-Merchants & Planters Bank
Leesville-First State Bank & Trust Co
Metairie Ridge-Metairie Bank
Winnfield-Bank of Winnfield
MAINE.
Ashland-Ashland Trust Co
Caribou-Aroostook Trust Co
MARYLAND.
Baltimore-Mercantile Bank of Baltimore
MICHIGAN.
Byron Center-Byron Center State Bank
Millington-Millington National Bank
Muskegon Heights-First State Savings Bank
Port Austin-Port Austin State Bank
MINNESOTA.
St. Paul-East Side State Bank of St. Paul
MISSISSIPPI.
Ellisville-Merchants & Manufacturers Bank
Lake-Bank of Lake
Magee-State Guaranty Bank
MISSOURI.
Maplewood-Citizens National Bank
Waynesville-Waynesville State Bank
NEW MEXICO.
Mountainair-First State Bank
Dec. 31 1932
5,000.00
2,469.32
1,500.00
6,418.80
35.00
1.350.00
30.00
3,050.00
573.40
1,800.00
239.34
1,616.30
2,000.00
13.00
.10
500.00
.15
325.00
110.00
2,810.83
396.00
1.090.00
1,343.50
2.92
13.09
2,000.00
1,150.00
160.60
1,563.31
93.33
6,700.00
173.07
122.41
744.50
2,895.00
525.40
1.500.00
681.25
635.04
731.80
739.41
10.00
5.000.00
2,545.98
1.819.19
32.86
$150,599.17
BUILDING AND LOAN ASSOCIATIONS.
ALABAMA.
Anniston-Anniston Home Building & Loan Association
410.22
CONNECTICUT.
Danlelson-The Danielson Building & Loan Association
2,131.40
ILLINOIS.
Chicago-Bohemia Building & Loan Association
756.74
Chicago-Central Building and Loan Association of Chicago
1,653.51
Lawrenceville-The Lawrenceville Investment & Loan Assn_
1,639.40
INDIAN A.
Warsaw-Warsaw Building & Loan & Savings Assn
944.00
IOWA.
Algona-Algona Building & Loan Association
827.50
Des Moines-Polk County Building & Loan Savings Assn..
335.50
Marshalltown-Marshalltown Savings & Loan Association
1.217.50
LOUISIANA.
New Orleans-Pelican Homestead Association
461.48
Washington-Homestead Association
706.02
MICHIGAN.
Grand Rapids-State Savings Association
4,673.29
NEW JERSEY.
Bloomfield-Bloomfield Building & Loan Association
5,712.89
Carteret-Roosevelt Building & Loan Assn
1,280.43
East Orange-Fairway Building & Loan Association
1.937.20
East Orange-Safeguard Building & Loan Association
191.50
Association,
Elizabeth-Building & Loan
Ilarinonia
2.384.00
Elizabeth-Columbia Building & Loan Assn. of Elizabeth
4,046.00
Elizabeth-Juniors' Building Ss Loan Association
2,684.21
Elizabeth-Lithuanian Building & Loan Association
3.328.32
Garfield-Tr -City Building & Loan Association
1,447.50
Loan
Boholgus-liokohus Building &
Association
1,218.00
Irvington-Iroquois Building & Loan Association
1.230.00
Jersey City-Jackson Building & Loan Association
755 00
Keansburg-Keansburg Building & Loan Association
972.27
Newark-Great Eastern Building & Loan Association
2,954.00
Newark-Jersey Warschawer Building & Loan Assn
667.00
Newark-The Opportunity Building & Loan Association
27.287.00
Newark-Puritan Building & Loan Association
3.811.00
Passaic-Peoples Building & Loan Association
19,901.37
Perth Amboy-North Amboy Building & Loan Association
1.269.30
Ridgefield Park-Park Building & Loan Association
3,259.42
West New York-West New York Building & Loan Assn1,792.50
Westwood-Westwood Building & Loan Association
2,941 50
NEW YORK.
Frankfort-Frankfort Savings & Loan Association
594.74
NORTH CAROLINA.
Candor-Candor Building & Loan Association
326.00
Oxford-Oxford Building & Loan Association
225.50
OHIO.
Cleveland-Lincoln Heights Savings & Loan Co
757.00
SOUTH CAROLINA.
Clinton-Clinton Building & Loan Association
2,861.45
TEXAS.
Wharton-Wharton Building & Loan Association
734.52
WISCONSIN.
Cudahy-City Savings & Loan Association
1.333.20
Cudahy-First Slovak National Loan & Building Assn
353.25
Madison-Northwestern Savings, Building & Loan Assn _
20.000.00
Milwaukee-East Side Mutual Building & Loan Assn
649.00
Milwaukee-Equitable Savings Building & Loan Assn
312.00
2,871.34
Milwaukee-Guardian Savings & Loan Association
Milwaukee-Lincoln Avenue Loan & Building Association
1,257.75
Milwaukee-Metropolitan Building & Loan Association.._
3.117.60
Milwaukee-Northwestern Mutual Building & Lean Assn
2,138.56
5,547.10
Milwaukee-Slovak Building & Loan Association
4,555.79
Milwaukee-Sterling Savings Loan & Building Assn
2.976.50
Milwaukee-United Building & Loan Assn. (United)
1.387.20
Milwaukee-West Side Building & Loan Association
Total-Building and loan associations
INSURANCE COMPANIES.
ILLINOIS.
Chicago-Illinois Life Insurance Co
MICHIGAN.
Detroit-Michigan Life Insurance Co
Total-Insurance companies
MORTGAGE LOAN COMPANIES.
NEW JERSEY.
Newark-United States Mortgage & Title Guaranty Co. of
New Jersey.........................................
3158.806.13
600.00
498.75
1,098.75
$11,250.00
311.250.00
Total-Mortgage loan companies
AGRICULTURAL CREDIT CORPORATIONS.
WASHINGTON.
$100.00
Wenatchee-Columbia Agricultural Credit Corporation_
2,191.25
Yakima-Yakima Credit Corporation
Total-Agricultural Credit Corporations
32.291.25
Volume 135
LIVESTOCK CREDIT CORPORATIONS.
Amount
.11th drawn
or Canceled.
$24323.79
10.000 00
UTAH.
City and NomeSalt Lake City-Bankers Livestock Loan Co
$34 323.79
Total-Livestock Credit Corporation
5358.369.09
Grand total
TABLE 4.
Statement of loans authorized during August 1932. which were withdrawn
for canceled in fullfrom Oct. 1 to Nov. 14 1932. inclusive, no part of the proceeds
being disbursed:
BANKS AND TRUST COMPANIES.
ALABAMA.
$30,000.00
jasper-First National Bank of Jasper
ARKANSAS.
10,000.00
Gurdon-Clark County Bank
COLORADO.
3.000 00
Simla-Simla State Bank
INDIANA.
25,01,0.00
Mishawaka-First National Bank
IOWA.
3.500.00
Buffalo Center-First National Bank
18,000.00
Joice-Farmers Savings Bank
30.000.00
Weoster City-First National Bank
MARYLAND.
15.000.00
Cumber.and-Liberty Trust Co_
MISSOURI.
8.000.00
Bucklln-Citizens Bank
MONTANA.
12.500.00
Fairview-FaIrvIew State Bank
WISCONSIN.
50.000.00
Milwaukee-Sixteenth Ward State Bank
165.000.00
Milwaukee-Tentonia Avenue State Bank
64.000.00
Sheboygan Falls-State Bank of Sheboygan Falls
MISSOURI.
Carl Junction-Citizens Bank
St. Louis-Hamilton State Bank
Windsor-First National Bank
MONTANA.
Poplar--Traders State Bank
NEBRASKA.
Bennington-Bank of Bennington
Chappell-Deuel County State Bank
Osmond-Security State Bank
NEVADA.
Reno-Reno National Bank
NEW MEXICO.
Albuquerque-First Savings Bank & Trust Co
NEW YORK.
Mamaroneck-First National Bank in Mamaroneck
White Plains-Peoples National Bank & Trust Co
NORTII CAROLINA.
Gastonia-Gaston Loan & Trust Co
Greensboro-North Carolina Bank & Trust Co
$434.000.00
Total-Banks and trust compaales
BUILDING AND LOAN ASSOCIATIONS.
ILLINOIS.
Chicago-Lunlin Savings, Building & Loan Association__
Chicago-Triglav Building & Loan Assoc ation
513.000.00
20.000.00
V33.000.00
Total-Building and loan associations
$467,000.00
Grand total
TABLE 5.
Statement of loans authorized durinu August 1932, which were withdrawn
or canceled in part from Oct. 1 to Nor. 14. inclusive:
BANKS AND TRUST COMPANIES.
ALABAMA.
City and NameFairfield-Fairfield Trust & Savings Bank
Tuscumbia-First National Bank
ARKANSAS.
Marianna-Lee County National Bank of Marianna
CALIFORNIA.
Cambria-I3ank of Cambria
Chico-Peoples Savings & Commercial Bank
Salinas-Monterey County Trust & Savings Bank
COLORADO.
Alamosa-First State Bank of Alamosa
Boulder-Boulder National Bank
Parker-Douglas Cbuniy Bank
CONNECTICUT.
Bridgeport-West Side Bank
DISTRICT OF COLUMBIA.
Prudential Bank
ILLINOIS.
Chicago--Austin State Bank
Chicago-Cosmopolitan State Dank
Amount
Authori:ed.
5124.50
633.00
40.00
2.143.83
90.00
34.087.51
47 54
4.500.00
160.17
8,125.00
693.20
J
1
Cicero-First National Bank
East, Dubuque-East Dubuque Savings Bank
Gifford-Morse State Bank
Highland Park-it(Oland Park State Bank
Oak Park-Oak Park Trust & Savings Bank
South Holland-South Holland Trust & Savings Bank
INDIANA.
Dale-Dale State Bank
Hammond-Hammond National Bank & Trust Co
Jasonville-First National Bank
IOWA.
Ames-Union Story Trust & Savings Bank
Buffalo Center-Farniers Tr. & Says. Bk. of Buffalo Center_
Cedar Rapids-Cedar Rapids Savings Bank & 'rrust Co_ _
Charles City-Commercial Trust & Savings Bank
Clinton-City National Bank of Clinton
Dubuque-First National Bank of Dubuque
Festina-Festina Savings Bank
Bills-il Ills Savint.is Bank
Kanawha-First National Bank
Madrid-Madrid State Bank
Pocahontas-Commercial State Bank
Sidney-Fremont County Savings Bank
Thurman-Thurman State Savings Bank
KANSAS.
Coldwater-Peoples State Bank
Highland-First National Bank of Highland
KENTUCKY.
Covington-First National Bank & Trust Co
Flemingsburg-Peopits Bank
Lexington-Bank of Commerce
Olive Hill-Peoples Bank
Russell-First and Peoples Bank
LOUISIANA.
Alexandria-Commercial Bank & Trust Co
MICHIGAN.
Battle Creek-Old Merchants National Bank & Trust Co
Dowaglac-Lee State Bank
Flint-Citizens Conunercial & Savings Bank
Jonesville--Grosvenor Savings Bank
Lenox-Macomb County Savings Bank
Lincoln-Lincoln State Bank
Pigeon-Pigeon State Bank
Portland-Maynard-Allen State Bank
Yale-Yale State Bank
MINNESOTA.
Warroad-Security State Bank
4493
Financial Chronicle
21.356.00
85.739.20
21.258.15
622.00
7.650 00
1.000 00
32.900.00
31.146 17
50.00
60.00
90.100.00
1.843.97
11.351.81
100 00
25.350 00
2.500.00
12.376.73
63.549.20
773.00
100.00
400.00
20 00
5,245.62
6.000 00
2,593.09
3.04
8,300.00
1.474.50
1.150.00
2.007.59
1.000.00
1.545.01)
1.164.00
9,600.00
155.00
5.287.88
600.00
3,803.75
29.05
650.00
63.00
250.00
3,000.00
Amounts.
Withdrawn or
Canceled.
$600.00
4,445.81
3,191.05
200.00
663.00
725.00
902.00
150.00
342.26
917.54
21,000.00
305.88
338,984.94
544.982.71
OHIO.
Akron-Commercial Bank & Trust Co
1.087.50
1,400.00
100.00
200.00
304.623.97
32.538.24
7.255.43
100.00
2.000.00
3.344.00
404.56
Amsterdam-Amsterdam State Bank Co
Burton-First National Bank
Canton-George D. !tarter Bank of Canton
Cleveland-Union Trust Co
Delta-l'eoples Savings Bank Co
Fostoria-Commercial Bank & Savings Co
Gallon-Citizens National Bank
Lorain-Lorain Banking Co
Lorain-National Bank of Commerce
OKLAHOMA.
Temple-First State Bank In Temple
OREGON.
La Grange-First National Bank
PENNSYLVANIA.
Beaver Falls-State Bank of Beaver Falls
Derry-First Savings & 'rrust Co
Farrell-Colonial Trust Co. of Farrell
Ford City-First National Bank & Trust Co
McKeesport-l'eoples City Batik
McKee's Rocks-Atcliee's Rocks Trust Co
Oil City-citizens Banking Co
Philadelphia-Commercial National Bank of Philadelphia
Pittsburgh-Real Estate Savings & Trust Co. of Alleghany_ _
Rockwood-Farmers & Merchants National Bank
Vandergrift-Vandergrift Savings & Trust
SOUTII CAROLINA.
Winnsboro--Bank of Fairfield
TENNESSEE.
Llberty-Liberty Savings Bank
Ripley-First State Bank
Yorkville-Bank of Yorkville
TEXAS.
Bonham-Bonham State Bank
Iowa hark-State National Bank of Iowa Park
McAllen-McAllen State Bank
Pittsburg-PIttshurg National Bank
VERMONT.
Montpeller-Montpeller Savings Bank & Trust Co
WEST VIRGINIA.
Chester-First National Bank of Chester
Co
Trust
&
Wellsburg Banking
WISCONSIN.
Adams-Adams County State Bank
Auburndale-Auburndale State Bank
Clintonville-First National Bank of Clintonville
Cross Plains-State Bank of Cross Plains
Larson Farmers State Bank
Madison-Commercial National Bank
Mondovi-First National Bank
Saukville-Saukville State Bank
Sheboygan-State Bank of Howards Grove
Total banks and trust companies
52.50
136.78
112.03
1,653.49
105 00
50.00
6,535 00
7.022.39
25.00
8.500.00
1,065.00
125.00
11.599.91
927.50
125.00
388.00
70.00
1.196.00
954 55
6.01)0.00
4,985.00
1,000.00
25.00
74.38
2,285.00
25.00
500.00
11.469.53
10.00
22.9:31.87
3:37.50
2.000.00
550.00
51.878,142.82
BUILDING AND LOAN ASSOCIATIONS.
CALIFORNIA.
Oakland-Prudential Guarantee Building & Loan Association{
ILLINOIS.
Carbondale-Carbondale Building & Loan and Homestead
Association
Danville-Fidelity Investment & Building Association
Ilomewood-liomewood Building & Loan Association
INDIANA.
Spencer-Owen County Savings & Loan Association
IOWA.
Des Moines-State Building Loan & Savings Association_
& Loan Association
Building
Mason City-Mason City
KENTUCKY.
Middlesboro-Middlesboro Savings & Building Association_
NEW JERSEY.
Bloomfield-Young Men's Building & Loan Association
Elizabeth-Elmora & West End Building & Loan Assn
Newark-Service Building & Loan Association
Newark-Sixteenth Ward Building & Loan Association
Ridgewood-Glen Rock Building & Loan Association
NEW YORK.
Olean-Olean Building, Loan & Savings Association
01110.
Barnesville-Home Savings & Loan Co
Canton-Citizens Building & Loan Co
CincInnati-Victoria Savings & Loan Association
Ilamilton-ilamilton homestead & Loan Co
Ilamilton-West Side Building & Loan Association
Roseville-Home Building Co
St. Bernard-Thrifty Building & Loan Co
St. Mary's-Union Building & Loan Co
Woodsfield-Woodsfield Building & Loan Co
TEXAS.
Eastland-Eastland Building & Loan Association
WISCONSIN.
Cudahy-Cudahy Savings & Loan Association
Milwaukee-Bay View Building & Loan Association
Milwaukee-Kinnickinnic Mutual Loan & Bldg. Assn
Milwaukee-National Savings & Loan Association
Milwaukee-Upper Third Street Savings & Loan Assn
Nekoosa-Nekoosa-Port Edwards Building & Loan Assn
Total-Building and loan associations
$1.832.25
2,224.60
1.904.15
12.900.23
353.50
175.10
1.652.25
544.00
3,796.93
1.920.75
14.013 78
710.00
48,517 50
1.578.00
81.35
170.00
1.569.05
1.150 00
2.050 00
707.59
7,833.35
180.00
1.283.00
1,381.23
89.27
1.392.56
2.902.88
3.991 95
3,000.00
6.794.85
344.73
$127,052.85
Financial Chronicle
4494
INSURANCE COMPANIES.
OHIO.
City and Name—
Cincinnati—Columbia Life Insurance Co
Total—Insurance companies
FEDERAL LAND BANKS.
TEXAS.
Houston—Federal Land Bank of Houston
Total—Federal Land banks
Amount
Withdrawn or
Canceled.
$21,187.50
$21,187.50
$1,500.000.00
$1,500,000.00
LIVE STOCK CREDIT CORPORATIONS.
IDAHO.
Boise—Loan Company of Idaho
$3,000.00
23,000.00
NEW MEXICO.
Albuquerque—New Mexico Credit Corporation
1,500.00
UTAH.
Salt Lake City—Bankers Livestock Loan Co
1,000.00
Total—Live stock credit corporations
Grand total
$28.500.00
$3,554,883.17
TABLE 6.
Ir Statement of loans authorized from July 21 to July 31 1932, inclusive,
which were withdrawn or canceled in fullfrom Oct. 1 to Nov. 14 1932, inclusive,
no part of the proceeds being disbursed:
BANKS AND TRUST COMPANIES.
Amount
City and Name—
Authorized.
ILLINOIS.
Wheaton—Wheaton Trust & Savings Bank
$97,000.00
MONTAN A.
Reserve—The First National Bank of Reserve
4.500.00
Total
5101,500.00
TABLE 7.
Statement of loans authorized from July 21 to July 31 1932, inclusive,
which were withdrawn or canceled in partfrom Oct. 1 to Nov. 14 1932. inclusive;
BANKS AND TRUST COMPANIES.
Amount
City and Name—
Authorized.
CALIFORNIA.
Sacramento—California Trust & Savings
$9.412.17
Dec. 31 1932
TABLE 9.
Statement of loans or contracts authorized during
October 1932, under
Section 201(a). Title 2, of the Emergency Relief and
Construction Act of 1932,
showing the name, amount and rate of interest in each case
(exclusive
withdrawn or canceled from Oct. 1 to Nov. 14 1932, inclusive): of amounts
Bridges.
Rate Put- Yield
of
chase. to MaStale and Name—
Authorized.
Int. Price. furify.
California—California Toll Bridge Authority
(bridge from San Francisco to Oakland, Cal.)_$62,000,000• Not
Settled (a) 5%
Illinols—Savanna-Sabula Bridge Co.(bridge from
Savanna. III., to Sabula. Iowa)
190,000* 6%
Par 6%
New York—New York State Bridge Authority
Not
(bridge from Catskill. N.Y., to Hudson. N.Y.) 3,400,000* Settled
(a) 5%
Housing.
New York—Hillside Housing Corp.(N. Y. City) 3,957,000*
5%
Par .5%
Irrigation.
NeD
wisN
trfieextico—Middle Rio Grande Conservancy
90 b6.25%
Texas—Maverick County Water Control and 5,784,000* 5.15%
Irrigation District No. 1
1,476,000* 6%
90 b6.84%
Sewers.
Kentucky—City of Bowling Green
616,0000 53.6% Par c514%
Docks.
Mississippi—City of Gulfport
150,000. 6%
Par 6%
Water.
Arizona—City of Prescott
50,000. 5%
Par 5%
Illinois—Village of Willmette
580,000* 5%
Par 5%
Kentucky—City of Columbia
29,000* 6%
Par 6%
Kentucky—City of Covington
75,000* 5%
(d) 514%
Kentucky—Maysville Water Co
47,000• 6%
Par 6%
New York—Wanakah Water Co.(Hamburg).
70,000*
6%
90 (e)
North Carollna—Roanoke Rapids Sanitary Dist.
(Halifax County)
365,000* 6%
Par 6%
Ohio—City of Conneaut
200.000. 5%
Par c5%
Ohio—City of Sandusky
77,000* 5%
Par 5%
Oklahoma—City of Hobart
250,000* 6%
Par 6%
Utah—Ogden City Corporation
645,000* 5%
Par 5%
Washington—City of Seattle
1,491,000* 5%
Par 5%
Virginia—Madison Heights Sanitary District...
62.500* 6%
Par 6%
Total
$81,514,500
• No part of this amount had been disbursed up to Nov.
14 1932. Inclusive.
a Prices to yield 5% to maturity. b Average yield on
serial bonds contingently
affected by two-year option to repurchase Issue at 90% of
taco amount of bonds.
c Two-year option to repurchase at par. d Prices to
yield 534% at maturity.
o Maturities not settled.
FLORIDA.
Crescent City—Peoples Bank
500.00
ILLINOIS.
Batavia—Batavia National Bank
Chicago—Lake View Trust & Savings
Dundee—First National Bank
3,750.75
21,690.00
60.00
INDIANA.
Auburn—City /National Bank
Noblesville—Citizens State Bank
3,700.00
2,230.90
IOWA.
Hanlontown—Citizens Savings Bank
Lake View—Farmers State Bank
553.94
3,000.00
MISSOURI.
Pattonsburg—Pattonsburg Savings Bank
24,702.79
1,798.56
1,065.000
1,432.50
22,480.00
TEXAS.
Ranger—Commercial State Bank
WISCONSIN.
Fond Du Lac—Commercial National Bank
Milwaukee—Badger State Bank
Woodford—Woodford State Bank
Total—Banks and trust companies
766.34
13,179.74
10,000.00
174.50
$121,287.19
BUILDING AND LOAN ASSOCIATIONS.
NEW JERSEY.
Hoboken—Jefferson Building & Loan Association
Woodbridge—Colonial Building & Loan Association
Total—Building and loan associations
MORTGAGE LOAN COMPANIES.
TEXAS.
Houston—Home Mortgage Co
Total—Mortgage loan company
LIVE STOCK CREDIT CORPORATIONS.
IDAHO.
Boise—Loan Company of Idaho
Total—Live stock credit corporations
Grand total
$50.00
470.00
$520.00
$40,000.00
$10,000.00
$6,500.00
$6,500.00
$168,307.19
TABLE 8.
Statement of amounts authorized during October 1932 for
purposes of relief,
under Section 1, Title 1, of
Emergency Relief and Construction.Act of 1932.
ions
ralerolloirrfteoghe States mentioned, showing names of
st.`:tigliaca
'
mtountsofanthde
uee'
Rate of
Rate of
State—
Amount. Int.
Stale—
Amount. Int.
Arkansas
$529.400 3% Ohio
$144,000
37
Colorado
238.03a 3% Ohio
182.887 379
5,
Florida
335.715 3% Oklahoma
636,656
3
/0
Illinois
*6.303.150 3% Oklahoma
181,312
3%
Indiana
*247.200 3% Oregon
86,560 3%
Kansas
450.000 37 Oregon
48.818 3%
Louisiana
*280.330
Pennsylvania
3,342.183 37
Michigan
*2,205.400 3% South Dakota
280,695
Michigan
*220.000 3% Tennessee
274.300 3%
Michigan
*10,000 3% Tennessee
193,236 3%
Michigan
'
025,000 3% Texas
237.097
3%
*5.000 3% Texas
Michigan
19,500 37
655.376 3% TexasMinnesota110,
000 34
3%
850.000
Utah
MilligiSaiPpi
250.000 3V
Missouri
81.166 3% Virginia
112,212
51.655 3% Virginia
603.346 3%
Montana
60.000 3% Washington
•105,000
37
Montana
95.000 370 West Virginia
922,252 34
Nevada
3.600 37
0 West Virginia
213.891
North Carolina__ __
815.000 3% Puerto Rico
•360.000 34
Ohio
'
0.565,040 3%
Ohio
Total
304,750 3%
$22,634,762
3q
Missouri
f
*150,000.00
1
*25,000.00
$251,00
TABLE 11.
290.00
PENNSYLVANIA.
McKeesport—National Bank of McKeesport
SOUTH CAROLINA.
Sumter—National Bank of South Carolina
WEST VIRGINIA.
Inwood—Growers Fruit Exchange
500.00
OREGON.
Woodburn—Bank of Woodburn
Amount
Authorized.
$76.000.00
City and Name—
OHIO.
Cleveland—Canners Finance Corporation
Total
OHIO.
Cleveland—Union Trust Co
Tiffin—Tiffin National Bank
Toronto—Union Savings Bank of Toronto
TABLE 10.
Statement of loans authorized during October 1932. under
Section 201(d),
Title 2, of the Emergency Relief and Construction Act
name, amount, the rate of interest in each case being 5A %of 1932, showing the
exclusive of amounts
withdrawn or canceled from Oct. 1 to Nov. 14 1932, inclusive):
3g
3g
Statement of each receipts and expenditures of the Corporation
during October
1932 (Corporation's accounts with Treasurer of the United
States):
Cash balance at the close of business Sept. 30 1932, as per
the books of the Treasurer of the Corporation
531.545.053.18
Deduct: Correction of errors in amounts of September
deposits reported to the Treasurer of the Corporation subsequent to Sept. 30 1932
6,346.53
Adjusted cash balance at the close of business Sept. 30
1932- 331.538,706.65
RECEIPTS.
Sale of "third series" 345% notes
$75.000,000.00
Loan repayments:
Banks and trust companies (incl.receivers) 38.940.161.91
Credit unions
1.150.00
Building and loan associations
1,265,900.07
Insurance companies
951,765.24
Joint stock land banks
10,708.21
Livestock credit corporations
556,818.53
Mortgage loan companies
1.842,880.29
Agricultural credit corporations
282,425.68
Railroads (including receivers)
1,910,500.00
Interest and discount collected
3.412,058.83
Reimbursable expense collected
11,569.18
Collected on collateral to rediscounts
40.144.48
Funds held for regional agricultural credit
corporations
16,000,000.00
Miscellaneous
357.23
Held in suspense
13,700.00
Unallocated—pending advIces
2,274,402.08
5142.514.541.73
5174.053.248.38
EXPENDITURES.
Loan disbursements:
Banks and trust companies (incl. receivers)380,747,256.70
Building and loan associations
5.080,954.91
Insurance companies
1,625,444.01
Federal land banks
2,8.50,000.00
Joint stock land banks
168.102 43
Livestock credit corporations
.521,319.62
Mortgage loan companies
3,222,581.36
Agricultural credit corporations
1,295,512.91
Railroads (including receivers)
24,931,816.00
Institutions under Section 201-d*
362,951.43
Relief disbursements
16.818,809.40
Payment of subscriptions to capital of regional agricultural credit corporations..
24.000.000.00
Interest paid on "first series.""second series"
and "third series 334% notes
7,608,004.11
Refund of amounts erroneously deposited _
2,003.70
Refunding of interest on account of overpayments
286.74
Refund of unearned discount
242.03
Release of cash collateral to rediscounts
13,543.66
Interest paid on cash collateral to rediscounts
34.20
Release of funds held in suspense
58.310.21
Advance for expenses—regional agricultural
credit corporations
40,000.00
Furniture and fixtures
25,318.15
General expense
224,006.18
Loan agency expense
216.551.63
Custodian expense
79.541.97
Reimbursable expense
13.264.60
169.906.765.68
Cash balance at close of business Oct. 31 1932
54.146.492.70
Note.—In addition to funds on deposit with the Treasurer of United
States, custodian banks held in suspense funds which amounted to $2,166.058.35 at the close of business Sept. 30 1932, and $1,885,699.27 at the
close of business Oct. 31 1932.
•Emergency Relief and Construction Act of 1932.
Financial Chronicle
Volume 135
TABLE 12.
Statement of Condition of the Corporation as of the close ofBusiness Oct.31 1932
ASSETS.
$4.146,492.70
States
Cash on deposit with Treasurer of United
1,885.699.27
banks
custodian
by
suspense
in
held
Funds
2,100.00
Petty cash funds
Advances for expenses—regional agricultural credit
40,000.00
corporations
Allocated to Secretary of Agriculture_ ---$117,500.000.00
Bess—Reallocated as capital of regional
93.500,000.00
24,000,000 00
agricultural credit corporations
Capital regional agricultural credit corporations sub12,000.000 00
scribed
24,000.000 00
Capital regional agricultural cerdit corporations paid..
30.978.393.15
Relief authorizations—proceeds disbursed
27,111,540.07
Relief authorizations—proceeds not yet disbursed
Loans—proceeds disbursed (less repayments):
576,010.024.13
Banks and trust companies_x
366.649,00
Credit unions
79,024,585.35
Building and loan associations
57,906,613.39
companies
Insurance
14,300.000.00
Federal Land banks
1.421.242.46
Joint Stock Land banks
9.323.657.18
corporations
credit
stock
Live
76,830.343.13
Mortgage loan companies
2,685,801.96
Agricultural credit corporations
241,431,324.95
Railroads (including receivers)
362,951.43
Institutions under Section 201-d*
$1,059,663,192.98
Total
Loans—proceeds not yet disbursed:
$44,008.940.10
x
trust
companies
Banks and
3,406.277.29
Building and loan associations
12,817,476.16
Insurance companies
13.200,C00.00
Federal Land banks
1,182.018.61
Joint stock land banks
423,986.88
Live stock credit corporations
3,036,353.93
Mortgage loan companies
271,399.80
Agricultural credit corporations
37,159,813.00
Railroads (including receivers)
Self-liquidating projects under Section
134,633.500.00
201-a*
51.523,160.51
Institutions under Section 201d5
Total
Accrued interest receivable
Reim oursable expense
Furniture and fixtures
$301,662,926.28
12,855,780.43
69.173.23
283.666.78
$1,568,198.964.89
LIABILITIES AND CAPITAL.
$18.500.000.00
eayable to Secretary of Agriculture
Subscriptions to capital—regional agricultural credit
12,000,000.00
corporations
Liability for funds held for Regional Agricultural Credit
16,000.000.00
Corporation
27.111.540.07
Proceeds of relief authorizations not yet disbursed
28
301,662.926
Proceeds of loans not yet disbursed
2,698.210.98
Cash receipts not allocated pending advices
41.793.93
Suspense
1.965,01876
Liability for funds held as cash collateral
20,264.26
Unearned discount
713.96
Interest refunds payable
324.460 02
Interest accrued
12.874,036.63
expense
less
earned
other
interest
and
Interest
675.000,000.00
Series A 334% note
500.000.000.00
Capital stock
Total assets
$1.568,19&964.89
Total liabilities and capital
Note.—In addition to loans shown on statement of condition, the i.c.rporation had outstanding on Oct. 31 1932, agreements to make loans aggregating $289.896.29 upon the performance of specified conditions.
a Loans to banks and trust companies include $46,788.759 to aid in
reorganization or liquidation of closed banks. * Emergency relief and
construction act of 1932.
Applications for Loans of $13,600,000 Approved by
Federal Home Loan Bank Board—Chairman Fort
Says That 197 Applications Having Total of
$34,000,000 Have Been Submitted.
Applications for loans totaling $13,600,000 have been
approved by the Federal Home Loan Bank Board, it was
stated orally Dec. 23 by Chairman Franklin W. Fort, of
the Board. He reported that 197 applications for lines of
credit which he estimated to total approximately $34,000,000
have been received by the Board. From the "United
States Daily" of Dec. 27 we quote further as follows:
In one day this week, lines of credit amounting to $1,080,000 were
approved for applicants for loans from the district served by the Home
Loan Bank at Little Rock, Mr. Fort said. Other district banks had
applications approved during the week totaling from $60,000 to $700.000.
the Chairman stated.
Procedure Expedited.
Although the actual work of approving loans has been in progress only
a little more than three weeks, Mr. Fort said, the Board has now developed
Its routine of action so that It is able to turn out a comparatively large
number of decisions on applications. Twenty-one applications for loans,
carrying eredit lines totaling $700.000 were approved Dec. 22. the Chairman
stated.
The highest sum loaned thus far to one borrowing institution Is $300.000.
for a loan of
according to Mr. Fort. The average request received is
about $150.000, he indicated. The amount of the loans made to each
district has not yet been announced.
No Definite Refusals.
All the applications received by the Board have first been approved
by the district banks which sent them in, Mr. Fort said. No applications
have as yet been definitely refused, although several have been held for
further consideration.
The Board expects that after the holidays a large number of the applications awaiting consideration will have been acted upon and that a substantial increase in the lima of credit extended will be shown, Mr. Fort said.
St. Louis-San Francisco and Denver & Rio Grande
Roads Seek Additional Loans from Reconstruction
Finance Corporation—Pere Marquette and Texas
Oklahoma & Eastern Withdraw Loan Applications.
Approval by the Inter-State Commerce Commission of a
three-year loan of $3,000,000 from the Reconstruction
Finance Corporation was asked by the St. Louis-San Francisco Ry. Dec. 27 in an application filed with both agencies
4495
by J. M. Kurn and John G. Lonsdale, receivers for the
road. Proceeds of the loan would be applied to payment
of current taxes, and principal and interest of maturing
equipment trust obligations. The application asks immediate approval of the full amount and its advancement in
three instalments of $1,000,000. As security for the loan
the applicants offer receivers' certificates. Simultaneously
the Denver & Rio Grance Western RR. asked the Commission's approval of a loan of 82,500,000 from the R. F. C.
to aid in the payment of taxes and of principal on equipment
trusts. The road proposes to pledge its refunding and improvement mortgage bonds together with shares of stook
as collateral.
The St. Louis-San Francisco in February 1932 secured
a $2,805,175 loan from the Reconstruction Finance Corporation and in June the loan was repaid by the Railroad Credit
Corporation. The Commission on April 29 approved another loan of $1,800,000, conditional on the company submitting to the Commission a refinancing plan. A third loan
of $3,390,000 was approved by the Commission on June 30.
Two loans of $500,000 and $2,000,000 respectively (exclusive of $3,850,000 loan to construct the Dotsero Cutoff)
have been advanced to the Denver & Rio Grande RR. by
the Reconstruction Finance Corporation with the approval
of the Commission, but the loan of 5500,000 has been repaid
by the Railroad Credit Corporation.
The Inter-State Commerce Commission has dismissed the
application of the Pere Marquette Ry.for a loan of $1,000,000
from the R. F. C. at the request of the carrier, the company
having received a loan of a like amount from the Radroad
Credit Corporation to be applied in the payment of interest
due on its first mortgage bonds on Jan. 1.
The Texas Oklahoma & Eastern RR. has withdrawn its
application to the Reconstruction Finance Corporation for
a loan of $217,477, on which the Inter-state Commerce
Commission approved a loan of $108,740 and the application
has been dismissed.
Hearing on Application of Railroads to Maintain Present Surcharges Ends—Commission Told Extension
of Emergency Rates Is Vital to Carriers—$200,000,000 Deficit Seen for Class I Lines in 1932.
The petition of the railroads for definite continuance after
March 31 1033 of the emergency freight rate surcharges of
15% which was heard before the Inter-State Commerce Commission on Dec. 28 was adjourned for further hearings on
Dec. 20 only if such are requested by interested parties. No
shippers appeared, but they may express their opposition
through affidavits filed with the Commission. During the
course of the hearing the Commission was told that owing
to the decline in railroad operating revenues the Class I roads
probably will have a combined deficit of $200,000,000 on
their 1932 operations. Witnesses appearing in support of
the railroads' request included among others Dr. Julius H.
Parmelee, Director of the Bureau of Railway Economics.
The "Wall Street Journal," Dec. 28, in its account of the
hearings stated in part:
The present economic situation of the railroads warrants the continuations, after March 31 1933, of the emergency freight rate surcharges
without the requirement that revenues so derived be paid into a loan fund
for weak railroads, Dr. Julius II. Parmelee told the Commission. Appearing
as the first witness for the carriers, Dr. Parnrelee pointed out that railroad traffic and revenues have shown a continuous and progressive decline
since 1929.
The railroads as a whole have failed to earn their fixed charges in 1932
by a considerable margin, he asserted. Net deficit amounted to $169,000,000 during the first nine months of 1932 and seems likely to approach.
$200,000,000 for the year as a whole, he said. During the first nine
months, Dr. Parmelee declared, 122 roads operated at a loss. These
carriers failed to earn their fixed charges by $231,509,000. During the
same period, after deducting emergency surcharge revenues, a total of
128 roads reported a deficit under fixed charges of $265,019,000.
40 Cents of Each Dollar for Taxes
Dr. Parmelee further told the Commission that the railroads in 1932
paid 40 cents out of each dollar of net operating revenue for taxes. "This
means," he said, "that two-fifths of the nil transportation properties of
the United States were operated in 1932 for the benefit of states, federal
and local governments."
Dr. Parmelee also pointed out that the declines in rail revenue that
occurred in 1930 and 1931 have continued in 1932. Although the carriers
have made large reductions in operating expenses, they were unable to
match each dollar of lost revenue with a corresponding reduction in expenses. Accordingly, net railway operating income declined to a much
greater relative degree than did revenues. For the United States as a
whole, operating revenues during the first 10 months of 1932 declined 26.9%
under 1931, with freight revenue falling 26.5% and passenger revenue
32.1%. Operating expenses were reduced 26.7%, the heaviest reduction
being 34.7% in maintenance of way.
Ten Months' Net Dawn 44.1%.
The witness further declared that maintenance of equipment expenses
were reduced 25.8%, and transportation expenses 25.6%. Net railway
operating income declined from $464,250,000 in the first ten months of
4496
Financial Chronicle
Dec. 31 1932
1931 to $259,535,000 in the corresponding period of 1932, a decrease
of
But whatever these solutions, there is one
$204,715,000, or 44.1%. "There are 162 Class I roads or systems
further step that seems to me
, including
necessary. In any crisis as severe and
large switching and terminal companies, operating 242,186 miles
long-continued as the present,
of line,
even If unemployment reserves had been establis
that reported information as to their complete fixed charges and net inhed years ago, they probably would not have been sufficient. So here again,
come to the Inter-State Commerce Commission for the first
before going to the
nine months
State for assistance, or to charity for relief in
such
this
year.
emergency, I believe the
of
These carriers in that period failed as a whole to earn their
appeal should be made to all employees in
each particular company to
fixed charges by $168,997,000. These same carriers reported a
net income
make a contribution toward unemployment
benefits for their fellow emafter fixed charges, for the first nine months of 1931, totaling $84,866
,000.
ployees to whom a certain minimum amount
of work could not be given;
"Out of the total of 162 carriers, 122 reported a deficit after
and here again, the company should at least
fixed
match6such contributions.
charges, which for these carriers for the first nine months
of 1932 totaled
This, of course, should be used only in
an unemployment emergency.
$231,509,000," Dr. Parmelee recited.
where the normal reserves that have been built
up over a period of years
He said that after deducting the revenues from the emergen
are not sufficient to meet the emergency; and this
cy rates,
emergency call on other
there were 128 roads in the "red" during the first nine months
employees in the same company and on the
of 1932;
company itself should cease
these showed a total net deficit of $205,019,000.
when the emergency ceases.
"Only 30 Class I railroads, who participate in the marshaling
In some instances, where such an unempl
and disoyment emergency fund has
tributing plan, earned a net income in excess of their fixed charges
been established, it has been found that the
, for
collateral benefits have been
the first nine months this year," he said.
surprising. It has brought to every man in the
organization, even at a disReceipts from emergency rates reported by Class I steam roads for
tance from the particular places of unemployment
the
, a recognition of this
country as a whole for the first ten months of 1932, were
problem, a broader conception and underst
2.6% of the
anding
of his responsibilities,
aggregate gross freight revenue of the carriers. Compared
a knowledge that he also must necessarily share
to net railway
in these burdens, rather
operating income, the total emergency revenue was equivalent
than have them borne entirely by the few
to 20.2%.
unfortunates; that he with the
Witness concluded that it is clear that a substantial portion
rest of us who are fortunate enough to hold our
of the net
Jobs, should rightfully bear
railway operating income earned in 1932 was contributed by the emergen
some of the burden. It is more direct to help our
cy
fellows in the same comrevenue. The net operating income would have been greatly reduced
pany,
rather
than
to
have
them helped vicariously by the commun
had
ity
not these emergency revenues been received, Dr. Parmele
through taxation, or by contributions to charity
e stated.
drives for relief of people
Questioned by Commissioner Eastman as to whether there had been
unknown to us, without a personal claim.
any
The
burden is borne more
appreciable improvement in the railroad situation over the
equally and the results and benefits more
past several
directly placed, and with more
months, Dr. Parmelee stated that the rate of decline in traffic and
of a knowledge and human touch than is possible
revenues
in
a
general city- or Statein those months was under that of the corresponding
wide emergency drive. And in these instances
period last year.
where such a plan has been
effective, the demands have been met not only
cheerful
ly but gladly, and
Rate Rise Brought in $52,000,000
have resulted in a distinctly improved morale
and esprit de corps in such
organizations.
G. E. Buckland, President of the Railroad Credit Corporation, testified as
So, to sum up,from the standpoint of society
to the receipts accruing to the Railroad Credit Corporation from the pooled
as a whole and the human
beings that comprise it:
surcharge revenues. He said that for the ten months ended with October
,
First, we must decide in what volume and what
cash proceeds from the increased rates amounted to $52,205,225.
kind of products we want
Payments
Industry to supply and how to have Industr
in cash to the corporation on account of these accruals has
y organized to be of service.
amounted to
Second. we must secure for workers in industr
$51,891,040.
y an assurance of minimum
employment per year, at compensation adequat
Other witnesses appearing in support of the railroads' re- accorda
e to enable them to live in
nce with a standard of living that we want to
maintain and can
quest beside Dr. Julius H. Parmelee,included E. G. Buckland, maintain, with the requirement that the employe
es themsel
analyze,
President of the Railroad Credit Corporation; Daniel Wil- understand, and accept their responsibilities and contributeves
toward the
solution of the problem by laying aside a certain
portion of their earnings
lard. President of Baltimore & Ohio; Paul Shoup. Vice-Chair- for accident, invalidi
ty, and death for old-age retirement and for
periods
man of the board of the Southern Pacific Co.: D.T. Lawrence, of cessation of work if they
come.
Third, where we have not advanced far enough
Chairman of the Traffic Executives' Association for Easter
to
be
able
to
give
an
n
ce of employment, unemployment reserves should
be built up and
Territory, and J. E. Tilford and E. B. Boyd, tariff publishing assuran
maintained as a separate reserve by each unit.
agents respectively for the Southern and Western roads.
Fourth. every individual who has worked with
his company a certain
minimum length of time to qualify as a recipient
An affidavit of testimony in support of the formal
such benefits and who
petition receive., less than a specified annual compensation,ofshall
contribute towards
of the Association of Railway Executives from W.
can and share in Its administration.
R. Cole, ItsFifth,
the employer should contribute to the unempl
President of the Louisville & Nashville Railroad,
oyment reserves
also was not lees than the amount contributed by
the employees.
read into the record.
Sixth, to have a minimum waiting period
before such benefits become
effective.
Seventh, to have the minimum of such
benefits adequate to provide for
Patrick J. Farrell Elected Chairman of InterState food. shefter and clothing.
Eighth, to provide such benefits over a
Commerce Commission.
sufficie
calling on the State or society for relief or charity.ntly long period, without
Patrick J. Farrell was on Dec. 28 elected Chairman
Ninth, make provision for such
of
the
unempl
oyment emergencies as may
Inter-State Commerce Commission to take
transcend the usual periods of unempl
oyment, which cannot be met by
office Jan. 1, the
regular unemployment reserves, by calling
succeeding Claude R. Porter. Mr. Farrell succee
ds to the that particular organization for contributions on all other employees of
post through the rotation procedure of the
and also on the employer
Commission. for similar contributions.
He has been with the Commission 32 years.
If these things are done,either as a result of
encoura
gement of industry by
He was the State. or, If that is
found
appointed Commissioner by President Coolidge in
ate, by legislation, we will find that
June 1928. the best brains of employer andinadequ
employee will be directed toward a solution
Prior to that he had been the Commissioner's
first chief of these pressing and human problems, which must be solved. Therefore,
examiner, the first solicitor of the Bureau of
these efforts will be along the lines of those
of the scientis in your own
and the first Chairman of the Commission's boardValuation Association, who are constantly drawing on their records ts
and experience.
of refer- and working for the advancement of knowing how and what
to do, with
ence. In 1918 he became chief counsel for the
the
recognit
ion,
as
stated
In
the foreword. that our knowledge is never
Commission
and continued in that position until he becam
complete and that there must always be progress
.
e
Commissionti.
Gerard Swope on Stabilization ofEmployment—Assurance and Insurance—Would Have
Employer and
Employee Co-operate in Measures.
Discussing on Dec. 28 the subject of v
Assurance and Insurance," Gerard Swope "EmployMent:
, President of the
General Electric Co., observed that
"in the study that is
being given to this question now by
commissions in different States, varied solutions are
being proposed. In some,"
he noted, "the burden of
unemployment reserves is borne
entirely by the employer; in some,
it is borne half by the
employer and half by the emplo
the employer and one-third by yee; in some, two-thirds by
third by the employer, one-th the employee; in some, oneird by the employee and onethird by the State; in some,
the
Is segregated for the particular unemployment reserve fund
company, and again in others
it is being put into a general
fund for
in any company or industry in that the use of unemployed
particular State."
"It seems to me,"said Mr.Swope
,"that two fundamentals
of wise legislation for unemployme
nt
is attempted, are: first, that they reserves, if legislation
should be contributory
by employer and employee, and
secondly, the funds should
be segregated for the particular compa
ny and not placed in a
general fund to be drawn on by all
companies."
In outlining his proposals, Mr. Swope
went on to say:
Many of the unemployment
Insurance plans that are being
prescribed
provide for benefits after too long
a waiting
period. and are inadequate In
amount, and payments extend
over too short a period. The
man
such a period must be able at
least to meet the responsibility forduring
food,
shelter and clothing for his family,
and after the brief period provided
these plans has elapsed, he must
in
still go on providlngiot.these essentia
ls.
In part, Mr. Swope, whose views were presented in At,'antic City (Dec. 28) before the American Association for the
Advancement of Science, also had the following to say:
If the primary function of Industry, therefore.
Is to serve the community
and to serve it effectively and efficiently. It must
be apparent that someone
or somebody should be aware of the extent of
the service required by the
community, in order to lay out the work and co-ordi
nate all efforts to accomplish this.
After having decided on the scope of the work
or service that the community needs or desires. It is necessary
to provide the instrumentalities
of production, to encourage initiative in better
methods, and to associate
in this work the number of men and women
that may be required, and to
enlist not only their service but their sympathy, underst
anding and loyalty.
To do this. It seems to me that when young men
and women enter a field of
work, they should be assured that the work is
worth while doing and that
it Is needed by the community, that from
this knowledge they will gain
respect for the work they have underta
ken. Their work should afford
them an opportunity to develop; it should stimula
te them to give the best
that Is in them, they should feel there is such
scope in the work that they
can look forward to a broader horizon and
greater responsibility If their
tastes, talents and abilities Ile in that directio
n. But If men and women
of the rank and file are going to give the best
that
loyal.and devoted service, they should be assured is in them, in the way of
, as far as humanly possible, of continuity of employment; their work
should be sufficiently remunerative so that by proper care they
can look forward to taking on the
responsibilities of a family, of providing for them
in the way of reserves.
or Insurance In case of accident, Invalidity or
death, and pension reserves
for old age—but primarily and immediately
that as long as they are able
to work and willing to work they should
have some assurance ot employment. To accomplish these things, It seems
to me fundamental and essential that we enlist the understanding and co-oper
ation of the men and women
themselves, for this life is theirs; they have some
responsibility; they must
understand its purport, and therefore as a corollar
y, even if these things
could be done for them by the State or by other
agencies, they should not
be done for them but with them, and primarily by
them. . . .
More and more,the attention of employer and
of society upon both employer and employee, employee, and the pressure
should be directed to finding
the solution of this problem of assurance of
employment over a long period,
measured by the income of a year, rather than by
a rate of wages per hour,
per week or per month. Rates of wages per
hour mean nothing to-day if a
Man has no work at all, or very little
if he has but one or two days' work
Volume 135
Financial Chronicle
a week. It is not rates of wages per unit of so short a time as an hour that
count, it is necessary for a man to have an income over a period embracing
all the seasons of a year in order that he may be able to meet the burdens
and responsibilities he has assumed. Therefore, assurance of employment
with a minimum amount of earnings per year must be looked forward to
as the goal toward which we must strive and upon which the attention of
the employer, the employee and society must be focused. This is no visionary program; some progress has been made in some industries, and it has
actually been accomplished in several instances, even in these recent trying
years.
This co-operative and contributory method to provide for employee
benefits is becoming more and more recognized. It has been set forth in
a tentative bill introduced in the Congress of the United States in the early
part of this year, and favored by the large and influential railway labor
unions, to provide old-age retirement and insurance for railway employees,
which is based on a contribution by the employee and an equal contribution by the railways. This is educational for the man; it teaches and
encourages him to save and makes for better co-operative work between
employer and employee and better administrative methods; it places the
entire burden on the individual and the particular industry; and later on
the burdens will not have to be met indirectly by society through taxation.
The employer should contribute toward the unemployment reserve fund
BO that his interest will be enlisted to make employment more assured,
that it will enter into the cost of the products and be reflected in the price
of the products to the public He will be more encouraged to work toward
assurance of employment if he knows that, as he gives iitelegent thought
to his business and more and more minimizes irregularities of employment.
the reward of such stabilization will not only go to his employees but will
also come to him. If the employer is called upon to bear the entire burden
of unemployment reserves, there is a premium put upon him to find some
way of escape, especially as competition may force him either toward lowering wages or building up his work in States where the burdens are not so
great. Where the burdens are shared, the spirit of the endeavor is entirely
different, and develops a much better co-operative attitude on the part
of the employer.
And if this is so, it follows as a corollary that such unemployment reserve
funds by each particular company should be used to ameliorate the condition of unemployment in that particular company. It would be a mistake.
It seems to me, to have such unemployment funds go into a general reservoir, that would be drawn on most by the inefficient companies and industries, where possibly their problem is more difficult, and least by those
which are the most efficient and therefore have gone further m stabilizing
employment, although these latter companies may have contributed to a
greater degree to the general reserves. This to me seems manifestly unfair
and would be prejudicial to the earliest and best solution of this unemployment problem. Another reason for such segregation of unemployment
reserves is that we should know for each company and each industry what
its cost is. and not have this concealed by placing the unemployment reserves in a general reservoir, to be drawn on by all companies.
Senator Harrison to Offer Senate Resolution for Inquiry into Economic Problems—Will Seek Advice
from Economists, Financiers and Statesmen.
Senator P. Harrison of Mississippi, ranking Democratic
of the Senate Finance Committee, who will be its Chairman in
the new Congress, announced on Dec. 27 that when the Senate reconvened he will offer a resolution directing the Finance
Committee to begin a study of the whole economic situation,
with a view to obtaining constructive suggestions from
leading economists, financiers and statesmen for restoration
of economic stability. The New York "Herald Tribune"
reports as follows from Washington Dec. 27:
The Mississippi Senator has discussed the proposed study with other
Democrats on the Finance Committee and with Senator Reed Smoot.
He has found active support and, he said, no opposition.
Hopes to Stabilize Exchanges.
Senator Harrison made it plain that he had in mind the monetary problem
as one of the foremost propositions to be considered. He said exchanges
must be stabilized and commodity prices increased. He also wants government debts refinanced at lower interest rates as well as drastic economies.
While Senator Harrison was announcing his program. Senator Charles L.
McNary of Oregon, acting Republican leader of the Senate, declared the
pressure for monetary legislation was increasing greatly. He said it was
coming not alone from agriculture but from business men. He predicted
the new Congress would be forced to take up the problem and act on it,
provided nothing was done this winter. Senator M:rNary indicated that
the pressure for action was such that the short session might be compleled
to act.
"We have now groped in economic despair for more than three years,"
Senator Harrison said. "The situation neither at home nor abroad shows
any marked Improvement. The methods which have been adopted are
merely palliative. The situation has become cancerous. Certainly, in
the circumstances the best constructive thought of the nation should be
given, that the Congress and the new Administration may be aided in
adopting the wisest policies which will hasten economic recovery.
Balance Budget Emphasized.
"Personally, I believe that radical curtailments in governmental activities
and every economy in governmental administration must be adopted, thus
effecting savings to the taxpayers. A balanced budget to preserve the
Credit of the Government must be obtained and maintained. Aside from
that, exchanges must be stabilized and commodity prices increased. Tariff
barriers must be lowered and international trade encouraged.
"As to the wisest and sanest method to be employed in order to deal with
these questions, and others which may be inter-related to the general
economic depression, financiers, economists and statesmen may differ, but
certainly in such circumstances every one should give his best thought to a
solution of there problems and as far as possible present them to the Congress as helpful guidance."
Showered with questions Senator Harrison amplified his views. He
emphasized the need of radical reductions in Government expenditures in
order to balance the budget and predicted Governor Roosevelt. at the next
session, would be given "very broad powers for reorganization, co-ordination and consolidation of Government agencies." He said much saving
could thus be effected and he mentioned one "foreign town" in which 52
Americans were employed as representing different bureaus and agencies at
Washington. He pronounced this "an outrage."
Receives Advice from Roosevelt.
He admitted that Godernor Roosevelt had communicated with him and
urged Cutting of expenditures, and from this it is inferred that Governor
4497
Roosevelt is seeking blanket power to reorganize bureaus and agencies and
effect economies. On his plan for action on the monetary problem, Senator
Harrison said:
"As Chairman of the Finance Committee in the new Congress I shall
certainly make an effort to reduce expenditures 25%. I have had but
one communication from Governor Roosevelt and that is one in favor of
cutting expenditures. Governor Roosevelt insisted on carrying out the
economy pledge in the Democratic platform.
"We have offered this bill and that. We have groped for three years in
economic despair. At most the measures which have been passed have been
merely sedative. I have not talked this specific plan over with Governor
Roosevelt, but I have talked it over with the minority members of the
Finance Committee and with Senator Smoot, the Chairman, and all say
It would be helpful.
"I do not know just how much can be saved in veterans' benefits, but
certainly there ought to be readjustments. There will have to be cuts all
along the line. I believe, also, that great savings can be made by the
refunding of the Government's debt at a lower rate of interest. There has
never been so fine an opportunity to save in this fashion.
hope the Finance Committee hearings can begin early in January, so
that the new Administration may have the bene,it of the ideas expressed
there."
Barter System to Aid Unemployed — Emergency
Exchange Association's Plan for Exchanging Labor
for Scrip—Functioning in New York—Groups
Plan National Exchange—State-Wide System in
Force in California—Salt Lake City Banks Accept
Scrip.
Under the auspices of the Emergency Exchange Association, of 52 Vanderbilt Ave., New York City, a barter local
was opened last week at 4861 Broadway in the Inwood
section of upper Manhattan to make practical contact with
the problems of the locals and to establish the principles
on which the operation of further locals may most effectively be conducted in a general system. We quote from
the New York "Times" of Dec. 28, which further reported:
More than 200 unemployed men and women of diverse occupations
have registered their willingness to work through this Inwood local and
be paid in scrip which will entitle them to use a compensating quantity
of such goods and services as the local has available. A half-dozen grocers
have agreed to accept the crip of the Inwood local for goods in limited
amounts at the outset. The grocers plan to use the accumulated scrip
to pay for Jobe which they have postponed because they could not afford
to lay out the cash.
Plan Called Non-Competitive.
The nationwide system proposed by the Emergency Exchange Association would constitute a barter system with a substitute money operating
parallel with the existing economic system of geld standard
Dr. Frank D. Graham, Economist, of Princeton University, a director
of the Emergency Exchange Association contends, however, that production by the otherwise unemployed for one another's needs would have no
effect in narrowing the market for the goods produced by workers who
still have their regular Jobs.
"A man without income can consume only at the bounty of some one
else." Dr. Graham said. "and the latter, to make the gift. must forego
something that he could otherwise himself have consumed."
According to Professor Graham. as soon as ordinary business could
effect the adjustments necessary to permit the emergence of profits on
an enlarged output. It would draw workers from the emergency barter
organization and the output of the latter would shrink toward zero.
Not all of the directors and supporters of Emergency Exchange Association, Inc.. however, are so sure of the immediate return of prosperity
to the present employed economic system. Leland Olds, Chairman of
the Executive Committee of the Association, and Assistant Chairman of
the New York State Power Authority, said the new eissociation simply
was attempting to deal with a condition, not with a theory, and that it
was fundamentally "opportunistic" in its policies.
According to the same paper one of the principal features
of the plan now being put into force by the Emergency
Exchange Association for bringing unemployed men and
women into a working relation with unemployed equipment
and materials was explained on Dec. 27 as a national clearing
house for the multiple barter systems, which have been
organized locally throughout the country through the
spontaneous attempt of the unemployed to meet one another's needs. The "Times" further said:
Under the guidance of a board of directors of prominent economists,
engineers, lawyers and consultants, whose names already have been published, and with the support of philanthropic agencies, civic and religious
societies, relief bodies, bankers and business men, this Emergency Exchange
Association, with quarters provided for it at 52 Vanderbilt Avenue by
the Heckscher Foundation, proposes to arrange for the separated groups
of unemployed men and women, organized in local barter systems, to exchange goods and services from locality to lomlity, from the agricultural
raw materials of the rural districts to the finished manufactured goods
of the cities, without the use of money.
Spreads Throughout Country.
Reports in possession of the Emergency Exchange Association reveal
that the barter system as a local remedy for unemployment has grown
rapidly throughout the country in the last six months. In California.
Washington and Utah it has reached such a development that State organizations have been incorporated by the participants in the barter to
administer their mutual interests.
Salt Lake City.
In Salt Lake City notably, the scrip or credit money rattled by the
management of the barter system there passes current easily and is cleared
by the banks. In Seattle more than 20 garter locals have a membership
of about 50.000.
California.
In California, where some of the earliest exchanges between local organizations were effected, the Statewide barter organization has the cooperation of the State Food Administration in exchanging food.
4498
Financial Chronicle
Dayton, Ohio.
In recognition of the mmediate utility of such barter systems in releasing relief funds and sustaining the morale of the unemployed by
giving
them an opportunity to help themselves, the Council of Social Agencies
of Dayton, Ohio, assigned a secretary last spring to organize the unemployed in this way, with the result that Dayton now has six producing units
with 400 families participating.
Pittsburgh, &e.
Similarly in Pittsburgh, the Welfare Fund, through its citywide network of Community Councils, has developed three barter districts. In
Omaha, Neb., the community chest and social agencies started the movement.
Multiple barter locals flourish likewise in Portland, Ore.; Denver, Colo.;
Houston, Tex.; Minneapolis, Minn.. and other large cities. In the vicinity
of New York, locals have been started at Nyaok and White Plains.
The Emergency Exchange Association was incorporated
quietly two months ago (said the "Times" of Dec. 24)
through John Kirkland Clark, President of the State Board
of Bar Examiners, who accepted a directorship because, he
said, he believed it was exploring an important problem in
a thoughtful and constructive fashion. In its issue of
Dec. 24 the "Times" likewise said:
The chairman of the executive committee of the board of directors is
Leland Olds. Assistant Chairman of the New York State Power Authority
His associates on the executive committee are John Carmody, President
of the Society of Industrial Engineers and editor of "Factory and Industrial
Management," and Ernest Angell, Attorney. The executive director in
charge of operations is Jacob Baker, industrial engineer and Vice-President
of the Vanguard Press. He is assisted by Edna Lonigan, economist,former
Chief Statistician of the New York Siate Labor Department. All of these
are directors of the association.
The remaining directors are David L. Podell, attorney for Important
trade associations; Stuart Chase, Economist; James Myers, Industrial
Secretary of the Social Service Commission of the Federal Council of the
Churches of Christ in America; Frank D. Graham, Economist Princeton
University; Eustace Seligman, Attorney; James C. Sinnigen. Industrial
Consultant,Arthur Holden, Architect; Ralph Modjeski, Civil Engineer, and
Barrow Lyons, Journalist.
The first simple beginning of the plan is now established as the first
local of the Emergency Exchange Association at 4861 Broadway, between
Academy and 304th Street It has a vacant store as an office where the
unemployed of the thickly settled residential vicinity register their occupations and learn how the plan works.
Scrip Dollars Circulated in Evanston, Ill.
Five thousand dollars in new scrip, or certificate money,
began to circulate on Dec. 28 in Evanston, Ill., a suburb
of Chicago, where ex-Ambassador Dawes lives, said a
dispatch (Dec. 28)from Chicago to the New York "Times"
which also had the following to say:
It was in the form of dollar bills stamped with a picture of ex-President
Roosevelt and bearing the name of the Evanston Independent Retail
Merchants' Association as guarantor of its purchasing power.
This is the beginning of a scheme to restore prosperity to the merchants
of Evanston and sell tax anticipation warrants to hold the credit of the city.
If it is successful it may be extended to the Evanston school system and to
ether cities. It is already being discussed in Chicago, and Milwaukee is
on the verge of adopting a similar plan at a special meeting of its City
Council Friday.
The new Money Is known as Eirma dollars, the inLists of the Merchants'
Association. For each of the 5,000 Eirma dollars a gold dollar is on deposit
in an Evanston bank vault. protecting the scrip dollar. Whero its expansion
and forcing process comes in is in the stamp plan that goes with-it. When
an Elmo dollar is presented at a store in payment of goods. the merchants
have agreed to affix in a space provided on the back of the dollar a two cent
trade discount stamp. cancel the stamp and send the dollar into circulation
again.
The money received for these trade discount stamps must equal the
amount of Eirma dollars sold and is invested In City of Evanston tax anticipation warrants. The warrants are placed in trust and can be disposed
of only upon resolution of the Merchants' Association.
Eventually the warrants or the proceeds from their sale will be distributed
to merchants in proportion to their purchases of trade discount stamps.
Alderman Herbert S. Simpson, Chairman of the Finance Committee,
said to-day that the plan had been examined by the board of directors of the
Evanerton Merchants' Institution, local bankers and Professor F. E. Clark
and associates at Northwestern University before its approval by the:City
Council.
Ohio Area Uses a Scrip System—Substitute Currency
Provided by Joint Stock Corporation—Endorsement by Irving Fisher.
Under date of Dec. 5 Associated Press advices from
Yellow Springs, Ohio, said:
Scrip is in successful operation in this farming area and business Is thriving
on it
The "substitute currency" is provided by a joint stock corporation, and
the principles involved are so intriguing to economists that Dr Irving Fisher
of Yale University recently visited Yellow Springs to study the system, and
gave it an endorsement. It works like this;
A farmer having 100 bushels of potatoes, but no cash, wants a carpenter
The carepenter, perhaps otherwise unemployed, is
to repair his barn
willing to take his pay in commodities, rather than cash, but does not want
only potatoes
So the farmer sells his potatoes to the exchange, which pays him in scrip,
the farmer then hires the carpenter, paying wages with this scrip, and the
carpenter spends the scrip at the exchange, buying potatoes or other things
he needs. If either the carpenter or the farmer has some scrip left over he
can keep it indefinitely and spend it any time he wants to.
Scrip of the Yellow Springs Exchange is issued on parchment bond paper
In denominations of 10 cents, 25 cents, 50 cents, $1 and $5. So popular has
the store become that it has had to enlarge its space twice In the last two
months. It now has about $1.000 worth of scrip in circulation and 53 doing
about $1,000 worth of ousiness a week,about one-third of which is in regular
cash
Dec. 31 1932
Battle Creek (Mich.) Firm Pays Bills With Work.
On Dec. 28 Associated Press accounts from Battle Creek
(Mich.) stated:
R. J. Corlett & Sons, coal and lumber dealers, have a new building and a
whole lot fewer unpaid bills on their boom. Customers with unpaid bills
were permitted to won, them out wrecking the old plant and building the
new.
Some new customers even established credit that way.
Missouri Law Imposing Graduated Tax Rate on Incomes
Upheld by State Supreme Court.
The Missouri Supreme Court, in a recent decision, upheld
the constitutionality of the "graduated progressive rates"
of income tax provided in the law passed by the 1931 Legislature. Jefferson City (Mo.) advices, Dec. 24, to the "United
States Daily," indicating this, added:
In an opinion written by Judge William T. Ragland, the Court upheld
the Circuit Court of Jackson County in declaring legal the assessment of
Income tax against Langston Bacon, Kansas City.
Bacon brought the suit In an effort to enjoin Jackson County officials
from collecting tax from him, contending the 1931 amendment to the income
tax law was unconstitutional. The measure provides for a graduated
scale of tax rates, increasing as the amount of income increased, which
take the place of the flat 1% rates in effect since 1917.
The opinion stated, in part: "From our analysis of the statute, it is
obvious that the tax required to be levied under it is uniform, and not discriminating as between taxpayers in the same class. . .
The basic
principle underlying all such classifications is the ability of the taxpayer
to pay. . . .
"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 portion of their
income than those who have difficulty in sustaining themselves upon what
they receive each year."
Pennsylvania Building and Loan Act Declared Constitutional—Holdings of Member Borrowers May
Be Pledged As Collateral for Loans by Reconstruction Finance Corporation, According to
Ruling.
The statute passed by the Pennsylvania Legislature on
July 28 1932 authorizing a building and loan association to
pledge as collateral for loans made to it by the Reconstruction Finance Corporation, or other Federal agency, bonds,
mortgages and shares of stock delivered to it by member
borrowers, is a valid and constitutional enactment, in the
opinion of the Deputy Attorney-General, Herbert D. Saylor.
This was indicated in Harrisburg advices, Dec. 5, to the
"United States Daily," which continued:
Ruling specifically on the applicability of the statute to assets which
came into the possession of the Association prior to the passage of the Act,
Mr. Saylor has ruled that there would be no impairment of the obligations
of the contracts between the Association and its borrower by such pledge.
His ruling, in the form of a letter to the Secretary of Banking, William D.
Gordon, follows in full text:
Sir: You have asked to be advised whether, under the provisions of
Act No. 4 of the Extraordinary Session of 1932, approved July 28 1932,
a building and loan association under your supervision may pledge as
collateral for .loans made to it by the Reconstruction Finance Corporation,
or other Federal agency, bonds, mortgages, and shares of stock delivered
to it by member borrowers.
Section 2 of the Act of 1982 provides that any building and loan association of the Commonwealth
... shall have power and authority to borrow money
the Federal Home
Loan Bank, the Reconstruction Finance Corporation, orfrom
any other corporation
or agency established under the authority of the United States Government, except
National banks, upon such terms and rates of interest, not exceeding the legal rats
of interest In this Commonwealth, as may be agreed upon, and to assign Its bonds
and mortgages or other property, including the right to repledge the shares of stock
pledged as collateral security without securing the consent of the owner thereto,
as security for the payment of Its Indebtedness as evidenced by its bond, obligation,
or note given for such borrowed money, and such bond, obligation, note or notes
may be In such form as is prescribed by the corporation or agency established under
the authority of the United States Government, as aforesaid: Provided, however,
That no building and loan association shall at any time borrow money from WU
such corporation or agency or In any manner now authorized by law in an amount
exceeding 35% of the withdrawal value of the stock issue by such association.
Right to Pledge duets Is Given.
Nothing could be clearer than the provisions recited. Without question,
this Act, in terms complete in themselves, and independently of other
legislative authority, gives to a building and loan association the right to
pledge its assets, consisting of bonds and mortgages given to it, and stock
assigned to it, as collateral for loans made to it by any governmental
agency of the United States other than a National bank.
However, the question arises whether that right may be exercised with
respect to assets which came into possession of an association prior to the
approval of the Act. Where a member borrower has contracted with the
association before it was given the power to pledge can he prevent the
exercise of such power because of constitutional provisions protecting the
obligations of contracts? Is the Act of 1932 unconstitutional as far as
bonds and mortgages given and stock assigned prior to July 28 1932 are
concerned?
If a building and loan association enjoyed, previous to July 28 1932, the
right to pledge its assets, the 1932 Act did not increase its rights. It
merely stated them in connection with the grant of power to borrow money
from certain governmental agencies. However, an examination of prior
legislation indicates that heretofore no such right existed.
Associations Restricted Before Act of 1932.
Prior to the 1932 enactment, a building and loan association was closely
restricted In power to borrow money. The Act of June 2 1891, P. L. 174,
as amended by the Act of June 25 1895, P. L. 303, permitted it to make,
under certain conditions, temporary loans not exceeding in the aggregate
"at any one time 25 per centurn of the withdrawal value of the stock issued"
by the association and to "secure the payment of the same by interestbearing order, note or bond as collateral."
Volume 135
Financial Chronicle
associations the additional right
The Act of July 9 1919, P. L. 808, gave
the same limit and to secure the
under the same conditions to borrow up to
United States Government
payment of such loans "by pledge of bonds of the
Issued for war purposes as collateral."
association the power to
Neither of these acts affirmatively gave an
made to it. In the opinion
pledge any other assets as collateral for loans
the Attorney-General 1905-06, page
of Nov. 29 1905 (Official Opinions of
advised that under the Act of
155), the then Commissioner of Banking was
The grant of power made by
1891 associations could not pledge mortgages.
that it was the legislative underthe General Assembly in 1919 indicates
not pledge bonds and
standing and intention that an association could
by them, as
mortgages given to it by borrowers and the stock assigned
collateral for loans.
a building and loan
We are then faced with the question whether
to pledge a
association which did not have, before July 28 1932, the right
such right without
enjoys
member's bond, mortgage, and shares, now
restriction. Would the exercise of that right impair the obligation of the
and
contract entered into when the association took a member's bond
mortgage and accepted an assignment of his stock in the association?
Contractual Relationship With Member Borrower.
Admittedly there is a contractual relationship existing between the
member borrower and the association. No statute can impair the obligations of such a contract. This is elementary.
Article I, Section 10, of the Federal Constitution provides, inter alio:
"No State shall . . . pass any . . . law impairing the obligation of contracts . . ."
Section 1 of the Fourteenth Amendment to the Constitution provides
In part:
„ No State shall make or enforce any law which shall abridge the privileges
deprive any
or Immunities of citizens of the United States: nor shall any State
person of life, liberty, or property, without due process of law; ...
Furthermore, the Pennsylvania Constitution of 1874 safeguards property
rights in the same general manner. Article I, Section 17, provides as
follows:
No ex post facto law, nor any law impairing the obligation of contracts, or making
Irrevocable any grant of special privileges or immunities, shall be Passed.
Has the Legislature, in authorizing a building and loan association to
do something more than it could do before it passed the 1932 Act, attempted
to do what the State and Federal constitutions prohibit? Does a building
and loan association, in parting with the possession and control of a bond
and mortgage given and shares of stock pledged by a borrower, deny to
him any of his contract rights?
Terms Said to Indicate Others May Secure Title.
There is no reason to believe that it does. The terms of the bond and
mortgage usually given by the borrower evidence his intention that others
than the association named therein may secure title to them. The words
"obligee, its successors and assigns," and "mortgagee, its successors and
assigns," appear repeatedly in them as in all such documents where the
party secured thereby is an individual or corporate entity other than a
building and loan association. The commonly used form of application for
loan and stock loan note and assignment refer to the "association, its
successors and assigns," and to give to all of them right, title and interest
In and to the shares of stock as collateral for the obligation evidenced by
the note.
In none of these documents is there any phraseology imposing upon the
association the duty to retain title and possession thereto. No such restriction is imposed on any other obligee or mortgagee. The inference is clear
that the member borrower has agreed to permit the association to assign
his obligation and stock, provided, of course, such action does not impose
upon him a liability that would otherwise not exist. The mere lack of power
in the association legally to make such assignment, even though permitted
by the borrower, does not affect the nature of the contract in such manner
that the later grant of the power alters the terms of the contract.
The borrower has left open to the association a course of action which
it, as far as he is concerned, is free to take when, as, and if the Legislature
gives it authority. Such course of action is ordinarily open to any other
obligee, mortgagee, or assignee which enjoys the right to reassign or
repledge. Whether or not the association secures such right, or acts upon
It when secured, is of no consequence to the borrower and has no effect on
his rights or obligations.
Contractual Relationship Declared Unchanged.
Consequently, the Act of 1932 does not effect any change in the contractual relationship between borrower and association by granting power
to the association. The exercise of the power does not impair any contract
entered into before the grant. There is merely a change in the statutory
rights of one of the parties to the contract. Only where rights created
by a law are themselvese contractual and not merely permissive does a
change in the law alter the terms of a contract existing before the change:
Coombes v. Getz, 285 U. S. 434, 76 L. Ed. 866 (1932).
Furthermore, it can not be said that the mere legal disability of a
contracting party to deal with a contract can not be removed by subsequent
enabling legislation. If the disability is not recognized in the contract
and does not enter into the nature of the rights of either party, and if no
provision is made respecting such right if the disability be removed, such
removal by statute does not impair the obligation of the contract. See
Gray v. Monongahela Navigation Co., 2 W. & S. 156 (1841), where, at
page 159, Chief Justice Gibson said:
. . A grant of additional privileges to a corporation has certainly not been
thought an invasion of the contract which exists between it and subscribers to Its
stook. ...
See also Cross v. The Peach Bottom Railway Co., 90 Pa. 392 (1879),
where the giving of additional privileges to a corporation was held not to
be an invasion of the contract of subscription for its stock.
Terms of Earlier Act Repealed This Year.
The Act of May 25 1878, P. L. 155, as amended by the Act of June 10
1881, P. L. 107, No. 118, makes it a misdemeanor for any person, hank,
savings fund, building association or any corporation to repledge any
securities received for money lent or borrowed during the continuance
of the contract of hypothecation of such securities. Its terms are repealed
by the self-sustaining and unambiguous provisions of the Act of 1932, as
far as the repledging of stock of a building and loan association to a Federal
agency is concerned. The Act of 1878 is penal in its nature. No contractual
rights under it could have been created; none survive its repeal.
Of course the repledgee in any case can have, with respect to collateral
assigned to it, no higher rights than the building and loan association
enjoys. No repledge can adversely affect the rights of the member borrower.
He is entitled to a return of his assigned stock when he has paid the obligation it secures. His right to repay his loan before maturity given him by
the Act of April 10 1879, P. L. 16, as amended by the Act of April 30 1929,
P. L. 901, can not be denied him.
An association should not repledge any shares of stock assigned to it
unless accompanied by the obligation of the member borrower, nor for an
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at the
amount in excess of the amount remaining due on such obligation
member
time of the assignment. Were it to do otherwise, the right of the
officers of
borrower to a return of his property might be destroyed and the
the association might be charged with conversion.
The association should repay promptly to the repledgee any amounts
paid by the member borrower, and when final payment has been made by
him, it should secure the return of his collateral. It may seem elementary
to state the foregoing and to say that agencies of the United States Government may be expected to be properly advised as to the right of an
association to borrow and to pledge. However, it is well to make it clear
that an association can not avail itself of the provisions of the'Act of 1932
if by so doing it takes away the rights of a member borrower.
We believe that the Act of 1932 is a valid and constitutional amendment
and that, subject to the limitations it imposes, it gives to building and
loan associations the powers it prescribes without adversely affecting the
rights of metnber borrowers.
Therefore, you are advised that any building and loan association under
your supervision may within the limits prescribed by the Act of July 28
1932 pledge with the Reconstruction Finance Corporation, or any other
agency established under the authority of the United States Government
except National banks, any bonds and mortgages owned by it, or shares
of its stock pledged to it, whether the contracts with the member borrowers
giving it title to such assets were entered into prior to or after July 28 1932,
without the necessity of consent by the member borrowers concerned.
Reforms in Public Utility Company Financial Practices Advocated by Harry M. Addinsell of Chase
Harris Forbes Corp.
Sweeping reforms in public utility company financial
practices, for the good of both the investor and the public
utilities, were advocated on Dec. 15 by Harry M. Addinsell,
President of the Chase Harris Forbes Corp. Mr. Addinsell
addressed the Investment Bankers' Forum of the New York
University Graduate School of Business Administration in
co-operation with the Investment Bankers' Association of
America. The meeting was held in the Governors' Room
of the New York Stock Exchange.
After reviewing the history of public utility financing,
Mr.Addinsell,speaking as the head of one of the largest security issuing houses in the country, proposed changes in
security nomenclature better to identify the securities sold
to the public by utility companies, recommended refinements
in debenture financing in the interest of greater investment
safety, and advocated, among other changes, cessation of
the sale of holding company stocks to customers of utility
operating companies. Further simplification of capital
structures, universal use of the audit method of utility
accounting, re-arrangement of scattered groups of operating
subsidiaries into groups of sufficient size to permit of greater
economies in consolidated operation, and the gradual exchange of properties among the large systems so that geographic co-ordination of the units in each system may be
more logical, were also urged.
Past experience indicates the advisability of making improvements in practice which should be constructive in
that they will strengthen the credit standing of the utilities,
Mr. Addinsell said, although he declared that without the
holding company form of corporate organization the continued trend toward lower rates and better services might
well have been materially retarded. Funds could not have
been provided in sufficient quantity at low enough cost to
permit expansion and improvement of the facilities of countless small local operating organizations, with the resultant
decreases in rates. Mr. Addinsell further said:
Yet, to-day we hear from many sides great criticism of the holding
company. To it are laid all forms of financial evil. The failure of certain
large units has caused advocates of governmental ownership to class nearly
all holding companies as devoid of real merit. This broad criticism I
believe to be ill-founded and unjustified. Many examples abound to-day
of holding companies which were, and are, strong, solvent and essential
to the industry.
That the holding company is susceptible of mismanagement none will
deny. Likewise, none will deny that some practices indulged in during
the past must be eliminated in the future. One of these is the unwise
use of operating company credit to assist the holding company. "Upstream" advances of funds from subsidiary to parent should not occur.
The operating company is in the business of supplying its customers with
the best possible service at the lowest possible cost commensurate with
a fair return to investors in its securities. A sound financial condition
is essential to the proper functioning of this duty. Loans to weaker parents
or the use of operating companies' credit to provide funds for other unrelated organizations cannot be condoned. Similarly, the disposition of
earnings availaole for dividends must be guided not by what the holding
company requires, but by prudent business Judgment as to what is best
for the operating company. Fortunately, the capable and intelligent
management of the leaders of the industry and of the investment banking
fraternity recognize the unsoundness of this practice and steps have been
and will be taken to cure it.
As to the exchange of properties among the large systems
in order to obtain better geographic co-ordination, he said
that a notable step had been taken in this direction in 1930
by the North American Co. when it sold to Pacific Gas &
Electric Co. its controlling interest in the San Joaquin Light
& Power Corp., the Great Western Power Co. and Midland
Counties Public Service. Corp. These companies were
physically interconnected with the properties of Pacific Gas
4500
Financial Chronicle
& Electric Co. and the exchange thereof by North American
for a large stock interest in Pacific Gas & Electric was a logical
and foresighted step, he said. By this type of exchange a
better integration of management and control can be accomplished. It is not necessary, he asserted, that each holding
company should control properties in only one State. Public
utility financial statements should be so arranged as to
make them capable of analysis by the average well informed
investor and "much good could be accomplished by the adoption of a uniform classification of accounts for holding
companies," Mr. Addinsell stated. He continued:
The desirability of the sale of equity securities of holding companies to
Customers of the operating companies is open to serious question. Prior
to the fall of 1929 this type of preferred and common stock was sold.
in
some cases, to the uninformed customer of the local operating company.
Local company employees became high-pressure salesmen for holding companies' securities. Purchasers may have believed that the securities
Which they were buying represented in substance, if not in name,
the
earnings power of the local company. The fluctuations of business conditions and earning power are more pronounced in their effect on holding
Company's securities than on those of the operating subsidiaries. Unfortunate financial losses to these customers and impaired public relations
of the utilities have on occasion been the result. The customers of the
Operating company are generally not In a position to take the oridnary
business risks incident to the purchase of holding company junior securities.
A primary object of customer ownership sales should be to insure safety
of investment for the customer.
The speaker said there were numerous technical details
concerned with corporate financing "which we recognize are
capable of improvement. Of these I will mention only one;
this is the need for a further strengthening of the negative
pledge clause contained in most unsecured debenture agreements. If this is not done the time may well arrive when
a continued decline in the value of pledged assets will result
in a continued pledging of additional assets until the supposed security behind the debentures had been entirely
subjected to the pledge. A further decline would then
wipe out the debenture holders without giving them any
possibility of recouping their losses. It is alleged that this
is exactly what took place in the Insull situation, with a
fatal effect on debentures which originally had behind them
a full sufficiency of assets."
Important steps are already being made by many companies in the further simplification of capital structure,
Mr. Addinsell said, and he recommended their continuance.
As to the future, he thought that new funds for public
utilities would be raised primarily through the issuance of
mortgage bonds. As the country gradually emerged from
the present period of reduced earnings and generally inactive business, equity securities would again be utilized as
an important means of providing capital. Common stocks
of sound operating companies would then be regarded,
more than ever before, as an investment medium. He said
he looked to the continued use of the holding company as
a means for economic and efficient financing and management of operating properties, and asserted that their operations would be carried on in a sounder, more conserva
tive
fashion. The speaker pointed out that the year 1932
was
marked by the completion of many difficult financial tasks,
the utilities alone entering the year with the problem
of'
refunding over $377,000,000 of maturities, exclusive
of
traction and rapid transit securities. At the present
time
only about 6% of the total maturities of 1932 remain unpaid,
Mr. Addinsell said, adding that this accomplishment
signified a high degree of co-operation between banks,
investment
bankers, the utility companies and the investing
public.
In some cases it had been impossible to provide these
funds
through security flotations, the banks stepping in with
temporary assistance in the form of bank loans which
were
subsequently liquidated. Mr. Addinsell also observed
:
The utility
Industry finds itself well prepared for the
future. During
1933. maturing Issues will be considerably
less than last year. Excluding
tractions, the aggregate of maturities
next year is only about $208.000.000
as compared with $377.000.000 last
year. It appears probable, therefore.
that the amount of utility financing
during 1933 will be considerably less
than in 19.12.although a return of
business conditions to a more normal
level during the year might well result
In the sale of a larger amount of
securities for providing new capital than
would now be expected.
There are comparatively few weak spots let' in
the holding
company field, he added.
Mid-Winter Trust Conferente to Be Held in Ne w
York
Feb. 14-16.
The fourteenth annum mid-winter trust dnference of
the Trust Division. American Banker As.sociation, will
be
held Feb. 14,
and 16 1933 at the wasdorf-Astoria Hotel,
New York,r.ty, it is announced by xt. M. Sims, Presiden
t
of the D'vision, Vice-President American Trust Co., San
Francisco. The annual banvet will bring the conference
Dec. 31 1932
to a close the evening of Feb. 16. "The most substantial
service a trustee renders its beneficiaries is the conservation
of estates and this subject will be the keynote of the midwinter trust conference this year," Mr. Sims says in his
announcement. "To this end a program is being prepared
which will give special attention to the administration of
trust funds and to investment problems from the standpoint
of the trust officer." About 1,000 trust men and bankers
from all sections of the country are expected to attend the
conference.
ITEMS ABOUT BANKS, TRUST COMPANIES, 8ce.
The sale of a National Metal Exchange membership was
made Dec. 27, at $750, unchanged from the last previous
sale.
Arrangements were made Dec. 28, for the sale of a National Raw Silk Exchange membership at $1,350, an increase of $250 over the previous sale.
F. Abbot Goodhue, President of the Bank of the Manhattan
Co. of New York City, announced on Dec. 27 the promotion
of Rosser J. Smith from Assistant Cashier to Assistant Vice.
President.
Frank C. Meyer, a Second Vice-President of the Chase
National Bank, New York, died on Dec. 23 of bronchial
pneumonia. Mr. Meyer, who was 49 years old, was a member
of the staff of the Garfield branch of the bank. His banking
career began in 1904, when he became Secretary to the
President of the National Shoe & Leather Bank. Shortly
after, Mr. Meyer became associated with the old Metropolitan Bank, which was merged with the Chase National in
1921. After the merger the Metropolitan Bank became known
as the Prince Street branch of the Chase. He remained
with this branch until about three years ago, when he took
charge of the branch located at Worth Street. Last year he
was transferred to the Garfield branch.
Howard S. Cullman, one of the Commissioners of the
Port of New York Authority, was elected a Director of the
New York Title & Mortgage Co. on Dec. 21. Mr. Cullman
is a partner in Cullman Bros., Inc., cigar leaf tobacco merchants, now in the third generation, at 161 Front Street.
Mr. Cullman has been a Commissioner of the Port of New
York Authority since 1927. He is a Director of the County
Trust Co. He was formerly Director of the International
Acceptance Bank, Inc.
Moses Suydam Lott, President of the Kingsboro National
Bank, Brooklyn, died suddenly of a heart attack on Dec. 24,
at the age of 71 years. He had been at the bank on Dec. 23.
Mr. Lott had been a banker in the metropolitan area about
50 years. He started his career in Brooklyn as Vice-President of the Washington Trust Co., in which capacity he
served with the bank for 15 years. When the Corn Exchange
Bank Trust Co. took over the Washington Trust, he continued
with the new institution as an officer. About a year after
the merger he became Vice-President of the Lincoln Trust
Co. of Manhattan. Subsequently he joined the Mechanics &
Metals National Bank as Vice-President, and when this
bank was merged with the Chase National Bank he became
manager of the Worth Street branch of the Chase. Three
years later, with the intention of retiring from business,
Mr. Lott resigned from the post. Later, on the plea of
friends, he aided in the formation of the Kingsboro National
Bank. The bank was opened in 1929 and he was made a
Director. Three years ago he was elected President.
New York Supreme Court Justice Cotillo approved yesterday, Dec. 30, the application of State Superintendent of
Banks Broderick for permission to pay an additional 10%
dividend to depositors and other creditors of the closed Bank
of United States. The payment is scheduled to be made
to-day and will require $13,362,494. It will bring the total
dividend payments to date to 55%.
The Lincoln Savings Bank of Brooklyn, with main offices
at 531 Broadway, and the Fort Hamilton Savings Bank,
5th Ave. and 74th St., Brooklyn, were merged yesterday
morning (Dec. 30) according to the Brooklyn "Daily Eagle."
The merger is effected under the name of the Lincoln Savings Bank. In its account of the union the "Eagle" says—
Announcement of the merger was made following meetings
of the trustees of each of the institutions and receipt of official approval
from Bank
Superintendent Broderick.
Volume 135
Financial Chronicle
The merger marks the third time in its history that the Lincoln has increased its size and facihtles through mergers with other mutual savings
banks.
Charles Froeb, present Lincoln President, will continue to head the enlarged institution, which will now have more than 160,000 depositors and
assets of $123.000.000.
August H. Wenzel of the Lincoln will be in charge of the new branch.
None of the officers or trustees of the Fort Hamilton will be taken over.
President Froeb made the following statement:
"Many of our depositors who formerly lived in the neighborhood of the
main office at 531 Broadway have settled in other sections of Brooklyn and
for that reason it has been necessary to extend the services of the Lincoln
throughout the Borough.
"I am happy to say that all of the employees of the Fort Hamilton will be
retained by the Lincoln. Beginning Jan. 3, the Fort Hamilton Savings
Bank will be conducted as the Lincoln Savings Bank.
"The success which the Lincoln has had with previous mergers proves the
value of enlarged facilities through branch offices. The same business
methods used at the Williamsburg and Flatbush offices will be applied at
Fort Hamilton and should tend immediately to promote growth of that
office to the good of the community." . . .
Now Has Four Offices.
Consolidation of the two banks gives the Lincoln four offices, the largest
number operated by any savings bank in Brooklyn. In addition to its
main office at 531 Broadway. it maintains a Williamsburg office on Graham
Ave. near Broadway and a Flatbush unit at Nostrand Ave.
Both these branches were acquired through mergers. The Williamsburg
unit was formerly the Sumner Savings Bank. and was absorbed in August
1924. The Flatbush office was the Church Lane Savings Bank until taken
over by the Lincoln in October 1930. The latter branch was moved from
3022 Church Ave. to its present location in September of this year.
The State law provides that a savings bank may actually open and
operate but one unit, but no limit is set as to the number of branches which
may be acquired through consolidation.
The Lincoln Savings was founded in 1866 as the German Savings Bank.
It changed its name to the present title in 1918. One of the oldest of
Brooklyn's mutuaLs. It has enjoyed continuous growth.
Charles Froeb has been President since 1914. Other officers are Joseph
Huber, First Vice President; T. Engelhardt, Second Vice-President; Fred
Gretsch, Third Vice-President; George H. Doscher, Secretary and Cashier;
Louis C. Volgt. John A. Elbe, A. H. Wenzel. George Neumann and Harry
J. Smith, Assistant Cashiers; William 0. Hundt, Assistant Cashier and
Auditor. .
The Fort Hamilton Savings was founded in September 1923. It has
enjoyed steady growth. Work on enlarging and remodeling its quarters
was begun last May and is continuing at present.
James L. Meeks has been the bank's only President. . . . Other officers of the merged institution included Albert Entenman, First
Vice-President; Thomas F. Wogan,Second Vice-President; Barth S. Cronin.
Treasurer; Jeremiah J. O'Leary, J. Daniel Smith, Cashiers.
A Middleport, N. Y., dispatch, on Dec. 23, to the New York
"Times," stated that checks amounting to $74,146 had been
mailed to the 691 depositors of the First National Bank of
Middleport, making a total of $181,179, or 54%, repaid. The
bank closed on Dec. 18 1931, as noted in our issue of Dec. 26
of that year, page 4271.
From the Boston "Transcript" of Dec. 20 it is learnt
that Judge Charles H. Donahue of the Massachusetts Supreme Court on that day authorized Arthur Guy, Bank Commissioner for Massachusetts, to pay a dividend of 10% to
depositors in the savings department of the Salem Trust Co.
of Salem, Mass., amounting to $127,663. The paper mentioned, continuing, said:
The Court also authorized the Bank Commissioner to borrow $25,000
from the commercial department of the bank in order to make payment
of the dividend possible to every depositor in the savings department.
The dividend is the second to the savings department depositors since the
closing of the institution, a previous dividend of 15% having been authorized
by the Court last August.
The Salem Trust Co., a subsidiary of the Federal National
Bank of Boston, closed on Dec. 15 1931, when the latter
institution failed to open. Our last previous reference to
its affairs appeared in the "Chronicle" of Nov. 26 last,
page 3640.
Oliver B. Ellsworth, heretofore a Vice-President of the
Riverside Trust Co. of Hartford, Conn., was last week promoted to the Presidency of the institution to succeed the
late Harry A. Allen, who had been President since the
reorganization and reopening of the institution in September
1931. In reporting Mr. Ellsworth's advancement to the
Presidency, which became effective at once, the Hartford
"Courant" of Dec. 22 said in part:
.
. Mr. Ellsworth first became associated with the Riverside Trust
Co. as a member of the stockholders' reorganization committee. He took
a prominent part in the work, especially in the formulation of the plans,
in the course of which his familiarity with banking was recognized.
Although a resident of Portland, Conn., be found time to give personal
attention to the detail work involved. . • •
President Ellsworth is a resident of Portland, where he was born July 17
1897, and where he received his early education. He began his banking
career in 1919, entering the employ of the First National Bank of Portland. Five years later, when only 27 years of age, he was elected President
He was then the youngest National bank President in the United States.
Mr. Ellsworth had a prominent part in the merger of the First National
Bank of Portland and the Freestone Savings Bank, which were brought
together to form the Portland Trust Co. in 1925. He was elected Secretary
and Treasurer of the consolidated bank.
On Jan. 6 1932 Mr. Ellsworth was elected Vice-President of the Riverside
Trust Co. Since that time he has devoted himself almost exclusively to its
business affairs. He continued in the capacity of director of the Portland
Trust Co.
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Mr. Ellsworth is a director of the Middletown National Bank of Middletown, Coon.; President of the Middletown Clearing House Association;
Treasurer of the Middlesex County Historical Society, and a director of
the Middlesex Hospital of Middletown.
During the World War Mr. Ellsworth enlisted as a private in the ambulance
corps, and served in France. At the end of the war he was discharged with
the rank of first lieutenant. He is now a captain in the Medical Adminiatrative Reserve Corps, U S A
With reference to the affairs of the Steneck Trust Co. of
Hoboken, N. J., the closing of which on June 27 1931 was
noted in our July 4 1931 issue, page 61, Trenton advices
on Dec.27 to the New York "Times"contained the following:
State Banking Commissioner William H. Kelly petitioned the Court of
Chancery to-day (Dec. 27) for authority to pay an 8% dividend, amounting
to about $552000. to general creditors of the closed Steneck Trust Co. of
Hoboken. The greater part of the dividend will go to depositors.
As of Dec. 12 1932, the First National Bank of Donors,
Pa., went into voluntary liquidation. The institution, which
was capitalized at $125,000, was succeeded by the Union
National Bank of Donors,.
Effective Dec. 191932, the Lehigh Valley National Bank
of Bethlehem, Pa., capitalized at $400,000, was placed in
voluntary liquidation. The institution was absorbed by the
First National Bank & Trust Co. of Bethlehem.
Concerning the affairs of the Duquesne National Bank of
Pittsburgh, Pa. (the closing of which on Nov. 15 last was
reported in our issue of Nov. 19, page 3471), the Pittsburgh
"Post Gazette" of Dec. 24 carried the following:
An assessment of 5500.000 made upon the shareholders of the closed
Duquesne National Bank of Pittsburgh has already brought in a substantial sum for the benefit of depositors and other creditors of the bank
it became known late yesterday (Dec. 23). No indication was given as to
when any dividend distribution can be made.
Although allowed until Jan. 7 1933 to pay 25% of the assessment, and
granted the further privilege of paying the balance in similar amounts during
February, March and April, many shareholders are paying before Jan. 1 to
be able to charge off the amount of the 25% payment in making their
income tax returns for 1932, according to C. 0. Thomas, receiver for the
Duquesne National.
The assessment was levied by F. G. Awalt, Acting Comptroller of the
Currency, who directed Thomas to "take all necessary proceedings, by
suit or otherwise," to enforce the individual liability of the shareholders.
under which each of the latter is liable for 100% of the par value of the
stock he owns. The assessment has been found necessary in order to pay
the debts of the bank. Await stated in his notice of demand.
When the Duquesne National closed, Nov. 15. an announcement by
the directors did not disclose the condition of the institution at that time.
In the last statement of national banks called for on Sept. 30 (1932) the
Duquesne National reported resources of 59.178.451.03. A paid-in capital
stock of $500.000 was listed, with a $1,000.000 surplus. There were demand
deposits of $2,372,966.50 and time deposits of $1,761,865.31.
of Directors of Mitten Men & Management
Bank & Trust Co., of Philadelphia, Pa., announce the
resignation of C. George Doyle as Assistant Secretary,
effective to-day, Dec. 31, according to the Philadelphia
"Ledger" of Dec. 29. Mr. Doyle was the executive in
charge of advertising and business extension for several years,
it was stated.
F The Board
As an aftermath to the closing on July 14 last of the Bank
of Brightwood of Washington, D. C., Ramond L. Schreiner
former President of the institution, was sentenced on Dec. 16
to three years' imprisonment by Justice Daniel W. O'Donoghue in the District Supreme Court. The Washington
"Post" of Dec. 17, from which this is learnt, after stating
that the former banker would be eligible for parole in six
months, continuing, said in part:
Pleading guilty two months ago to a charge of embezzling approximately
$15,000 of the funds of the bank, Schreiner. through his attorneys. Harvey
L. Cobb and Daniel S. Ring, threw himself on the mercy of the Court.
He produced two letters written by depositors in the bank asking that he
be placed on probation. Both depositors had more than $9,000 in the
Institution.
A petition bearing the signatures of 300 persons who lost money when
the bank was closed, was presented to Justice O'Donoghue. The tenor of
this petition was that Schreiner should be denied probation.
In asking for leniency for Schreiner, Mr. Cobb said that all his mistakes
had been mistakes of judgment and that no criminality was shown in any
of them. It was stated by the attorney that some $68,000 was the amount
of shortage existing in the bank's accounts. A portion of this is covered
by Schreiner's bond.
Schreiner, now only 34 years old, . . . began working in the bank
at the age of 24, and soon worked his way up to the Presidency of the Institution, which was closed early in the summer.
The reopening on Jan. 2 1933 of the Farmers' State Bank
of Valparaiso, Ind., was announced on Dec. 21, according
to advices from that place on Dec. 22 to the Indianapolis
"News." The dispatch went on to say that since its closing
about a year ago J. E. Ohlfest, the former Cashier, has been
in charge as liquidator, under the direction of the Indiana
State Banking Department.
4502
Financial Chronicle
A dispatch from Evansville, Ind., on Dec. 21 to the Chicago
"Tribune," stated that the directors of the Central Union
Bank of Evansville, closed since Jan. 11 1932, had announced
a 4% dividend to some 5,000 depositors of the institution,
aggregating $87,500, to be paid beginning Dec. 22.
It is learnt from the Chicago "News" of Dec. 22 that Judge
Hugo M. Friend, of the Circuit Court, the previous day
entered an order authorizing Receiver H. C. Vernon of the
Chatfield Trust & Savings Bank of Chicago, Ill., to pay a
dividend of 15% to the depositors. The total to be paid is
$40,541. The bank was closed on June 22 1932, as noted in
our issue of June 25 last, page 4606.
Dec. 31 1932
Three Illinois State Banks were closed on Dec. 27 by Oscar
Nelson, State Auditor for Illinois. The institutions are the
Norwood Park Trust & Savings Bank of Chicago; the State
Bank of Franklin Park, and the State Bank of River Grove
at River Grove. The Franklin Park institution was closed
for examination and adjustment and the other banks at the
request of their respective directors. Chicago advices on
Dec. 27 to the New York Times, from which the above information is obtained, went on to say:
The Norwood Park bank has a capital of $100,000, a surplus of $20,000
and deposits of $80,000. The Franklin Park bank's report showed capital
of $75,000, surplus of $20,000 and deposits of $175,000. The River Grove
bank has a capital of $25,000, a surplus of $10,000 and deposits of $40,000.
Walter R. Bimson has resigned as an Assistant VicePresident of the Harris Trust & Savings Bank of Chicago,
Ill., to accept the Presidency of the Valley Bank & Trust
Co. of Phoenix, Ariz., according to the Chicago "Tribune"
of Dec.25, which went on to say:
The Comptroller of the Currency on Dec. 19, 1932 granted
a charter to the Illinois National Bank & Trust Co. of Rockford, Ill. The new bank, which represents a conversion of the
Illinois Bank & Trust Co. of Rockford, is capitalized at
$200,000. Edwin Mead and Eugene Abegg are President and
Cashier, respectively, of the new institution.
The bank is the largest in the State of Arizona and branches In nine
towns in that State, with deposits of over seven million dollars.
Mr. Bimson has been with the Harris Trust & Savings Bank of Chicago
for over 12 years, having entered the employ of that bank soon after the
war, when he resigned from the United States Navy. He has been active
in the Illinois Emergency Relief work and has resigned as Treasurer of the
special work fund.
•
A membership in the Chicago Stock Exchange was posted
Dec. 23,for transfer to Charles S. Garland, resident partner
of the New York brokerage firm of Brown Brothers, Harriman & Co.
George M. Reynolds, Chairman of the Board of Directors
of the Continental Illinois National Bank & Trust Co. of
Chicago, announced on Wednesday of this week, Dec. 28, his
resignation from that office and his retirement from active
banking. Mr. Reynolds' resignation will become effective
Jan. 7. He expects shortly thereafter to depart for California, where he will pass the rest of the winter. He will
continue as a director of the bank. Considerations of health
and a desire to have a few years of rest after more than
half a century of banking, Mr. Reynolds said led to his decision to retire. A statement issued by Mr. Reynolds—as
contained in a Chicago dispatch on Dec. 28 to the New
York Times, from which the foregoing is also taken—read
as follows:
"On the 15th of Jan. I shall be 68 years old. I have been in the banking
business for more than fifty-two years. Since the age of 15 I have had
no freedom from business responsibilities.
"For some time I have felt that I should like the remaining years of
my life to be free from business and its demands, so that Mrs. Reynolds
and I might do some of those things which we have long wanted to do.
"She has'accommodated herself to my schedule for so long that turnabout
seems fair play. This desire to retire from active responsibility in the
management of the bank has been known to my associates, but recently I
came to the conclusion that I could properly ask to be relieved of those
definite duties imposed on me by my position as Chairman of the Board
of Directors.
"Accordingly I have tendered my resignation, and it has been accepted,
effective Jan. 7, 1933.
"When I came to Chicago, the first of Dec., 1997, the population of the
City was 1,600,000. It is now approximately 3,600,000. The deposits in
the city at that time were approximately $380,000,000. They are now
approximately $3,200,000,000 and during this period of time the development of Chicago and this section of America and America itself has been
the greatest in any equal period of time in any country in the world."
The dispatch mentioned furthermore said in part:
No successor to Mr. Reynolds as Chairman of the Board was Indicated
to-day (Dec. 29). It is considered probable that the matter will be taken
up at the directors' meeting on Jan. 13. * * *
Mr. Reynolds, as Chairman of the Board of the largest bank west of
New York City, has been one of the leading financial figures of the country.
In addition to retiring from active service with his own bank, he will give
up the Chairmanship of the Chicago Clearing House Association, a position
that he has held since he succeeded James R. Forgan ten years ago. He
will retire also from the Board of the Federal Reserve Bank of Chicago
aftr eighteen years' service, and will relinguish the Chairmanship of the
National Credit Corporation.
Mr. Reynolds began his career as a clerk in a small town bank in Guthrie
County, Iowa. He moved to Hastings, Neb., in 1886 and engaged in the
farm-loan business for two years. Later he was cashier of the Des Moines
National Bank, Des Moines, Iowa, and in 1895 became its President.
In 1897 Mr. Reynolds was summoned to Chicago to be Cashier of the
Continental National Bank, a position that he held for five years. Then,
after serving as Vice President for four years, he became President of that
bank in 1908 and continued as President, after its consolidation with the
Commercial National Bank until in 1921, when he was made Chairman
of the Board.
He became Chairman of the Board of the Continental National Bank &
Trust Co. in 1927, when the Continental & Commercial National Bank and
the Continental & Commercial Trust de Savings Bank were consolidated.
In 1929 when this institution merged with the Illinois Merchants' Trust
Co. to form the Continental Illinois Bank & Trust Company, Mr. Reynoldh was
made Chairman of the executive committee, and his brother, Arthur Reynolds,
became Chairman of the Board.
On May 4 last, when Arthur Reynolds retired from the Chairmanship of
the Continental Illinois Bank, George Reynolds succeeded him.
On Oct. 17 the bank became a national institution and changed its name
to the Continental Illinois National Bank & Trust Co. •••
In addition to his banking connections, Mr. Reynolds is a director of
the New York Life Insurance Co., the Pullman Co. and the Union Carbide &
•
Carbon Corp. He was President of the American Bankers' Association in
1909 and in the same year accompanied the National Monetary Commission
to Europe. During the War Mr. Reynolds was President of the Citizens'
War Board of Chicago.
,
Monroe, Mich., advices, on Dec. 21, appearing in the Toledo
"Blade," stated that Circuit Judge Jesse H. Root had signed
an order on Dec. 20 whereby A. E. Shinevar, Monroe, receiver of the People's Bank at Ida, is allowed to pay a 10%
dividend to the 200 depositors. The dividend will approximate $17,600 and be paid during the holidays. Depositors
previously were paid a 25% dividend, it was said.
Elvin E. Johnson, Vice-President of the Livestock National
Bank of Omaha, Neb., and President of the Omaha Clearing
House, recently celebrated the 25th anniversary of his connection with the bank, according to the "Commercial West"
of Dec. 24. Mr. Johnson has been with the institution since
It opened for business Dec. 9 1907.
Depositors of the Farmers' & Merchants' Bank at Kinston,
N.C., an institution which closed in April 1931, have received
an initial dividend of 5%, totaling $18,689, according to a
dispatch from Kinston on Dec. 21, printed in the Raleigh
"News and Observer."
Dividend checks aggregating $32,000 were paid on Dec. 16
1932 to approximately 2,000 depositors of the defunct People's
Bank of Jacksonville, Fla., which closed July 5 1929, according to Associated Press advices from Jacksonville on that
date.
That dividends approximating $37,000 to depositors in
three Mississippi State banks in liquidation were being
prepared for immediate distribution was announced on Dec.
15 by J. S. Love, State Superintendent of Banks for Mississippi, according to Associated Press advices from Jackson,
Miss. The banks named were the Bolivar County Bank at
Rosedale; the Farmers' Bank at Osyka, and the D'Lo Guaranty Bank at D'Lo. The dispatch, continuing, said:
A 10% dividend of $15,000 will be distributed at Cleveland
(Bolivar
County), Love said; 12% at Osyka, approximating $9,000, and 5% at D'Lo,
amounting to $13,000.
The Superintendent said another distribution is in prospect at
the Rosedale bank within the next several weeks, and that the Banking
Department
is making an effort to pay dividends at a number of other points
before
the end of the year.
The directors of the Hibernia Bank & Trust Co. of New
Orleans, La., have declared out of the earnings for the
quarter ending Dec. 31 1932, a regular quarterly dividend
of $0.6234 (23'%) per share, on its capital stock, payable on
Jan. 1 1933, to stockholders of record Dec. 23 1932. This
dividend is at the rate of 10% per year on the $25.00 par
value stock and is the 108th consecutive dividend to be paid
by the Hibernia.
The first National Bank of Del Rio, Tex., capitalized at
$100,000, was placed in voluntary liquidation on Dec. 10, 1932.
The institution was taken over by the Del Rio National
Bank of the same place.
Associated Press advices from Glenwood Springs, Colo.,
on Dec. 21 reported the closing on that day of the Citizens'
National Bank of Glenwood Springs. The dispatch, continuing, said:
Volume 135
Financial Chronicle
of Directors, and Bank ExThe closing action was taken by the Board
to come here and take charge.
ordered
was
Pueblo
of
Male
M.
W.
aminer
of $590,000 and deposits of •
In its last statement the bank listed assets
Fred Wirth, Cashier; R. E.
$407,000. Officers are: G. H. Bell, President;
years ago.
Heisler, Assistant Cashier. The bank was founded 29
Closing of the First Bank of Hermosa Beach, Oalif., was
reported in a Los Angeles dispatch on Dec. 28 to the "Wall
Street Journal", which said:
of Hermosa Beach,
State Banking Department has closed the First Bank
reserves, states Edward C.
Calif., for inability to maintain the necessary
capital was re27,
Rainey, State Superintendent of Banks. As of Dec.
$69,500 and commerported at $50,000; surplus $2,500, savings deposits
cial deposits at $39,300.
The probable reopening of the First Inland National Bank
which
of Pendleton, Ore., is indicated in the following
16:
Dec.
of
n"
"Oregonia
Portland
the
in
appeared
Inland
A telegram received from Edwin Winter, Vice-President, First
with
National Bank, Pendleton, who has been in Washington in conference
officials of the Reconstruction Finance Corporation, said the Comptroller
a loan and its
of the Currency had approved the bank's application for
corporplans for reopening and that the matter now rests with the finance
be granted,
would
the
loan
ation. He expressed himself as confident
which would mean reopening of the bank. It was stated the bank, which
has been closed since Oct. 18, easily qualified for the loan requested. . . .
'
,
• The 58th annual report of the Banque Canadienne Nation
ale (head office Montreal),covering the fiscal year ended Nov.
30, 1932, has just recently,been issued. Net earnings for the
period, after the usual deductions, are shown in the statement as $972,075,. which when added to $205,169, the balance to credit of profit and loss brought forward from the
preceding fiscal year, made $1,117,244 available for distribution. This sum was appropriated as follows: $700,000 to
pay four quarterly dividends; $30,000 contributed to pension
fund;$112,000 to pay Dominion Government taxes, and $125,000 representing provision for payment.to the Treasurer of
the Province of Quebec under Statute 14 Geo. V. Ch. 3,
leaving a balance of $210,244 to be carried forward to the
current fiscal year's profit and loss account: The bank's
total assets are shown in the statement at $132,921,697 (as
compared with $150,210,246 the previous year) while total
deposits (savings and current) are shown at $105,570,316.
The institution's total liabilities to the shareholders (capital,
rest fund, dividends and undivided profits) are given at
$14,389,402.
The Royal Bank of Canada (head office Montreal) in its
annual statement released on Dec.29 through the New York
agency, shows liquid assets of $355,929,915, equal to 52.86%
of liabilities to the public. Total assets stand at $765,512,920. Included in the liquid assets are cash holdings of
$164,630,724, which is equal to more than 24% of public
liabilities.
The statement (which covers the fiscal year ended Nov.
30 1932) cites evidence of the satisfactory manner in which
leading Canadian financial institutions have passed through
the unsettled conditions of the past year. Curtailed industrial and trading activity is reflected in lower commercial
loans and the increase in liquid assets over the previous year.
Savings deposits were well maintained, particularly in face
of the large Government loans put out during the year.
Total deposits at $619,094,143 show a reduction for the
year of less than 7% from $664,795,718.
Savings deposits also made a gratifying showing and at
$468,391,153 were down less than ,000,000. In view of
the large Government loans floated during the year, the total
would indicate a tendency among depositors to keep ample
cash balances and to add steadily to their savings, says the
report. Non-interest deposits, which in the main are the
working balances of business and farming customers, reflect
the curtailment of trade activity and lower prices. These
decreased to $128,983,165 from $170,913,903. The reduction in loan accounts more than offsets the reduction in
commercial deposits.
Earnings are declared to have held up well in view of the
lessened business activity and the lower interest rates at
reserve centers. Profits for the year were $4,861,849,
compared with $5,448,327. These profits fully covered
dividend requirements of $3,850,000, contribution to officers'
pension fund, appropriation for bank premises and reserves
for Dominion Government taxes.
For a number of years the bank has carried an unually
large amount in undivided profits. This year the directors
have authorized a transfer of $3,000,000 of this amount to
investment depreciation reserve, thus strengthening the
inner reserves of the bank to this extent and leaving $1,166,954 to be carried forward to credit of profit and loss account.
Dominion and Provincial Government securities are shown
as 9,448,844, compared with $85,473,058 at the end of the
previous year, while Canadian municipal securities and
British, foreign and Colonial public securities are shown as
$26,750,444, compared with $24,641,816 a year ago. Commercial loans stood at $360,562,286, against $419,345,043,
while call loans in Canada have been reduced to $28,951,263
from $39,137,268 and call loans elsewhere to $36,400,142
from $37,156,111. Reduced import and export trade
account for a reduction in letters of credit to $20,092,951
from $28,966,506.
The Royal Bank of Canada has combined capital, reserve
and undivided profits of $71,166,955 and maintains 835
branches in Canada, Newfoundland and abroad. Sir
Herbert S. Holt is President; A. J. Brown, K.C., Vice-President, and M. W. Wilson, Vice-President and General
Manager. The New York Agency is at 68 William Street.
The agents are Frederick T. Walker, John A. Beatson and
Edward C. Holahan.
4503
The annual report of Barclays Bank (Dominion, Colonial
and Overseas), head office London, covering the fiscal year
ended Sept. 30, 1932, has just come to hand. It shows net
profits for the twelve months (after having'made full provision for rebate and bad and doubtful debts) of £372,103,
which when added to £244,738, the balance to credit of profit
and loss brought forward from the preceding fiscal year,
made a total of £616,841 available for distribution. Out of
this amount allocations were made as follows: £80,000 to
take care of income tax, etc.;_f100,000 added to contingency
fund; £107,495 to pay interim dividends at the rate of 8%
per annum on the cumulative preference shares, and at the
rate of 4%% per annum on the "A" and "B" shares (less
income tax); £53,790 to take care of final dividend at the
rate of 8% per annum on the cumulative preference shares
each fully paid (less income tax), and £59,672 to pay
of
final dividend at the rate of 5% per annum on the "A"shares
of £1 each fully paid, and the "B" shares of £5 each, £1 paid
(less income tax), leaving a balance of £215,885 to be carried forward to the current fiscal year's profit and loss
account.
Total resources of the institution are shown in the statement as £82,535,886 of which £30,396,685 represent cash in
hand and other cash items, while current deposit and other
accounts, including reserve for income tax and contingencies
and balance of profit and loss, are given at £71,621,970. The
bank's paid-up capital is £4,975,500 and its reserve fund
£1,650,000. Frederick Craufurd Goodenough is Chairman
of the Board of Directors; Raoul Hector Foa, DeputyChairman, and Sir John Caulcutt, General Manager.
The ordinary general meeting of the shareholders of the
bank will be held in London on Jan. 19, 1933.
We are in receipt of the annual report of the National
Bank of Scotland, Ltd., (head office, Edinburgh), covering
the fiscal year ended Nov. 1 1932. The statement, which was
presented to the shareholders at their annual general meeting
on Dec. 22, shows net profits, after deducting expenses of
management at head office, London office, and 180 branches
and sub-offices, allowing for rebate, interest, &c., and after
making provision for all bad and doubtful debts not otherwise provided for, of £265,367. To this amount was added
£72,727, representing balance brought forward from the
preceding fiscal year, making together £338,094 available
for distribution. From this sum the following appropriations
were made: £132,000 to pay a dividend at the rate of 16%
per annum (this being exclusive of income tax of £44,000)
payable to the proprietors in equal parts on Jan. 10 and
July 11 1933; £100,000 credited to contingent fund; £25,000
applied in reduction of cost of heritable property and of
alterations, and £5,000 to staff widows' fund, leaving a
balance of £76,094 to be carried forward to the current year's
profit and loss account.
The bank's total resources are shown in the report as
£40,353,791,and deposit receipts, deposit accounts, current
accounts, and other creditor balances, at £33,867,669. The
paid-up capital of the institution is £1,100,000 and its reserve
fund £1,550,000, exclusive of the £132,000 set aside to meet
the dividend requirement, and £76,094 carried forward.
The Most Hon. the Marquis of Zetland is Governor; Sir
Hector Munro of Foulis, Bt., Deputy-Governor, and John
Taylor Leggat, General Manager of the institution, which
was established March 21 1825.
4504
Financial Chronicle
Dec. 31 1932
THE WEEK ON THE NEW YORK STOCK EXCHANGE. trading
onrFriday, but improved as the day progressed.
Under the leadership of the railroad issues, the stock mar- Around the noon
hour, prices started upward and as the
ket this week showed moderate improvement, a rallying rally developed momen
tum, many prominent issues among
tendancy with moderate gains in some of the leading issues. the railroad shares
and industrial stocks moved forward to
Trading has been in larger volume at times. Tobacco shares higher ground.
Tobacco stocks were under pressure during
have been heavy and for brief periods industrial stocks have the forenoon and the
losses among those stocks ran as high
been stronger. Call money renewed at 1% on Tuesday and as four or more points.
In the subsequent dealings some
continued unchanged at that rate on each and every day of of this loss was cancele
d. The principal changes for the
the week.
day were on the side of the advance and include
d among
The market recorded modest gains during the abbreviated others, American & Foreign
Power pref. 23% points to 103%,
session on Saturday. Trading was quiet and the changes American Smelting
pref. 4 points to 123%, Atchison pref.
were moderate, only a few of the more active stocks showing 23
4 points to 593%, Auburn Auto 23% points to 507
%,Bethlegains above a point. Railway shares were fractionally hem Steel pref. 33%
points to 29, Pacific Tel. & Tel. 2 points
higher, though Delaware & Hudson improved over a point to 80, Shell Union
Oil pref. 234 points to 383%, Sun Oil
at its best for the day. Drug, Inc., was in special demand pref. 2 points to
92 and Westinghouse pref. 4 points to 74.
during the early trading and moved up 134 points. Public The market was modera
tely firm at the close.
utilities were fairly firm, but showed only small gains and
TRANSACTIONS AT THE NEW YORK
STOCK EXCHANGE
oil stocks were in moderate demand. Further covering was
DAILY. WEEKLY AND YEARLY.
apparent and gave a firm undertone to stocks, but for the
Stocks,
Railroad
most part the market movements were insignificant. The
State.
United
Total
Week Ended
Number of and Missal. Munktpal ct
States
Bond
gains included among others, Allied Chemical & Dye,
Dec. 30 1932.
Shares.
Bonds.
Porn Bonds,
Bonds.
Sales.
13%
points to 78; American Can,4 points to 125; American Sugar Saturday
329.699 83.235,000
8949.000
8417,500 84.601,500
Monday
HOLI DAY
pref., 23% points to 833%; Coca-Cola, 334 points to
801,578
5.963,500
733%; Tuesday
2.597,500
1.754.000 10,315.000
Wednesda
y
Ingersoll-Rand, 13
1.581,670
9.055,000
4 points to 263
4.239.500
%;J. C. Penny, 4 points to Thursday
2,816,800 16.111.300
1.607,289 10,018.000
4,347.000
1,096.000 15,461.000
873%; Procter & Gamble pref., 23% points to 102, and Her- Friday
1,045.224
6.897.750
2.357.500
1,216.500 10.471,750
cules Powder pref., 5 points to 83.
Total
5.365.460 335.169.250 S14.490 500 37 500 gnn sca
am Mil
The stock market, the curb market and commodity marSales at
Week Ended Dec. 30.
Jaw. I to Dec. 30.
kets were closed on Monday, Dec. 26, in observance of
New York Stock
Exchange.
1932.
1931.
Christmas Day.
1932.
1931.
o. of shares
5,365,460
8.063,702
Trading was quiet and the market slightly easier on Tues- Stocks—N
424,590.721
576,765,954
Bonds.
Government bonds.._
37.300.800 813,360.600
day, and while there were occasional advances in some State
8569.487,850
8296,118,050
Sc foreign bonds_
14,490,50
16.531,500
753,901,600
908,455,600
special stocks, most of the changes were toward lower levels. Railroad & misc. bonds 35,169,2500 33,651,30
0 1.637,745,250 1,846.034.700
Tobacco shares were under pressure most of the time, AmeriTotal
856,960,550 363,543,400 82,961,134,700
83,050,608,350
can Tobacco B yielding more than a point and Reynolds
DAILY TRANSACTIONS AT THE BOSTON.
PHILADELPHIA AND
Tobacco was also down. Eastman Kodak and Homestake
BALTIMORE EXCHANGES.
Mining and a few other prominent issues were also down, due
Boston.
Philadelphia.
largely to tax-loss selling and year-end adjustments. RailBaUtmore.
West Ended
Dec.30 1932.
Shares. BondSaks. Shares. Bond Bales,
road stocks made the poorest showing, though the net loss
Shares. Bond Saktet
was largely fractional. Industrial and public utility shares Saturday
10,518
84,000
9,710
324.000
1.109
86.000
Monday
HOLI DAY
HOLI DAY
nou DAY
were fairly firm, but made little progress. The changes Tuesday
20,147
1.000
16,203
7,500
4,809
100.000
Wednesday
34,903
36,050
35,219
were, as a rule, on the side of the decline and included among Thursday
46,000
7,752
49.000
44,098
14,000
47.149
101,400
7,852
75,500
19,620
others American Tobacco 234 points to 54, Detroit Edison 2 Friday
3.000
15.193
4,103
28.000
points to 65, Homestake Mining 3 points to 156, National
Total
129,286
358,050 123,474 8178,900
25,625 2258,500
Lead pref. A 1% points to 106, West Penn. Electric pref. Prey. wk. revised_ 117.216 339.100 98.194 3210110
in 770 31206110
53
4 points to 39, United States Steel 1 point to 253%, Manhattan Elevated Gtd. 2 points to 15, American Home
COURSE OF BANK CLEARINGS.
Products 13% points to 3534, American Sugar Refining pref.
Bank
clearin
gs this week will again show a decrease as
23% points to 81 and Louisville & Nashville 1 point to 193%,
compared with a year ago. Preliminary figures compil
ed by
Irregularity characterized the trading on Wednesday, and
us, based upon telegraphic advices from the chief cities
of the
while the trend, on the whole, was mildly upward, there
country, indicate that for the week ended to-day (Saturday
were a number of prominent issues that sagged before the
Dec. 31), bank exchanges for all the cities of the United
close. The strong spots included such active issues as New States
from which it is possible to obtain weekly returns will
York Central, United Aircraft, Auburn Auto, Allied Chemibe 37.1% below those for the corresponding week last
year.
cal & Dye and Case Threshing Machine. Railroad stocks
Our preliminary total stands at $3,722,048,648
, against
also were active and showed modest gains at the close.
$5,917,970,907 for the same week in 1931. At
this center
The principal changes were on the side of the decline and
there is a loss for the five days ended Friday of 28.9%.
Our
Included among others, West Penn. Electric A 2 points to compar
ative summary for the week follows:
33, Yellow Taxi Cab & Coach 6% points to 193%, Spalding
1st pref. 203% points to 32, Ward Baking pref. (z)
Ckartrws—Returns by Telegraph.
23% points
Per
Week Ending Dec. 31.
to 133%, Union Pacific pref. 2% points to 62%, J. I. Case
1932.
1031.
Cent.
pref. 13
New York
% points to 493
4, Curtis Publishing Co. 2 points to Chicago
81,876,231,435 82,639.560.304 —28.9
136,043,005 „187.727.679 —27.5
42, Delaware & Hudson 23% points to 493%, International Philadelphia
195.000,000
194.000,000
+0.5
Boston
Business Machines 23% points to 883% and National Lead Kansas
120,000.000
173,000.000 —30.8
City
38,154,007
48,399,988 —21.2
i.,,
St. Louis
23% points to 573%•
46,300,00
0
53,100,00
0 —12.8
San Francisco
57,773,000
75,700,000 —26.8
Stocks were irregularly higher on Thursday, though the LO8 Angeles
No longer will re port: clearings.
Pittsburgh
49,368,06
market continued quiet and the undertone was fairly steady. Detroit
7
74.987.520 —34.1
36,787.986.. 64,301,616 —42.8
Cleveland
A few active stocks lagged behind the market, United
38,882,665
I 56,555,699 —31.2
States Baltimore
29,264,423
r. ,49,811,347 —41.2
Steel slipping back around noon time, though
24,859,499
21,682.828
+14.7
it sprinted New Orleans
forward later in the day and closed at
Twelve
cities,
five
263%, with a net gain Other cities. live daysdays
82,648,664,087 83,641,746.981 —27.3
of 15
% points. Other changes on the side
455,949.040
602,860,985 —24.4
of the advance
Total all cities, five days
were Air Reduction, 13% points to
S3,104,61
3,127
$4,244,60
7,966 —26.9
603%; Allied Chemical & All cities, one day
617,435,521
1,673,362,941 —63.1
Dye, 23% points to 823
4; American Can, 13% points to 553%;
Tntel 611 eltlaug Mr maalr
39 799 Ma Relit ea 017 0700111 —971
Amer. Tel. & Tel., 2 points to 1043
%; American Water
Works pref., 23% points to 50; Atchison, 13%
Complete and exact details for the week covered by the
points to 393%;
Auburn Auto, 13% points to 48%; J. I.
Case, 234 points to foregoing will appear in our issue of next week. We cannot
403%; Colorado & Southern, 4 points to 15; Delaware, Lacka- furnish them to-day, inasmuch as the week ends to-day
wanna & Western, 134 points to 213%; Johns-Manvil
(Saturday) and the Saturday figures will not be available
le pref., until noon
Accordingly, in the above the last day
13
4 points to 58; Norfolk & Western, 13
4 points to 1143%; of the weekto-day.
has to be in all cases estimated.
Public Service of New Jersey, Ui points to 523%;
Standard
In the elaborate detailed statement, however, which we
Gas & Electric pref., 2 points to 41; Union Pacific,
3 points present further below, we are able to give final and complete
to 703%; West Penn Electric pref., 23% points to 40;
Atlantic results for the week previous, the week ended Dec. 24. For
Coast Line, 134 points to 173%, and Corn Produc
that week there is a decrease of 15.6%, the aggregate of
ts, 19/i clearin
gs for the whole country being $4,506,399,391, against
points to 533%.
$5,339,932,431 in the same week in 1931. Outside of this
The market was decidedly irregular during the
early city there is a decrease of 12.9%, the bank clearings at this
Financial Chronicle
Volume 135
center recording a loss of 17.0%. We group the cities according to the Federak Reserve districts in which they are located,
and from this it appears that in the New York Reserve
Cistrict, including this city, the totals show a loss of 17.0%,
in the Boston. Reserve District of 27.7% and in the Philadelphia Reserve District of 15.7%. In the Cleveland Reserve District there is a decrease of 17.5% and in the Atlanta
Reserve District of 5.8% but in the Richmond ReserveDistrict
there is an increase of 20.3%. In the Chicago Reserve District the totals are smaller by 28.6% in the St. Louis Reserve
District by 10.7% and in the Minneapolis Reserve District
by 4.5%. 111 the Kansas City Reserve District the totals
show a diminution of 16.6%, in the Dallas Reserve District
of 11.3% and in the San Francisco Reserve District of 15.7%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
1932.
rederal Reserve Diets.
lit Bo8ton_ _ _ _ .12 cities
2nd New York. _12 "
3rd PhIladellthia 10 "
414, Cleveland_-- 6 "
lith Richmond._ 6 '
fith Atlanta_.__II "
7619 Chicago_ __ _20 ..
sts St. 1.ouls_.- 5 "
9th Minneapolis 7 "
10th Kata4aseity10 "
11th Dallas_ _ _ _ 5 "
11th San Fran_ _13 "
$
196.909.261
2,938,787,045
310.831,913
177.433.372
98,161.798
85.241,787
272.414.768
83,446.437
69,025,588
88.303,169
36,420,334
149,423,919
$
272,439.412
3,540,331,510
259,768.230
215.021,434
81.580,627
90,164,998
381.523.822
93,437,335
72,279.849
105,829.341
41,042,646
177.213.227
117 oltles
Total
Outalde N. Y. City
4.506.399.391
1.553.528.028
5,339.932,431 -15.6
1,898,411,695 -12.9
r•an*An
2 ditiali
9_
,
•14 763 771
OW
1930.
1929.
$
%
-27.7
331.256,885
-17.0 4,830,533,956
-15.7
429.731.129
-17.5
319.974.427
+10.3
125.877,248
-5.8
117.999.416
-28.6
614,198.578
-10.7
120,463,498
-4.5
138.371,848
-16.5
146,450,491
-113
49,248,867
-15.7
232791,471
nas 576 _11
5
7,406,903,813
2.700.643,136
noe 6/31
a.
$
431.539.701
6,075.094,427
604.889,495
367.000,516
148.023.572
149.706,369
806.194.107
177,056.685
110,247.914
173.933,961
82.937,577
307.890.080
9,434,436,404
2516.947.425
550665
5:4
Wo now add our detailed statement, showing last week's
igures for each city separately, for the four years:
Week Ended Dec. 24.
Clearings at
1932.
1931.
Inc. or
Dec.
$
s
%
First Federal Reserve Dist rict-Boston&sine-Bangor._
359,623
477,212 -24.6
Portland
1,891,959
2,097,662 -9.8
dass.-lio9ton.. 169,291,209 237,000,000 -24.6
Fall River_ __ _
596,918
717.980 -16.9
267,592
Lowell
188,601 -41.9
534,413
New Bedford
617,007 -13.4
2,536,236
Springfield. _ .._
3.281,721 -22.7
1,819.215
1,978.448 -8.0
r Worcester
8,708,499
'Min.-Hartford.
10.160.787 -14.3
3,339.181
New Haven_ _.
6,109.586 -45.3
7.247,400
9,221.600 -21.4
1.1.-Providence
4.11.-Manchefr
317.016
588.808 -46.2
Total (12 cities)
196.909,261
272.439.412 -27.7
1930.
1929.
6
3
471,349
2,643,854
294,092,910
750.815
412.132
614.730
3,578.994
2.372.697
10,408,589
6,242,844
9.209,900
458,071
463,716
2,884,066
386,197,410
1,116,219
1,006,994
1.393.713
3,665,694
2.594.793
12,311,591
6,640,435
12,704.500
556,570
331,256.885
431.539,701
Second Feder al Reserve D Istrict-New York
7,538,882
4,404,758
4,549,854
3,505,060 + 115.1
,I. Y.-Albany. _
Binghamton
847.814
962.075
800.167
638,043 +50.7
35,486,024
18.725.453
Buffalo
46,594,382
25,345,046 -26.1
Elmira
575,040
882,747
584.704
747.782 -23.1
Jamestown_ __ _
390,916
828.589
949.185
504.651 -22.5
New York.... 2,852,471,363 3.441,516.736 -17.1 4,706,260.587 5,917,488,979
8.794,764
Rochester
5.322,071
11.636,310
7.022,379 -24.2
3.133,349
4.312,296
Syracuse
4.970,613
3.170.649 -1.2
".,onn.-Stainford
2,347.507
4,290.512
3,542.002 -33.7
4,071,467
245,500
532,320
609.025
3117,000 -39.2
4, J.-M °Inman'
20.530.715
Newark
32,637,157
38,009,447
21,723,310 -5.5
26,144.174
Northern N. J_
32.218.446 -18.9
31.255.488
44.830,294
Total (12 citi06) 2,938.787.015 3,540,331.510 -17.0 4,830,533.956 6.075.094.427
Third Federal Reserve Dist rIct-Philad el ph I a334,785
1,048,727
480.565 -30.3
?6.-Altoona
Bethlehem_ __ _
354.686
1.030,437
663.679 -46.5
Chester
233.943
749.496
738.459 -68.3
1.022,875
Lancaster
1,372.379
1,592,247 -35.8
Phillidelphia__. 299.000.000 253,000.000 +18.2 412,000.000
1.637.803
Reading
2.418.283
1,987.848 -17.6
2,388,362
Scranton
3.574,059
3.147.730 -24.1
1.543.895
Wilkes-Barre_ _
2,366,634
1,813,308 -14.9
1,176,564
1,591,113
York
1,237,394 -4.9
3,139,000
4.107,000 -23.6
3,580,000
sT. j,-Trenton...
Total (10 cities)
310,831.913
Fourth Feder at
)1110-Akron....
Canton
Cincinnati
Cleveland
Columbus
Mansfield
Youngstown
pa,._pittsburgh.
268.768,230 +15.7
Reserve D istrict.-Cle
327,000
323.000
b
b
35,800,042
41,751.262
68.941,976
72,355.571
6,233.300
8,014.700
761,391
1,000.000
b
b
75.369.663
91.576.901
429,731.128
1,221.965
1,100.458
911.711
1,190,894
584.0000)0
2,996,570
4.412,988
2.934.080
1,685.995
4.354.834
604,809,495
veland
+1.2
13
-14.3
-18.5
-22.2
-23.9
b
-17.7
3,589,000
b
49.136,976
05.567.474
11.128,100
1.166,197
b
159,336,680
3,998.000
b
59.219,168
120.928.764
15,354.000
1,348,128
b
166,152,456
215,021.434 -17.5
319.974,427
367,000.516
Fifth Federal Reserve Dist rlet.- Rich rnond.-900,309
443.129
W.Va.-11 unt'g'n
465.994 -4.9
Va.-Norfolk
3.436,183
2.935.000
2.196,180 +33.6
31,182,000
28,987.982
Richmond ._ _ _
19,730.008 +46.9
1,434,100
858.993
1,000,000 -14.1
3. C.-Charleston
49,056.179
69,099.187
1.4d.-1)alti more _
39,659,401 +23.7
19,825.469
18.529.044 --14.3
15,880,515
D. (3.--wasavh
922.143
4,115.000
39,674,000
1,973,566
80,490,229
20.848.634
Total(6 cittes)_
Total(6 citles)_
177.433,372
81.580,627 +20.3
125,877.248
148,023,572
Sixth Federal Reserve Dist rict.-Atlan t9.2,106.579
2.913,451 -27.7
Fenn.-Knoxville
8.795.769
Nashville
9,327,240 -5.7
28.900.000
pa,- Atlanta.-25.500.000 +13.3
1,043,435
Augusta
939,631 +11.0
508.841
903,924 -43.7
Macon
ma.--Jacksonvie
8.054.026
9.879.427 -16.5
7.936.936
10,213.779 -22.3
ma -IiirmIng'm
865.312
936,219 -7.6
Mobile
1,354.000
936.000 +44.7
fd p.a.-Jackson_ _
95,697
+4.0
92,291
Vicksburg
25,581,192
28.823,036 -11.2
EA.-New Orrns.
1,500.000
14,355.346
38,27.1,433
1,408.026
1,092,991
11,0115.231
13,173,656
1.432.329
1,438,000
136,747
34.123,667
2.609,000
18.544,496
44,311.251
1,992,193
1,890.040
13.500.000
20.779.653
1,619,882
1.377.000
169,286
42.909,568
Total(11 cities)
98,161.798
85.241.787
90,464,998
-5.8
1932.
117,999,428
149,706.369
1931.
Inc. or
Dec.
Seventh Feder al Reserve D istrict.-Chi cago.127,523 -32.7
85,791
M Ich.-A drlan _
514,910 -20.1
Ann Arbor_ __411.556
86,881,589 -33.3
57,932,740
Detroit
2,873.729 -21.2
Grand Rapids _
2,264,067
1,239,000 -62.7
Lansing _ _ _ _ _ _
462.200
1,374,024 -41.2
Ind.-11. Wayne
806.997
11,475.000 -14.5
9,812.000
Indianapolis_ _
1,563,732 -38.7
South Bend_ _
959,310
3,124.675 -14.3
2.679.284
Terre Haute_ _ _
15,486,718 -32.2
Wls.-NIllwaukee
10,505,625
688.671 -12.0
605,968
Icova-Ced. Raps
4,461.852 -14.2
Des Moines_ _ _
5,095,687
2,428,594 -24.5
Sioux City_ _ _ _
1,833.791
416,831
Waterloo
837,415
Ill.-Bloom'g'n_
755.051
174.175.128 242,446.640 --28.2
Chicago
583.289 --21.4
458.734
Decatur
2,212.218 --16.0
1,859,136
Peoria
1,198,045 --70.8
Rockford
463.593
1.586.327 --21.3
1,248,110
Springfield_
Total (20 cities)
Inc or
Dec.
1931.
1Veek Ended Dec. 24.
Clearings at-
272,414,768
381,523,822 -28.6
Eighth Fedora 1 Reserve Dix trict.-St. L ouis.
Ind.-Evansville
64,100,000 -12.3
Mo.-St. Louis_ _
56,200.000
Ky.
17.483.138
17.266,706
.-Louisville
Owensboro
11,188,497 -14.5
Tenn.- Memphis
9,561,876
107.650 -73.5
Ill.-Jacksonville
28.631
557,850 -30.2
389,224
Quincy
1930.
1929.
184,252
194,229
536,110
554.477
119,475,400 170,084,643
4,330.241
4,482,549
1,794,868
2,224,333
2,345.068
3,297,366
14,030,000
20,218.000
1.727,962
3,252,387
3,883.891
4,600,147
19.857,204
26,469,466
2,514,356
2.534,789
5,504,679
8,105.755
2,914,060
5,161.332
555.696
1,169,470
1,210,902
1,287.423
125,383,255 541 950.883
871.069
981.897
2,830.733
4.277,533
2.387.518
3,061,175
1,861.314
2,384,253
614,198.578
806,296,107
99,40(000
18,602,751
125,900.000
29.658.841
1,811.173
138.629
.510,945
19,960,308
638.821
1,198.715
93.437.335 -10.7
120,463,498
177,0.56.685
Ninth Federal Reserve Dls tact-Minn eapolis
5,558.774 -39.6
3,355,924
Minn.-Duluth
45,619,923 -0.9
45,196,676
kl inneapolls_ _ _
16,390.606 -4.4
15.661.452
St. Paul
1,507.581 -3.2
N. Dak.-Fargo.
1,460.052
578.477 -9.7
B.0.-Aberdeen.
522.099
334.784 -15.6
Mozit.-Billings _
282,563
2.289.704 +11.2
2,546,822
Helena
5,767,916
59,425,146
17,374.430
1.597,977
894,265
547,371
2.744,743
6,107.035
76.506.427
20,899,116
1,725.020
963,184
499,414
3,545.718
-4.5
88,371,848
110,247.914
Tenth Federal Reserve DIs tact-Kens as City
131,648 -33.2
87.919
Neb.-Fremont _
150.737 -28.2
108,218
Hastings
1.932.148 -12.6
1,689.095
Lincoln
23,757.829 -22.1
18.5132.347
Omaha
3.061,317 -35.0
1.991.251
Kan.-Topeka
3.836.837 --8.6
3.506.903
Wichita
68,424,048 -14.0
Mo.-Kans, City
58.875.571
2,868.191 -13.3
St. Joseph_ _ _
2,487,078
Colo.-Col. Spgs.
669.195 --31.4
459,117
a
a
Denver
a
997,491 -40,3
Pueblo
595,670
279,768
359,509
2,326,825
33,565.528
3,210.290
5.451.654
95,162.691
4,122,541
845.371
a
1,134,364
288,471
425,018
2.847.771
34,665,952
3,192.548
6,739.000
117.871,336
5,201,253
1,092.770
a
I
1,509.802
105,829,341 -16.6
146,458,491
173,833.961
Eleventh Fede ral Reserve District-Da IlasTex.-Austin_ _ _ _
902,358 -29.0
640.961
Dallas
27.427.126
29.262,480 -6.3
Fort Worth_ - _
6.705,684 -32.5
4,524,284
Galveston
2,081,004 -13.4
1,802.000
La.-Shreveport _
2.091,124 -3.1
2,025,963
1,181,926
34.920,765
6,952,959
2,913,000
3,278,217
1,005,753
57,213.078
12,722,634
7,000.000
4,996.112
49,246,867
82.937,577
Total (5 cities)-
Total(7 cities).
Total 110 cities)
Total(5 cities)-
83.446.437
69,025.588
88,303,169
36,420,334
72.279,849
41,042,646 -11.3
Twelfth Feder al Reserve D 'strict-Sa n Frond sco-Wash.-Seattle.
20.842,735 -5.4
29,201.397
19.725.248
8,514.000
Spokane
6,051.000 -16.9
5,081.000
850,460
Yakima
477.400 -28.6
340.985
26,213,513
19,042,192 -24.5
Ore.-l'ortland. _
14,382.646
16,142.353
11,056.629
Utah-S. L. City
11,831,296
+7.0
3,549.808 -18.7
5,721,503
Cal.-Long Beach
2.884,365
Los Angeles... No longer will report clearin gs.
4.124.082
3.021,736 -15.8
Pasadena
2.545,501
4,718.873
10.012.093 -34.4
6,569,050
Sacramento_ _ _
San Diego _ _
98.184.109 -16.5 130,612,997
81,965.432
San Francisco_
2.078.617
1.700.337 -17.9
1,395,509
San Jose
1,685.016
1,010,184 -11.3
896,138
Banta Barbara _
1.567.660
926,936 -12.0
815,391
Santa Monica_
1,361.000
1,338,064 -25.9
991,318
Stockton
36.147.924
10.793.000
1,442.601
31.731.026
19,921,526
6,896.743
4,541,372
5,120,026
e
4
183.558,628
2,549,879
1,500.000
1,564,854
2,008.500
Total(13 cafes) 149.423,919 177.213,227 -15.7 232,791,471 307,890,080
Grand total (117
4.506,399,391 5,339.932.431 -15.6 7,406,903.823 9.434.436,404
Cities)
Outside N.Y
1,653.528.028 1,898,415,695 -12.9 2,700,643.236 2,516,947.425
Week Ended Dec. 22.
Clearings atCanada-
1932.
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Frot William_
New Westminster
Medicine Hat _
Peterborough__
Sherbrooke
Kitchener
Windsor
Prince Albert..
Moncton
Kingston
Chatham
Sarnia
Sudbury
o.o.-.2a-iw"..camt.wooncelg.wwwWcIao
wo,.mocpowolotoowoo.,bowc,,wcpa.•
Week Ended Dec. 24.
4505
Total (32 cities)
258,762,771
1931.
3
91,619,344
85.942,268
44.764,792
14,893,313
6.439.076
5,046,992
2.569.075
4,415,822
6,621,366
2,137,516
1.734,524
3,260,416
4.727.203
3,481,267
392,120
446,213
1,436.788
730,141
1,030.664
727,698
571,284
266.676
819.394
703,55
1,172,55
2.695,42
354,36
851.13
641.33
707.41
615.37
619,11
Inc. or
Dec.
1930.
$
1929.
$
To
-20.2
-3.8
+4.1
-12.4
-30.2
-25.9
-19.2
-14.9
-19.8
-29.3
-26.4
-25.5
-22.3
-24.6
-8.5
-24.7
+0.3
-11.0
-19.0
-17.8
-31.2
-22.4
-18.5
-16.9
-18.7
-20.1
-27.1
-7.8
-24.4
+10.1
-18.1
-31.6
90,680.673
91,983,178
32.245,309
15,075,335
6.353.443
5,320.916
2,910,450
4,614.340
8.793.402
1,999,401
2,037,046
2,837,244
4.510.108
4,039,408
427.757
434,895
1,801,679
821.636
1,032,464
650,632
645,330
257.115
882.915
657,735
1,166,306
2,820,129
325,834
680.940
729.790
644,143
636,143
782.880
161,265.013
130,660,062
59,100.030
21.947.448
7.703.249
7,244,442
3.516.515
6,404,573
13,345,563
2,653.491
2.470.475
3,113,408
6.104.720
5,500,000
667,960
773.048
2,825,095
1,300,557
1,463.070
1,161,187
1,090,300
470,897
1,200,000
900,252
1,492.252
5,175,624
450.000
1,113,741
800,000
877.237
700.000
292,494,216 --11.5
288.600,656
449,668,946
a No longer reports weekly clearings. b Cleating house not functioning at present4
•No longer reports clearings. 1 Only one bank open, no clearings figures available,.
• Estimated.
Financial Chronicle
4506
THE CURB EXCHANGE.
Speculative activity on the New York Curb Market has
been dull and without noteworthy movement this week.
Changes have been narrow and for the most part the tone
has been heavy, though there was a slight improvement on
Thursday. Public utilities have been fairly strong throughout the trading and oil stocks have been moderately steady,
but there has been comparatively little activity apparent in
the motor issues. On Saturday trading was on a small scale,
only a few of the usually active stocks appearing on the tape
during the first hour. Duke Power was a feature of the early
trading as it ran up 5 points, followed by Consolidated Gas of
Baltimore and Commonwealth Edison, both of which showed
substantial improvement. Scattered short covering was
apparent in one or two of the power shares and Electric Bond
& Share held firm, while American Gas & Electric climbed
up a point or more. New Jersey Zinc turned active as copper
shares firmed up, and Cord Corporation provided the activity
in the motor group. Oil stocks were moderately firm, Gulf
Oil of Pennsylvania showing a slightly higher range. Industrial gains were small and prices in the investment trust
section were somewhat mixed. On Monday, the Curb
Exchange was closed in observance of Christmas Day.
Prices continued to move within a narrow channel on Tuesday, the trading indicating a highly professional market.
The list was heavy in tone, though the losses, as a rule, were
small. Much of the trading was in preferred stocks, most of
which appeared on the tape in lots of 10 shares. Public
utilities were quiet most of the day, though Utica Gas &
Electric pref. surged forward about 3 points at its best
for the day. American Gas & Electric, Superpower, Niagara
Hudson and American Light & Traction were only slightly
changed. In the industrial stocks, Air Investors pref. and
National Dairy Products pref. A showed slight gains, but
Aluminum Co. of America was unchanged. Oil shares were
irregular, Ohio Oil pref. and Gulf Oil of Pennsylvania showing slight advances, while Humble Oil and Standard Oil of
Indiana registered fractional losses. The curb market displayed moderate improvement on Wednesday as some of the
more amtiv issues moved briskly forward. The industrial
stocks were prominent in the trading, Aluminum Co. of
America moving up to 46, while Glen Alden Coal advanced
to 8%. The movements of public utilities were somewhat
mixed. Georgia Power & Light yielding over 3 points,
while General Public Service pref. dropped to 34. Electric
Bond & Share was in good demand and moved upward to
but the Ford stocks were off. During the late trading
a large number of low-priced stocks appeared on the tape,
many blocks changing hands for tax purposes. Oil shares
were fairly strong, Ohio Oil gaining about 2 points, while
Standard Oil of Indiana moved fractionally upward. Mining stocks were also irregular, Newmont and New Jersey
Zinc showing a slight gain, while Bunker Hill Sullivan
dropped back fractionally. Public utilities again moved to
the front on Thursday, though prices were inclined to be
irregular. The strong stocks were American Gas & Electric,
which gained about a point, as did Northern States Power.
In the industrial group, Aluminum Co. of America was off
a point or more and Alabama Great Southern was 2 points
down. The investment trust section showed a firm undertone and oils were steady, but moved within narrow limits.
Practically all groups moved forward on Friday and trading
became almost buoyant at times. The total amount of
buying was greatly enlarged and while there were numerous
sales for tax purposes, the volume was not enough to offset
the buying demand. Public utilities were again the favorites
and many of the popular speculative stocks surged upward
to new levels for the current movement. Industrial issues
were also strong and many stocks like Aluminum Co. of
America, Ford of Canada A and American Cyanamid B
shares moved briskly upward. The changes for the week
were generally on the side of the advance and included,
among others, American Beverage, 38% to 33/2; Aluminum
Co. of America, 433, to 463/2; American Gas & Electric,
29% to 323; American Laundry Machine, 8% to 8%;
American Light & Traction, 16 to 16%; American Superpower, 4 to 43/2; Atlas Corp., 63/i to 7; Brazil Traction &
Light, 8% to 834; Central States Electric, 2 to 23/2; Cities
Service, 231 to 2%; Commonwealth Edison, 743/ to 793;
Consolidated Gas of Baltimore, 65 to 65%
5 . Cord Corp.
Electric Bond & Share,
63 to 63/8; Deere & Co.,
16% to 19; Ford of Canada A, 53/ to 53"i Gulf Oil of Penn% to 2%;
sylvania, 273/i to 273.1; Hudson Bay Mining, 25
International Petroleum, 10% to 10%; New Jersey Zinc,
/; Ponnroad
2531 to 27; Niagara Hudson Power, 15 to 155
Corp., 13-i to 1%; Pennsylvania Water & Power Co., 51 to
52; A. 0. Smith, 193/i to 20; Standard Oil of Indiana, 213
%; Swift & Co., 63/i to 73.; Tock Hughes, 33'i to 53';
to 213
United Founders, 1 to 13/8; United Gas Corp., 13' to 13.1,
and United Shoe Machinery, 323 to 33.
1831,
83-i to 8%;
Dec. 31 1932
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE,
Week Routed
Dec. 30 1932.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Bales at
New York Curb
Exchange.
Stocks
(Number
of
Shares).
Bongs (Par Valve).
Foreign
Domestic. Government
Foreign
Corporate.
85.310 $1.441,000
$105,000
BOLT DAY
198,943 2,661.000
141,000
317,890 4,543.000
242,000
477.962 4,937,000
173,000
190,937 4,044,000
177,000
1,271,042 817,626,000
1932.
111,000
187,000
278,000
191,000
1931.
2,913.000
4,972.000
5,388,000
4,412,000
8815,000 219,279.000
2838,000
Week Ended Dec. 30.
Total.
248,000 21,594.000
Jan. 1 to Dec. 30.
1932.
1931.
1,271,042
2,303,334
Stocks-No,of shares_
Bonds.
217,626,000 814,171,000
Domestic
838,000
807.000
Foreign Government
815,000
558.000
Foreign corporate
56,812,364
110,349,385
2858.529,100
32.907,000
59,150,000
8907.018.000
32,656,000
40,219,000
819,279,000 $15,536,000
8950.586,100
2979,895,000
Total
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Dec. 14 1932:
GOLD.
The Bank of England gold reserve against notes amounted to /139.422,097
on the 7th instant, as compared with £139.422,094 on the previous Wednesday.
In the open market, fair amounts of gold have been available: further
purchases were made for an undisclosed destination, but most of the offerings were taken for export.
Quotations during the week:
Per Fine
Equivalent Value
Ounce,
of E Sterling.
126s. 8d.
Dec. 8
13s. 4.97d
127a 11d.
Dec. 9
13s 3.39d
126s. 8d.
Dec. 10
13s 4.97d.
126s 2d.
Dec. 12
13s. 5.60d.
126s. 5d.
Dec. 13
13s. 5.28d.
12os, 6d,
Dec. 14
Average
1268. 6.7d.
13s. 5 Ild.
The following were the United Kingdom Imports and exports of gold
registered from mid-day on the 6th Instant, to mid-day on the 12th Instant:
Imports.
Exports.
£1.649.673 United States of America..£4,390.752
British South Africa
629.022 Netherlands
British India
29...242
France
Straits Settlements &
72.146 Belgium
Dependencies
27.300
44.341 Switzerland
New Zealand
11.217
47.600 Greece
5 000
Emit
25.886 Germany
Iraq
2.710
12.307
France
6.335
Anglo-Egyptian Sudan
5.061
Other countries
£2.492.371
14.827.532
The 99. Maloia, which sailed from Bombay on the 10th Instant carries
of
./352.000
value
which
the
of about
gold to
£336.000 Is consigned to
London, £9,000 to Amsterdam and £7,000 to New York.
Details of United Kingdom Imports and exports of gold for November
last are given below. An excess of imports over exports is shown of 13960.742. and the total such excess for the 11 months ended Nov. 30 Is
£27,165,652.
Exports.
Imports.
£4I 9
Germany
1
1.249.449
Netherlands
108.596
Belgium
3,902.950
5
1,
817
17
France
Egypt
60,198
17.998
Switzerland
68.194
West Africa
Brazil
114.665
Union of South Africa & South West Africa
5,559.028
Territory
30^.960
Rhodesia
2.918 169
British India
192.979
Straits Settlements
238.198
Australia
497.850
United States of America
72.685
New Zealand
102.295
Iraq
43.165
32.344
Other countries
/5.824.922
19.785.664
SILVER.
Quiet conditions continued during the past week, but with easier advice'
from China movements in prices have been downward. India and America
sold, but offerings were only moderate, the decline being due more to an
absence of demand. China was again the chief source of support, buying
for this quarter continuing. altnough orders were generally limited as to
price. On most afternoons, the market closed with an easy tendency
owing to offerings from America.
The lower prices attracted little Inquiry and, at present Interest is lacking,
but the market might respond to a more settled general outlook.
The following were the United Kingdom Imports and exports of silver
registered from mid-day on the 5th Instant to mid-day on the 12th Instant:
Exports.
Imports.
125.961
E79.000 Netherlands
nion (Russia)
Soviet Union
241..549101
20.993 China
n Danzig)
Poland (Icl.
16.658 Sweden
1.764
Germany
6.000
Belgium
3.153 Norway
France
111..340725659
3.697 France
12.940 Other countries
graaSh India
3.664
British South Africa
33:012175
New Zealand
Other countries
/68.105
£152,247
Quotations during the week:
IN NEW YORK.
IN LONDON.
(Cents per Ounce .999 Fine.)
Bar Silver per Oz. Std.
26
Dec. 7
2 mos.
Cash.
254
17 11-16d. Dec. 8
1744d.
26%
17 11-16d. Dec. 9
1744(1
23 11-16
Dec 10
1754d.
17 9-16d.
Dec 10
25Si
17 9-16d. Dec. 12
7d.
54
1
2o 5-16
Dee. 13
1734d.
17 5-16d.
173-16(1.
17%d.
Dec 14
17.458d.17.52Id.
Average
on New York recorded during the period.
The highest rate of exchangeInstant
was $3.295f and the lowest $3.20(.
from the 8th Instant to the 14th
INDIAN CURRENCY RETURNS.
Nov. 22.
Dec 7,
Nov 30.
(In Lars of Ru es)17663
17563
17534
Notes in circulation
11296
11297
11268
Silver coin and bullion In India
1163
1175
1175
India
in
bullion
and
coin
Gold
5104
6091
5091
Securities(Indian Government)
13w. t
Dec.Dec.13
of about 139,500,000
The stocks in Shanghai on the 10th instant consisted
silver bars, as compared
ounces in sycee. 222,000.000 dollars and 7.780
dollars and 4,560
with about 136,200,000 ounces in sycee. 225,000,000
silver bars on the 3d instant.
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, &c., at London,
week:
as reported by cable, have been as follows the past
Sat.,
Dec. 24.
Silver, per oz__
Gold,p.fine oz_
Consols, 2%%
Holiday
%
British
War Loan___
British 4%,
1960-90
French Rentes
(in Paris)3% _ __fr. 76.40
French War L'n
(in Paris) 5%
1920 amort 117.20
Mon.,
Dec. 26.
Tues.,
Dec. 27.
Holiday
Holiday
Holiday
77.00
Holiday 117.90
Frt.,
Thurs.,
Wed.,
Dec. 28. Dec. 29. Dec. 30.
16 7-16d.
16t4d.
16t4d.
123s.8.5id. 1238.11d. 124s. 5d.
74%
74%
74%
08%
98%
98%
10834
108%
10834
76.70
76.70
76.80
117.30
117.30
117.00
The price of silver in New York on the same days has been:
Sliver In N.Y
per on. (cts.) 24%
4507
Financial Chronicle
Volume 135
Holiday
24%
2434
24%
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. Dec. Dec. Dec. Dec.
Dec.
24.
30.
28.
29.
27.
26.
Per Cent of Par
145
145
144
143
144
Relchsbank (12%)
89
89
89
89
89
Berliner Handels-Gesellschaft (4%)
53
53
53
53
53
Cornmerz-und Privet-Bank A.3
75
75
75
75
75
Deutsche Bank und Disconto-Geseltschaft
62
62
62
62
62
Bank
Dresdner
94
94
94
94
Deutsche Reichebahn (Ger. Has.) Pt.(7%)_ 94
30
31
30
30
Allgemeine Elektrizintets-Gesell. (A.E.G.)- 31
114
113
113
113
110
HoltBerliner Kraft u. Licht (10%)
108
105
106
104
103 day
Dessauer Gas (7%)
76
76
76
75-Gesfuerel (4%)
108
109
105
107
104
Hamburg. Elektr.-Werke (8)4%)
124
122
118
124
127
Siemens & Halske(9%)
96
96
97
96
96
I. G. Farbenindustrie (7%)
172
173
171
171
169
Salzdetfurth (9%)
203
201
201
203
204
Rheinische Itraunkohle (10%)85
85
85
86
85
Deutsche Erdoel (4%)
03
63
62
62
62
Mannesmann Roehren
17
18
18
18
17
Hapag
18
18
19
18
18
Norddeutacher Lloyd
24%
CURRENT
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:
27 Dec. 28 Dec. 29 Dec. 30
Dec. 24 Dec. 26 Dec.
1932. 1932. 1932. 1932.
1932.
1932.
Francs. Francs. Francs. Francs. Francs. Francs.
12.100 12,000 12,100 12.200
11.900
Bank of France
1,730
1,700
1,660
13anque de Parte et Pays lies
485
479
481
469
Banque d'Union Pal-1131mm
314
368
364
362
354
Canadian Pacific,
---17,280 17,145 17.175
17.360
Canal de Suez
2,215 2.220 2,190
2.190
Cie Dletr d'Electricite
2,300 2,290 2.290 2;310
2,270
Cie Generale d'Electricite
63
63
63
63
Cie Generale Transatlantique
607
600
600
592
Citroen li
1.210
1,200
1,200
1.190
1,170
Comptoir Nationale d'Escompte
180
170
170
170
170
Coty Inc
398
391
388
385
Courrieres
720
718
717
708
Credit Commercial de France
4.950 4,960 4,950 4730
4,830
Credit Foncler de France
2.140
2.140
2,130
2,130
2,120
Credit Lyonnais
2.210 2.210
2,200
2.220
Dietribution d'Electricite la Par 2,190
2,390 2,410
2,390 2,380
2,350 HOLIEau: Lyonnais
638
641
643
640 DAY
Energie Eleetrique du Nord
997
995
988
990
Energie Electrique du Littoral
63
63
63
63
French Line
99
98
97
97
96
Gaieties Lafayette
820
820
810
800
810
Gas Is Bon
540
540
530
540
530
Kuhlmann
860
860
860
870
850
L'Air Liquide
1,018
1.018
1,000
1,005
Lyon (S. L. M.)
-56•5
390
390
390
380
Mince de Courrieres
510
510
510
510
500
Mines des Lens
1,480
1,480
1.480
1,470
1,470
Nord Ry
911
950
950
950
Orleans Ry
1;110
1,120
1.130
1.130
1,160
Parts, France
128
129
129
126
Pathe Capital
1:140
1,150
1,180
1,210
1,180
Pechiney
77.00 76.70 76.70 76.80
Reines 3%
76.40
117.90 117.30 117.30 117.00
11120
Rentes 6% 1920
88.90 88.40 88.40 88.40
Rentee 4% 1917
88.40
93.40 93.40 93.20 93 30
Raines 4 Si% 1932A
93.00
1,530 1.570 1,560
1,520
Royal Dutch
1,500
.1,340
1,325
1.340
1,330
Saint Gobain C. & C
1,342
1,345
1,345
Schneider & Cie
1,335
610
610
601
600
Societe Andre Citroen
590
110
108
109
Societe Francais° Ford
107
181
174
175
175
Societe Generale fonciere
175
-2,415 2,420
2,395
Societe Lyonnais°
2.360
_601
601
603
Societe Nfarseillaise
604
17,400 17,100 17,100 17,100
Suez
17.300
213
212
208
195
Tublze Artificial Silk Prof
-gH)
810
800
810
Union d'Electricite
810
210
210
220
220
220
Union des Mines
81
81
82
81
Wagon-Lits
THE BERLIN STOCK EXCHANGE.
In the following we give Now York quotations for German
and other foreign unlisted dollar bonds as of Dec. 30
1932:
has been to
-During a period when one of the big problems of business
plans for using their
maintain revenue many companies have developed
A digest of the employee-selling
'non-selling" employees for sales work
ing organizations
experiences of 87 retail, wholesale, service and manufactu
is presented in a
using factory, office and other employees to get business
recently by the
published
48-page report entitled -Selling by Employees,”
Insurance Co.
Policyholders Service Bureau of the Metropolitan Life
various companies
The first part of the report summarizes the experience of
different types
which have adopted employee-selling plans: it discusses the
employee-selling
of plans and factors to be considered in organizing an
of the
co-operation
the
program, and outlines the methods taken to insure
The
plans
personnel Part II presents in some detail a few typical
useful to those
report concludes with a list of references which may be
by Emwishing to draw up a plan for themselves Copies of "Selling
Bureau.
ployees" may be obtained by writing to the Policyholders Service
City.
York
New
Ave.,
Madison
One
Metropolitan Life Insurance Co..
-Under the name, Martin-Holloway-Purcell, D. H. Martin. Vicethe sales
President; W. W. Holloway. Vice-President. and Hoyt Purcell. of
of the
department of the Fidelity National Corp , the investment division
business
Fidelity National Bank & Trust Co. of Kansas City. Mo., will open
Fidelity
the
of
floor
for themselves as security dealers on the fifteenth
who originated
Bank Building. Kansas City. on Jan. 1. Mr Martin.
President of the
the bond department of the Fidelity Bank in 1911 was
the
Southwestern group of the Investment Bankers Association during
the Investment
year 1930 and was a member of the Board of Governors of
conbeen
haIlolloway
Mr.
1931
Bankers Association during the year
for the past
nected with the bank for the past twelve years and Mr. Purcell
markets, dealing
five years. The new firm will maintain contacts with all
bonds of
mainly in Middle West municipals and specializing in municipal
Kansas. Missouri and adjoining States.
Stock Ex-Fenner. Beane & Ungerleider. members of the New York
Va. This will be
change, on Jan. 3 will open a branch office in Roanoke,
t offices,
the 54th branch office of the firm. Together with 21 corresponden
wire system in the
these branches comprise the second largest private
Seaboard
country, located principally throughout the South, Atlantic
third office in Virginia.
and East Central States. It will be the firm's
that
-E. A. Harden & Co.. Inc., 70 Pine St.. New York, announce
& Farrington, has
Carl L. Cleaver, formerly with DuBosque, George
that Irving Williams Jr.,
joined their organization as a Vice-President, and
of their trading deformerly of Williams & Vogel. has become manager
partment.
pamphlet setting
-Alex. Brown & Sons, Baltimore, have prepared a
& Ohio RR. Co.'s
forth important factors in connection with Baltimore
1933.
1
recent offer in respect of its 41,6% bonds due March
Stock Exchange,
-Hemphill. Noyes & Co., members of the New York
Eastman, Dillon & Co.,
announce that J. Dwyer Kinnucan, formerly with
has become associated with their Detroit office.
formed the firm of
-Charles Softye. formerly of Softye & Notine, has
a general trading
Softye & Co., Inc.. 44 Wall St.. New York,to transact
business specializing In natural gas bonds.
Louis office
-Rackliff, Whittaker & Loomis, Inc.. have opened a St.
Ryan. with whom
in the Boatmen's Bank Building, In charge of George P.
E. E. Peugnet is associated.
issued their
-J. Roy Prosser & Co.. 52 William St New York, have
suggestions.
regular quotation circular with current investment
the opening of a
-Atkinson & Co.. 44 Pine St.. New York announce
Hudson
trading department under the management of E. It
Sands & Co.,
-James Talcott, Inc., has been appointed factor for A. H.
New York, distributors of woolen goods.
Cohen & Co. as
-N. L. B. Tweedle ha., become associated with 13aar,
manager of their foreign departmen..
C. D. Halsey & Co*
-Harris B. Fisher Jr. will become associated with
of Jan. 1 1933.
Bid Ast
1314 Ask
48
50
47 Koholyt 694s, 1943
Anhalt 7e to 1918
42
55
Land M Bk, Warsaw 88.'11 53
Argentine 6%. 1945, 510063
59
Pr
6)4s.
'46
Oland
Leipzig
pieces
44
/E. Leipzig Trade Fair 7e, 1963 4312 1412
Antioquta 8%. 1946
22
Luneberg Power, Light &
21
Bank of Colombla, 7%.'47 19
4512 4812
Water 7%, 1948
21
Bank of Colombia, 7%,'48 19
63
56 Mannheim & Palat 75. 1941 59
Bavaria 6 Sis to 1945
53
5212
1945
to
le
Munich
55%
Palatinate
Cons.
Bavarian
44
42
45 Muni° Bk, Hessen, 75 togs 40
Cit. 7% to 1946
Bogota (Colombia)604.'47 /1612 17 Municipal Gas & Elm) Corp
46
48
,
1947
7e,
Recklinghausen
7
14
Bolivia 6%, 1940
66
Brandenburg Elea. 68. 1953 604 6114 Nemo Landbank 6048,'38 64
31 Nat Central Savings Bk of
Brazil Funding 5%,'31-51 29
41
Hungary 7%I, l982...... /39
British Hungarian Bank
71.45,1962
13312 3512 NationalHungarian & Ind.
3012
1948
2812
7%,
1
Mtge.
Brown Coal Ind. Corp.
24
5912 Nicaragua, 6%, 1953
1953
58
49
53
8 Oberpfalz Elee 7%. 1946
Call (Colombia) 7%. 1947_ /6
612 Oldenburg-Free State 7%
1412
Callao (Peru) 704%. 1941_
41
44
to 1946
5
Ceara (Brazil) 8%, 1947 . 13
51
Pomerania Elea 6%, 1953. 49
City Savings Bank, Buda8
pest. 71, 1953
/2912 31,2 PorteAlegre 7%, 1068_ _ _ _ 14
87 Protestant Church (GerDeutsche Bk 6% '32 unst'd 184
4.412
4712
1916
71,
many)
Dortmund Mun. UM 68.'48 4212 1 112
42 Prov Bk Westphalia Se.'33 7312 7512
Dulnberg 7%to 1945
71
45 Rhine Westph Elea 7s, 1038 69
12
Dusseldorf 7e to 1945
62 Rio de Janeiro 6% 1933 _- f4
East Prussian Pr. fle. 1953. 50
Rom Cath Church 6)4.,'46 6212 6412
European Mortgage & In5014
vestment 704e.
: 3412 R C Church Welfare 7s,'46 Ott
1371
73
106 Saarbruecken M Bk 6..'47 70
French Govt. 54s. 1937._ 104
11212 1312
107 Salvador 7%, 1957
French Nat. Mall SS.6'1.'62 106
(Brazil)
14 Santa Catharine
40
Frankfurt 7e to 1946
6
13
8%, 1947
German AU. Cable 7e, 1945 6914 7034
912
Santander (Colom) 7e, 1943 1612
German Building & Land712
63 Sao Paulo (Brazil) 6s. 1917 15',
49
bank 61.4%. 1948
77
71 Saxon Public work 5% '32 /74
66
Haiti 8% 1053..
63
58
6e.
1947_
Mtge
Saxon
State
83
Hamb-Am Line 804i to '10 60
400
Stem & Halske deb Cl. 2930 370
Hanover Ilan Water Wks
15 South Amer Rye 6%,1933_ 5512 57
42
8%. 1957
55
5512 Stettin Pub Util 75, 1946_ 62
Bowing & Beal Imp 7s,'48 531
13
10
33 Tucuman City is, 1951__
Hungarian Cent Mut 7s.'37 132
6812
70%
_
1957_
Water
61.4s,
Vamma
Hungarian Discount & Ex19 Venten Elea Ry 7e, 1947___ 4112 43
change Bank 7s, 1963_ _ /18
80
7612 Wurtenbers 7s to 1945_ ___ 55
Hungarian Ital Ilk 74e,'32 /741
Fiat price.
NOTICES.
Mominercialand AXiscellaneonsgoals
National Banks.-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
VOLUNTARY LIQUIDATIONS.
Dec. 19-The First National Bank of Del Rio, Texas
Effective Dec. 10 1932. Lig. Agent, Del Rio National
Bank. Del Rio, Tex. Absorbed by Del Rio National
Bank, Del Rio, Texas, No. 7433.
Pa-.
Dec. 23-The Lehigh Valley National Bank of Bethlehem,
W. CromEffective Dec. 19 1932. Lig. Agent, Elwood
by the
Absorbed
bank.
well. care of the liquidating
Pa.,
First National Bank & Trust Co. of Bethlehem,
Charter No. 138.
Pa
Dec. 23-The First National Bank of Donora.
Ben G.
Effective Dec. 12 1932. Lin. Committee:
care of the
Binns, H. 0. Colgan and A. O. Farquher,
National
Union
the
by
Succeeded
liquidating bank.
Bank of Donora, Pa.. Charter No. 13644.
Capital
100.000
400.000
125,000
4508
Financial Chronicle
CHARTERS ISSUED.
Dec. 31 1932
Shares. Stocks.
$ per Rh.
Capital.
59 Tropical Island Corp.. par $100
Dec. 19—The Illinois National Bank & Trust
Co. of Rockford,
Hugo Stinnes Corporation, no par
Rockford, Ill
lot
$200,000
$1,078.40
claim
against Riding & Driving Club of Bklyn. on open
President, Edwin Mead; Cashier, Eugene Abegg.
account-.5$51500
Con7.985 58-200 Corporation Securities Co. of Chicago
version of Illinois Bank & Trust Co. of
• ,- lot
common, no par
Rockford,
7.195
Corporation
Securities
Rockford, (11.
Co. of Chicago.
$35 lot
4,500 New York Investors. Inc.. common, 53 opt. pref. no par
no par
105 New York Investors, Inc., lot pref..
par $100
$3
70
75
0 Lt
ot
10 Prudence Co. 7% pref.. par 3100
30 4
10 Royalty Investment Syndicate,
Pref.. Par $100: 10 class A. par $1
112% Pecoval Royalty Trust, pref.. par $10;
112% class A. par 810:75 class 11$
.10 :3‘t
par $1
21
00
0 I::
55
5 Kings County Real Estate Corp., co.,
rn no par; 5 pref.. par 5100
lot
$50
200
Hugo
Stinnei
Corp..
Common, DO par
P riallil
bates
50 Consolidated Indemnity & Insurance
Lao, Week's Rance for
Co.. par $5
Rance Since Jan. 1.
n5 lot
200
Southland
Royalty
Co..
no
par
Sale
of Prices.
Week.
50 Keystone Investing Corp.. class A, no par;
Stocks-Par. Price. Low, High. Shares.
20 class B. no par
Low.
Mph.
1,ot
gi
2,085 New York Investors. Inc., common, no
par
$5
c.0110 lot
A 5% Interest
Aluminum Industries_
est In the syndicate covering certain 634%
•
4
434
gold notes, pref. sto1
290
July
334
Jan
1034
Slid CommOn stuck of the Cady Lumber
Amer Laundry Nlach__ _ 20
Corp.
734
2.983
(Rel.)
7%
834
Dec
1734 Sept
$35101
2 Mercantile Trading Co. common par 5100
Amer Rolling 31111 corn-25
7
7%
1,931
3% May
1734 Sept
520.1ot
5 Mercantile Trading Co. common, par $100
Amer Thermos Bottle, A _ •
19
134
June
1
134
Sept
4
425 lot
60 LloColn Terminal Corp.. pref.. par 5100. 50
Preferred
50
common,
40
12
no
par
534
July
5%
Feb
30
58 lot
400 Empire Steel Corp.. common, no par
Baldwin common
20
%
1.000
%
34 Dec
2
Jan
$26 lot
15 Flatbush National Bank of Brooklyn, par $100
New preferred
100
45
45
70 45
Dec 45
Dec
15
12 Standard Park Corp. of Delaware, par 51,000
Carey (Philip) pref_ __100
73
73
1
73
Jan
Dec 99
634
80 Progressive Merchants Co.. Inc.. common, par $25
Churrigold Corp
•
134
14
2.148
% Aug
Jan
2
$3 lot
3 Olympia Realty Co.. par 5100
Cincinnati Ball Crank pref.
2
4
1.090
Dec
2
434 Sept
$3 lot
6
Amer.
Dutch
CNO&TP
Guiana
Cotton
Corp.,
pref., par 5100: 50 common, no par-__.$3
100
73
73
40 73
Dec 73
Dec
lot
1.000 Sphinx Trading Corp., common, no par
Cln Gas & Electric pref. 100
121
62
8634 87
July
9034 Jan
A 1-15th interest In the oil. gas and other minerals
C N & C Lt & 'Frac pref 100
that are under and may be
70
70
5 70
Dec 70
Dec
produced
from
certain
Cincinnati Street Ry _ .._50
oil properties In Garvin County. Okla
6
6%
1,805
4
July
1734 Jan
525106
16 New Jersey National Bank & Trust Co. of Newark
Cin & Sub Bell Tel
50
par 525
162 49
5634 5734
June 67
Jan
$5 lot
40 Valumet Chocolate Co., Inc., common, no par
City Ice & Fuel corn
11
11
20
11
Dec 28
Mar
431
Buotner
Cu Pont Properties Corp.. pref., par $100: 452 common,
Coca Cola, A
•
10
10
57
10
Dec 20
no par.586
May
15l
2 1i0
ot
525 Tennessee Products Corp., common, no par
Col fly, B pref
100
6784 6734
20 67
Ater
7234 Dee
$520 lot
500 Color Pictures, Inc., no par
CrosleY Radio, A
295
2% Dec
234
3
6% Aug
$312 lot
700 Louisiana Land & Exploration Co.. common, no par
Dow Drug corn
•
100
3
3
24 June
534 Sept
$525 lot
800 /I uyler 8 of Delaware, Inc., common, no par
Eagle-Picher Lead
'
,0
2
1,634
234
Dec
2
6
Aug
$400 lot
500 Cuban National Syndicate, no par
First National
100
140 140
141 140
Dec 140
Deo
5250 lot
1,000 Mission Oil Co., common, par $100; 150 Trojan Oil&
Formica lnsulation
•
912
5
5
7
Gas
June
Co.. par 41_$250 lot
12
June
50 Direct Control Valve Co. class 13 V. t. c. no par
Gerrard S A
•
%
34
340
34 Dec
2% Jan
$25 lot
500 Chadwick-Hoskins Co., common, par $25
Gibson Art coin
531
•
10
1034 1234
Dec 30
Jan
$500 lot
200
National
Public
Gruen Watch corn
Service
Corp.
yi
•
$3.50
pref.,
with
%
349
warrants, no par
34 Dec
14 Dec
*12
lot
222
Corporation
securities Co. of Chicago, common, no par
Preferred
100
5
5
110
Dec
6
5
Dec
534%t
lot
160 Vanderbilt lintel Corp., pref., par 5100
Hatfield-Campbell
%
•
1
% Dec
125
1
Dec
1,000
Interstate
Hebert NI,g
Co.,
common,
•
no par
1234 1234
40
10
June 2434 Jan
silo lot
760 Interstate Co. preferred, par 5100
International Printing Ink•
3
3
682
3
Dec
3
Dec
$200 lot
10,000 ItIgney & Co. pref., par 310
Julian & Kokeuge
*
5
181
5
4
Dec
8
Apr
$1,450
lot
25
Certificates
of shares of proceeds of sale of lots by the East & West
Kahn, part A
40
12
100
1234
7
May
1734 Feb
Ridgelawn Cemeteries (New Jersey), no par
Kroger corn
•
16
17
361
10
May
1834 Sept
$100 lot
100
Areas
Realty
Leonard
•
Corp.
(Loon.)
1
1
525
1
Dec
1
Dec
$410
103 lot
t
100 Champion Manufacturing Co. (III.). par $100
•
Lunkenheimer
9
9
100
734 Jan
9
Dec
50 Champion Manufacturing Co. (III.). par $100
Maniscliewitz corn
•
14
14
750 14
Sept 20
June
3100
lot
191%
John
C.
W
eiwouti Corp. common v. t. c., par $100
Magnavox. Ltd
•
70
% Dec
%
34
2
Feb
4200 lot
1,600 Pearl-Water Realty Co., Inc.. par $100
Mead Corp pref
15
100
15
85
15
Dec 15
Dec
45 lot
500 Rogers Brown & Crocker lima.. Inc..
•
Meteor Motor
234
100
2
234
Apr
pref.. Par $100
5
Mar
$75 lot
Undivided
int. In inkling and other properties In Sliver Bow County.
•
Moores Coney, A
3
350
134 Dec
134
334 Jan
Mont.5$
523o
00 lot
16
Chm
2-3
apion
M
•
11
%
anufacturing
St
Co.
100
$100
(III.).
par
31 Dec
96 Jan
6
258 1-3 Champion Manufacturing Co. (III.), par 5100
*
Nall Record Pump
234
234
29
234 Feb
234 Feb
516
lot
50 Burden Pictures, Inc., class A corn.: 50 Burden Pictures,
Newman NItg Co
%
44
•
100
% Dec
Inc.. 1st pref.
7
Mar
$6
non-turn.;
50
Procter & Gamble new....•
concealed
Radiation
2834 29
corn.
V.
215 20
Corp.
t. c.; 300 International
June
4234 Jan
Match Corp.. partici. pref.: 100 The Village Shop, Bic.. tom.,
5% preferred
99
99
100
10 90
May 10234 Jan
Village Shop, Inc., pref., 56: 15,000 rubies Russian Gov. Intl 5348. 100 The
Pure 0116% pref
100
50
90 40
5034
May
6034 Sept
1916..590 lot
$8.600
promissory
•
Randall, A
notes
4
4
of Cornstalk Products Co.. Inc
150
4
Nov
1134 Mar
485 lot
6% interest in syndicate agreement with Paul and W. A.
B
2
2
175
2
Dec
5
Starrett. dated
Jan
4
Sept.
21
•
1926
Richardson corn
4
4
2.125
4
June
7
June
51.000
lot
6%
Int.
In
syndicate agreement made with Paul and W. A. Starrett.
United 14111k Crate, A_
•
1234 1233
100
12
Jan
16
Sept
dated
Sept. 21 1926
U S Playing Card
10
1.584
1034 1134
10
June
24
Jan
51.000 lot
25 Internatioual Match Corp. (Del.) panic. pref., par $35
LI S Print & Lith corn1
134
•
1.173
1
June
5
Feb
Certificates of American Society for Jewish Farm Settlements
Preferred
50
335
20
334
334 Dec
10
in Russia, Inc.,
Jan
"
lot
representing
U S Shoe corn
a
beueficlal
•
Si
Si
interest
700
of
the sum of 528,125 lu bonds of the Gov34 Sept
% Mar
•
ernmeut of the Union of Sovlet Socialist Republics
SW
3
ia5
144 Ian
II
row.
75,317 Norfolk Southern RR. Co.. Par $100
• No par value.
75 Harbor State Bank
n
'
$
5' 2
5
1(01 lot111000tt$
250 Duncan Co.. par $100
210 San 1 rancisco Bridge Securities Corp.. com., v. t. e..
no par
$22 lot
10 Moon Motor Car Co., common, no par
76 Biscayne Securities Corp
$3
10 lot
35 Midwood Tru.st Co. of Brooklyn. N. Y
55
3.1i5 Iot
60 Revere Hosiery 61111s. Inc. (Del.), common, par
4100
$25 lot
500 Durant Motors. Inc. (Del.), no p
par
28 Fisk Rubber Co. (Nlass.), 2d pref.. par $100
178 Edgewater Trust, common, par $100
$1110
Argent
600
Financial
Corp.. common, no par; 600 Argent Financial Corp.. "
Shares. Stocks.
$ Per Sh.
pref., no par. 100 Empire Bond & Mtge.
405 32-100 Mission 011 Co. (Kansas). par $1
Co.. panic. 7% pref.. par 5100..5250 lot
$100 lot
278 New Jersey National Bank & Trust Co. of Newark,
100 Empire Bond & Mortgage Corp., 7% [Artie. pref. (Del.). par $100
par 52514lot
55 lot
1 Seaview
Club, Inc., of New Jersey: 10 Bowman.lill
100 Mortgage Holding Co.. preferred, par $100
Hotels Corp.!
50
pre!.. par 5100. 10 Bowman-lilltmore Hotel Corp.. coin..tinore
50 National Press Building, preferred, par 5100
no par: 5 Tyson Co..
S5 lot
lot..
pref.,
par
$100.
5
Tyson Co., Inc., common, no par
6134 Federal Oil Co. (Va.), common, no par
5.30 lot
32 lot
550 Pine Products Co., Ltd.. common, par $100
Sphinx Trading Corp. par $100
590 lot
11
1 Sidart Realty Corp., no par
12,195 Abitibi Power & Paper Co., Ltd., common, no par
$10 lot
5.000
W
alter Bates Steel Corp. (now Gary Structural Steel
100 National Bellas Hess (old). common
Co.). pref.. par$5 10$
$5 lot
$100, 2,001.1 Cornillon, no par
6.000 Chambersburg Greencastle dr Waynesboro St. fly. Co. (Penn.), 5%
$1,250 lot
8,446 The Industrial Trust Co. of Ireland,
preferred, par 150
Ltd.. par 51
$15 lot
11 1t
0.
o
5
:00
0
$$
8
5:
792 The Bridgeport Screw Co., common, par
6,000 Chambersburg. Greencastle dr Waynesboro St. Ay. Co. (Penna.),
SIO0
150 The Bridgeport Screw Co., common, par
common par $50
$100
$10 lot
150
The
Bridgeport Screw Co., common. par 5100
300 Union Motor Transit. Inc. (Ohio). common, par $100
$10 lot
510 lot
180 Pearl-Water Realty Co., Inc., par
450 Union Motor Transit. Inc. (Ohio). common, no par
$100
$10 It
o
54 lot
3,000 British Call Shares, Inc., no par
439 Posterity Co.. par $100
51101
lot
$600
NO British Can Shares, Inc., no par
250 J. C. &M.G. Mayer Realty Corp.. preferred, no par
$25 lot
7.227 J. C. Penney-GwInn Corp., common
600 Great National Insurance Co., Washington. D. C.. common, par $10__-- 30c
Trust5
1
i
l
$7
0S
15:0
t
100
C. E. Stone Co., common
100 International Match, participating preferred, par $35
$3 lot
12.250 warrants to purchase 15,31234 ails. of Commercial
10 Good Humor Ice Cream Co. of Washington. par SiOO
Investment
510 lot
'
"101
common
stock,
no par value, at a55 a share
20 Good Humor Ice Cream Co. of Baltimore. Par $100
$10 lot
75 Minton Vacuum Dryer Co.. Canada, I.td..
70 Small Issues Corporation, preferred. no Par
class A, par 3100
$10 lot
25 Minton Vacuum Dryer Co.. Canada.
403 Lincoln Joint Stock Land Bank. par $100
Ltd.. class B. par $100
$275 lot
550 Minton Vacuum Dryer Corp. of Del.. no par
1834 American Timber Holding Co., common; 5634 preferred
$$$ 1110
00 lot
Ii o°t$
$17 lot
100 Johnston & Collins Co.. preferred
25 Today In New York. Inc.. preferred: 25 common
rri, o
$4 lot
40 Wade & liutcher Corp., preferred, par
1.500 Parent Electric Co., Inc.. par $IO
$100
lot
$20 lot
50 American Incubators, Inc. (N. J.) preferred,
100 Itealty Assets Corp., Investors common. par El: 100 preferred, no par__
par $100
520 lot
- $2 lot
150 Coal Carburetor Co. (N. J.), preferred,
223-1250 Participatory Interest In the Federal Leather Co.
$40 lot
$110 lot
51 Federation Bank & Trust Co.. par 5100 no Par
50 Standard Newspaper Corp.. common (Del.), no par
$50 lot
$3 lot
50 Federation Shareholders Corp.. class A, par $100
100 Bayshore Co. (Fla.). 8% preferred, par $100: 5.560 coupon scrip, dye
800
Photomaton
. Inc., class B, common, no par: 100 8% preferred. par $100.$
Sept. 15 1938
_$
55
0 lot
t
52 lot
10 International Nlatch Corp.. participating preferred ctf. of deposit
50 The Robbins & Myers Co., pref.. par 5100
$10 lot
535 lot
50 United American Utilities, Inc., common
100 Dayton Municipal Airport, Inc., common, no par
$10 lot
$15 lot
1,250 Standard Publishing Co., class A, par 525
1.250 U. S. Daily Publishing Co., common, no par: 150 founder shares,
$10 lot
preferred, par $100
760 Nianhasset Bay l'roperty Operating Corp
; 0 lot
8
17
05.
1700
$45 lot
$2,400 Kings Farm Realty. registered 20 mortgage 58, due Jan. 1
160 lion Air-Vanderbilt Co., 8% preferred, par 5100
1
1,000 Richmond Cedar Works. 2(1 preferred, par $100
105 Eden Nlussee Arnericaln Co.. Ltd.. par 8100
$7 lot
$25 lot
75 Anglo Chilean Consolidated Nitrate Corp.. common, no par; 300 Nitrate
500 Montizona Copper Co.. no par
$2 lot
5 Harris-Steele. Inc., 7% cum. pref., par $100; 75 common, no
Corp. of Chile, seder B, temporary certificates
$14
lot
par
lot
41
2.000 Tyson Roller Bearing Corp.. common, no Par
25 Universal Gasifier Corp., common, no par
3
Si lot
10 300-320 Deppe Motors Corp.. 7% cum. pref.. par $100;
500 Tyson Roller Bearing Corp., common. no Par
3
par
$10
10934
$3
lot
249 Indiana & Illinois Coal Corp., common, no par
10 June Properties Corp.(N. Y.), no par
ss$11051 lotilott
1
150 Empire Steel Corp.. common, no par
200 American Share Certificates of Industrial Discount Co. of Amsterdam_
_5500 lot
100 National Casualty Co.. par $10
25 Industrial Brownhoist Corp.. common, no par
$700 lot
580 Central National Corp.. A. no par
50 National Toll Bridge Co., class A, common, no par: 50 cla, B, cammon.
15
2.645 Central National Corp.. B. no par
no par
$25 lot
1
125 New York Hamburg Corp.. par $50
25 Industrial Brownhoist Corp., common, no par
$8 lot
5250 lot
50 Maclevin Realty Corp.. preferred, par $100; 10 common, no par
50 Sunset Stores, Inc.. $3.50 cum preferred. par $50
$8 lot
lot
$5
25 Alentauer Realty Co., Inc
200 warrants National Food Product Corp. for class II, no par
$8 lot
$15 lot
12 Alentaur Realty CO.. Inc.
150 National Toll Bridge Co., class A, common. no Par: 150 class 13 common,
510 lot
562 Kreuger dr Toll Co
no par
$60 lot
200
200 Bronxdale Swimming Pool, Inc., common, par $100
Unity Gold Mines. par 55
500
85 lot
82.000 lot
6 Monroe Ave. Realty Corp.. no par
70 Federal Surety Co., par 515
$15 lot
5310k
$33,000 Participation In a mortgage made by Coney Island Hotel Corp.;
50 Central Finance Co.. common, par $100
$3 lot
30 common; 30 preferred ------------------------------------------31 United Chemical l'roducts Co., preferred, par 5100: 45 common, no par_ .550 lot
551) lot
10 ArnerIcan Dutch Wuiana Cotton Corp., preferred, par $100; 50 common,
600 Roubaix Mills, Inc.. common. par $100
8
1.028 ContInental Leland Corp.. common, no par: 60 preferred, no par
no par
$6 lot
$5 lot
533 Prospectors Finance Corp common, no par
60 Bassett Knitting Mills, Inc., common. par 5100
$5 lot
5
333 Peterson Cobalt Mines. Ltd.. par 51
12 Land & River Co.. 1st preferred, par $100; 63 3d preferred and $7.14 scrip,
5
33 1-3 A. B. Chase-Emerson Corp.. no par
par $100, 15 COIIIIIIIM and $76.78 Bait), par $100: 2,000 Goldfield Deep
90 Marhow Co..
common. par 1100
Mlnes Co. ot Nevada, par Scents
5
$3
11.1
5L
ot
t
$15 lot
Cincinnati Stock Exchange.—Record of transactions
at Cincinnati Stock Exchange, Dec. 24 to Dec. 30, both
inclusive, compiled from official sales lists:
•
Auction Sales.—Aniong other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia, Detroit, Buffalo and
Baltimore on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Goir
aoo
Imo.,
Volume 135
Financial Chronicle
Per Cent.
Bonds,'
$12,518.30 demand note made by Henry S. Kimball, dated Nov.28 1930----$12 lot
$2,000 Dade County. Fla., refunding 135. due June 1 1935. June 1931. and
subsequent coupons itsached
$300 lot
$500 lot
Sundry notes aggregatin; approximately $19,383.28
$17,800 note made by Elkyn Realty Corp., int. 8%. Due March 21 1933-_-_$4 lot
$10.000 Utilities Service Co., 6.34% convertible gold bonds, due 1938
$9 lot
$19,423.28 demand note of Walter Brown, dated April 15 1932
$5 lot
$15,000 demand notes of Earl E. Adams, dated July 31 1931
$5 lot
$6.087.50 demand note of Gas Research Co., dated Dec. 28 1931
$10101
$20.000 Broadway Temple Corp., 5% gold bonds
$50 lot
$31.000 Alabama Tennessee &Northern RR. Corp., prior Ben (5s
$3,100 lot
$5,000 Everglades Drainage District of Florida
$1,000 lot
$16.000 demand note of Theodore C. de Ranters, on which there is a balance
due of $13.751, with interest at 8%, together with 500 shares of Interstate
Department Stores, Inc., common (without par value)
$1,000 lot
$5,000 note of Manson M. Dillaway, due Nov. 18 1932, with int. at 6%
$12.000 demand note of F. Irving Fletcher, bal. due $10.940. with int. at 6%.$5 lot
together with a 1% participation in Carbarn Syndicate
$25.000 note of John A. Hastings. dated Aug. 4 1930, due 60 days after date,
$1Ci° lot
int. at 6%. together with 2.000 shares of Amer. Gas Tubbine Corp. (par
value $1.00 per share)
$250 lot
Sundry notes of Carroll Producing Corp., aggregating approximately $47,916.25.
Interest 8%
850 lot
$1,000 S. A. Ryan Motor Co. 1st mtge.8% gold bonds, due Apr. 11930
.17 lot
ar
Unrecorded 3rd mtge. for $14,400 on prop. 405-15 Rockaway Parkway,
Brooklyn. N. Y
$3 lot
$5,000 North St. Luck) Drain. Dist., Fla..68. due May 1 1947, ctfs. of dep-4475 lot
$16.500 notes of 455 West 34th Street Corp.. Interest 6%
$10 lot
$20,988.33 notes of 455 West 34th Street Corp., interest 6%
$20 lot
$10,000 promissory notes made to the order of Henry F.Tiedemann by William
Macfarlane. past due
$50 lot
$111.000 Broadway Temple Building Corp. 2d mtge
$55 lot
$25.000 Miami University bonds of Miami University, Fla
$42 lot
$6,500 bond and mortgage given by H. & S. Cohen Building Corp. to the
Lawyers Mortgage Co.. due Oct. 21 1934, Interest 6%
8834% & int.
Note for 35,000 dated Feb. 15 1930, made by DIldseele Corp. of America to
John E. RovenskY
Bond and second mortgage covering premises No. 785 East 'Tremont Ave.,
$105 lot
Bronx, New York. 830.250. and which has been reduced to $4.600
Bond and third mortgage covering premises No. 785 East Tremont Ave..50 lot
Bronx. New York. for 313,500, and which has been reduced to $11.825-.350 lot
Bond and rnurth mortgage covering premises No. 785 East Tremont Ave..
Bronx, New York. for 314,400. and which has been reduced to 39.000-.350 lot
MO Valencia Corp. of Albuquerque,8% gold bond. due July 1 1932
15 lot
$1,000 Central Peat Corp., 88, due April 15 1931; 41.000 Central Peat Corp..
!
.
88. due April 15 1928: 50 shares Central Peat Corp.. par 3100$20
85.000 Brossard lot
$5,000 Chicago Joint Stock Land Bank. 68, due May 1952-32:
County. Fla., 613 highway time warrants, due July 1 1930; $5,000 }froward
County. Fla., (la highway time warrants, due July 1 1936: 85.000 Coral
Gables. Fla., 68 municipal improvement, due Jan. 1 1951, efts. of dep.,
defaulted on int. July 1930: 33.000 Fort Lauderdale, Fla., 6s street improvement, due July 1 1931, Jan. 1930 coupon (25%) paid: $2.000 Fort Looterdale. 88 street improvement, due July 1 1932. Jan. 1930 coupon (25%
paid); $10,000 Miami, Florida & Municipal Improvement 5s. due March 1
1936, ctfs. of dep.. defaulted on Int. Sept. 1932; 810,000 Warn!, Florida. 58,
due Feb. 1 1943, defaulted on int. Aug. 1932. Ws. of den: 83.000 St. Peterburg, Fla.. 55413. due April 1 1943, ctts. of dep.. defaulted on Int. April 1932;
$3,000 St. Petersburg. Fla., 5345, due April 11944, ctfs. of dep., defaulted
on int. April 1932; 85.000 Sarasota County, Fla.. Ils highway, due June 1
1935; $5.000 St. Louis, Mo., 534s municipal trust ownership Otis., due
due Dec. 1 1933: 35.000 Asheville, N. C., 434s street department, due
Dec. 1 1937. etre. of dep.. defaulted on int. June 1931: 85.000 Asheville,
N. C., 3s city market. due Jan. 1 1950, cyfs. of dep.. defaulted on int.
July 1931: 85.000 Asheville. N. C., 55 water. due Jan. 1 1987. ctfs. of
dep.. defaulted on Int. July 1931; $5,000 Buncombe County, N. C.. road
and bridge 55, due Dec. 1 1946. ctts. of dep., defaulted on int. June
1931
810.000 lot
$2,000 Virginia Alberene Corp., 75 series A, sinking fund, 1945
S60 lot
$1.000 Unity Gold Mines Co.. 78. 1932
835 lot
$1,250 ett, of participathrn in lean to the Thayer West Point Hotel Corp____$8 lot
Note No. 3401 Intermediary Finance Corp., dated July 10 1925 for $500. Note
No. 50 of Intermediary Finance Corp., dated Oct. 31 1926, for $1,000....-43 lot
By R. L. Day & Co., Boston:
Stocks.
Shares.
$ per Share.
40 Atlantic National Bank, Boston, par $10
First National Bank, Boston, par $20
21314-2834
85 Atlantic National Bank, Boston, par $10
50c.
3,000 First National Bank. Boston. par $20
2634
100 Atlantic National Bank. Boston, par 510
500.
190 Atlantic National Bank. Boston, par $10
50o.
100 Atlantic National Bank, Boston, par $10
400.
50 Atlantic National Bank, Boston, par $10
450.
National
Bank. Boston, par 320
140 First
2854
50 Atlantic National Bank, Boston, par $10
500.
44 First National Bank, Boston, par $20
2634
23 National Shawmut Bank, Boston, par $25
2634
25 Atlantic National Bank, Boston. par 510
500.
20 Atlantic National Bank, Boston, par 810
10 First National Bank, New York, par 8100
152
60
°°'
240 Central Manufacturing District Bank, Chicago, par 3100
1
20 The Bank of United States, New York, par $25
$1 lot
100 Chase National Bank, New York, par $20
3234
86 Franklin National flank, Franklin, par 8100
1
5 First National Bank. Medford, par $100
80
50 Boulevard Trust Co., Brookline, par $10
20
Worumbo
Manufacturing Co.. common, par 5100
75
2
135 West Point Manufacturing Co.. par $100
24
80 Sherman Manufacturing Co., par $101)
5
98 Nashua Manufacturing Co.. preferred. par $100
1334
30 Sherman Manufacturing Co.. par $100
52 Pepperell Manufacturing Co., par $100
2614
10 Hill Manufacturing Co
1
83 Harmony Mills common. par $100
50c.
13 Bates Manufacturing Co.. par 8100
434
15 Arthur S. Brown Manufacturing Co., preferred, par $100
100 Nashua Manufacturing Co.. preferred. par $100
15
20 Lancaster Mills. preferred, par $100
2
130 West Point Manufacturing Co., par $100
2534
460 Associated Mill Companies
$50 lot
80 Farr Alpaca Co., par 5100
14
40 Naumkeag Steam Cotton Co.. par $100
38
10 Naumkeag Steam Cotton Co., par $100
200 Rochester & Syracuse RR. Co. pref. V. t. a.. par $100
$1 lot
100 Androscoggin & Kennebec Ry. 24 pref..
$1 lot
Par $100
300 Seaboard Air Line Ry. Co. common etre. of deposit
$20 lot
Central
RR.
commonpar $100
100 Maine
$6 lot
18 Androscoggin &Kennebec Ry.Co. 1st pref.. par $100; 10024 pref.. par 810083 lot
100 Chicago & North Western Ry. preferred. Par $100
100 Missouri Pacific RR. preferred, par $IN
334
200 Boston & Albany RR.. par $100
70
884 Minneapolis St. Paul & Sault Ste. Marie Ry. Co.. Pref., per 8100
4
60 Maine Central RR. common. par $100
100 Eastern Massachusetts Street Ry. prior pref.. par 8100
Public Utilities Securities Corp. 7 cum, prior prat
83 lot10
4 238 Skyways Inc., common
8500 lot
320 Island Investment Co. common: 200 88 pref., par COO
85 lot
50 National Toll Bridge Co. class A; 50 MAIMS/ Toll Bridge Co. class B;
$4 lot
734 Public Indemnity Co., Par $2.50
300 Cuban Cane Products Co., Inc
$1 lot
23
100 Draper Corp
15,000 Lilly Leather Co.. common
30e.
2,500 Premier Paymaster Mines CO.. par 51
816 lot
193.(
30 Boothby Co.7% pref., par $IM
7 United States Electric Power Corp., common; 50 The Leach Corp., pref.;
80 Allied Motor Ihdustries• Tue., pref.; 113 Corporation Securities Co. of
Chicago, corn.: 255 American Service Co. com.: 100 Van Sicklin Corp.
part. A; 55 American Cirrus Engine Inc. A: 15 Americus Cirrus Engine
$50 lot
Inc Ii: 40 United Founders Corp. common
225 B. D. Warren Co. common
8100 lot
400 Baugh Machine Tool Co. common
2
10 Central Public Service Co. 7% div. series prof
6
50 units 125 East 63rd Street, Inc
934
100 Central States Electrio Co. 7 Cony. pref. 1928 series, par $100
sso
I
a
a
a
4509
Shares. Stocks.
$
125 Carpenter Hotel Co., pref., par 8100
tP
250
6'
1 Sa
la
37 American Pneumatic Service Co.. preferred, par $50
1
20 Pemberton Company
15 lot
30 Mystic Valley Mortgage Co., preferred, par
$2 lot
100 E. H. Rollins & Sons 6 ii% preferred. par 5100:607% prof.,
Par $100
$5 lot
50 Galveston Houston Electric Co., con., par $100
500
62 American Founders Trust, corn.,
250
20 E. H. Rollins de Sons, 7% pref., par $100
$1 lot..
100 Underwood Elliott Fisher Co.. corn
1054
200 Foster Wheeler Co., corn
7
115 International Tel. & Tel. Co
559
500 International Match Co., pref., par $35
lot
160 Draper Corp
23
2344
60 Puget Sound Power & Light 8% pref
12
7,310 Eral Caspian Oil Corp.. Ltd.. ordinary shares
$280 lot
100 Fall River Bleachery. coin
2
50 Silver Lake Co.. mei.. Dar $100
50 Vitamin Food Co.. Inc.; 20 Beacon Hill Co.. prof.; 8 Bellevue Trust: 20 2
Federal Investment Trust 8% cum. pref.: 100 Marmite Inc. of
America.
prof.: 25 Textile Building Trust. coin.: 15 Textile Building Trust 8% cum.,
Prof.: 20 Wendell Philips Co.. pref., par 8100;76 J. R. Whipple Corp.. com_8;28 lot
610 Wilson Jones Co.. corn
500 Stator Refrigeration, Inc., par 810
225 Northern Texas Electric Co., pref., par $100
8!1lot
200 Northern Texas Electric Co., corn.. par $100
81 lot
25 Beacon Participations, Inc.. pref. A
134
100 National Protective Cos
134
100 Fox Film Corp.. corn. A
2
150 International Telep. & Teleg. Co
531
100 International Match Partic., pref.. par $36
$3 lot
200 Shell Union Oil, corn
434
200 Nor.Texas Elec. Co., pref., par $100: 200 Nor.Texas El. Co..com par $100:5
2
624 United Util. Service Corp. of Maryland. corn
lot
25 Mead Morrison Mfg. Co.. par $100
$1 lot
250 Atlantic Coast Fisheries Co
601,
20 Texas Louisiana Power Co., 7% pref.. par $100
$20 lot
1.078 Atlantic Coast Fisheries Co
600
25 Metropolitan Chain Stores 7% pref.. par $109
$10 lot
50 Units A. S. Campbell Co
$.50
s loot
,
100 Clark lighter Co., Inc., cony. A
$
200 International Match, pref. certificates deposit, par 835
86 lot
60 Park Square Real Est. Trust of Boston. pref.. par 3100: 50 Park Squares., lot
Real Estate
te Trust of Boston. corn.. par 5100
100 Internatio ml Match Co., pref., Otis. deposit, par $35
83 lot
25 Stockade Corp.. pref.; 25 Stockade Corp.. corn
51 ti lot
189 Denver Tramway Corp.. pref., par $100
$10 lot
15 Messimer & Co.. Inc.. pref.; 150 Messimer & Co., Inc.. corn
$2 lot
24 Dewey & Almy Chem. Co.. pref.. par $100; 22 Dewey & Almy Chem. Co., lot
pref. A;71 Dewey & Almy Chem.Co.,corn. A
prof.
$
10 Jeasup & Moore Paper Co.. corn.. par $100. 10 Galveston Houston Electric
Co.. pref.. par 3100; 10 Northern Texas Elec. Co.. pref.. par 3100:$90 North.
Texas Electric Co.. pref. scrip
$254 lot10 The Brotherhood Holding Co., pref., par $100; 6 The Brotherhood Holding
Co.. corn
8310$
80 Detroit Toledo & Ironton Rd. 24 preferred: 51.000 Detroit Toledo &
Ironton Rd. 434% elf. of dep.; 10 Trinity Copper Co.: 200 Parrot Copper
Co.; 200 Utah Consolidated Co.; 200 Indiana
CO.: 160 Lake Cornier
Co.. 100 Bingham Mines, par 3325
$25 lot
50 Submarine Boat Corp
500.
50 Electric Boat Co, $3 par
1
10 Associated Telephone Utilities 6% preferred
3
10 International Match Corp. participating preferred. $35 par
2 Globe & Rutgers Insurance Co., par 325
$2
7011
150 Old Colony Trust Associates
20 Units Empire Corn
1
1.000 United States Securities Corp. preferred $1 paid In liquidation. Par $10110
250.
1.
30 Punta Alegre Sugar Co.. Delaware, old stock, $60 par
633 The Lombard Governor Co. common, $100 par
$50 lot
40 Exchange Securities Corp. common
$3 lot
100 Monsanto Chemical Co
250 Drug. Inc
$534
146 North River Insurance Co.. 52.50 par
500 Boston Sand & Gravel Co. common
600 Shubert Theatres Corp
200 Shubert Theatres Corp
830 lot
100 J. R. Whipple Corp., common trust certificate
520 lot
375 A. S. Campbell Co. common
$15 lot
100 Canadian Mead Morrison, Ltd.. preferred. $100 par
$5 lilt
125 Consolidated Rendering Co.. 35 par
8810$
10 Boothbay Harbor Hotel Co. common. $50 par: 10 Boothbay Harbor Hotel
Co. preferred. $100 lot; 1200 Labrador Goldfields, !.td.: 10 Landlords Inn
Co. preferred. 8100 par; 2 New England Hotels Publishing Corp. common
$50 par; 60 Templeton Inn Co. common; 44 011 Wells Renewal Co
$25 lot
20 Aluminum Co. of America
44
60 Manhattan Guaranteed. $100 par
8
200 Shubert Theatres Corp. cont.: 100 Mid-Continent Laundries, Inc.. com-$30 Id
15 Seaboard Fire & Marine Insurance Co.. par $10
10 Carolina Insurance Co.. par $10
9
11 Great American Insurance Co.. par 85
11
8 J. R. Whipple Corp.. pref., par $100; 12 001111nOn
$10131o1
15 Westchester Insurance Co. par $2.60
42 Crum di Forster. Inc.. par $10
7
37 Crum St Forster Insurance Shares, par 510
859
10 Old Colony Trust Associates
5.
9 Calumet & Heels Consolidated Copper Co., par 826
134
10 Seaboard Fire & Marine Insurance Co.. par $10
12 J. R. Whipple Corp.. common;8 preferred. par 3100
$11110$
24 Shell Union 011 Corp
4
400 Are Mining Co.. par $1
$10101
100 Bowman Blitmore Hotels, let pref., par $100
60 International Match Corp., part. pref.. par t35
88
15
1 lig
200 Massachusetts Bonding & Insurance Co., par $26
17
20 Robert Gatr & Co., class A ctf. dep
$1101
226 New England Southern Corp., common
$10 lot
600 J. J. Grover Shoe Co
100 B. F. Goodrich Co. common
100 B. F. Goodrich Co., common
41t
26 Standard Textile Products Co., pref. A
4
400 Public Utilities Securities. pref.; 300 United Public
prof
$180
IOS
14 James River Bridge Corp.. common
SI lot
20 Mount Hope Bridge Corp.. class B. par 8100
81 lot
300 The Latheriser Sales Co.. Inc.. Interim ctf
$100 lot
135 Southern Industries. Inc., pref.. par $20
86 lot
135 Southern Industries. Inc., common
1112 lot
125 Worcester Transportation Associates, common
30o.
20 United Brick Corp.. corn. v. t. i).: 80 class A
$3 lot
85 International Match, part. pref.. Par 535
81
1(4
100 International Match Co., pref., par $35
St lot
1.530 Pond Creek Pocahontas Coal Co.. common
9
200 New River Coal Co., pref., par $100
15
375 Saco Lowell Shops, Id pref., par $100
1
250 Saco Lowell Shops, common. par $100
300 Strornberg Carlson Telephone Mfg. Co
250 Regtets ('n,. par $100
508.
24 Bowman-Biltmore Hotel Corp., 1st pref., par 5PM:42 2d
pref
150 Hotel Charles Co., let pref.. Dar $100: 150 common
250 Consolidated Chain Stores Corp., 634% pref.. Dar
$100: 1.250 common-1;250
2161 Il3
lot
10 Consolidated Chain Stores Corp.. 634% pref.. par $100:
25 common
,, 6 Ten Associates. par $100
Ur,:
40 Heywood wakeffeld Co.. common. par $100
15 Boston Metropolitan Building. Inc.. corn., par 8100:20
pref., par $100----$21 lot
20 Harding Carpet, Ltd., common; 20 preferred. par
$100
8 Finance Corp. of New England. Prof.. Par $50: I Finance Corp. of New
"
kit
England, common; 150 Globe Dominion Copper
Co.: 20 Boston Courtland
Copper Co __________________________ '..
53 lot
200 Copper River Bridge Co.. corn., par 55: 200 Copper River Bridge Co.,
pref.. par $50. 200 Detroit & Canada Tunnel Co..
corn
20 Universal Chain Theatre, corn.; 208% pref.. par $100
lot
138 Metal & Mining Shares
$_t2;94
Jacksonville Traction 5s. 1935:31 Kreuger & Toll
20 Kidder Participations. corn. No. 1: 100 corn. No.3
$28
$5155 lot
iitot
33 Associated Dye dr Printing Co.; $3.000 Mid-West Utilities. ctf. dep.
cony. 5s __________________________________________________ 54
$35
11 100
1
144 Corporation Securities Co., Chicago. common
25 Corporation Securities Co., Chicago, $3 Prof., series 1929
also
a
mining
a
trusties.
iii
4510
Financial Chronicle
Stocks.
5 per Share.
Shares.
150 United States Shares Financial Corp.; 150 Second Incorporated Equities:
$20 lot
50 Incorporated Equities
100 Seldon Hahn Motor Truck Corp
$5 lot
38 Boston Insurance Co., Par $100: 1,000 Securities Corp. General, corn.;
400 Rockland Light & Power, corn., par $10
14,000 lot
534
61 Crum & Forster Insurance Shares Corp., corn. B., par $10
7
50 Crum dr Forster Insurance Shares Corp., pref., par $100
50 The Excess Insurance Co.. par $5
634
2
25 Seaboard Fire & Marine Insurance Co., par $10
28 Brockton Gas Light Co., trust ctf., par $25
1834
1231
38 Westchester Fire Insurance Co., par $236
30 Halifax Fire Insurance Co., par $10
73.6
134
90 Home Fire Security Corp.. par $10
2
117 The Botolpla Trust, par 5100
10 Standard Securities Co., par 8100
6
40
10 Joseph Breck & Sons Corp., 1st pref.. par 3100
73 yi,
25 Cumberland County Power & Light Co., pref., par $100
25 Buffalo Niagara & Eastern Power Corp., 1st pref
8834
14
20 Massachusetts Investors Trust
1331
600 Home Insurance Co., par $10
Per Cent.
Bonds.
149 abs. Kreuger & Toll; 52,000 Mid-West Utilities 58. June 1933. ctf. of deP.;
$1.000 Kreuger St Toll 5s, 1959, ctf, of dep.; $1,000 International Match
$425 lot
Co. Is, 1947, ctf. of dep
$20 lot
$14,200 Jacksonville Traction 55, 1935
13% flat
$1.000 Wiggin Terminal Co., Inc., 1st 5558• 1945
10% flat
$1,000 Camden Bridge & Garage, Inc., 1st ha, 1946
5160 lot
515.000 Hotel Charles 534s. Sept. 1953
$4.000 New University Club of Boston Real Estate Trust, 2d mtge., Sept.
1% flat
1941, series B
50% & int.
$500 County of Madison 4s, April 15 1945. series B
1% flat
$10,000 City of Hollywood, Fla., 68, Feb. 1932
36% flat
$5.000 City of Hollywood, Fla., Is. Mar. 1956
$10 lot
$1.000 James River Bridge Corp., 78. June 1943
20 flat
$1,000 Bridgeport Brass, 68, 1939
15 & int
51.000 Walworth Co.,634s, 1935
5 flat
$5,000 Hotel Charles, 5345, Sept. 1953
$40 lot
$20,000 Imperial Russian Govt.. 6365, 1919, ctf. of dep
63-1 flat
55.000 Province of Antioquits, series 2 78, Oct. 1957
51.000 lot
310,000 Guardian Investors Corp., deb. 55, May 1948
$70 lot
$2,000 Hotel Charles 5365, Sept. 1953
525 lot
$5.000 James River Bridge Corp., deb. 78. June 1943
535 lot
$35,000 Bay State Road Co., Inc., 2d mtge. is. Nov. 1937
2 flat
$10,000 Consolidated Cement, 6348. 1941
20 & Int.
$2,500 Waltham Country Club, 65, Oct. 15 1932
$5 lot
$500 Repertory Theatre, 8s, 1939
40 & Int.
$141,400 Amoskeag Mtg. Co.,68, Jan. 1948
$7 lot
$5,000 Northern Texas Electric, coll. 55. 1940. ctf. of dep
1 flat
$23,000 Empire Public Service Corp., as. 1950
$10,000 Lawyers Mortgage Investment Co.. Boston, reg. 530, 1940, series
50 dr int.
15-1
1 flat
$4.000 The Valspar Corp., 10-year cony. deb. 8s, 1940
$25 lot
510.000 Corporation Securities Co. of Chicago, Is. Sept. 1934
$25 lot
510.000 Baragua Sugar Estates. 15-year inc. deb., due July 1 1947
1331 flat
52.000 WIggin Terminals, Inc., 5345,Sept. 1945
$180 lot
54,000 Hotel Charles. 534s, Sept. 1953
20 flat
537.200 Salt Lake & Utah RR., 1st es. May 1944, elf. of dep
20 flat
515.000 Texas Electric Ry., 1st 58, Jan. 1947, et!. of dep
515.000 New York United Hotels, Inc. (Roosevelt), deb. Os. Feb. 1947 with
9 flat
warrants
$5 lot
$5,000 Bynum Irrigation District 8s, Jan. 1 1950, elf. of dep
$5,000 Cuban Cane Products. deb. 68. Jan. 1950: $3,000 the Republic of
Bolivia, 78, March 1989: $1,000 Rio Grande Do Sul. 88, Oct. 1946: 52,000
Dominican Republic Customs Administration. 530, Oct. 1940:$2,000 European Mortgage & Investment Corp.. 1st real estate series C 78. Sept. 15
$2,600 lot
7
5 flat
$10,000 Allegheny Gas, 1st collateral 634s, 1943
11 flat
$4,000 Department of Caldas, 7548. 1946
$10 lot
$200 Buckingham School, debenture income Is
$3.000 Lawyers Mortgage Investment Corp. of Boston. Insured 1st mtge. 536s,
April 15 1941 registered
40 & Int.
2 fiat
$5,000 Consolidated Cement Co., 6348, March 1941
10 flat
$10,000 Motor Mart Trust, 1st mtge.8s. 1948 with scrip
$5,000'Puller Hotel Co., 1st mtge. 68, 1934 ctf. of dep
$10 lot
$1,000 Wickwire Spencer Steel Co.,cony.78, 1935
$35 lot
$1.000 Imperial Russian Govt.,656s, 1919 ctf. of dep
$35 lot
6,000 Roubles Musslan Loan.534s, 1928
815 lot
10% flat
$2,000 Northwestern Elevated Road,55, 1941
$3,000 Maurice Deutsch Bldg. Corp., 1st mtge.,6348, July 1939. etc.of dep 4% flat
$3.900 New University Club of Boston Real Estate Trust, 2d mtge., 68. Sept.
1941,series B
$25 lot
10% flat
$2,000 The Bellevue Trust, fis. inc. mtge. trust ctf
36 & int.
$8,000 Gair Realty Is. Jan. 1948
37 & int.
$2,000 Lords Court Buildings. 534s, Dec. 1942
Two-year note of the Commonwealth Corp. amounting to $249,750, dated
5500 lot
Dec.5 1930 and due Dec. 5 1932 with interest at the rate of 6%
2d mtge. of John C. Lilly to the Chase National Bank On premises in Cohasset,
$16 lot
dated Dec. 27 1929, and due in six months from date at the rate of6%
1st mtge. of John C. Lilly to the Chase National Bank dated Dee. 27 1929. and
due in six months from date at the rate of 6%.on premises in Woburn, Mass;
$2.500 Globe & Rutgers Ins. Co.: $5,000 Mechanics & Traders Ins. Co.:
$5,000 Liverpool & London ez Globe Ins. Co., Ltd.:35,000 Law, Union & Rook
Ins. Co.: $5,000 Insurance Co. State of Pennsylvania; $5,000 The Home Ina.
Co.; $5,000 The North River Ins. Co.: $3.500 Maryland Ins. Co.: $2,500
New York Underwriters Ina. Co.: $3,500 City of New York Ins, Co.: $3.500
Norwich Union Fire Ins. Society: $3,500 Central Union Ina. Co.: MOM
Liverpool & London & Globe Ins. Co., Ltd.: $2,500 Liverpool ex London &
$108 lot
Globe Ins. Co.. Ltd
Equitable Life Assurance Society Policy 00 1110 of John C. My,No.7,901,498
$5 lot
In the sum of 3100.000
By Barnes & Lofland, Philadelphia:
$ Per Sh.
Shares. Stocks.
2431
10 City National Bank of Philadelphia. Par $100
2814
20 Central-Penn National Bank, par $10
50
3 Kensington National Bank. par 5100
42
5 National City Bank. New York. par $20
40
8 Corn Exchange National Bank & Trust Co., par 520
$1 lot
3$ Lansdowne Bank & Trust Co., Pa.. Par $100
lot
$5
par
$5
Trust
Co.,
Title
&
Continental-Equitable
60
8
80 Real Estate-Land Title & Trust CO.. Par $10
20 Pennsylvania Co. for Insurances on Lives & Gmnting Annuities, par $10._ 4434
23
9 Irving Trust Co., New York, par $10
784
100 John B. Stetson Co., common, no par
751
par
common,
no
Stetson
Co.,
John
B.
100
$6 lot
50 Appalachtan Gas Corp., $7 cony. pref.. series A
$15 lot
200 Media Drug Co.. preferred, par $100
$10 lot
200 Media Drug Co., common, no par
$55 lot
520 Alliance Invetsment Corp.. common, no par
$30 lot
par
$50
pref.,
Holding
Co.,
6%
Montgomery
Avenue
100
48
7 Union Passenger Railway Co.. par $50
134
100 Philadelphia Co. for Guaranteeing Mortgages, Par 520
lot
$8
$100
311 Allison Steel Products Co.. par
85106
10 First Mortgage Guarantee Co. of Philadelphia. preferred. par $100
lot
$17
pref..
par
$100
Philadelphia.
Guarantee
Co.
of
Mortgage
100 First
$11 lot
100 National Rubber Products Corp.. preferred, par $10
$7 lot
$100
Inc..
preferred.
par
Morgan's.
10
$5 lot
6 Central Sugar Corp., common, no par
89 lot
23 2044-10.000 Salamanca Sugar Co., pref.. V. t. e., par 5100
1384
pref
Corp..
Securities
20 Kentucky
$3 lot
125 Union Solvents Corp.. common, no par
531
Co
Pulley
American
50
30 Erie National Bank. Philadelphia
100 H. M. Byllesby & Co. class B
331
5 H. M. Byllesby & Co., class A
$70 lot
62 Independence Indemnity Co
55 lot
150 County Trust Co., Philadelphia
$15 lot
10 Standard Investing Corp.. preferred
1$15 lot
10 United Public Service Co.. preferred
common
Co..
5 United Public Service
El lot
37 40-50ths Standard Public Service Co.. series A. participating
$1 lot
20 Lincoln-42d St. Corp., common
85
36 Camden Safe Deposit & Trust Co
250 The Penna. Share Co.. preferred
M
Dec. 31 1932
Shares. Stocks.
$ Per Sh.
50 Continental-Equitable Title & Trust Co
1
8
50 Guardian Bank & Trust Co
1
21 Louis Goldsmith Clothing Co
50 Fidelity Mortgage Co
1
226 Consolidated Battery Co.. Preferred
$10 lot
200 Oliver Farm Equipment, common
$75 lot
100 Oliver Farm Equipment, prior preferred, series A (with warrants)
$40 lot
100 Beaux Arts Apts., Inc., 1st preferred
$50 lot
100 Beaux Arts
Inc. common
$50 lot
Apts..& Title Insurance Co., common
25 Atlantic Guaranty
$50 lot
34 Seaside Trust Co. Atlantic City, N. J
$20 lot
193 Green Ridge Realty Co
El lot
297 Green Ridge Realty Co
$1 lot
50 Fisk Rubber Co., 1st preferred ctfs. of dap
52 lot
12 Fisk Rubber Co., common
.51 lot
100 Cuba Cane Sugar Corp. Pfd. (original)
$5 lot
43 United Founders Corp
1
30 Selected Investment Trust, Inc
$10 lot
60 Philadelphia Rapid Transit Co., common
1%
100 Consolidated Automatic Merchandising, preferred_ .
$11 lot
BondsPer Cent.
34,800 Chicago Aurora & Elgin Corp., 6s, due 1972
$16 lot
52.000 Lehigh Valley RR. Co.68, perpetual annuity
9734
$1,000 Allison Steel Products Co
520 lot
$1,300 U. S. Fertilizer Chemical Co.. Inc.. 1st mtge.8% gold bond. Interim
certificate
$10 lot
$2,000 Island Oil & Transport Corp. 8% and participating secured gold note.
Certificate of deposit
$325 lot
$1,000 Commerce Building Properties, Inc., 634% 1st mtge. Ctf. of deposit_560 lot
$1,000 University Club, Philadelphia. 65, due Jan. 15 1954
4% flat
$1,000 Pioche Mines 5% Inc., deb. 1934
1
$1,000 Rittenhouse Square Corp.. Inc. Os
$1 lot
52,000 Central Properties Co., 6%,series A, ctfs, of den
$5 lot
-years. 1. deb., 1948, ctfs. of dep
$2,000 Lincoln-42d St Corp., 8345. 20
$5 lot
$1,000 Fulton-Flatbush Corp.,65, 1st s.f. loan, due 1948, ctf. of dep
$30 lot
$1,000 Nathan Strauss, Inc., 65. due 1938, ctf. of dep
$10 lot
$10,000 Cuban Dominion Sugar Corp.. 7.34% 1st lien 20-year s. f., due
1944, ctf, of dep
$50 lot
510,000 Altoona & Logan Valley Electric Ry., 43113, 1933
2434
55.000 Columbia River Longview Bridge Co.. 634s, 1953
2%
55,000 No. 10 East 40th St. Bldg., 1st (35. 1940
20%
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
$ per Sh.
10 Niagara Falls Hotels Corp. preferred with 5 shs. of corn, ctfs. of dep_ 50e. lot
25 The Miami Jockey Club
$3.25 lot
10 Peer Oil Corp. Temporary certificate
55e. lot
By Weilepp, Bruton & Co., Baltimore:
Shares. Stocks.
$ per sh.
150 Baltimore Acceptance Corp., pref
$1 lot
50 Baltimore Acceptance Corp., pref
$1 lot
75 Baltimore Acceptance Corp.,corn
$1101
25 Baltimore Acceptance Corp., corn
$1 lot
100 Central Teresa Sugar. pref
$1 lot
50 Century Coal Co.,corn
3
67 Century Securities Co
$1 lot
25 Columbia Syndicate
$1 lot
4 Community Hotel(Hanover, Pa.), pref.; 2 Community Hotel(Hanover,Pa.)
common
$10 lot
.50 Delane Brown Co., pref.: 200 Delano Brown Co.. corn
$60 lot
200 Gould Coupler Co.,class A
$2.50 lot
35 Hagerstown Bank dt Trust Co
$1 lot
30 Hotel Rennert Co., pref.; 15 Hotel Rennert Co., corn
$2 lot
100 International Suchax Corp., pref. A; 100 International Suchax Corp..
common
$50 lot
100 Island Export Co., eorn
$1 lot
25 Kent Automatic Parking Garage, corn 25 Kent Automatic Parking Garage,
pref.: 50 Kent Garage Investment Corp., corn.; 25 Kent Garage Investment
Corp., pref
$2 lot
100 Kentucky Land & Improvement Co
$1 lot
125 Lane Drug Stores, Inc.. corn
$1.50 lot
100 Lorraine Petroluem, pref.; 100 Lorraine Petroluem, corn
$1 lot
160 Lorraine Petroluem, pref
$1 lot
$1 lot
300 Lorraine Petroleum, corn
$40 lot
33934 Louis Saks Co., Inc., Birmingham, Ala
El lot
30 National American Furs, Inc
$1.50 lot
510 National Electric Power Co.A corn
$1 lot
4434 National Mrotgage Co.,corn
$1 lot
15 National Mortgage Co.of Baltimore.corn
$1 lot
10 National Mortgage Co.of Baltimore, prof
$1 lot
30 Peoples Fire Insurance Co.of Maryland
15e.
54 Roland Park Apartments, pref
$1.25 lot
25 Seaboard Mortgage Co.. prof
107 Seaboard Mortgage Co. of Baltimore, prof
$1 lot
60.
150 Seaboard Mortgage Co., corn
$2.25 lot
150 Seaboard 011 & Gas Co
$3 lot
500 Seaboard Oil Jo Gas Co
$2 lot
100 Virginia Plate Glass Corp., class A
Bonds,
Per Cent.
$1
lot
$1,000 Note, China-American Importing Co
$1,600 Eastern Michigan Ry., adj. 6s, 1958: $50 Eastern Michigan Ry.,scrip:
12 Eastern Michigan Ry.. corn
$1 lot
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable,
Books Closed
Days Inclusive.
Railroads (Steam).
Mill Creek & Mine Hill Navig. & RR.
10% guaranteed (s.-a.)
Northern Central RS,
.(8.-s.)
Piedmont & Northern
Extra
Pitts.. ann., Chic. & St. L.(e.-a.)
Western N.Y.& Penna., pf.(5.-a.)
131 Jan.
Jan.
52
75c, Jan,
$2
Jan.
$234 Jan.
$151 Jan.
15
14
10
10
20
1
Holders of reo. Dee. 31
Holders of rec. Deo. 31
Holders of rec. Dee. 31
Holders of reo. Dec. 31
Holders of reo. Jan. 10
lIolders of rec. Dee, 30
Public Utilities.
Amer. Cities Pow.& Lt. cl. A (quer.)- -American Lt. & Traction Co., corn.(qu.)
Preferred (quer.)
Binghamton Gas Works,7% pref.(qu.)Birminghanz Elec. Co.,$7 pref.(guar.)
Ilroadport-Newport Bridge (quer.)5% preferred (quer.)
Broadway Newport Bridge (quer.)
8% preferred (guar.)
Central Hudson Gas & Elec.(quer.)
6% preferred (quer.)
Central Kansas Power,7% pref.(0u.)- 6% preferred (quar.)
Central Power Co.,6% Pref.(quar.)-7% preferred (quar.)
Cincinnati Street Ry
Chester & Philadelphia Ry
Col. Ay.,Pow.& Lt. Co.6% 1st pt.(qu.)
636% B preferred (guar.)
Commonw'h Tel.(Madison)6% Pt. (riu.)
Consol. Gas Co.of N. Y., corn.(quer.)-Consolidated Traction Co. of N. J
Dayton Power & Light, pref. (monthly)
r75c. Feb. 1
500. Feb. I
134 Feb. 1
181 Jan, 1
$151 Jan. 3
$236 Jan. 1
131 Feb. 1
$234 Jan. 1
131 Feb. 1
700. Feb. 1
134 Jan. 3
141 Jan. 15
134 Jan, 15
134 Jan, 15
141 Jan. 15
25e. Feb. 1
8736c. Jan, 15
134 Jan, 3
134 Feb. 1
135 Jan. 15
Si
Mar. 15
$2
Jan. 18
500, Feb. 1
Holders of rec. Jan. 5
Holders of reo. Jan. 13
Holders of roe. Jan. 13
Holders of rec. Dec. 21
Holders of reo. Dee. 23
Ilolders of rec. Deo. 27
Ilolders of ree. Jan. 31
Holders of rec. Dee. 27
Holders of reo. Jan. 31
Holders of rec. Dee, 31
Holders of reo. Deo. 23
Holders of rec. Dee. 31
Holders of reo. Dee. 31
Holders of reo. Dec. 31
holders of ree. Dec. 31.
Holders of rec. Jan. 14
Holders of reo. Jan. 9
Holders of roe. Dee. 15
Holders of reo. Jan. 14
Holders of reo. Deo. 31
Holders of rec. Feb. 3
Holders of rec. Dee. 31
Holders of reo. Jan. 20
Name of Company.
4511
Financial Chronicle
Volume 135
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Hercules Powder Co., preferred (guar.). $1% Feb. 15 Holders of rec. Feb. 3
Hershey Chocolate Corp.,corn.(qua?.).. $1% Feb. 15 Holders of rec. Jan. 25
$1 Feb. 15 Holders of rec. Jan. 25
Preferred (qua?.)
$1 Feb. 15 Holders of rec. Jan. 25
Extra
Highland Dairy, Ltd., 7% pref.(guar.). 1% Jan. 3 Holders of rec. Dec. 23
250. Jan. 15 Holders of rec. Jan. 5
Honolulu Consolidated 011 Co
250. Jan. 10 Holders of rec. Dee. 31
Honolulu Plantation Co. (monthly)....
Jan. 10 Holders of roe. Dec. 22
$1
Extra
50o Feb. 1 Holders of rec. Jan. 12
Horn dr Hardart Co.(N. Y.). corn.(OM
450 Jan. 5 Holders of rec. Dec. 31
Hutchinson Sugar Plantation
Illuminating Shares Co., A stook (go.).. 500 Dec. 31 Holders of rec. Dec. 20
500 Jan. 3 Holders of rec. Dec. 27
Independent Pneumatic Tool Co.((Fl.)
Internat. Printing Ink Corp.. pref.(Qu.) 134 Feb. 1 Holders of rec. Jan. 14
Jan. 1 Holders of rec. Dec. 23
$2
pref.
(guar.)
Johnson Publishing,
Jan. 2 Holders of rec. Dec. 15
Kings Royalty Co.,8% prof.((Mar.).- 2
50e Dec. 28 Holders of roe. Dec. 23
Knopp Iron Corp.(quar.)
$1% Jan. 3 Holders of roe. Dec. 24
Lane Co., Inc.. preferred (guar.)
$134 Jan. 3 Holders of rec. Dec. 24
Preferred (guar.)
150 Dec. 31 Holders of rec. Dec. 23
Laclede Steel Co
1% Feb. 1 Holders of rec. Jan. 16
Lane Bryant, Inc., 7% pref.(guar.)._
250 Jan. 2 Holders of rec. Dec. 24
Lane Cotton Mills Co.,common (guar.).
Jan. 2 Holders of rec. Dec. 24
10
Extra
250. Jan. 15 Holders of rec. Dec. 31
Langendorf Llaited Bakeries, Inc.. A stk.
Jan. 1 Holders of rec. Dee. 27
1%
(quar.)....
P
7%
&
M
preferred
Stores.
37)40. Jan. 8 Holders of roe. Dec. 27
Manufacturers Casualty Ins. (quar.)Marquette Cement Mfg.,6% pref.(qu.) 134 Jan. 3 Holders of reo. Dee. 31
134C. Dec. 25 Holders of roe. Dee. 15
Mascot Oil Co. (guar.)
McCrory Stores Corp., pref. div. action deferre d.
McLennan, McFeeley & Prior,634% 1st
1% Jan. 1 Holders of reo. Dec. 24
preferred (guar.)
$1 Jan. 1 Holders of roe. Dec. 15
McLeod Bldg.. Ltd..Prof.(guar.)
Feb. 1 Holders of rec. Jan. 23
$1%
(qua?,)..
Y.
N.
of
Merchants Ftefrig. Co.
$154 Jan. 3 Holders of rec. Doe. 22
Metropolitan Ice, prof.(guar.)
100, Jan. 3 Holders of rec. Dec. 22
Extra
Metropolitan Industrial Bankers,Inc.,
1734e. Jan. 1 (Holders of rec. Dec. 17
7% preferred (quar.)
150. Feb. 1 Holders of rec. Jan. 20
Modine Mfg. Co., common (guar.)
30e. Jan. 2 Holders of rec. Dec. 28
Morris Plan Co. of New York
15e. Jan. 1 Holders of roe. Dee. 23
6%
(q11.)
Am.,
Pf.
of
Corp.
Plan
Morris
Holders of rec. Dec. 31
Morris Plan Co.(Savannah, Ga.).(e-a)-- $4 Dec. 31
Jan. 1 Holders of rec. Dec. 23
$2
Murray (J. W.) Mfg., preferred (guar.). 400. Jan. 1 Holders of rec. Dec. 21
(s-a)
Co.
National Equity
National PSC. Mtge. Corp., pref.(qu.)- - 134 Jan. 1 Holders of rec. Dec. 25
of rec. Dec. 31
National Shares Corp.(Del.). pt. A (gU.) 43)(o. Jan. 10 Holders
63(0. Jan. 10 Holders of rec. Dee. 31
Extra
31
National Trust Shares, modified (s.-a.) 142-SC Dec.
rec. Dec. 23
Naumkeag Steam Cotton Co.(guar.).- 750. Jan, 3 Holders of
3134 Dec. 31 Holders of rec. Dec. 21
Neilson (Wm.), Ltd., pref.(quar.)
Jan. 15 Holders of rec. Jan. 1
$134
(qu.)..
prf.
A,
Prod,
Grain
England
New
Bank and Trust Companies.
500. Feb. 10 Holders of rec. Jan. 20
New jersey Zino Co
Jan. 2 Holders of reo. Dec. 27
$1
Peoples National Bank (guar.)
50o. Dec. 30 Holders of rec. Dec. 24
New Process Co., com.(extra)
Westchester Title & Trust,cap.stk.(qu.) 400. Jan. 6 Holders of reo. Dec. 31
Jan. 2 Holders of rec. Dec. 22
$134
prof.
Co..
Alkali
(guar.)
Niagara
250. Dec. 31 Holders of rec. Dec. 19
North de Judd Mfg. Co
Fire Insurance Companies.
15o. Jan. 15 Holders of rec. Jan. 12
1
Dec.
Co.
(monthly)
rec.
Land
&
of
2
$4
R.
Jan.
Holders
Oahu
Beaver Fire Insurance Co
Jan. 2 Holders of rec. Dec. 19
$3
Jan. 3 Holders of roe. Dec. 27
Oakland Cotton Mills, prof.(monthly).- $334 Jan.
Dominion Fire Insurance Co.(s.-a.)
1 Holders of rec. Dec. 30
$2
$3
Jan. 3 Holders of rec. Dec. 27
Ohio Loan Co., pref.(guar.)
Ensign Insurance Co. (6.-a
1 Holders of reo. Dee. 30
Jan.
50o.
27
Dec.
roe.
of
2
Holders
Extra
$2% Jan.
Equitable Fire Ins. Co.(S. C.) (e.-a.)
1 Holders of rec. Dec. 30
Jan.
50o.
Jan. 4 Holders of rec. Dec. 30
$1
Annual
Niagara Fire Insurance (quar.)
We. Jan. 20 Holders of rec. Jan. 10
Dec.
19
(monthly)
reo.
Co.
of
200
28
Sugar
Dec.
Holders
Co-.
Gnomes
Insurance
Providence Washington
31
Dec.
Holders of rec. Dec. 20
1234
(quar.)
corn.
Ontario Mfg. Co.,
30o. Jan. 5 Holders of rec. Dee. 31
Paauhau Sugar Plant Co
Miscellaneous.
Jan. 5 Holders of rec. Dec. 31
134
pret.(gu)
%
6.2040
Cement,
Dec.
31
Portland
Pacific
A B C Trust Shares
1 Holders of roe. Dee. 22
Pac.Sou'west Realty Co..6%% Ill.(MI.) 1% Jan. 1 Holders of roe. Dec. 22
Abraham & Straus. Inc., pref. (goal'.).. $1% Feb. 1 Holders of rec. Jan. 14
g Jan
3o Jan. 16 Holders of roe. Dec. 31
534% preferred (guar.)
Ajax 011 & Gas Co.(quar.)
Holders of ree. Dec. 30
31
Dec.
154
(go.)
pref.
11
Jan.
6%
roe.
Pennsylvania Rubber Co.
Allied Chemical & Dye Corp., corn.(qu) $1% Feb. 1 Holders of
Holders of rec. Dee. 31
Feb. 15 Holders of rec. Jan. 25a Pennsylvania Salt Mfg Co., nom.(qu.).. 75o. Jan. 14
$1
American Can Co... corn. (guar.)
Jan. 1 Holders of rec. Dec. 31
37340
(guar.)
pref.
Petroleum,
Perfection
Andre Citroen Corp.of rec. Dec. 23
Holders
3
Jan.
200.
Peter Paul, Inc. (guar-)
A mer. dep.reo."B" bearer shares_ _to 31.77f Jan. 21 Holders of rec. Jan. 13
50. Jan. 3 Holden; of roe. Dec. 31
500 Dec. 81 Holders of rec. Dec. 24
Pioneer Mill Co., Ltd. (monthly)
Annapolis Dairy Products
of roe. Dec. 22
Holders
3
Jan.
134
31
Dec.
Dec.
24
(quar.)
rect.
$134
Holders of
Queen Dyeing Co.. Prof
Preferred (quar.)
Jan. 2 Holders of rec. Dec. 15
Real Estate Loan Co.of Can.. Ltd.(111) 3
Arrow-Hart & Baseman Electric
250. Jan. 1 Holders of rec. Dec. 21
24
Dec.
rec.
of
3
Jan.
Holders
100
Co.
Bit
(quar.)
Roller
Reed
Common (guar.)
25e, Jan. 2 Holders of rec. Dec. 15
Holders of rec. Jan. 13
Robinson Consolidated Cone (gust.)..
Austin. Nichols&Co ,Inc.,prior"A' OM.) 25c Feb.
Feb. 1 Holders of roe. Dec. 31
20o Jan. 3 Holders of rec. Dec. 23
Russell Motor Car Co.,Ltd., pref.(go.). 134 Jan. 16 Holders of reo. Jan. 7
Autoline Oil Co., 8% pref. (guar.)
$134
31
corn.
1
Dec.
87340
reo.
Jan.
of
Holders
(guar.)
St. Croix Paper Co..
Automobile Finance. pref.(13.-L)
JIM. 8 Holders of rec. Dec. 23
$3
$5
Jan. 1 Holders of rec. Dec. 31
Preferred (33.-a.)
Avondale Mills (guar.)
Dee. 31 Holders of rec. Dec. 21
$1% Jan. 1 Holders of reo. Dec. 31
St. Joseph Stockyards Co. (guar.).- $1
Baldwin Co.6% pref.(guar.)
Jan. 2 Holders of rec. Dec. 20
75c,
Dec.
3
156.03
St. Paul Union Stockyards Co.(guar.)
IISSIO Industry Shares(s.-a.)
200. Jan. 15 Holders of reo. Jan. 7
200. Jan.
Holders of rec. Dec. 24
San Carlos Milling Co., Ltd.(monthly).
Bickford's, Inc., common
250. Jan. 1
y62)0 Jan.
Holders of rec. Dec. 24
Seohy-Sheet Glass(W. Va.)
$234 cony. preferred (quar.)
Jan. 1
8
Jan.
SI
Holders of rec. Dec. 24
Bourbon Stock Yards (quar.)
Preferred
Jan. 2 Holders of roe. Dec. 21
45h. Feb. 17 Holders of rec. Dec. 31
Secure. Invest. Co.of St. L., pref.(qu.). $2
Brakpan Mines, Ltd.. ord. bearer
Jan. 2 Holders of rec. Dec. 21
250.
stock
20
600.
Jan.
10
Holders of rec. Jan.
Common (guar.)
Bucyrus-Nlonighan Co., clam "B"
Jan. 2 Holders of rec. Dec. 21
40c. Apr. 1 Holders of reo. Mar. 15
Securities Inv. Co.(St. Louis) pref.(qU.) $2
Calamba Sugar Estates (quar.)
Jan. 2 Holders of MC. Dec. 27
500.
1
35o.
Apr.
Mar.
reo.
15
of
(quar.)
Holders
Co.
Mfg.
Smyth
Preferred (guar-)
of lee. Dec. 31
300. Deo, 91
Southern Franklin Process Co.. Pf (go.) 134 Jan. 10 Holders
Canada-Amer. Tr.Shares, 1st Trust(s-a)
Jan. 1
9c. Dec. 31
Southwest Portland Cement (guar.).- $1
Second Trust
1
Jan.
$2
19490
31
Dec.
Preferred (quar.)
Canadian Equity Trust Shares
Is. 9d. Feb. 17 Holders of ree. Dee. 31
Spring Mines, Ltd., ord. bearer
Capital Adminis. Co., Ltd.,cum.pt.div action not tak en. •
10c. Jan. 15 Holders of rect. Jan. 4
$134 Jan. 1 Holders of reo. Dec. 21
Capital City Products
Stahl Meyer. Inc.. pref. (guar.)
SOc. Dec. 30 Holders of roe. Dec. 23
87340. Jan. 31 Holders of rec. Jan. 14
Standard Cap di Seal Corp.. corn
Cartier, Inc.. 7% prer
Dec. 20
Standard-Coosa-Thatcher Co. (qua?.). 12340. Jan. 1 Holders of rec. Dee. 27
Cent. Frank% Proc.7% 1st & 2d p1.(q11) 1% Jan. 3 Holders of rec. Dec. 31
Dec. 31 Holders of rec.
500.
$1.08
(qu.)
Standard Safe Deposit Co.(N.Y.).
Central Manhattan Properties
Dec. 15
rec.
of
Holders
25o. Jan.
Cincinnati Postal Terminal & Realty
Stanley Works, corn. (guar.)
1% Jan. 15 Holders of reo. Jan. 4
$134 Jan. 3 Holders of rec. Dec. 27
Stedman Rubber Floor, pref. (qua?.)
634% pref (quarter)
7
Jan.
roe.
of
Holders
I
Feb.
1
1433(c
250.
Jan.
24
Holders of reo. Dec.
Steel Co. of Can., ord. ((Mar.)
Cleveland Union Stockyards,(guar.).143340 Feb. 1 Holders 9f rec. Jan. 7
500. Jan. 2 Holders of rec. Dec. 23
Columbia Mills. Inc
Preferred (guar.)
23
3
10o.
Dec.
rec.
Jan.
of
Holders
Inc.
Cement,
Superior Portland
Commerce Investment, Ino.(guar.)
1234C. Dec. 20 Holders of rec. Dec. 10
B common (guar.)
Commercial Solvents Corp., corn..(s-a)- 30o. Dec. 31 Holders of rms. Nov.21
150. Feb. 1 Holders of rec. Jan. 17
3.96o. Dec. 31
Teck-Hughes Gold Mines,Ltd.(guar.).Commonwealth Ina. Shares,ser "A."
31
7.620.
Dec.
ThriMStores, Ltd., 1st pref.(quar.) . 4094c Jan. 2 Holders of rec. Dec. 20
Series "IV'
17540 JIM, 2 Holders of rec. Dec. 20
3.4250 Dec. 31
, Second preferred (guar-)
Series "C"
17%o. Jan. 1 Holders of rec. Dee. 21
$134 Jan. 1 Holders of rec. Dee. 24
Tip T Tailors, pref. (quar.)
Cons Paper Co.. pref.(qua?.)
500, Jan. 1 Holders of rec. Dec. 19
Title Insurance Co. of Slinn. (s.-a.)Consol. Chemical Corp., M.A (guar.) -- 3734c. Feb. 1 Holders of rec. Jan. 15
Dec. 21
50. Jan. 25 Holders of rec. Jan. 14
Union Stockyards. Ltd.(Omaha)(qu.).. $134 Dec. 31 Holders of rec.
Consolidated Royalty 011 Co
3134
Feb. 1 Holders of rec. Jan. 17
1
Dec.
Jan.
20
rec.
of
Holders
(qu.).
United Mscult Co.of Amer., pref.
Corcoran-Brown Lamp, pier.
750 Jan. 20 Holders of reo. Jan. 4
United LIneeiSupply class A (gust.).... 87340 Jan. 1 Holders of rec. Dec. 20
Corn Products Refining Co.,corn.(qu.).
100. Feb. 1 Holders of rec. Jan. 40
$134 Jan. 16 Holders of reo. Jan. 4
United Verde Extension Mining Co
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 23
$3
Virginia Bridge & Iron (5.-a.)
Corporate Tr.Shs.,accum.shs. mod(s-a)r$ 499.21 Dec. 31
Dee. 23
s$ 499.21 Dec. 21
Waterbury & Farrell Fdy.& Mach.(qu.) 75e. Jan. 3 Holders of rec. Dec. 23
Unmodified. (s-a)
Jan. 2 Holders of rec.
25e.
.24
Dec.
31
499
r$
Weinberger Drug Stores. Inc.(qua?,)...
Series AA. mod.& unmod..(s-a)
95 Jan. 17 Holders of rec. Dec. 31
s$ 245.35 Dec. 31
West Springs, Ltd., ord. reg
Original series, (s-a)
35e. Deo, 31 Holders of rec. Doe, 26
250 Jan. 10 Holders of rec. Dee. 31
Wolverine Shoe & Tanning, pref. (8.-a.)
Creamery Package Mtg. Co. corn.(qu.).
- 134 Dec. 31 Holders of rec. Dec. 281
Woolson Spice Co.,6% pref.(guar.).
Crescent Creamery,7% pref..(quar.)... 1% Jan. 16 Holders of reo. Dec. 31
25e. Dee. 31 Holders of rec. Dec. 28
3% Feb. 1
Crowell Publishers. 7% pref.(s-a)
Common ((Mar.)
Dee. 20
134 Jan. 15 Holders of rec. Dee. 31
Yosemite Holding Corp.. prof. (gust.). 8714 Jan. 3 Holders of roe.
Curtiss Wright Exp..6% pref.(guar.)
.$134 Jan. 3 Holders of rec. Dec. 23
DeHavIlland Aircraft Co.. Ltd. Am
Young(J.S.) Co.. common (qua?.)
Dee. 231
rec.
Dec.
of
27
3
ISS
Jan.
Holders
rec.
of
%
zw2
Holders
ord.
for
reg. (annual)
dep. rec.
7% Preferred (guar.)
750. Jan. 13 Holders of rec. Doe. 30
Dravo Contracting Co.,6% pref.(qua weeks
previous
150. Jan. 3 Holders of rec. Dec. 23
in
dividends
announced
Dominguez 011 Field Co
the
give
we
Below
Dutton (A.C.) Lumber pref.(guar.).- 50c. Dec. 31
500. Jan. 3 Holders of rec. Doe. 23
paid. This list does not include dividends anyet
not
and
Eagle Look Co.,(qua?.)
51
Jan. 25 Holders of rec. Dee. 30
Elect. Household Utilities Corp
nounced this week, these being given in the preceding table.
Ely & Walker Dry Gds.Co.1st pt.(8.-a.) $314 Jan. 16 Holders of rec. Jan. 5
Jan. 16 Holders of rec. Jan. 5
$3
2nd preferred (s--a.)
21
Dec.
rec.
of
Holders
1
250.
Jan.
Books Cosa
When
Fairmont Cream'y Co.(Del.)com,(q.)
Per
150. Jan. 1 Holders of reo. Dec. 28
Days Tholustes.
Federal American (guar.)
Cent. Payable.
Name of Company.
$1% Jan. 1 Holders of rec. Dec. 23
Preferred (qua?.)
$1% Dec. 31 Holders of reo. Dee. 21
Fiberold Corp.. pref. (quar.)
Railroads (Steam).
134 Jan. 2 Holders of rec. Dec. 23
Holders of rec. Jan. 6
Finance & Trad. Corp., 7% pt..
Alabama Great Southern. prat (a.-a.) - $1 34 Feb. 15 Holders of res. Dec. 15
30c. Dec. 31
4
coup.N0.
First All-Canad. Trustee Rho.,
2% Jan. 2
$4
Susquehanna
&
Albany
Holders of reo. Dec. 15
7
Jan.
Five Year Fixed Trust Shares (s.-11.)
r $38.36 Dec. 31
$
Special
v$500 Dec. 31
. 1 Holders of ree. Dec. 20
Fixed Trust Shares (s.-a.)
jjan,tn..
34i .lan
522
Alleghany & western (8.-a.)
vs 381.65 Dec. 31
Series li
$234 Feb. 1 Holders of rec. Dec. 30
Santa
prof.
&
-a.)
Fe,
(s.
Topeka
Atchison
Holders of rec. Dec. lo
oS 364.97 Dec. 31
Fixed Trust Oil Shares (8.-a.)
Atlanta Birm. Or Coast, 5% pt. (a-ft)...
87%e. Jan. 1 Holders of rec. Dec. 20
6
Freuh Trailer, pref. (quar.)
Augusta & Savannah RR.(a-a)
75c. Feb. 1 Holders of rec. Jan. 14
General Mills. Inc. (quar.)
Extra
100. Jan. 2 Holders of reo. Dec. 22
2 Holders of rec. Dee. 28
. 5
c. Jan.
58
5
1.
$2
Guaranty Co.of N.J. el. A & B (qua?.).
Avon Genesee & Mt. Morris (s.-a.)
51.12.5 Dec. 31 Holders of reo. Dec. 21
50c. Jan. 1 Holders of roe. Nov.304
Hart & Cooley Co., Inc. (quar.)
Bangor & Aroostook, corn. (guar.)
1% Jan. 1 Holders of reo. Nov. 306
Heller(Walter E.)& Co.,7% pref.(qu.) 43%0. Doe. 31
Preferred (guar.)
7 Ho. Dec. 31
Common (guar.)
Public Utilities (Conctuded)..
Dec. 31 Holders of reo. Dec. 15
Des Moines Gas Co.,8% pref. (guar.).- $1
87340. Dec. 31 Holders of rec. Dec. 15
7% preferred (quar.)
Illinois Commercial Telep..$6 pref.((DO $134 Jan. 14 Holders of rec. Dec. 91
Illinois Pow. dr Light Corp.,6% pt.(go.) 134 Jan. 2 Holders of rec. Dec. 23
$134 Feb. 1 Holders of rec. Jan. 10
$6 preferred (guar.)
Lexington Telep. Co.,6%% pref.(qUar.) 134 Jan. 14 Holders of rec. Dec. 31
$134 Dec. 31 Holders of rec. Dec. 19
Co
Electric
&
Lynn Gas
$134 Dec. 31 Holders of rec. Dec. 19
Trust certificates
$2% Jan. 14 Holders of reo. Jan. 5
Montreal Tramways Co., (quar.)
75c Jan. 15 Holders of rec. Dec. 22
(gU.)
Co.
Lt.
New Bedford Gas & Edison
$IM Jan. 3 Holders of reo. Dec. 9
New England Power, pref. (quar.)
Ferry
&
Ry.
River
Hudson
&
Jersey
New
Jan. 1 Holders of rec. Dec. 31
$3
(s.-a.)
234 Jan. 3 Holders of rec. Dec. 21
Newark Consol. Gas, 5% gtd.
1%
Jan. 10 Holders of rec. Dec. 31
(qu.)
Pt.
Co.,
(Ohio)
6%
Telep.
Newark
Dec. 30 Holders of rec. Dec. 29
Northwestern Bell Telep. Co.,corn.(qu.) $2
134 Jan. 14 Holders of reo. Dec. 21
% cum. preferred
I.
Jan. 3 Holders of rec. Dec. 15
134
Ohio Elec. Pow., 7% pref. ((Mari....
Holders of rec. Dec. 15
134 Jan.
6% preferred (guar.)
500 Jan. 1 Holders of rec. Dec. 31a
Pacific Gas & Elec. Co., corn.(quar.)
750 Feb. 1 Holders of rec. Jan. 20
Pacific Lighting Co., corn. (quar.)
Holders of rec. Dec. 15
Pao. North West Pub.Serv.7% Pt.(qu.) 134 Jan.
Holders of reo. Jan. 10
Philadelphia Elec. Co., pref. (qua?.)... $134 Feb.
Public Service Corp. of New Jersey500. Jan. 3 Holders of rec. Jan. 3
6% preferred (monthly)
Puget Sound Power & Light Co.,$6 cum . prof. div. def erred.
$5 prior cum. pref. dIv. deferred.
Rhine-Westphalia Elec. Pow. Coss.
$1.07 Jan. 10 Holders of rec. Jan. 3
American shares
Jan. 1 Holders of rec. Dec. 15
$3
Ridge Ave. Pass. Ry. (guar.)
Ban Diego Consol. Gas & Elec. Co.
134 Jan. 14 Holders of reo. Dec. 31
Preferred (quar.)
Southern California Gas Co.,6% pf. Mill 3734 a. Jan. 14 Holders of rec. Dec. 31
37340. Jan. 14 Holders of rec. Dec. 31
6% preferred A (quar.)
Southern Calif. Gas Corp. $634 PL(qu.). $134 Feb. 28 Holders of rec. Jan. 31
Southern Counties Goa Co.(Calif.)134 Jan. 16 Holders of rec. Dec. 31
6% preferred (guar.)
Jan. 16 Holders of roe. Dec. 31
Southern New England Telep. Co.(qu.) $2
Springfield City Water Co.
134 Jan.
Holders of roe. Dec. 20
7% preferred A & B (quar.)
1% Jan.
Holders of MO. Dec. 20
6% preferred C (quar.)
$234 Jan. 1 Holders of reo. Dec. 31
Stamford Gas & Elec. Co. (guar.)
Holders of rec. Dee. 15
Toledo Light & Power Co., pref.(guar) $134 Jan.
$2% Jan. 1 Dec. 20 to Jan. 10
United Companies of N. J.(guar.).
WIsconsin Gas & Elee.. prof.(guar.).- $1% Jan. 1 Holders of reo. Dec. 31
$2
Dee. 3 Holders of reo. Dec. 30
(guar.).
Wisconsin Telephone Co., corn.
$134 Jan. 3 Holders of reo. Jan. 20
Preferred (guar.)
4512
Financial Chronicle
Dec. 31 1932
Per
When
Books Closed
Per
When
Name of Company.
Books Closed.
Cent. Payable.
Days Inclusiee.
Name of Company.
Cent. Payable.
Days Inclustee.
Railroads (Steam) (Concluded).
Public
Utilities
(Continued)
Beech Creek (guar.)
.
50e. Jan. 3 Holders of ree. Dee. 15
Consumers Power Co..$5 pref.(guar.)
Boston & Albany
Holders of Fro. Dec. 15
-- $14 Jan,
$24 Dec. 31 Holders of rec. Nov. 300
$5 preferred (guar.)
Boston & Providence (guar.)
holders of ree Mar. 15
134 Apr,
$234 Jan. 1 Holders of rec. Dec. 20
8%
preferred
(guar.)
Burlington Cedar Rapids A Nor. (5.-a.). $3
flu,ders of ree. Dee. 15
Jan.
Jan. 1 Holders of rec. Dec. 16
6.8% preferred (guar.)
Canada Southern (semi-annual)
Jan.
Holders of ree. Dee. 18
$14 Feb. 1 Holders of rec. Dec. 27
7% preferred (guar.)
Carolina Clinchneld & Ohio. corn.(au). $I
Jen.
IL Hers of reo. Deo. 15
Jan. 10 Holders of rec. Dec. 31
8% preferred (guar.)
Guaranteed certificates (guar.)
Apr.
Holders of rec. Mar. 15
$14 Jan. 10 Holders of rec. Dec. 31
0.6 preferred (guar.)
Cayuga & Susquehanna (s.-a.)
II olders of rec. Mar. 15
Apr.
$1.20 Jan. 1 Holders of rec. Dec. 20
7% preferred (Oulu.)
Chesapeake Corp., common (guar.)___
Apr.
Holders of rec. Mar. 15
50c. Jan. 1 Holders of ree. Dec. 8
8% preferred (monthly)
Chesapeake & Ohio Ry. common (guar.) 624c Jan.
Jan.
Holders of tee. Deo. 15
1 Holders of rec. Dec. 8a
6.6% preferred (monthly)
Preferred s.-a.
Jan.
Holders of rec. Dee. 15
34 Jan. 1 Hoidens ci ree. Dec. 3a
6%
preferred
(monthly)
Cincinnati I nter-Ternel gtd. 1st pf.(s.-a.) $2
Feb.
Holders of rec. Jan. 14
Feb. 1 Holders of rec. Jan. 28
8% preferred (monthly)
Cincinnati Union Term.5% pf. (au.)Mar.
Holders of rec. Feb. 15
134 Dec. 31 Holders of rec. Dec. 21
6%
preferred
(monthly)
Cleveland Mein Chic dr St. Louis (s.-a.) $5
Apr.
Holders of rec. Mar. 15
Jan. 31 Holder. of rec. Jan. 21
6.6% preferred (monthly)
5% preferred (guar.)
Feb.
Holders of rec. Jan. 14
14 Jan. 31 Holders ot rec. Jan. 21
6.6% preferred (monthly)
Dayton dr Michigan, pref.
Mar.
Holders of rec. Feb 15
Jan. 3 Holders of rec. Dec. 15
$1
(guar.)
Preferred
6.6%
(monthly)
Delaware RR. Co. (3.-a.)
Apr.
Holders of ree. Mar. 15
Jan. 1 Holders of ree. Dec. 15
$1
Continental Gas A Electric Corp.
Detroit Hillsdale dr South Western (s.-a.) 52
Jan. 5 Holders of rec. Dec. 190
7% preferred (guar.)
154 Jan.
Elmira A Williamsport, pref.
Holders of rec. Dec. 120
$1.61 Jan. 3 Holders of rec. Dec. 20
Common
Georgia RR. dr Banking Co. (guar.)
$2.90 Jan.
Holders of rec. Dec. 120
$24 Jan. 15 Holders of rec. Dec. 31
Cuban Telep., pref.(guar.)
Hudson A Manhattan, pref. (s.-a.)
14 Dec. 3 Holders of rec. Dec. 150
S24 Feb. 15 Holders of ree. Feb. la
Dayton Power dr Light. 6% Pt. (mtbly.)
Illinois Central leased line ctfs.
50c. Jan.
Holders
of rec. Dec. 20
$2
Jan. 1 Holders of tee. Dec. 12
Detroit
Edison Co.. capital stock
Johiet & Chicago(guar.)
Jan. I
(Quer.)
Holders of rec. Dee. 20
14 Jan. 3 Hulders of rec. I iec. 20
I)(amond State Tel. Co., 634% pf.
(gu.) 14 Jan. 1
Kansas City Southern. pref. (guar.)
Holders of rec. Dec. 20
50c. Jan. 16 holders of rec. Dec. 31
Duke Power Co.. corn.(guar.)
14 Jan.
Lacks RR. of N. J., 4% gtd. (guar.)
Holders of rec. Dec. 15
$1
Jan. 3 Holders or ree. Dee. 9
Preferred (guar.)
14 Jan.
Little Schuylkill Navigation RR. &
Holders of ree. Dec. 15
Duquesne I.. Co.,
cutn. lit pf. (gu.).
1(4 Jan. 1
Coal Co. (5.-a.)
Holders of rec. 1)ec. 31
$1.10 Jan. 16 Holders of ree. Dec. 16
Eastern Gas & Fuel Assoc..6% Pt.(g
1)4 Jan.
Mahoning Coal RR.. corn.(guar.)
'folders of rec. Dee. 150
$64 lob. 1 Holders of rec. Jan. 16
Prior preferred (guar.)
1.124 Jan.
Preferred (8.-a.)
Holders of rec. Dec. 154
154 Jan. 3 Holders ot rec. Dec. 23
Eastern N.J. Power,6% pref
154 Jan.
Michigan Central (3.-a.)
Holders of rec. flee. 1
$25
Jan 31 Holders of rec. Jan. 21
El Paso Elec. Co.. 7% pref. A (gust.)...
Mill Creek dr Mine Hill Nay.& RR.(s.-a) $14 Jan. 12 Holden) of rec.
134 Jan. 1
Holders of tea Deo. 3
Jan. 1
6% preferred (guar.)
1)4 Jan 1
Mine Hill A Schuylkill Haven (s.-a.)
ho)dots of rec. Dec. 3
$14 Feb. 1 Holders of rec. Jan. 14
Electric Bond dr Share Co.,corn.(guar.).
Mobile & Birmingham pref. (s.-a.)
Holders of rec. Dee.
f1 34 Jan. 1
$2
Jan. 3
olders of rec. Deo. 1
$6 preferred (guar.)
$134 Feb.
Morris A Essex
Holders of rect. Jan.
$2.124 Jan. 3 Holders of rec. Dec. 7
$5 preferred (guar.)
$154 Feb.
Nashville dr Decatur 73.4% gtd. (3.-a.).- 934c Jan. 1 Holders of rec. Dee. 20
Holders of rec. Jan.
Elec. Power dr Lt. Corp.. $7 pref.
(gu.)- 58 1-3e Jan.
New London dr Northern (guar.)
lieldern of tee Dec. 1
32% Jan. 2 Holders of rec. Dec. 15
56 preferred (guar.)
50e. Jan.
Extra
Holders of rec. Dec. 1
SI
Jan. 2 Holders of rec. Dec. 15
Elizabethtown Consolidated Gas Co___ _ 31
Jan.
N. Y.. Lack. & West., 5% gtd. ((111.)- 14 Jan. 3 Holders of rec. Dec.
Holders of ree. Dec. '2
16
Empire Pow.corp.. $6 cun. pref. (Qu.). $154 Jan.
Northern Central (8.-a.)
Holders of rec. Dee. 1
32
Jan. 14 Holders of rec. Dec. 31
Engineers Public Service Co., Inc.Norwich & Worcester. pref. (aunt.)
32
Jan. 2 Holders of rec. Dec. 14
preferred
35
(guar.)
$154 Jan,
Old Colony (guar.)
Holders of rec. Dee. 1
314 Jan. 3 Holders of ree. Dec. 170
154 preferred (guar.)
$14 Jan.
Philadelehla Bait. & Washington (s.-a.)- $14 Dec. 31 Holders oi tee. Dec.
Builders of rec. Dec. 1 a
$6 preferred (guar.)
16
$1 34 Jan.
Philadelphia & Trenton (guar.)
!folders
of rec. Dec. I a
$24 Jan. 10 Ilolders of rec. Jan. 1
Fall River Elec. Light Co. (guar.)
50c. Jan.
Pittsbg Ft ‘A ayne A Chic., corn. OSLO
Holden of rec. Dec. I
154 Jan, 3 Holders of ree. Dee. 10
Federal
Lt.
&
Tract.
Co..
corn.
(guar.)
Jan.
25.
Preferred (guar.)
Holders of rec. Dec. 1 a
14 Jan. 3 Holders of tee. Dec .10
Common
(guar.)
11
Jan.
Pittsburgh & lake Erie (3.-a.)
Holders of rec. Dec. 1 a
1154 Feb. 1 Holders of rec. Dec. 27
Florida Pow, A Lt. Co.. pref. (guar.)._. 114 Jan.
Pitts. McKeesport A Youehlogteny(s-a) $14 Jan. 3 Holders of
Holders of rec. Dec. 1
tee. Dee. 15
Foreign l.t. & Pow. Co., fat pref
$154 Jan.
Providence & Worcester (guar.)
fielders
of rec. Dec. 2
$234 Jan, 3 Holders of rec. Dec. 14
Frankf'd&Southw. Phila. City Pass. Ry.
Reading Co.. common (oear.)
25e. Feb. 9 Holders of rec. Jan. 12
(Quarterly)
$454 Jan.
Second preferred (guar.)
Holders of tee. Dec.
50e. Jan. 12 Holders of rec. Dec. 22
Gas A Elect. Co. of Bergen Co.
234 Jan.
Rensselaer A Saratoga (5.-a.)
Holders of rec. Dec. 1
$4
Jan. 3 Holders of rec. Dee. If)
General Gam A Elec. Corp., $8 pt. Addi_ 414 Jan.
Richmond Fred. & Potomac (s.-a.)__
Holdere of rec. Dec. 1
$2
Dec. 31 Holders of rec. Dee. 19
$7 preferred A (guar.)
4154 Jan.
Dividend obligation (8.-a.)
lioldera of rec. Dec. I
32
Dec. 31 Holders of rec. Dec. 19
$6
preferred A (guar.)
032
Jan.
Shamokin Valley & Pottsville (3.-a.)--- - 3154 Feb. 1 Holders of
Holders
of rec. Dee. 1
ree. Jan. 16
Georgia Power Co.,$6 pref.(guar.)
$I 4 Jan.
Southern RR.of Georgia (3.-a.)
fielders of rec. 1)ec. I
$254 Jan. 1 Holders of rec. Dec. 1
$5 preferred (guar.)
$134 Jan.
Sussex RR. (s.-a.)
Holders
of
rec. Dec. 1
50c. Jan. 3 If elders of rec. Dec. 24
Gray Telep. Pay Station (guar.)
50c Jan.
Union Pacific. common
Holders of rec. 1)ec. 1
$14 Jan
3 Holders of fro. Dee. 30 German flys. 00.7% pref. (Interim).
334 Jan.
United New Jersey RR de Canal Co.(au) $24 Jan. 10 Holders of rec.
Dec. 20
Gold & Stock Teletz. Co.(Guar.,
5134 Jan.
Valley RR. of N. Y.(0.-a.)
Hoiden; of rec. Dec. 31
$254 Jan. 1 Holders of rec. Dec. 20
Great West. Power (Calif.). 7% pf.(gu.) 14 Jan.
West Jersey & Seashore. semi-annual_ _ $14 Jan. 3 Holders of ree.
Holders of rec. Dec. 5
6% preferred (guar.)
Dec. 15
1% Jan.
Holders of rec. Dee. 5
Greenwich War. & Gam Syst.6% Pt
Public Utilities.
(q11.) 14 Jan.
Molders of rec. Dec. 20
Guardian
Public
Utilities
Invest.
Trust
Alabama Power Co. $7 pref. (guar.)_
14 Jan. 2 Holders of roe. Dee, 15
Preferred 1 (guar.)
)Sc. Jan.
$6 preferred (guar.)
Holders of ree. Dee. 15
$14 Jan. 2 Holders of rec Dec. 15
Gulf Power Co., $6 pref. (guar.)
$14 Jan.
$5 preferred (guar.)
Holders of rec. Deo. 20
$14 Feb. 1 Holders of tee. Jan. 14
Hackensack
Water
Co..
pref.
A (guar.)
American District Telco.(guar.)
434 Deo. 3
Holders of ree. Dec 18
31
Jan. 16 Holders Si rec. Dec. 15
Hartford Gas Co., corn. (guar.)
75e. Dec. 31 Holders of rec. Dec. 16
Amer. f)ist. Teleg.(N. J.). corn. (gu.)... $1
Jan. 15 Holders of ree. Dec. 15
Preferred (guar.)
50c. Dec. 31 Holders of rec. Dec. 16
Preferred (guar.)
$134 Jan. 15 Holders of rec. Dee. 15
Havana Elec. df FBI. Co. 6% pref
1175c. Feb. 15 !folders of rec. Jan. 14
American Elec. Secure. Corp.. pf. (goo_ 610
Dee. 31 fielders of rec Deo 15
Haverhill Gas Light Co.(guar.)
57e. Jan. 3 Holders of ree. Dee. 22
American Gas A Elec., corn. (guar.)
25c. Jan. 3 Holders of rec. Dec. 13
Home Telep. A Telef.:. Co.
Common (s. a.)
fl-So Jan. 3 Holders of rem Den. 13
7% Preferred (5.-a.)
154 Jan. 1 Holders of rec. Dee. 21
$6 preferred (oust.)
$14 Feb. 1 Holders of rec. Jan. 9
Houston Natural Gas Corp., pf. (guar.). 874c Dec. 31
American Power a. IA. Co.. $8 pref. (gu.)
Holders of rec. Dec. 21
75e. Jan. 3 Holders of rec. Dec. 16
Illinois Bell Telep (guar.)
Dee. 31 Holders of rec. Dec. 30
$5 preferred (guar.)
$2
62 5-sc Jan. 3 Holders of rec. Dec. 16
Illinois Power Co. 6% pref.(guar.)
14 Jan. 2 Holders of rec. Deo. 15
American Superpower. let pref. (guar.)._ $14 Jan.
2 Holders of rec. Deo. 10
7%
preferred
154 Jan. 2 Holders of rec. Dec. 15
American Tel. dr Tel. Co. (guar.)
$24 Jan, 18 Holders of rec. Dec. 200 Illinois Traction(guar)
Co., 8% pref. (Oust.)..
14 Jan. 2 Holders of rec. Den. 20
Amer. Water Work & Elec.. corn.(au.).
25c. Feb. 1 Holders of rec. Jan. 6
Indiana Gen Service.6% pref.(Oust.)..
14 Jan. 3 Holden; of rec. Dee. 6
American Water Worse & Elec. Co.. Inc.
Indiana
A
Mich.
Elec. 7% pref. (gu.)- _
154 Jan. 3 Holders of rec. Dec. 5
Of Del.. $6 let preferred (guar.)
$14 Jan. 2 Holders of ree. Dec. 9
6% preferred (guar.)
14 Jan. 3 Holders of rec. Dec. 6
Appalachian Elec. Pow.$7 pf• (gust.)... $14 Jan. 3 Holders of
rec. Dec. 5
Indianapolis Power A Ltght Corp.
3)) preferred (guar.)
$14 Jan. 3 Holders of rec. Dee. 5
634% preferred (guar.)
14 Jan. 1 Holders of rec. Dee. 5
Arkansas P. & Lt. Co.. $7 pref. (Oust.).. $14 Jan. 2 Holders
of rec. Deo. 15
6% preferred (guar.)
14 Jan. 1 lioldere of rec. Dec. 5
$6 preferred (gust.)
$14 Jan. 2 Holders of ree. Dec. 15
Indianapolis Water Co.,
14 Jan. 2 Holders of roe. Dee. 124
pf. A (au.).
Bangor Hydro-Eleetrlo, 7% pref. (cm). 14 Jan. 1 Holders
of tee. Dee, 10
Internat. Hydro-Elec. System-.
6% preferred (guar.)
14 Jan. 1 Holders of rec. Dec. 10
$34 cont. preferred (ewe.)
874c Jan. 16 Hoiden of rec. Dec.
Bell Telephone Co. of Can.(oust.)
28
14 Jan. 16 Holders of rec. Dec. 23
International Ocean Teleg (guar.)
31(4 Jan. 2 Holders of rec. Dee. 31
Bell Tel. nips., 634% cum. pref. (guar.) 14 Jan. 14
Holders of rec. Dec. 20
Internat. Ut11. Corp.. 37 pref. (guar.).- - $14 Feb. 1 Holders of
Boston Elevated Ry. Co.(guar.)
rec. Jan. 160
$14 Jan. 2 Holders of rec. Dec. 100
$334
preferred
87
(guar.)
4c. Feb. 1 Fielders of rec. Jan. 160
Brazilian Tram, Light dr Power. Ltd.2(4 preferred (guar.)
4354c. Jan. le Builders of rec. 15ec. 310
Preferred (guar )
$134 Jan. 3 Holders of rec. Dee. 15
Iowa Public Service Co.
Bridgeport Gas Light Co. (Guar.)
60e. Dec. 31 Holden of reo. Dee. 16
&
2d pref (guar.)
$7 1st
$13.4 Jan. 3 Holders of rec. Dec. 20
Bridgeport Hydraulic Co.. corn.
40c. Jan. 15 Holders of ree. Dec. 31
(guar.)
$134 lot preferred (emu.)
$14 Jan. 3 Holders of rec. Dee. 20
British (701. Pow. Corp.. Ltd. CIA (go.). t50c. Jan.
16 Holders of rec. Dee. 31
56 1st preferred (omar.)
$14 Jan. 3 Holders of rec. Dee. 20
British Columbia Tel. Co. (eller.)
$14 Feb. 2 Holders of rec. Jan. 15
Jamaica
Pub. Sets. Co., Ltd.. pf. (gu.) _ $14 Jan. 3 Holders of ree.
6% preferred (guar.)
Dee. 16
14 Jan. 3 Holders of rec. Dec. 15
Jersey Cent.Pow•ALt.CorP.7% Pt•(gu.)_
154 Jan. 1 Holders of rem Deo. 10
Brooklyn-Manhattan Transit Corp.
6% preferred (Oust.).
1)4 Jan. 1 Holders of rec. Dee. 10
Preferred serles A (guar.)
14 Jan. 16 Holders of rec. Dec. 31
554% preferred (guar.)
134 Jan, 1 Holders of rec. Dec. 10
Brooklyn A Queens Transit Corp.
Joplin Water Works,6% prof.
134 Jan. 16 Holders of rec. Jan. 2
Preferred (guns'.)
$134 Jan. 3 Holders of rec. Dec. 15
Kansas City Power A Lt Co.
Brooklyn Union Gas Co.(guar.)
$14 Jan. 3 Holders of rec. Dee. le
First pref. close B (guar.)
$14 Jan. 1 Holders of rec. Dec. 14
Buff. Niagara de East Pr. Corp.. Pf.(tiff•)
40c. Jan. 2 Holders of rec. Dee. 15
Kansas Elec. Pow.7% pref. (guar.).
154 Jan. 2 Holders of rec. Deo. 15
as5 1st preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 14
6% preferred (Oust.)
134 Jan. 2 Holders of rem Dec. 15
Calgary Power Co., Ltd.. corn.
14 Jan. 2 Holders of rec. Dec. 15
Kansas Gas & Elec. Co.7% of.(Oust.)..
14 Jan. 3 Holders of rec. Dec. 16
preferred (guar.)
(guar.)8%
14 Feb. 1 Holders of rec Jan. 14
$6 preferred (guar.)
$1.4 Jan. 3 Holders of rec. Deo 16
Calif. Elec. & Generating,8% pf. (gu.)_
14 Jan. 1 Holders of rec. Deo. 5
Kansas l'ow. A Lt. Co.7% pref.(guar.).
154 Jan. 2 Hoidere of rec. Dec. 14
California Oregon Pow. Co.,7% pf.(gu.) 14 Jan. 16 Holders of rec. Dec. 31
6% preferred (guar.)
14 Jan. 1 Holders
6% Preferred (guar.)
134 Jan. 16 Holders of rec. Dec. 31
Kentucky Utilities, 6% pref. (guar.)._ 514 Jan. 14 Holders of rec. Dee. 14
of rec. Dee. 27
Can. Nor. Pow. Corp., Ltd. corn.(gu.)...
20e Jan. 25 Holders of tea Dee. 31
Keystone Public Service Co.7% cum. preferred (guar.)
14 Jan. 18 Holders of ree. Dec. 31
$2.80 preferred (guar.)
70e. Jan. 3 Holders of rec. Dec. 15
Carolina Pow.& Lt. Co. 37 pf. (qual.).. 314 Jan. 3 Holders of rec.
Kings Cty. Lighting Co. B 7% rd. (gu.)Dec. 17
154 Jan. 2 Holders of tee. Deo. 19
$6 Preferred (guar.)
$134 Jan. 3 Holders of rec. Dec. 17
D,5% preferred (guar.)
154 Jan. 2 Holders of rec. Dee. 19
Carolina Tel. A Tel. Co. (guar.)
$24 Dec. 31 Holders of rec. Dec. 24
Lone Star Gas Corp., corn.(Guar.)
116e. Dee. 31 Holders of rec. Dec.
Central Illinois Light Co.,8% pref.(GU.) 134 Jan. 2 Holders of rec. Dec.
15
6% preferred (Oust.)
15
14 Dee. 31 Holders of rec. Dee. 15
7% preferred (guar.)
14 Jan. 2 Holders of rec. Dee. 15
Long lard Ltg. Co. set. A 7% pl.(gu.)
14 Jan. 1 Holders of rec. Dee. 18
Central Illinois Pub. Serv., 6% In.
154
Holders
Jan.
of rec. Dec. 20
Series B 6% preferred (guar.)
18
(all.)
14 Jan. 1 Holders of rec. Dee. 18
Central Main Power,7% pref. (g
14 Jan. 1 Holders of rec. Dec. 10
Louisville Gas & Electric Co.(Hy )uar.)
% preferred (guar.)
14 Jan. 1 Holders of ree. Dec. 10
7% cum. preferred (guar.)
14 Jan. 14 Holders of rec. Dee. 31
$6 preferred (guar.)
$14 Jan. 1 Holders of tee. Dee. 10
8% cum. preferred (guar.)
14 Jan. 14 Hollers of rec. Dec. 31
Cincinnati Gas dr El. Corp.. pf. (quae.)_ _ 04 Jan. 3 Holders of ree. Dee.
6% cum. preferred (guar.)
15
14 Ian. 14 Holders of rec. Dec. 31
Cincinnati dr Suburban lien Tel. (guar.) $1.12 Jan. 3 Holders of rec. Dec. 20
Manchester Gas CO.(guar.)
$2
Jan. 3 Holders of rec. Dec. 20
Citizens Water Co.(Pa.)(guar.)
154 Jan. 2 Holders of tee. Dec. 20
Preferred (guar.)
3154 fan. 3 Holders of rec. Dec. 20
Cleveland Elec. Illum. Co.. corn.(gu.).40c Jan. 1 Holders of tee. Den. 20
Marlon Water Co., prof. (guar.)
14 Jan. 2 Holders of ree. Dec. 20
Preferred (Oust.)
$14 Mar. 1 Holders of rec. Feb. 15
Maritime Tel. & Tel. Co., Ltd.Cleveland RD. (guar.)
$154 Jan. 1 Holders of rem Dee. 26
Common (guar.)
120c. Jan. 1 Holders of rec. Dec. 15
Clinton Water Works. 7% prof. (guar.). 14 Jan. 18 Holders of rec. Jno. 2
7% preferred B (guar.)
‘174e. Jan. 1 Holders of ree. Dec. 15
Com monw. & South. Corp. $6 pref. (gu.) $154 Jan. 3 Holders of rec. Dec. 9
Massachusetts Utilities Assn.apref.
6254c. Jan. 16 Holders of rec. Dec. 31
Commonwealth Utilities. pref. A (gu.)._
154 Jan. 3 Holders of roe. Dee. 15
Memphis Power & Light Co.. $7 pt.(go.) $154 Jan, 3 Holders of rec.
Dec. 10
154 Jan. 3 Holders of ree Dec. 15
PreferredB (guar.)
$6 preferred (guar.)
$14 Jan. 3 Holders of rec. Dem 10
Preferred C (guar.)
14 Mar. 1 Holden of ree. Feb. 15
Metropolitan Edison, $7 pref. (guar.)._ $14 Jan. 1 Holders of
rec.
Nov.
30
COmmonw. Water dr Light. 7% pf. (g11-) 154 Jan. 2 Holders of ree. Deo. 20
$6 preferred (Guar.)
314 Jan. 1 Holders of rec. Nov. 30
$6 preferred (guar.)
$14 Jan. 2 Holders of rec. Dee. al
$5 preferred (guar.)
$Di Jan. 1 Holders of rec. Nov. 30
Conn. Elec. Serv. Co.. corn. (goat.)....
75e. Jan. 2 Holders of rem Dec. 15
Michigan Elm Pow..7% pt. (guar.).
13.4 Ian. 3 Holders of rec. Dec. 15
Connecticut Passenger Hy (3.-a.)
$34 Dee. 31 Holders of rec. Nov. 30
e% preferred (guar.)
an. 3 Holders or rec. Dee. 15
1%
Conga Gas Co.(N. Y.) 35 pref. (gu.)
$14 Feb. 1 Holders of rec. Dec. 30
Michigan Public Service.7% pref.(a u.)
134 Jan. 2 Holders of rec. Dec. 15
Consolidated Gas Elec. Lt. & Pose. Co.
13% preferred (guar.)
2 Holders of ree. Dec. 15
Jan.
13.4
of Bait, common (guar.)
90e. Jan. 3 Holders of tee. Dee. 15
6% preferred (guar.)
$14 Jan. 2 Holders of rec Dec. 15
"A- 6% preferred (guar.)
14 Jan. 3 Holders of ree. Dec. 15
Middlesex Water Co.. pref. (s-a)
Jan. 3 liolder, of 'sic. lice. 27
2.134
"D"6% preferred (guar.)
Jan.
3
Holders of rec. Dee. 15
14
Ilwriukee ELIty.dri.t. Co.6% pf. (au.) 134 Jan. 31 Holders
of rec. Jan. 20
"E" 54% preferred (guar.)
154 Jan. 3 Holders of tee. Dee. 15
Milwaukee Gas Light Co.. 7% pf. (un.)
75c. Mar. 1 Heiden, of rec. Feb 26
Copse]. Traction Co. of N. J. (S:a.)
Jan. 16 Holders of rec. Dee. 31
$2
!Minnesota Power dr Light, 7% pt. (gu.) 14 Jan. 2
Holders
rec. Dec. 15
of
Consumers Gas (Tor.). (gnar-)
$24 Jan. 2 Holders of rec. Dee. 15
$6 preferred (guar.)
$14 Jan. 2 Holders of rec. Deo. 15
Name of Company.
Who'
Pa
Cent., Payable.
Books Closed
Days !WILLOW.
Public Utilities (Contintied)•
Minn. Gas Light.5% part Units(gu.)--- $11.4 Jan. 1 Holders of rec. Dec. 20
5144 Jan. 2 Holders of rec. Dec. 20
Miss.Power Co., 27 pref.(War.)
$114 Jan. 2 Holders of rec. Dec. 20
1.3$6 preferred (guar.)
Mississippi River Pow., pref.(qua:.) --. 2134 Jan. 8 Holders of rec. Dee. 15
B,
(CIL)- 1% Jan. 8 Holders of reo. Dee. 22
Miss. Vail. P.8. Co..6% prof.
Mohawk Hudson Pow. Co.. lit DL(:1u.) $134 Feb. 1 Holders of rec. Jan. 16
$134 Jan. 3 Holders of rec. Dec. 15
2d preferred (guar.)
2131 Jan. 16 Holders of rec. Jan. 2
Monongahela Valley Water, Prof. (gu.)
Monongahela Wass Penn Publio Service
43340.Jan. 2 Holders of roe. Dec. 15
7% preferred (guar.)
Montreal Light. Heat & Power Consol.
1380.Jan. 31 Holders of rec. Dec. 31
Common (guar.)
r80e Jan. 16 Holders of rec. Dec. 31
Montreal Telegraph Co. (guar.)
Jan. 20 Holders of rec. Dec. 31
Mountain States Power Co., pref.(QU.)- 1
Mountain Stares Tel. & Tel. Co.(guar.). $2 Jan. 18 Holders of rec. Dee. 31
Municipal Gas (Tex.), pref. (guar.).- 1% Jan. 1 Holders of rec. Dec. 15
Nassau &SuffolkLight..Co..7%pref.(guJ 1% Jan. 1 Holders of roe. Dee. 18
National Power & Light Co.$6 pf.(Q11.)- $134 Feb. 1 Holders of roe. Jan. 14
250. Jan. 16 Holders of rec. Dec. 31
Natural Fuel Gas (guar.)
New Brunswick Tel. (guar.)
12340. Jan. 15 Holders of rec. Dec. 31
New England Gas az Electric Assoc.
8134 Jan. 1 Holders of rec. Nov. 300
25% preferred (guar.)
New England Power Assoc.. corn.(guar.) 50o. Jan. 10 Holders of rec. Dee. 31
$6 preferred (guar.)
$13.4 Jan. 3 Holders of rec. Dec. 90
22 preferred (guar.)
50o. Jan. 8 Holders of rec. Dec. 9a
Doe. 31 Holders of reo. Dec. 100
New England Tel. & Tel. Co.(guar.)... $2
New Haven Water Co.(s.a)
$2 Jan. 2 Holders of rec. Dee. is
New Jersey Power & Light. $6 pref.(01.) $134 Jan. 1 Holders of roe. Nov.30
$134 Jan. 1 Holders of rec. Nov.30
$5 preferred (guar-)
New Jersey Water Co..7% pref.(guar.) 1% Jan. 2 Holders of roe. Deo. 20
New Orleans Public Service. Inc.
Preferred (guar.)
$134 Jan. 3 Holders of reo. Dec. 19
New York & Harlem (semi-enwrap.... $2% Jan. 3 Holders of roe. Dec. 15
Preferred (semi-annual)
2234 Jan. 3 Holders of roe. Dec. 15
New York Mutual Telegraph (s.-a.)
750 Jan. 3 Holders of rec. Dee. 31
New York Pow.& Lt. Corp..7% pf.(gu.) 1% Jan. 2 Holders of roe. Dee. 15
e8 preferred (guar.)
21% Jan. 2 Holders of rec. Dec. 15
N.Y.& Richmond Gas8% pref.(guar.) 1% Jan. 1 Holders of roe. Dee. 15
New York Stearn Corp., 28 pref. A (go.) $1% Jan. 2 Holders of rec. Dee. 15
$7 cum. preferred A (guar.)
$144 Jan. 2 Holders of roe. Doe. 15
New York Tel. Co.. 6(4% pref. (guar.)
134 Jan. 16 Holders of rec. Dee. 20
Newport F:lec. Corp. 6% pref. (guar.)... 1% Jan. 1 Holders of ree. Dec. 15
Niagara Hudson Power Corp.. com.(QU.)
300 Dee. 31 Holders of roe. Nov. 23
Niagara Pow. Corp.. corn. (guar.)
300 Doe. 81 Holders of rec. Nov.28
North American Co.. common (quit.)... /234 Jan. 8 Holders of rec. Dec. 5
Preferred (guar.)
1% Jan. 3 Holders of roe. Dec. 5
North Shore Gas Co., 7% pref. (guar.)- 1% Jan. 2 Holders of rec. Deo. 100
Northeastern Tel. & Tel.(guar.)
22 Dee. 81 Holders of roe. Dee. 10
Northern N. Y. Utilities. Inc. (mthly.) 1214o. Dee. 81
Preferred (guar.)
$1% Feb. 1 Holders of roe. Jan. 14
Northern Ontario Power Co.. Ltd.Common (guar.)
500 Jan. 25 Holders of rec. Dec. 81
8% oum. preferred (guar.)
1% Jan. 25 Holders of roe. Der3. 31
Northern States Power Co.(Del.)Claes A common (guar.)
1)4 Feb. 1 Holders of roe. Dec. 31
7% preferred (guar.)
1% Jan. 20 Holders of rec. Dec. 31
6% preferred (guar.,
1)4 Jan. 20 Holders of rec. Dec. 31
Northwestern Teleg. Co. (11.-a.)
2131 Jan. 3 Holders of rec. Doe. 16
Jan. 2 Holders of rec. Dec. 17
61
(guar.)
Power
Light
&
Nova SC4'tla
Ohio Edison Co.. $5 preferred (guar.).- 51% Jan. 2 Holders of rec. Dec. 15
$6 Preferred (guar.)
2134 Jan. 2 Holders of rec. Dec. 15
26.60 preferred (guar.)
$1.85 Jan. 2 Holders of rec. Dec. 15
$7 preferred (guar.)
al% Jan. 2 Holders of rec. Dee. 15
$7.20 preferred (guar.)
$1.80 Jan. 2 Holders of rec. Dee. 15
Ohio Public Service. 7% pref. (monthly) 58 1-3o Jan. 3 Holders of rec. Dec. 15
5% preferred (monthly)
41 2-3o Jan. 3 Holders of rec. Doe. 15
8% preferred (monthly)
50e. Jan. 3 Holders of roe. Dee. 15
Ohio Telep. Service, pref.(gust.)
8154 Jan. 1 Holders of roe. Dee. 24
Orange & Rockland Electric Co.
1% Jan. 2 Holders of rec. Dee. 24
7% Preferred (guar.)
1% Jan. 2 Holders of rec. Dec. 24
6% preferred (guar.)
Ottawa Light. Heat & Power corn.(gu.) $134 Dee. 31 Holders of rec. Dec. 15
Preferred (guar.)
81% Jan. 1 Holders of rec. Dec. 15
Otter Tall Power Co.(Del.),$6 pt.(gu.) 61% Jan. 1 Holders of roe. Dec. 15
$534 preferred (guar.)
2134 Jan. 1 Holders of rms. Dee. 15
Pacific & Atlantic l'eleg.
500. Jan. 1 Holders of rec. Dec. 15
Parinc Gas az Mee_ Corn.(guar.)
50c. Jan. 16 Holders 01 ree Dee. 31
Pacific Lighting Corp. $6 pref. (guar.)._ 3134 Jan. 16 Holders of roe. Dee. 31
Pao. Norttiw. Pub. Sere.. 7% pref.(gu.) 1% Jan.
114 Jan. 1
6% preferred (guar.)
81% Dec. 31 Holders of roe. Dec. 20
Pacific Tel. & Tel.. corn. (guar.)
8134 Jan. 16 Holders of rec. Doe. 31
Preferred (guar.)
Peoria Water Works. 7% pref. (guar ) 1% Jan. 2 Holders of rec. Dec. 20
Panama Power & Light 7% pret.(Quari 1% Jan. 3 Holders of rec. Dec. 17
Ms. Jan. I Holders of rec. Dee. 16
Penioeular telephone eons. (soar.)
7% preferred (guar.)
134 Feb. 15 Holders of tee. Feb.
Penn Central Light eh Power Corp.
70e. Jan. 2 Holders of rec. Dee. 10
0 preferred (guar.)
$2.
,
$134 Jan. 2 Holders of rec. Dee. 10
25 cum. pref. (guar.)._
Pennsylvania Power Co.
55c Jan. 2 Holders of rec. Dec. 20
6.6% preferred (monthly)
6.60% preferred (monthly)
550 Feb. 1 Holders of rec. Jan. 20
8.6% preferred monthly)
55e Mar. 1 Holders of rec. Feb. 20
$134 Mar. 1 Holders of reo. Feb. 20
$6 preferred (guar.)
Pennsylvania Power & Light Co.
81% Jan. 3 Holders of rec. Dec. 15
$7 preferred (quer.)
$6 preferred (guar.)
al% Jan. 3 Holders of rec. De". 15
$5 preferred (quar.)
$134 Jan. 3 Holders ot rec. Dec. 15
Pennsylvania Water & Pow. Co. (guar.) 75o Jan. 3 Holders of rec. Dee. 15
Peoples GM Light h Coke Co. (gnat.).... $134 Jan. 17 Holders of rec. Jan. 3
Peoples Natural Gas 5% pref.(guar.). 02)40 Jan. 2 Holders of roe. Dee. 15
350 Jan. 25 Heide.., of rec. Dec. 31
philauelphla Co. common (guar.,
86 cum. preferred (guar.)
9134 Jan. 3 Holders of roe. Doe. 1
9134 Jan. 3 Holders of roe. Dec. 1
25 cum. preferred (guar.)
Philadelphia Electric Power Co.
d500 Jan. 1 Holders of rec. Dec. 10
8% preferred (guar.)
Jan. 7 Holders of rec. 13ec. 31
Phila. h Grays Ferrier' Pass Ry.
12
Plainfield Union Water (guar.)
$134 Jan. 3 Holders of rec. Jan. 3
Power Corp. of Canada. Ltd.6% cum. pref. (gnat.)
113.4 Jan. 18 Holders of refs. Doe. 31
6% non-cum. participating prat. (Qtr ) 134 Jan. 16 Holders of rec. Dec. 31
30e. Jan. 2 Holders of rec. Dec. 15
Providence Gas Co.. common (guar.)--gps. Dec. 31 Holders of rec. Dee. 1
Public Service Corp. of N.J.. oom.(go.)
2
Dee. 31 Holders of roe. Dee. 1
3% preferred (guar.)
7% preferred (guar.)
Dec. 31 Holders of roe. Dee. 1
1
85 preferred (guar.)
134 Dec. 31 Holders of ree Dec. 1
Dec. 31 Holders of roe. Dec. 1
6% preferred (monthly)
Pub. Serv. Co.of Colo.,7% p1.(mthly)581-30 Jan. 1 Holders of roe. Doe. 15
500. Jan. 1 Holders of rec. Dee. 15
8% preferred (monthly)
5% preferred (monthly)
41 2-30 Jan. 1 Holders of roe. Dee. 15
Pub. Serv.Co. of Okla..7% pr. Hen (gu.) 1% Jan. 2 Holders of rec. Dec. 20
6% prior lien (gum.)
134 Jan. 2 Holders of rec. Dec. 20
Dee. 31 Holders of ree. Dee. 1
Public Service El. & Gas 7% pref.(on.).
Dee. 81 Holders of roe. Dee. 1
$14 preferred (gum.)
1
Queenaboro Gas & Elec.. 6% pref. (gu) 134 Jan. 3 Holders of roe. Deo. 16
Rhine-Westphalia
PowAmer shares as
Richmond Water Works,6% pref.(or) 134 Jan, 2 Holders of me. Dec. 20
$134 Jan. 2 Holders of roe. Dee. 20
Rochester Telep Corp. (gum.)
134 Jan. 2 Holders of reo. Dee. 20
6)4% preferred (guar.)
St. Joseph Ry., Lt.. Ht.& Pow. pf.(go.) $134 Jan. 2 Holders of rec. Dee. lb
Jan. 2
Savannah Elec. & Pow., class A (guar.). 82
$114 Jan. 2
Class B (guar.)
SI% Jan. 2
Class C (guar.)
Class D (guar.)
61% Jan. 2
51)4 Jan. 3 Holders of roe. Deo. 5
Scranton Elect.. $8 pref. (guar.)
Second & Third Sta. Pass. Re.(guar.)- 93 Jan. 1 Holders of reo. Dee. 1
Sedalia Water Co. pref. (guar.)
$131 Jan. 15 Holders of rec. Jan. 1
Shawinigan Water & Power Co.from.(gU) t 13o. Feb. 15 Holders of rec. Jan. 21
1% Jan. 16 Holders of reo. Jan. 2
South Pitts. Water Co.7% pt.(guar.)._
6% preferred (guar.)
134 Jan. 16 Holders of roe. Jan. 2
5% preferred (s.-a.)
134 Feb. 20 Holders of rec. Feb. 10
4513
Financial Chronicle
Volume 135
$1i
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities t Concluded).
South Carolina Power Co.. 26 pref.(go.) 21% Jan. 1 Holders of roe. Dee. 15
Southern California Edison. Co.. Ltd.
Jan. 15 Holders of rec. Dec. 20
2
Original preferred (guar.)
1% Jan. 15 Holders of rm. Doe. 20
634% series C pref.(guar.)
Southern Canada Power Co., Ltd.
1 250. Feb. 15 Holders of rec. Jan. 31
Common (guar.)
114 Jan. 16 Holders of rec. Doe. 20
6% cum. preferred (guar.)
Southern Indiana Gas & Electric Co.
144 Jan. 1 Holders of rec. Dec. 21
7% preferred (guar.)
1% Jan. 1 Holders of rec. Dec. 21
8% preferred (guar.)
1.85 Jan. 1 Holders of rec. Dec. 21
6.8% preferred (guar.)
Jan. 1 Holders of rec. Dec. 21
6% preferred (semi-annual)
Southwestern Bell Telephone Co.
Jan. 1 Holders of rec. Dec. 20
7% preferred (guar.)
Southwest'n Gas & Elec. Co.,7% pf.(gu.) 15( Jan. 2 Holders of rec. Dee. 15
Jan. 2 Holders of roe. Dec. 15
2
8% preferred (guar.)
Southw. Light & Pow.. pref.(guar.).- $1% Jan. 3 Holders of roe. Dee. 15
Springrd Gas& Eleo.Co..prel.ser.A (gu.) $1% Jan. 3 Holders of roe. Doe. 15
300. Jan. 25 Holders of roe. Deo. 81
Standard Gas & Elec. Co.corn. (gust.)...
2134 Jan. 25 Holders of me. Dec. 81
$6 cum. preference (guar.)
$1% Jan. 26 Holders of rec. Dec. 31
27 cum. preference (guar.)
300. Mar. 1 Holders of rec. Feb. 11
Standard Power & Light corn. (gust.)....
81% Feb. 1 Holders of reef. Jan. 14
Preferred (guar.)
Superior Wat. Lt. dr Pow.7% pref.(Qtr.) 1% Jan. 8 Holders of rec. Dec. 15
25e. Feb. 1 Holders of rec. Jan. 14
Telautograph Corp. cap. stock (guar.).Tennessee Electric Power Co.
1% Jan. 2 Holders of ree. Dee. 15
5% preferred (gust.)
134 Jan. 2 Holders of rec. Dec. 15
8% preferred (guar.)
Jan. 2 Holders of rec. Deo. 15
7% preferred (guar.)
$1.80 Jan. 2 Holders of ree. Dee. 1$
7.2% preferred (gum.)
50e. Jan. 2 Holders of rec. Deo. 15
6% preferred (monthly)
60o. Jan. 2 Holders of roe. Dee. 15
7.2% preferred (monthly)
Texas Electric Service Co. $6 pref. (gel.) 61% Jan. 2 Holders of reef. Dee. 15
68 1-3o Jan. 1 Holders of roe. Doe. 15
Toledo Edison Co.,7% prof.(mthly.)
50e. Jan. 1 Holders of me. Dec. 15
6% preferred (monthly)
41 2-3e Jan. 1 Holders of roe. Dec. 15
5% preferred (monthly)
Jan.
Holders of rec. Dec. 16
$154
Tr -Continental Corp.. 26 prof.(guar.)51% Jan. 2 Fielders of rec. Dec. 15
Tri-State Team). & Teleg.('o
Jan. 2 Holders of rec. Dec. 15
Twin States Gas & El.7% prof. (gust.)..
Union El. Lt.& Pow.(III.).6% pt.(gu.) 1% Jan. 3 Holders of rec. Dee. 15
Union El. Lt.& Pow.(Mo.).7% Pf.(flu.) 144 Jan. 3 Holders of rec. Dec. 15
134 Jan. 8 Holders of roe. Dee. 15
8% preferred (guar.)
Jan.
Holders of roe. Dee. 15
$4
Union Passenger Ry. Co. (5.-a.)
Union Public Service (Minn.) (guar.)._ $1% Jan.
51% Jan.
13% preferred C & D (guar.)
1% Jan.
7% preferred A & B (guar.)
Holders of rec. Dec. 9
31% Jan.
Union Traction of Phil* (a a.)
Holders of rem Nov.25
10e. Jan.
United Corp. common (guar.)
Holders of rec. Nov.25
75e. Jan.
23 cum. preferred (guar.)
United Gas & Electric Corp.(Conn.)
144 Jan. 1 Holders of roe Deo 16
7% preferred (guar.)
United Gas& El.Co.(NJ.).5%pf.(8.-a) 2% Jan. 15 Holders of rec. Dee. 31
United Gas& El. Corp.(N.J.)234 Jan. 15 Holders of roe. Dee. 31
5% preferred (semi-ann.)
30e. Dec. 31 Holders of rec. Nov.30
United Gas improvement Co.,com.(gu.)
$144 Dec. 81 Holders of rec. Nov.80
Preferred (guar.)
United Gas P. S., $6 pref. (guar.).
- $1% Jan. 3 Holders of my. Dee. 17
United Light & Rye.
58 1-3o Jan. 2 Holders of rea. Dee. 15
7% preferred (monthly)
63e. Jan. 2 Holders of reo. Dec. 15
8.38% preferred (monthly)
50e. Jan. 2 Holders of roe. Dec. 15
Preferred (monthly)
1% Feb. 1 Holders of rec. Jan. 11
United Ohio Utilities Co.6% pref
Jan. 2 Holders of roe. Doe. 15
1%
United P.& L.Corp.(Han.).7%pf (g u.)
United States Electric Light & Power
17o. Jan. 3 Holders ot fee. Deo. 15
Shares. Inc.. voting shares (guar.). $1% Jan. 2 Holders of rec. Dee. 5
Utah Power & Light Co..$7 pref.
$134 Jan. 2 Holders of roe. Dee. 5
$6 preferred (guar.)
81% Jan. 3 Holders of reel. Dec. 16
Utilities Power & Light. prof.(Quare)
$134 Jan. 1 Holders of rec. Dee. 27
Vermont Lighting, pref.(guar.)
Virginia P. 8. Co.. 7% pref.(guar.).
- 1% Jan. 1 Holders of rec. Deo. 10
1% Jan. 1 Holders of rec. Dec. 10
8% Preferred (guar.)
Washington Gas & Elec. 7% pref.(go.). 1% Jan. 1 Holders of rec. Doe. 20
Feb. 1 Holders of rec. Jan. 5
West Penn Power,7% pref.(guar.)
1% Feb. 1 Holders of rec. Jan. 5
8% preferred (guar.)
West Phila. Passenger Ry. Co. (5.-a.)- $4% Jan. 1 Holders of rec. Dec. 15
$14 Jan. 3 Holders of rec. Dee. 15
West Texas ULU., 26 pref.(guar.)
600. Dee. 31 Holders of rec. Dec. 16
Western Massachusetts Co. cap.stk.(gu)
Jan. 3 Holders of roe. Dee. 27
Western Power Corp.7% cum. pref.(gli)
100. Jan. 19 Holders of roe. Dec. XI
Western P. Serv. Corp.. initial
Western United Gas & Electric1% Jan. 2 Holders of rec. Dee. 17
634% preferred (guar.)
6% preferred (guar.)
134 Jan. 2 Holders of roe. Dee. 17
Westmoreland Water Co.,26% pref.(gu) $1% Jan. 2 Holders of roe. Dee. 20
Jan. 16 Holders of roe. Jan. 2
Wichita Water.7% pref.(guar.)
Jan. 3 Holders of rec. Dee. 15
t1 Isconsin Electric Power 634% Pf.(go)
1% Jan. 3 Holders of reo. Dee. 15
6% preferred (guar.)
WisconsinValleyElec.Co.7% pref.(5.-a.) 834 Jan. 3 Holders of roe. Deo. 31
Banks and Trust Cos.
Bank of the Manhattan Co..cap.stk.(gu) k50o Jan. 8
Bank of New York & Trust Co (guar.).. $3% Jan. 3
7(4 Jan.
Bankers Trust(g uar.)
250. Jan.
Bronx County Trust Co., Cap.stk.(gu.).
Brooklyn Trust Co.,cap. stock (gust.).. 234 Jan. 2
21% Jan.
Central Hanover Bk.& Tr.(guar.)
Jan.
21
Extra
500 Jan.
Chase National Bank. (guar.)
Chemical Bank & Trust Co. (gust.).... 45c Jan.
Jan.
Commercial Nat. Bank & Trust (qu.).- $2
30e Jan.
Cont. Bk.& Tr. Co.,cap.stk.(gust.)....
600.
Jan.
Trust
Co..
County
new cat). stuck-40c Jan.
Empire Trust Co.. capital stock (guar.).
Jan.
$6
Fifth Ave. Bank (guar.)
First Natienal Bank. cap. stock (guar./. $25 Jan. 3
Jan. 3
Fulton Trust Co. of N. Y.,cap.stk.(gu.) 3
Dec. 31
5
Guaranty Trust (guar.)
40e. Jan. 3
Irving Trust Co.. capital stock (guar.)._
50e. Jan. 1
Manufacturers Trust(g uar.)
30c. Jan. 2
Morris Plan Bank (New York)(guar.)...
50e. Jan. 3
National City Bank of N.Y.( guar.)...Jan. 2
New Rochelle Trust Co.(guar.)
$1
Jan. 3
New York Trust Co., capital stook (gu.). 5
Public National Bank & Trust Co.. 'flu.)
600. Jan. 8
Jan. 1
South Shore Bank (Staten Island( (s.-a.) $2
800. Jan. 3
Title Guarantee & Trust Co.(guar.)__.._
Jan. 3
815
United States Trust (guar.)
Jan. 10
West New Brighton Bank (s.-a.)
$3
Fire Insurance Companies.
Aetna Fire Insur.(guar.)
American Insur.(N. J.) (guar./
Boston Ins. Co. (e.-a.)
(Semi-annual)
Buffalo Ins. Co.(N. Y.) (guar.)
Central Fire Ins. Co. (Halt.)
Continental Ins. Co., cap. stock (s.-a.)Federal Insurance (semi-ann.)
Fidellty-Phenix Fire Ins. (s.-a.)
Glens Falls Ins. Co.,capital stock
Halifax Fire Ins. Co.. cap.stock (go.)....
Hanover Fire Insur. Co.(guar.)
Insurance Co.of N. A.(8.-a.)
National Fire Ins. Co.(Hartford)(go.).
Pacific Indemnity (guar.)
Phoenix Fire Ins. (guar.)
Springfield Fire & Marine Ins.Co.(go.)
Title Ins. Co. of Minn.(s.-a.)
Miscellaneous.
Abbott Laboratories.cons.(guar.)
Abraham & Straus,IDe..corn.(goat.)....
50c. Jan. 2
12%o. Jan. 1
Jan. 3
$4
Apr. 1
$4
Dee. 31
$3
be Jan. 1
600. Jan. 10
Jan. 3
$1
60e. Jan. 10
Jan. 1
8
450 Jan. 3
400. Jan. 3
Jan. 16
$1
500. Jan. 3
260. Jan. 1
50e. Jan. 2
$1.12 Jan. 8
500. Jan. 1
Holders of roe. Dee. Ba
Holders of rec. Dec. 23
Holders of roe. Doe. 12
Holders of roe. Dee. 20
Holders of rec. Dec. 20
Holders of roe. Doe. 17
Holders of rec. Dec. 17
Holders of rec. Dec. 154
Holders of rec. Dec. 19
Holders of roe. Doe. 15
Holders of roe. Dee. 20
Holders of roe. Dec. 23
Holders of rec. Dec. 23
Holders of rec. Dec. 31
Holders of rec. Dec. 24
Holders of ree. Dec. 21
Holders of rec. Dec. 9
Holders of rec. Dec. 6
Holders of rec. Dec. 16
Holders of rec. Dee. 20
Holders of rec. Dee. 10
Holders of rec. Dec. 15
Holders of rec. Dee. 24a
Holders of roe. flee. 20
Holders of rec. Dee. 23
Holders of rec. Doe. 23
Holders of rec. Dec. 21
Holden of rec. Dee. 31
Holders of roe. Dee. 12
Holders of rec. Dec. 12
Holders of rec. Dec. 20
Holders of roe. Mar. 20
Holders of roe Dee. 20
Holders of roe. Dec. 19
Holders of rec. Dec. 30
Holders of rec. Dee. 21
Holders of rec. Doe. 30
Holders of rec. Dec. 15
Holders of roe. Dec. 100
Holders of rec. Dec. 19
Holders of rec. Dec. 31
Holders of rec. Dec. 22
Holders of roe. Dee. 15
Holders of Teo. Doe. 15
Holders of roe. Dee. 19
500 Jan. 1 Holders of roe. Dee. 19
800 Dee. 81 Holders of roe. Dec. 21
4514
Name of Company.
Financial Chronicle
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Acme Steel Co.. corn.(quar.)
25e. Jan. 3 Holders of req. Dec. 20
Adams Express Co.. pref. (guar.)
8114 Dec. 81 Holders of reo. Doe. 15
Aetna Casualty & Surety Co. (quar.)
40e. Jan. 3 Holders of rec. Dec. 17
Extra
20c. Jan. 3 Holders of rec. Dec. 17
Affiliated Products, Inc., corn. (mthly.) 13 14e Jan. 1 Holders of reo. Doe. 19
Agnew-Surpass Shoe Stores. pref.(gu.)- 134 Jan. 3 Holders of reo. Doe. 15
Alr Reduction Co., cap. stock (qua?.).
750. Jan. 16 Holders of reo. Dec. 31
Alaska Juneau Gold Mining (quar.)_._.
Mo. Feb. 1 Holders of rec. Jan. 10
Allen & Fisher. Inc., corn.(guar.)
100. Jan. 3 Holders of rec. Deo. 20
Allied Chemical de Dye Corp.. pf.(gu.)
134 Jan. 3 Holders of reo. Doe. 9
Aloe(A.S. Co., pref. (quar.)
8134 Jan. 2 Holders of rec. Dec. 28
Aluminum Co.of America. Pref.(guar.). 750. Jan. I Holders of reo. Dec. 15
Aluminum Goods Mfg. Co., corn. (qua 400. Jan. 1 Holders of rec. Doe. 21
Capital stock (gum.)
10c. Jan. 1 Holders of rec. Dec. 21
Aluminum Manufactures. corn.(Qua
500. Dec. 31 Holders of rec. Doe. 15
Preferred (guar.)
154 Dec. 31 Holders of rec. Dee. 15
American Bakeries Co..7% pref.(8.-11.)- 333-4 Jan. 3 Holders of reo. Dec. 21
American Bakeries Corp. 7% pref.(gu.) 154 Jan. 3 Holders of rec. Dec. 16
American Bank Note. Pref.(guar-)
750. Jan. 3 Holders of reo. Doe. 12s
Amer. Brake Shoe & Fdy. Co.corn.
15c. Dec. 31 Holders of rec. Dec. 23
Preferred (quar.)
154 Dec. 31 Holders of rec. Dec. 23
American Can Co., pref.(guar.)
134 Jan. 3 Holders of reo. Doe. 160
American Chicle Co..(guar.)
501. Jan. 1 Holders of rec. Dec. 12
Extra
25o. Jan. 1 Holders of rec. Dec. 12
American Cigar Co.. pref. (guar)
$114 Jan. 3 Holders of rec. Doe. 22
Amer. Coal Co.of Allegany County
Jan. 3 Holders of rec. Dec. 14
$1
American Dairies, 7% pref.((Mara - 13-4 Jan. 2 Holders of rec. Dec. 15
American Discount Co. (Ga.) (quar.)_. 734c. Jan. 1 Holders of rec. Dec. 20
144 Jan. 1 Holders of rec. Dec. 20
614% preferred (e-a)
American Express Co.(guar.)
$114 Jan. 3 Holders of rec. Dec. 20
100. Jan. 10 Holders of rec. Dec. 31
American Factors, Ltd.(monthly)
American Hard Rubber pref.(guar.)
Jan. 3 Holders of rec. Dec. 19
$2
American Hardware Co.. common (on.)500 Jan. 1 Holders of rec. Dee. 16
American Hawaiian Steamship Co.(qua
250. Dec. 31 Holders of rec. Dec. 15
American Home Products (monthly).... 350. Jan. 3 Holders of rec. Dec. 140
Monthly
350. Feb. 1 Holders of reo. Jan. I4a
American Ice
$114 Jan. 25 Holders of reo. Jan. 8
ref. (guar.)
American Maize
Co.,Yrod. Co.. corn.(guar.) 25e Dec. 31 Holders of rec. Dee. 23
Extra
500 Dec. 31 Holders of rec. Dec. 23
3114 Dec. 31 Holders ot rec. Dec. 15
American Mar. Co.. Pref. (guar.)
134 Jan. 1 Holders of reo. Dee. 20
Amer. Natl. Co.(Toledo), pref. A (Qua 134 Jan. 1 Holders of rec. Dee. 20
Preferred B (quarterly)
American News Co.. corn. (bi-monthly) 250 Jan. 16 Holders of reo. Jan. 6
8114 Jan. 1 Holders of ree. Dec. 24
American Office Bldg.. pref. (guar.)
$114 Jan. 2
American Optical Co. pref. (qua:.)
American Rolling 51111,6% pf.(guar.).- 1,4 Jan. 15 Holders of rec. Dec. 31
1(4
6% preferred B (quar.)
.olders of rec. Dec. 15
730 Dec.. 31 Holders of rec. Dee. 10
American Safety Razor (quar.)
50o Feb. 1 Holders of rec. Jan. 14
American Ship Building (guar.)
750 Jan. 2 Holders of reo. Dee. 14
American Snuff, corn.(quar.)
25o Jan. 2 Holders of reo. Dee. 14
Extra
3114 Jan. 2 Holders of rec. Dec. 14
Preferred (quar.)
$114 Dec. 31 Holders of reo. Dee. 15
Amer. Steel Foundries, Pref.(guar.)
50o Jan. 2 Holders of reo. Dee. 13
American Stores Co.(Qum.)
500. Jan. 3 Holders of ree. Dec. 54
American Sugar Refg. Co.common(qua
154 Jan. 3 Holders of rec. Dee. 56
Preferred (guar.)
American Thermos Bottle 7% pf. (gli.)- 875,5c Jan. 1 Holders of reo. Dec. 20
American Thread. pref. (e.-a.)
12140 Jan. 1 Holders of reo. Nov.300
American Tobacco Co., Inc.. pref.(W.). 1% Jan. 3 Holders of reo. Dec. 10
American Wringer Co.,corn.(guar.).- 37),c. Jan. 3 Holders of reo. Dee. 15
$1 Jan. 4 Holders of rec. Dec. 24
Amoskeag Co.. common (a-a)
El July 3 Holders of ree. June 24
Common (s-a)
32).4 Jan. 4 Holders of rec. Dee. 24
Preferred (s-a)
$214 July 3 Holders of Me. June 24
Preferred (s-a)
15c Jan. 3 Holders of ree. Dee. 20
Anchor Cap Corp.. corn.(guar.)
$114 Jan. 2 Holders of reo. Dee. 20
$6 /5 Preferred (guar.)
250.
Jan. 16 Holders of ree. Jan. 5
Anglo-National Corp. el- A.COEn.(guar
'
)
Anglo-Norwegian Holding, Ltd.. Pref- OK Dee. 31 Holders of reo. Doe. 24
Anglo-Perslan Oil Co., Ltd.
Amer. dep. rec. 1st pf.stk.reg.(1.-a.)- zw4 Feb. 7 Holders of Me. Dee. 16
Amer. dep.rec. 2d pref.stk. reg.(8.-a.) zw43-4 Feb. 7 Holders of rec. Dec. 16
Sc. dDee.30 Holders of reo. Dec. 20
Apex Electrical Mfg. Co. corn. ((Mari
$114 Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
50o. Jan. 2 Holders of rec. Dec. 15
APPonaug Co.,corn.(guar.)-P
Mt Jan. I Holders of req. Dee. 10
Armour & Co. of Del.. Pref.(guar-)
500. Jan. 3 Holders of rec. Dec. 23
Arundel Corp. common (qua:.)
150. Dee. 31 Holders of reo. Dee. 15
Assoc. Brew.of Can.. Ltd.oom.(Qt1.)
$134 Jan. I Holders of reo. Doe. 15
Preferred (guar.)
Dee. 31 Holders of rec. Dec. 21
Associated Investments Co.oom.(gn.)-. $1
3114 Dec. 31 Holders of rec. Dee. 21
Preferred (guar.)
250 Dee. 31 Holders of rec. Dec. 16
Associated 011. corn.(qua?.)
Atlas Thrift Plan Corp..7% pf.(qua?.). 173-4c Jan. 2 Holders of rec. Dec. 24
$1
Jan. 2 Holders of rec. Dec. 23
AuburnAutomobile Co.(guar.)
e2
Jan. 2 Holders of rec. Dec. 23
Extra
Jan. 14 Holders of rec. Dec. 31
$1
Automobile Banking (semi-ann.)
Jan. 14 Holders of rec. Dec. 31
34
Preferred (semi-ann.)
80e Jan. 3 Holders of rec. Dec. 15
Axton-Fisher Tob. Co. el. A corn.(gni
500 Jan. 2 Holders of reo. Dee. 20
Babcock & Wilcox, (guar.)
13-4 Doe. 31 Holders of reo. Dec. 15
Balaban & Katz,7% pref.(quar.)
280 Jan. 1 Holders of rec. Dec. 21
BancOhlo Corp. (quar.)
Bankers invest. Trust of Amer.(guar.). 150 Dee. 31 Holders of reo. Dec. 15
Bayuk Cigars. Inc., 1st pref.(quaxa ---- 3114 Jan. 15 Holders of rec. Dec. 31
Beatrice Creamery Co., pref.(quar.).... $114 Jan. 2 Holders of reo. Dee. 14
75e. Jan. 2 Holders of rec. Dee. 12
Beeeh-Nut Packing Co.. corn. (qua:.)..
Beaton & Cadweli Mfg.(monthly)
1234e. Dec. 31 Holders of rec. Dec. 80
13-4 Feb. 1 Holders of rec. Jan. 16
Beatty Bros., Ltd.,6% 1st pref
7% 2d preferred (s.-a.)
3), Jan. I Holders of rec. Dec. 31
Belt RR.& Stockyards CO.(guar.)
750 Jan. 1 Holders of rec. Dec. 20
Preferred (guar.)
75e. Jan. 1 Holders of rec. Dec. 20
Bibb hflg Co. (guar.)
750 Jan. I Holders of ree. Dec. 21
Birmingham Electric Co.$7 pref.(guar.) 3114 Jan. 3 Holders of rec. Deo. 23
26 preferred (guar.)
5114 Jan. 3 Holders of rec. Dec. 23
Block Pros. Tobacco. Pref.((Mara
134 Dec. 31 Holders of ree. Dee, 24
Bloomingdale Bros., Inc., pref.(quar.)-- 3134 Feb. 1 Holders of rec. Jan. 20
Blumenthal (Sidney)& Co.,Ino.. pt.(qua $114 Jan. 2 Holders of reo. Dee. 15
Bon Aml Co.. el. A extra
$1 Dee. 31 Holders of rec. Dec. 14
Clam B extra
500. Dee. 31 Holders of reo. Dee. 14
Boots Pure Drug, Ltd
zw6 Jan. 7 Holders af rec. Dee. 15
Borg-Warner Corp., pref. (guar.)
$114 Jan. 2 Holders of reo. Dee. 15
Boston dr Ely Consol. Min.(liquidation) 150
Boston Storage Warehouse Co.(qua:.).. $1 3-4 Dee. 31 Holders of rec. Dec. 23
Boston Wharf Co. (8.-a.)
3234 Dee. 31 Holders of red. Dee. 1
Brandlen & Kluge, Inc.,7% pref.(qua- 873-4o. Jan. 1 Holders of rec. Dee. 23
Brantford Cordage Co.,Ltd. 1st pf.(qua
500 Jan. 15 Holders of rec. Dec. 20
Bridgeport Mach. Co., pref.(guar.)--- 8134 Jan. 1 Holders of rec. Dec. 20
Briggs & Stratton Corp.. cap.stk.(gu.)
250. Jan. 3 Holders of ree. Dee. 21
Befilp Mfg. Co., Inc..clam A (quar.)50o. Jan. 2 Holders of rec. Dee. 150
Common (guar.)
15e. Jan. 2 Holders of reo. Dec. 15a
Bristol Brass Corp., 7% pref. (qua?.).. 154 Jan. 2 Holders of rec. Dec. 15
Brit. Amer.011, Ltd.. Coup.No.11(gu.) t 200. Jan. 3 Holders of rec. Dec. 17
Registered
*200. Jan. 3 Holders of rec. Dec. 15
British-American Tobacco Co., Ltd.
Amer. dep. rots. ord. bearer (final)._ w 8 d Jan. 23 Holders of rec. Dee. 23
w10 d Jan. 23 Holders of rec. Dec. 23
Interim
w 8 d Jan. 23 Holders of reo. Dec. 23
Amer. dep. rots. ord.reg.(final)
w10 d Jan. 23 Holders of rec. Dec. 23
Interim
200 Jan. 3 Holders of rec. Dec 23
Broad St. Invest. Co. Inc.,cap.stk.(qua
$1
Jan. 3 Holders of reo. Dec. 19
Bucyrus-Erie Co., pref. BMW./
450. Jan. 2 Holders of reo. Dec. 20
Bucyrus Monighan Co.. cl. A (guar.).
25c Dec. 31 Holders of rec. Dec. 20
Buffalo General Laundries, Prof
750 Dee. 31 Holders of reo. Dec. 21
pref. (guar.)
Buffalo Nat.
Jan. 7 Holders of reo. Dec. 24
Builders Exch.
Corp..
Bldg. Co.of Ball.(e.-a.)- 3
3
Jan. 7 Holders of rec. Dec. 24
Extra
25e Jan. 3 Holders of rec. Dee. 15
Building Prods.. Ltd.. A & B (guar.)
750 Jan. 3 Holders of rec. Dec. 22
Bono, Inc., preferred
$1
Burger Bros., pref. (quar.)
Jan. 1 Holders of reo. Dec. 15
u600 Jan. 3 Holders of reo. Dec. 16
Burt (F. N.) Co., d com. (guar.)
Bush Terminal Bldg.. pref.(guar.)
$154 Jan. 3 Holders of rec. Dec. 20
Byers (A. M.) Co., pref.(qua:.)
$114 Feb. 1 Holders of reo. Jan. 14
Calarnba Sugar Estates. corn. (guar.)-400. Jan. 2 Holders of rec. Dee. 15
foe. Jan. 2 Holders of rec. Dee. 15
Preferred (guar.)
Name of Company.
Dec. 31 1932
When
Pet
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Calaveras Cement, pref. (guar.)
$1,4 Jan. 15 Holders of rec. Dec. 31
California Ink. A dr B (guar.)
50o. Jan. 2 Holders of rec. Dec. 21
California Sugar Estate 7% pref.(Q11.)
35e. Jan, 2 Holders of roe. Dec. 15
Cameron Machine, 8% pref. (guar.).
Dee. 31 Holders of rec. Dec. 31
2
Canada Bread. 7% let pref. A (qua?.).. 1,4 Jan. 2 Holders of rec. Dec. 15
Canada Bud Breweries, Ltd., com.(gu.) £250. Jan. 16 Holders of rec. Dec. 31
Canada Dry Ginger Ale, Inc
25e. Jan. 16 Holders of rec. Jan. 3
Canada Packers, 7% pref. (guar.)
1154 Dee. 31 Holders of res. Dee. 15
Canada Permanent Mtge.(gum.)
$3 Jan. 3 Holders of rec. Dec. 15
Canadian Canners Ltd..6% 1st pl. (qt1.) Cl 34 Jan. 2 Holders of rec. Dee. 15
Cony. preference (guar.)
110c. Jan. 2 Holders of rec. Dee. 15
Canadian Car & Foundry, pref.(guar.).
44e. Jan. 10 Holders of reo. Dee. 27
Can. Celanese. Ltd.. 7% pf.(guar.).154 Dec. 31 Holders of rec. Dec. 17
7% preferred (quar.)
7181 Dee. 31 Holders of reo. Dec. 17
Canadian Cottons. Ltd.. prof.(qua:.).
1,4 Jan. 4 Holders of reo. Dee. 17
Canadian Dredge & Dock Co., Ltd.,
common (guar.)
21 Feb. 1 Holders of rect. Jan. 16
Preferred (guar.)
$1,4 Feb. 1 Holders of rec. Jan. 16
Canadian Fairbanks Morse Co.. pf.(gu.) $1,4 Jan. 14 Holders of rec. Dec. 31
Can. Gen. El. Co.. Ltd.7% pf.(qua
037,40 Jan. 2 Holders of reo. Dee. 15
Common (quar.)
81
Jan. 2 Holders of rec. Dec. 15
Canadian General Investments, Ltd.(au)
10c. Jan. 2 Holders of rec. Dee. 15
Canadian Industries, Ltd., A&B (guar.)
Jan. 16 Holders of rec. Dec. 31
7% preferred (guar.)
11% Jan. 16 Holders of reo. Dec. 31
Canadian Oil Co. Ltd.. pref.(quar.)_.. $2 Jan. 2 Holders of rec. Dee. 20
Canadian Westinghouse Ltd.(qua?.)... 50o. Jan. 1 Holders of reo. Dec. 20
Canfield 011 Co.. 7% pref. (guar.)
1,4 Dee. 31 Holders of rec. Dec. 20
Cannon Mille Co..corn.(qua:.)
250. Jan. I Holders of rec. Dec. 17
Carnation Co.. 7% prof. (guar.)
1,4 Jan. 3 Holders of rec. Dec. 21
Carey Philip Mfg. Co., Prof. (qua?.).. $1)4 Dec. 31 Holders of rec. Dec. 20
Case(J. 1.) Co., pref.(guar.)
$1,4 Jan. 1 Holders of reo. Dee. 12
Casslilye, Ltd., 7% preferred
Dee. 31 Holders of rec. Dec. 20
$1
Celanese Corp. of Am.7% 011111. pf.(Qua
1,4 Jan. I Holders of reo. Dee. 17
7% cum. pref. (guar.)
h50o. Jan. 1 Holders of rec. Dec. 17
Central Aguirre Assoc.,corn.(gnu)---- 37,4c. Jan. 3 Holders of reo. Dec. 20
Chain Store Prod. Corp., pref.(quer.)-- 37Ke. Dec. 31 Holders of reo. Dee. 20
Champion Fibre Co.7% pref.(quar.)
1,4 Jan. 2 Holders of roe. Dec. 20
ChaseBrass & Copper, pref. A (quar.)
$134 Dec. 31 Holders of rec. Dec. 20
Chatham MR.Co.(N.C.)7% M.(3U.). 1,4 Jan. 1
8% preferred (guar.)
1,, Jan. 1
Cherry-Burrell, Prof.(guar.)
3134 Feb. I Holders of ree. Jan. 15
Chicago Daily News $7 pref.(guar.). - $1,4 Jan. 1 Holders of rec. Dee. 20
Chicago Jct. R.dr Union Stkyd.(qua -- $2,4 Jan. 1 Holders of reo. Dec. 15
Preferred (qua:.)
$1,4 Jan. 1 Holders of rec. Dee. 15
Chicago Towel Co.,$7 pref. (quar.)
4154 Jan. 2 Holders of rec. Dee. 20
Chicago Transfer & Clearing. M.(qua
$1,4 Jan, 2 Holders of roe. Dec. 15
Christiana Secur. Co.7% pf.(gust.).... IK Jan. 3 Holders of reo. Dec. 17
Chrysler Corp., corn.(guar.)
25o. Dee. 31 Holders of rec. Dee. 1
Churchill House Corp.(annual)
500 fan. 2 Holders of reo. Dee. 15
Cincinnati Adv. Prod. Co. (guar.)
500. Jan. 2 Holders of rec. Dec. 20
Cincinnati Union Stock Yards Co.
Common (guar.)
40o. Dec. 31 Holders of reo. Des. 24
Citizens Wholesale Supply Co.
7% preferred (guar.)
87140- Jan. 2 Holders of reo. Dec. 30
6% preferred (guar.)
750. Jan. 1 Holders of rec. Dec. 30
City Investing Co.. prof. (guar.)
1,4 Jan. 3 Holders of rec. Dec. 28
Clark(D. L., Co.,own.(guar.)
123-40. Ian. 1 Holders of rec. Dec. 15
Claude Neon Faeo.Prod.Corp.,ram.(gu.) 250. Jan. 1 Holders of reo. Dec. 20
Preferred (guar.)
350. Jan. 1 Holders of rec. Dec. 20
Clorox Chemical, clam A (guar.)
50o. Jan.
Holders of reo. Dee. 20
Cluett. Peabody & Co.,pref.(guar.)
8134 Jan. 3 Holders of reo. Doe. 21
Coats (J. & P.), LtdAmer. dep. rec. ord. reg
mad. Jan. 9 Holders of roe. Nov.18
Coca-Cola Co..common(War.)
$154 Jan. 2 Holders of MO. Dec. 14
Class A (semi-ann.)
$134 Jan. 2 Holders of rec. Dee. 14
Coca-Cola Internat. Corp., corn. (qua?.) $3,4 Jan. 2 Holders of reo. Dee. 14
Class A (s-a)
83 Jan. 2 Holders of reo. Dec. 14
Colgate-Palmolive-Peet Co.6% preferred (guar.)
114 Jan. 1 Holders of reo. Dec. 10
Collateral Loan Co. (guar.)
$2 Doe. 31 Holders of rec. Dee. 13
Colt's l'at. Fire Arms Mfg. Co.com.(gu.)
250. Dee. 31 Holders of reo. Dee. 10
Columbia Vise & Mfg. (qua?.)
37,5c. Jan. 3 Holders of rec. Dec. 20
Commercial Credit Co..614% pref.(qu.) 1,4 Dee. 31 Holders of reo. Dee. 10
7% preferred (guar.)
4354e. Dee. 81 Holders of rec. Dec. 10
8% al B, preferred (guar.)
50o. Dec. 31 Holders of roe. Dec. 10
$3 cl. A, cony., pref.(guar.)
75e. Deo, 31 Holders of rec. Dee. 10
Commerel Dlsct. Co. of Cal.pf. A (gu.)200. Jan. 10 Holders of rec. Jan. I
Comm.Invest Trust Corp.,com.(quar.). 60o. Jan. 1 Holders of roe. Dee. 64
7% 1st preferred (guar.)
1,4 Jan. 1 Holders of reo. Dee. 641
634% 1st preferred (guar.)
154 Jan. 1 Holders of reo. Dec. 61
Cony. preferred (quar.)
Jan. 1 Holders of reo. Dee. 60
Commercial Solvents Corp., corn. (s.-a.) 300. Dee. 81 Holders of roe. Nov.21
CommuLity State Corp.. el. A & B(au) 1214e Dee. 31 Holders of reo. Dee. 27
Conlagas Mines, Ltd
2,4 Jan. 10 Holders of ree. Dee. 30
Connecticut Gas & Coke Securities Co.
Common (guar.)
20c. Jan. 3 Holders of rec. Dec. 15
23 preferred (qller.)
75e. Jan. 3 Holders of rec. Dec. 15
Connecticut Gen. Life Ins. Co.(guar.). 20c. Jan, 3 Holders of reo. Dec. 17
Conn. River Banking (e.-a.)
$134 Dee. 31 Holders of reo. Dec. 6
Extra
$1.4 Dec. 31 Holders of rec. Dec. 6
Consolidated Laundries Corp..com.(gu.) 12He Jan. 3 Holders of rec. Dee.
15
Preferred (guar.)
$114 Feb. 1 Holders of roe. Jan. 16
Continental Baking Corp.. pref. (guar.) 21
Jan. 1 Holders of rec. Dee. 19a
Continental Gin Co., pref.(guar.)
$134 Jan. 2 Holders of rec. Dee. 15
Counsellor Securities Trust (riar.)
350. Jan. 3 Holders of rec. Dec. 20
Courier-Post. pref. (quar.)61% Jan. 1 Holders of rec. Dec. 15
COurtaulds, Ltd.-Am. dep. rec. 5% pf. reg. (e.-a.)___ zw2H Jan. 9 Holders of rec. Dee. 14
Cream of Vheat Corp.(guar.)
fac. Jan. 3 Holders of rec. Dec. 24
Extra
250. Jan. 3 Holders of ree. Dec. 24
Creameries of America. Inc., (qua?.)...
150. Dee. 31 Holders of rec. Dec. 10
Crown Willamette Paper. 1st prof.(gr.) $1 Jan. I Holders of
rec. Dee. 13
Crow's Nest Pass Coal
$1,4 Jan. 1 Holders of rec. Dee. 12
Crum & Forster, corn.(guar.)
15c. Jan. 14 Holders of rec. Jan. 4
Preferred (guar.)
$2
Mar. 31 Holders of rec. Mar. 21
Crum & Forster, Inc., 8% pref. (guar.). 42 Deo, 31 Holders of
rec. Dec.
Cudahy Packing Co., corn. (quar.)..._ 62)4o. Jan. 15 Holders of reo. Jan. 20
5
Curtis Publishing Co., Mr.(guar.)
$1,4 Jan. 2 Holders of reo. Dec. 20
Danahy-Faxon Storer (guar.)
250. De.). 3 Holders of rec. Dec. 16
Davenport Hosiery Mills, corn. (qua:.).
250. Jan.
Holders of reo. Dec. 19
Preferred (guar.)
$1,4 Jan.
Holders of r o. Dee. 19
De Long Hook & Eye Co.(guar.)
50o. Jan.
Holders
of reo. Dee. 20
Deco Restaurant, pref. (guar.)
87140 Dee. 3 Holders of reo. Dee. 20
Delsel-Wem'r-Gilbert Corp.7% pf.(s.a.) $314 Jan.
Holders of roe. Dec. 15
Denver Union Stockyards ((Mar.)
750. Dee. 3 Holders of rec. Dec. 20
Detroit Bankers Co. common (quar.)__
25e. Dee. 3 Holders of rec. Dec. 20
Devoe Jr Reynolds Co., 1St & 2d p1.(gu.) 1,4 Jan.
Holders of roe. Dee. 20
Devonian 011 Co. (guar.)
15e. Jan, 20 Holders of reo. Dec. 31
Extra
100. Jan, 2 Holders of rec. Dec. 31
Diamond Shoe Corp., common (quar.)
15c Jan.
Holders of rec. Dee. 20
3.4% preferred (guar.)
1,4 Jan.
Holders of rec. Dee. 20
6% second preferred (s.-a.)
300. Jan.
Holders of rec. Dec. 20
District of Columbia(Wash.,D.C.)(on.) 82 Jan. 1 Holders of reo. Dec. 31
Dome Mines, Ltd., extra
250. Jan. 2 Holders of reo. Dee. 31
Extra
100. Jan. 2 Holders of rec. Dee. 31
Dominion Bridge Co., Ltd. (qua:.).... 1500. Feb. 1 Holders of rec. Jan. 31
Quarterly
*500. May I Holders of roe. Apr. 29
Dominion Glass Co.. Ltd.. corn. (guar.) $1,4 Jan. 2 Holders of reo. Dec. 15
Pr•ferred (guar.)
$8154 Jan. 2 Holders of rec. Dec. 15
Dominion Rubber Co., pref.((Mara
$1,4 Dec. 3 Holders of rec. Dee. 21
Dominion Stores. Ltd., COM.(qua?.)... 14300. Jan.
Holders of rec. Dee. 15
Dominion Textile Co..Ltd.. Coen.(1r.)
813-4 Jan. 3 Holders of reo. Dee. 15
Preferred (guar.)
t $1,4 Jan. 16 Holders of reo. Dee. 31
Draper Corp., corn. (guar.)
50o. Jan.
Holders of rec. Dee. 3
Driver-Harris Co.7% pref. (guar.)
$1,4 Jan. 1 Holders of ree. Dec. 21
Duplan Silk, preferred (guar.)
Jan. 1 Holders of r o. Dec. 20
duPont de Nem.(E.I.)& Co.
Debenture (guar.)
$114 Jan. 25 Holders of reo. Jan, 10
Early & Daniel Co. common (qua?.).._
25e. Dec. 31 Holders of ree. Dee. 20
Preferred (quar.)
$1% Dee. 31 Holders of reo. Dee. 20
Eastern Steel Products, Ltd., pref.(cm.). $15
‘
, Jan. 3 Holders of reo. Dee. 19
Name of Contilargl.
4515
Financial Chronicle
Volume 135
When'
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable,
Books Closed.
Days inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Hollinger Consol. Gold Mines, Ltd.
8 Sc, Dec. 31 Holders of reo. Deo. 15
Eastern Steamship Lines. Inc.
(Monthly)
16
8735c Jan. 2 Holders of rec. Dec.
1.3 34 preferred (guar.)
254c Jan. 15 Holders of rm. Dec. 21
Holly Development Co.(guar.)
5
Dec.
rec.
of
Holders
2
Jan.
(guar.)
75e
corn.
Eastman Kodak Co.,
$154 Jan. 2 Holders of rec. Dec. 24
Ltd.
(guar.)
Co..
H.)
(D.
Holmes
5
Dec.
too.
of
Holders
$114 Jan. 2
Preferred (guar.)
Horn a; Hardart Baking Co., pref.(go.). $fg Jan. I Holders of rec. Dec. 21
Economical-Cann Drug StoresHousehold Finance Corp.
Jan. 1 Holders of rec. Dec. 28
$3
90c. Jan, 15 Holders of rec. Dec. 31
6% preferred A (s.-a.)
A & B common (guar.)
10
Dee.
roe.
355 Jan. 1 Holders of
Ecuadorian Corp.. Ltd, pref. (s.-a.)$1.05 Jan. 15 Holders of rec. Dec. 31
Participating preferred (guar.)
Dec. 15
rec.
of
Holders
2
Jan.
154
((PO
pref.
%
Dairy.
City
Edmonton
10c. Jan. 16 Holders of rec. Dec. 31
(quar.)
Sound
Co.
Howe
21
Dec.
rec.
of
Holders
2
Jan.
30c
Electric Auto Lite Co.common (guar.)
500. Jan, 1 Holders of rec. Dec. 2
Humble 011 & Refining Co.(quiz.)
$151 Jan. 2 Holders of rec. Dec. 21
Jan. 3 Holders of rec. Dec. 19
25e.
Preferred (guar.)
(guar.).
Hunt's, Ltd., el. A & B corn.
25o Jan. 2 Holders of rec. Dec. 20
Jan. 2 Holders of rec. Dec. 15
Electric Controller & Mfg., corn.(quar.)
$2
Huron & Erie Mtge. Corp.(guar.)
50e Jan. 3 Holders of roe. Dec. 12
Electric Storage Batt'y Co. corn.(guar.)
Jan. 3 Holders of rec. Dec. 10a
50c.
(guar.)
corn.
Sylvania,
Hygrade
50e Jan. 3 Holders of rec. Dec. 15
Emerson Bromo Seltzer. A.& B.(guar.)
$134 Jan. 3 Holders of rec. Dec. 104
Preferred (guar.)
50e Jan. 3 Holders of rec. Dec. 15
Preferred (guar.)
Jan, 2 Holders of rec. Dec. 15
250.
corn.
(guar.)
Co.,
Cement
I
Idea
19
Dec.
rec.
75e Jan. 1 Holders of
Endicott Johnson Corp..corn.(qual.)_.
1235e. Jan. 3 Holders of rec. Dec. 15
Ideal Finance Assoc. A (quiz.)..
$155 Jan. 1 Holders of roe. Dec. 19
Preferred (quar.)
Jan. 3 Holders of rm. Dec. 15
$2
$8
preferred
(quar.)
15
Dec.
tee.
of
Holders
2
Equitable Offloe Bldg.Corp.. corn.(qr.). 3755e Jan.
500. Jan. 3 Holders of rec. Dee. 15
$2 cony. preferred (guar.)
155 Jan. 2 Holders of roe. flee. 15
of roe. Nov.30
Preferred (guar.)
Imperial Tob. Co. of Can., ord.(go.)... 0154 Dec. 31 Holders
8c Dee. 3 Holders of rec. Dec. 24
Equity Trust Shares in America
135 Feb. 1 Holders of roe. Jan. 20
Industrial Cotton Mills, pref. (guar.).$134 Feb. 1 Holders of reo. Jan. 20
of roe. Jan. 20
Holders
1
Faber. Co.& Gregg. pref.(guar.)
Feb.
154
Ind. Cot. Mills. Ino.(8.C.) 7% DI.(qu.).
Fanny Farmer Candy Shops, Inc).50e. Jan, 1 Holders of rec. Dec. 15
Industrial Rayon Corp.(quar.)
Holdres of rec. Dee. 27
2.50.Jan.
Common (guar.)
3 Holders of roe. Doe. 7
Jan.
$3
prof.
Co..
Ingersoll-Rand
600 Jan 4 Holders of rec. Dec. 15
rec. Dec. 20
Preferred (guar.)
Inland Investors. Inc. (Ohio). (guar.).- 1234e. Jan, 1 Holders of
Farmers & Traders Lite Ins.(Syracuse)
35e. Jan. 15 Holders of roe. Jan. 9
Interallied Inv., A (8.-a.)
Holders of ree. Dee. 10
$234 Jan.
rec. Dee. 21
of
Holders
(Quarterly)
3
Jan,
$1
Intercolonial Coal Co
Holders of tee. Mar. 11
$235 Apr.
(Quarterly)
Jan. 3 Holders of rec. Dec. 21
$4
Preferred (s.-a.)
- 150o. Jan. 1 Holders of ree. Dec. 15
Faultless Rubber Co.. com. (guar.).
31 Holders of rec. Dee. 24
Deo,
100.
(mthly.).
Navigation
Steam
Inter-Island
21
Holders of rec. Dec.
15e. Jan.
of rec. Dec. 224
Federated Dept. Stores, Inc.(quar.)
International Business Mach. (guar.)._ $134 Jan. 10 Holders
$134 Feb. 1 Holdres of rec. Jan. 16
Fibreboard Products, pref. (guar.)
Co.
200. Dec. 31 Holders of rec. Dec. 250 Intl Button Hole Sewing Machine
of rec. Dec. 16
Holders
3
Filene's(Wm.)Sons,corn.(guar.)
Jan.
2
(Quarterly)
$154 Jan. 3 Holders of rec. Dee. 210
Preferred (guar.)
International Carriers, Ltd.
10e. Jan. 16 Holders of tee. Jan. 5
Finance Co.of Amer., CIA & B com.(qu.)
5c Jan. 3 Holders of rec. Dec. 20
(guar.)
stock
Capital
5
43340. Jan. 16 Holders of rec. Jan.
7% preferred (guar.)
30e Jan. 16 Holders of tee. Dec. 20
International Harvester. eom. (qual.).
8340. Jan. 16 Holders of rec. Jan. 5
Cl A preferred (guar.)
International Nickel Co. of Canada,
$3 Jan. 3 Holders of rec. Dec. 17
Finance Co. of Pennsylvania (guar.)Feb. 1 Holders of rec. Jan. 3
1851c.
(guar.)
preferred
7%
2 Holder of rec. Dec. 15a
Finance & Trading Corp.,7% pret.(qu.) 151 Jan. 2 Holders of rec. Dec. 23
International Salt Co.. car) stk (quiz.).... 3734c Jan.
25e. Jan. 20 Holders of roe. Jan. 5
Firestone Tire & Rubber, corn. (qua!)...
50e. Jan. 1 Holders of rec. Dec. 15
(guar.).
common
Shoe,
International
15
154 Mar. 1 Holders of rec. Feb.
6% preferred (guar.)
1 Holders of rec. Dec. 15
Jan,
50c.
(monthly)
Preferred
First Bank Stock Corp. cap.stock (qu.)_ 12340 Jan. 1 Holders of rec. Dec. 21
50c. Feb. 1 Holders of rec. Jan. 15
Preferred (monthly)
Holders of roe. Nov.14
40.
First Common Stocks, rem.. initial (qu.)
500. Mar. 1 Holders of rec. Feb. 15
(monthly)
Preferred
First National Stores, Inc.. corn.(quo _- 6234c Jan. 3 Holders of rec. Dec. 15
50c. Apr. 1 Holders of rec. Mar. 15
Preferred (monthly)
20e. Jan. 1 Holders of rec. Dec. 15
8% preferred (guar.)
50c. May 1 Holders of rec. Apr. 15
Preferred (monthly)
$131 Jan. 3 Holders of rec. Dec. 15
1st preferred (guar.)
50c. June I Holders of roe. May 15
(monthly)
Preferred
First State Pawners Society (Cbt.. MaJan, 1 Holders of rm. Dee. 140
1
International Silver Co.. prof. (quar.)
Dec. 12
1,4 Deo, 31 Holders of ree. Dec. 21
7% preferred (guar.)
Co.Stores Ltd., ord.reg zw12 Jan. 2 Holders of rec. Dec. 12
Tea
Internat.
Fishman (N. H.) Co., Inc.
Jan. 10 Holders of roe.
zw12
American dep. rots. ord. reg
$134 Jan. 15 Holders of roe. Dec. 31
Dec. 15
rec.
of
Holders
Class A and B preferred (guar.)
Jan. 3
$2
Intertype Corp. 1st pref. (quiz.)
134 Dee. 31 Holders of res. Dee. 15
Floralielm Shoe Co..6% pref.(quar.)
Jan. 3 Holders of rec. Dec. 15
53
2nd preferred (5.-a.)
rec. Dec. 15
of
Flour Mills of America, Inc., pf. A (qu.). $1 Jan. 1 Holders of rec. Dec. 15
Holders
3
Jan.
853
2nd preferred
Foster Wheeler Corp., pref. (guar.).- $131 Jan. 2 Holders of roe. Dec. 12
$134 Jan. 1 Holders of ree. Dec. 20
lit pf.
550 Jan. 1 Holders of rec. Dec. 160 Inv. Corp. of R.I. $6 prof.
Fourth Nat. Investors Corp. corn.(qu.).
380, Jan. 16 Holders of rec. Dec. 31
Invest. Found., Ltd..
25e Jan. 3 Holders of rec. Dec. 23
Franklin Process Co. (guar.)
12c, Jan, 18 Holders of rec. Dec. 31
Convertible preferred
750. Jan. 2 Holders of rec. Dec. 19
Frick Co., Inc.,8% preferred (quar.)--10c, Jan. 3 Holders of rec. Dec. 22
(quar.)
Chute
Co.
Air
Irving
134 Jan. 2 Holders of rec. Dec. 15
Frleman (A. J.), ltd., rs% pref. (guar.)
Jan. 2 Holders of rec. Dec. 22
500.
Island Creek Coal Co., common (quar.)_
9 2-5e Dec. 31
Fundamental Trust Shares, A
$154 Jan, 2 Holders of rec. Dec. 22
(qual.)
Preferred
30c Dec. 31
Series 13 (s.-a.)
Jan, 16 Holders of roe. Doe. 30
75e,
Jewel Tea Co.. Inc., common (quar.)of roe. Dec. 15
Furness, Withy di Co., corn. Interim-- zw2 Jan. 7 Holders of rec. Dec. 13
Johns-Manville Corp.. prof.(quar,). 151 Jan. 3 Holders
$155 Jan. 2 Holders of roe. Dec. 15
Gannett Co., Inc., $6 pref,(guar.)
75e. Jan. 2 Holders of rec. Dec. 13
(quar.)...
Steel
&
pref.
Laughlin
Jones
100 Jan. 3 Holders of ree. Dec. 24
of roe. Dec. 20
Garlock Packing Co., corn.(guar.)
Holders
1
Jan,
$151
Kahn's(E.)Sons, hat pref.(guar.)
General American Invest.. $6 pref.(qu.) $155 Jan. 1 Holders ot roe. Dee. 20
15o. flee. 31 Holders of roe. Dee. 21
Kalamazoo Vegetable Parchment(qual.)
50c Jan. 1 Holders of rec. Dec. 15
Teo. Dec. 15
Gen'i Amer.Tank Car Corp.,corn.(,11)of
Holders
1
Jan.
$154
Katz Drug Co., preferred (guar.)
500 Jan. 2 Holders of rec. Dec. 19
General Baking Co.,corn.(quar,)
Holders of rec. Dec. 10
Kaufmann Dept. Stores, Inc., pro!. USW $151 Jan. 3
Jan. 2 Holders of rec. Dec. 19
$2
Preferred (guar.)
Jan. 1 Holders of rec. Dec. 20
151
(guar.)
pref.
Co.,
Kaynee
100 Jan. 25 Holders of rec. Dec. 16
General Elec. Co.,corn.(guar.)
Kelley Island Lime & Transport Co.
m1-6sh Feb. 20 Holders of rec. Dec. 16
Common
25c. Jan. 2 Holders of roe. Dec. 23
Common (guar.)
150 Jan. 25 Holders of rm. Dec. 16
Special stook (guar.)
12340. Jan. 1 Holders of roe. Dec. 20
Holders of rm. Dee. 140 KemPer-Thornals Co., corn.(quiz.)
General Mills,Inc..6% prof.(quar.). 134 Jan.
Kidder Participations, Inc.
$IX Feb. 1 Holders of rec. Jan. 9
General Motors Corp.. $5 pref.(guar3
75e. Jan, 16 Holders of rec. Dee. 20
Preferred (guar.)
Genereal Printing Ink. pref.(quar.)_. $114 Jan. 3 Holders of rec. Dec. 17
50c. Jan, 16 Holders of rec. Dec. 20
No. 2 preferred (quar.)
250 Jan. 8 Holders ot rec. Dec. 10
Con. Ry.Signal. COM.(guar.)
50c. Jan. 16 Holders of rec. Dec. 20
No. 3 preferred (quiz.)
$1 34 Jan. 3 Holders of roe. Doe. 10
Preferred (quar.)
Jan. 2 Holders of me. Doe. 12
$154
prof.
(Quer.)Kimberly-Clark Corp.
General Stockyards Corp.. corn. (guar.) 750 Feb. 1 Holders of roe. Jan. 16
Jan. 1 Holders of rec. Dec. 15
$2
King Royalty Co.. Prof. (quiz.)..
$134 Feb. 1 Holders of rec. Jan. 16
$6 cony. preferred (guar.)
Jan, 2 Holders of rec. Dec. 21
250.
common
(guar.).
Co.
D.)
Klein
(Emil
Jan. 1 Holders of roe. Dee. 29
German Amer. Bldg. Loan Corp.(s.-a.). $3
Jan, 1 Holders of rm. Dec. 20
8131c
Knapp-Monarch 4351 pref. (guar.)
250. Jan. 1 Holders of rec. Dec. 20
Gibson Art Co. (guar.).
of rec. Dec. 12
Koppers Gas & Coke Co..6% pref.(qu.) 154 Jan. 2 Holders
$7340. Jan. 2 Holders of rec. Dec. 17
Gilbert (A. Co Co. (quar.)
Jan, 3 Holders of reo. Dec. 12
25e.
Kresge (S. S.) corn. (guar.)
Gillette Safety Razor Co.,$5 pref.(qu.)_ $1X Feb. 1 Holders of rec. Jan. 3
of rec. Dec. 12
Holders
3
Jan.
$151
Preferred (guar.)
$134 Jan. 3 Holders of rec. Dec.'16
Glidden Co., preferred (guar.)
134 Jan, 2 Holders of rec. Dec. 20
Kroger Grocery & Baking 6% pref.(qu.)
250 Jan. 2 Holders of rec. Dee. 15
Goderlch Elevator & Transit Co., Ltd
of roe. Jan. 20
Holders
1
Feb.
155
7% preferred (guar.)
37340 Jan. 2 Holders of roe. Dec. 10
Goldblatt Bros., Inc.. corn.(guar.)
Lake View & Star Co.(London),Interim-s w1254
300 Feb. 1 Holders of rec. Jan. 10
Gold Dust Corp., coin. (guar.)
of rec. Dec. 17
Holders
3
Jan.
$1
(guar.)
$154 Dec. 31 Holders of rte. Dec. 17 Lambert Co.
$6 preferred (quar.)
50e Dec. 31 Holders of rec. Dec. 15
Land Title Bldg. Corp.. pref.(quar.)
Jan. 3 Holders of rec. Dec. 20
Goodyear Textile Mills Co. pref. (qu.)._
Holders of roe. Dee. 21
31
6254e.Dee.
Clark
&
(quar.)
,
Fran
Landers,
1
Dec.
1
roe.
of
Holders
Goodyear T.& R. Co..$7 lit pt.(qua._ $1X Jan.
20e Dec. 31 Holders of rec. Dec. 21
Lawyers Mortgage Co. cap. stock (qu.).
Goodyear Tire & Rubber Co. of
154 Feb. 1 Holders of me. Jan. 20
Lazarus(F.& R.)& Co.634% pref
$114 Jan. 3 Holders of rec. Dec. 16
Canada. Ltd.. pref. (quaro
Jan. 2 Holders of rec. Dec. 20
$1
pref.
(guar.).
Station.
Filling
soe Dee. 8 Holders of ree. Dec. 21 Leader
Gorton-Pew Flab, Ltd. (guar.)
135 Jan. 1
Leggett(F. H.)& Co.. pref.(quar.)Gotham Silk Hosiery Co., 500.Co.
Cement
Portland
12
rec.
Lehigh
of
Jan.
1
Holders
Feb.
134
7% preferred (guar.)
87340 Jan. 3 Holders of rec. Dee. 14
7% preferred (qual.)
75e Jan 1'33 Holders of rec. Dec. 20
Gottfried Baking Co.. Inc.. el. A (guar.)
- 60c Jan. 5 Holders of rec. Dec. 22
Lehman Corp., capital stock (guar.)
750 Apr. 1 Holders of rec. Mar. 20
Clem A (guar.)
25e Dee, 31 Holders of rec. flee. 10
20
Leasing.
Inc.
of
June
(guar.)
rec.
Holders
750 July 1
Class A (guar.)
750 Jan, 3 Holders of roc. Dec. 23
Lite Insurance Co.of Virginia(qua:J
750 Oct. 1 Holders of rec. Sept.20
Class A (guar.)
3134 Jan, 2 Holders of rec. Dee. 12
(quar,)...
Myers
140M
Tob..
&
pref.
of
Dee.
2
20
reo.
Holders
Jan.
154
Preferred guar.)
$2.4
Lincoln Lite Ins.(Neb.) (liquidatIng)
Govt. Gold Mining Areas Cons., Ltd.$135 Jan. 2 Holders of me. Dee. 20
Linde Air Prod.. pref.(guar.)
Holders of rec. Dec. SO
pw45
Amer. dep. rec. reg. shares
154 Jan, 2 Holders of reo. flee. 15
654%
prof.
Co.,
[ink
(quar.)
Belt
of
Deo.
31
20
rec.
Holders
Dec.
Grand Rapids Varnish Corp. (quar,),, 7540.
8134 Jan, 2 Holders of recs. Doe. 15
Lit Bros., Inc.,6% pref.(quiz.)
250. Jan. I Holders of roe. Deo. 12
Grant(W. F.) Co., common (quar.)..
66e. Deo, 31 Holders of rec. Dec. 31
corn.
Pipe
Look
(montbly)....
Co.,
Joint
Dec.
23
rec.
Holders
of
3
Jan.
50e.
Gray Processes (s-a)
Jan. 1 Holders of rec. Jan. I
$2
Preferred (guar.)
250. Jan. 2 Holders of rec. Dec. 16
Gray mur Corp. common (guar.)
75c. Dee. 31 Holders of rec. Dec. 14
Loew's Inc., corn.(guar.)
Gt. West. El. Chem.Co..6% prof.(qu.) 154 Jan. 2 Holders Of MC. Dee. 21
Dec. 31 Holders of rec. Nov. 19
55234e
Th.,
London
Loew's
7%
20
Ltd.
of
Deo.
2
rec.
PL(Qu.)Holders
Jan.
Great Western Life Assurance (guar.).- $5
Dec. 19
Loose-Wiles Biscuit Co., lit pref. (qu.) 3154 Jan. 1 Holders of rec.
154 Jan. 2 Holders of rec. Dec. 15
Great Western Sugar Co.7% pf.
$234 Jan, 3 Holders of rec. Dec. 17
&
Lord
Taylor.
(guar.)
of
floe.
2
corn.
21
ree.
Holders
Jan.
$134
Co.
pref.
(Dan.)
(guar.)
Green
Dec. 15
rec.
of
Holders
Jan,
3
30e.
21
Lorillard
(P.)
of
Dec.
Co.. coin. (guar.)
rec.
Grief (L.)& Bros., Inc.,7% prof.(on.). 151 Jan. 1 Holders
$134 Jan. 3 Holders of rec. Dm. 15
Preferred (guar.)
$100 Dec. 31 Holders of rec. flee. 15
Group No. 1 011 Co.(guar.)
25e. Jan, 2 Holders of rec. Dee. 15
15
Loudon
Packing
Dec.
31
roe.
Holders
Dec.
of
$200
Extra
Jan, 3 Holders of rec. Dec. 20
4
Long island Sate Deposit Co.(8.-a.)
$114 Jan. 18 Holders of rec. Doe. 31
Guarantee Co. of N. A.(guar.)
154 Jan. 2 Holders of reo. Dec. 22
Lunkentielmer Co.. wet.(quiz.)
$234 Jan. 16 Holders of roe. Dec. 31
'Extra
Jan. 2 Holders of me. Dec. 20
$2
(quar.)
pref.
8%
Mfg.
LFeorning
Guardian Rail Shares Investment Trust
25c. Jan. 16 Holders of rec. Dec. 3Ia
NfacAndrews & Forbes Co.. corn. (qu,).
18140.Jan. 1 Holders of ree. Dec. 15
Preferred (guar.)
Jan. 16 Holders of rec. Dec. 31a
134
Dee.
15
Preferred
roe.
of
1
(guar.)
Holders
Jan.
200.
Preferred (quar.)
25e. Dec. 31 Holders of roe. Dec. 16
Mack Trucks, common (guar.)
150. Jan. 2 Holders of roe. Dec. 15
Gurd (Chas.) & Co.. corn.(guar.)
50c. Feb. 15 Holders of rec. Jan. 20
(R.
&
15
HO
Macy
Co..
Dec.
rec.
of
2
eom.
Holders
Jan.
(guar.)
$114
Preferrea (guar.)
1235c. Jan, 16 Holders of rec. Dee. 30
Magma Copper Co.((Mar.)
87540 Jan. 1 Holders of rec. Dec. 19
Hall Baking 7% prof. (quar.)
11.96c Dec. 31 Holders of rec. Dee, 16
Ma or Corp. Shares
250. Jan. 2 Holders of roe. Dee. 15
Halold Co.. corn. (guar.)
251 Jan. 1
Ltd
Mani
Co.
Dee.
15
Agriculture
rec.
of
2
Holders
Jan.
250.
Extra
ManischeivItz(B.)& Co.,Prof.(guar.).- $155 Jan. 1 Holders of rec. Dee. 20
154 Jan. 2 Holders of rec. Dec. 15
7% preferred (quar.)
Manufacturer Fin.Corp.7% Pt.(guar.) 4334c. Dec. 31 Holders of rec. Doe. 17
$134 Jan. 2 Holders of roe. Dec. 15
Hammermill Paper Co., pref.(guar.).
75e. Jan. 1 Holders of rec. Dee. 15
Mapes Consolidated Mtg. Co.(Quer.)-Hamilton United Theatres, Ltd.25e. Jan. 10 Holders of reo. flee. 20
Margay Oil Corp., com.(quar.)
151 Dee. 31 Holders of rec. Dec. 15
7% preferred (quar.)
200. Dee. 31 Holders of rec. Dee. 14
Midland
Corp.,
corn.
Marine
20
Dec.
reo.
(quar.)
of
Holders
2
Jan.
151
Hanes(P. H.) Knitting Co., pref.(gu.)25c, Jan, 2 Holders of rec. Dee. 22
Corp
Marlin-Rockwell
$2
Hannibal Bridge (guar.)
be. Dec. 31 Holders of rec. Dec. 15
Mass,Investors Trust (guar.)
151 Jan. 1 Holders of rec. Dec. 21
Harbauer Co., 7% pref. (guar.)
Jan. 2 Holders of rec. Dec. 12a
3
corn.
(quiz.)
Alkali
Mathieson
Works,
734e.
15
Dec.
rec.
Holders
of
3
Jan.
750.
Hazel-Atlas Glass Co.(guar.)
12a
Preferred (guar.)
$134 Jan. 2 Holders of rec. Dec.
250. Jan. 3 Holders of rec. Dec. 15
Extra
16
0c. Feb. 1 Holders of rec. Jan. 31
McCall Corp.(quar.)
315x
Ilealey Petroleum Corp.. pref. (guar.)... $151 Dec. 31 Holders of rec. Dec. 21
of reel Dee.
Holders
14
Jan.
(qu.)
Co.,
McColl
011
Ltd..pt.
29
Frontenae
Dee.
rec.
of
Holders
Dec.
31
151
20
Heath (D. C.)& Co. pref. (guar.)
Dec.
reo.
of
Holders
1
50e. Jan,
McKee (A. G.), class B (guar.)
Helme (Geo. W.) co., corn.(guar.)._ $151 Jan. 2 Holders of rec. Doe. 10
7150. Jan. 3 Holders of rec. Dee. 15
McKeesport Tin Plate Co.. corn.(qual.) $
Jan. 2 Holders of rec. Dec. 10
$2
Extra
750. Jan. 2 Holders of rec. Dec. 23
MeQuay-Norris Mfg. Co.,corn.(guar.)2151 Jan. 2 Holders of rec. Dec. 10
Preferred (quiz.)
35e. Jan. 1 Holders of rec. Dec. 15
Mead Johnson & Co.,corn.(guar.)
$355 Jan. 3 Holders of rec. Doe. 15
Hershey Creamery 7% pref. (8„-a,)
Jan. 1 Holders of rec. Doe. 15
flee.
20
Preferred
roe
(semi-annual)
Holders
of
1
Jan.
2
Hewitt Bros.Soap. preferred((Mir.)
Dec. 15
Mereh.& Miners Traasp.Co.. corn.(qu.) 3734e. Dec. 31 Holders of ree.
$1X Jan. 2 Holders of rec. Dee. 2
Hoyden Chemical, pref. (guar.)
Merril.Refrigerating Co.(N.Y.).1.d.(qu.) 134 Feb. 1 Holders of roe. Jan. 23
Hibbard, Spencer, Bartlett & Co.
rec.
of
Dec. 24
Holders
31
Dec.
25e.
(quar.)
Common
20
100. Jan. 27 Holders of rec. Jan.
Monthly
Jan. 2 Holders of roe. Doe. 17
$2
Merck Corp. [wet (quiz.)
10o. Feb. 24 Holders of rec. Feb. 17
Monthly
400. Dec. 31 Holders of rec. Dec. 7a
24
corn,
Mar.
Mergenthaler
Co.
Linotype
me.
of
(quar.)
Holders
31
Mar.
10o.
Monthly
25o. Jan. I Holders of rec. Dee. 16
Mesta Machine Co.,corn.(guar.)
250. Mar. 1 Holders of reo. Feb. 18
Hobart Mfg. Co.,corn.(guar.)
Jan. 3 Holders of rec. Dec. 10
$1
Metal Packaze Corp., corn.(guar.)
$314 Jan. 1 Holders of rec. Dec. 15
Holland Furnace, Preferred (1.-a.)
Jan. 2 Holders of roe. Dec. 20
151
&
(quiz.)
14
pref.
Metal
Thermit,
floe.
Holders of rec.
500
Holland Land (liquidating)
4516
Financial Chronicle
Per
When
Cent. Payable.
Dec. 31 1932
Boats Closed,
Per
When
Books Closed.
Days Imitate*.
Name of Company.
Cent. Payable.
Days Inclutive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Met.Paving Brick, pref.(guar.)
134 Jan. 1 Holders of roe. Dec. 15
Rand Mines, Ltd.,corn.(s.-a)
M Idland Grocery Co.6% pf.
$3
Jan. 1 Holders of rec. Dee. 20
Rath Packing Co..corn.(guar.)
Midland Loan & Saving Co.(s.-a.)
50e. Jan. I Holders of roc Dee. 20
50c. Jan.
RIEst.Mtge.dtGuar.(Wash.D.C.(s.-a.).
Midland &Pee. Grain Corp..7% pf.(qu.) 134 Jan. 3 Holders of rec. Dec. 15
250. Deo, 31 Holders of ree. Dec. 30
1 Holders of roe. Dec. 24
Reece Folding Machine Co.(quar.)....
Midland Steel Prods. Co., 1st pf. HMO-- 2
of 1 Jan. 3 Holdens of roe. Dee. 18
%
Jan. 1 Holders of rec. Dee. 20
Reliance Mfg.(III.), pref. (guar.)
8% preferred (quar.)
5134 Jan. 1 Holders of roe. Dec. 20
2
Jan. 1 Holders of rec. Dee .20
Republic
Stpg.
&
Enameling,
Midvale Co. (Del.). capital stook
corn. (qu.)
25e. Jan. 10 Holders of rec. Dec. 31
50e. Jan. 1 Holders of rec. Dec. 17
Reynolds(A. J.) Tobacco Co.(guar.).Midwest Refining Co.(liquidating).._$1 25.725
760. Jan. 2 Holders of roe. Doe. 17
Rice-Stix Dry Goods Co. 1st & 2d pf.(qu) 51% Jan.
Minn.-Honeywell Reg.. pref. (guar.)- - 5134 Jan.
1 Holders of ree. Doe. 15
2 Holders of roe. Dec. 20
Rich's,
Inc.6%% preferred (qar.)
Minnesota Mining & Mfg. Co.(quar.)-- 12340 Jan. 8 Holders
1% Dee. 31 Holders of rec. Dee. 15
of roe. Dec. 21
Richman Bros. Co. common (qua?.)
Mitchell (J. S.) & Co.. Pref.(quar.)__ $134 Jan.
760. Jan. 3 Holders of rec. Dec. 22
2 Holders of rec. Dec. 16
Roes
Gear
&
Tool
(guar.)
MohawkInvestment (Boston) (quar.)-80e. Dee. 81 Holders of rec. Dec. 30
30c. Jan. 16 Holders of rec. Dec. 31
Royal Baking Powder Co.-8% pf.(qu.)
Mollohon Mfg.. preferred (s.-a.)
13.4 Jan. 3 Holders of rec. Dee. 5
5334 Jan. 2 Holders of rec. Dec. 19
Common (guar.)
Monroe Chemical Co.. Pref.(guar.,)
250. Jan. 3 Holders of rec. Dec. 5
8734o. Jan. 2 Folders of rec. Dee. 15
Rumford
Printing (guar.)
Monsanto Chemical Works,corn. tenet%) 3134a Jan, 2 Holders
$1
Jan. 3 Holders of rec. Dec. 15
of roe. Dee. 10
Safeway Stores. Inc., corn. (guar.)
Montreal Finance Co., pref. (5.-a.)
760. Jan. 1 Holders of rec. Dee. 19
$1
Jan. 3 Holders of ree. Dec. 20
6%
preferred
(guar.)
Moot Electric, pref. (guar.) 1% Jan. 1 Holders of roe. Dec. 19
134 Dee. 31 Holders of rec. Dec. 20
7% preferred (quar.)
Moore Corp., Ltd.,7% A & B pref.(qu.) e134 Jan. 3 Holders
154 Jan. 1 Holders of roe Doe. 19
of rec. Deo. 16
St. Louis Bridge Co., 1st pref. (13.-a.).
Moore(Wm )Dry Goods Co.(qual.)... $2
$3
Jan, 1 Holders of roe. Dee. 19
Jan
1 Holders of rec. Jan. 1
2d preferred (5.-a.)
Morris Finance, pref.(guar.)
$1% Jan. I Holders of rec. Deo. 19
134 Dee. 31 Holders of roe. Doe. 21
St. Louis Car Co. pref.(guar.)
Class A (quar.)
$1%
$134 Dee. 31 Holders of roe. Dec. 21
St.
Louis
National
Stockyards
(guar.)._
$2
Class B (guar.)
Jan. 3 Holders of roe. Dee. 29
27340. Dec. 31 Holders of roe. Dee. 21
Sayers & Scovill (guar.)
5134 Jan. 2 Holders of rec. Dee. 20
Morristown Secs. Corp.$5 on. M.(s.-a.)- $234 Jan. 2 Holders of rec.
Dec. 15
Preferred (quar.)
$134 Jan. 2 Holders of rec. Dec. 20
Motor Finance8% pref.(guar.)
2
Dec. 31 Holders of refs. Dec. 24
Scott
Paper
Co.,
common
(quar.)
Mountain Producers, coin. (quar.)
360. Dec. 31 Holders of rec. Dec. 17
20e. Jan. 3 Holders of .eo. Dee. 15a Scovill Mfg.
Co.. capital stock (qua?,)..
Murphy (G. C.) Co.,8% pref. (quar.)_. 2
250. Jan. 1 Holders of roe. Dec. 15
Jan, 3 Holders of rec. Dec. 23
Second National Investors Corp.Myers (F. E.) & Bros.. corn. (quara250. Deo, 31 Holders of roe. Dec. 15
55 preferred (qual.)
41.15 Jan. 1
Nashua Gummed Coated Paper, pf.(qua $134 Jan. 2 Holders of rec.
Dec. 24
Seeman Bros., Inc., common (qual.)..- 62%c Feb. I Holders of rec. Dec. I6a
Nation Wide Securities (guar.)
150. Jan. 3 Holders of roe. Dec. 16
Selected Industries, Inc.. 5534 if. (qu.) $1% Jan. 1 Holders Cl ree. Jan. 16
National Battery Co.. pref. (gust.)....
Holders of rec. Dee 16
550. Jan. 2 Holders of rec. Dec. 15
Shaffer Stores
National Biscuit Cu. C0111111Un (qual.)...
134 Jan. 1 Holders of roe. Dee. 23
70e Jan. 14 Holders of rec. Dee. 16a Shattuck (F. Co. pref. (quar.)
G.)(qua!)
12%o. Jan, 10 Holders of roe. Dec. 20
National Breweries. Ltd.(guar.)
40e. Jan. 2 Holders of roe. Dec. 15
Shawmut
Associates (guar.)
150.Jan. 3 Holders of rec. Doe. 16
Preferred (guar.)
*430. Jan. 2 Holders of rec. Dec. 15
Sherwin-MIMams of Can.. pref. ((Mara134 Dee. 31 Holders of rec. Dec. 150
National Candy. corn. (quar.)
250. Jan, 1 Holders of roe. Dee. 12
Sieloff Packing Co. common (guar.).30e. Dec. 31 Holders of rec. Dee. 20
1st & 2d preferred (quar.)
$134 Jan. I Holders of rec. Dec. 12
Silverwood's Dairies, Ltd.. 7% pref.- 5114 Jan. I
Nations Cash Register Co.. corn.
Holders of rec. Dec.20
/20 dDeo.31 Holders of roe. Dec. 27
Simms Petroleum Co.(quar.)
250. Jan, 16 Holders of roe. Dee. 30
Nations Casket Co., pref.(guar.)
$134 Dec. 31 Holders of roe. Dec. 15
Singer Mfg. Co.(guar.)
Nations Dairy Prod. Corp.. com.(qu.).
$2 Dec. 31 Holders of roe. Dee. 10
50e. Jan. 3 holders of res. Dee. 5
Slattery (E. J.) Co.. prof.((Mara
1% Jan. 1 Holders of rec. Dee. 17
PreferredA and B (guar.)
$136 Jan. 3 Holders of rec. Dec. 5
Preferred (guar.)
1% Apr. 1 Holders of rec. Mar. 18
Nations Distillers. pref. (guar.)
82340. Jan. 3 Holders of reo. Dee. 24a S. M.A.Corp.
(guar.)
260. Jan. 3
Nations Fuel Gas Co.,cap. stk. (qu)..
25c. Jan. 18 Holders of rec. Dec. 31
South Porto Rico Sugar Co.,oom.(qua. 40o. Jan. 2 Holders of roe. Dec. 20
NationsGrocers,2nd pref.(guar.)
134 Jan. 1 Holders of roe. Dec.
Holders of roe. Deo. 10
Preferred (guar.)
2
Nations Gypsum Co.. pref. ((Mara-- $134 Jan. 2 Holders of rec. Dec. 23
Jan. 2 Holders of ree. Doe. 10
17
South West Pa. Pipe Lines (qual.).... $1
Dee. 31 Holders of roe. Doe. 15
Nations Lead corn. (guar.)
$134 Doe. 31 Holders of roe. Deo. 16
Southeaste
rnExp.
Co.
(
13.-a.)
$3% Jan. 2
Preferred B (quar.)
$13 Feb. 1 Holders of roe. Jan. 20
Southern Weaving Co.. 7% pref. (s.-a.). 33.4 Doe. 31 Holders of roe. Dec. 15
Nations Licorice Co.. pref.(guar.)
$134 Dec. 31 Holders of rec. Dec. 15
Holders of rec. Dee. 28
Common (guar.)
350. Doe. 31 Holders of rec. Deo. 28
Nations 011 Products (5.-a.)
$1
Jan. 1 Holders of rec. Dec. 20
Southland
Royalty
Co.(guar.)
5o. Jan. 15 Holders of roe. Jan.
Extra
$1
Jan. 1 Holders of rec. Doe. 20
3
Spartan Mills (s.-a.)
$4
Jan. 2 Holders of rec. Doe. 20
$7 preferred (guar.)
5134 Jan. 1 Holders of reo. Dec. 20
Spencer Kellogg & Sons. Inc. (guar.).150. Dec. 31 Holden of ree. 1)eo. 15
National Refining Co.. pref.
$2
Jan. 1 Holders of rec. Dee. 15
Spicer
Mfg. Corp. pref. (guar.)
760. Jan. 15 Holders al rec. Dec. 81
National Screen Service Corp.. corn.(qu) 250 Jan. 3 Holders of rea Dec. 20
Stafford, pref. (Initial liquidating)
$18
National Standards Co.. corn. (quar.)_.
300. Jan. 3 Holders of rec. Dec. 20
Standard Brands. Inc.. corn. (qua?.)
250. Jan. 3 Holders of roe. Doe. 5
Nat. Steel Car Corp., Ltd.(guar.)
1200. Jan. 2 Holders of roe. Dec. 22
Preferred (guar.)
$1% Jan. 3 Holders of roe. Doe. 5
Nat. Sugar Rein. of N. J., cap. stock...
50e Jan. 3 Holders of roe. Dec. 1
Stand. Coosa Thatcher Co.7% pf.(qu.). 1% Jan. 15 Holders
National Tea Co.. corn. (guar.)
150 Jan. 1 Holders of roe. Dec. 14
of roe. Jan. 15
Standard Fuel Co., Ltd..634% pt.(qu.) 1% Jan. 1
Naumkeag Steam Cotton Co.(guar.).- 750 Jan. 3 Holders of rec. Dec. 23
Standard National Corp.. pref.(qual.).. 1% Jan. 3 Holders of roe. Dec. 15
New England Equity, pref.(quar.)
$2 Jan. 3 Holders of roe. Dee. 15
Holders of roe. Dec. 24
Standard
Co.
011
of
corn.
Ky.,
(quar.)..
300. Dec. 31
New England Grain Prod.,$7 peel.(qu.) 5134 Jan. 2 Holders or fee Deo. 20
Standard 011 Co. of Ohio corn. (quar.).. 37%0 Jan. 3 Holders of roe. Dec. 15
$6 preferred A (quar.)
5134 Jan. 15 Holders of rec. Jan 133
Holders of rec. Dec. 15
Preferred (qual.)
$1% Jan. 16 Holders of rec. Doe. 31
New York Ship Building. prof.(quara -- 134 Jan. 3 Holders of roe. Deo. 20
Standard
Oil
Export
Corp.. 5% Pf.(a.-a.) 52% Doe. 31 Holders of rec.
New York Trap Rook,$7 prof.(quar.)__ $1/4 Jan. 3 Holders of rec. Deo. 21
Dec. 12
Standard Screw Co.common (quar.)
500. Jan. 2 Holders of rec. Doe. 19
Newberry (J. J.) Co..common (ea.).
- 25e. Jan. 1 Holders of roe. Dee. 16
Preferred (semi-ann.)
$3
Jan, 2 Holders of rec. Doe. 19
Newberry (J. J.). Realty. pref. A (qu.).. $1.82 Feb. 1 Holders of rec. Jan. 16
Standard
steel construe., pref. A (guar.)
750. Jan, 1 Holder's of roe. Dec. 16
6% preferred (guar.)
$134 Feb. I Holders of rec. Jan. 16
State at City Bldg.. prof.(quar.)
$1% Jan. 2 Holders of roe. Dec. 20
Niagara Share Corp. of Md.Cl. B (qu.)...
100. Jan. 18 Holders of rec. Deo. 23
State Street Investment (Boston) (qu.).
50o. Jan, 16 Hol
@FedFRASER